September 17 – Third quarter installment of 2012 individual estimated income tax is due. September 17 – Filing deadline for 2011 tax returns for calendar-year corporations that received an automatic extension of the March 15 filing deadline. September 17 – Filing deadline for 2011 partnership tax returns that received an extension of the April 17 filing deadline. October 1 – Generally, the deadline for businesses to adopt a SIMPLE retirement plan for 2012. October 15 –
Scholarships, grants, student loans. Learning about the options available to help you pay for your child’s college expenses requires a lot of homework. Here’s one more thing to study: how to coordinate those sources of funds with your overall financial plan. As you probably know, your income and assets, as well as those of your child, affect eligibility for federal student aid. What may not be so obvious is the role early financial planning can play.
If you extend credit to your customers, some losses are inevitable. So unless you are willing to forgo the credit part of your sales, you have to figure out ways to control your bad debt losses. Once you have extended credit to a customer, you have a stake in continuing the relationship even if you suspect there might be trouble a-brewing. You don’t want to crack down on a good customer too hard too soon; yet
Don’t forget to put a little tax planning on your busy summer agenda. A midyear tax review is essential this year if you want to save tax dollars and time. To get together for a check of your 2012 tax situation, give us a call. This newsletter provides business, financial, and tax information to clients and friends of our firm. This general information should not be acted upon without first determining its application to your specific
The end of the year is the traditional time for securities investors to “harvest” capital losses for federal income tax purposes. But there’s an added wrinkle in 2012: Due to pending tax law changes, you might try to reap more capital gains than losses. Thus, the usual strategy of harvesting losses could be turned upside down. Here’s a recap of the basic rules. The capital gains and capital losses you realize during the year are “netted”
In a 5 to 4 decision, the Supreme Court ruled on June 28 that most of the Patient Protection and Affordable Care Act of 2010 was constitutional. Chief Justice John Roberts wrote the majority opinion that rejected the individual insurance mandate under the commerce clause of the Constitution, but upheld it as part of Congress’s power to tax. In addition to upholding the individual insurance mandate, the ruling means that the tax changes included in the
July 31 is the deadline for filing 2011 retirement or employee benefit returns (5500 series) for plans on a calendar year.
You only have to examine your paycheck to realize certain income is tax-free. For example, health insurance premiums paid by your employer are generally not includible in your income. Do you know the tax status of other types of income? Here’s a short quiz to test your knowledge. 1. You tell your son he’ll be the sole beneficiary of your estate, and that you’ve decided to give him an advance on his inheritance. You hand him
If you’re approaching retirement and are eligible for social security, you have three broad options for drawing your benefits: start early, wait until your “full” retirement age, or hold out a few years longer to qualify for the monthly maximum. *Early withdrawals. Starting your withdrawals at the earliest allowable date (age 62) may be a good idea if you (a) plan to stop working or cut back to part-time status, and (b) really need the income.
With the recent economic downturn experienced by many taxpayers, there is a tax concept that is very important: cancellation of debt. You would think that the cancellation of debt by a credit card company or mortgage company would be a good thing for the taxpayer. And it can be, but it can also be considered taxable income by the IRS. Here is a quick review of various debt cancellation situations. * Consumer debt. If you have
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