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.
Other tax deadlines this month include:
November 13 – Employees must report to their employer all tips for October if they total more than $20.
As this is a quiet month for tax deadlines it is a good time to do some year end tax planning. Read the latest two issues of our newsletter to see if any of the ideas in them would help you. There is a lot of uncertainty this year surrounding tax planning due to the upcoming “fiscal cliff”. Depending on how Congress deals with this it is particularly important that you work closely with your tax preparer or advisor.
Year End Tax Planning For Individuals
Year End Tax Planning For Businesses
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 firstname.lastname@example.org if you need assistance with any of the above.