Featured Articles for May 2023

What To Do if You Missed the Tax Deadline

Haven’t filed a 2022 tax return yet? Don’t worry; it’s not too late. You can still file, and it may be easier than you think.

Changing Jobs? Don’t Forget About Your 401(K)

When changing jobs, one of the most important questions to ask yourself is what to do with the money in your 401(k) account. Making the wrong move could cost you thousands of dollars or more in taxes and lower returns.

What Are Estimated Tax Payments?

Estimated tax is the tax paid on income not subject to withholding, such as income from self-employment, interest and dividends, rent, prizes and awards, and gains from the sale of assets.

Saving for Education: Understanding 529 Plans

Section 529 plans are an excellent way to save for your child’s education and can be used for a child’s K-12 education as well as college or vocational school.

5 Tips for New and Confused QuickBooks Users

Check the Status of a Tax Refund Using This IRS Tool

IRS Tax Debt Could Affect Passport Renewal

Certain Taxpayers May Need to File an Amended Return

Small Business: Choosing a Payroll Service Provider

QuickBooks Tips

5 Tips for New and Confused QuickBooks Users

Tax Due Dates

May 1

Employers – Federal unemployment tax. Deposit the tax owed through April if more than $500.

Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2023. Deposit any undeposited tax. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until May 10 to file the return.

May 10

Employees who work for tips – If you received $20 or more in tips during April, report them to your employer. You can use Form 4070.

Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2023. This due date applies only if you deposited the tax for the quarter in full and on time.

May 15

Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in April.

Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in April.