Brinkman & Company
Be Sure To Meet These June Deadlines

 

Monday, June 15

Make the second quarterly payment of your estimated income tax
 

Make the second quarterly payment of your estimated income tax.

 

Is your business a corporation with a calendar year-end? The due date is June 15th for second quarter corporate estimated payments.

 

If you're a U.S. citizen, resident alien, or member of the military living or stationed abroad, your tax return or request for a four-month extension is due. If you did not pay the tax due by April 15, you can submit what you owe today with your completed income tax return. No penalties will apply, but you'll be charged interest.

Tuesday, June 30
  Report 114, Report of Foreign Bank and Financial Accounts, must be filed electronically. This report, also known as "FBAR," is required if you have an interest in foreign bank, savings, or investment accounts and the aggregate value of those accounts exceeded $10,000 at any time during 2014. No extensions are available.

 

Contact our office if you need assistance or more details about the filing requirements of these returns.

 

Plan Your Capital Gains

 

Your summer portfolio review may reveal opportunities for tax planning. Here are capital gain rules to consider.

 

You have a capital gain when the amount you sell an asset for exceeds your basis in that asset. Capital gains can be offset with current year capital losses as well as losses you carry forward from prior years.

 

For 2015, capital gain tax rates range from zero to the highest personal federal income tax rate. Your capital gains may also be subject to the 3.8% net investment tax. The actual rate depends on how long you own an asset, the type of gain, and your federal income tax bracket.


 

Assets you've owned a year or less when you sell are "short-term" and are taxed at regular income tax rates.

 

Assets you sell in 2015 after owning them more than a year are generally subject to a 15% or 20% tax rate. You may qualify for a zero percent rate - no tax at all on the gain - when you're married filing jointly with taxable income of $74,900 or less ($37,450 for singles).

 

Please call to discuss how managing your capital gains can benefit you.

 

 

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Please call to discuss how managing your capital gains can benefit you.
Contact Us
Danielle L. Brinkman-Vera, CPA
Brinkman & Company
805-485-7194