More talk about the 2014 Tax Extenders! The AICPA (American Institute of Certified Public Accountants) has written a letter to Congress requesting them to address the tax extenders they have been putting off sooner rather than later. The AICPA feels that waiting until the last minute (again) will cause complications and delays (as usual) in tax planning and filing. See Michael Cohn’s report in Accounting Today: http://www.accountingtoday.com/news/government-news/aicpa-prods-congress-to-pass-tax-extenders-71995-1.html The delays, partisan or not, always come with a price – delays in IRS forms, delays in software updates, delays in filing, delays in issuing refunds or paying taxes. Maybe this time Congress will get with it and get these extenders passed (it is almost time to put off extending items expiring in 2014)! 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: IRS Reaches Direct Pay Milestone in 2014
Earlier this year the IRS put their IRS Direct Pay system online and have had over a million taxpayers use it to pay their taxes. See more details in this article in Accounting Web by Jason Bramwell: http://www.accountingweb.com/article/irs-reaches-direct-pay-milestone-2014/223838 The system is on the IRS website and allows you to make payments due from a tax return as well as estimated payments. It is only for individuals – businesses need to set up an EFTPS account with the IRS. You can also schedule your payments up to thirty days in advance. It can be a life saver if you make payments last minute. 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: How 6 Types of Retirement Income Are Taxed
Here is a list of six different types of retirement income and how each is taxed. See details on the list in this post from Kiplinger by Sandra Block: http://www.kiplinger.com/article/taxes/T055-C000-S002-how-6-types-of-retirement-income-are-taxed.html I think a key here is that there is only one income vehicle that is totally tax free and that is the Roth IRA (although some qualified plans have a Roth component in them) – you forgo an upfront tax deduction to get tax free income if you hold the account until you are 59 1/2 and have it for at least five years. Just think; you never pay any income tax on this account! Now that is an awesome deal. 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