CPA Tax Musings: Congrats, you owe the Alternative Minimum Tax

So you have had your tax calculated for the year.  This is what you owe, right?  Maybe not; if you have certain types of income and deductions or a lot of income, you may also owe the Alternative Minimum Tax.  What?  You have heard of this tax but don’t know much about it.  Read this post in MarketWatch from the Wall Street Journal by Bill Bischoff to add to your knowledge (and confusion): http://www.marketwatch.com/story/congratulations-you-owe-the-alternative-minimum-tax-2014-01-14 It doesn’t appear to make too much sense to calculate your taxes, than calculate them again because you don’t owe enough.  That is kind of what this tax is.  Confused?  Perplexed?  Welcome to the club!       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 Has been Featured On https://twitter.com/bstonercpa  

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Musings of a Burbank CPA: Six Business Topics and Trends to Study for 2014

Happy New Year! The New Year brings new areas to benefit from and be aware of. You’ve likely heard these topics mentioned in the news. The question is, have you stopped and thought about how they will be impacting your business this year?  The Biggie: The Affordable Care Act  This new law impacts both employer insurance and taxes of small businesses. The law is complicated with many definitions and varying effective dates. It impacts self-employed individuals, business with fewer than 25 employees, and businesses with fewer than 50 employees.  You may be eligible for tax credits, and under certain circumstances, you could be subject to penalties if you don’t act. It’s best to consult with a tax professional to sort out what it means to you.  Big Data and Data Transparency  In large businesses, big data refers to all of the data that is collected from customer’s habits and purchases. In small businesses, we do not collect data on the scale that large businesses do, but we do collect customer information. It will become more important than ever to be transparent about what data is being collected and how it is used.  If you do not already have a privacy [...]

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CPA Financial Musings: Delaying IRA contributions can cost you!

So it is January again, and every year at this time, people have finally decided to either save some taxes by contributing to a traditional IRA or making a non-deductible contribution to a Roth IRA (I have to admit that I am in this crowd.)  But this is costing you money on your retirement long term because of that friendly little guy called Compounding.  Contributing during the previous year can really help this guy do his job. See this posting in MarketWatch from The Wall Street Journal by Jonnelle Marte for more details: http://www.marketwatch.com/story/delaying-ira-contributions-can-cost-you-2014-01-07?siteid=yhoof2 Coming up with the money early may be a strain, but when you start taking the money out, that little guy has some powerful mojo when it comes to growing your retirement income!    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 Has been Featured On https://twitter.com/bstonercpa  

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