If you have not gotten with your tax preparer yet to plan for the end of the year, there are some things to be done: *Decide on final IRA, Roth IRA and 401K contributions (The IRAs don’t have to be paid by April 15, but the 401K employee deferral has to be paid by year end.) *See if you need to ‘bunch’ itemized deductions by: 1) Make your state income tax estimate (or if you think you may owe taxes increase state tax withholding) in December for the tax deduction. 2) Pay April real estate taxes now. 3) Pay your mortgage payment at the end of December instead of the beginning of January to get the interest writeoff. 4) Make additional charitable contributions by cash or check by the end of the year (make sure you have a letter or get a receipt by the charity to substantiate the deduction.) *In additional to cash and check charitable contributions, make sure you make any final donations of non-cash items by the end of the year. *If you have a business, see about buying any needed items at end of December rather than the beginning of January so you can reduce the [...]
Tax Musings of a Burbank CPA: Remember that personal tax extensions run out October 15!
If you have not filed your 2014 personal taxes yet, this is your 2 week warning! The extension will run out October 15 and if you owe taxes, not only will you owe late payment penalties and interest, you could also owe the late filing penalty, which is 5% a month from April 15 (maximum 25% of tax.) Won’t that be an additional kick in the head. So quit messing around and get the returns filed, even if you can’t pay all the tax due. Whether you file yourself or get a professional to help, get it done! 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: Remember Business Extensions Run Out September 15!
If you have an S or C Corporation, a trust or an LLC with more than one partner or a partnership that is on extension, this is your 2 week warning! The extension will run out September 15 and if you haven’t filed the return by then, you will probably be subject to the IRS penalty for late reporting. Even if no tax is due, the penalty is $195 a month per partner, so for an S Corporation the penalty will be $1170.00 per shareholder, for a partnership it will be $975.00 per partner (only a five month extension). This penalty does not apply to Trusts or C Corporations. Anyway it is best to get these returns filed by the September 15 due dates. 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