tax deadline - Linkenheimer LLP CPAs & Advisors

The 2018 Gift Tax Return Deadline is Almost Here

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required.

Filing requirements

Generally, you must file a gift tax return for 2018 if, during the tax year, you made gifts:

That exceeded the $15,000-per-recipient gift tax annual exclusion (other than to your U.S. citizen spouse),
That you wish to split with your spouse to take advantage of your combined $30,000 annual exclusion,
That exceeded the $152,000 annual exclusion for gifts to a non-citizen spouse,
To a Section 529 college savings plan and wish to accelerate up to five years’ worth of annual exclusions ($75,000) into 2018,
Of future interests — such as remainder interests in a trust — regardless of the amount, or
Of jointly held or community property.

Keep in mind that you’ll owe gift tax only to the extent an exclusion doesn’t apply and you’ve used up your lifetime gift and estate tax exemption ($11.18 million for 2018). As you can see, some transfers require a return even if you don’t owe tax.

No return required

No […]

By Linkenheimer LLP|2020-09-03T20:04:13+00:00March 12th, 2019|gift tax, tax deadlines|0 Comments

2018 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

October 15

If a calendar-year C corporation that filed an automatic six-month extension:
- File a 2017 income tax return (Form 1120) and pay any tax, interest and penalties due.
- Make contributions for 2017 to certain employer-sponsored retirement plans.

October 31

Report income tax withholding and FICA taxes for third quarter 2018 (Form 941) and pay any tax due. (See exception below under “November 13.”)

November 13

Report income tax withholding and FICA taxes for third quarter 2018 (Form 941), if you deposited on time and in full all of the associated taxes due.

December 17

If a calendar-year C corporation, pay the fourth installment of 2018 estimated income taxes.

If you have questions or need help preparing for one of the upcoming tax deadlines, please reach out to your Linkenheimer CPA.

By Linkenheimer LLP|2018-09-13T16:22:46+00:00September 13th, 2018|filing deadline, tax deadlines|0 Comments

2018 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

July 31

Report income tax withholding and FICA taxes for second quarter 2018 (Form 941), and pay any tax due. (See the exception below, under “August 10.”)
File a 2017 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension.

August 10

Report income tax withholding and FICA taxes for second quarter 2018 (Form 941), if you deposited on time and in full all of the associated taxes due.

September 17

If a calendar-year C corporation, pay the third installment of 2018 estimated income taxes.
If a calendar-year S corporation or partnership that filed an automatic six-month extension:
- File a 2017 income tax return (Form 1120S, Form 1065 or Form 1065-B) and pay any tax, interest and penalties due.
- Make contributions for 2017 to certain employer-sponsored retirement plans.

If you have any questions, please contact your Linkenheimer CPA.

By Linkenheimer LLP|2018-06-22T14:45:26+00:00June 22nd, 2018|tax, tax deadlines|0 Comments

Tax And Disaster Info For Those Affected By The Fires

Linkenheimer has been an active part of our Sonoma County community for over 85 years. And like most of you, we have all been profoundly affected by these horrific fires that have swept through our community and continue to affect those that live here. We have lost houses and entire neighborhoods, friends and families have been displaced and like many of you, we are still reeling from the ongoing damage the fires have created. We want to express our utmost condolences to all of our friends, families and clients who have lost something in this disaster. And we want you to know, we will be working side by side with you all during this difficult time to rebuild our community. With power, utilities and cell phone coverage being scarce, we want to try and provide as much information as we can in one post, so that it can be shared effectively with those desperately in need of information and reassurance.

As some of you know, the October 15th tax deadline is near. We have spoken with the IRS regarding extension relief for our clients. Due to our office being located […]

By Linkenheimer LLP|2020-09-03T20:04:53+00:00October 11th, 2017|Community, disaster, Fire Relief Info, irs, relief|0 Comments

Tax Deadline is Around the Corner, So Here’s Some Humor to Help You Through It…

So April 15th is just a few days away, and yes, we know the real deadline is the 18th, but we’re telling our clients it’s the 15th (we don’t want to get shoeboxes of receipts next Monday afternoon). To help ease the stress that sometimes is associated with this time of the year, it seems some humor might be appropriate. We hope you enjoy and remember, no dropping off boxes of receipts on the 18th; boxes of chocolate on the other hand… they will be accepted.

“Two things you need to know about taxes. They’ve extended the deadline to April 18, and when you write your check, just make it out to China.” –David Letterman

“Tax day is the day that ordinary Americans send their money to Washington, D.C., and wealthy Americans send their money to the Cayman Islands.” –Jimmy Kimmel

“Because of a holiday, the deadline for taxes is April 18, so you have three extra days to dig through restaurant dumpsters for receipts.” –Jimmy Kimmel

“Worried about an IRS audit? Avoid what’s called a red flag. That’s something the IRS always looks for. For example, say you have some money left in your bank account after […]

By Linkenheimer LLP|2020-09-03T20:05:13+00:00April 14th, 2016|accounting, Linkenheimer, tax, tax time|0 Comments