BATS Xpress, LLC

October 1 – Review your tax liability

As an individual, you can limit your tax liability  by contributing to your retirement funds, donating to charity, establishing your home office and more. Make sure you are on target to minimize your liability by ensuring all these efforts will be completed by the end the year.

October 12 - Report Tips to Employer 
If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 12. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.
October 15 – Individual Filing Extensions
If you requested an automatic 6-month extension to file your income tax return for 2020, file Form 1040 and pay any tax, interest, and penalties due.