ECL Consulting, LLC is
dedicated to informing
and educating our
clients about business, accounting, QuickBooks and tax issues.
Our biweekly e-newsletter
provides timely articles to help you manage
your business and
finances and achieve your financial goals.
Please come back and visit often.
Employers - Nonpayroll withholding. If the monthly
deposit rule applies, deposit the tax for payments in February.
Employers - Social security, Medicare, and withheld
income tax. If the monthly deposit rule applies, deposit the tax for payments in
February.
Corporations - File a 2009 calendar year income tax
return (Form 1120 or 1120-A) and pay any tax due. If you want an automatic
6-month extension of time to file the return, file Form 7004 and deposit what
you estimate you owe.
S Corporations - File a 2009 calendar year income tax
return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of
Schedule K-1 (Form 1120S), Shareholder's Share of Income, Credits,
Deductions, etc., or a substitute Schedule K-1. If you want an automatic
6-month extension of time to file the return, file Form 7004 and deposit what
you estimate you owe.
Electing large partnerships - Provide each partner with
a copy of Schedule K-1 (Form 1065-B), Partner's Share of Income (Loss) From
an Electing Large Partnership. This due date is effective for the first
March 15 following the close of the partnership's tax year. The due date of
March 15 applies even if the partnership requests an extension of time to file
the Form 1065-B by filing Form 8736 or Form 8800.
S corporation election - File Form 2553, Election by
a Small Business Corporation, to choose to be treated as an S corporation
beginning with calendar year 2010. If Form 2553 is filed late, S treatment will
begin with calendar year 2010.
March 31
Electronic filing of Forms 1098, 1099, and W-2G. File Forms 1098, 1099, or W-2G with the IRS. This due date applies only if you file
electronically (not by magnetic media). Otherwise, see March 1. The due
date for giving the recipient these forms will still be February 1.
For information about filing Forms 1098, 1099, or W-2G
electronically, see Publication 1220, Specifications for Filing Forms 1098,
1099, 5498 and W-2G Magnetically or Electronically.
Getting
Organized
As
a
small business owner you wear many hats. With all the rewards and
responsibilities
of ownership, it's no wonder that paperwork often
falls to the
bottom of your list, along with organizing
your office,
work flow and schedule.
If
you want to eliminate
misplaced paper files, know exactly where you put
that document on
your computer, have a clutter-free path to your desk,
and remember
important deadlines and appointments every time, contact
us to
put ECL's Organizing
Solutions
to work for you!
Better yet - call
us BEFORE
you get stuck to free up your
time & start saving money!
QuickBooks
Specials
A+
Consulting, LLC is offering the following promotions:
25% off
QuickBooks Enterprise Solutions 10.0
Up to 40% off
QuickBooks Point of Sale 9.0 software and hardware
If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be eligible for a tax credit. See our article below for six things you need to know about the Retirement Savings Contribution Credit.
ECL Consulting, LLC's Accounting Professionals
can help you get the most benefit out of each deduction.
Curious about where your federal tax refund
is? See Ask An Expert below for information in locating your refund.
Six Facts on How to Get Credit for Retirement
Savings Contributions
If you make
eligible contributions to an employer-sponsored retirement plan or to an
individual retirement arrangement, you may be eligible for a tax credit.
Here are six things you need to know about the Retirement Savings Contributions
Credit:
1. Income Limits The
Savers Credit, formally known as the Retirement Savings Contributions Credit,
applies to individuals with a filing status and income of:
Single,
married filing separately, or qualifying widow(er), with income up
to $27,750
Head
of Household, with income up to $41,625
Married
Filing Jointly, with income up to $55,500
2. Eligibility requirements.
To be eligible for the credit you must have been born before January 2, 1992,
you cannot have been a full-time student during the calendar year and cannot be
claimed as a dependent on another person’s return.
3. Credit amount. If you
make eligible contributions to a qualified IRA, 401(k) and certain other
retirement plans, you may be able to take a credit of up to $1,000 or up to
$2,000 if filing jointly. The credit is a percentage of the qualifying
contribution amount, with the highest rate for taxpayers with the least income.
4. Distributions. When
figuring this credit, you generally must subtract the amount of distributions
you have received from your retirement plans from the contributions you have
made. This rule applies to distributions received in the two years before the
year the credit is claimed, the year the credit is claimed, and the period
after the end of the credit year but before the due date - including extensions
- for filing the return for the credit year.
