As we head into the fourth quarter, preparing to meet tax season deadlines is a top-of-mind concern for many businesses.
Jan. 31, 2015, will be here before you know it, and that’s the deadline for businesses to send in 2013 W-2s and 1099s and turn in forms 941, 940 and 944 to the Internal Revenue Service (IRS). Also mark your calendar for Feb. 28 and March 31 for paper and e-filing deadlines for W-2s and for 1099s.
State filing deadlines vary, but many fall on or around Feb. 28. Here’s a link to look up the tax deadlines for your state.
While we know it would be NICE if you could claim that fancy 70-inch plasma as a business expense, knowing what qualifies as such is something you might need expert help to determine.
The IRS says to qualify as a business expense the item in question must be “common and accepted in your trade or business” and “helpful and appropriate.”