If you are going to be out of town this summer, consider renting your home while you’re gone. The IRS allows you to receive up to 14 days of rental income per year completely tax-free. If you are planning a summer business trip, you and your spouse may be able to travel for little more than you [...]
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If you run your own small business, hiring your child for the summer may be a win-win situation. More of your money will be kept out of the IRS’s hands while your child earns some extra money and hopefully gains some valuable workplace skills along the way. Keep reading below to discover some benefits to [...]
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Deadline for trustees to file with the IRS Form 5498, annual statements for IRAs, SEPs, SIMPLEs, Roth IRAs, and education savings accounts. Copies must be sent to plan participants.
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Tax season is finally behind us, and what a busy season it was! Now that most Americans have filed their tax returns, we’ve reached the time of year in which we often see an epidemic of sorts. One of our favorite bloggers ( G.E. Miller of 20SomethingFinance) has dubbed this epidemic “Tax Refund Windfall Syndrome”. [...]
READ MORE »Vested Benefits: Benefits in a company retirement plan that are yours to keep if you leave the job. Your own contributions, to a 401(k), say, are immediately 100% vested. But employer contributions on your behalf can be vested gradually over a period of time, as a way to encourage you to stay with the employer. [...]
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If you don’t have an IRA (individual retirement account) and you qualify for a deductible one, setting one up and making a contribution before the April 15 deadline can cut your 2012 taxes. Be sure to make clear to your bank or broker that the contribution is for 2012 even though you’re making it in 2013. [...]
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Deadline for filing 2012 individual tax returns. Deadline for filing 2012 partnership returns. Deadline for filing 2012 gift tax returns. Deadline for making your 2012 IRA contribution. Deadline for filing 2012 estate and trust income tax returns. First installment of 2013 individual estimated tax is due. Due date for calendar-year corporations to pay first installment [...]
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Elect S Corporation status. If your sole proprietorship or partnership is producing a net profit in excess of a reasonable compensation for your time, you could save money by incorporating and electing S status. The deadline for making an election for calendar-year 2013 is March 15. If you had self-employment income in 2012, you can contribute [...]
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2012 calendar-year corporation income tax returns are due. Deadline for calendar-year corporations to contribute to certain retirement accounts and still receive a tax deduction for 2012. Deadline for calendar-year corporation to elect S corporation status for 2013.
READ MORE »Lump-sum Distribution: The payment within one year of the full amount of your interest in a pension or profit-sharing plan. To qualify as a lump-sum distribution — and for favorable tax treatment — other requirements must be met.
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