Well it is the end of the year; time for the holidays and the government to run out of money (falalalala). So our leaders got together and, after weeks of careful planning and negotiation, came up with a 1603 monster of a spending bill. See this article by Deirdre Walsh at CNN for more of what is in this bill: http://www.cnn.com/2014/12/10/politics/policy-riders-spending-bill/ Some interesting provisions are that government funds can’t be used by officials to commission expensive portraits of themselves to hang in hearing rooms and other areas – private funds have to be used, more wheat bread in schools, and incandescent light bulbs are still legal. See this last minute bill was worth the wait – oh yeah, it also funds the government until next September. The bill is supposed to come up for a vote today. 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 Financial Musings: Millions of Americans are spending too much on housing
There are millions of people in the United States who are spending more than 30% of their income on housing expenses (rent, mortgage, real estate taxes, homeowner insurance, etc.); this is normally considered the cutoff where home expenses get too expensive for homeowners and renters. The results of a survey by the Demand Institute in Money by Les Christie break it down some more: http://money.cnn.com/2014/12/03/real_estate/housing-costs/index.html The results of the survey show that renters are by far the group spending too much on housing (usually because renters tend to make less than homeowners). Forty-nine percent of renters spend too much compared to twenty-six percent of homeowners. In the group of renters who want to buy a house but can’t afford to, Millennials are the hardest hit, mainly because of student debt and lower paying jobs. 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
Musings of a Burbank CPA: How to Get the Most Bang for Your Charitable Giving Buck
This is more about finding a charity to support than about the deductibility of items and how you can get a deduction for them. This article by Donna Rosato in Money gives some answers to a lot of charity questions you might ask: http://time.com/money/3611880/charitable-giving-tips-advice-katherina-rosqueta/ That being said, make sure you have a receipt to back up your donation (a check, cash receipt or credit card receipt will do if the donation is under $250; otherwise you also need a letter from the charity giving the donation amount and verifying that no goods or services were given for the donation. It should also have the charity’s information.) If your donation is noncash and over $500 you should fill out form 8283 detailing the donation. If a donation of a type of item (clothing, furniture, appliances) is over $5000 the 8283 must be signed by the charity and an appraisal of the donation must be submitted. It is worth it to get the tax deduction. 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