Financial Tips for November 2012
Make Gifts to Minimize Estate Taxes
Consider making gifts before year-end to minimize estate taxes. For example, you can give away $13,000 a year to a donee ($26,000 if you are married and your spouse elects to participate) without having to pay the gift tax, thereby reducing your estate tax liability.
Year-End Tax Review Meeting
Estimate your taxes due for the year, and set up an appointment with us to determine what steps you should take before year-end to minimize negative tax consequences.
Review October's Budget vs. Actuals
Compare October income and expenditures with your budget. Make adjustments as appropriate to your November expenditures. Make sure you have invested your planned savings amount for October.
Tax Due Dates for November 2012
| Anytime | Employers - Income Tax Withholding. Ask employees whose withholding allowances will be different in 2013 to fill out a new Form W-4. |
| November 13 | Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2012. This due date applies only if you deposited the tax for the quarter in full and on time. Employees who work for tips - If you received $20 or more in tips during October, report them to your employer. You can use Form 4070. |
| November 15 | Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in October. Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in October. |
We are your financial partners, and we are here to help. Give us a call today.
Security Tax Services LLC
North Sound South Sound
2802 Wetmore Ave, Suite 212 33530 1st Way S, Suite 102
Everett, WA 98201 Federal Way, WA 98003
425.339.2400 253.237.0751
fax 425.259.1099 fax 253.237.0701
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