In December 2024, several key tax deadlines and compliance dates are important for individuals and businesses:
December 10:
- Tipped Employees: Employees who received $20 or more in tips during November must report them to their employer using Form 4070, Employee’s Report of Tips to Employer.
December 16:
- Monthly Depositors: Employers who are monthly depositors must deposit Social Security, Medicare, and withheld income taxes for November.
- Corporations: Corporations are required to deposit the fourth installment of estimated income tax for 2024.
December 31:
- Required Minimum Distributions (RMDs): Individuals aged 73 or older must take their RMDs from traditional IRAs and other retirement plans by this date to avoid penalties. (Investopedia)
- Year-End Tax Moves: This is the final day to make any tax moves for the 2024 tax year, such as charitable contributions or other deductible expenses.
It’s crucial to adhere to these deadlines to avoid potential penalties and ensure compliance with tax obligations.
Posted in Retirement