Review Your Insurance Policies
You reviewed your “asset” policies in April. This month, review your life, health, and disability insurance policies. Check with your employee benefits office as to what programs are available. Make certain you have adequate coverage. Call us to determine the appropriate amounts for your age and income.
Lower Your Utility Costs
Review your utility costs for the year. Make certain you are getting the best possible deal where multiple providers are available. For example, obtain competitive quotes for long-distance phone service. For other utilities, review your usage to see if any savings are available. Consider the use of annual “budget” plans with the utilities to even out annual payments.
Analyze Budget vs Actuals
Compare May income and expenditures with your budget. Make adjustments as appropriate to your June expenditures. Make sure you have invested your planned savings amount for May.
Tax Due Dates for June 2011
| June 10 | Employees – who work for tips. If you received $20 or more in tips during May, report them to your employer. You can use Form 4070. |
| June 15 | Individuals – If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. (U.S. citizens living in the U.S. should have paid their taxes on April 18.) If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file. Then file Form 1040 by October 17. However, if you are a participant in a combat zone, you may be able to further extend the filing deadline.
Individuals – Make a payment of your 2011 estimated tax if you are not paying your income tax for the year through withholding (or will not pay enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2011. Corporations – Deposit the second installment of estimated income tax for 2011. A worksheet, Form 1120-W, is available to help you estimate your tax for the year. Employers – Non-payroll withholding. If the monthly deposit rule applies, deposit the tax for payments in May. Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in May. |
© 2011, Bruce Mc. All rights reserved.
