Bow Financial
1628 Union Valley Road
West Milford, N.J. 07480
Phone 973-696-2343
Fax 973-696-2443
|
| |
|
Dates to
Remember
|
1st Quarter 2005 |
 |
|
January 10:
|
|
Employees who work for tips.
If you received $20 or more in tips during December, report them
to your employer. You can use Form 4070, Employee's Report of Tips
to Employer.
|
|
|
|
January 18:
|
|
Individuals. Make a payment
of your estimated tax for 2004 if you did not pay your income tax
for the year through withholding (or did not pay in enough tax
that way). Use Form 1040-ES. This is the final installment date
for 2004 estimated tax. However, you do not have to make this
payment if you file your 2004 return (Form 1040) and pay any tax
due by January 31, 2005.
|
|
|
|
Farmers and fishermen. Pay
your estimated tax for 2004 using Form 1040-ES. You have until
April 15 to file your 2004 income tax return (Form 1040). If you
do not pay your estimated tax by January 18, you must file your
2004 return and pay any tax due by March 1, 2005, to avoid an
estimated tax penalty.
|
|
|
|
January 31:
|
|
Individuals who must make
estimated tax payments. If you did not pay your last
installment of estimated tax by January 18, you may choose (but
are not required) to file your income tax return (Form 1040) for
2004 by January 31. Filing your return and paying any tax due by
January 31 prevents any penalty for late payment of the last
installment. If you cannot file and pay your tax by January 31,
file and pay your tax by April 15.
|
|
|
All businesses. Give annual
information statements to recipients of certain payments you made
during 2004. You can use the appropriate version of Form 1099 or
other information return. Form 1099 can be issued electronically
with the consent of the recipient. Payments that may be covered
include the following.
- Cash payments for fish (or
other aquatic life) purchased from anyone engaged in the trade
or business of catching fish.
- Compensation for workers who
are not considered employees (including fishing boat proceeds to
crew members).
- Dividends and other corporate
distributions.
- Interest.
- Amounts paid in real estate
transactions.
- Rent.
- Royalties.
- Amounts paid in broker and
barter exchange transactions.
- Payments to attorneys.
- Payments of Indian gaming
profits to tribal members.
- Profit-sharing distributions.
- Retirement plan distributions.
- Original issue discount.
- Prizes and awards.
- Medical and health care
payments.
- Debt cancellation (treated as
payment to debtor).
- Cash payments over $10,000.
See the instructions for Form 8300, Report of Cash Payments Over
$10,000 Received in a Trade or Business.
See the 2004 General Instructions
for Forms 1099, 1098, 5498, and W-2G for information on what
payments are covered, how much the payment must be before a
statement is required, which form to use, and extensions of time
to provide statements.
|
|
|
|
February 10:
|
|
Employees who work for tips.
If you received $20 or more in tips during January, report them to
your employer. You can use Form 4070.
|
|
|
|
February 15:
|
|
Individuals. If you claimed
exemption from income tax withholding last year on the Form W-4
you gave your employer, you must file a new Form W-4 by this date
to continue your exemption for another year.
|
|
|
|
February 28:
|
|
All businesses. File
information returns (Form 1099) for certain payments you made
during 2004. These payments are described under January 31. There
are different forms for different types of payments. Use a
separate Form 1096 to summarize and transmit the forms for each
type of payment. See the 2004 General Instructions for Forms 1099,
1098, 5498, and W-2G for information on what payments are covered,
how much the payment must be before a return is required, which
form to use, and extensions of time to file. If you file Forms
1098, 1099, or W-2G electronically (not by magnetic media), your
due date for filing them with the IRS will be extended to March
31. The due date for giving the recipient these forms remains
January 31.
|
|
|
|
March 1:
|
|
Farmers and fishermen. File
your 2004 income tax return (Form 1040) and pay any tax due.
However, you have until April 15 to file if you paid your 2004
estimated tax by January 18, 2005.
|
|
|
|
March 10:
|
|
Employees who work for tips.
If you received $20 or more in tips during February, report them
to your employer. You can use Form 4070.
|
|
|
|
March 15:
|
|
Corporations. File a 2004
calendar year income tax return (Form 1120 or 1120-A) and pay any
tax due. If you want an automatic 6-month extension of time to
file the return, file Form 7004 and deposit what you estimate you
owe.
|
|
|
|
S corporations. File a 2004
calendar year income tax return (Form 1120S) and pay any tax due.
