So what do you have to do with the line 12 item on your W-2 classified as ‘DD’ which is ‘Employer Provided Health Insurance?’ Do you have to report as income, deduct as an itemized deduction, throw out the window? See this IRS tip that explains what this is and what to do about it: http://content.govdelivery.com/accounts/USIRS/bulletins/aa50ea?reqfrom=share Now, you have the answer – you don’t have to do anything – it is an informational item only (more for the employer on Obamacare than the employee) – so look at it, say ‘fine’ and don’t think about it again! 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: You Can Extend the Time to File Your Corporate Taxes!
If you have not been able to get together your books to get your corporate tax returns filed (they are due March 17, St Patrick’s Day), you can extend the due date to September 15 by filing an extension, form 7004. Either talk to your tax preparer, or you can download yourself from the IRS website: http://apps.irs.gov/app/picklist/list/formsPublications.html;jsessionid=8glKa26S40cYZ1qOweJX8w__?value=7004&criteria=formNumber&submitSearch=Find Remember if you file late without an extension, there will be penalties on taxes dues on a C Corporation and a $195 per shareholder per month on an S Corporation (for some reason the IRS doesn’t like late filings), so either file or extend; you have until Monday (and you can get some green beer then to celebrate!) 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: Special Exclusion for Cancelled Home Mortgage Debt
If you went through a forclosure or short sale on your principal residence and received the 1099C showing cancellation of debt income, the IRS has a tip about how to avoid taxability of this amount and having to put it on your individual income tax return. See this tip here: http://content.govdelivery.com/accounts/USIRS/bulletins/aa3d6c?reqfrom=share Now remember this will only work on a principal residence forgiveness, not on credit card, rental property or second home debt cancelation. Call or email me with questions. 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