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                                                         Tax Filing Reminders

September 15th:

·         3rd quarter Installment of 2014 Individual Estimated Income tax is due.

·         Filing deadline for 2013 tax returns for Calendar-Year Corporations that received an automatic extension for the March 17 filing date

October 1st:

·         Generally, the deadline for businesses to adopt a SIMPLE retirement plan for 2014




·         Deadline for filing 2013 individual tax returns on extension

  • The window for undoing a 2013 Roth Conversion closes October 15, 2014. Before that date, you have the opportunity to undo all or part of last year’s conversion.   After October 15, you can change your mind once more and put the money back into a Roth.  Remember you have to wait at least 30 days to convert again.

2015 HSA Contribution Limits

Taxpayers with high-deductible health insurance plans to set aside pretax dollars that can be withdrawn tax-free to pay reimbursed medical expenses. The limit for individuals is $3,350 and the limit for family coverage is $6,650. A catch-up contribution of an additional $1,000 is permitted for individuals who are 55 and older.

C or S Corporations: Consider the Following When you decide:  

Changes to the Federal Income Tax code can prompt you to review the legal structure of your business. Here are three aspects to consider if debating between a C -Corporation and S-Corporation:

·         Personal Income Taxes: C-Corporations are stand-alone entities and pay Federal Income tax at the corporate level, based on business earnings. If the corporation has a loss, the loss offsets business income in past or future years. S-Corporation earnings and losses are passed through you, as a shareholder.  Earnings are taxed on Individual Income Tax return at Personal Tax Rate, even if you receive no cash from the business. Losses can offset other income, assuming you participate in corporate business on a regular basis.

·         Ownership: Tax rules limit and number the type of shareholders who can earn interest in your S-Corporation.   S-Corporations cannot have more than 100 shareholders and they must all be U.S. citizens/residents.  S-Corporations can issue only one class of stock, all shareholders have same liquidation and distribution rights.  When a C-Corporation is formed, foreign owners can hold stock in your business.  Stock can also be issued with different ownership privileges, such as preferred stock, which grants priority in receiving corporate dividends.

·         Dividends & Distribution: As a C-Corporation shareholder, you are required to include some distributions on your personal tax return. Distributions are taxed twice, once on the corporate return and once on your return. When you own stock in an S-Corporation, distributions can be considered a return of the money you invested in the business. You may owe income tax, assuming you have basis in the corporation.

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