July 15 If the monthly deposit rule applies, employers must deposit the tax for payments in June for Social Security, Medicare, withheld income tax, and non-payroll withholding. August 1 If you have employees, a federal unemployment tax (FUTA) deposit is due if the FUTA liability through June exceeds $500. The second quarter Form 941 [...]
The Section 199 tax deduction was first introduced with the American Jobs Creation Act of 2004. It was intended to primarily benefit America’s manufacturing industry. Indeed, sometimes the tax break is called the “manufacturers’ deduction” or the “domestic production activities deduction.” But, helpfully, eligibility for the break is broad enough to include man other types [...]
Life insurance typically is a key component of an estate plan. To keep the value of a life insurance policy you already own out of your taxable estate, or to achieve other planning goals, it may make sense to transfer the policy. But income tax traps exist. One is the transfer-for-value rule. So before making [...]
The coming and going of Memorial Day marks the beginning of summer in the minds of many Americans. Although the kids might still be in school for another week or two, summer day camp is rapidly approaching for many families. If yours is among them, did you know that sending your child to day camp [...]
As a business owner, you’ve probably heard plenty about depreciation-related tax breaks. But, often, such discussions focus only on the tax benefits of buying assets such as heavy equipment, office furniture and computers. Don’t forget that the Internal Revenue Code also allows depreciation breaks for a company’s real property. SECTION 179 Section 179, for example, [...]
Restructuring debt has become a common approach to personal financial management. But many people fail to realize that there’s often a tax impact to debt relief. And if you don’t anticipate it, a winning tax return may turn into a losing one. LESS DEBT, MORE INCOME Income tax applies to all forms of income – [...]