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.
Individuals - File an income tax return for
2009 (Form
1040, 1040A, or 1040EZ) and pay
any tax due. If you want an
automatic 6-month
extension of time to file the return, file Form 4868,
Application for Automatic
Extension of Time To File U.S. Individual
Income Tax Return, or you can get an
extension by phone if you pay
part or all of your estimate of income tax due
with a credit card.
Then file Form 1040, 1040A, or 1040EZ by October 15.
Individuals - If you are not paying your
2010 income tax
through withholding (or will not pay in enough tax
during the year that way),
pay the first installment of your 2010
estimated tax. Use Form 1040-ES.
Electing
Large Partnerships - File a
2009 calendar year
return (Form 1065-B). If you want an automatic 6-month
extension of time to file
the return, file Form 7004. Then file Form 1065-B by October 15. See March 15
for the due date
for furnishing the Schedules K-1 to the partners.
Corporations - Deposit the first installment
of
estimated income tax for 2010.
A worksheet, Form 1120-W, is
available to help
you estimate your tax for the year.
Employers - Nonpayroll withholding. If the
monthly
deposit rule applies, deposit the tax for payments in March.
Employers - Social security, Medicare, and
withheld
income tax. If the
monthly deposit rule applies, deposit the tax for payments in
March.
April
30
Employers - Social Security, Medicare, and
withheld
income tax. File form 941 for the first quarter of
2010. 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 May 10 to file the return.
Employers - Federal Unemployment Tax. Deposit the tax
owed through
March if more than $500.
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
2 more days until April 15! Are you expecting a refund? Read our list of ten
things the IRS wants you to know about
refunds.
Still haven't filed your return?
See Ask An Expert for tips for last minute filers.
ECL Consulting,
LLC provides accurate, timely, customized and accessible
financial record keeping
solutions that
give you with the tools
to make informed and profitable management
decisions.
Ten Things You Need to Know About Tax Refunds
Are you expecting a refund
from the IRS this year? Here are the top 10 things you should know about your
refund.
1.Refund Options. You have three options for receiving your individual federal income
tax refund: a paper check, direct deposit or U.S. Savings Bonds. You can
now use your refund to buy up to $5,000 in U.S. Series I savings bonds in
multiples of $50.
2.Separate Accounts. You may use Form 8888, Direct Deposit of Refund to More Than
One Account, to request that your refund be allocated by direct deposit among
up to three separate accounts, such as checking or savings or retirement
accounts. You may also use this form to buy U.S Savings Bonds.
3.Paper Return Processing Time. If you file a
complete and accurate paper tax return, your refund will usually be issued
within six weeks from the date it is received.
4.Returns Filed Electronically. If you filed
electronically, your refund will normally be issued within three weeks after
the acknowledgment date.
5.Check the Status Online. The fastest and easiest way to find
out about your current year refund is to go to IRS.gov and click
the “Where’s My Refund?”
link at the IRS.gov home page. To check the status online you will need your
Social Security number, filing status and the exact whole dollar amount of your
refund shown on your return.
6.Check the Status By Phone. You can check the status of your
refund by calling the IRS Refund Hotline at 800–829–1954. When you call,
you will need to provide your Social Security number, your filing status and
the exact whole dollar amount of the refund shown on your return.
7.Delayed Refund. There are several reasons for delayed
refunds. For things that may delay the processing of your return, refer
to Tax Topic 303 at IRS.gov, which includes a
Checklist of Common Errors When Preparing Your Tax Return.
8.Larger than Expected Refund. If you receive a
refund to which you are not entitled, or one for an amount that is more than
you expected, do not cash the check until you receive a notice explaining the
difference. Follow the instructions on the notice.
9.Smaller than Expected Refund. If you receive a
refund for a smaller amount than you expected, you may cash the check. If
it is determined that you should have received more, you will later receive a
check for the difference. If you did not receive a notice and you have
questions about the amount of your refund, wait two weeks after receiving the
refund, then call 800–829–1040.
10.Missing Refund. The IRS will assist you in obtaining
a replacement check for a refund check that is verified as lost or
stolen. If the IRS was unable to deliver your refund because you moved,
you can change your address online. Once your address has been changed,
the IRS can reissue the undelivered check.
For more
information, visit IRS.gov or call 800-829-1040.
A: With the
tax filing deadline close at hand, here are the top 10 tips the IRS wants you to
know if you are still working on your federal tax
return.
1. E-file your return. Don’t miss out on the benefits
of e-file. Your tax return will get processed quickly if you use e-file. If
there is an error on your return, it will typically be identified and can be
corrected right away. E-file is available 24 hours a day, seven days a week,
from the convenience of your own home. If you file electronically and choose to
have your tax refund deposited directly into your bank account, you will have
your money in as few as 10 days. Two out of three taxpayers, 95 million,
already get the benefits of e-file.
2.Review tax ID
numbers.
Remember to carefully check all identification numbers on your return.
Incorrect or illegible Social Security Numbers can delay or reduce a tax refund.
3. Double-check your
figures.
Whether you are filing electronically or by paper, review all the amounts you
transferred over from your Forms W-2 or 1099.
4. Review your
math.
Taxpayers filing paper returns should also double-check that they have correctly
figured the refund or balance due and have used the right figure from the tax
table.
5. Sign and date your
return. Both
spouses must sign a joint return, even if only one had income. Anyone paid to
prepare a return must also sign it.
6. Choose Direct
Deposit. To
receive your refund quicker, select Direct Deposit and the IRS will deposit your
refund directly into your bank account.
7. How to make a
payment.
People sending a payment should make the check out to "United States Treasury"
and should enclose it with, but not attach it to, the tax return or the Form
1040-V, Payment Voucher, if used. Write your name, address, SSN, telephone
number, tax year and form number on the check or money order. If you file
electronically, you can file and pay in a single step by authorizing an
electronic funds withdrawal. Whether you file a paper return or file
electronically, you can pay by phone or online using a credit or debit card.
Visit IRS.gov for more information on payment options.
8. File an
extension.
Taxpayers who will not be able to file a return by the April 15 deadline should
request an extension of time to file. Remember, the extension of time to file
is not an extension of time to pay.
9. Visit the IRS Web site anytime of
the day or night. IRS.gov has forms, publications
and helpful information on a variety of tax subjects.
10. Review your return…one more
time. Before
you seal the envelope or hit send, go over all the information on your return
again. Errors may delay the processing of your return, so it’s best for you to
make sure everything on your return is correct.
Links:
Form
9465, Installment Agreement Request (PDF 100K)
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.
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
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Contact
Us with your questions or comments and we'll be happy to extend a
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we will give you either $25 off our services or a gift card to
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ECL Consulting, LLC
PO Box 57669
Tuson, AZ 85732 Phone: 1-520-843-2092Ext 1
Fax: 1-520-843-2092 info@eclconsulting.com
