Posts

Important Tax Dates for 2019

Important Tax Dates for 2019 now on McKay Tax blog

IRS official tax dates you need to stay on top of your taxes.

2019 Federal Legal Holidays

  • January 1 – New Year’s Day
  • January 21 – Martin Luther King Jr.’s Birthday
  • February 18 – Washington’s Birthday
  • April 16 – District of Columbia Emancipation Day
  • May 27 – Memorial Day
  • July 4 – Independence Day
  • September 2 – Labor Day
  • October 14 – Columbus Day
  • November 11 – Veterans’ Day
  • November 28 – Thanksgiving Day
  • December 25 – Christmas Day

2019 E-File Dates

  • January 28 – First day to e-file and first IRS acknowledgements of e-filed returns
  • April 15 – Last day to e-file timely returns and extension requests
  • April 21 – Last day to retransmit rejected timely filed returns and extensions
  • June 17 – Last day to e-file timely extension request for overseas taxpayers
  • October 15 – Last day to e-file returns that received 6-month extension
  • October 22 – Last day to retransmit rejected late or extension returns

Important 2019 Tax Dates

  • January 10 – Report tips of $20 or more to employer
  • January 15 – Make last 2018 estimated tax payment
  • February 11 – Report tips of $20 or more to employer
  • March 11 – Report tips of $20 or more to employer
  • April 10 – Report tips of $20 or more to employer
  • April 15 – Due date to file calendar year 2018 tax returns or request an automatic 6-month extension of time to file. Pay any tax that is due, even if you file a 6-month extension of time to file.
  • April 15 – First 2019 estimated tax payment due
  • May 10 – Report tips of $20 or more to employer
  • June 10 – Report tips of $20 or more to employer
  • June 17 – Second 2018 estimated tax payment due
  • July 10 – Report tips of $20 or more to employer
  • August 102– Report tips of $20 or more to employer
  • September 10 – Report tips of $20 or more to employer
  • September 16 – Third 2018 estimated tax payment due
  • October 10 – Report tips of $20 or more to employer
  • October 15 – Final due date to file calendar year 2017 tax returns for taxpayers who received a 6-month extension
  • November 12 – Report tips of $20 or more to employer
  • December 10 – Report tips of $20 or more to employer

Your 2018 Business Tax Forms

2018 Business Forms Announcement from McKay Tax & Accounting

Hi Business Clients!

I’ve pieced together all of the forms and calculators you should need to be ready for filing your 2018 business taxes.

The attached Corporate and LLC guidelines and other various forms are to help keep your corporation valid with the state and the federal government in addition to tax planning.   If you do not have a corporate book (Corporation) we can tell you where to obtain one.

Continue reading →


2018 Tax Changes Announcement

2018 Annual Tax Year Update from McKay Tax & Accounting

It’s that time of year again!  Tax season.

We talked a little bit about this in last year’s newsletter.  But here is a reminder —

The Tax Cuts and Jobs Act of 2017 brought on the biggest changes in tax law history.  Overall, new deductions have been added and some old, common deductions have been completely repealed.

Below, I will highlight some of the big changes for the 2018 tax year — both for Individuals and for Businesses. Please give me a call if you have questions.

Continue reading →




Posted on

Should I Establish a Sole Proprietorship, LLC, LLC Acting as a S-Corp, or an S-Corp?

choosing the right business type

When you establish a business, one of the first things you need to do is decide on the business structure. The most common types are sole proprietorship, LLC, LLC acting as an S-Corp, and S-Corp. Your decision will impact many things, including your capability to raise money, your control over business operations, and the amount you pay in taxes. Understanding the differences to compare the advantages and disadvantages of each option is the best way to ensure you make the right choice.

Continue reading →


Posted on

Should I Take the Standard or Itemized Deductions?

take advantage of tax deductions

No matter whether you choose to take standard or itemized deductions, you will pay federal tax on a smaller amount of your income. However, one will likely lead to a greater deduction than the other, depending on your situation.

Most taxpayers choose to take the standard deduction. As it is based on a fixed amount, it is a much faster process. For itemized deductions, in contrast, you need to list each eligible expense. If you have few or no expenses that qualify you for itemized deductions, the standard deduction will be the better option for you.

Continue reading →


Posted on

How Do I Sign Up For Medical Insurance If I Own A Business?

medical insurance for business owners

Many business owners are nervous about the prospect of trying to find affordable medical insurance — for good reason.

In 2018, medical care premiums for businesses jumped 6.5% — which means that many employers are struggling to reduce their costs by picking more affordable plans or reducing the rate of utilization. In order to minimize your expenses and get the coverage that you need, however, you need to understand both how the medical care system works and your options.

Here are the answers to some of the most important questions you may have:

Continue reading →


Posted on

What Are the Benefits of Having an Accountant Versus Filing Myself with Software Like Turbotax?

benefits of having an accountant over Turbo Tax

Filing taxes on your own is by no means a simple task — you should expect the process to take you at least a few days. First, you need to find all your records, then input the information into software, and, finally, you must double check everything to confirm there are no mistakes. Even after all this time and effort, you may be missing out on deductions that are not offered through software, such as less-common deductions applicable in your situation.

If you are still unsure that it would be worthwhile for you to use an accountant, consider all the benefits going through a tax preparer brings you:

Continue reading →


Posted on

What Can I Do To Reduce Taxes I Owe?

how to reduced owed taxes

Tax obligations are just part of owning a business. While you can’t escape them entirely, there are steps you can take that will reduce your overall tax burden.

The best time to start considering how to minimize your taxes is early in the year. Records you start keeping now can ultimately benefit you in the end. Here are some of the most important deductions that business owners should remember:

Continue reading →