May 2016
Haven't filed a 2015 tax return yet? Don't worry; it's not too late--and it's not as hard as you may think
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Looking to save money on your taxes this year? It's never too early to start planning ahead.
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If you're age 70 1/2 or older, you can now take advantage of recent legislation that allows you to avoid paying income tax on IRA withdrawals transferred directly to a qualified charitable organization. Referred to as Qualified Charitable Distributions (QCDs), they can also be used to satisfy all or part of your required minimum distribution.
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Given current economic conditions, you may be faced with tax questions surrounding a job loss and unemployment issues. Here are some answers.
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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 country destinations are created equal. Here's what you need to know.
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TAX DUE DATES 

 

May 2

Employers - Social Security, Medicare, and withheld income tax. File form 941 for the first quarter of 2016. 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 May 10 to file the return.

May 10

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

 

Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2016. This due date applies only if you deposited the tax for the quarter in full and on time.

May 16

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in April.

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in April.  

IN THIS ISSUE
Tax Tips

QuickBooks Tips
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