Hi Everyone:This will probably be my last blog of the year. We are spending New Years with friends and I probably won’t have time Friday. This has been an interesting year, with me leaving my old firm of 20 years and setting up my own practice plus many other personal ups and downs. It has been good to have friends at this time. Thanks to all of you.To people who also have their own business, remember you have today and tomorrow to buy last minute expenses to write off in 2010. So if you are going to buy something in the beginning of next year anyway go ahead and get it in the next two days and take the writeoff now instead of a year from now.Here is a picture of my office (where I probably will see a lot of you in the next few months).Anyway, have a Happy New Year and I will continue to say what is on my mind in 2011 (I bet you can’t wait!)
Brian’s Tax Musings
Here is something you might consider next year:You will be getting 2% payroll tax savings in 2011. Say you make $60,000 per year ($5000 per month). You will have $100 a month more money – congratulations! Before you go out and spend it all, think about taking some(or all) of it and putting into a regular or Roth IRA. This is a good way to save for retirement without even thinking about it. Set up an IRA account at Vanguard or another mutual fund family (or even your bank) or if you have a financial planner, get him to set up one for you, then have the money automatically taken out every month from your checking account. You will never miss the money and you will automatically save for retirement! A regular IRA will give you a tax deduction each year (in fact, if you designate the Jan – April contribution for 2010, you will get it on your 2010 tax return) while a Roth will allow you to take out the money tax free when you retire.Well H & R Block just lost their bank for their refund anticipation loans! It has been looming for awhile, but now it is [...]
Brian’s General Musings
Hi everyone. Sorry I haven’t been able to blog for a few days what with Christmas and such keeping everyone busy. Just wanted to remind everyone that if you have estimated taxes for the fourth quarter of 2010, make sure you pay them by January 15. In fact if you want to take the state estimate as a tax deduction in 2010, pay it by December 31. Also make sure you make any last minute donations to charity, either cash or noncash (that is like found money – check my financial and tax tips on my website www.briantstonercpa.com before Friday so they are a deduction for 2010.You might also make your January mortgage payment tomorrow or Wednesday so your mortgage company gets it before the end of the year. One more payment of interest for paying your mortgage on the 28th instead of January 3 can save some taxes.