Richard Smith Tax newsletter

Richard Smith & Associates     Read Our Newsletter Financial Calculators Tax Center Free Reports Contact Us Featured Articles For August, 2013   How to Save for College Tax-Free The need to set money aside for a child's education weighs heavily on the minds of most parents, but there are plans out there to help. Learn how two of them, Qualified Tuition Programs and Coverdell Education Savings Accounts, help you save money for college while providing tax relief as well. Tax Planning for Small Business Owners Many small business owners ignore tax planning. They don't even think about their taxes until it's time to meet with their accountants. Keep reading to learn why tax planning is invaluable for your small business. Leaving a Business: Which Exit Plan Is Right For You? There are only four ways to leave your business: transfer ownership to family members, Employee Stock Option Plan (ESOP), sale to a third party, and liquidation. Which one is right for you? Keep reading to learn more. Tax Tips Seven Tax Tips for Students with a Summer Job Five Tax Tips if You're Starting a Business Eight Tips to Determine if Your Gift is Taxable   Tax Due Dates August 12 Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2013. 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. August 15 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. Click here to read the rest of the newsletter. Please call us at (408)446-5551 if you have any questions. Richard Smith & Associates 10050 N. Wolfe Rd. Suite SW2-140 Cupertino, CA 95014 www.richardsmithtax.com  (408)446-5551   These newsletter articles are not to be used by the recipient for the purpose of avoiding federal tax penalties that may be imposed on any taxpayer.