Tax Due Dates
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| March 2021 | |
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| March 1 | Health Coverage Reporting to IRS – If you are an Applicable Large Employer, file paper Forms 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns, and 1095-C with the IRS. For all other providers of minimum essential coverage, file paper Forms 1094-B, Transmittal of Health Coverage Information Returns, and 1095-B with the IRS. If you are filing any of these forms with the IRS electronically, your due date for filing them will be extended to March 31. |
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| Businesses – File information returns (for example, certain Forms 1099) for certain payments you made during 2020. However, Form 1099-NEC reporting nonemployee compensation must be filed by February 1. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the General Instructions for Certain Information Returns for information on what payments are covered, how much the payment must be before a return is required, what form to use, and extensions of time to file. If you file Forms 1097, 1098, 1099 (except a Form 1099-NEC reporting nonemployee compensation), 3921, 3922 or W-2G electronically, your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms generally remains February 1. | |
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| Payers of Gambling Winnings – File Form 1096, Annual Summary and Transmittal of U.S. Information Returns, along with Copy A of all the Forms W-2G you issued for 2020. If you file Forms W-2G electronically, your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms remains February 1. | |
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| Large Food and Beverage Establishment Employers – with employees who work for tips. File Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips. Use Form 8027-T, Transmittal of Employer’s Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically your due date for filing them with the IRS will be extended to March 31. | |
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| Farmers and Fishermen – File your 2020 income tax return (Form 1040 or Form 1040-SR) and pay any tax due. However, you have until April 15 to file if you paid your 2020 estimated tax by January 15, 2021. | |
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| March 2 | Health Coverage Reporting to Employees – If you are an Applicable Large Employer, provide Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, to full-time employees. For all other providers of minimum essential coverage, provide Form 1095-B, Health Coverage, to responsible individuals. |
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| March 10 | Employees who work for tips. – If you received $20 or more in tips during February, report them to your employer. You can use Form 4070. |
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| March 15 | Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in February. |
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| Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in February. | |
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| Partnerships – File a 2020 calendar year income tax return (Form 1065). Provide each partner with a copy of their Schedule K-1 (Form 1065-B) or substitute Schedule K-1. To request an automatic 6-month extension of time to file the return, file Form 7004. Then file the return and provide each partner with a copy of their final or amended (if required) Schedule K1 (Form 1065) by September 15. | |
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| S Corporations – File a 2020 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe in tax. Then file the return, pay any tax, interest, and penalties due and provide each shareholder with a copy of their Schedule K-1 by September 15. | |
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| S corporation election – File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2021. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2022. | |
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| March 31 | Electronic Filing of Forms – File Forms 1097, 1098, 1099 (except Form 1099-NEC), 3921, 3922, and W-2G with the IRS. This due date applies only if you file electronically. The due date for giving the recipient these forms generally remains February 1. |
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| Electronic Filing of Form W-2G – File copies of all the Form W-2G (Certain Gambling Winnings) you issued for 2020. This due date applies only if you electronically file. The due date for giving the recipient these forms remains February 1. | |
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| Electronic Filing of Forms 8027 – File copies of all the Forms 8027 you issued for 2020. This due date applies only if you electronically file. | |
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| Electronic Filing of Forms 1094-C and 1095-C and Forms 1094-B and 1095-B – If you’re an Applicable Large Employer, file electronic forms 1094-C and 1095-C with the IRS. For all other providers of minimum essential coverage, file electronic Forms 1094-B and 1095-B with the IRS. | |
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| April 2021 | |
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| April 12 | Employees – who work for tips. If you received $20 or more in tips during March, report them to your employer. You can use Form 4070. |
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| April 15 | Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in March. |
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| Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in March. | |
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| Individuals – File an income tax return for 2020 (Form 1040 or Form 1040-SR) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return and pay what you estimate you owe in tax to avoid penalties and interest. Then file Form 1040 or Form 1040-SR by October 15. | |
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| Household Employers – If you paid cash wages of $2,200 or more in 2020 to a household employee, file Schedule H (Form 1040 or Form 1040-SR) with your income tax return and report any employment taxes. Report any federal unemployment (FUTA) tax on Schedule H (Form 1040 or Form 1040-SR) if you paid total cash wages of $1,000 or more in any calendar quarter of 2019 or 2020 to household employees. | |
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| Individuals – If you are not paying your 2021 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2021 estimated tax. Use Form 1040-ES. | |
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| Corporations – File a 2020 calendar year income tax return (Form 1120) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe in taxes. | |
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| Corporations – Deposit the first installment of estimated income tax for 2021. A worksheet, Form 1120-W, is available to help you estimate your tax for the year. | |
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| April 30 | Employers – Federal unemployment tax. Deposit the tax owed through March if more than $500. |
