• monica4867

December 2019 Individual Due Dates

Updated: Dec 3, 2019

December 2 - Time for Year-End Tax Planning

December is the month to take final actions that can affect your tax result for 2019. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2019 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 10. 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 2019. 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 2019

Last day to pay deductible expenses for the 2019 return (doesn’t apply to IRA, SEP or Keogh contributions, all of which can be made after December 31, 2019).

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.

8 views0 comments

Recent Posts

See All

Writing Off Your Business Start-Up Expenses

Article Highlights: $5,000 First-year Start-up and Organizational Expense Write-off Timely Filing Requirements Qualifying Start-up Expenses Trade or Business Purchase Qualifying Organizational Expense

Tax Filing Deadlines Are Rapidly Approaching

Article Highlights: Filing Due Date Balance due payments Contributions to a Roth or traditional IRA Estimated tax payments for the first quarter of 2021 Individual refund claims for tax year 2017 Just

Easily Check the Status of Your Refund

Article Highlights: Your Federal Tax Refund Status Can Be Checked Online Delay When Claiming Earned Income Tax Credit or Additional Child Tax Credit “Where’s My Refund?” Refunds Are Generally Issued W

 

9070 Irvine Center Dr #260, Irvine, CA 92618, USA

T: (949) 587-9890

F: (949) 748-1555

Subscribe Form

  • LinkedIn
  • Facebook
  • Instagram
  • Yelp for business
  • YouTube
  • Google Places

©2019 by Tehrani & Velez, LLP