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Featured Articles For June, 2013
Net
Investment Income Tax: What You Need to Know
Now that the 2012 tax season is over, it's time to
focus on tax planning for 2013. One of the most significant tax changes
this year is the Net Investment Income Tax that went into effect on
January 1, 2013. Keep reading to learn more about this new tax and how
it might affect you.
Sell
Your Home But Keep the Profits
Thinking about selling your home this year? Learn how
to avoid capital gains tax and why home improvements that qualify for
the residential energy property credit can make a difference.
Eight
Ways Children Lower Your Taxes
Did you know that having children can decrease your
tax burden? Check out the top eight ways having kids can mean lower
taxes for your family.
Starting
a Business? Three Things You Must Know
Deciding to start a business is an exciting time in
your life, but there's more to it than simply writing a business plan.
It also means filing the proper state and federal forms that make your
business legal and allow you to hire and pay your employees. With so
much to be done and so little time, here's a quick look at what you
need to do first.
Tax Tips
Start
Planning Now for Next Year's Tax Return
6
Facts on Tax Refunds and Offsets
Are
Your Social Security Benefits Taxable?
8
Facts to Know if You Receive an IRS Letter
Tax Due Dates
June 10
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Employees - who work for tips.
If you received $20 or more in tips during May, report them to your
employer. You can use Form 4070.
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June 17
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Individuals - If you are a U.S.
citizen or resident alien living and working (or on military duty)
outside the United States and Puerto Rico, file Form 1040 and pay any
tax, interest, and penalties due. (U.S. citizens living in the U.S.
should have paid their taxes on April 15.) If you want additional
time to file your return, file Form 4868 to obtain 4 additional
months to file. Then file Form 1040 by October 15. However, if you
are a participant in a combat zone, you may be able to further extend
the filing deadline.
Individuals - Make a payment of
your 2013 estimated tax if you are not paying your income tax for the
year through withholding (or will not pay enough tax that way). Use
Form 1040-ES. This is the second installment date for estimated tax
in 2013.
Corporations - Deposit the second
installment of estimated income tax for 2013. A worksheet, Form
1120-W, is available to help you estimate your tax for the year.
Employers - Nonpayroll withholding.
If the monthly deposit rule applies, deposit the tax for payments in
May.
Employers - Social Security, Medicare, and withheld
income tax. If the monthly deposit rule applies, deposit the tax
for payments in May.
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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
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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.
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