August 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 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 … [Read more...] about August 2012 Individual Due Dates
Personal Tax
Take Advantage of Education Tax Benefits
The tax code includes a number of incentives that, with proper planning, can provide tax benefits while you, your spouse, or children are being educated. Which of these options will provide the greatest tax benefit depends on each individual’s particular circumstances. The following is an overview of the various possibilities. Student Loans—A major planning issue is how to … [Read more...] about Take Advantage of Education Tax Benefits
Raising Cash in Tough Times
A housing market that has not recovered from the big price drops that began several years ago, long-term unemployment, and a still wobbly economy mean tough times for cash-strapped individuals seeking to raise money for an immediate financial need. Compounding the misery is the fact that many people have locked away the lion's share of their savings in a tax-favored retirement … [Read more...] about Raising Cash in Tough Times
Keep Track of Your Basis
Regarding taxes, there is a saying to the effect that “those who keep records win.” If you are an investor, you may have a variety of securities, including stocks, bonds, and mutual funds. When you sell those securities, you want to minimize your gains or maximize your losses for tax purposes. Gains or losses are measured from your tax basis in the investment (asset), making … [Read more...] about Keep Track of Your Basis
Inheritances Can Be Tricky
If you have received an inheritance or anticipate receiving one in the future, this article may answer many of the questions you might have. The process of claiming an inheritance can be quite complex, and it helps to understand the basics and be aware of potential tax liabilities. NOTE: Special rules, not covered in this article, will apply if the decedent’s death … [Read more...] about Inheritances Can Be Tricky