Hi, {!firstname}! Welcome to the latest issue of
'Nita's Helping Hands'! A special welcome to our new
subscribers -- I hope this finds you all safe and well!
Well, it's nearly the holidays for those who celebrate
them throughout the world -- which means we're even
more busy than usual -- and normally more stressed!
Don't forget to take some time to just RELAX each day.
Even 15 minutes of just total relaxation can calm you
tremendously.
Since this will be my last newsletter before the
holidays, I would like to wish you all a very Merry
Christmas, Happy Hanukkah, or just a very Happy
End-of-Year! It's wintertime for most of us so I
wish you all much warmth and safety during this time.
Staying warm is something I cherish and am one that's
not-so-good at dealing with cold weather! I grew up
in Northern Indiana where it was much colder with tons
more snow, but I guess I didn't move nearly far enough
south to suit my tastes!
Don't forget I'm now offering a tremendous 35% discount
to all existing or new clients until the end of the year!
By clicking here:
www.NitaHelpingHand.com/referral.htm you can see how
you can obtain your proofreading and/or copy editing
services absolutely FREE!! Now is the time to get
everything ready to kick off the new year with a big
hit! My times are filling up quickly so contact me
soon!
Enjoy each and every day!
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Quote:
"What would life be like if we had no courage to attempt
anything?" - Vincent Van Gogh (1853-1890), Dutch painter
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Guest Article:
IRS Penalties, Interest and 'Love Letters'
by Wayne M. Davies
© 2005 Wayne M. Davies Inc.
Sorry to crash your party, but as we bring in the New Year,
it's also time to bring in a New Tax Season.
As a small business owner or self-employed person,
one of the easiest ways to keep Uncle Sam off your back
and out of your life is to file your forms, payments and
other paperwork on time.
Over the next four months there are several key dates
that you dare not forget! Here they are -- all in one place,
along with links to the IRS website PDF file for that
particular form, where appropriate.
NOTE: This article only addresses federal tax deadlines.
Be sure to contact your state's tax department for their
due dates.
Also, the calendar is adjusted for Saturdays, Sundays and
federal holidays, because if a due date falls on a Saturday,
Sunday, or federal holiday, then the due date is moved to
the next business day.
JANUARY:
Tuesday, Jan. 18
Personal
Business
If you have employees, you must make the federal payroll
tax payment for December 2004 by today (assuming you are
on the monthly deposit schedule).
You use Form 8109 (found in the little yellow coupon
book) or the IRS Electronic Federal Tax Payment System
(EFTPS).
Monday, January 31
Business
4th quarter and year-end payroll tax returns
are due by January 31 of the following year.
Here's an overview of the 4 most common federal
payroll-related forms due today:
If you mail the W-2's, the postmark must be on or before
January 31, 2005.
You may also be a recipient of a W-2 (if you work as
an employee for someone else), so don't give your
employer a hard time unless the W-2 is postmarked,
or delivered in person, later than January 31.
Tip: if the independent contractor is a corporation,
you usually don't have to issue a 1099. The main purpose
of the 1099 is to track payments to Sole Proprietors,
i.e. unincorporated self-employed people.
FEBRUARY:
Tuesday, Feb. 15
If you have employees, you must make the federal payroll
tax payment for January 2005 by today (assuming you are
on the monthly deposit schedule).
Monday, February 28
If you prepared any W-2's or 1099's (mentioned above),
today is the deadline for sending a copy of those
forms to the IRS.
MARCH:
Business
Tuesday, March 15
Today is a big day if your business is a corporation.
Form 7004 -- if you can't file Form 1120 or 1120S
by today, here's a tip: just file Form 7004 by
March 15 and you are granted an automatic,
no-questions-asked 6-month extension of time
to file the return (i.e. until Sept. 15, 2005)
http://www.irs.gov/pub/irs-pdf/f7004.pdf
Form 2553 -- if you want your corporation to
be treated like an "S" corporation for the
first time, today is the deadline for telling
the IRS that you want to be an "S" corp beginning
with calendar year 2005 (assuming your corporation
Also, If you have employees, you must make the federal
payroll tax payment for February 2005 by today
(assuming you are on the monthly deposit schedule).
APRIL:
Friday, April 15
Ah, yes, the most famous tax deadline of all.
And if you are a Sole Proprietor, don't forget that
you must file several business-related tax forms with
your Form 1040. The most commonly used tax forms for
the self-employed person include:
Need more time to prepare your personal tax return?
