IRS Tax Publications
For the convenience of our clients, we compiled most popular IRS Tax Publications in this section. Many publications are revised once each year. You will need Adobe Reader to view these publications.
Tax Rates
The IRS has announced the annual inflation adjustments for a number of provisions for the year 2014, including tax rate schedules, tax tables and cost-of-living adjustments for certain tax items. Visit this Tax Rates page to keep up to date on key federal tax law developments throughout the year.
2014 Tax Rates
Standard Deductions
Itemized Deductions
Exemptions
Education Provisions
Alternative Minimum Tax (AMT)
Net Investment Income Tax
Individual Filers will pay an additional 3.8% on Net Investment Income (NII) above certain income thresholds. NII includes:
- Interest
- Dividends
- Capital gains
- Rental and royalty income
- Non-qualified annuities
- Income from businesses involved in trading of financial instruments
- Income from businesses that are passive activities to the taxpayer
Net Capital Gains & Qual. Dividends
Additional Medicare Tax
Estate & Gift Taxes
Depreciation Deductions
Mileage
Health Savings Account (HSA)
Payroll Taxes
Retirement Plans
Tax Calendar
Use this Tax Calendar to view due dates for filing tax forms, paying taxes, and key federal holidays that affect individuals and businesses for each month. If the due date for a return or deposit falls on a Saturday, Sunday, or legal holiday, your return or deposit is considered timely if it is filed or deposited on the next business day. We drafted this tax calendar for calendar-year taxpayers since most individuals and small businesses are on a calendar year. Employment tax due dates are determined on a calendar-year basis for all taxpayers.
Jan 15, 2015
Final installment of 2014 estimated tax (Form 1041-ES) by trusts, calendar-year estates, and certain residuary trusts in existence more than two years, unless Form 1041 is filed and taxes are paid in full by Feb 2, 2015.
Feb 2, 2015
Employers must file Form 940, annual return of federal unemployment (FUTA) taxes for 2014.
Business recipients of $600 or more of interest on any mortgage must furnish Form 1098 to payer.
Information called for on Form 8300 must be provided to each payer in a transaction of more than $10,000 in cash at any time during 2014. Form 8300 must have been filed with the IRS by the 15th day after the date of the transaction.
Partnerships must provide Form 8308 to the transferor and transferee in any exchange of a partnership interest that involved unrealized receivables or substantially appreciated inventory items.
Trustees or issuers of IRAs or SEPs must provide participants with a statement of the account’s value.
Feb 17, 2015
Mar 2, 2015
Business recipients of $600 or more of interest from an individual on any mortgage must file Form 1098 with the IRS (together with transmittal Form 1096) for paper filings or, if filing electronically, by Mar 31st.
Form W-2G and Form 1099-R for 2014 “A” copies (together with transmittal Form 1096) for paper filings or, if filing electronically, by Mar 31st, must be filed with the IRS.
Mar 16, 2015
Last date for filing application (Form 7004) by calendar-year corporations for automatic six-month extension to file 2014 income tax return.
Form 5452 for reporting nontaxable corporate distributions made to shareholders during calendar year 2014 should be filed by calendar-year corporations with income tax return. Fiscal-year corporations file Form 5452 with income tax return for first fiscal year ending after calendar year in which distributions were made.
Calendar-year corporations’ 2014 information return (Form 5471) with respect to foreign corporations. (Fiscal-year corporations file form with income tax return.)
Last date for a calendar-year corporation to file an amended income tax return (Form 1120X) for the calendar year 2011.
Last date for filing application (Form 7004) by S corporations for automatic six-month extension to file 2014 income tax return.
Last date for filing Form 2553 to elect to be treated as an S corporation beginning with calendar year 2015. The penalty for filing the election late is to postpone treatment as an S corporation until calendar year 2016.
Mar 31, 2015
Apr 15, 2015
Last day for calendar-year individuals to file application (Form 4868) for automatic six-month extension to file 2014 income tax return.
Individuals’ information returns (Form 5471) with respect to foreign corporations to be filed with Form 1040.
Last day for individuals to file amended income tax returns (Form 1040X) for the calendar year 2011.
