The IRS has recently offered guidance on mass transit passes given to employees as fringe benefits and implications of various forms of debit cards, etc. See this article in Accounting Today by Michael Cohn with more details: http://www.accountingtoday.com/news/irs-watch/irs-offers-new-guidance-on-mass-transit-passes-72776-1.html There will be some items allowed and some items not allowed – the IRS revenue ruling 2014-32 will give more information about taxability and classification. Also it discusses how it pay for these to keep the tax free fringe benefit status. 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: How to Donate Property
There are ways to donate property and ways to not donate property. See this article by Ken Berry in AccountingWeb for some do’s and don’t's for when you do donate property: http://www.accountingweb.com/article/how-donate-property-avoid-tax-punishment-good-deed/224119 Just remember the keys; proof of the donation, proof of the value, and if a particular type of property donation is over $5,000, you need an appraisal and acceptance by the charity of receipt of the property. Follow the rules and you could get yourself quite a tax deduction. 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: Three Great Ways to Boost Your Spending Power In Retirement
When you are ready to retire, there are three things you can do to boost your spending power – like the story of the three best things in real estate being location, location, location; the three things are relocate, relocate, relocate. See this article in Money Magazine by Walter Updegrave for more information on advantages to finding another place to live: http://time.com/money/3539976/retirement-housing-costs-relocation/#money/3539976/retirement-housing-costs-relocation/ Always remember that saving money in an area you hate may not be the best solution. One good planning move may be to spend the last ten years before retiring doing some research about where you want to live when you finally do retire, then find a place you can save some money on over your current area. If this doesn’t work, maybe you should stay where you are if you still love the area you live in. 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