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February 2018
If you are ready to file your taxes but are missing important tax forms here's what you should do.
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Many people find preparing their tax return to be stressful and frustrating, but it doesn't have to be.
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If you donated a car to a qualified charitable organization in 2017 and intend to claim a deduction, you should be aware of the special rules that apply to vehicle donations.
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Three different forms are used for filing individual federal income tax returns: 1040EZ, 1040A, or 1040. If you're wondering which form you should use, then keep reading.
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Recent tax reform legislation affected many provisions in the tax code. Many were modified, either permanently or temporarily, while some were repealed entirely. Here are five that survived.
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TAX DUE DATES

February 12

Employees - who work for tips. If you received $20 or more in tips during January, report them to your employer. You can use Form 4070.

Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2017. This due date applies only if you deposited the tax for the quarter in full and on time.

Farm Employers - File Form 943 to report Social Security and Medicare taxes and withheld income tax for 2017. This due date applies only if you deposited the tax for the year in full and on time.

Certain Small Employers - File Form 944 to report Social Security and Medicare taxes and withheld income tax for 2017. This tax due date applies only if you deposited the tax for the year in full and on time.

Employers - Nonpayroll taxes. File Form 945 to report income tax withheld for 2017 on all nonpayroll items. This due date applies only if you deposited the tax for the year in full and on time.

Employers - Federal unemployment tax. File Form 940 for 2017. This due date applies only if you deposited the tax for the year in full and on time.

February 15

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in January.
Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in January.
All businesses. Give annual information statements to recipients of certain payments you made during 2017. You can use the appropriate version of Form 1099 or other information return. This due date applies only to the following types of payments:
  • All payments reported on Form 1099-B, Proceeds From Broker and Barter Exchange Transactions.
  • All payments reported on Form 1099-S, Proceeds From Real Estate Transactions.
  • Substitute payments reported in box 8 or gross proceeds paid to an attorney reported in box 14 of Form 1099-MISC.

February 16

Employers - Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2017, but did not give you a new Form W-4 to continue the exemption this year.

February 28

Individuals - If you claimed exemption from income tax withholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year.
Businesses - File information returns (Form 1099) for certain payments you made during 2017. These payments are described under January 31; however, Form 1099-MISC reporting nonemployee compensation must be filed by January 31. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the 2017 Instructions for Forms 1099, 1098, 5498, and W-2G for information on what payments are covered, how much the payment must be before a return is required, what form to use, and extensions of time to file.
If you file Forms 1097, 1098, 1099, 3921, 3922, or W-2G electronically (except Form 1099-MISC reporting nonemployee compensation), your due date for filing them with the IRS will be extended to April 2. The due date for giving the recipient these forms is still January 31.
Payers of Gambling Winnings - File Form 1096, Annual Summary and Transmittal of U.S. Information Returns, along with Copy A of all the Forms W-2G you issued for 2017. If you file Forms W-2G electronically, your due date for filing them with the IRS will be extended to April 2. The due date for giving the recipient these forms remains January 31.
Large Food and Beverage Establishment Employers - with employees who work for tips. File Form 8027, Employer's Annual Information Return of Tip Income and Allocated Tips. Use Form 8027-T, Transmittal of Employer's Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically, your due date for filing them with the IRS will be extended to April 2.
Health Coverage Reporting - If you're an Applicable Large Employer, file paper Forms 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns, and 1095-C with the IRS. For all other providers of minimum essential coverage, file paper Forms 1094-B, Transmittal of Health Coverage Information Returns, and 1095-B with the IRS. If you're filing any of these forms with the IRS electronically, your due date for filing them will be extended to April 2.

March 1

Farmers and Fishermen - Farmers and fishermen. File your 2017 income tax return (Form 1040) and pay any tax due. However, you have until April 17 to file if you paid your 2017 estimated tax by January 16, 2018.
IN THIS ISSUE
Tax Tips

QuickBooks Tips

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