Preparation Tips

Small Business Checklist

Send us an email requesting our small business tax preparation checklist document by clicking here today.

Important tax filing dates are:

· January 15th – Quarterly filing.

· April 15th – Quarterly filing and Annual filing if on fiscal calendar year accounting.

· July 15th – Quarterly filing.

· October 15th – Quarterly filing.

Here are some helpful links to small businesses in the tax preparation task.  Right click on these links to open a new window to learn more.

· Tax Fraud Alerts

· Social Security Income

· Where is my Refund?

Individual Checklist

Send us an email requesting our individual tax preparation checklist document by clicking here today.

Here are some helpful links to individuals in the tax preparation task.  Right click on these links to open a new window to learn more.

· Tax Fraud Alerts

· Earned Income Credit

· Itemized Deductions

· Interest & Dividends

· Pensions and Annuities

· Social Security Income

· Child Care Credit

· Where is my Refund?

Individual – Unusual schedule D Capital Gain

If during the tax year you experience an unusual Schedule D capital gain due to the sale of an asset without an off setting schedule D capital loss, you are subject to a quarter tax filing for unpaid taxes.  Filing this specific quarterly tax filing will prevent you from being subject to interest and penalties for not submitting a quarterly filing on your annual tax year filing (April 15th).   The quarterly filing dates are listed above under the heading “Important Tax Filing Dates”.   Contact us to learn what the IRS considers “unusual schedule D capital gain” so you don’t need to pay more tax than you need to.

Individual – Filers who trade stocks, bonds, options, forex, and futures

Contact us early in the next/current tax year so that we can best determine the method of filing that most meets your circumstances.

Tax filers who wish to be file under the “Trader” status must notify the IRS by filing form xxx by April 15th for the current tax year.  Doing so requires the filer to be an active trader, exempts the filer of the 30 day wash sale rule when trading stocks, allows for deductions related to trading, and requires mark to market accounting.

Filers who trade forex have several options to consider (no pun intended).  This filer may either file forex gains/losses as income on form 1040, or file gains/losses using form 4797 (subject to filing for trader status by April 15th of current tax year), or file gains/losses using form 6781 (requires capital gains election).  Filing forex gains/losses under form 6781 allows the filer to declare 40% of the gain/loss as a  short-term gain or loss and 60% of the gain/loss as a  long-term gain or loss.