Well, May is here. A good time for both finishing 2013 taxes (if you are on extension) and preparing for 2014 (you can never get going too soon). See this post from Kay Bell’s ‘Don’t Mess With Taxes’ for some ideas: http://dontmesswithtaxes.typepad.com/dont_mess_with_taxes/2014/05/tax-moves-to-make-in-may-2014.html Starting now for 2014 could mean not forgetting last minute items that will save taxes for this year. Also let your tax preparer know when your life changes – you can put together a strategy now to possibly save tax instead of finding out in January how you could have saved (but too late to put into play.) 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: Topless Dancer Redefines ‘Ordinary and Necessary’
Now here we have a new definition of ordinary and necessary business expenses in a case won by a topless dancer for inplants! See this posting in AccountingWeb by Julian Block for more details of the case and why she won: http://www.accountingweb.com/article/topless-dancer-redefines-ordinary-and-necessary/223296 Now be aware that there were some extreme circumstances here (she went to an extreme measure to get tips and make publicity for herself on talks shows like Howard Stern, plus because of the size of the implants she was going to have them removed when she retired from dancing.) but it is an interesting case of ”if you can prove a business purpose, it is probably deductible.” 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: IRS Releases HSA Deduction Limitations for 2015
If you have an HSA account, you know you can contribute a certain amount each year to your account to pay for out of pocket medical expenses not covered by your high deductible health plan. The IRS has just released the amount allowed in 2015 that can be deposited and deducted for tax purposes – see this article in AccountingToday by Michael Cohn for more details: http://www.accountingtoday.com/news/irs-releases-hsa-deduction-limitations-for-2015-70387-1.html The amount increases each year by an amount based on the consumer price index. As long as all the contribution is used for allowable medical expenses it is all before tax and deducted on page one of the tax return, which guarantees the deduction without limitation. 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