If you need to get your previous years federal tax information (either complete tax returns or transcripts), you can get them from the IRS. See this tip from the Service about the details: http://content.govdelivery.com/accounts/USIRS/bulletins/f01e9f?reqfrom=share Figure that it will take 5-10 business days for transcripts ordered online or by phone to be delivered to you. Transcripts ordered by mail will take about 30 days and complete tax returns (up to six years back) have to be ordered by mail and cost fifty dollars; they will take around 75 days to be delivered. At least there is a way to get the information beyond the taxpayer or a previous preparer. 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
Burbank CPA Tax Musings: Make Sure Your S-Corporation Can Deduct Shareholder Health Insurance
Well, it is almost time to file your W2s with the government again (you should have already have gotten the employees their copies). Just remember that if you own an S-Corporation you have to jump through extra hoops to be able to deduct your shareholder health insurance (every shareholder owning more than 2% of the S-Corp and their families insurance either paid through a corporate group plan or an individual plan reimbursed by the corporation.) This rule was devised by the IRS in 2008 and only applies to S-Corporations. The shareholders named above have to have their insurance included on their W2s as salary that is only taxable for federal and state income taxes (not subject to FICA, Medicare and any state disability or most local taxes), so box 1 and 16 of the 2014 W2s have to be increased by the insurance, and usually can be disclosed as ’2% SH Ins” in box 14 (but not required). Then the additional salary will be reduced by a “Self Employed Health Insurance” deduction in the adjustments section on page 1 of the form 1040. This effectively allows the S-Corporation to deduct the insurance without any tax consequences to the shareholder. This is the ONLY [...]
Tax Musings of a Burbank CPA: IRS Can Help if W-2s Are Missing
If you are missing one or more W2s and are waiting for them to file, there are some things you can do. See this tip from the IRS about W2 http://content.govdelivery.com/accounts/USIRS/bulletins/ef4d01?reqfrom=share Just remember that if you have your paystubs (or your last stub with year to date information) you can file a form 4852 – Substitute for W2 if you need to. At least then you have documentation to support your tax return (especially if an employer went out of business before the end of the year and didn’t file W2s). Check with your preparer and he can file the substitute form with your return. 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