Payment of first installment of 2015 estimated income taxes (Form 1040-ES) by calendar-year individuals, other than farmers and fishermen. Estimated tax payments for fiscal-year individuals are due on the 15th day of the 4th, 6th, and 9th months of the tax year and the 1st month of the following tax year.
Trusts and calendar-year estates and certain residuary trusts in existence more than two years must make first payment of estimated taxes for 2015 (Form 1041-ES). Fiscal-year estates must make payments on the 15th day of the 4th, 6th, and 9th months of the fiscal year and the 1st month of the following fiscal year.
Last day for calendar-year estates and trusts to file application (Form 7004) for automatic five-month extension of time to file 2014 income tax return.
Last day for estates and trusts to file amended tax returns for calendar year 2011.
Last day for calendar-year U.S. partnerships to file application (Form 7004) for automatic five-month extension to file 2014 income tax return.
Last day for calendar-year partnerships to file an amended return for 2011.
Apr 30, 2015
May 15, 2015
Calendar-year private foundations and Code Sec. 4947(a) trusts treated as private foundations must file Form 990-PF, and private foundations must pay the first quarter installment of estimated excise tax on net investment or tax on unrelated business income. Fiscal-year organizations must file by 15th day of 5th month after close of tax year, for both Form 990-PF and estimated taxes referred to above.
Calendar-year Code Sec. 501(a) organizations with unrelated business income must file income tax return on Form 990-T. Fiscal-year organizations must file by 15th day of 5th month following close of tax year.
Exempt organizations requesting an extension of time to file Form 990 may file Form 8868.
Jun 1, 2015
Jun 15, 2015
Payment of second installment of 2015 estimated tax by individuals (Form 1040-ES), other than farmers and fishermen, by trusts and by estates (Form 1041-ES), and certain residuary trusts in existence more than two years. Nonresident aliens who have no wages subject to U.S. withholding must make first payment (Form 1040-ES (NR)).
Jul 31, 2015
Sep 15, 2015
Payment of third installment of 2015 estimated tax by individuals (Form 1040-ES), other than farmers and fishermen, by trusts and by estates (Form 1041-ES), and certain residuary trusts in existence more than two years.
Oct 15, 2015
Nov 2, 2015
Dec 15, 2015
Jan 1, 2016 Happy New Year!
Jan 15, 2016
Final installment of 2015 estimated tax (Form 1041-ES) by trusts, calendar-year estates, and certain residuary trusts in existence more than two years, unless Form 1041 is filed and taxes are paid in full by Feb 1, 2016.
Feb 1, 2016
Employment Tax Deposits
Income Tax Withholding, FICA Taxes, Backup Withholding. Employment taxes are withheld income tax, FICA contributions, and backup withholding on reportable payments. Generally, an employer must make either MONTHLY or SEMIWEEKLY deposits during a calendar year based upon the aggregate amount of employment taxes paid during the “lookback” period. The lookback period for each calendar year is the 12-month period that ended the preceding June 30. Thus, an employer’s obligation to make deposits in 2015 will be based upon the aggregate employment taxes paid during the period July 1, 2013, through June 30, 2014. New employers are considered to have an aggregate tax liability of zero for any calendar quarter in which the employer did not exist.
Monthly Deposits. Monthly deposits are required if the aggregate amount of employment taxes reported by the employer for the lookback period is $50,000 or less. Monthly deposits are due on the 15th day of the following month in which the payments were made.
Semiweekly Deposits. An employer is a semiweekly depositor for the entire calendar year if the aggregate amount of employment taxes during the lookback period exceeds $50,000. Further, a monthly depositor will become a semiweekly depositor on the first day after the employer becomes subject to the One-Day Rule, discussed later. Semiweekly deposits are generally due on either Wednesday or Friday—depending upon the timing of the employer’s pay period. Employers with payment dates, i.e., paydays, that fall on Wednesday, Thursday, or Friday must deposit the employment taxes on or before the following Wednesday. Employers with payment dates that fall on Saturday, Sunday, Monday, or Tuesday must make their deposit on or before the following Friday. An employer will always have three business days in which to make the deposit. Thus, if any of the three weekdays following the close of a semiweekly period is a holiday, then the employer will have an additional business day in which to make the deposit.
