In case you have forgotten from last year, to help finance the Affordable Care Act a new investment tax of 3.8% was instituted on investment income if you made over a certain amount of income. See this tip from the IRS about ways to see if you may owe this tax for the 2014 tax year: http://content.govdelivery.com/accounts/USIRS/bulletins/f36b11?reqfrom=share The income limitations are on the IRS tip. Remember if you are over the income thresholds, the tax is calculated on the LESSER of your investment income or the amount by which you are over the threshold. This is always fun to calculate (and even more fun to plan for) so remember to discuss this with your tax preparer (or if you do your own taxes, make sure to include it if you have enough income.) 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 Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
CPA Tax Musings: Convert Your Clients: Move Their Records Out of the Shoebox
If you are sick and tired of clients bringing in the “shoebox” for you to do bookkeeping or taxes, there are now other ways to consolidate their information. See this idea by John Stokdyk in AccountingWeb: http://www.accountingweb.com/article/convert-your-clients-move-their-records-out-shoebox/224418?utm_campaign=Daily+Clips&utm_source=hs_email&utm_medium=email&utm_content=16210093&_hsenc=p2ANqtz–MpxO3Pn754z8RO7s5qOYJ_V_Avkro6OKWBslqcgo3y6kHZBbFPfrZxvDtlXl_voVHaAjsm9k2h9VYwbY-h5eI00mQpg&_hsmi=16210093 In addition to the suggestions here, I have heard that MINT.com is another good way to consolidate tax items (it is a little easier than Quicken, but either will suffice to get checkbook items in order.) 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 Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Musings of a Burbank CPA: Social Security Benefits and Your Taxes
If you are retired and have social security, you may still have to pay some taxes on these benefits. See this IRS tip, which includes the limitation amounts to help determine quickly if you may have to pay taxes on benefits: http://content.govdelivery.com/accounts/USIRS/bulletins/f368d0?reqfrom=share There may be other factors, like if you itemize or have additional income, that will change the factors that determine social security taxability. If you have your return professionally done, it is best to talk to your preparer – they can quickly determine if you owe taxes on the benefits. 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 Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa