TIPS FOR THE MONTH - JUNE

The Supreme Court expects to rule on Affordable Care Act subsidies in June. Watch for details.

June 15 is the due date for making the second payment of 2015 individual estimated tax.

June 15 is the due date for the second quarter 2015 estimated tax payment for calendar-year corporations.

June 30 is the date by which the report on foreign financial assets and accounts (FBAR) must be received by the Treasury Department.

No extension is available for the June 30 deadline to report on foreign bank or financial accounts.

U.S. citizens and resident aliens living overseas or serving in the military outside the U.S. must file 2014 tax returns by June 15.

You can increase your social security benefits by waiting to start drawing until after your "normal" retirement age.

Small businesses are more vulnerable to embezzlement than large businesses due to lack of separating financial duties.

If you have a disabled family member, check into the new ABLE (Achieving a Better Life Experience) tax-saving plan.

The fact that you were not required to file a tax return due to your income level does not provide for an automatic refund of tax paid in.

Do you know that you can give five years of contributions to a 529 college plan all in one year?

If you are considering selling business or investment property and repurchasing another, look into the tax-deferred exchange.

IRAs inherited from a spouse get different tax treatment than those inherited from other individuals.

Hire your children to work in the family business. This may shift income into a lower bracket. Pay must be reasonable for the job done.

Do you have a vacation home? Rent it out for two weeks or less completely income tax free.

If you receive a notice from the IRS, see your tax advisor. IRS problems will not go away on their own.

Please give us a call to discuss this or any of our other topics with you, so we can address your specific requirements.

DiSabatino CPA
Michael DiSabatino
651 Via Alondra Suite 715
Camarillo, CA 93012
Phone: 805-389-7300
ww.sharpcpa.com

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