One-Day Rule. If an employer has accumulated $100,000 or more of undeposited employment taxes, then the taxes must be deposited by the close of the next banking day.
Federal Unemployment (FUTA) Taxes. The calendar year is divided into four quarters for purposes of determining when deposits of federal unemployment tax (FUTA) are necessary. The periods end on March 31, June 30, September 30, and December 31. If the employer’s FUTA tax liability is $500 or less, then the employer does not have to deposit the tax, instead the amount may be carried forward and added to the liability for the next quarter to determine if a deposit is required. If the employer owes more than $500 in undeposited FUTA tax at the end of a quarter, including any FUTA tax carried forward from an earlier quarter, then the tax owed must be deposited by the end of the next month by either a electronic funds transfer (EFTPS) direct or a EFTPS financial institution.
Record Retention Guidelines
These Record Retention Guidelines provide a general guideline for the retention of tax and other financial records, but the specific holding periods for any record retention policy should be given careful scrutiny in light of federal and state tax laws, any pending investigations, regulated industry requirements or contract covenants.
In addition to these general guidelines, each business should consider any industry standards which may affect the holding period of records due to the unusual legal circumstances.
Why Keep Records?
Everyone in business must keep records. Good records will help you monitor the progress of your business, prepare your financial statements, identify source of receipts, keep track of deductible expenses, prepare your tax returns, and support items reported on your tax returns. You must be able to substantiate certain elements of expenses to deduct them on your tax return.
What Kind of Records?
You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. The business you are in affects the type of records you need to keep for federal tax purposes. Your recordkeeping system should also include a summary of your business transactions. This summary is ordinarily made in your business books (for example, accounting journals and ledgers). Your books must show your gross income, as well as your deductions and credits.
How Long?
The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until the period of limitations for that return runs out.
Record Retention for Businesses
Legal Documents:
- Articles of incorporation and bylaws: Permanently
- Buy-sell agreements: Permanently
- Capital stock and bond records (ledgers, transfer registers, stubs showing options): Permanently
- Contracts and leases (still in effect): Permanently
- Contracts and leases (expired): 7 years
- Employment agreements: 7 years
- Legal correspondence: Permanently
- Minutes: Permanently
- Option records (expired): 7 years
- Partnership agreements: Permanently
- Property appraisals by outside appraisers: Permanently
- Stock certificates and ledgers: Permanently
Tax Records:
- IRS or state adjustments: Permanently
- Payroll tax returns: 7 years
- Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints and plans: Permanently
- Sales and use tax returns: Permanently
- Tax returns and work sheets: Permanently
- Revenue agents’ reports, and other documents relating to determination of income tax liability: Permanently
- Canceled checks for tax payments: Permanently
Insurance Records:
- Accident reports and settled claims: 7 years after settlement
- Fire inspection and safety reports: 6 years
- Insurance policies (still in effect): Permanently
- Insurance policies (expired): 7 years
Accounting Records:
- Auditors’ report & annual financial statements: Permanently
- Bank statements and deposit slips: 7 years
- Canceled checks:
- – Fixed assets: Permanently
- – General: 7 years
- – Payroll: 7 years
- – Taxes (payroll related): 7 years
- – Taxes (income): Permanently
- Cash disbursements journal: Permanently
- Cash receipts journal: Permanently
- Chart of accounts: Permanently
- Correspondence (general): 2 years
- Correspondence (routine) with customers and/or vendors: 2 years
- Deeds, mortgages, bills of sale: Permanently
- Electronic payment records: 7 years
- Employee expense records: 7 years
- Fixed asset records (invoices, canceled checks, depreciation schedules): Permanently
- Freight bills and bills of lading: 7 years
- General journal: Permanently
- General ledger: Permanently
- Internal reports (miscellaneous): 3 years
- Inventory listings and tags: 7 years
- Invoices: Sales to customers/ credit memos: 7 years
- Notes receivable ledgers and schedules: 8 years
