So March has already arrived (if you are a tax preparer, you are probably already freaking out!) This posting by Kay Bell in Don’t Mess With Taxes discusses some of the things you can do in March to get ready for the April 15 deadline (also don’t forget the corporations are due March 17 this year-Happy St Patrick’s Day): http://dontmesswithtaxes.typepad.com/dont_mess_with_taxes/2014/03/tax-moves-to-make-in-march-2014.html Armed with this list, you can do some things in March to make April less taxing (haha). Anyway, a little bit of planning now is always a good idea. 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: Deducting Medical and Dental Expenses
The IRS has written a tax tip about deducting your medical and dental expenses. You can look at the total tip at the link below: http://content.govdelivery.com/accounts/USIRS/bulletins/a77184?reqfrom=share Just remember the exclusion for medical expenses has risen to 10% of adjusted gross income this year (unless you are over 65, then it stays at 7.5% of AGI). Also if your doctor has an exercise or therapy program he wants you to do because of a medical condition (including some plastic surgery procedures for health, not cosmetic reasons), make sure he gives you a letter spelling out the prescription so you have proof it is a valid medical deduction. If you have questions about this, please call or email me and we can discuss it. 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 Musings: Are Your Social Security Benefits Taxable?
Here is the answer to this frequently asked question (drumroll please): Maybe! The IRS has posted a tip sheet showing the steps you have to do to find out if you may need to pay some tax on your benefits: http://content.govdelivery.com/accounts/USIRS/bulletins/a770e0?reqfrom=share Remember something that the IRS doesn’t discuss: any good tax software today has an automatic calculation of whether part of the benefits are taxable, so if you use TurboTax or have a paid preparer you shouldn’t have to worry about it. Just keep in mind that this can be an issue. 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