June 15 - Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, June 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for May 2011. This is also the due date for the non-payroll withholding deposit for May 2011 if the monthly deposit rule applies. June 15 - Corporations Deposit the … [Read more...] about Due Date Reminders – Business – June 2011
Due Date Reminders – Individual – June’2011
June 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your employer on IRS Form 4070 no later than June 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover … [Read more...] about Due Date Reminders – Individual – June’2011
Parents Can Get Credit for Sending Kids to Day Camp
With summer just around the corner, there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age during the school vacation period. A popular solution — with a tax benefit — is a day camp program. The cost of day camp can count as an expense towards the child and dependent care credit. But be … [Read more...] about Parents Can Get Credit for Sending Kids to Day Camp
Surprised By the Kiddie Tax? There Are Ways To Avoid It!
To prevent parents from placing investments in their children’s names to take advantage of the child’s lower tax rate, Congress created, several years back, what is referred to as the “Kiddie Tax”. Under the Kiddie Tax, a child’s investment income in excess of $1,900 is taxed at the parent’s tax rate rather than the child’s. These rules do not apply to married children who … [Read more...] about Surprised By the Kiddie Tax? There Are Ways To Avoid It!
Can You Write Off a Bad Debt?
Most small businesses have receivables that cannot be collected. These receivables can be from the sale of products, providing services to customers, or a combination of the two. Whether or not a bad debt deduction will apply generally depends upon which accounting method is used (either the cash or accrual method). Why does this make a difference? Let’s look at what … [Read more...] about Can You Write Off a Bad Debt?