So to celebrate both the New Year and the beginning of tax season (at least for me), I decided to go looking for a funny accounting video talking about tax season and the fun parts of it. This video was posted on YouTube by OneSource global and hits the nail on the head: http://www.youtube.com/watch?v=4v_alwa4V_Y Actually this video simplifies our ‘fun’ during tax season (I have never worked 22 hours in a day on taxes, but have come close a time or two in 33 years) as I have run into almost all the other situations discussed. So let’s get out there and send our clients multiple copies of their taxes from 2012 as they have lost them (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 Has been Featured On https://twitter.com/bstonercpa
Tax Musings of a Burbank CPA: Here is a Great Explanation of S Corporation Reasonable Compensation!
If you have been reading my blog over the last few months, I have spent a lot of time discussing S Corporation ‘reasonable compensation’ issues for corporate shareholders and why the IRS is starting to target this issue. I found a really good discussion and explanation of how ‘reasonable compnsation’ works in this posting on AccountingToday by David J. Kautter. He spells it out pretty good: http://www.accountingtoday.com/news/Best-Practices-Setting-Reasonable-Compensation-Small-Business-Owners-69219-1.html If you are an S Corporation owner and have looked at this article, now you have enough information to be able to ask, what do I do! If you want to call or email me, we can talk about planning issues that should help 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 Has been Featured On https://twitter.com/bstonercpa
Tax Musings of a Burbank CPA: The In-Plan 401(k) Roth Conversion Strategy
Here is a way to convert your traditional 401K into tax-free distributions by converting to a Roth 401K. The upside is you get the tax-free treatment when you retire; the downside is you have to pay tax now on the amounts you convert. See more details in this post by Ashlea Ebeling in Forbes: http://www.forbes.com/sites/ashleaebeling/2014/01/03/the-in-plan-401k-roth-conversion-strategy/ Your employer has to allow Roth 401K conversions (more and more are allowing this) and you need to be able to pay the tax when you file your taxes in 2015. If you can do this, since tax rates are only going to go up in the future it may make a lot of sense to at least think about this. If you have a solo 401K in your corporate or self employed business, you should really look at this, too. Call or email if you have 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 Has been Featured On https://twitter.com/bstonercpa