February 1 – Make Your Tax Appointment
If you don’t already have an appointment scheduled with this office, please call us at (360) 778-2901 to make an appointment.
February 10 – Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during January, you are required to report them to your employer on IRS Form 4070 no later than February 10.
Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.
February 18 – Last Date to Claim Exemption from Withholding
If you claimed an exemption from income tax withholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year.
Tax Planning Strategies for Small Business Owners This Year
