In This Issue
W-4 Mid-Year Checkup: Review Your Estimates
Rules for Deducting Interest on Home Equity Debt
Is Your S Corp Paying You Enough?
Tax-Free Reimbursements of Business Expenses
Quick Links
Reminders
Reminder   

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 - Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in June.

July 31
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.

> Other important dates
July 2019
 

Now at the midpoint of 2019, we wanted to check in with some important reminders to help set you up for success in the next tax season. And also, Happy Fourth!!
Individuals
W-4 Mid-Year Checkup: Review Your Estimates

If you're planning on seeing a refund for 2019 based on last year's figures, you may be overlooking changes to the tax code and withholding tables. It's time to look again. > Here's why
House addition
Rules for Deducting Interest on Home Equity Debt

If you paid for that bedroom addition with a home equity loan, the interest is deductible. But wait, there's more... not all home improvements are equal, and not all interest is deductible. > See what applies to you
Businesses
Is Your S Corp Paying You Enough?

Underpaying yourself or a family member could make your S corp liable for unpaid payroll taxes. Following the "reasonable" salary requirement can help mitigate that risk. > Questions to ask yourself
Payroll
Tax-Free Reimbursements of Business Expenses

We have two words for you: accountable plan. Here we offer an outline of this method of substantiating business expenses and paying out tax-free reimbursements to owners and employees for those expenses. > The basics
Need help creating an accountable plan? Call our office at 505-984-0646 to schedule an appointment.