Sometimes you can deduct more than just cash or noncash donations to charity. Many expenses involved with a charitable function can be deductible as a donation if you are not reimbursed by the charity. See this IRS tip about charitable deductions for travel and other out of pocket expenses: http://content.govdelivery.com/accounts/USIRS/bulletins/c3932b?reqfrom=share Always remember you have to be directly involved with the charitable function (chaparoning a church trip to the zoo or another city can be a donation but just going along to watch your kid in an out of town school play is not.) As usual, document your expenses and explain the charitable reason for the deduction. This can save many tax dollars to make things more affordable. 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: Financial blunders that can cripple your net worth
There are many things you can do to increase your net worth. There are also many things that can mess it up badly. You have probably heard many of these before, but this article in USAToday by Shanda Sullivan makes a list of bad things so you can guard against them: http://www.usatoday.com/story/money/personalfinance/2014/07/09/financial-blunders-that-can-cripple-your-net-worth/12424017/ The main theme is to not live beyond your means and to budget for savings and retirement. Keep this in mind when you buy that new high ticket item or go out to that expensive dinner. 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: Avoid Summertime Tax Scams
Since there has been a lot of talk about various tax scams this summer, it is only fair that the IRS is now also weighing in on it. See this IRS tax tip that talks more about various IRS summertime tax scams and how to guard against them: http://content.govdelivery.com/accounts/USIRS/bulletins/c38063?reqfrom=share The two most important things to learn from this is that the IRS will normally not contact you by phone or email (with exceptions for scheduling meetings and audits) but by mail only. Also you need to be on the alert for these scams as people are being taken in by them all the 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