December 2012 Due Dates

December 2012 Individual Due Dates

December - Time for Year-End Tax Planning

December is the month to take final actions that can affect your tax result for 2012. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2012 should call for a tax planning consultation appointment.

December 10 - Report Tips to Employer

If you are an employee who works for tips and received more than $20 in tips during November, you are required to report them to your employer on IRS Form 4070 no later than December 12. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.

December 31 - Last Day to Make Mandatory IRA Withdrawals

Last day to withdraw funds from a Traditional IRA Account and avoid a penalty if you turned age 70½ before 2012. If the institution holding your IRA will not be open on December 31, you will need to arrange for withdrawal before that date.

December 31 - Last Day to Pay Deductible Expenses for 2012

Last day to pay deductible expenses for the 2012 return (doesn’t apply to IRA, SEP or Keogh contributions, all of which can be made after December 31, 2012). Taxpayers who are making state estimated payments may find it advantageous to prepay the January state estimated tax payment in December (Please call our office for more information).

December 31 - Caution! Last Day of the Year

If the actions you wish to take cannot be completed on the 31st or a single day, you should consider taking action earlier than December 31st.

December 2012 Business Due Dates

December 17 - Social Security, Medicare and Withheld Income Tax

If the monthly deposit rule applies, deposit the tax for payments in November.

December 17 - Nonpayroll Withholding

If the monthly deposit rule applies, deposit the tax for payments in November.

December 17 - Corporations

The fourth installment of estimated tax for 2012 calendar year corporations is due

December 31 - Caution! Last Day of the Year

If the actions you wish to take cannot be completed on the 31st or a single day, you should consider taking action earlier than December 31st.