February 2, 2009 - W-2 & 1099 Postmark Deadline

If you haven't already, make sure you complete and mail the recipient copies of the forms W-2 & 1099 with today's date.

You will also be required to file and/or pay other 4th Quarter 2008 payroll forms. If you are not sure about the specific filing requirements for your business, please consult your accounting and tax professional.

Time to order forms

It's Nov. and that means the year end is right around the corner. Don't forget to order all the year end forms and corresponding envelopes to finish your calendar year tax filing requirements. Various businesses need more of some and less of others to meet all the requirements set forth depending on their activities. Some basic forms you may need are:

Federal 941: Employer's Quarterly Tax return
Federal 940: Annual Federal Unemployment
W-3: Transmittal summary sheet that accompanies the Copy A pink forms of the ...
W-2: All copies. You have to send out recipient copies and the pink Copy A's as well as keeping a Payer Copy. Don't forget the envelopes to accompany forms W-2 to employees for their personal tax filing information. Reminder: The deadline for postmarking W-2 forms to employees and the IRS is January 31st.
1099's: There are various 1099's according to what type of monies have been paid. The most common will be the'1099 Misc' used for box 7, Nonemployee Compensation paid to self employed sub contractors and the like. Oh, also box 1, rents paid. Make sure you have the correct spelling and full information for each recipient including their Social Security number or Federal ID number. Don't forget to order window envelopes for the specific style of forms you purchase.
1096: Transmittal summary form to accompany the Copy A to be sent in to the government.

Don't forget to order early, sometimes you can save a bundle on your supplies. And be conservative when ordering, these forms are year specific and cannot be used in later years (or prior years either). January is normally a very hectic month trying to do inventory and keeping up with other various year end reporting as well as staying on track with current regular duties, shopping for year end forms at the last minute and hoping they arrive on time to complete and send in can be more of a hassle than necessary. Order early and your supplies will be waiting for you!

As always, seek professional help if you have any questions or need assistance completing your forms and filing them timely. You may even decide to have an accounting and payroll professional prepare all of your forms for you by providing the final figures to them. This is also a good time to seek a local trustworthy tax and accounting professional in your area in order to secure the help you need. Chances are, they will have their hands full if you wait til the last minute to seek help and you may end up paying late penalties and interest if you do that.

3rd Quarter Filing reminder

For those of you who will need to file payroll forms & taxes, sales tax returns and use tax returns for the 3rd quarter 2008, remember this Friday October 31st is your postmark deadline.

All tax deposits to be called in using EFTPS systems will need to be called in on Thursday October 30th for withdrawal on Friday October 31st.

Bonus!
Some states offer discounts for the timely filing of tax reports and payments. The state of Missouri, for instance, offers a 2% discount on State withholding on payroll as well as sales tax amounts due. In other words, if you are paying your MO state withholding payment and have for example, $200 in withheld funds, making your payment timely will save you $4 and you will only have to send in $196. Pay timely, save money.

Tax deadline reminder!

Don't forget, tomorrow (10/15/08) is the deadline for filing tax returns which will still qualify for the stimulus package from the IRS. If you do not file your taxes until after this deadline, there will be no way to get the free money the IRS is handing out to you.

So what are you waiting for? Get ta filing!!!