September 15th is the final deadline for filing 2013 business tax returns. Did you also know that it is the deadline for making your 3rd quarter tax payment to the IRS? To be conservative, it is recommended to pay 110% of your prior year tax liability, broken up into the four quarterly payments. If your estimated tax liability is being withheld from your paychecks throughout the year, then no action is required on your part. If you are wondering about whether or not you are having enough withheld, our office can perform a Tax Projection for you in the 4th quarter. Many of our clients appreciate this service, to help them manage their overall tax strategy and to help when making those year-end buying decisions.
October 1st is the deadline to start a SIMPLE IRA or Safe Harbor 401k plan for the year. Many small business owners start a retirement plan because they need to save for retirement themselves or they are looking to save on taxes, but some are unaware of the October 1st deadline, in order to reap the tax benefits for the current year.
October 15th is the final deadline for 1040 individual tax return filing for 2013.
Call our office if you need a recommendation for a trusted professional that can help set up your IRA. Please also let us know if our professional staff can help you in any way.