In This Issue
Tax effects on inheritance
Depreciation primer
Vehicles
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Reminders
Reminder   

August 10
* Individuals 
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.

* Businesses 
Employers : Social security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2020. This due date applies on ly if you deposited the tax for the quarter timely, properly, and in full.
August 17
* Businesses - Employers: Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in July.

> Other important dates
August 2020
 

The return of monsoon season is a refreshing turn of events these days. We wish you and yours continued health and fortitude through this most unusual time.
July 2020 monsoon
Individuals
Tax effects on inheritance 
Have you heard of the step-up basis applied to inherited property? Did you know that listing an estate as a beneficiary should be avoided? By knowing the effects of inheritance on your taxes, you can better plan for a favorable outcome. > Consider these points
Inheritance
Businesses
Depreciation primer
Purchasing property for your business or converting it from personal to business will necessarily introduce you to the complex calculations of depreciation. Basis, class life, method and convention determine amount of depreciation. > Here's an outline

Odometer
Vehicles
Speaking of depreciation, businesses can only depreciate a vehicle when deducting actual expenses rather than standard mileage. Though depreciation deduction limits for 2020 were not yet released at the time of writing, charts for 2018 and 2019 are available. > Depreciation charts & more
Need help calculating depreciation of a business asset? Call our office at 505-984-0646  to schedule an appointment.