October 2020
Starting your own business can be an exciting prospect, but there is more to it than simply writing a business plan.
Whether you've sold virtual currency for a profit or received it for services performed, you still need to report it on your tax return.
While taking money out of a retirement fund before age 59 1/2 is generally not recommended, it is sometimes necessary, especially during times of economic crisis.
               
If you're thinking about relocating to a different state when you retire, here are six things to consider before you make that move.

Tax Due Dates

October 13

Employees Who Work for Tips - If you received $20 or more in tips during September, report them to your employer. You can use Form 4070.

October 15

Individuals - If you have an automatic 6-month extension to file your income tax return for 2019, file Form 1040 and pay any tax, interest, and penalties due.

Corporations - File a 2019 calendar year income tax return (Form 1120) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in September.

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in September.

November 2

Employers - Social Security, Medicare, and withheld income tax. File form 941 for the third quarter of 2020. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until November 10 to file the return.

Certain Small Employers - Deposit any undeposited tax if your tax liability is $2,500 or more for 2020 but less than $2,500 for the third quarter.

Employers Federal Unemployment Tax. Deposit the tax owed through September if more than $500.

IN THIS ISSUE
Tax Tips
QuickBooks Tips

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Dawson & Associates | 818 379-9800 | team@dawsoncpa.com | http://www.dawsoncpa.com
16027 Ventura Boulevard Suite 501
Encino, CA 91436
Dawson & Associates, 16027 Ventura Boulevard  Suite 501, Encino, CA 91436
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