This tax musing discusses something great for your kids: a Roth IRA. As discussed in this article by Bill Bischoff in Smart Money, your kids will thank you in the future, and you will thank yourself for helping secure your kids’ future. See the article below:http://www.smartmoney.com/taxes/income/why-your-kids-need-a-roth-ira-1350410924321/In additional to getting them a retirement stash, it will be tax free if withdrawn after 59 1/2! Remember, 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
CPA Tax Musings: IRS Never Told Taxpayers They Could Get Penalty Relief
Does anyone know much about the First Time Abate, when if a taxpayer has been in compliance on filing and paying taxes for the last three years they can seek penalty abatement for late filing and payment penalties in the current year? The IRS doesn’t advertising this penalty abatement much at all. See this article in Accounting Today by Michael Cohn and the IRS’ response:http://www.accountingtoday.com/news/IRS-taxpayers-tax-penalty-relief-64347-1.html?ET=webcpa:e6205:204199a:&st=emailSeems like the IRS isn’t using this as a compliance tool – if people pay and file on time for 3 years, you get a penalty abatement if you mess up the 4th year! Remember, 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
CPA Financial Musings: Using holiday promotions to save
This financial musing can be a good one, if you have the inclination and time: buy gift cards at one store to save additional money through that store’s rewards program and then buy the item you were planning on buying anyway at a store that will take the gift cards. See this article in USA Today by Susan Tomper that shows an example:http://www.usatoday.com/story/money/personalfinance/2012/10/10/holiday-shopping-save-consumer/1622953/I guess it is similar to coupon clipping; make sure you use a rebate credit card when you buy the gift cards to save even more.Remember, 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