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Tax Tips Newsletter
Serving you since 1993
June 2012 - Vol 7, Issue 6
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We are in our "slow" season so if you are on extension this would be a great time to get your information to us. We have the time to get your returns done before the extension rush.

If you are paying sales tax to the State Board of Equalization you may be aware of a new check processing procedure they are putting in place. Effective September 2012 paper checks will be deposited the same day they are received. The funds will be withdrawn from your bank on the same day.

If you e-file your sales tax returns you will not be affected by this change. You still may pay by ACH (debit), credit card or paper check.

Be sure to "friend" me on Facebook. I'm at Linda L. Heineman, CPA. I send out great tax tips once a week!

Filinf the form

Don't overlook the following two deadlines this month if they apply to you:

* The second quarterly payment of estimated income tax for 2012 is due on June 15.

* TD Form 90-22-1 (Report of Foreign Bank and Financial Accounts) must be filed by June 30. This report, also known as "FBAR," is required if you have an interest in foreign bank, savings, or investment accounts and the aggregate value of those accounts exceeded $10,000 at any time last year. This is not a form that you file with your income tax return. Rather, it is a separate form filed with the Treasury Department in Detroit. The report must be received by the Treasury Department, not postmarked, by the June 30 due date.

Contact my office if you need details about these requirements or filing assistance.
Planning
You probably think of summertime as easy-living time, with vacations, backyard barbecues, and general relaxation the main things on your mind.

But this year you might want to put some serious tax planning on your summer agenda. Big changes are coming in taxes: Unless Congress acts before year-end, January 2013 will bring the end of the Bush-era tax cuts and the end of the 2% payroll tax cut. That means higher tax rates and fewer tax breaks for everyone, but especially for those with higher incomes.

The coming changes create both pitfalls and opportunities that can make a difference in the taxes you pay. You can't control what happens in Washington, but you can consider tax moves that could minimize your taxes for both 2012 and 2013.

This year, more than ever, midyear tax planning is critical. To discuss your situation and find the strategies that are most beneficial for you, give me a call to schedule your midyear tax review.
Summer landscape
Tax Tip of the Week: Does your midyear tax plan include selling investments? Read up on how you can save some money if you're eligible for an income tax benefit. Check out the article of my web site and call me with any questions.

Business Tip of the Month: Todays technology gives us information at our finger tips! This can be a great market research tool for your business. You can keep up on trends by doing your own research which can save you from making costly mistakes. Read the article for more info.

Financial Tip of the Month: Do you have a child going off to college this fall? Help them to form good financial habits during their college years with these helpful tips. Read the article on my web site!

Fraud Alert: Are you looking to start a business and being swayed towards buying a franchise? There are benefits in buying a franchise but there are "red flags" that can tell you if the company is not above board. Don't get ripped off by franchise fraud - read the article for more into.

https://www.facebook.com/pages/Linda-L-Heineman-CPA/266124360085715?ref=tn_tnmn

Photos © Bigstockphotos.com, istockphoto.com, Felix Orona>

Sincerely,
Linda Heineman
Linda L. Heineman, CPA

phone: 626-577-0979