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End of Year Financial Preparations

The end of the year is coming near

Published: Wednesday, December 4, 2013   /   Categories: Education

The end of the year is coming near and the time to take advantage of all last minute tax deductions and also to think of filing end of the year tax forms.  Make sure you have your mileage log accurate and up-to-date so that you can use it for deducting mileage expenses from your tax return.  Check all of your receipts and check to see that you have all that are needed for tax deduction purposes. 

If you want to take advantage of an IRA deduction, you have until April 15, 2014 to invest and deduct for your 2013 tax return.  You can contribute up to $5,500 for 2013, but if you are over 50 years of age, then you can contribute up to $6,500 for the 2013 tax year.  Talk to your tax advisor if you have any questions. 

For businesses, start thinking about getting all of the information that you need to file W-2 forms for your employees and 1099 Forms for contract labor, rents, attorney fees, etc.  You can send all of your vendors a W-9 Form for them to fill out with the tax information that you will need.  In January, all of the final quarter payroll tax forms for 2013 are due plus any annual returns.  January 31 is the deadline to distribute all W-2 forms to employees.  February 29th is the deadline to file W-2 forms to the Social Security Administration, if filing by paper.  March 31st is the deadline to file W-2 forms if using the Business Services Online through the Social Security Administration.  The deadline for furnishing 1099 forms to your recipients is February 18, 2014.

Sharon Almquist
Financial Coordinator

 

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Kearney Area Chamber of Commerce
Kearney Area Chamber of Commerce

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