QuickBooks Tip – Reporting Health Coverage on 2012 Form W-2

Employers who filed 250 or more Forms W-2 for 2011 are required to report the cost of employer sponsored group health plan coverage in 2012 on each employee’s form W-2. This requirement is for informational purposes to reflect the value of the employee’s healthcare benefits.

QuickBooks Payroll includes a tax tracking type, Health Coverage Cost, to support this reporting requirement. This allows you to track the cost of healthcare coverage for reporting on the employees’ 2012 form W-2 in box 12, code DD. Additional information is available at Intuit Payroll.

Tax Deadline – October 15th

 Only 25 more days until the filing deadline for all extended individual tax returns. No more time to waste!

Exception for any individuals or businesses within the federally declared disaster areas affected by Hurricane Issac. Those affected have until January 11, 2013 to file their returns.

Specific counties identified within the federally declared disaster area.

Tax Deadlines Monday, September 17th

Final deadline to file Forms 1065, 1041, 1120, and 1120S for 2011 is Monday, September 17, 2012.

The 3rd quarter estimated tax payments for 2012 are due on September 17, 2012.

Federal Tax Payment Options

Paying your taxes is stressful. Reduce a bit of stress by planning ahead and using electronic payment options. View the IRS video to learn more about your payment options.

Electronic payments when e-filing can be scheduled for withdrawal on the due date of the return.

Most electronic payment options are available for individuals and businesses.

Payments with EFTPS can be scheduled in advance up to 365 days for individuals and up to 120 days for businesses .

Most states have electronic payment options available. Visit your state department of revenue online to learn more.

Tax Free Rental Income-Do You Qualify?

The IRS provides a video to learn if you qualify for tax free rental income on your vacation home.

As always, you should document your transactions and save all itemized receipts. 

Thorough records help you receive eligible tax deductions and provide proof you are entitled to tax free rental income.

Consider keeping a calendar record to show the days occupied and by whom to easily count the rental days at year end.

Track days when home repairs are made while you occupied the home to possibly deduct travel expenses.

THIS SEPTEMBER 11: HONOR, REMEMBER, REUNITE

“May the lives remembered, the deeds recognized, and the spirit reawakened be eternal beacons, which reaffirm respect for life, strengthen our resolve to preserve freedom, and inspire an end to hatred, ignorance and intolerance.”

These words are part of the mission statement of the National September 11 Memorial & Museum at the World Trade Center in New York City. As the nation and world mark the 11th anniversary of the 9/11 attacks, Holt Pros shares the sentiments of the 9/11 Memorial and call upon the readers to make Sept. 11, 2012 a day of commemoration.

Take a moment to remember and honor the thousands of innocent men, women, and children murdered by terrorists in the horrific attacks of February 26, 1993 and September 11, 2001. Thank your local first responders for their dedication to protecting your community. Remember the many Americans who have served and are currently serving in our nation’s military—many of whom enlisted as a response to the 9/11 attacks.

Let us come together this 9/11 to honor, remember and reunite. For more information from the National September 11 Memorial & Museum, visit 911memorial.org.

Great State Guide to Taxes for Savvy Seniors

Savvy Seniors will want to check out the link to Kiplinger‘s state guide on taxes for retirees. They offer information on which states they consider to be the most tax friendly for seniors. It includes a tax map for you to click on any state to get comprehensive details on how seniors are taxed for income, property and sales tax, including available exemptions or discounts. Great source of information in choosing where to spend your golden years and how to stretch your fixed income.

State-by-State Guide to Taxes on Retirees.

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