We have Tax Saving and Financial Accounting Advice

Tax Saving Strategies

Contribute to an IRA

If you have income from wages or self-employment income, you can build tax-sheltered investments by contributing to a traditional or a Roth IRA. You may also be able to contribute to a spousal IRA -even where the spouse has little or no earned income. All IRAs defer the taxation of IRA investment income and in some cases can be deductible or be withdrawn tax free.

If You Have Your Own Business, Set Up and Contribute to a Retirement Plan

If you have your own business, consider setting up and contributing as much as possible to a retirement plan. These are allowed even for sideline or moonlighting businesses. Several types of plans are available which minimize the paperwork involved in establishing and administering such a plan.

Defer Bonuses or Other Earned Income

If you are due a bonus at year-end, you may be able to defer receipt of these funds until January. This can defer the payment of taxes (other than the portion withheld) for another year. If you’re self employed, defer sending invoices or bills to clients or customers until after the new year begins. Here, too, you can defer some of the tax, subject to estimated tax requirements. This may even save taxes if you are in a lower tax bracket in the following year. Note, however, that the amount subject to social security or self-employment tax increases each year.

Filing Due Dates:

January 15
1040-ES (Individual) 4th Qtr Estimated Tax Due
January 31
W-2, Federal Unemployment 940, 1099, 4th Qtr P/R reports
March 15
1120, 1120S (Corporate) Tax Return or 6 month extension request
April 15
1040-ES (Individual) 1st Qtr Estimated Tax due
1120-W (Corporate) 1st Qtr Estimated Tax due
(last day to contribute to IRA/Roth for current year)
1040 – Individual Tax Return or 4 month Extension
1065 – Partnership Tax Return or 3 month Extension
May 15
990 (Tax Exempt Organization) Tax Return or 6 month Extension
June 15
1040-ES (Individual) 2nd Qtr Estimated Tax due
1120-W (Corporate) 2nd Qtr Estimated Tax due
July 15
1065 (Partnership) Tax Return Extension or 3 month Extension
July 31
2nd Qtr P/R Reports
5500 (Retirement Plans) Tax Return
August 15
1040 (Individual) Tax Return or 2 month Extension
990 (Tax Exempt Organization) Tax Return Extension
September 15
1040-ES (Individual) 3rd Qtr Estimated Tax due
1120-W (Corporate) 3rd Qtr Estimated Tax due
1120 (Corporate) Final T/R Extension
October 15
1040 (Individual) Final Tax Return Extension due date
1065 (Partnership) Final T/R Extension due
October 31
3rd Qtr P/R Reports
December 15
1120-W (Corporate) 4th Qtr Estimated Tax due