Reminders!

2014 4th Quarter Estimates – Due on January 15th, 2015.

2014 1099 Forms – Regarding anyone required to distribute 1099 forms for interest paid to an individual, payments to contractors totaling over $600, rents, etc. The due date for sending these forms is February 2nd, 2015.  If you need help or have any questions about the requirements please consult your tax accountant or see our article “1099 Filing Requirements.”

2014 Sales and Use Tax – If you signed up with the Minnesota Department of Revenue as an annual filer for sales and use tax, the due date for this return is February 5th, 2015.  If you signed up for sales and use tax you are required to file even if you did not incur a sales or use tax liability.  In this case, it is perfectly acceptable to file a zero return.  If you have questions please contact your tax accountant or see our article “Do you have a Use Tax liability?

2014 Trust Distributions – Fiduciaries of estates and some trusts have the option to treat certain distributions as made in the previous year.  If a distribution is made in the first 65 days of a year, an election can be made to treat that distribution as if it was made in the prior year.  The last day to make a 2014 distribution from a trust is March 6th, 2015.

2014 IRA Contributions – You have until April 15, 2015 to make your Traditional and Roth IRA contributions.

2014 HSA Contributions – April 15, 2015 is the last day you can make a contribution to your HSA for 2014.  The contribution limits are $3,300 for self-only or $6,550 for family coverage. Add an additional $1,000 if you were 55 or older at the end of 2014.

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