July 16 If the monthly deposit rule applies, employers must deposit the tax for payments in June for Social Security, Medicare, withheld income tax, and nonpayroll withholding. July 31 If you have employees, a federal unemployment tax (FUTA) deposit is due if the FUTA liability through June exceeds $500. August 15 If the monthly deposit [...]
In today’s competitive employment market, offering an employee an equity interest in your business can be a powerful tool for attracting and retaining top talent. If your company is organized as a partnership, however, beware of the tax traps of doing so. Employees pay half of the Social Security and Medicare taxes on their wages, [...]
Around this time of year, many people have filed or forgotten about their 2017 tax returns. But you could get an abrupt reminder in the form of an IRS penalty. Here are three common types and how you might seek relief: Failure-to-file and failure-to-pay. The IRS will consider any reason that establishes that you were [...]
Mutual funds are so common these days that many people overlook the tax considerations involved. Here are some tips on how to be tax-smart with these investment vehicles. Avoid Year-End Investments Typically, mutual funds distribute accumulated dividends and capital gains toward the end of the year. It’s generally wise to avoid investing in a fund [...]
Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some longstanding deductions. In response, the IRS recently issued a statement clarifying that the interest on home equity loans, home equity lines of credit and second mortgage will, in many cases, remain deductible. How It Used To Be [...]
Many investors elect to have their distributions automatically reinvested in their mutual funds. But it’s important to remember that those distributions are taxable regardless of whether they’re reinvested or paid out in cash. Reinvested distributions increase your cost basis in a fund, so it’s critical to track your basis carefully to avoid double taxation. If [...]