Bookkeeping: 2013 Year-End Due Dates
While we are all busy with the holiday season, it’s important not to forget important tax deadlines. Preparing for tax season can be stressful, so we are here to help as much as we can. Here are some important deadlines you need to know now!
Due before Dec. 31, 2013
A reminder that for tax purposes, checks or electronic payments of wages dated 2014 are 2014 wages, even if earned in 2013.
1. Check all Social Security withheld. If any employee exceeded the 2013 limit of $7,049.40, make an adjustment or refund before making your final tax-year 2013 deposit. Leave enough time to make adjustments and refunds.
2. Regardless of whether you use a payroll service, verify that all special wage payments and adjustments are correctly posted to 2013 earnings before processing W-2s. Some of these include:
- relocation expense reimbursements;
- manual or voided paychecks not in your system;
- personal use of company vehicles;
- employer-paid child care;
- company-paid educational assistance; and
- other taxable items paid outside of the payroll system.
3. Report on 2013 W-2s pay received in 2013, provided that the employee had access to the wages without substantial limitation or restriction. In other words, even if a paycheck is dated 2014, if the employee had access to it in 2013, include the amount on the 2013 W-2.
Due by Jan. 1, 2014
1. Process W-4s submitted for 2014 before the first 2014 wage payment.
Need help meeting these deadlines or preparing for tax season? We have Virtual Bookkeepers specializing in tax season preparation. Contact us today!