Provide each shareholder with a copy of Schedule K-1 (Form 1120S),
Shareholder's Share of Income, Deductions, Credits, etc., or a
substitute Schedule K-1. If you want an automatic 6-month
extension of time to file the return, file Form 7004 and deposit
what you estimate you owe.
|
|
|
|
S corporation election. File
Form 2553, Election by a Small Business Corporation, to choose to
be treated as an S corporation beginning with calendar year 2005.
If Form 2553 is filed late, S treatment will begin with calendar
year 2006.
|
|
|
|
Electing large partnerships.
Provide each partner with a copy of Schedule K-1 (Form 1065-B),
Partner's Share of Income (Loss) From an Electing Large
Partnership, or a substitute Schedule K-1. This due date is
effective for the first March 15 following the close of the
partnership's tax year. The due date of March 15 applies even if
the partnership requests an extension of time to file the Form
1065-B by filing Form 8736 or Form 8800.
|
|
|
|
March 31:
|
|
Electronic filing of Forms 1098,
1099, and W-2G. File Forms 1098, 1099, or W-2G with the IRS.
This due date applies only if you file electronically (not by
magnetic media). Otherwise, see February 28. The due date for
giving the recipient these forms remains January 31. For
information about filing Forms 1098, 1099, or W-2G electronically,
see Publication 1220, Specifications for Filing Forms 1098, 1099,
5498 and W-2G Electronically or Magnetically.
|
|
|
|
2nd Quarter 2005 |
|
|
|
April 15:
|
|
Partnerships. File a 2004
calendar year return (Form 1065). Provide each partner with a copy
of Schedule K-1 (Form 1065), Partner's Share of Income,
Deductions, Credits, etc., or a substitute Schedule K-1. If you
want an automatic 3-month extension of time to file the return and
provide Schedule K-1 or a substitute Schedule K-1, file Form 8736.
Then, file Form 1065 by July 15. If you need an additional 3-month
extension, file Form 8800.
|
|
|
|
April 11:
|
|
Employees who work for tips.
If you received $20 or more in tips during March, report them to
your employer. You can use Form 4070.
|
|
|
|
April 15:
|
|
Individuals. File a 2004
income tax return (Form 1040, 1040A, or 1040EZ) and pay any tax
due. If you want an automatic 4-month extension of time to file
the return, file Form 4868, Application for Automatic Extension of
Time To File U.S. Individual Income Tax Return, or you can get an
extension by phone or over the Internet. Then, file Form 1040,
1040A, or 1040EZ by August 15. If you need an additional 2-month
extension, file Form 2688, Application for Additional Extension of
Time To File U.S. Individual Income Tax Return, as soon as
possible, so that your application can be acted on before August
15.
|
|
|
|
Household employers. If you
paid cash wages of $1,400 or more in 2004 to a household employee,
you must file Schedule H. If you are required to file a federal
income tax return (Form 1040), file Schedule H with the return and
report any household employment taxes. Report any federal
unemployment (FUTA) tax on Schedule H if you paid total cash wages
of $1,000 or more in any calendar quarter of 2003 or 2004 to
household employees. Also, report any income tax you withheld for
your household employees. For more information, see Publication
926.
|
|
|
|
Individuals. If you are not
paying your 2005 income tax through withholding (or will not pay
in enough tax during the year that way), pay the first installment
of your 2005 estimated tax. Use Form 1040-ES. For more
information, see Publication 505.
|
|
|
|
Electing large partnerships.
File a 2004 calendar year return (Form 1065-B). If you want an
automatic 3-month extension of time to file the return, file Form
8736. Then, file Form 1065-B by July 15. If you need an additional
3-month extension, file Form 8800. See March 15 for the due date
for furnishing Schedules K-1 or substitute Schedules K-1 to the
partners.
|
|
|
|
Corporations. Deposit the
first installment of estimated income tax for 2005. A worksheet,
Form 1120-W, is available to help you estimate your tax for the
year.
|
|
|
|
May 10:
|
|
Employees who work for tips.
If you received $20 or more in tips during April, report them to
your employer. You can use Form 4070.
|
|
|
|
June 10:
|
|
Employees who work for tips.
