HELPFUL INFORMATION

Tax information to keep you updated. 

                                                                                 Tax Calendar
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January

​​January 10

  • Report January tip income, $20 or more, to employers (Form 4070)


​January 15

  • Pay the final installment of 2024 estimated taxes, if not paying income tax through withholding (Form 1040-ES)
  • ​​Report income tax withholding and FICA taxes if the monthly deposit rule applies


January 31

  • ​File a 2024 income tax return (Form 1040 or Form 1040-SR) and paying tax due, to avoid penalties for underpaying the January 16 installment of estimated taxes
  • ​Provide Form 1098, Form 1099-MISC (except for those that have a February 15 deadline), Form 1099-NEC and Form W-2G to recipients
  • ​Provide 2024 Form W-2 to employees.
  • Report income tax withholding and FICA taxes for fourth quarter 2024 (Form 941).
  • File an annual return of federal unemployment taxes (Form 940) and pay any tax due
  • File 2024 Form W-2 (Copy A) and transmittal Form W-3 with the Social Security Administration


February

February 10

  • Report January tip income, $20 or more, to employers (Form 4070)
  • Report income tax withholding and FICA taxes for fourth quarter 2024 (Form 941) and filing a 2024 return for federal unemployment taxes (Form 940), if you deposited on time and in full all of the associated taxes due


February 18

  • Provide Form 1099-B, 1099-S and certain Forms 1099-MISC (those in which payments in Box 8 or Box 10 are being reported) to recipients
  • ​File a new Form W-4 to continue exemption for another year, if you claimed exemption from federal income tax withholding in 2024
  • Report income tax withholding and FICA taxes if the monthly deposit rule applies


February 28

  • File Form 1098, Form 1099 (other than those with a February 1 or February 16 deadline) and Form W-2G and transmittal Form 1096 for interest, dividends and miscellaneous payments made during 2024. (Electronic filers can defer filing to March 31.)


March

March 10

  • Reporting February tip income of $20 or more to employers (Form 4070)


March 17

  • Filing a 2024 income tax return (Form 1120S or Form 1065) or filing for an automatic six-month extension (Form 7004), and paying any tax due
  • Report income tax withholding and FICA taxes if the monthly deposit rule applies


March 21

  • Electronically file 2024 Form 1097, Form 1098, Form 1099 (other than those with an earlier deadline) and Form W-2G


April

April 10

  • Report March tip income of $20 or more to employers (Form 4070)


April 15

  • File a 2024 income tax return (Form 1040 or Form 1040-SR) or filing for an automatic six-month extension (Form 4868), and paying any tax due
  • ​Pay the first installment of 2025 estimated taxes, if not paying income tax through withholding (Form 1040-ES)
  • ​Make 2024 contributions to a traditional IRA or Roth IRA (even if a 2024 income tax return extension is filed)
  • ​Make 2024 contributions to a SEP or certain other retirement plans (unless a 2024 income tax return extension is filed)
  • ​File a 2024 gift tax return (Form 709) or filing for an automatic six-month extension (Form 8892), and pay any gift tax due. File for an automatic six-month extension (Form 4868) to extend both Form 1040 and, if no gift tax is due, Form 709
  • ​File Schedule H, if wages paid equal $2,300 or more in 2024 and Form 1040 isn’t required to be filed. For those filing Form 1040, Schedule H is to be submitted with the return and is thus extended to the due date of the return
  • ​Deposit Estimated Tax for 1st quarter due on Unrelated Business Taxable Income for Tax-Exempt Organizations. Use Form 990-W to determine the amount of estimated tax payments required
  • ​File an income tax return for the 2024 calendar year (Form 1041) or filing for an automatic five-and-a-half month extension to October 1 (Form 7004), and paying any income tax due
  • ​File a 2024 income tax return (Form 1120) or filing for an automatic six-month extension (Form 7004), and paying any tax due.
  • Pay the first installment of 2025 estimated income taxes
  • ​Report income tax withholding and FICA taxes if the monthly deposit rule applies


