Is your Corporate or Partnership return on extension? Do you have questions regarding your retirment plan contribution due dates? This post will help outline those dates for you so you can properly plan for the upcoming year as well as finalize your tax return that is on extension.
Consider a SEP
Simplified Employee Pension plans (SEPs) can provide a significant source of income at retirement by allowing employers to set aside money in retirement accounts for themselves and their employees. Under a SEP, an employer contributes directly to traditional individual retirement accounts (SEP-IRAs) for all employees (including the employer). A SEP does not have the start-up and operating costs of a conventional retirement plan and allows for a contribution of up to 25 percent of each employee’s pay.
SEP Plans can be extablished (started) as late as the extended due date of the tax return. That means if your corporation as a December 31, 2008 year end, you can start and fund your SEP for your business as late as the extended due date of September 15, 2009.
Check out IRS Publication 560 for more details or contact your Local CPA.
Thursday, June 4, 2009
Monday, April 27, 2009
What Happens After I File?
What Happens After I File My Taxes with my Staten Island Accountant?
Most people have already filed their federal tax returns but may still have questions. Here’s what you need to know about refund status, recordkeeping, mistakes and what to do if you move.
Refund Information
If you dont want to call your Staten Island Accountant or local CPA, you can always go through the IRS. You can go online to check the status of your 2008 refund 72 hours after IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after you mail a paper return. Be sure to have a copy of your 2008 tax return available because you will need to know the filing status, the first SSN shown on the return, and the exact whole-dollar amount of the refund. You have three options for checking on your refund:
• Go to IRS.gov, and click on “Where’s My Refund.”
• Call 1-800-829-4477 24 hours a day, 7 days a week for automated refund information.
• Call 1-800-829-1954 during the hours shown in your form instructions.
What Records Should I Keep?
Good record keeping allows you to prepare a complete and accurate income tax return. You should keep all receipts, canceled checks or other proof of payment, and any other records to support any deductions or credits you claim.
Normally, tax records should be kept for three years, but some documents — such as records relating to a home purchase or sale, stock transactions, IRAs and business or rental property — should be kept longer.
You should keep copies of tax returns you have filed and the tax forms package as part of your records. They may be helpful in amending filed returns or preparing future ones.
Change of Address
If you move after you filed your return, you should send Form 8822, Change of Address to the Internal Revenue Service. If you are expecting a refund through the mail, you should also notify the post office serving your former address, which will ensure your check makes it to your new address.
What If I Made a Mistake?
Errors may delay your refund or result in notices being sent to you. If you discover an error on your return, you can correct your return by filing an amended return using Form 1040X, Amended U.S. Individual Income Tax Return. Here are five reasons to file an amended return:
1. You did not report some income,
2. You claimed deductions or credits you should not have claimed.
3. You did not claim deductions or credits you could have claimed.
4. You should have claimed a different filing status. Taxpayers who filed a joint return cannot choose to file separate returns for that year after the due date of the return. However, an executor may be able to make this change for a deceased spouse.
5. If you bought or are thinking of buying home, you may be able to file an amended return to claim the First Time Home Buyer Credit. Taxpayers who purchased a qualifying home can claim the Homebuyer Credit on the 2008 return without waiting until next year to claim it on their 2009 return.
Most people have already filed their federal tax returns but may still have questions. Here’s what you need to know about refund status, recordkeeping, mistakes and what to do if you move.
Refund Information
If you dont want to call your Staten Island Accountant or local CPA, you can always go through the IRS. You can go online to check the status of your 2008 refund 72 hours after IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after you mail a paper return. Be sure to have a copy of your 2008 tax return available because you will need to know the filing status, the first SSN shown on the return, and the exact whole-dollar amount of the refund. You have three options for checking on your refund:
• Go to IRS.gov, and click on “Where’s My Refund.”
• Call 1-800-829-4477 24 hours a day, 7 days a week for automated refund information.
• Call 1-800-829-1954 during the hours shown in your form instructions.
What Records Should I Keep?
Good record keeping allows you to prepare a complete and accurate income tax return. You should keep all receipts, canceled checks or other proof of payment, and any other records to support any deductions or credits you claim.
Normally, tax records should be kept for three years, but some documents — such as records relating to a home purchase or sale, stock transactions, IRAs and business or rental property — should be kept longer.
You should keep copies of tax returns you have filed and the tax forms package as part of your records. They may be helpful in amending filed returns or preparing future ones.
Change of Address
If you move after you filed your return, you should send Form 8822, Change of Address to the Internal Revenue Service. If you are expecting a refund through the mail, you should also notify the post office serving your former address, which will ensure your check makes it to your new address.
What If I Made a Mistake?
