Well it is time for getting your taxes done. Whether you use me as a preparer or not, you need to do a little homework before you come and see your preparer. Doing so will make it go quicker and not involve so much stress (on either side).Here is a general guide put together by Eric Nisal in Dollar Verisity thet highlights the main things to do:http://www.dollarversity.com/a-guide-to-getting-ready-for-your-tax-return/As always, if you have questions, call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net and we can discuss them.You can count on us to count for you!
Brian’s Tax Musings – Obama Signs Payroll Tax Cut
Well the president signed the tax cut, so we will all have an additional 2% of our wages in cash instead of paying social security tax into the system. Good thing the social security trust fund is so strong that it can easily absorb that loss of revenue. (???!!!!)Anyway here is an article by Michael Cohn in Accounting Today that discusses the cut a little:http://www.accountingtoday.com/news/Obama-Payroll-Tax-Cut-Unemployment-Benefits-Extension-61806-1.html?ET=webcpa:e2236:204199a:&st=emailCall or email me with questions. 818-317-6035 or bstonercpa@sbcglobal.net You can count on us to count for you!
Brian’s Tax Musings – Entertainment vs Business GIfts
Is it better for you to write off certain items as business gifts or Entertainment? Depends on the amount and what the item is. Business Gifts are limited to $25 a person but you can write off all of it. Entertainment is limited to a 50% deduction on the item, but no maximum. Things like restaurant gift cards or tickets to events can be either gifts or entertainment, while meals in a restaurant are entertainment only (but how often do you spend less than $50 in a restaruant for 2 people).Call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net if you have any more questions.You can count on us to count for you!