It may not be too late to save some taxes for 2013 – especially if you have not filed. See a list of possible tax saving ideas from Bill Bischoff in Market Watch: http://www.marketwatch.com/story/you-may-still-be-able-to-cut-last-years-tax-bill-2014-10-02 The SEP and Roth reversal only work if you haven’t filed yet; you can take the sales tax and medical deductions even if you filed by filing an amended return. Who says you can’t change the past (or at least amend it a little?) 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: Are Free Credit Scores Really Free?
New rules plus potential marketing opportunities have resulted in many companies now offering credit scores and reports for ‘FREE.’ Are they really free? This posting in US News Money by Kimberly Palmer gives some of the companies that offer truly free reports and scores plus a list of six things to keep in mind when accessing the company data: http://money.usnews.com/money/personal-finance/articles/2014/10/01/are-free-credit-scores-really-free I have used one of these companies and had a good experience with them. It is good to get your scores and reports periodically to check for bad items and see where you can improve your credit scores and history. 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: How Understanding Assets vs. Expenses Can Make You Rich
Assets and expenses both have a “debit” balance on the financial statements, but that’s where their similarities end. Spending on one can make you rich and spending too much on the other can leave you broke. An expense is money you may need to spend, but after a year, there is nothing lasting to show for it. An asset is a tangible resource that is still worth something after a year or more and that belongs to you or your business. The best assets grow in value over time, but some lose their value too. Real estate typically goes up in value, while a car loses value, or depreciates heavily, in its first few years. The best example of an asset versus an expense is spending on a mortgage versus rent. When you pay a mortgage, you own more of the property than you did last month. One day, you can sell your ownership in the property and get cash or another asset in trade. When you pay rent, there’s nothing left at the end of the month. There’s no accumulated value. Generally speaking, spending on an asset builds or at least better preserves your wealth. Spending on an [...]