BryLaw Discusses Upcoming Tax Due Dates

(Newswire.net — February 1, 2016) Chino Hills, CA — Brylaw, a legal and accountancy firm offering tax preparation and bookkeeping services to individuals and corporate clients, releases a list of all tax deadlines on its website. The list covers the tax deadlines for all taxpayers, including individuals, employers, employees, and even businesses. Besides the deadlines, some helpful advice on what to do, which forms to use, and other options are also included.

For instance, for the month of February, individuals who did not pay their last installment of estimated tax by January 15 should do it by February 1 to avoid any penalty for late payment of last installment. If this cannot be done by February 1, they are required to file and pay their tax by April 18. Furthermore, those who claimed exemption from income tax withholding last year on the Form W-4 must file a new Form W-4 by February 16 to continue their exemption for another year.

Businesses have to give annual information statements to recipients of 1099 payments made during 2015 by February 1. This should also be done for other payments made during 2015 by February 16. Additionally, businesses should file information returns for certain payments made in 2015 by February 29.

Employees who work for tips are required to report their tip earnings to their employer if they received $20 or more in tips in January by February 10. They may use Form 4070 for this.

Employers have to file Form 941 (for Social Security, Medicare, and withheld income tax) for the fourth quarter of 2015 by February 10. On the same day, employers have to file Form 940 for federal unemployment tax and Form 945 for non-payroll taxes. This deadline only applies if they deposited the tax for the year in full and on time.

Certain small employers and farm employers have to file Form 944 and Form 943 respectively to report Social Security and Medicare taxes and withheld income tax for 2015 by February 10. The deadline only applies if the tax for the year was deposited in full and on time.

Payers of gambling winnings have to file Form 1096, Annual Summary and Transmittal of U.S. Information Returns, along with Copy A of all the Forms W-2G they issued for 2015, by February 29.

The firm has a more detailed list on its website, starting with January and ending with December 15. It aims to help individuals file their taxes on time.

About:

Brylaw is a tax and bookkeeping firm licensed in CA. The firm offers legal and accountancy assistance, and helps its clients with their tax preparation and bookkeeping. Founded on three integral principles—professionalism, responsiveness, and efficiency, the firm commits itself to providing high quality services to its clients. Read more here: http://www.hg.org/attorney/brylaw-firm-inc/113790