July Newsletter Richard Smith and Associates

Richard Smith & Associates

Featured Articles For July, 2013   Paying Off Debt the Smart Way Between mortgages, car loans, credit cards, and student loans, most people are in debt. While being debt-free is a worthwhile goal, most people need to focus on managing their debt first since it's likely to be there for most of their life. Here are some tips to help you do just that. Travel & Entertainment: Maximizing Tax Benefits As a self-employed individual you are legally entitled to deduct certain expenses such as travel and entertainment. Keep reading to learn more about deducting these expenses and how you can maximize the tax benefits. Tips for Safeguarding Financial Records With the 2013 hurricane season now under way and memories of tornadoes, floods, and other natural disasters fresh in our collective minds, now is the time to begin thinking about protecting your tax records and financial documents. Here's a step by step guide to what you can do to safeguard your financial records. Tax Tips Managing Tax Records After You File Best Filing Status for Married Couples Injured or Innocent Spouse Relief: The Facts   Tax Due Dates July 10 Employees Who Work for Tips - If you received $20 or more in tips during June, report them to your employer. You can use Form 4070. July 15 Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in June. Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in June. July 31 Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2013. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until August 12 to file the return. Employers - Federal unemployment tax. Deposit the tax owed through June if more than $500. Employers - If you maintain an employee benefit plan, such as a pension, profit sharing, or stock bonus plan, file Form 5500 or 5500-EZ for calendar year 2012. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends. Certain Small Employers - Deposit any undeposited tax if your tax liability is $2,500 or more for 2013 but less than $2,500 for the second quarter. 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.