Whenever we come across a site that can give our clients additional resources to help them, we are more than happy to share the information. “Early Childhood News is an online resource for Teachers and Parents of children, from infants to age 8 years. Read articles about child development, developmentally appropriate practices, health and safety, behavior and guidance, assessment and much more.
Now is a good time for you to do a mid-year health check on your record keeping and tax status.Give us a call at 619-589-8680 and let’s set up a time for you to come in.
Deadline for financial institutions to send out Form 5498 to report balances in an individual retirement account for the year 2013.
2nd quarter estimated tax payments due for the 2014 tax year. (The normal deadline is June 15th, which falls on a Sunday, so the deadline is pushed to the next business day.)
Deadline for US citizens living abroad to file individual tax returns and to pay any tax due. You can request an additional 4-month extension (Form 4868). (You can request an automatic extension by April 15th instead if you want to.) Two tax breaks important for Americans working abroad are the Foreign Earned Income Exclusion and the Foreign Tax Credit, .
Deadline to file Foreign Bank Account Report for the year 2013. This report is required if you have over $10,000 (in aggregate) held in foreign bank accounts. Foreign Bank Account Reports have a new form number (FinCEN Form 114) and must be filed electronically. Extensions of time to file are not available.
3rd quarter estimated tax payments due for the 2014 tax year.
Final deadline to file corporate tax returns for the year 2013 if an extension was requested. (Forms 1120, 1120A, 1120S).
Final deadline to file trust income tax returns (Form 1041) for the year 2013 if an extension was requested.
Final deadline to file partnership tax returns (Form 1065) for the year 2013 if an extension was requested.
Final deadline for self-employed persons or small employers to establish a SIMPLE-IRA for the year 2014.
Final deadline to file individual tax returns (with extension). (Forms 1040, 1040A, 1040EZ.)
Last day the IRS will accept an electronically filed tax return for the year 2013. If filing after October 15th, you’ll need to mail in your tax return for processing.
Final deadline to fund a SEP-IRA or solo 401(k) for tax year 2013 if you requested an automatic extension of time to file.
Start planning any year-end tax moves.
If you are covered by an HSA-compatible health insurance policy as of December 1st, you’ll be eligible to contribute the full amount to a Health Savings Account for the year.
Last day to make any tax moves for the year 2014. Last day to set up a solo 401(k) for self-employed persons.
Marital status on this date determines your marital status for the whole year.
Source: Income Tax Deadlines; Critical IRS Deadlines in the Year 2014
Why? Because providers “may be tempted to gain a tax benefit without following the proper rules”.¹ Rules? What Rules? Continue reading
Important dates to mark on your calendar, starting in September.
Many of you maintain good records tracking your hours when children are present, but how good are you tracking your hours – when children aren’t present? Continue reading
IRS Tax Tip 2013-34, March 15, 2013
The Child and Dependent Care Credit can help offset some of the costs you pay for the care of your child, a dependent or a spouse. Here are 10 facts the IRS wants you to know about the tax credit for child and dependent care expenses. Continue reading
Do you pay someone to help you care for children in your family child care business? Are you treating them as an employee or independent contractor? Unfortunately, if you have not treated your workers as employees you run the risk of facing stiff penalties and interest if audited by the IRS – and the IRS can go back three years. This means you should have been withholding Social Security/Medicare taxes, paying federal and state unemployment taxes, and purchasing workers’ compensation insurance. Continue reading
Family child care providers are self-employed taxpayers who must report their business income and expenses to the IRS. Record keeping is essential in any business – but for child care providers, the devil is in the details. It is important to become familiar with all of the IRS requirements for filing your taxes. To help you prepare for this, here are seven record keeping and tax tips to help you as you start your new profession. By following these tips you will be better able to organize your records, claim the maximum legal deductions, and reduce your taxes.
http://www.tomcopelandblog.com/seven-record-keeping-and-tax-tips-for-the-new-provider.html