Errors may delay your refund or result in notices being sent to you. If you discover an error on your return, you can correct your return by filing an amended return using Form 1040X, Amended U.S. Individual Income Tax Return. Here are five reasons to file an amended return:
1. You did not report some income,
2. You claimed deductions or credits you should not have claimed.
3. You did not claim deductions or credits you could have claimed.
4. You should have claimed a different filing status. Taxpayers who filed a joint return cannot choose to file separate returns for that year after the due date of the return. However, an executor may be able to make this change for a deceased spouse.
5. If you bought or are thinking of buying home, you may be able to file an amended return to claim the First Time Home Buyer Credit. Taxpayers who purchased a qualifying home can claim the Homebuyer Credit on the 2008 return without waiting until next year to claim it on their 2009 return.
Friday, March 13, 2009
2009 Due Dates for NYS
2009 Due Dates for New York State
March 16th
Corporation Tax Return for Calendar Year Filers Due
Corporation Tax Estimated Tax Payment Due with Return or Extension
S Corporation Tax Return for Calendar Year Filers Due
March 20th
Sales Tax Return for Quarterly Filers Due
Sales Tax Return for Monthly Filers Due
Sales Tax Return for Annual Filers Due
April 15th
Personal Income Tax, Partnership and Fiduciary Tax Returns Due for Calendar Year Filers
Personal Income Tax Estimated Tax Payment Due
Partnership and LLC Estimated Tax Payments Due (For payments required to be made on behalf of partners and members)
S Corporation Estimated Tax Payments Due (For payments required to be made on behalf of nonresident shareholders)
April 20th
Sales Tax Return for Monthly Filers Due
May 20th
Sales Tax Return for Monthly Filers Due
June 15th
Corporation Tax Estimated Tax Payments for Calendar Year Filers Due
Personal Income Tax Estimated Tax Payments Due
Partnership and LLC Estimated Tax Payments Due (For payments required to be made on behalf of partners and members)
S Corporation Estimated Tax Payments Due (For payments required to be made on behalf of nonresident shareholders)
June 22nd
Sales Tax Return for Quarterly Filers Due
Sales Tax Return for Monthly Filers Due
July 20th
Sales Tax Return for Monthly Filers Due
August 20th
Sales Tax Return for Monthly Filers Due
September 15th
Personal Income Tax Estimated Tax Payments Due
S Corporation Return Due for Calendar Year Filers Who Requested an Extension
Corporation Tax Estimated Tax Payments for Calendar Year Filers Due
Corporation Tax Return Due for Calendar Year Filers Who Requested Six Month Extension to File
Partnership and LLC Estimated Tax Payments Due (For payments required to be made on behalf of partners and members)
S Corporation Estimated Tax Payments Due (For payments required to be made on behalf of nonresident shareholders)
September 21st
Sales Tax Return for Monthly Filers Due
Sales Tax Return for Quarterly Filers Due
October 15th
Personal Income Tax, Partnership, and Fiduciary Returns Due for Calendar Year Taxpayers who Requested an Automatic Six Month Extension to File
October 20th
Sales Tax Return for Monthly Filers Due
November 20th
Sales Tax Return for Monthly Filers Due
December 15th
Corporation Tax Estimated Tax Payments for Calendar Year Filers Due
December 21st
Sales Tax Return for Monthly Filers Due
Sales Tax Return for Quarterly Filers Due
March 16th
Corporation Tax Return for Calendar Year Filers Due
Corporation Tax Estimated Tax Payment Due with Return or Extension
S Corporation Tax Return for Calendar Year Filers Due
March 20th
Sales Tax Return for Quarterly Filers Due
Sales Tax Return for Monthly Filers Due
Sales Tax Return for Annual Filers Due
April 15th
Personal Income Tax, Partnership and Fiduciary Tax Returns Due for Calendar Year Filers
Personal Income Tax Estimated Tax Payment Due
Partnership and LLC Estimated Tax Payments Due (For payments required to be made on behalf of partners and members)
S Corporation Estimated Tax Payments Due (For payments required to be made on behalf of nonresident shareholders)
April 20th
Sales Tax Return for Monthly Filers Due
May 20th
Sales Tax Return for Monthly Filers Due
June 15th
Corporation Tax Estimated Tax Payments for Calendar Year Filers Due
Personal Income Tax Estimated Tax Payments Due
Partnership and LLC Estimated Tax Payments Due (For payments required to be made on behalf of partners and members)
S Corporation Estimated Tax Payments Due (For payments required to be made on behalf of nonresident shareholders)
June 22nd
Sales Tax Return for Quarterly Filers Due
Sales Tax Return for Monthly Filers Due
July 20th
Sales Tax Return for Monthly Filers Due
August 20th
Sales Tax Return for Monthly Filers Due
September 15th
Personal Income Tax Estimated Tax Payments Due
S Corporation Return Due for Calendar Year Filers Who Requested an Extension
Corporation Tax Estimated Tax Payments for Calendar Year Filers Due
Corporation Tax Return Due for Calendar Year Filers Who Requested Six Month Extension to File
Partnership and LLC Estimated Tax Payments Due (For payments required to be made on behalf of partners and members)
S Corporation Estimated Tax Payments Due (For payments required to be made on behalf of nonresident shareholders)
September 21st
Sales Tax Return for Monthly Filers Due
Sales Tax Return for Quarterly Filers Due
October 15th
Personal Income Tax, Partnership, and Fiduciary Returns Due for Calendar Year Taxpayers who Requested an Automatic Six Month Extension to File
October 20th
Sales Tax Return for Monthly Filers Due
November 20th
Sales Tax Return for Monthly Filers Due
December 15th
Corporation Tax Estimated Tax Payments for Calendar Year Filers Due
December 21st
Sales Tax Return for Monthly Filers Due
Sales Tax Return for Quarterly Filers Due
Wednesday, March 11, 2009
Staten Island CPA & Tax Preparer
Here is the volunteer site on Staten Island open March 21, 2009, to provide free taxpayer assistance.
