Oh Hello! Happy New Year and Welcome to the 2015 Tax Season! Below are important dates to schedule:
JANUARY 15th, 2016: final 2015 Estimated Tax Payment Due
FEBRUARY 1, 2016: 1099 filings due to recipients (for business and self employed folk) In order to meet this deadline, I will need completed W9s by January 15th, 2016. As a general rule, you should issue a 1099 to each person you have paid at least $600 in rents, services (including parts and materials), prizes and awards. Here is the link to the IRS Form W9.
MARCH 15, 2016: corporate tax returns due (S-corporation and C-corporation). In order to meet this deadline I will need a backup of your company’s books and all supporting documentation by March 1, 2016.
APRIL 18, 2016: (that’s right! this year we get a couple extra days!) individual, partnership, estate and trust returns due. In order to meet this deadline I will need all your tax documentation by April 1, 2016.
MAY 15th, 2016: exempt organization returns due (non profits acting on a calendar year) if you use a fiscal year, your tax returns are due on the 15th day following your 5th month after the end of your organizations accounting period.
Here is my tax organizer: 2015 MM Tax Organizer
Happy Returns to you!
It’s time to issue 1099s! 1099s must be sent to the recipient by January 31st 2015. If I prepare your regular bookkeeping I will be emailing you a list of individuals and businesses for which we need to issue these. If you take care of your own bookkeeping but would like me to issue these on your behalf please get in touch as soon as possible.
Here is a link of the Form W9 you should request a completed one of these for each individual or business that you paid rents, commissions, professional fees or contract labor costs to. If you are unsure if you need to issue a 1099 to someone feel free to email email@example.com and I can help you to determine that.
Fees for 1099s are $25 set up fee and $10 per 1099.
Eek! How did it get to be the end of the year so fast?! (one day at a time I reckon)
I encourage you all to spend a few of your holiday dollars at local stores this year. You may have already attended Portland’s Little Boxes after Thanksgiving Day event. Or, if you are like me you are procrastinating shopping. Here are some lovely places to support this year – each place owned and operated by wonderful humans.
- Alexandria Cummings Pottery : super sweet handmade ceramics
- AK Studio : lovely jewelry and decorative objects
- Appetite : along with their usual beautiful bags and homewares the ladies of appetite have introduced darling christmas tree skirts to their line up this year!
- Best Friends Honey : feel free to stuff my stocking with honey this year (preferably in jars)
- Betsy and Iya : beautiful jewelry, you can order online but you should really head over to their shop in NW Portland.
- Darling Press & Stationers : you can visit their press and shop on Foster in Portland, or order online!
- Floating World Comics : books and comics located in NW Portland
- Flutter : this is one of my favorite stores in Portland to go to, located on Mississippi Street
- Ink & Peat : I can usually get about half my Christmas shopping done at this gem of store on North Williams
- Little Red Press : the ladies of LRP curate a small but darling gallery of goods in their shop in Kenton
- Oko : i literally swoon looking at the jewelry and goods that is curated in this shop
- Porch Light : home goods, apothecary and all my favorite vintage office supplies
- Nationale: art, music, books and the perfect selection of French goods
- Seven Sisters : conveniently located next to Nationale (see above) you can pop in here after and pine over beautiful clothing and jewelry
- Twill : gloves, hats, scarves and lots of beautiful clothing!
- YO Vintage! one of a kind vintage pieces shopped by one of kind owner
A reminder that 3rd Quarter estimated tax payments are due on September 15th. If you are unsure if you should make a payment please email firstname.lastname@example.org
Some quick references for those of you that have tax to pay.
IRS Direct Pay
State of Oregon Payments
City of Portland Arts Tax
Happy New Year! I hope 2014 was a wonderful year and that 2015 is even better.
Below are some important dates to calendar for 2014 taxes:
JANUARY 15th, 2015: final 2014 Estimated Tax Payment Due
FEBRUARY 2, 2015: 1099 filings due to recipients (for business and self employed folk) In order to meet this deadline, I will need completed W9s by January 15th, 2015. As a general rule, you should issue a 1099 to each person you have paid at least $600 in rents, services (including parts and materials), prizes and awards. Here is the link to the IRS Form W9.
MARCH 16, 2015: corporate tax returns due (S-corporation and C-corporation). In order to meet this deadline I will need a backup of your company’s books and all supporting documentation by March 1, 2015.
APRIL 15, 2015: individual, partnership, estate and trust returns due. In order to meet this deadline I will need all your tax documentation by April 1, 2015.
Here is the 2014 Tax Organizer.
Should you have any questions please let me know.
This is the part of the year that I like to encourage you all to do a few things:
- TRACK YOUR MILEAGE! No seriously, write it down, keep a log, download an app, buy a new pretty book to keep in your car – however you do it just make sure it gets done. Your log should contain the date, the place of travel and the purpose of the trip. Like So: 2015BusinessMileageLog-Sheet1-2 For 2015 the standard mileage rate for business miles driven is 57.5 cents per mile.
- SAVE YOUR RECEIPTS! The more evidence you have to support a business deduction the better. I like to carry a seperate wallet in my purse that my business credit card & checkbook lives in – when I pull out my card so comes the wallet and the receipt for that purchase goes directly into a pocket there. Or if you prefer not to keep all that paper about you can take a photo of your receipt and upload it to our shared dropbox folder. Let’s work together to set up a system that works for you.
- SET UP A RETIREMENT ACCOUNT if your employer offers any sort of retirement savings – take advantage of it! increase your personal monthly contributions even by just a wee bit for 2015. If you are self employed – set up your own account and make it a goal to contribute a regular monthly amount all year long. If you would like to work with a financial planner contact me for a reference.
- SAVE DONATION RECEIPTS when you get that new years need to clean out those closets, garages and basements and you haul all that nice stuff off to your favorite non-profit ask those guys for a receipt! You should write in the value and a description of the goods donated. Put it in a handy dandy tax documents folder to give to your favorite LTC come year end. The Goodwill offers this guide:
HAPPY NEW YEAR! Love, MM
Charitable contributions can be a great way to help reduce your tax liability and to support education, research, the arts and those less fortunate. You have until December 31st 2014 to make a donation and claim it on your 2014 Tax Returns. Donations must be made to a qualified nonprofit organization. Some MM favorites:
PDX Pop Now!
You can also take advantage of the Oregon Cultural Trust‘s OR tax credit.
Remember to save your receipts for donation of goods to qualified nonprofits (like Goodwill) as those are also tax deductible. You need to be sure and fill in the description and value of the goods on your receipt. Here is a link to the Goodwill Valuation Guide.
A reminder to business owners that you should be gathering up W9s in order to issue 1099s in January. As a general rule, you should issue a 1099 to each person you have paid at least $600 in rents, services (including parts and materials), prizes and awards. If you have any questions about whether or not you are required to issue a 1099 please contact us. (email@example.com or firstname.lastname@example.org) 1099s are due to the recipients on February 2nd, 2015 and due to be filed with the IRS on March 2nd, 2015 if paper filing or March 31st 2015 if e-filing.
Here is a link for the Form W9: http://www.irs.gov/pub/irs-pdf/fw9.pdf
A reminder to all you self employed folks that you should make your 2nd quarter estimated tax payments on or before June 15th, 2014.
It is likely that if I prepared your 2013 tax returns and you are required to pay estimated taxes I have already prepared your payment vouchers and given those to you. If you have any questions about whether or not you should be making a payment just send a note to email@example.com
Or for further reading on the matter: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estimated-Taxes