The following are some upcoming tax deadlines and reminders for the December of 2010. (This list may not include all applicable tax deadlines for your situation, and does not constitute tax advice; please, consult Sherayzen Law Office for more information and assistance with your tax planning needs.)
Selected General Deadline Reminders for Individuals: December 31, 2010
Traditional IRA to Roth IRA Conversion. Last date for taxpayers to convert a traditional IRA to a Roth IRA for the tax year 2010 (provided a taxpayer meets the other applicable criteria).
Keogh plan deadline. Keogh plans must be established by the last date of the year (December 31, for calendar year basis taxpayers) in order for contributions to be deductible for the tax year 2010.
Capital Gains and Losses. Capital gains and losses for individual taxpayers are determined by the last trading date of the tax year. This is the case even though the settlement date (the date the shares-sold are actually exchanged and cash is received by the broker) may be several days later. Thus, even though the settlement date may occur in early 2011 for shares sold on the last trading date of 2010, the capital gains and/or losses will be established in 2010.
Short Sale Gains (But not Losses). Gains on shares sold short are also determined by trading date because of an IRS ruling treating the transaction as a constructive sale. Thus, shares sold short for gain on the last trading date of 2010 will be treated as capital gains for the tax year 2010, even though actual delivery of the shares may occur in 2011. Note, however, that for losses on shares sold short, the losses are not deductible until the shares are actually delivered to a broker. Taxpayers should plan accordingly if a loss is anticipated.
Marital Status. Taxpayers should note in general that marital status as of the last date of the year will determine the status for the entire tax year 2010.
General Tax Calendar Deadlines and Information (From IRS Publication 509)
December 10: Employees who work for tips. If you received $20 or more in tips during November, report them to your employer. You can use Form 4070.
December 15: Corporations. Deposit the fourth installment of estimated income tax for 2010. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
Selected Tax Deadlines for Employers Based on Monthly Deposit Rule
Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in November by December 15, 2010.
Non-payroll withholding. If the monthly deposit rule applies, deposit the tax for payments in November by December 15, 2010.
Employer’s Tax Deadlines: Payroll Due Dates for Deposit of Taxes for 2010 Under the Semiweekly Rule
|Nov 24-26:||Dec 1|
|Nov 27-30:||Dec 3|
|Dec 1-3:||Dec 8|
|Dec 4-7:||Dec 10|
|Dec 8-10:||Dec 15|
|Dec 11-14:||Dec 17|
|Dec 15-17:||Dec 22|
|Dec 18-21:||Dec 27|
|Dec 22-24:||Dec 29|
|Dec 25-28:||Jan 3|
|Dec 29-31:||Jan 5|
Excise Tax Deadlines
December 10: Communications and air transportation taxes under the alternative method. Deposit the tax included in amounts billed or tickets sold during the first 15 days of November.
December 14: Regular method taxes. Deposit the tax for the last 15 days of November.
December 28: Communications and air transportation taxes under the alternative method. Deposit the tax included in amounts billed or tickets sold during the last 15 days of November.
December 29: Regular method taxes. Deposit the tax for the first 15 days of December.
Have more questions about tax deadlines, or need help in planning for your year-end tax decisions? Call Sherayzen Law Office to discuss your tax situation with an experienced tax lawyer!