Welcome to the official blog of Brittany Lanphier, managing partner of Lanphier Accounting LLP based in Denver, Colorado!
Any tax guidance in this blog is intended for informational purposes only and is not guidance on which Lanphier Accounting LLP intends for you to rely. All tax issues specific to your business or family are largely facts-and-circumstances based and you should consult your tax advisor (or Brittany directly) to discuss how this might relate to you.
January 10, 2011
Happy 2011 everyone! It is hard to believe that as we ring in a new year, another tax season is upon us here at Lanphier Accounting LLP. We are excited and gearing up for the big push in the months ahead.
On the home front, Dennis and I are marveling daily at my growing belly and the little girl inside it that is making her presence felt with ever-more-powerful kicks and jabs. We are thrilled to meet her after tax season is over. I, for one, am grateful that the next few months will be super busy so that the time will fly by until she makes her debut!
As we endeavor into this spring tax season, I wanted to take a few brief moments to remind everyone of the upcoming deadlines and any tax obligations you may need to meet in the coming months. Off we go…
~ January 18th ~ Estimated Taxes Due
We caught a small break this year as the usual 15th deadline for estimated taxes falls on a Saturday and the following Monday happens to be MLK Jr. Day. Therefore, your fourth estimated tax payment for the 2010 tax year is not due until Tuesday, Januaryt 18th. If you are used to making estimated tax payments, make sure you have your payment submitted or postmarked by this day.
If you are not accustomed to paying estimated taxes, but you earned income in 2010 from sole proprietorships or other holdings (partnerships, rental properties, investments, etc.), you may want to make a payment to avoid penalties in April. Feel free to contact us for more information
~ January 31 ~ Payroll Taxes + W-2s and 1099s
Don’t forget, employers! Your Q4 payroll tax filings are due by January 31. This includes not only your usual Form 941 and state filings, but also the annual Form 940 for your federal unemployment taxes.
Additionally, you must provide your employees with Form W-2 by this date and send out Form 1099-MISC to any independent contractors, LLCs, or Partnerships to whom you paid more than $600 in 2010.
~ February 28 ~ W-2s & 1099s due to the Government
Although you must supply employees and contractors with W-2s and 1099s by the end of January, you are not required to submit these to the taxing authorities until the end of February. This allows time for recipients to dispute any discrepancies and for errors to be cleared up before anything has been officially filed.
Forms W-2 must be submitted to the Social Security Administration along with the Form W-3 transmittal statement. Form 1099-MISC must be submitted to the IRS along with the Form 1096 transmittal statement.
~ March 15 ~ C-Corporation & S-Corporation Returns Due
If you have a C Corporation or an S Corporation your return (or at least extension) is due by March 15th.
Additionally, if you plan to elect S Corporation status for your entity for the 2011 tax year, your election (Form 2553) is due by this date as well.
~ April 18 ~ Partnership & Individual Returns Due + Estimated Taxes
Another piece of good luck for 2011 – the tax deadline for individual and partnerships has been extended three days to Monday, January 18th. The usual April 15th deadline falls on the preceding Friday, which also happens to be “Emancipation Day”, a recognized holiday in the District of Columbia. Therefore, everyone has an extra three days to get their returns (or extensions) filed.
Also, don’t forget that your first estimated tax payment for the 2011 tax year is due on the same day. If you are already writing a substantial check to Uncle Sam for 2010 this can feel like a real drag, but it’s all the more reason to stay on top of your estimated taxes over the next year!
These are of course only the major highlights as far as tax deadlines go. To ensure that you are meeting all of your tax obligations, please contact us directly. We would love the opportunity to serve you over the coming months and establish ourselves as your trusted tax advisor!
Best to all! Happy New Year!
Lanphier Accounting LLP
600 17th St., Suite 2800 South
Denver, CO 80202