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.

Being prepared for the small business tax that you will have in 2011 should be a top priority.

small business tax (Photo courtesy of Jason Dirks)

Staying ahead of the curve helps as well. So here are your 3rd quarter tax strategies to know.

July:

Friday, Jul. 15th – June 2011 payroll tax deposit is due as long as you’re not on a semiweekly deposit schedule.

August:

  • Monday, Aug. 1st – Employers should file Form 941 (payroll tax) for the 2nd quarter of 2011 and deposit any unpaid taxes.
  • Unemployment taxes should be deposited if you owe more than $500 in FUTA for the year.
  • If you maintain an employee pension, profit-sharing or stock bonus plan, file Form 5500 or 5500-EZ for calendar-year 2010. Using a fiscal year as your plan year means that you should file this form by the last day of the 7th month after the plan year ends.
  • Monday, Aug. 15th – Employers should remember that the July 2011 payroll tax deposit is due if you’re not on a semiweekly deposit schedule.

September:

  • Thursday, Sept. 15th – Corporations should (if you received a 6-month extension from March 15th) send in your 2010 calendar-year income tax return (Form 1120 or 1120-A) and pay any taxes due as well as pay the 3rd installment of your 2011 estimated tax income tax.
  • S Corporations – Should also file your 2010 calendar-year income tax return (Form 1120 or 1120-S).
  • Partnerships and LLC’s treated as partnerships should File your 2010 calendar-year return if you received a 5-month extension from April 18 and provide each partner with a copy of Schedule K-l (Form 1065).
  • Employers August 2011 payroll tax deposit is due if you’re not on a semiweekly deposit schedule.

That’s it for the 3rd quarter of 2011, come back for quarter 4 tips on October 1st, 2011.

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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