These tips from the IRS are mainly for independent contractors, LLCs and partnerships; corporations have other issues. But check out how to report self-employed income as well as deductions: http://content.govdelivery.com/accounts/USIRS/bulletins/ab6847?reqfrom=share Now that you have this basic information you will now see how simple (or complicated based on what your business generates and deducts) this can be. You can always call or email me if you have a problem, as I deal with about 50 small businesses that have these same issues (plus my own.) 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
Tax Musings of a Burbank CPA: Should You Itemize Deductions? – Six Tips to Help
If you are preparing your taxes this year, one of the questions you should ask is: should I itemize my deductions or use the standard deduction? This tip from the IRS discusses both methods and how to choose: http://content.govdelivery.com/accounts/USIRS/bulletins/a9a426?reqfrom=share Now if you use a preparer like me, our software will automatically let us know which is the best method on each return (results in the least tax), since sometimes the bigger deduction doesn’t alway result in less tax (if there is alternative minimum tax, for instance). In any case, calculate it both ways to be sure. 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
Musings of a Burbank CPA: Do I Have to Report the Line 12 Health Insurance on My W-2?
So what do you have to do with the line 12 item on your W-2 classified as ‘DD’ which is ‘Employer Provided Health Insurance?’ Do you have to report as income, deduct as an itemized deduction, throw out the window? See this IRS tip that explains what this is and what to do about it: http://content.govdelivery.com/accounts/USIRS/bulletins/aa50ea?reqfrom=share Now, you have the answer – you don’t have to do anything – it is an informational item only (more for the employer on Obamacare than the employee) – so look at it, say ‘fine’ and don’t think about it again! 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