It may not be too late to save some taxes for 2013 – especially if you have not filed. See a list of possible tax saving ideas from Bill Bischoff in Market Watch: http://www.marketwatch.com/story/you-may-still-be-able-to-cut-last-years-tax-bill-2014-10-02 The SEP and Roth reversal only work if you haven’t filed yet; you can take the sales tax and medical deductions even if you filed by filing an amended return. Who says you can’t change the past (or at least amend it a little?) 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: Navigating Nanny Taxes and Household Payroll Compliance
Time is precious for most of us these days, and often, we need help at home so we can have more time to run our businesses or careers. That may mean hiring help for personal tasks such as caregiving for the young, elderly, or special needs family member. When you first hire a household worker, there’s a whole different set of rules to follow compared to hiring for business. Underground Payroll There is a whole industry of “underground” payments made to domestic workers. Individuals such as housekeepers, regardless if they live with you full time or work once a month, are wrongly paid as contractors, and often in cash, most of the time. According to the IRS, in court case after court case, these workers should be paid as household employees, even if they are part-time. Cracking Down One of the focus areas for the IRS is this area of household payroll. The current and strong drive to bring this underground payment system to the light is caused by several new pieces of legislation. A few states have recently passed a domestic workers bill of rights. Changes in minimum wage and overtime requirements are going into effect in 2015. And [...]
Tax Musings of a Burbank CPA: ACA Updates Tax Preparers Should Know About
There are some new forms for 2014 that are related to the affordable care act (ACA) that tax preparers need to be aware of. See this posting in Accounting Today by Roger Russell: http://www.accountingtoday.com/news/tax-season/aca-updates-tax-preparers-should-know-about-72109-1.html One of the biggest issue is going to be form 1095-A from the insurance exchange showing people covered by the exchange in the household and subsidies paid by the exchange for the insurance. You use this to calculate how much subsidy you are actually eligible for and whether you have to pay some of the subsidy back. There are other forms also related to the ACA that you will need, but this form is the most important. 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