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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4027
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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WE ARE A S CORP SINCE MAY 2003 AND LAST YEAR IN 2009 WE WENT

Customer Question

WE ARE A S CORP SINCE MAY 2003 AND LAST YEAR IN 2009 WE WENT FROM 1099'S TO PAYROLL. THE YEAR OF 2009 I REPORTED OUR TOTAL ESTIMATED PAYMENTS FROM 1ST QUARTER 2 QUARTER 3 QUARTER AND THE FOURTH QUARTER WAS MONTHLY. THE JAN PAYMENT FOR DEC 2009 I PUT TOWARDS 2009 NOT THIS YEARS. DID I DO IT WRONG SINCE THE PAYMENT WAS MADE IN JAN 2010 FOR DEC 2009 MONTHLY PAYMENT. DID I SCREW US UP?
Submitted: 3 years ago.
Category: Tax
Expert:  Stephen G. replied 3 years ago.

Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Stephen E. Grizey :

No. You did it exactly right. You may consider hiring a payroll service like Paycheck or ADP or one through a local bank. The cost is usually pretty reasonable and it takes a big burden off your shoulders. All you need to convince you is to screw something up once and it will take you forever to straighten it out. So trust me this is 40 years of experience talking........do it now before you mess it up........the payroll service will file all the returns, deposits etc. & if they make a mistake they have to fix it and pay any penalties. Just some food for thought in the new year.

Stephen E. Grizey :

I can't tell you how many times I've had to bail out a client & it usually cost them more for me to fix it than it cost for the payroll service for a whole year, depending upon the screw up.

Customer :

SO CAN I CLARIFY THIS SO I AM ON THE SAME PAGE AS YOU? 2010 TAXES HAVE BEEN ALL AUTOMATIC WITHDRAW SO THE PAYMENT DRAFTING IN JANUARY 2011 FOR PAYROLL DEC 2010

Stephen E. Grizey :

Well it is hard to say for sure but normally yes..........unless you fell into the 3 day deposit rule.

Customer :

LET ME MAKE SURE I UNDERSTAND. THE PAYMENT GETTING READY TO DRAFT THIS MONTH FOR DEC PAYROLL SHOULD BE FILED WITH 2010 TAXES EVEN THOUGH ITS BEING PAID ACTUALLY IN 2011. RIGHT?

Stephen E. Grizey :

Now, a payroll service will normally take the taxes at the same time they issue the payroll checks so I'm not sure what exactly you mean by automatic drafting

Customer :

OUR MONTHLY PAYROLL PAYMENTS ARE ON AUTOMATIC WITHDRAW INSTEAD OF WRITING A CHECK EACH MONTH. THIS IS WHAT OUR ACCT RECOMMENDED FOR US.

Customer :

THE PAYMENTS BEING DRAFTED ARE THE MONTHLY PAYMENTS FOR THE 941 QUARTERLY FORMS

Stephen E. Grizey :

You've got a smart accountant. Is he or she doing the payroll for you? Sounds like you are a monthly depositor & you should be fine. Go back to the football games & Happy New Year. This is a fine time to be worrying about payroll! :]

Customer :

SO WHAT WE DID IS RIGHT. THE PAYMENT FOR DEC THAT IS DUE IN JAN IS APPLIED TO 2010 TAXES

Stephen E. Grizey :

Yes. The payment in January 2011 should be for December 2010. Call you accountant Monday & confirm it & tell him he can't charge you because you already paid me on New Year's Day instead of bothering him. Tell him he owes me a beer too. :]

Customer :

yes i know that but do i deduct that payment that is made in jan 2011 off my 2010 taxes

Stephen E. Grizey :

It's not that simple; you need to talk to your account; there are various ways we handle this situation. I don't want to lead you astray or confuse you any more than I already have or you are. That's a whole different question & it depends on how you are accounting for payroll & payroll taxes. Your accountant will do it consistently, guaranteed.

Stephen E. Grizey :

account = accountant

Customer :

its the 941 form that i am talking about. instead paying quarterly for the entire amount its monthly for that quarter. so this is the last part of that quarterly for the 941.

Stephen E. Grizey :

Yes. Goes in the 3rd column.

Customer :

what do you mean. am i right that this last part of the quarterly that is drafted in jan is filed with 2010 taxes then

Stephen E. Grizey :

Yes.

Customer :

are you sure? and you understand what i am talking about now right?

Stephen E. Grizey :

Yes. It should be obvious when you complete the 941. You need that deposit to balance the liability with the d

Stephen E. Grizey :

deposits.

Customer :

thank you go sooners

Stephen E. Grizey :

Now you say that...........Out of curiosity are you Male or Female? :]

Customer :

so each year the last payment in jan will always go towards that priors years taxes right? female why
?

Stephen E. Grizey :

Now I understand why you're not watching football! Are you trying to bet the first 941 filed in the country or what?

Stephen E. Grizey :

Yes, the Jan payment will, subject to a large increase in payroll which tosses you into the 3 day deposit rule....

Customer :

hey now i do watch football. and no i am not but someone told me if you pay ssomething in 2011 you cant put that on your 2010 taxes. that doesnt make since if its the 4th quarter taxes and they arent do till jan. they said it messes up the business expense and the p&l.

Stephen E. Grizey :

Where did you take the speed typing course?

Customer :

i havent

Stephen E. Grizey :

>00<

Customer :

what is that

Customer :

now whats taking you so long hahah

Stephen E. Grizey :

Never mind "someone".............it can mess things up but not the payroll.............for that question you need to talk with your accountant. I need a drink.

Customer :

what can it mess up. i dont want to get in trouble with the irs. all i want to know does tha

Customer :

is

Stephen E. Grizey :

My fans are waiting............GO Hurricanes!

Customer :

sorry the dog deleted my sentence. all i want to know is the info i am giving her is right. the totals for 2010 payroll 941 payments that are made from feb2010 to jan 2011 are to be filed uinder 2010 taxes

Stephen E. Grizey :

We're done here.......don't worry about it..........it is far too complicated to give you all the ramifications............that's why I went to school 40 years ago! You won't get in trouble with the IRS. Trust me on that. The last guy who went to jail for screwing up payroll was Al Capone!

Stephen E. Grizey :

YES, OMG two woman, one's trying to be a CPA & the other's your accountant............

Stephen E. Grizey :

JUST TEASING DEAR

Customer :

why cant anyone tell me if the jan paymnet getting ready to be made go towards 2010 filing

Stephen E. Grizey :

I told you it is...........you're fine; just like last year............everything's cool ..........you're doing it right!!!!!!!!!!

Stephen E. Grizey :

Please Release Me

Stephen E. Grizey :

or get me a drink, either one

Stephen E. Grizey :

BTW what is "yhtiweoj" ? I have no clue, I admit.

Customer :

you are just upset that the sooner beat those hurricanes

Stephen E. Grizey :

Well, it doesn't help, but that was awhile ago now......you must have still been in diapers

Stephen E. Grizey :

Are you happy now?

Customer :

whatever that was just recent. sorry i am a worry wart when it comes to our taxes. when someone tells me ive done something wrong i get freaked out. i hope you understand.

Stephen E. Grizey :

Of course, but this isn't my first rodeo; if I tell you don't worry; don't worry, I don't say that lightly; now can I go? P L E A S E?

Stephen E. Grizey :

Thankyou Very Much!!

Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4027
Experience: Extensive Experience with Tax, Financial & Estate Issues
Stephen G. and other Tax Specialists are ready to help you

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