Things to Do or Know in March ... Ask TaxMama ... March 5, 2004

Ask TaxMama.Com
Tax Information With A Mother's Touch

Published by Eva Rosenberg, MBA, EA
Volume 6, Issue 249 March 5, 2004


	Things to Do or Know in March
	Alert! — Review Your Company's Medical Coverage Now!
	AAdvantage (& Other) Miles for Tax Prep
	Googling for Income
	Easy Easement?
	Child Care Provider
	Mom's Estate


	Treasury and IRS Shut Down Abusive Life Insurance Policies in Retirement Plans
	IRS, States Move Forward In Fight Against Abusive Tax Avoidance


	One Thousand Marbles

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» Corporations -

Since tax returns are due on the 15th, it's time to finish up the corporate books. Even though you're able to get away without having a Balance Sheet on the tax return if your income and assets are under $250,000, I still recommend that you actually keep proper books. Doing it right will help you make much better business decisions.

» Extensions -

If you can't get your books done in time - file an extension on March 15th. Use Form 7004. If you expect to owe taxes - pay them.

» S-Corp Elections - As a calendar year corporation or LLC, you may decide you like the S-Corp tax rules better for your situation. You have until March 15th, to let IRS know. Or, if you're already an S-Corp, but your income is reaching new highs and you'd prefer to use the corporate rates - you may switch to C-Corp status Use Form 2553

(Although the forms are easy to fill out, I really urge you to meet with your Tax Pro before making any changes.)

» W-2s, 1099s and 1098s -

Well, if you don't have your W-2s by now, and you've called and asked them to replace the missing forms ... and they're still not here ... give up. Fill out a Form 4852, Substitute for W-2 and attach a copy of it to both your IRS and state returns.

As for the 1099s, look at your year-end statements to find the interest income or expense. However, when it comes to dividends, you MUST get a copy of that 1099 to see the breakdown between ordinary, qualfied and capital gains dividends.

» Babies and Wives -

Since there are all kinds of benefits related to children, you don't want to miss out. Make sure you have a Social Security Number for your new baby. Get it now. You'll need it to get your refunds.

And ladies, if you changed your name when you got married, but didn't notify the Social Security Administration (SSA) folks ... uh, use your old name on the tax return. But get your name corrected so you don't have to do it next year.

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