timely tax information from RE/MAX Classic Group's accoutant

From time to time I will be featuring information from my friends and associates from other industries:

1. LOURI’S UPDATE

The deadline for senior and disabled homeowners to file 2005 homeowner property tax rebate applications has been extended to August 15. The deadline for filing a 2005 Senior Freeze (Property Tax Reimbursement) application has also been extended to August 15. The original due date for applications for both relief programs was June 1.  New Jersey residents who owned a home as their principal residence on October 1, 2005, paid property taxes on that home, and meet certain income limits may be eligible for the 2005 FAIR homeowner rebate. Applications for this program were mailed to senior and disabled residents in May, and are expected to be sent out to nonsenior, nondisabled homeowners in July.  Under the second relief program, the Senior Freeze (Property Tax Reimbursement), eligible senior citizen and disabled homeowners are reimbursed by the State for the difference between the amount of local property taxes paid in “the base year” (the year they became eligible and first filed for the program) and the amount of property taxes paid for the reimbursement year. Applicants must satisfy ownership and residency requirements and meet certain income limits. Income eligibility thresholds increased this year from $40,869 to $41,972 for single applicants and from $50,113 to $51,466 for married applicants. Filers must continue to meet all eligibility requirements and must file an application each year to receive the reimbursement.

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2. IMPORTANT DATES - MARK YOUR CALENDAR

June 15 – Individual estimated income tax payments are due

June 15 - Payroll Tax- Federal tax deposit for monthly depositors  

June 20 - NJ Sales & Use Tax - monthly sales tax submission for May

June 30 - Payroll Tax - state quarterly payroll tax estimates  

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3. MANAGING THE COSTS OF HIGHER EDUCATION

The cost of a college education is high and getting higher.

A two-year college currently averages $10,458 per year, and

that price skyrockets to $27,677 per year for a four-year

private college. Here are the top five things every parent

(or grandparent) should know about paying for a college

education. http://www.moneymattersnj.com/story.cfm?sid=11733

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4. TAX PLANNING FOR NEWLYWEDS

Marriage brings many joys and a few unexpected challenges,

such as filing your taxes together. By starting now, well in

advance of tax season, completing your first tax return as

husband and wife will go more smoothly. Here are several

items for your income tax to-do list.

http://www.moneymattersnj.com/story.cfm?sid=11745

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5. HIRING A SUMMER HOUSEHOLD HELPER? BETTER BRUSH UP ON

EMPLOYMENT TAXES

If you’ve hired someone to care for your children this

summer - or for the entire year - you may have to pay

employment tax. These taxes, referred to collectively as the

"nanny tax," actually apply to any household employee who

works in your home or on your property. Here are answers to

common questions concerning employment taxes.

http://www.moneymattersnj.com/story.cfm?SID=11743

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6. FINANCIAL TIPS FOR COLLEGE GRADUATES

Graduation for millions of college students means its time

to trade in books and binders for bills and budgets. Here’s

some advice to help college graduates become financially

independent.

http://www.moneymattersnj.com/story.cfm?sid=11744

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7.

EIGHT WAYS

TO BE BETTER PREPARED FOR LIFE’S FINANCIAL

EMERGENCIES

Life is full of unknowns. While it’s unsettling to think

illness, job loss or a disaster could drain your financial

resources, financial emergencies can and do occur. The good

news is that with a little planning you can minimize the

impact of an unexpected financial crisis.

http://www.moneymattersnj.com/story.cfm?sid=11746

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8. PLANNING AND FINANCIAL CONCERNS OF DIVORCING COUPLES

While divorce is certainly a time of emotional turmoil, it’s

a time of financial upheaval as well. The financial change

brought about by divorce can be particularly devastating to

families with children and to older couples who have

assigned the career duties to one spouse and the homemaking

duties to the other.   Our firm can help with some of this, so please let us know if you need assistance.

http://www.moneymattersnj.com/story.cfm?sid=11676

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9. ADDITIONAL HEADLINES

* Bundle of Joy, Bundle of Money

  Here are the top nine financial shocks that parents face

  when they add a child to their family.

  http://www.nj.com/business/ledger/index.ssf?/base/business-3/1146805717227840.xml&coll=1

* Gas Rewards: The New Frequent Flier Mile?

  To help offset the high price of gas, take advantage of

  the gas reward/rebate programs being offered by many

  companies.

  http://www.accountingweb.com/cgi-bin/item.cgi?id=102160

* Formulas for Success in Family Businesses

  Communicate, make time to have fun, and above all, work

  hard.

  http://www.accountingweb.com/cgi-bin/item.cgi?id=102075

* Proper Design of Long-Term Care Insurance Is Key

  Four steps to help you know that a long-term care policy

  design is right for you.

  http://www.moneymattersnj.com/story.cfm?sid=11495

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