Financial Tips & Tax Due Dates for July 2012

-   Estate Plan Checkup 

Give some thought to your estate plan. How do you want your assets to be distributed at your death? Federal estate tax may be a factor. Please call us for guidance on how to minimize estate taxes and probate costs, so that the maximum amount goes to your desired beneficiaries.

Examine Property Tax Bills
Examine your property tax bills and explore the possibility of challenging the valuation.

Budget vs. Actuals
Compare June income and expenditures with your budget. Make adjustments, as appropriate, to your July expenditures. Make sure you have invested your planned savings amount for June.

Investment Review
Review your investment performance for the first half of the year. Consider reallocating underperforming or low-yielding assets.

Tax Due Dates for July 2012

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 2012. 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 2011. 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 2012 but less than $2,500 for the second quarter.