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| Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2021. 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 May 10 to file the return. | |
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| May 2021 | |
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| May 10 | Employees – who work for tips. If you received $20 or more in tips during April, report them to your employer. You can use Form 4070. |
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| Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2021. This due date applies only if you deposited the tax for the quarter in full and on time. | |
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| May 17 | Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in April. |
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| Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in April. | |
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| June 2021 | |
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| 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. |
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| 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 15. However, if you are a participant in a combat zone you may be able to further extend the filing deadline. |
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| Individuals – Make a payment of your 2021 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2021. | |
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| Corporations – Deposit the second installment of estimated income tax for 2021. A worksheet, Form 1120-W, is available to help you estimate your tax for the year. | |
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| Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in May. | |
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| Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in May. | |
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| July 2021 | |
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| July 12 | 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. |
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| July 15 | Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in June. |
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| Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in June. | |
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| August 2021 | |
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| August 2 | Employers – Federal unemployment tax. Deposit the tax owed through June if more than $500. |
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| 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 calendar year 2020. 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. | |
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| Certain Small Employers – Deposit any undeposited tax if your tax liability is $2,500 or more for 2021 but less than $2,500 for the second quarter. | |
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| Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2021. 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. | |
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| 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. |
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| Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2021. This due date only applies if you deposited the tax for the quarter timely, properly, and in full. | |
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| August 16 | Employer – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in July. |
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| Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in July. | |
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| September 2021 | |
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| September 10 | 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. |
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| September 15 | Individuals – Make a payment of your 2021 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the third installment date for estimated tax in 2021. |
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| Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in August. | |
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| Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in August. | |
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| S Corporations – File a 2020 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. | |
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| Partnerships – File a 2020 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. | |
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| Corporations – Deposit the third installment of estimated income tax for 2021. A worksheet, Form 1120-W, is available to help you make an estimate of your tax for the year. | |
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| October 2021 | |
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| October 12 | 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. |
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| October 15 | Individuals – If you have an automatic 6-month extension to file your income tax return for 2020, file Form 1040 or Form 1040-SR and pay any tax, interest, and penalties due. |
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| Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in September. | |
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| Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in September. | |
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| Corporations – File a 2020 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. | |
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| November 2021 | |
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| During November | Employers – Income tax withholding. Encourage employees to fill out a new Form W-4 for 2022 if they experienced any personal or financial changes. The 2022 revision of Form W-4 will be available on the IRS website by mid-December. |
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| November 1 | Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2021. 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. |
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| Certain Small Employers – Deposit any undeposited tax if your tax liability is $2,500 or more for 2021 but less than $2,500 for the third quarter. | |
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| Employers – Federal Unemployment Tax. Deposit the tax owed through September if more than $500. | |
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| 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. |
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| Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2021. This due date only applies if you deposited the tax for the quarter timely, properly, and in full. | |
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| November 15 | Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in October. |
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| Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in October. | |
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| December 2021 | |
