As everyone knows, Congress has passed the buck on getting various tax extenders for 2014 until the last possible moment. Possibly 1 out of 6 taxpayers may be affected by these sunseting provisions not being passed. See this posting in Accounting Today by Michael Cohn for the scoop on the potential tax increases by various extenders not being renewed: http://www.accountingtoday.com/news/tax-research/1-in-6-taxpayers-in-danger-of-losing-tax-breaks-72836-1.html The funny part is that many of these extenders effect lower to middle income taxpayers a lot. The education supplies deduction for teachers, people in states without income tax who can no longer deduct sales tax, people with private mortgage insurance on their home mortgages are some of the people who will pay more taxes if the extenders are not renewed. Come on Congress, get on the job and get these breaks passed. 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: IRS Offers New Guidance on Mass Transit Passes
The IRS has recently offered guidance on mass transit passes given to employees as fringe benefits and implications of various forms of debit cards, etc. See this article in Accounting Today by Michael Cohn with more details: http://www.accountingtoday.com/news/irs-watch/irs-offers-new-guidance-on-mass-transit-passes-72776-1.html There will be some items allowed and some items not allowed – the IRS revenue ruling 2014-32 will give more information about taxability and classification. Also it discusses how it pay for these to keep the tax free fringe benefit status. 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
Tax Musings of a Burbank CPA: How to Donate Property
There are ways to donate property and ways to not donate property. See this article by Ken Berry in AccountingWeb for some do’s and don’t's for when you do donate property: http://www.accountingweb.com/article/how-donate-property-avoid-tax-punishment-good-deed/224119 Just remember the keys; proof of the donation, proof of the value, and if a particular type of property donation is over $5,000, you need an appraisal and acceptance by the charity of receipt of the property. Follow the rules and you could get yourself quite a tax deduction. 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