• Your Canceled Debt Could Be Taxable

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    July 11, 2019

    Featured Articles for July 2019

     
    What to Do if You Receive an IRS CP2000 Notice
    An IRS CP2000 notice is mailed to a taxpayer when income reported from third-party sources such as an employer does not match the income reported on the tax return.

    Deducting Business-Related Car Expenses
    If you're self-employed and use your car for business, you can deduct certain business-related car expenses.

    Your Canceled Debt Could Be Taxable
    Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. There are, however, some exceptions.

    Tax Tips

    Special Tax Breaks for Members of the Armed Forces
    10 Facts about the Adoption Tax Credit
    IRS Ends Tax Transcript Fax and Third-Party Services
    Tax Reform Reminder: Changes to Itemized Deductions

     

    QuickBooks Tips

    Issuing Credit Memos and Refunds in QuickBooks
     

    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 15

    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 2019. 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 12 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 2018. 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 2019 but less than $2,500 for the second quarter.
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    Please call us at 978-537-0716 if you have any questions.
    Dube & Hazelwood, P.C.
    19 Water Street
    Leominster, MA 01453

    www.dh-cpas.com 
    978-537-0716
     
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