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Second quarter 2013 individual estimated tax is due. Due date for calendar-year corporations to pay second installment of 2013 estimated tax. Due date for calendar-year trusts and estates to pay second installment of 2013 estimated tax.
READ MORE »Posts tagged Business
June 2013 Tax Tips
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 [...]
READ MORE »Summer Tax Tip: Put Your Child to Work This Summer!
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 [...]
READ MORE »Employers: The Importance of I-9 Form Compliance
In 2012, the US Immigration and Customs Enforcement Agency audited more than 3,000 organizations for I-9 compliance. This number is twelve times higher than 2007. The new Employment Eligibility Verification form was released this past March and is now two pages. The instructions are lengthier and there are new fields in Section 1 (email address, [...]
READ MORE »Tax Glossary: Vested Benefits
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. [...]
READ MORE »Upcoming Major Tax Deadlines – April 15, 2013
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 [...]
READ MORE »Upcoming Major Tax Deadlines – April 1, 2013
Deadline for payers who file electronically to file 2012 information returns (such as 1099s) with the IRS. Deadline for employers who file electronically to send copies of 2012 W-2s to the Social Security Administration.
READ MORE »March 2013 Tax Tips
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 [...]
READ MORE »Major Tax Deadlines – March 15, 2013
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 »2012 Year-End Business Tip: Depreciation
If you are purchasing assets with useful lives of 20 years or less (machines, equipment, etc), try to place them in service by December 31, 2012. After 2012, 50% bonus depreciation is scheduled to end and many feel it won’t be revived. In addition, Section 179 expensing is also available for assets placed in service [...]
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