2015 Tax Reminders - February

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Monday, February 2


Personal.  File your 2014 income tax return (Form 1040) if you did not make a fourth-quarter estimated payment by January 15.


Businesses.  Give Form 1099 information statements to the recipients of certain payments you made for services during 2014. This can include independent contractor compensation, interest on seller financed mortgages, rent, professional services fees, real estate transactions, profit-sharing and pension plan distributions.  Also, submit statements to customers who paid you more than $10,000 in any single cash transaction during 2014.


Employers. File Form 941 (payroll tax) for the 4th quarter of 2014 and deposit any unpaid taxes. File Form 940 (federal unemployment tax) for 2014. File Form 945 to report income tax withheld for 2014 on all non-payroll items, such as pensions, annuities and IRAs.  File Form 944 for the 2014 tax year if your employment tax liability was $1,000 or less.

Tuesday, February 17


Personal.  File a new Form W-4 with your employer to change your withholding or continue the exemptions claimed in 2014.


Employers.  January 2015 payroll tax deposit is due if you’re not on a semiweekly deposit schedule.  Also, begin for 2015 withholding income tax from the pay of any employees who claimed exemptions in 2014 but did not give you a new Form W-4 to continue the exemptions this year.

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