Burbank CPA Musings: What Your CPA Wishes You Knew About Taxes

It is March and you have a hundred questions for your tax preparer.  One question – why are you asking these in the busiest month of the year for them?  See this posting in US News and World Report Finance by Molly McCluskey for things your CPA or preparer wishes you knew during this stressful time: http://money.usnews.com/money/personal-finance/articles/2015/03/24/what-your-cpa-wishes-you-knew-about-taxes?utm_campaign=Daily+Clips&utm_source=hs_email&utm_medium=email&utm_content=16706308&_hsenc=p2ANqtz-8wtcHuN9IWNIo7XYjVDNif2i-U9Xm20LuHe7PzagOW_u4pDY6XaMK3kd3–nDD3n9R1Ti0fsXM9WyDPcSa4QibohcjOA&_hsmi=16706308 Just keep in mind that if you are stressed with tax time, think how stressed your preparer is with 100 to 500 clients all asking tax questions when all they want to do is get returns done or file extensions.  Most important – don’t blame your preparer if you owe taxes.  There are probably reasons for that and it is not their fault; ask him if he can break down where the deductions went down or income went up so you can keep it in mind for next year.   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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Musings of a Burbank CPA: Most Suspicious IRS Audit Triggers

What are some items on your tax return that could ‘red flag’ it by the IRS for audit? The Minnesota Society of CPAs has made a list of  things that could cause the Service to take a closer look at your tax return: http://www.accountingtoday.com/gallery/photos/most-suspicious-irs-audit-triggers-74055-1.html?utm_campaign=daily-mar%2020%202015&utm_medium=email&utm_source=newsletter&ET=webcpa%3Ae4039805%3A2498807a%3A&st=email Now, just remember that having these items will not automatically get you an examination letter.  These are just risk factors; the more of them there are, the larger the POSSIBILITY the IRS may assign a live person to inspect your return in more detail, then determine if it is worth it to them to audit the return.  If you have a legitimate deduction and can document it, by all means you should take the deduction (but you may not want to risk an audit for a few hundred dollars in tax savings.)  Something to discuss with your tax preparer.   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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CPA Tax Musings: What Kind of Health Insurance Qualifies as Minimum Essential Coverage?

When you are shopping for health insurance, make sure that your insurance qualifies under the Affordable Care Act (ACA) as minimum essential coverage.  This tip from the IRS gives more details about what qualifies: http://content.govdelivery.com/accounts/USIRS/bulletins/f91102?reqfrom=share For more details on what constitutes minimum essential coverage, check with http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/ACA-Individual-Shared-Responsibility-Provision-Minimum-Essential-Coverage on the IRS website.  Usually most health coverage sold through insurance companies qualifies as MEC, but make sure before you buy something. You wouldn’t want to pay for coverage and then have to pay the shared responsibility payment on top of that.   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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