Tax Tips for Creatives
by Eric Ja. Adams

I hate taxes, you hate taxes, even tax accountants hate taxes. The trick is not letting that hate turn into ignorance or avoidance. Eric J. Adams explains how a little planning can help you reduce your tax liability. His tax-year calendar is a must-have for everyone who forks over funds to the U.S. government. Here's just one day from that calendar. Can you guess which one?

• File individual and gift tax returns (or an application for an extension).
• File Schedule H (Form 1040) with your tax return if you paid cash wages of $1,400 or more in 2004 to a household employee.
• Report federal unemployment tax (FUTA) on Schedule H if you paid total cash wages of $1,000 or more in any calendar quarter of 2004 to household employees.
• Make first-quarter estimated tax payment.
• Make prior-year IRA and Coverdell Education Savings Account contributions.
• Make prior-year Keogh or SEP plan contributions. If you applied for an extension to file your tax return, these contributions are not due until you timely file your tax return.
• Make quarterly defined benefit Keogh contribution for the current year."

http://www.creativepro.com/story/feature/23798.html

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