Hi everyone. Sorry I haven’t been able to blog for a few days what with Christmas and such keeping everyone busy. Just wanted to remind everyone that if you have estimated taxes for the fourth quarter of 2010, make sure you pay them by January 15. In fact if you want to take the state estimate as a tax deduction in 2010, pay it by December 31. Also make sure you make any last minute donations to charity, either cash or noncash (that is like found money – check my financial and tax tips on my website www.briantstonercpa.com before Friday so they are a deduction for 2010.You might also make your January mortgage payment tomorrow or Wednesday so your mortgage company gets it before the end of the year. One more payment of interest for paying your mortgage on the 28th instead of January 3 can save some taxes.
Brian’s General Musings
Hi everyone:The last few days have been hectic, what with getting ready for the holidays (still decorating the house; I got to get all the boxes down from the top of the garage then lug them into the house; you know the drill. Bought our Christmas tree in the pouring rain from a guy who didn’t really want to take his stupid wooden stand off and put ours on, but it actually is a nice tree.) and moving into my new office, so no time for posts. The move to the office was actually not that big a deal – I needed an office on my floor with a little more space for an additional desk because I am going to be working with a lady with a tax preparation office in Montebello and she needs a place to work when she come up here – so for about $150 a month more I got a little more room plus a window (wow!) and so I had to move my furniture across the hall into my new office. Mark the floor manager was going to help me with the furniture, but I got in the office around 7:30 Monday morning, [...]
Brians’s Tax Musings
Well the tax bill has been signed and everything is great (except the deficit). Some of the items that passed:Tax rates, child credit of $1000 per kid, earned income credit, college tuition credit, dividend and capital gains rates all extended. The estate exclusion is $5000000 per person and the maximum estate tax is 35%. This is all extended for 2 years. 13 months of unemployment added. In 2011 a social security tax reduction of 2% for employees only (I don’t know if this will reduce self employment tax by 2% also, but I would assume so – still waiting to find out. If not, it may pay to incorporate a small business.) Look at the link below to see more:http://abcnews.go.com/Business/Politics/paycheck-obama-tax-cut-extension-means/story?id=12423601&tqkw=&tqshow=WN