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2014 Tax Deadlines & Tax Organizer

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.

Thank you!valley

Happy New Year!

This is the part of the year that I like to encourage you all to do a few things:

BUSINESS OWNERS:

  • 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.

EVERYONE:

  • 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:

http://www.goodwill.org/wp-content/uploads/2010/12/Donation_Valuation_Guide.pdf

HAPPY NEW YEAR! Love, MM
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End of Year Charitable Contributions

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:

Yale Union
PDX Pop Now!
Siren Nation

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.

 

 

1099 Filings

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.  (marian@magnoliamgmt.com or meagan@magnoliamgmt.com)  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

June 15th Estimated Payment

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 marian@magnoliamgmt.com

Or for further reading on the matter: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estimated-Taxes