Residential Energy Tax Credits for 2012

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Featured Articles For July, 2012


How to Save for College Tax-Free
The need to set money aside for their child's education often weighs heavily on most parents, but there are plans out there to help. Learn how two such programs, Qualified Tuition Programs and Coverdell Education Savings Accounts, help you save money for college while providing tax relief as well.

Tips for Safeguarding Financial Records
With the 2012 hurricane season now under way and memories of tornadoes, floods, and other natural disasters fresh in our collective minds, now is the time to begin thinking about protecting your tax records and financial documents. Here's a step by step guide to what you can do to safeguard your financial records.

Residential Energy Tax Credits for 2012
If you've been thinking about "going green" this year and making your home more energy efficient, then there's no time like the present, especially if you want to take advantage of those residential energy tax credits still available to homeowners. Keep reading to learn how you can take advantage of these tax credits this year.

Travel and Entertainment: Maximizing the Tax Benefits
Don't overpay your income taxes by overlooking expenses that you are legally entitled to deduct as a self-employed individual. Keep reading to learn how you can maximize the tax benefits of your travel and entertainment expenses.

Tax Tips

Managing Tax Records After You File
Ten Things to Know About Capital Gains and Losses
Injured or Innocent Spouse Relief: The Facts
Saying I Do: Best Filing Status for Married Couples


Financial Planning Tips

Estate Plan Checkup
Examine Property Tax Bills
Budget vs. Actuals
Investment Review


Tax Due Dates

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.

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These newsletter articles are not to be used by the recipient for the purpose of avoiding federal tax penalties that may be imposed on any taxpayer.