TAX CENTER

A good accountant never makes mistakes

Quick Links

Untitled design (18).png

TRACK YOUR REFUND

When will you receive your refund? The answer depends on how you filed your return. The IRS should issue your refund check within six to eight weeks of filing a paper return. If you chose to receive your refund through direct deposit, you should receive it within a week. If you use e-file, your refund should be issued between two and three weeks.

You can check on the status of your refund by clicking on the links below.

Check your Federal Refund... click here

 

TAX DUE DATES

 

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 or Form 1040-SR and pay any tax, interest, and penalties due. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file. Then file Form 1040 or Form 1040-SR by October 17. However, if you are a participant in a combat zone you may be able to further extend the filing deadline.

Individuals - Make a payment of your 2022 estimated tax if you are not paying your income tax for the year through withholding (or will not pay enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2022.

Corporations - Deposit the second installment of estimated income tax for 2022. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in May.

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in May.

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

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in June.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in June.

 

August 1

 

Employers - Federal unemployment tax. Deposit the tax owed through June if more than $500. Employers - If you maintain an employee benefit plan, such as a pension, profit-sharing, or stock bonus plan, file Form 5500 or 5500-EZ for the calendar year 2021. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends.

Certain Small Employers - Deposit any undeposited tax if your tax liability is $2,500 or more for 2022 but less than $2,500 for the second quarter.

 

Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2022. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until August 10 to file the return.

 

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.

 

Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2022. This due date only applies if you deposited the tax for the quarter timely, properly, and in full.

 

August 15

 

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in July.

 

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in July.

 

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 2022 estimated tax if you are not paying your income tax for the year through withholding (or will not pay enough tax that way). Use Form 1040-ES. This is the third installment date for estimated tax in 2022.

 

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in August.

 

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in August.

 

Corporations - File a 2021 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. Provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1.

 

Partnerships - File a 2021 calendar year return (Form 1065). This due date applies only if you were given an additional 6-month extension. Provide each partner with a copy of Schedule K1 (Form 1065) or a substitute Schedule K1. 

 

Corporations - Deposit the third installment of estimated income tax for 2022. A worksheet, Form 1120-W, is available to help you make an estimate of your tax for the year.

 

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 - If you have an automatic 6-month extension to file your income tax return for 2021, file Form 1040 or Form 1040-SR and pay any tax, interest, and penalties due.

 

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in September.

 

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in September.

 

Corporations - File a 2021 calendar year income tax return (Form 1120) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension.

 

October 31

 

Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2022. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until November 10 to file the return.

 

Certain Small Employers - Deposit any undeposited tax if your tax liability is $2,500 or more for 2022 but less than $2,500 for the third quarter.

 

Employers - Federal Unemployment Tax. Deposit the tax owed through September if more than $500.

 

During November

 

Employers - Income tax withholding. Encourage employees to fill out a new Form W-4 for 2023 if they experienced any personal or financial changes. The 2023 revision of Form W-4 will be available on the IRS website by mid-December.

 

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.

 

Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2022. This due date only applies if you deposited the tax for the quarter timely, properly, and in full.

 

November 15

 

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in October.

 

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in October.

 

December 15

 

Corporations - Deposit the fourth installment of estimated income tax for 2022. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

 

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in November.

 

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in November.

 

TAX RATES

For information on tax rates for the year please click this link below:

RECORD RETENTION GUIDE 

 

Storing tax records: How long is long enough?

 

Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.

However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years in an audit. To be safe, use the following guidelines.

Create a Backup Set of Records and Store Them Electronically. Keeping a backup set of records -- including, for example, bank statements, tax returns, insurance policies, etc. -- is easier than ever now that many financial institutions provide statements and documents electronically, and much financial information is available on the Internet.

Even if the original records are provided only on paper, they can be scanned and converted to a digital format. Once the documents are in electronic form, taxpayers can download them to a backup storage device, such as an external hard drive, or burn them onto a CD or DVD (don't forget to label it).

You might also consider online backup, which is the only way to ensure that data is fully protected. With online backup, files are stored in another region of the country, so that if a hurricane or other natural disaster occurs, documents remain safe.


Caution: Identity theft is a serious threat in today's world, and it is important to take every precaution to avoid it. After it is no longer necessary to retain your tax records, financial statements, or any other documents with your personal information, you should dispose of these records by shredding them and not disposing of them by merely throwing them away in the trash.

