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Critical Tax Dates For 2010 Tax Savings

February 23rd, 2011
Critical Tax Dates For 2010 Tax Savings

For business owners and self-employed individuals, you still may have opportunities to save on your 2010 tax bill. If you run a calendar-year business, March 15 is among your most important remaining tax dates.

By March 15 (although specific restrictions may apply):

  • Corporations can take a deduction for payments of accrued salary and bonuses made to rank-and-file workers.
  • Participants in flex-spending plans that adopted the IRS' 2 ½ month grace period must clean out their accounts. Plans that did not make this adoption do not have this opportunity.
  • Firms can make 2010 contributions to existing pension and profit sharing plans.
  • Firms can pay out 2010 dividends in order to avoid accumulated earnings tax.
  • A six-month extension can be requested for filing 2010 tax returns.

Speaking of tax dates, the one that we've all come to know and loathe has changed, at least for this year. The ominous and seemingly immoveable April 15 tax date has actually been extended this year: to Monday, April 18. We can thank President Lincoln and Emancipation Day for being celebrated on April 15 this year, since the normal holiday falls on Saturday, April 16. In observance of the holiday, the tax filing date has been moved forward one business day to Monday, April 18.

And don't forget that 2011 tax dates are quickly approaching as well. For instance, March 15 is a key date for electing S corporation status in 2011 as well.

If you have any questions or concerns regarding tax dates which may affect your own business entity or personal finances, feel free to contact us for a custom tax analysis.

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