This article in Marketwatch from the Wall Street Journal by Robert Klein takes a look at tax changes that have actually resulted in significant tax increases to the people in the highest tax bracket on the same income as last year. Click on the link below to take a look at this: http://www.marketwatch.com/story/wealthy-paid-13-more-tax-on-same-income-2014-04-25 The point is that tax law has been crafted over time to give more tax dollars to lower income people while penalizing people who earn a lot more income. The earned income credit and, to an extent, the education credits (they at least have a reasonable income limit) are examples of this form of wealth redistribution. And there is no reason to expect that things will change in the future. 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: Ten Things to Know about IRS Notices and Letters
If you get one of these notices from the IRS, just remember: unless it says “your tax return is under examination” it is not an audit! Most letters and notices can be dealt with easily. See these tips from the IRS on Notices and Letters: http://content.govdelivery.com/accounts/USIRS/bulletins/b2bac5?reqfrom=share A letter or notice could deal with something as simple as a request for more information on a particular deduction to a misspelling or transposition of a social security number (or other ID number). Usually a response letter is all that is needed to clear things up. Sometimes more detail is needed and that is when you need to discuss it with your preparer (actually, it is best to let your preparer know that something has been received so it can be discussed if needed.) 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: Make Plans Now for Next Year’s Tax Return
Sooooo tax filing season is over if you didn’t go on extension, right? While this is true, don’t wait until the last minute to get ready for next year (it will be on you before you know it.) Planning for next year’s return now will make things a lot easier when your documents come and you are going crazy. See this tip from the IRS regarding planning for next year: http://content.govdelivery.com/accounts/USIRS/bulletins/b2bc55?reqfrom=share A very important part of this plan is to let your preparer know in advance of any changes in your life (marriage, a new kid, your parents moved in with you and you are supporting them) so any needed planning can be done before the end of the year, when changes can be made to save taxes. That is why I never charge for telephone calls or email – I want my clients to let me know about this stuff in this year, not in January when everything has been locked down and no planning can be done. 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 [...]