Well, it is 2015. Now you have a ton of new documents for the 2014 year to maintain for our friend the ACA, especially if you are getting a subsidy from an exchange. And it is only going to get worse in the future. See this IRS tip for keeping documents for the new rules: http://content.govdelivery.com/accounts/USIRS/bulletins/f1c943?reqfrom=share Keep in mind that next year there will be MORE forms from exchanges and the IRS will actually be able to track a lot more insurance coverage (for 2014 the Service can only access the exchange form 1095-A information, so there may be a lot of questionable reporting this year on 2014 1040′s for insurance coverage.) 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: Washington’s Birthday or President’s Day – the holiday with a ?
So today is the celebration of President’s Day. Or is it the Celebration of Washington’s Birthday? It is both and neither. See this posting from Factmonster that either clears things up or makes them more confusing: http://www.factmonster.com/spot/washington1.html The federal holiday is officially Washington’s Birthday (Congress has tried to change it to President’s Day without success) but it is interesting that when Congress passed the Monday Holidays Act in 1968, Washington’s Birthday is officially celebrated on the third Monday in February, which can only be February 15-21. Washington’s Birthday is February 22, so Washington’s Birthday is never celebrated on Washington’s Birthday. How is that for weird. Many states changed the celebration to President’s Day. Since Lincoln’s birthday is February 12, and has never been a National Holiday, “President’s Day” is never officially celebrated by anyone on either Lincoln’s or Washington’s Birthday, which is why people think the holiday is now called President’s Day, but it isn’t – it is still Washington’s Birthday, even though it is never celebrated on Washington’s Birthday. Huh? 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: What You Should Know about the AMT
If you are getting your taxes prepared or do them yourself, remember you may have to pay some additional taxes: the dreaded Altermative Minimum Tax (AMT). See this IRS tip about the AMT below: http://content.govdelivery.com/accounts/USIRS/bulletins/f0206d?reqfrom=share Just remember the AMT does exist and that you need to see if you are in AMT and whether it could increase your tax liability. Either plan ahead with your tax software or talk to your preparer and ask if he can tell you if you were in AMT last year. Don’t be surprised: it can ruin your whole day. 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