Time for everyone to go back to school. Also you are probably making those student loan payments. Remember that the interest on these payments may be a tax deduction. See this posting in Forbes by Kelly Phillips Erb for more details on the writeoff: http://www.forbes.com/sites/kellyphillipserb/2014/09/19/back-to-school-2014-deducting-student-loan-interest-even-if-you-dont-pay-it/ The only potential issue is there are some qualifications (Surprise!) But because this interest is deducted on the front of the form 1040, you don’t have to have itemized deductions to take advantage of it. So take a look at it when you file your taxes. 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: Congress Considers Tax Extenders and Corrections
Well it sounds like Congress is finally considering the various tax extenders and corrections for 2014. See Michael Cohn’s updated report in Accounting Today: http://www.accountingtoday.com/news/government-news/congress-considers-tax-extenders-and-corrections-72034-1.html The problem, as usual, is that nothing will probably be finalized until after the November midterm elections (surprise, surprise!) If anything new happens, I will pass it on. 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: Wage Garnishments All Too Common among Workers
A study by payroll company ADP shows that 7.2% of employees have wages garnishments. See the details in this article by Michael Cohn in Accounting Today: http://www.accountingtoday.com/news/payroll/wage-garnishments-all-too-common-among-workers-71978-1.html Child support is the largest item garnished from wages, followed by taxes. The midwest also has the most people who have wages garnished by region, and the manufacturing sector has the most by industry. Broken down by age, the 35 to 44 group has the most wage garnishments, when financial obligations are at their highest. 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