When someone passes away, the person named executor of the estate has some responsibilities. See this article by Bill Bischoff in MarketWatch from The Wall Street Journal for more details: http://www.marketwatch.com/story/dying-doesnt-make-the-taxman-go-away-2014-08-19 If there is a trust involved, the trustee has similar responsibilities to an executor, except a trust income tax return is filed instead of an estate income tax return. In either case, make sure all required returns are filed. 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: A third of people have nothing saved for retirement
As a follow up to another poll recently published, this poll by Bankrate.com shows 33% of the people in the US have no retirement savings. See the report in USA Today by Nanci Hellmich to get the breakdown: http://www.usatoday.com/story/money/personalfinance/2014/08/18/zero-retirement-savings/14069937/ The scary part is 14 percent of people 65 or older have no retirement savings – how are they going to survive in retirement (maybe they will never retire?) 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
CPA Tax Musings: Tax Planning for 2015
While a lot of the extension bills from 2013 have not been extended for 2014 by Congress (yet), making some tax planning situations a bit murky, there are still some standard tax planning items to be done before the end of this year. See this post by Roger Russell in Accounting Today for the details: http://www.accountingtoday.com/news/tax-planning/tax-planning-for-2015-71668-1.html Still waiting on bonus depreciation and R & D credits among other items to be extended, but taking advantage of this list will help cut taxes. Make sure the planning is done for most of this before year end, as you can only take advantage of some of these at that time. 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