Staten Island Site for Volunteer Tax Assistance
These sites usually have a mix of local Staten Island CPA's as well as other tax preparers.
Staten Island
SI Bank & Trust
15 Hyatt Street, 3rd Floor
Foodbank - Staten Island, NY 10301
9 a.m. - 5 p.m.
Staten Island Site for Volunteer Tax Assistance
These sites usually have a mix of local Staten Island CPA's as well as other tax preparers.
Staten Island
SI Bank & Trust
15 Hyatt Street, 3rd Floor
Foodbank - Staten Island, NY 10301
9 a.m. - 5 p.m.
Waiting on your Federal Refund
Waiting on your Federal refund, call the IRS at (800) 829-1954 its free and you can get the status of your funds.
Thursday, March 5, 2009
NYS Tax Extension - Online & Free
Need an extension to file your personal income tax return? Apply online for an automatic extension. It's free and easy to use. You'll receive an instant, printable confirmation that the Tax Department received your application.
To apply for an extension to file online, go to:
https://www8.nystax.gov/PEXT/pextHome
If you owe tax with your extension, you can pay it by:
- direct debit from a savings or checking account
- credit card (a convenience fee applies)
- printing a voucher and mailing a check
To apply for an extension to file online, go to:
https://www8.nystax.gov/PEXT/pextHome
If you owe tax with your extension, you can pay it by:
- direct debit from a savings or checking account
- credit card (a convenience fee applies)
- printing a voucher and mailing a check
Special Tax Exclusion For Mortgage Debt Forgiveness
Mortgage Debt Forgiveness as per the IRS Tax Tips #44
If your mortgage debt is partly or entirely forgiven during tax years 2007 – 2012, you may be able to claim special tax relief and exclude the debt forgiveness income.
Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence. The limit is $1 million for a married person filing a separate return.
Taxpayers may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure. To qualify, the debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence. Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion.
However, proceeds of refinanced debt used for other purposes (for example, to pay off credit card debt) do not qualify for the exclusion.
If you qualify, you claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attaching it to your federal income tax return for the year.
Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the new tax-relief provision. In some cases, however, other tax relief provisions, (for example, insolvency), may be available.
If your debt is reduced or eliminated you will receive a year-end statement, Form 1099-C, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed. The IRS urges borrowers to examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven (Box 2) and the value listed for your home (Box 7).
For more information about the Mortgage Forgiveness Debt Relief Act of 2007, visit the IRS Web site at IRS.gov. A good resource is IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments. People may obtain a copy of this publication and Form 982 either by downloading from IRS.gov or by calling 800-TAX-FORM (800-829-3676).
If your mortgage debt is partly or entirely forgiven during tax years 2007 – 2012, you may be able to claim special tax relief and exclude the debt forgiveness income.
Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence. The limit is $1 million for a married person filing a separate return.
Taxpayers may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure. To qualify, the debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence. Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion.
However, proceeds of refinanced debt used for other purposes (for example, to pay off credit card debt) do not qualify for the exclusion.
If you qualify, you claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attaching it to your federal income tax return for the year.
Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the new tax-relief provision. In some cases, however, other tax relief provisions, (for example, insolvency), may be available.
If your debt is reduced or eliminated you will receive a year-end statement, Form 1099-C, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed. The IRS urges borrowers to examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven (Box 2) and the value listed for your home (Box 7).
For more information about the Mortgage Forgiveness Debt Relief Act of 2007, visit the IRS Web site at IRS.gov. A good resource is IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments. People may obtain a copy of this publication and Form 982 either by downloading from IRS.gov or by calling 800-TAX-FORM (800-829-3676).
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