 

Business Documents To Keep For One Year

  • Correspondence with Customers and Vendors

  • Duplicate Deposit Slips

  • Purchase Orders (other than Purchasing Department copy)

  • Receiving Sheets

  • Requisitions

  • Stenographer's Notebooks

  • Stockroom Withdrawal Forms

Business Documents To Keep For Three Years

  • Employee Personnel Records (after termination)

  • Employment Applications

  • Expired Insurance Policies

  • General Correspondence

  • Internal Audit Reports

  • Internal Reports

  • Petty Cash Vouchers

  • Physical Inventory Tags

  • Savings Bond Registration Records of Employees

  • Time Cards For Hourly Employees

Business Documents To Keep For Six Years

  • Accident Reports, Claims

  • Accounts Payable Ledgers and Schedules

  • Accounts Receivable Ledgers and Schedules

  • Bank Statements and Reconciliations

  • Cancelled Checks

  • Cancelled Stock and Bond Certificates

  • Employment Tax Records

  • Expense Analysis and Expense Distribution Schedules

  • Expired Contracts, Leases

  • Expired Option Records

  • Inventories of Products, Materials, Supplies

  • Invoices to Customers

  • Notes Receivable Ledgers, Schedules

  • Payroll Records and Summaries, including payment to pensioners

  • Plant Cost Ledgers

  • Purchasing Department Copies of Purchase Orders

  • Sales Records

  • Subsidiary Ledgers

  • Time Books

  • Travel and Entertainment Records

  • Vouchers for Payments to Vendors, Employees, etc.

  • Voucher Register, Schedules

Business Records To Keep Forever

While federal guidelines do not require you to keep tax records "forever," in many cases there will be other reasons you'll want to retain these documents indefinitely.

  • Audit Reports from CPAs/Accountants

  • Canceled Checks for Important Payments (especially tax payments)

  • Cash Books, Charts of Accounts

  • Contracts, Leases Currently in Effect

  • Corporate Documents (incorporation, charter, by-laws, etc.)

  • Documents substantiating fixed asset additions

  • Deeds

  • Depreciation Schedules

  • Financial Statements (Year End)

  • General and Private Ledgers, Year End Trial Balances

  • Insurance Records, Current Accident Reports, Claims, Policies

  • Investment Trade Confirmations

  • IRS Revenue Agents' Reports

  • Journals

  • Legal Records, Correspondence and Other Important Matters

  • Minute Books of Directors and Stockholders

  • Mortgages, Bills of Sale

  • Property Appraisals by Outside Appraisers

  • Property Records

  • Retirement and Pension Records

  • Tax Returns and Worksheets

  • Trademark and Patent Registrations

Personal Documents To Keep For One Year

  • Bank Statements

  • Paycheck Stubs (reconcile with W-2)

  • Canceled checks

  • Monthly and quarterly mutual fund and retirement contribution statements (reconcile with year end statement)

Personal Documents To Keep For Three Years

  • Credit Card Statements

  • Medical Bills (in case of insurance disputes) 

  • Utility Records

  • Expired Insurance Policies 

Personal Documents To Keep For Six Years

  • Supporting Documents For Tax Returns

  • Accident Reports and Claims

  • Medical Bills (if tax-related)

  • Property Records / Improvement Receipts

  • Sales Receipts

  • Wage Garnishments

  • Other Tax-Related Bills

Personal Records To Keep Forever

  • CPA Audit Reports

  • Legal Records

  • Important Correspondence

  • Income Tax Returns

  • Income Tax Payment Checks

  • Investment Trade Confirmations

  • Retirement and Pension Records

Special Circumstances

  • Car Records (keep until the car is sold)

  • Credit Card Receipts (keep with your credit card statement)

  • Insurance Policies (keep for the life of the policy)

  • Mortgages / Deeds / Leases (keep 6 years beyond the agreement)

  • Pay Stubs (keep until reconciled with your W-2)

  • Property Records / improvement receipts (keep until property sold)

  • Sales Receipts (keep for life of the warranty)

  • Stock and Bond Records (keep for 6 years beyond selling)

  • Warranties and Instructions (keep for the life of the product)

  • Other Bills (keep until payment is verified on the next bill)

  • Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)