Please! If you donate over $250 in cash or non-cash items to a charity, make sure you get the letter from the charity detailing and acknowedging the donaton. If you don’t have it and are audited, you are sunk! See this article about a lost deduction of $2,Million dollars plus a 20% negligence penalty on top of the regular tax, penalty and interest in SmartMoney by Bill Bischoff:http://www.smartmoney.com/taxes/income/tax-rules-for-deducting-donations-1342043028507/Always remember to get that letter or you will regret it!Remember, You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035
Now it is Obama vs the Republicans (Democrats?)
Well, President Obama wants to extend the Bush Tax Cuts except for the people with income of more than $250,000. The Republicans want to extend them for everybody. Big fignt, right? So the President asks the Senate to vote quickly on his idea. Wait, the Senate Majority Leader, a Democrat, decides not to vote on anything right now. So who is fighting who? Here is an article from the Associated Press through Fox News:http://www.foxnews.com/us/2012/07/11/democrats-block-senate-vote-on-obama-tax-plan/I do think that at least the middle class tax cut will get passed. The people over $250,000 will probably get extended too, but that is less clear.Any questions, call or email me below and we can discuss it.Remember, You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035
Should Your Kids Know About Your Finances?
My daughter doesn’t really care that much about our finances as long as she gets her allowance (although good news may prompt her to ask for an increase). I am also a little leary letting her know about all our day-to-day situations. This article by DEMETRIA GALLEGOS shows the other side, when you let your kids know all about your finances:http://online.wsj.com/article/SB10001424052702304299704577500444006439980.htmlJust to be fair, my daughter does a pretty good job managing her own money and if she continues the same, I am reasonably sure she will be able to save and thrive. But you be the judge.Remember, You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035