July 2018
Under tax reform, taxpayers who itemize should be aware that deductions they may have previously counted on to reduce their taxable income have disappeared in 2018.
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As a small business owner, figuring out which form of business structure to use when you started was one of the most important decisions you had to make; however, it's always a good idea to periodically revisit that decision as your business grows.
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Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year and also use the home yourself.
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Learn how Budget vs. Actual Reports can help you reach your business goals--with less effort than you might think.
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Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it's important to look at the tax implications because not all retirement destinations are created equal.
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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 16

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 2018. 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 10 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 2017. 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 2018 but less than $2,500 for the second quarter.

IN THIS ISSUE
Tax Tips

QuickBooks Tips

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