August 2022 Newsletter
If you're a retiree aged 70 1/2 or older, consider taking advantage of legislation that allows you to reduce or eliminate income tax on IRA withdrawals transferred directly to a qualified charitable organization.
With plentiful opportunities for teen employment this year, now is the perfect time to think about opening a Roth IRA for your minor child.
Inflation is high, and stocks are volatile. If you've received a cash windfall, here are three options.
When changing jobs, one of the most important considerations is what to do with the money in your 401(k) account. Making the wrong move could cost you thousands of dollars or more in taxes and a lower rate of return.
As the new school year begins, teachers, administrators, and aides should remember to keep track of any education-related expenses that could help reduce the amount of tax owed next spring.
Tax Tips
QuickBooks Tips
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Tax Due Dates
August 1
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 2021. 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 2022 but less than $2,500 for the second quarter.
Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2022. 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.
August 10
Employees Who Work for Tips - If you received $20 or more in tips during July, report them to your employer. You can use Form 4070.
Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2022. This due date applies only if you deposited the tax for the quarter in full and on time.
August 15
Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in July.
Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in July.
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Please call us at (310) 666-7772 if you have any questions.
World Accounting Group
10436 Santa Monica Blvd #3030
Los Angeles, CA 90025