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Upcoming Tax Deadlines & What to Discuss with Your CPA

by Tricia Whitlock

The Tax Autopilot from Acuity Complete just sent out a guide to navigating tax deadlines and your next conversation with your CPA. Check out their advice below. 


Tax Deadline Reminders in the Next 45 Days:
9/15/14 – Form 1040 ES, Estimated Tax For Individuals. This is your 3rd quarter payment for estimated taxes on income that is not subject to withholdings. This form typically applies to sole proprietors, self-employed individuals, partnerships, and S Corps.
9/15/14 – Form 1120 W, Estimated Tax for Corporations. This is your 3rd quarter payment if you estimate your corporate taxes to be greater than $500. This form typically applies to C Corps.
9/15/14 – Form 1065, US Return of Partnership Income. This is for all partnerships or for LLCs that have elected to be taxed as a partnership AND you filed your 5 month extension on time.
9/15/14 – Form 1120 and Form 1120S, US Corporate Income Tax Return. This is for C Corporations, S Corporations, or for LLCs that have elected to be taxed as a corporation AND you filed for your 6 month extension on time.


Cut & Paste These Questions Into an Email To Your CPA :

  • Are we eligible for Angel Tax Credits?
  • Have you reviewed our 1st half of 2014 results and can you tell me what kind of tax bill we’re facing?

The Tax Autopilot chose the above questions to ensure that your CPA is staying current on tax issues relevant to your business and is keeping you, a super tax savvy entrepreneur, top of mind! Want to really geek out and learn more about the issues above? Here you go…..

  • Angel Tax Credits: Last month when we mentioned R&D tax credits, an angel investor we worked with brought up the Angel Tax Credit. The angel tax credit is at the state level and more than half of the states offer this credit. Obviously, this is only available if you’ve taken a round of angel funding in your company and the credit goes to the investor….not the company. But if you have investors, you know it always helps to make them happy! Here’s an article that explores whether the credit is an effective means of stimulating startup investment: Should Angel Investors Get Tax Credits? Feel free to share your thoughts, but if you’ve taken an angel investment and your state allows a credit, it’s a no-brainer to at least file for the credit on behalf of your investors.
  • Review of 1st Half: Ok, it may be slightly unfair to ask your CPA to play “tax fortune teller” for the full year, but with 7 months of results in the books they should have enough data to give you a general sense of whether you’re in an over or under-paid position. What you’re really doing here is setting expectations with your CPA that APRIL 15TH SHOULD NOT BE A SURPRISE! So get them thinking about you and narrowing down that projection as the year rolls on.


[Photo Credit: http://www.herefor.info/wp-content/uploads/2014/01/taxes.jpg]

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