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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 Taxes
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 »Upcoming Major Tax Deadline – May 31, 2013
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.
READ MORE »Are My Estimated Payments Enough?
No one wants to be charged an underpayment penalty. So, how can you be sure that the quarterly estimated payments you’re making are sufficient to cover your tax liability? If a taxpayer’s quarterly estimated tax payments equal at least 90% of their tax liability for 2013, the underpayment penalty will generally not apply. An alternative way [...]
READ MORE »May 2013 Tax Tips
When you rebalance your portfolio this year, remember that selling both winners and losers in the same year lets you offset your capital gains with losses. In addition, you can use up to $3,000 in net losses to offset ordinary income for the year. Your investment strategy should take taxes into account but should not be [...]
READ MORE »Tax Glossary: Wash Sale
Wash Sale: The sale of stocks, bonds or mutual fund shares for a loss when, within 30 days before or after that sale, you buy the same or substantially identical securities. The law forbids the deduction of the loss, but the denied loss is added to the cost basis of the new shares which will [...]
READ MORE »Deadline Still Looming Despite Shorter “Tax Season”
“Tax Season” (or as we briefly refer to it around here, “Season”) may seem like it’s flying by this year. Frankly, that’s because it is. With the IRS’ delayed opening on January 30, 2013 and the lack of holidays pushing back the April 15th deadline, tax season is only a 75 days this year. Compare [...]
READ MORE »April 2013 Tax Tips
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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