social security

Tax

Tax Due Dates for November 2012

Anytime Employers – Income Tax Withholding. Ask employees whose withholding allowances will be different in 2013 to fill out a new Form W-4.
November 13 Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2012. This due date applies only if you deposited the tax for the quarter in full and on time.Employees who work for tips – If you received $20 or more in tips during October, report them to your employer. You can use Form 4070.
November 15 Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in October.Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in October.
Tax

Do You Qualify for the Earned Income Tax Credit?

Millions of Americans forfeit critical tax relief each year by failing to claim the Earned Income Tax Credit (EITC), a federal tax credit for low-to-moderate-income individuals who work. Taxpayers who qualify and claim the credit could owe less federal tax, owe no tax, or even receive a refund.

The EITC is based on the amount of your earned income and whether or not there are qualifying children in your household. If you have children, they must meet the relationship, age, and residency requirements. Additionally, you must be a US citizen, have a valid social security card, and file a tax return to claim the credit.

General requirements: If you were employed for at least part of 2012 and are at least age 25, but under age 65, and are not a dependent of anyone else you may be eligible for the EITC based on these general requirements:

  • You earned less than $13,980 ($19,190 married filing jointly) and did not have any qualifying children.
  • You earned less than $36,920 ($42,130 married filing jointly) and have one qualifying child.
  • You earned less than $41,952 ($47,162 married filing jointly) with two or more qualifying children.
  • You earned less than $45,060 ($50,270 married filing jointly) with three or more qualifying children.

Tax Year 2012 Maximum Credit

  • $5,891 with three or more qualifying children
  • $5,236 with two or more qualifying children
  • $3,169 with one qualifying child
  • $475 with no qualifying children

Investment income must be $3,200 or less for the year.

If you think you qualify for the EITC but aren’t sure, call our office.

Tax

Tax Due Dates for October 2012

Note: September due dates were extended to January 2013 for areas impacted by Hurricane Isaac. See article “Tax Relief for Those Affected By Natural Disasters” in this newsletter.

October 10 Employees who work for tips – If you received $20 or more in tips during September, report them to your employer. You can use Form 4070.
October 15 Individuals – If you have an automatic 6-month extension to file your income tax return for 2011, file Form 1040, 1040A, or 1040EZ and pay any tax, interest, and penalties due.

Electing Large Partnerships – File a 2011 calendar-year return (Form 1065-B). This due date applies only if you were given an additional 6-month extension. See March 15 for the due date for furnishing the Schedules K-1 to the partners.

Employers (nonpayroll withholding) – If the monthly deposit rule applies, deposit the tax for payments in September.

Employers (Social Security, Medicare, and withheld income tax) – If the monthly deposit rule applies, deposit the tax for payments in September.
October 31 Employers – Social Security, Medicare, and withheld income tax. File form 941 for the third quarter of 2012. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until November 13 to file the return.

Certain Small Employers – Deposit any undeposited tax if your tax liability is $2,500 or more for 2012 but less than $2,500 for the third quarter.

Employers – Federal Unemployment Tax. Deposit the tax owed through September if more than $500.

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Copyright All rights Reserved. Financial Dream Team, like all providers of personal financial services is required by law to inform their clients of their policies regarding privacy of client information. The information in this material is not intended as tax or legal advice. Financial Dream Team, USA, LLC is a registered business in Califronia. Provided content is for informational purposes only.

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