Well we are getting close to the tax filing deadline (sixteen days from today!) Just remember that one thing you may qualify for to reduce your 2014 income tax is make a traditional IRA contribution up until April 15, 2015 (one of the few after-the-fact tax saving ideas allowed.) See more information at this tip from the IRS below: http://content.govdelivery.com/accounts/USIRS/bulletins/fbb96b?reqfrom=share If you qualify you can contribute $5,500 if you are single ($6,500 if you are over 50.) If you are married you may be able to double this amount. A great way to save for retirement and use tax savings to help pay for it. 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 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
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