Key Tax Deadlines – December 2013

The usual employer tax deadlines continue through the month for paying over tax payments to the IRS. If you have been paying quarterly remember to check each quarter that you are still eligible to do so. The test only goes back one quarter. Also, check your state withholding rules as many of these need to be checked on a monthly basis.

Other tax deadlines this month include:

December 10 – Employees must report to their employer all tips for November if they total more than $20.
December 16 – Corporations should deposit their fourth installment of 2013 estimated taxes, if they are a calendar year filer. Generally a C Corporation is required to pay estimated taxes if the expected tax liability for the year exceeds $500.
December 16 – Non resident aliens who filed an extension before June 15, 2013 must file their 2012 1040NR.

This is your last chance to do some year end tax planning. With Thanksgiving and Christmas coming up, there are a reduced number of days left to implement any planning strategies. Talk to your tax advisor sooner rather than later.

Remember, that many transactions need to be done before December 31, 2013 to be effective for the 2013 tax year.

Disclaimer – This article does not constitute personal tax advice to the reader and is only offering general information. You should seek professional advice for your own situation as the most appropriate tax planning depends on your personal and unique circumstances.

Posted By Mark Smith

Mark Smith, EA is an Enrolled Agent and accountant with over 30 years tax and accounting experience. He is the owner of Cranmere Accounting and Tax Services LLC. He can be contacted on (480) 363-4808 or by email at if you need assistance with any of the above.

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