Tax Musings of a Burbank CPA: How to Donate Property

There are ways to donate property and ways to not donate property.  See this article by Ken Berry in AccountingWeb for some do’s and don’t's for when you do donate property: http://www.accountingweb.com/article/how-donate-property-avoid-tax-punishment-good-deed/224119 Just remember the keys; proof of the donation, proof of the value, and if a particular type of property donation is over $5,000, you need an appraisal and acceptance by the charity of receipt of the property.  Follow the rules and you could get yourself quite a tax deduction. For financial,  accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net   Phone: 818-317-6035   Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa    

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Financial Musings of a Burbank CPA: Three Great Ways to Boost Your Spending Power In Retirement

When you are ready to retire, there are three things you can do to boost your spending power – like the story of  the three best things in real estate being location, location, location; the three things are relocate, relocate, relocate.  See this article in Money Magazine by Walter Updegrave for more information on advantages to finding another place to live: http://time.com/money/3539976/retirement-housing-costs-relocation/#money/3539976/retirement-housing-costs-relocation/ Always remember that saving money in an area you hate may not be the best solution.  One good planning move may be to spend the last ten years before retiring doing some research about where you want to live when you finally do retire, then find a place you can save some money on over your current area.  If this doesn’t work, maybe you should stay where you are if you still love the area you live in.   For financial,  accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net   Phone: 818-317-6035   Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa

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Burbank CPA Tax Musings: Tax-saving tips up in air as Congress mulls changes

As usual, there will be some delays on the final 2014 tax rules, which may not be passed until either the end of this year or after New Years 2015.  There are the tax extender bills to be extended (or lost) like bonus depreciation, the teacher $250 supply deduction and the direct IRA charitable deduction for those 70 1/2 without having to pick it up as taxable income.  This will probably result in a delay to the start of tax season again (what else is new?)  So it will take longer to file an process returns.  See this article in USAToday by Russ Wiles in The Arizona Republic for more information plus a list of year end tax saving ideas: http://www.usatoday.com/story/money/personalfinance/2014/11/17/tax-saving-tips/19158765/ What this will all mean is delay again, but things may go smoother next year as a Republican Majority may get things done sooner (or may take longer since one of their goals is comprehensive tax reform, which may be a whole new battle.) For financial,  accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net   Phone: 818-317-6035   Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa    

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