- Notes payable ledgers and schedules: Permanently
- Patent/Trademark and related papers: Permanently
- Payroll journal: 7 years
- Purchases: 7 years
- Purchase journal: Permanently
- Purchase orders: 7 years
- Requisitions: 1 year
- Scrap and salvage records (inventories, sales): 7 years
- Subsidiary ledgers (accounts receivable, accounts payable, equipment): 7 years
- Time cards and daily time reports: 7 years
- Training manuals: Permanently
- Trial balance – year end: Permanently
- Vouchers for payments to vendors, employees, etc. ((includes allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses): 7 years
Personnel Records:
- Child labor certificates and notices: 3 years
- Employment application (from date of termination): 3 years
- Employment eligibility verification I-9 form (from date of termination): 3 years
- Garnishments: 7 years
- Personnel files (from date of termination): 7 years
- Union agreements and individual employee contracts (from date of termination): 3 years
- Withholding statements: 7 years
Employee Benefit Plan Records:
- Actuarial reports: Permanently
- Allocation and compliance testing: 7 years
- Brokerage/ Trustee statements supporting investments: 7 years
- Financial statements: Permanently
- General ledger and journals: Permanently
- Information returns (Form 5500): Permanently
- IRS/DOL correspondence: Permanently
- Participant communications related to distributions, terminations, beneficiaries: 7 years
- Plan and trust agreements: Permanently
Record Retention for Individuals
- Bank Statements: 3 years
- Canceled checks (taxes, purchase of property) : Permanently
- Charitable contributions: Keep with applicable tax return.
- Contracts, mortgages, notes, leases (expired): 7 years
- Credit card purchase receipts: Keep until purchase appears on credit card statement if not needed for warranties, returns, or taxes.
- Credit Card Statements: 3 years
- Employee business expense reports: Keep with applicable tax return.
- Insurance policies (expired): 3 years
- Income tax returns, revenue agent’s reports, documents relating to determination of income tax liability: Permanently
- Individual retirement account records: Permanently
- Investment records and brokerage statements: 7 years
- Medical expense records: Keep with applicable tax return if deducted.
- Medical records: Permanently
- Military papers: Permanently (may be required for possible veterans benefits)
- Pay stubs: 1 year. Keep cumulative pay stub with your W2 for the year.
- Personal certificates (Birth/Death, Marriage/Divorce): Permanently
- Retirement plan annual reports: Permanently
- Residential records (deeds, mortgages, bill of sale, receipts for improvements, property appraisals, and rental leases/receipts): Permanently
- Social security statements: Keep until current records of payments into the Social Security System are received.
- Stock and bond certificates (cancelled): 7 years
- Warranties: Keep until expired.
- Will: Keep until rendered obsolete (by a new version).
Track your Tax Refund
When to Check Refund Status? If you e-file, you can get refund information 72 hours after the IRS acknowledges receipt of your return. If you file a paper return, refund information will generally be available three to four weeks after mailing your return. Follow the links on this page to conveniently track your tax refund.
Check your Federal Tax Refund here
Check your State Tax Refund:
- Alabama
- Arkansas
- Arizona
- California
- Colorado
- Connecticut
- Delaware
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Missouri
- Mississippi
- Montana
- Nebraska
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- Utah
- Vermont
- Virginia
- West Virginia
- Wisconsin
- Washington DC
Personal Tax Strategies
Many people think taxes are simply a chore, something to attend to once a year. Anyone with that attitude is probably leaving money on the table, whereas those who plan ahead to avoid paying unnecessary taxes are the real winners. For high-net-worth individuals, Personal Tax Strategies require careful attention across a wide range of areas with the long view in mind. Regardless of your income level, visit this page frequently to find useful personal tax strategies.
Small Business Tax Strategies
If you’re running a small business, then finding time to keep up on money-saving tax strategies can be a challenge. That’s complicated by the fact that tax laws are constantly changing. I&U CPA LLC dedicated this page to strategic tax planning for small business owners. Our CPAs and tax accountants keep updating this small business tax strategies page constantly so keep visiting frequently to benefit the most.