Cash Flow Planning for Life - Helping you reach your personal & professional financial goals.

Cash Flow Planning for Life

Helping you reach your personal & professional financial goals.

Now that you are past the 1st quarter of 2011 and your small business tax strategies should be off to a great start…

Taxes (Photo Courtesy of Liz West)

…it’s time to consider your 2nd quarter tax strategies! Let’s take a look…

April:

  • Monday, Apr. 18th – Partnerships and LLCs that are treated as partnerships should file their 2010 calendar-year return (Form 1065).
  • Provide partners with a copy of Schedule K-1.
  • Corporations should be paying the 1st installment of their 2011 estimated income tax. Form 1120-W can help you estimate your tax for the year.
  • Employers remember that the March 2011 payroll tax deposit is due if you’re not on a semiweekly deposit schedule.

May:

  • Monday, May 2nd – Employers need to file Form 941 (payroll tax) for the 1st quarter of 2011 and deposit any unpaid taxes.
  • Unemployment taxes for the 1st quarter of 2011 should also be deposited if you own more that $500 in federal unemployment taxes for the year.
  • Monday, May 16th – Employers should realize that the April 2011 payroll tax deposit is due if you’re not on a semiweekly deposit schedule.

June:

  • Wednesday, Jun. 15th – Corporations should pay the 2nd installment of their 2011 income tax.
  • Employers should make your May 2011 payroll tax deposit as long as you’re not on a semiweekly deposit schedule.

That’s it for your 2nd quarter 2011 tax strategies! Come back on July 1st, 2011 for the 3rd quarter strategies.

If you have any questions about tax planning, small business tax planning or think I can help you in any other ways, contact me, or give me a call at (239) 384-9688. You may also download one of my helpful FREE eBooks.

– Mark

This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.
LEGAL NOTICE AND DISCLAIMER: The information within this blog is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements.

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