Go no further than Form 4868, which grants an automatic
no-questions-asked 4-month extension to file the return.
http://www.irs.gov/pub/irs-pdf/f4868.pdf
NOTE: this is only an extension of time to file the return,
not an extension to pay any tax due. So if you think
you might owe, it may be wise to estimate what you owe
and send in a payment with Form 4868; otherwise you may
have to pay extra in late payment penalties and interest.
Form 1065
If your business is a Partnership or Limited Liability
Company (LLC), today is also your lucky day to file the
annual business income tax return -- via Form 1065.
http://www.irs.gov/pub/irs-pdf/f1065.pdf
As if April 15 wasn't already painful enough, it's also
the deadline for the first quarter estimated tax payment
for Year 2005:
And if you're an employer, yup, it's time for yet another
monthly federal payroll tax deposit -- for March 2005.
MAY:
Monday, May 2
Form 940 federal unemployment tax deposit is due today,
if your first quarter liability exceeds $100.
Had enough? OK, OK. I'll stop here.
That should get you through the first four months of
the year.
For more tax resources, here's a few more links:
About The Author:
Wayne M. Davies is author of three tax-slashing eBooks
for small business owners and the self-employed:
29 Little-Known Legal Loopholes That Will Reduce Your
Taxes By Thousands (For Small Business Owners and
Self-Employed People Only!)
Wayne's 3 eBooks are available separately, or at a
substantial discount as a 3-volume set:
www.YouSaveOnTaxes.com
A Division of Wayne M. Davies Inc.
4660 W. Jefferson Blvd., Suite 220
Fort Wayne, IN 46804
Tel: (260) 459-3858 / Fax: (260) 459-0124
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Special Holiday Tip:
Please, please remember our troops who are still overseas
serving our country during the holidays. Just imagine how
hard it must be to be thousands of miles away from your
entire family and loved ones during the holidays. Send
them a bit of cheer (and it's tax deductible) and let them
know you appreciate what they're doing, especially this time
of year.
You can make your tax deductible donations to the USO. For
those of you who don't know much about the USO, information
is provide below:
USO is a non-profit 501(c)(3) organization committed to
providing morale boosting programs and vital services to
military personnel and their families. USOs are located
throughout the US and across the globe. To find out how
you can help further, please contact the USO location
nearest you. A list of USO locations can be found on
www.usocares.org or
www.uso.org.
Please give to our troops!
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Tip:
If you're at all interested in writing with more ease and
focus, using every hypnotic tool in the book, then check
out Joe Vitale's software at --
http://www.HypnoticWritingWizard.com
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Quote:
"Don't judge each day by the harvest you reap, but by the
seeds you plant." -- Robert Louis Stevenson, Author
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Tip:
MILEAGE RATES FOR 2005 CLARIFIED; NEW RATES
FOR 2006 ANNOUNCED
The amount you can deduct for use of your vehicle falls
into three categories:
1. Business Use
2. Medical care transportation
3. Moving for business purposes
4. Service of charitable organizations
The IRS generally changes the rate annually, but rarely
does so mid-year - except for this year!
FOR JAN.1 THRU AUG. 31, 2005:
Business use: 40.5 cents/mile
Medical care: 15 cents/mile
Moving: 15 cents/mile
Charity: 14 cents/mile
FOR SEPT. 1 THRU DEC. 31, 2005:
Business use: 48.5 cents/mile
Medical care: 22 cents/mile
Moving: 22 cents/mile
Charity: 14 cents/mile
BEGINNING JAN. 1, 2006:
Business use: 44.5 cents/mile
Medical care: 18 cents/mile
Moving: 18 cents/mile
Charity: 14 cents/mile
Note: Special mileage rates apply for Katrina-related
charitable mileage. See Revenue Procedure 2005-78,
which you can download at
www.irs.gov.
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Quote:
"You may be disappointed if you fail, but you are doomed if
you don't try." - Beverly Sills, Opera Singer
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That's all the handy tips and tricks for this issue of
'Nita's Helping Hands' -- I hope you enjoyed it and found
some useful information. As always, please e-mail me if you
ever have questions, concerns or would like me to include
information about certain topics.
Stay warm, always remember to count your blessings and most
importantly, be happy! Have a wonderful and safe holiday
season to you and your loved ones!
I'll 'see' you in a couple weeks!
