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September 2007
Issue: 3
Corporate Tax Returns and Estimated Tax Payments
 
I hope everyone is enjoying the last few weeks of summer!  We would like to remind all of our clients that the extension deadlines are coming up.  Corporate returns that were extended are due on September 17th and Individual returns that were extended are due on October 15th.  If you extended either of these returns, please contact us to get these filed by the deadline.  Also, the 3rd installment of individual estimated tax payments for 2007 are due on September 17th.
 
Pay attention to this month's article on Health Savings Accounts.  If you are eligible, it is a great way to make all of your medical expenses tax deductible!
 
Enjoy this months newsletter!

As the cost of traditional health coverage escalates, more and more companies are turning to health savings accounts (HSAs) to help provide for employees' medical care. According to a 2006 survey, 28% of employers offered HSAs last year. That number is expected to reach 41% in 2007. Why there's so much interest...

Read more...

Can You Take a Home Office Deduction?

If you plan to run your small business out of your home you may be temped to "write-off" many of your household expenses. But how do you know what is deductible and what is not? The IRS has some advice that may help answer the question: "Can I take a Home Office Deduction?"

Read more...

Tax Savings for Married Couples Who Work Together
 
It was once very common for married couples to work side by side -- on the family farm. Today, while the number of family-owned farms is few, there is an ever-growing number of couples who co-own businesses and are together 24/7 -- at work and at home.

Another group of couples spend just as much time together, with one spouse working as the employee of the other.

These business arrangements present unique financial opportunities and traps. What couples who work together need to know...

In This Issue
Health Savings Accounts
Can you take a home office deduction?
Tax Savings for Married Couples Who Work Together
Independent Contractor versus Employee
Upcoming Tax Deadlines

Independent Contractor Verses Employee

Are your workers independent contractors or employees? The answer can have a profound impact on how much tax you pay as a small business owner. Knowing whether your workers are or are not employees will affect the amount of taxes you must withhold from their pay.

Read more...

Upcoming Tax Deadlines

 
September 17th - Extended corporate returns are due
 
September 17th - 3rd installment of individual estimated tax payments for 2007 is due
 
September 17th - August payroll depoits are due for monthly payroll tax depositors
 
September 30th - End of 3rd quarter
 
October 15th - Extended individual income tax returns are due
 
Please let us know if there is anything we can do for you!!

Thomas R. Vetscher, CPA
John T. Vetscher, CPA

651-690-2250

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