Article Highlights: Non-statutory Option Wage Income Statutory (Incentive) Options Capital Gains Alternative Minimum Tax Many companies, as an incentive to employees to help grow the companies’ market value, will offer stock options to key employees. The options give the employee the right to buy up to a specified number of shares of the company’s stock […]
July 2021 Individual Due Dates July 1 – Time for a Mid-Year Tax Check-Up Time to review your 2021 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 12 – Report Tips to Employer If you are an employee who works for tips and received more […]
Here are five things that happened this past month that affect your small business. 1) President Biden announced tax credits for COVID-19 vaccination paid time off. The President announced on April 21st “tax credits for certain businesses that pay employees who take time off to get COVID-19 shots, a new effort to involve corporate America […]
June 2021 Individual Due Dates June 1 – Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2020. The FMV of an IRA on the last day […]
Article Highlights: Education Benefits Education, Teachers and Educators Child Tax Credit Child & Dependent Care Tax Credit Earned Income Tax Credit for Childless Workers Paid Family Leave Health Insurance Corporate Tax Rate Individual Marginal Tax Rates Capital Gains Tax Basis Step-up Carried Interest Like-kind Exchange for Real Estate Excess Business Losses Medicare Tax Tax Preparer […]
May 10 – Social Security, Medicare and Withheld Income Tax File Form 941 for the first quarter of 2021. This due date applies only if you deposited the tax for the quarter in full and on time. May 17 – Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, […]
May 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 1110. Your employer is required to withhold FICA taxes and income tax withholding […]
May 10 – Social Security, Medicare and Withheld Income Tax File Form 941 for the first quarter of 2021. This due date applies only if you deposited the tax for the quarter in full and on time. May 17 – Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, […]
May 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 1110. Your employer is required to withhold FICA taxes and income tax withholding […]
Most adult Americans know or refer to April 15 th as tax day. While April 15 th is technically the official cut off to turn in your previous year’s tax report to the Internal Revenue Service (IRS), if that day falls on a weekend or holiday the deadline is extended for everyone to the next […]