If you received $20 or more in tips during May, report them to
your employer. You can use Form 4070.
|
|
|
|
June 15:
|
|
Individuals. If you are a
U.S. citizen or resident alien living and working (or on military
duty) outside the United States and Puerto Rico, file Form 1040
and pay any tax, interest, and penalties due. Otherwise, see April
15. If you want additional time to file your return, file Form
4868 to obtain 2 additional months to file. Then, file Form 1040
by August 15. If you still need additional time, file Form 2688 to
request an additional 2 months as soon as possible so that your
application can be acted on before August 15. However, if you are
a participant in a combat zone you may be able to further extend
the filing deadline. See Publication 3, Armed Forces' Tax Guide.
|
|
|
|
Individuals. Make a payment
of your 2005 estimated tax if you are not paying your income tax
for the year through withholding (or will not pay in enough tax
that way). Use Form 1040-ES. This is the second installment date
for estimated tax in 2005. For more information, see Publication
505.
|
|
|
|
Corporations. Deposit the
second installment of estimated income tax for 2005. A worksheet,
Form 1120-W, is available to help you estimate your tax for the
year.
|
|
|
|
3rd Quarter 2005 |
|
|
|
July 11:
|
|
Employees who work for tips.
If you received $20 or more in tips during June, report them to
your employer. You can use Form 4070.
|
|
|
|
July 15:
|
|
Partnerships. File a 2004
calendar year return (Form 1065). This due date applies only if
you timely requested an automatic 3-month extension. Otherwise,
see April 15. Provide each partner with a copy of Schedule K-1
(Form 1065) or a substitute Schedule K-1. If you need an
additional 3-month extension, file Form 8800.
|
|
|
|
Electing large partnerships.
File a 2004 calendar year return (Form 1065-B). This due date
applies only if you timely requested an automatic 3-month
extension. If you need an additional 3-month extension, file Form
8800. See March 15 for the due date for furnishing Schedules K-1
or substitute Schedules K-1 to the partners.
|
|
|
|
August 10:
|
|
Employees who work for tips.
If you received $20 or more in tips during July, report them to
your employer. You can use Form 4070.
|
|
|
|
August 15:
|
|
Individuals. If you have an
automatic 4-month extension to file your income tax return for
2004, file Form 1040, 1040A, or 1040EZ and pay any tax, interest,
and penalties due. If you need an additional 2-month extension,
file Form 2688.
|
|
|
|
September 12:
|
|
Employees who work for tips.
If you received $20 or more in tips during August, report them to
your employer. You can use Form 4070.
|
|
|
|
September 15:
|
|
Individuals. Make a payment
of your 2005 estimated tax if you are not paying your income tax
for the year through withholding (or will not pay in enough tax
that way). Use Form 1040-ES. This is the third installment date
for estimated tax in 2005. For more information, see Publication
505.
|
|
|
|
Corporations. File a 2004
calendar year income tax return (Form 1120 or 1120-A) and pay any
tax, interest, and penalties due. This due date applies only if
you timely requested an automatic 6-month extension. Otherwise,
see March 15.
|
|
|
|
S corporations. File a 2004
calendar year income tax return (Form 1120S) and pay any tax due.
This due date applies only if you timely requested an automatic
6-month extension. Otherwise, see March 15. Provide each
shareholder with a copy of Schedule K-1 (Form 1120S) or a
substitute Schedule K-1.
|
|
|
|
Corporations. Deposit the
third installment of estimated income tax for 2005. A worksheet,
Form 1120-W, is available to help you estimate your tax for the
year.
|
|
|
|
4th Quarter 2005 |
|
|
|
October 11:
|
|
Employees who work for tips.
If you received $20 or more in tips during September, report them
to your employer. You can use Form 4070.
|
|
|
|
October 17:
|
|
Individuals. File a 2004
income tax return and pay any tax, interest, and penalties due if
you were given an additional 2-month extension.
|
|
|
|
Partnerships. File a 2004
calendar year return (Form 1065). This due date applies only if
you were given an additional 3-month extension. Provide each
partner with a copy of Schedule K-1 (Form 1065) or a substitute
Schedule K-1.
|
|
|
|
Electing large partnerships.
File a 2004 calendar year return (Form 1065-B). This due date
applies only if you were given an additional 3-month extension.
See March 15 for the due date for furnishing Schedules K-1 or
substitute Schedules K-1 to the partners.
|
|
|
|
November 10:
|
|
Employees who work for tips.
If you received $20 or more in tips during October, report them to
your employer. You can use Form 4070.
|
|
|
|
December 12:
|
|
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 2005. A worksheet,
Form 1120-W, is available to help you estimate your tax for the
year.
|
|
|
|
|
