If you are getting your taxes prepared or do them yourself, remember you may have to pay some additional taxes: the dreaded Altermative Minimum Tax (AMT). See this IRS tip about the AMT below: http://content.govdelivery.com/accounts/USIRS/bulletins/f0206d?reqfrom=share Just remember the AMT does exist and that you need to see if you are in AMT and whether it could increase your tax liability. Either plan ahead with your tax software or talk to your preparer and ask if he can tell you if you were in AMT last year. Don’t be surprised: it can ruin your whole day. 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: ACA Complicates S-Corporation Health Insurance Deduction
As a follow-up to my post of the other day when I talked about how to deduct shareholder health insurance on an S-Corporation, the ACA has complicated the waters somewhat. I want to clarify what happens when a corporation reimburses an individual health insurance plan to a more than 2 percent shareholder. If the corporation has a group health plan compliant with the ACA, everything is the same as it has always been. Put the insurance on the W2 and deduct on the personal return as self-employed health insurance. The problem comes in when the corporation reimburses the insurance. If the shareholder is the only employee in the corporation, there is an exception for a single employee that does not require compliance with the ACA; do the above and everything is fine. The problem comes in if there are more than the one employee. If that employee gets their health insurance reimbursed, then the corporation is not in compliance with the ACA. This is BAD – the corporation is subject to a maximum $100 a day penalty ($36,500 per year – AHHH!) What if the other corporate employees don’t get their individual insurance reimbursed to them? Then the reimbursement to [...]
CPA Tax Musings: How to Get a Copy of Your Prior Year Tax Information
If you need to get your previous years federal tax information (either complete tax returns or transcripts), you can get them from the IRS. See this tip from the Service about the details: http://content.govdelivery.com/accounts/USIRS/bulletins/f01e9f?reqfrom=share Figure that it will take 5-10 business days for transcripts ordered online or by phone to be delivered to you. Transcripts ordered by mail will take about 30 days and complete tax returns (up to six years back) have to be ordered by mail and cost fifty dollars; they will take around 75 days to be delivered. At least there is a way to get the information beyond the taxpayer or a previous preparer. 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