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Important Tax Deadlines for 2014 for Small Businesses

Man Filling out Tax Form

There are a few very critically important tax deadlines for small businesses for the year 2014. Following is a list of those deadlines:


January Deadlines


Small businesses must pay their estimated fourth quarter tax payment from 2013 by January 15, 2014. You can skip this deadline, as long as you file your return and pay your balance in full by January 31, 2014. There are several deadlines for January 31, 2014, including processing individual tax returns (Form IR-2013-100), and you must mail out W-2 forms to your employees and furnish 1099 statements to reflect any non-employee compensations, bank interest, any dividends, and any distributions from a retirement plan.


February Deadlines


Employees must claim exemption from any withholdings and file a new W-4 form with their employers by February 18, 2014. Financial institutions must mail out any 1099-B forms by this date as well, that relate to sales of any stocks, bonds, or mutual funds through brokerage accounts, as well as any 1099-S forms that relate to real estate transactions. Businesses must mail out all 1099 and 1096 forms with the IRS if they are planning on filing on paper, by February 28, 2014. If you plan on filing electronically, the deadline is April 1.


March Deadlines


Farmers and fishermen who owe a balance on their taxes must get their individual tax return filed and any balance due paid to avoid any late payment penalties by March 3, 2014. Corporate tax returns (Forms 1120, 1120A, & 1120S) for 2013 must be filed, or a 6 month extension of time requested (Form 7004) for those corporations that use the calendar year as their tax year, by March 17, 2014. This deadline is typically March 15, but if this date happens to fall on a Saturday, the deadline is moved to the following Monday). This is also the final deadline to get an amended corporate tax return filed and to claim a tax refund- keep in mind that refunds expire three years from the original date of the return.


April Deadlines


April 15, 2014 is the big tax day- individual tax returns (Forms 1040, 1040A, or 1040EZ) for 2013, or an extension requested (Form 4868) must be filed by this date. If you do file for an extension, you will have an additional six months to get your return filed. However, any taxes due must still be paid by April 15. Payment can be submitted when you file for your extension. This is also the last date you can make any contributions to IRAs, HSAs, or 401-Ks for the tax year 2013. If you file an extension, this deadline is moved to October 15, 2014. April 15, 2014 is also the date that you must pay any estimated tax payments for the first quarter of 2014. You must also file an original or an amended tax return for the year 2011 in order to still claim a refund- remember, refunds expire three years from the original date of the tax return. Estate income tax or Trust income tax returns (Form 1041), or an extension (Form 7004) and any partnership tax returns (Form 1065) or extension (Form 7004) must be filed by this date.


May Deadlines


The deadline for non-profit organizations to file their Form 990 for the year 2013, or file an extension (Form 8868) by May 15, 2014.


June Deadlines


Financial institutions must send out Form 5498 in order to report any balances in individual retirement accounts for 2013 by June 2, 2014. Second quarter estimated tax payments for 2014 are due by June 16, 2014- the typical deadline is June 15, which falls on a Sunday in 2014, so the deadline is moved to the next business day. US citizens who are living abroad must file their individual tax returns and pay any taxes due, or an additional extension (Form 4868) must be filed by this date as well. If you prefer, you can request this extension by April 15. There are two very important tax breaks for any Americans who are working abroad. These are: Foreign Earned Income Exclusion and Foreign Tax Credit. The deadline to file a Foreign Bank Account Report for the year 2013 is June 30, 2014. This is required if you have more than $10,000 in foreign bank accounts. The form for Foreign Bank Accounts is (FinCEN Form 114) and this must be filed electronically. There are no extensions of time available for this filing.


September Deadlines


Third quarter estimated tax payments for 2014 are due by September 15, 2014. This is also the final deadline to file any corporate tax returns for 2013 (Form 1120, 1120A,& 1120S), trust income tax returns (Form 1041), and partnership tax returns (Form 1065), if an extension was requested.


October Deadlines


The final deadline for those individuals who are self-employed or small employers to establish a SIMPLE-IRA for 2014 is October 1, 2014.  The final deadline to get individual tax returns (Form 1040, 1040A, & 1040EZ) filed, if you filed for an extension, is October 15, 2014. This is the last day that the IRS will accept any tax returns filed electronically for 2013. If you file after October 15, you must mail in your tax return. This is also the final deadline to fund a SEP-IRA or 401k for the tax year 2013, if you requested an extension of time to file.

November Deadlines


You must star planning your year-end tax moves sometime in November.


December Deadlines


As of December 1, 2014, if you are covered by a health insurance policy that is HAS compatible, you will be eligible to contribute the full amount to your HSA for
the year. The very last day you can make any tax moves for 2014 is December 31,
2014. This is also the last day that self-employed persons can set up a 401k.
Your marital status on this date determines your status for the whole year.


In order to pay any taxes due, you can get assistance through Advanced Funds Network.

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