July Newsletter, Tax Due Date

Filed in Tax, Savings by on July 15, 2011
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Featured Articles For July, 2011 (See Tax Due Date below)

How to Save for College Tax-Free
The need to save for college weighs heavily on most parents – but there are plans out there to help. You still need to set aside a significant amount of money, but if you use a 529 plan or a Coverdell ESA, you’ll save big on taxes.

Protecting Financial Records from Wild Weather
So far, 2011 has seen its share of tornadoes and floods – and hurricane season is just getting started. Don’t let a natural disaster ruin more than your property. Take steps now to safeguard your financial records.

Getting a Tax Credit for Your Honey Do List
With all the jobs to do around the house, wouldn’t it be nice to get a tax credit for some of them? If you’re tightening up your home to save on energy, you just might be able to. Read this article to learn how.

Tax Tips

2011 IRS Mileage Rates Changed for July 1, 2011
Do You Need to Pay Estimated Taxes?
After I Do – Best Filing Status for Married Couples
Deducting Your Home Office
Got a Letter from the IRS? What You Need to Know

QuickBooks Tips

Job-Tracking Adds Precision to Your QuickBooks Company

Financial Planning Tips

Estate Plan Checkup
Examine Property Tax Bills
Budget vs. Actual
Investment Review

Tax Due Date

July 11Employees Who Work for Tips – If you received $20 or more in tips during June, report them to your employer. You can use Form 4070.
July 15Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in June.

Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in June.

August 1Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2011. 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 2010. 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 2011 but less than $2,500 for the second quarter.

Click here to read the rest of the newsletter.

Please call (954)903-7250 if you have any questions.

These newsletter articles are not to be used to improperly avoid federal tax penalties.

 

 

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