About Taxes: Estimated Payments Due Monday, June 16th
 | from William Perez
Two important deadlines fall on Monday, June 16th. Second quarter estimated tax payments are due. And that's also the day for Americans living abroad to file their return or request an extension.
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In the Spotlight |
Paying Estimated Taxes
You need to make estimated tax payments if your income tax withholding will not fully cover next year's tax liability. This applies mostly to self-employed people, landlords, and investors. Individuals can avoid any penalties by paying at least 100% of their 2007 tax liability or 90% of their 2008 tax through a combination of withholding and estimated payments...read more
| | Reporting Foreign Wages
Americans living abroad have until June 16, 2008, to file a tax return without any late penalties. Wages and self-employment income earned while working in a foreign country can qualify for a tax-free exclusion of up to $85,700 for 2007...read more
| Deducting a Home Office
Consultants and entrepreneurs who work from home can deduct a portion of their rent, mortgage interest, property taxes, utilities, and repairs as a business expense. But to qualify, the home office has to be used exclusively for business purposes...read more
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