5. Other tax benefits. The
Retirement Savings Contributions Credit is in addition to other tax benefits
which may result from the retirement contributions. For example, most workers
at these income levels may deduct all or part of their contributions to a
traditional IRA. Contributions to a regular 401(k) plan are not subject to income
tax until withdrawn from the plan.
6. Forms to use. To claim
the credit use Form 8880, Credit for Qualified Retirement Savings
Contributions.
For more
information, review IRS Publication 590, Individual Retirement Arrangements
(IRAs), Publication 4703, Retirement Savings Contributions Credit, and Form
8880. Publications and forms can be downloaded at IRS.gov or ordered by calling
800-TAX-FORM (800-829-3676).
Links:
Form
8880, Credit for Qualified Retirement Savings Contributions (PDF 46K)
Form
1040, U.S. Individual Income Tax Return (PDF 176K)
Form
1040A, U.S. Individual Income Tax Return (PDF 136K)
Q: How can I check the status of my federal tax refund?
A: Here are
seven things you should know about checking the status of your refund once you
have filed your federal tax return.
1. Online Access to Refund Information.
Where’s My Refund? or ¿Dónde está mi reembolso? are interactive tools on
IRS.gov and are the fastest, easiest way to get information about your federal
income tax refund. Whether you split your refund among several accounts, opted
for direct deposit into one account, used part of your refund to buy U.S.
savings bonds or asked the IRS to mail you a check, Where’s My Refund? and
¿Dónde está mi reembolso? give you online access to your refund information
nearly 24 hours a day, 7 days a week. It’s quick, easy and secure.
2. When to Check Refund Status.
If you e-file, you can get refund information 72 hours after the IRS
acknowledges receipt of your return. If you file a paper return, refund
information will generally be available three to four weeks after mailing your
return.
3. What You Need to Check Refund Status.
When checking the status of your refund, have your federal tax return handy. To
get your personalized refund information you must enter:
Your
Social Security Number or Individual Taxpayer Identification Number
Your
filing status which will be Single, Married Filing Joint Return, Married
Filing Separate Return, Head of Household, or Qualifying Widow(er)
Exact
whole dollar refund amount shown on your tax return
4. What the Online Tool Will Tell You.
Once you enter your personal information, you could get several responses,
including:
Acknowledgement
that your return was received and is in processing.
The
mailing date or direct deposit date of your refund.
Notice
that the IRS could not deliver your refund due to an incorrect address. In
this instance, you may be able to change or correct your address online
using Where’s My Refund?.
5. Customized Information.
Where’s My Refund? also includes links to customized information based on your
specific situation. The links guide you through the steps to resolve any issues
affecting your refund. For example, if you do not get the refund within
28 days from the original IRS mailing date shown on Where’s My Refund?, you may
be able to start a refund trace.
6. Visually Impaired Taxpayers.
Where’s My Refund? is also accessible to visually impaired taxpayers who use
the Job Access with Speech screen reader used with a Braille display and is
compatible with different JAWS modes.
7. Toll-free Number. If
you do not have internet access, you can check the status of your refund in
English or Spanish by calling the IRS Refund Hotline at 800-829-1954 or the IRS
TeleTax System at 800-829-4477. When calling, you must provide your or your
spouse’s Social Security number, filing status and the exact whole dollar
refund amount shown on your return.
Refund checks
are normally sent out weekly on Fridays. If you check the status of your refund
and are not given the date it will be issued, please wait until the next week
before checking back.
Ever have tax, QuickBooks
or accounting question, but didn't know who to ask? Now you can Ask An Expert. Send us your
question and we'll answer it here.
New Arizona TPT Rates
Arizona has new Transaction Privilege rates effective February 1, 2010. See table.
Have
you enjoyed this newsletter?
Have any suggestions for things you'd like to see covered? Have a question for our resident
Accounting Expert? Let us know
by emailing askexpert@eclconsulting.com.
Each issue will cover
different topics and have different features, so watch for our next
e-newsletter.
Remember,
we provide accounting and cash flow solutions for successful companies
-- yours!
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about this email or our new website? Please
Contact Us with your questions or comments and we'll be happy to extend a
free 1 hour consultation to all new clients!
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anyone
who could use ECL's services? When you refer someone who becomes
a
client we will give you either $25 off our services or a gift card to
one
of many great local businesses. *Please see Referral Rewards
on our website for more information.
ECL Consulting, LLC
PO Box 57669
Tuson, AZ 85732 Phone: 1-520-843-2092Ext 1
Fax: 1-520-843-2092 info@eclconsulting.com
