Unfortunately, many small business owners do not fully understand their cash flow statement. This is shocking, as all businesses essentially run on cash, and cash flow is the lifeblood of your business.
Are you thinking of retiring soon, or changing jobs? You may face a major financial decision: what to do about the funds in your retirement plan. This article will discuss partial withdrawals and full withdrawals.
How do lenders determine who is approved for a credit card, mortgage, or car loan? Why are some individuals flooded with credit card offers, while others get turned down routinely?
Being in debt Is not necessarily terrible. Between mortgages, car loans, credit cards, and student loans – most people are in debt. Being debt-free is a great goal, but you should focus on the management of debt, not just getting rid of it.
Good news! Eligible taxpayers who contracted to buy a home, qualifying for the first-time homebuyer credit, before the end of April now have until Sept. 30, 2010 to close the deal.
Financial Planning Tips
- Prepare a Post-Mortem Letter
- Get Your Social Security Statement of Benefits
- Review Your Budget vs Actuals for July
- Estimate Your Tax Liability
- Tax Benefits for Job Seekers
- What to Do If You Haven Not Filed Your 2009 Return
- Basic Hints to Help New Small Businesses
- Seven Tax Tips for Students with a Summer Job
August Tax Due Dates
Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2010. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until August 10 to file the return.
Employers – Federal unemployment tax. Deposit the tax owed through June if more than $500.
Employers – If you maintain an employee benefit plan, such as a pension, profit sharing, or stock bonus plan, file Form 5500 or 5500-EZ for calendar year 2009. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends.
Certain Small Employers – Deposit any undeposited tax if your tax liability is $2,500 or more for 2010 but less than $2,500 for the second quarter.
Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2010. This due date applies only if you deposited the tax for the quarter in full and on time.
Employees Who Work for Tips – If you received $20 or more in tips during July, report them to your employer. You can use Form 4070.
Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in July.
Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in July.