Archived Newsletter: Released 1/8/2020
In this fresh start edition of The Business of Wine, we offer reminders and tips for a peaceful January:
- Due dates are approaching. Your final 2019 income tax estimated payments are due on January 15, 2020.
- Budgeting has benefits for wineries of all sizes.
- Tips for recording dates in 2020.
- Besides the Super Bowl (which this year falls on Feb 2) here are some other important dates to remember.
- Look for your BDCo individual income tax organizer coming in the mail in the next week.
- Here's what's happening in our own Napa Valley.
The final estimated payment for state and federal income taxes is due on January 15th (a week from today.) Act now to make your payments on time. Remember that timely estimated payments help you avoid under-withholding and under-payment penalties when you file your income tax returns.
By taking the time to create bottoms up budgets, you engage your teams and increase your chances of success. Read more about aiming high.
The start of a new year means a new calendar and remembering to write the correct year. But this year brings a unique new challenge in that abbreviated dates might not be secure. If you date a transaction 1/1/20 for example, it could easily be altered to reflect 1/1/2019 or any other year from 2001 to 2099 with the addition of two digits.
Write out the full date, 1/1/2020, to reduce the likelihood of date modifications in sensitive documents (like paper checks.)
- 1099 - MISC forms (and the summary Form 1096) that include non employee compensation (over $600 per recipient) are due to be filed by January 31st with both the IRS and the individual earning the compensation.
- Other types of 1099-MISC are due to be filed by 2/28/2020 if in paper form or 3/31/2020 if filed electronically.
- W-2 forms and the summary form W-3, reporting employee compensation, are also due to the individual and the IRS by January 31, 2020.
|Event and Link||Dates||Location|
|Jan 10 4-6 pm||
Napa County Historical Society
|Napa Neighbors Weekend||Jan 11-12||Wineries around the valley|
|Jan 11-19th after dark||
13 sites around downtown Napa including Oxbow Commons and other Napa locations.