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:
November 12 – Employees must report to their employer all tips for October if they total more than $20.
November 12 – If you have timely made all payroll withholding payments you have until this date to file your form 941 for the quarter ended September 30, 2013.
With only two months left to the end of the tax year for individuals and most small businesses, this is a good time to review your tax position. There have been many tax changes for 2013 so it is well worth contacting your tax advisor to undertake some year end tax planning.
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 firstname.lastname@example.org if you need assistance with any of the above.
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