Hey if you are the owner of a C or S Corporation, there is some good news. If you provide your employees (including you) with a company cell phone for a business purpose (after hours phone calls, keeping in touch with clients, etc) or reimburse an employee (you for instance) the rules of accounting for personal use have been relaxed. The IRS removed the cell phone from listed property classification last year and recently provided guidance on fringe benefit use. This means a small amount of personal cell use can be considered de minimus and you don’t have to worry about reporting it.Here is more info from the IRS website:http://www.irs.gov/irb/2011-38_IRB/ar07.htmlAny questions let me know. Call at 818-317-6035 or email at bstonercpa@sbcglobal.net and we can talk about it.You can count on us to count for you!
Brian’s Tax Musings – Payroll Tax Cut Extended through 2012
Oh happy day – the payroll tax cut has been extended for the rest of 2012. This great news brought to you by Congress, with both Rupublicans and Democrats not wanting to take the blame for this bill not passing in a presidental election year, so they actually agreed on something. Stay tujned for 2018 when they again agree on something. Here is a quick overview from Spidell Publishing about the passage of the cut:https://www.magnetmail.net/actions/email_web_version.cfm?recipient_id=654422898&message_id=1812269&user_id=Spidell&group_id=759130&jobid=9101431You can call or email me at 818-317-6035 and bstonercpa@sbcglobal.net with questions, but after this I don’t have a clue (I never thought they would agree on anything again!) You can count on us to count for you!
Brian’s Tax Musings – Remember the Child Tax Credit
If you have kids under 17 that you take as dependents, remember there is a tax credit of $1000 per kid that can be taken on your taxes. There can be limitations but the best part is the credit can be refundible. Here is some info from the IRS website:http://www.irs.gov/newsroom/article/0,,id=106182,00.htmlAny questions about this, call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net You can count on us to count for you!