Love and marriage – according to the song, they go together like a horse and carriage. But matrimony can leave some couples singing a sad tune when they encounter the ominously name “marriage penalty.” However, for other couples, marriage brings tax-saving opportunities. IN A NUTSHELL When tax brackets for married couples aren’t twice as big [...]
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 [...]
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 – [...]
Like many taxpayers, you probably feel a sense of relief after filing your tax return. But that feeling can change if, soon after, you realize you’ve overlooked a key detail or received additional information that should have been considered. In such instances, you may want (or need) to amend your return. Typically, an amended return [...]
Preserving and managing family wealth requires addressing a number of major issues. These include saving for your children’s education and funding your own retirement. Juggling these competing demands is no trick. Rather, it requires a carefully devised and maintained family wealth management plan. START WITH THE BASICS First, a good estate plan can help ensure [...]