If you have not been able to get together your books to get your corporate tax returns filed (they are due March 17, St Patrick’s Day), you can extend the due date to September 15 by filing an extension, form 7004. Either talk to your tax preparer, or you can download yourself from the IRS website: http://apps.irs.gov/app/picklist/list/formsPublications.html;jsessionid=8glKa26S40cYZ1qOweJX8w__?value=7004&criteria=formNumber&submitSearch=Find Remember if you file late without an extension, there will be penalties on taxes dues on a C Corporation and a $195 per shareholder per month on an S Corporation (for some reason the IRS doesn’t like late filings), so either file or extend; you have until Monday (and you can get some green beer then to celebrate!) 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
Burbank CPA Tax Musings: Special Exclusion for Cancelled Home Mortgage Debt
If you went through a forclosure or short sale on your principal residence and received the 1099C showing cancellation of debt income, the IRS has a tip about how to avoid taxability of this amount and having to put it on your individual income tax return. See this tip here: http://content.govdelivery.com/accounts/USIRS/bulletins/aa3d6c?reqfrom=share Now remember this will only work on a principal residence forgiveness, not on credit card, rental property or second home debt cancelation. Call or email me with questions. 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
Financial Musings of a Burbank CPA: Warren Buffett’s 5 key investing don’ts
Here are five tips on how not to invest from possibly the most successful investor of all time. See this post from CNBC by Alex Crippen (carried in Yahoo Finance) for more details: http://finance.yahoo.com/news/warren-buffetts-5-key-investing-165228606.html Now you know exactly what not to do. Now for one more Buffett tidbit on what not to do: His two rules of successful investing: “Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.” Ok, “to market, to market.” 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