You may have noticed that last year you actually owed taxes when you filed your return. If it was a small amount you probably didn’t really think much about it. Just remember if you owe a lot on April 15, the IRS and your state will charge a late payment penalty equal to half a percent a month. See this article from Julian Block in AccountingWeb about the wonderful (?) world of estimated tax payments: http://www.accountingweb.com/article/strange-and-subtle-rules-estimated-taxes/223682 If you decide you have to make estimates to avoid penalties, you need to get started! The next payment due date is September 15; if you have a tax preparer they can go over the numbers and together you can come up with estimates that will at least cut down the amount you would owe April 15 while at the same time work with your cash flow situation. Then you will not owe the government anything besides taxes. 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: Job Hunting Expenses
If you have started looking for employment in your current profession, remember that some or all of the expenses of job hunting may be deductible on your income taxes. See this IRS tip on deducting job hunting expenses: http://content.govdelivery.com/accounts/USIRS/bulletins/c7b11b?reqfrom=share Remember that job hunting expenses for a new profession are not deductible – the deductible expenses are for job search in your current line of work. The job hunting expenses are deductible as miscellaneous expenses on Schedule A and are reduced by 2 percent of your adjusted gross income. Let your preparer know what the expenses are - he/she can help you figure the deductions and tax savings. 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 CPA: A Summer Adjustment Can Prevent a Tax-Time Surprise
In the summer, when things are usually not as stressful from a business or tax standpoint, it is a good time to quickly review how your tax situation has changed from the previous year. If you had a change in 2014, now would be a good time to update your income tax payments to federal and state governments for the year. See this IRS regarding updating W4s and estimated tax payments: http://content.govdelivery.com/accounts/USIRS/bulletins/c573b1?reqfrom=share This way there won’t be a huge surprise at tax time, either with a huge overpayment or a big tax bill. Talk to your tax preparer – they can help you estimate the tax so you have information to work with. 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