As the April 15th tax deadline approaches, here are a few reminders.
TAX RETURNS vs. TAX PAYMENTS – What is due?
Your tax payment is due by April 15th. Your tax return does not have to be filed by 4/15 as long as we have filed an extension. If we have prepared your taxes in the past, and your taxes are not complete – rest assured, we have filed an extension for you, you do not need to do anything, or sign anything.
** IF YOU OWE TAXES — Your TAX PAYMENT is due by April 15th **
If you would like to make a tax payment for April 15th, Please contact us ASAP. We will be happy to help you with this. If you had a tax review completed by us for 2013, please refer to the notes from that meeting for our instructions on what you will need to do by 4/15.
If you have questions, please email: darrellynn@biz-by-design. He can get your questions to your accountant in charge.
HEALTH SAVINGS ACCOUNTS (HSA) for 2013
Your 2013 HSA contribution needs to be funded by 4/15/14. The max contribution for a family plan is $6,450. The max contribution for an individual plan is $3,250. If you are 55+, you can add an additional $1,000 to your contribution. This contribution can not be extended with a personal tax extension.
NOTE: You would need to have had the plan opened up in 2013 to make a contribution for 2013.
IRA’s and ROTH IRA’s for 2013 – Personal Contributions
IRA Contributions for 2013- The max IRA contribution is $5,500. If you are 50 and older, you can an additonal $1,000. The IRA must be opened and funded by 4/15/14. This contribution can not be extended with a personal tax extension.
ROTH IRA Contributions for 2013: The max ROTH IRA contribution is $5,500. If you are 50 and older, you can an additonal $1,000. The IRA must be opened and funded by 4/15/14. This contribution can not be extended with a personal tax extension.
NOTE: The due date of 4/15 DOES NOT apply to SEP’s and 401K contributions. Those contributions can be extened with the due date of the Personal or Corporation tax return.