Article Highlights Education Loans Home Equity Loans Tapping Retirement Accounts College is just around the corner for many, and paying for tuition and college expenses may require borrowing money. If you are in this situation, here are some tax implications to consider before taking out a loan. There are two possible types of loans that can generate a tax deduction for … [Read more...] about Borrowing Money to Finance an Education?
September 2014 Individual Due Dates
September 1 - 2014 Fall and 2015 Tax Planning Contact this office to schedule a consultation appointment. September 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than September 10. Your employer is required to withhold FICA … [Read more...] about September 2014 Individual Due Dates
September 2014 Business Due Dates
September 15 - Corporations File a 2013 calendar year income tax return (Form 1120 or 1120-A) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension. September 15- S Corporations File a 2013 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you requested an … [Read more...] about September 2014 Business Due Dates
Filing requirements for American Citizen or Green Card Holders.
As an American citizen or Green Card holder you are subject to U.S. taxation of worldwide income, no matter where you go. However, tax can generally be reduced or eliminated by: ● the foreign earned income exclusion, ● the housing exclusion, and ● the foreign tax credit. The foreign earned income exclusion may be available if: ● You are a bona fide resident of a foreign … [Read more...] about Filing requirements for American Citizen or Green Card Holders.
How do I know if I have to pay quarterly individual estimated tax payments?
You must make estimated tax payments for the current tax year if both of the following apply: You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits. You expect your withholding and credits to be less than the smaller of: 90% of the tax to be shown on your current year’s tax return, or 100% of the tax shown on … [Read more...] about How do I know if I have to pay quarterly individual estimated tax payments?