Tax Season Reminders

By: Alexander Roig, February 19, 2014

As the new year begins, I know that we are all happy to get past the holiday season and into the most wonderful time of the year: Tax Season. Sarcasm aside, our Family Financial Team has already started planning for that ominous April deadline, and it’s our goal to make tax season as seamless and stress-free as possible for you and your family. In the coming weeks, we will be working to batch year-end tax statements for your accounts. If you would like your information sent directly to your tax preparer, please contact us to give consent and confirm your tax preparer’s information. We will be more than happy to provide these documents. We also encourage you to contact us before finalizing your return to ensure that all information from accounts with taxable activity has been included in your filing. For any questions or requests, simply call our office and ask for Greg Wright (859.219.1006) or e-mail him at Greg.Wright@FamilyFinancialPartners.com. Important tax dates to keep in mind include:

January 31, 2014 The IRS expects to start processing 2013 individual tax returns.

January 31, 2014 Deadline for employers to mail out Form W-2 (employees) and 1099 (among other things, non-employee compensation, bank interest, dividends, and distributions from a retirement plan.)

February 18, 2014 Deadline for financial institutions to mail out Form 1099-B, relating to sales of stock, bonds or mutual funds through a brokerage account, and Form 1099-S, relating to real estate transactions.

April 15, 2014 Deadline to file individual tax returns for 2013 or to request an Automatic Extension. An extension provides an extra six months to file your return. Payment of the tax is still due by April 15th. You can submit payment for tax along with the extension form. Last day to make a contribution to traditional IRA, Roth IRA, Health Savings Account, SEP-IRA or solo 401(k) for the 2013 tax year. (However, if you get an extension, you will have until October 15th to fund a SEP-IRA or solo 401(k).)

September 15, 2014 Final deadline to file corporate tax returns, trust tax returns, and partnership tax returns for the year 2013 if an extension was requested.

October 1, 2014 Final deadline for self-employed persons or small employers to establish a SIMPLE-IRA or Safe Harbor 401k for the year 2014.

October 15, 2014 Final deadline to file individual tax returns (with extension). Final deadline to fund a SEP-IRA or solo 401(k) for tax year 2013 if you requested an automatic extension of time to file.

November 2014 Start planning any year-end tax moves.

December 1, 2014 If you are covered by an HSA-compatible health insurance policy as of December 1st, you’ll be eligible to contribute the full amount to a Health Savings Account for the year. Individual: $3,300; Family: $6,550; Catch-up Contribution: $1,000 for an account holder age 55 or older

December 31, 2014 Last day to make any tax moves for the year 2014. Last day to set up a solo 401(k) for self-employed persons. As you begin to have conversations with your tax preparer, please let us know if we can help in any way. Tax season doesn’t have to be stressful, and we hope you’ll allow us to assist you!

Family Financial Partners | Growing Wealth, For Generations ™