Well it is time to get ready for doing taxes. Remember if you are self employed or have unreimbursed auto mileage and expenses you want to try to deduct, YOU NEED TO HAVE AN AUTO LOG FOR THE IRS TO ALLOW THE DEDUCTION. I can’t stress enough that this is the one piece of taxpayer created documentation (erasings and all) that the IRS is required to accept at an audit. Make sure it has the year beginning and ending odometer numbers and for each entry:Where you wentWhy business relatedMiles drivenBeginning and ending odometer numbersAll this stuff is why it is such a pain keep, but still necessary. Keep it in mind when it is time to do your taxes.You can count on us to count for you!
Brian’s Tax Musings
Hope everyone had a happy new year – if you think you have a headache now, guess what? You may have to recapture some of your two month payroll tax cut if congress doesn’t extend it to the whole year! See this alert from Spidell Publishing:https://www.magnetmail.net/actions/email_web_version.cfm?recipient_id=654422898&message_id=1690721&user_id=Spidell&group_id=759130&jobid=8369505Make sure you make some new years resolutions to cut your tax bill in 2012, cause the Government won’t do it for you. Call me at 818-317-6035 or 818-333-5095, email me at bstonercpa@sbcglobal.net and we can talk about it. You can count on us to count for you!
Brian’s Tax Musings
Well, 2011 is just about over and so it is time to talk about tax changes (again). An article written by Josh Barro in the Wall Street Journal thinks higher taxing of capital gains and dividends is going in the wrong direction. He has a different plan (it is rather long and dry, but well written. Try and wade through it; he has some good ideas.) Read it here:http://online.wsj.com/article/SB10001424052970203413304577088783329488836.htmlWith Congress (the opposite of progress) constantly fighting over taxes, it might be wise for them to look at this article too.My next post will be on Tuesday January 3 (I plan to sleep late and watch the Rose Parade and some football on Monday).Have a happy and safe New Years and welcome 2012! You can count on us to count for you!