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| December 10 | Employees – who work for tips. If you received $20 or more in tips during November, report them to your employer. You can use Form 4070. |
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| December 15 | Corporations – Deposit the fourth installment of estimated income tax for 2021. A worksheet, Form 1120-W, is available to help you estimate your tax for the year. |
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| Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in November. | |
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| Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in November. | |
Talk to one of our Accountants Today
OUR SERVICES
Accounting
- Statuary Accounts
- Management Accounts
- Bookkeeping
- Business Plan
Tax
- Tax Investigation
- Capitol Gains Tax
- Tax Advisory
- Corporation Tax
Consulting
- Registered Office Address
- Company Formation
- Company Secretarial
- Legal Helpline
QuickBooks/ Bookkeeping Services
All of the financial information and data for your business should be organized and in one place so it is easy to access. With our bookkeeping services, we will organize and manage your financial information within the QuickBooks software so you can easily access it at any time. While we manage your financial matters on a daily and monthly basis, you will be in control as we will keep you updated and ensure you can access and monitor your finances. If you are applying for a loan, doing your taxes, or budgeting, having quick access to your financial information is important. We can assist large businesses and provide small business bookkeeping.Advisory Services
Our accountants can take on an advisory role with your company through our business consulting services. We will work with you to understand your financial goals and help you make the right decisions to reach your goals and help your business grow and become more profitable. Our business advisory services include advisement for investments, taxes, payroll, bookkeeping, administration, and more.Estate Planning
It is important to manage your estate to help protect its value and ensure that your assets are distributed properly between your beneficiaries. Our accountants can assist with your estate planning, including managing the taxes to preserve its value and ensuring that your assets are distributed according to your wishes. Our estate accountants will identify ways to protect your estate from inflation and taxes and minimize what you are paying in taxes to maximize its value.Sales Tax / Nexus
Sales tax rates and laws are decided locally and differ between states and cities. This can make sales and use tax difficult to manage for businesses, especially those that operate in multiple cities and states. Our certified public accountants can help manage your sales and use taxes by ensuring that you are in compliance with applicable sales tax laws and identifying opportunities for refunds and exemptions. We have a thorough knowledge of sales tax laws and we can even help businesses that operate in multiple states with filing their taxes. Using Nexus tax analysis, we can help multi-state businesses stay in compliance with all applicable tax laws.Payroll Services
We provide payroll services to small businesses and international businesses that operate in the U.S. Our accountants will streamline your payroll process and manage the tax withholdings and benefit deductions from employee paychecks. We can also file the tax returns for your business that account for the tax withholdings.Call the CPAs of STE Corporation
Contact our CPA firm if you want to work with our accountants to help manage the finances for your business in Park Ridge, IL. You can call STE Corporation at (815) 836-0100 to talk to our professionals or schedule a free consultation.FREQUENTLY ASKED QUESTIONS
For tax years 2018 through 2025 interest on home equity loans is only deductible when the loan is used to buy, build or substantially improve the taxpayer’s home that secures the loan. Prior to 2018, many homeowners took out home equity loans. Unlike other consumer-related interest expenses (e.g., car loans and credit cards) interest on a home equity loan was deductible on your tax return.
You may be able to take an immediate Section 179 expense deduction of up to $1,040,000 for 2020 ($1,020,000 in 2019), for equipment purchased for use in your business, instead of writing it off over many years. There is a phaseout limit of $2,590,000 in 2020 ($2,550,000 in 2019). Additionally, self-employed individuals can deduct 100 percent of their health insurance premiums. You may also be able to establish a Keogh, SEP or SIMPLE IRA plan and deduct your contributions (investments).
In 2020 (as in 2019), medical and dental expenses are deductible to the extent they exceed 10 percent of your adjusted gross income or AGI. If your employer offers a Flexible Spending Account (FSA), Health Savings Account or cafeteria plan, these plans permit you to redirect a portion of your salary to pay these types of expenses with pre-tax dollars.
If you’re planning to make a charitable gift, it generally makes more sense to give appreciated long-term capital assets to the charity, instead of selling the assets and giving the charity the after-tax proceeds. Donating the assets instead of the cash avoids capital gains tax on the sale, and you can obtain a tax deduction for the full fair-market value of the property.
WHAT OUR CLIENTS SAY ABOUT US
“Everyone at STE has been amazing. As a small business owner it is essential to have people on your team that are experts in all areas. When it comes to finance and taxes Jim and the team at STE fill that need. Thanks for being great at what you do and always be there!”
“STE has been handling our personal, business accounting, and payroll for years. They are knowledgeable, easy to reach, and very welcoming. Would definitely recommend them.”
“I have had nothing but pleasant experiences at STE. They are knowledgeable and provide great service.”
“We have used STE Corporation for our payroll and tax service needs over the past 3+ years and extremely pleased with the partnership we have created.”
“My husband has operated his painting business since 2004, first as a sole proprietorship and later as an S corporation. STE has been instrumental in helping him grow his business and remain in compliance. I cannot thank Mike, Marybeth, Jim, and Lisa enough for helping him get organized and stay that way. They have truly been the business office he needed in order to focus on the part of his business he enjoys – painting and customer service Their professional staff literally have never let him down – payroll, state taxes, federal taxes, consultation, ledger reconciliation, profit and loss sheets, and probably lots of things I do not even know about! Hiring this firm was the best decision he could have made. He looks forward to visiting the office, everyone makes him feel like family. I appreciate their professionalism and efficiency. Thank you STE!”
OUR SERVICES
Accounting
- Statuary Accounts
- Management Accounts
- Bookkeeping
- Business Plan
Tax
- Tax Investigation
- Capitol Gains Tax
- Tax Advisory
- Corporation Tax
Consulting
- Registered Office Address
- Company Formation
- Company Secretarial
- Legal Helpline