Key Tax Deadlines – February 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.

Other tax deadlines this month include:

February 11 – Employees must report to their employer all tips for January if they total more than $20.
February 15 – If you claimed exemption from payroll withholding in 2012 you need to file a new W-4 with your employer. If you don’t file a new W-4 your employer will start deducting withholding from your pay.
February 16 – Start deducting withholding for any employees who claimed exemption in 2012 and have not given you a new W-4 for 2013.
February 28 – A whole string of tax forms need to be filed with the IRS by today. These include W-2s for your employees, W-3, 1098, 1099 and W-2G.

For businesses, March includes the filing deadline for many business tax returns. I ask my clients to let me know by mid February if their accounting records will be ready to prepare their tax returns by the March 15 deadline. If they will not be ready I make sure that an extension is filed so that the deadline is pushed out.

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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