June 2018
Section 529 plans are a popular college savings vehicle for parents. Thanks to the passage of the Tax Cuts and Jobs Act, they can now be used for pre-college education expenses as well.
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Crowdfunding websites such as Kickstarter and GoFundMe have become increasingly popular for both individual fundraising and small business owners. The upside is that it's often possible to raise the cash you need; the downside is that the IRS might consider that money taxable income. Here's what you need to know.
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Have you filed your federal tax return and then discovered a mistake? You might need to file an amended tax return. Then again, you might not.
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If you're thinking about hiring new employees this this year you won't want to miss out on tax breaks available to businesses with employees.
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Part-time and seasonal employees are subject to the same tax withholding rules that apply to other employees.
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TAX DUE DATES

June 11

Employees who work for tips - If you received $20 or more in tips during May, report them to your employer. You can use Form 4070.

June 15

Individuals - If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. U.S. citizens living in the U.S. should have paid their taxes on April 17. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file. Then file Form 1040 by October 15. However, if you are a participant in a combat zone, you may be able to further extend the filing deadline.
Individuals - Make a payment of your 2018 estimated tax if you are not paying your income tax for the year through withholding (or will not pay enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2018.
Corporations - Deposit the second installment of estimated income tax for 2018. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in May.
Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in May.

IN THIS ISSUE
Tax Tips

QuickBooks Tips

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