April 30

  • Report income tax withholding and FICA taxes for first quarter 2025 (Form 941)
  • Deposit FUTA tax owed through March if more than $500


May

May 12

  • Report April tip income, $20 or more, to employers (Form 4070)
  • ​Report income tax withholding and FICA taxes for first quarter 2025 (Form 941), if you deposited on time for the quarter, properly and in full all of the associated taxes due


May 15

  • Filing a 2024 calendar-year information return (Form 990, Form 990-EZ or Form 990-PF) or filing for an automatic six-month extension (Form 8868) and paying any tax due
  • Filing a 2024 e-Postcard (Form 990-N), if not filing Form 990 or Form 990-EZ
  • ​Report income tax withholding and FICA taxes if the monthly deposit rule applies

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The only acceptable reason for delaying payroll tax deposits is a legal federal holiday.


Deposits of $100,000 or more must be made within one business day of the day that the tax liability is incurred.


​​EFTPS users: Payments must be scheduled by 8 PM ET at least one calendar day before the tax due date.

 Valuable Links


 IRS


 IRS Forms


 Where's My Refund


 IRS Tax Information for Businesses


​ IRS Tax Withholding Calculator


 Texas Comptroller


 Texas Secretary of State

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General Information


Alert on social media tax advice.The IRS warns that there is a lot of “wildly inaccurate” tax advice designed to generate attention on  various social media platforms. Most egregious: posts that encourage taxpayers to submit false or inaccurate information to receive or increase refunds.


Almost as bad: advising taxpayers to misuse common tax documents. For example, one disastrous but widespread strategy urges taxpayers to complete and file W-2s for themselves with made-up income and tax withholding—then file tax returns claiming refunds based on FITW listed on the false W-2s.


Extra warning: Some schemes promoted on social media use valid IRS forms in improper and fraudulent ways. The IRS and its tax profession partners actively watch for these schemes. [IR-2024-98]


​Bad legal advice does not avoid penalties.
The case: The taxpayer received wire transfers from his business associate and claimed his attorney had advised him that the transfers were neither taxable nor reportable—so they were not included on the income tax return. The IRS assessed taxes on the transfers and penalties for failure to report them. The taxpayer eventually conceded the taxes and appealed the penalties.


Held: For the IRS. The taxpayer claimed “reasonable cause” for not reporting the transfers as income, based on the taxpayer’s good faith reliance on advice from a legal professional.


But for reliance on professional advice to be a “reasonable cause,” in addition to the taxpayer also having had to rely on the advice in good faith, the adviser must be a competent professional with sufficient expertise to justify the reliance—and the professional must have been provided the necessary and accurate information from the taxpayer.


The court said the taxpayer presented no evidence that the attorney was provided the necessary and accurate information.


And, the court said, if the attorney was fully informed of the transactions in detail and deemed them nontaxable, it would have been  “remarkably bad advice.” Regardless, the taxpayer should have known the advice was suspect and that it was not reasonable to rely on it.


The court also said that there was no evidence the taxpayer informed either business associates or the tax preparer of the advice, indicating that he did not rely on the advice when he chose not to report the transactions. [Kroner v. Commissioner, T.C. Memo 2024-41]



Standard mileage rates


                                        2024                              2025

Business*                  67 cents/mi.                70 cents/mi.

Relocation**             21 cents/mi.                21 cents/mi.

Medical                      21 cents/mi.                21 cents/mi.

Charitable rate          14 cents/mi.                14 cents/mi.


* For owned/leased passenger autos, vans, pickups or panel trucks and up to 4 taxis used for hire on which no §179 or depreciation was taken.


** Starting in 2018, all relocation payments are taxable to the employee and tax deductible for the employer.

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Disclaimer - General Information provided with permission from the American Institute of Professional Bookkeepers (AIPB).

This is general information for taxpayers and should not be relied upon as the only source of authority.  Taxpayers should seek professional tax advice for more information.