There are ways to donate property and ways to not donate property. See this article by Ken Berry in AccountingWeb for some do’s and don’t's for when you do donate property: http://www.accountingweb.com/article/how-donate-property-avoid-tax-punishment-good-deed/224119 Just remember the keys; proof of the donation, proof of the value, and if a particular type of property donation is over $5,000, you need an appraisal and acceptance by the charity of receipt of the property. Follow the rules and you could get yourself quite a 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
Burbank CPA Tax Musings: Tax-saving tips up in air as Congress mulls changes
As usual, there will be some delays on the final 2014 tax rules, which may not be passed until either the end of this year or after New Years 2015. There are the tax extender bills to be extended (or lost) like bonus depreciation, the teacher $250 supply deduction and the direct IRA charitable deduction for those 70 1/2 without having to pick it up as taxable income. This will probably result in a delay to the start of tax season again (what else is new?) So it will take longer to file an process returns. See this article in USAToday by Russ Wiles in The Arizona Republic for more information plus a list of year end tax saving ideas: http://www.usatoday.com/story/money/personalfinance/2014/11/17/tax-saving-tips/19158765/ What this will all mean is delay again, but things may go smoother next year as a Republican Majority may get things done sooner (or may take longer since one of their goals is comprehensive tax reform, which may be a whole new battle.) 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
Financial Musings of a Burbank CPA: IRA Rollovers Get New IRS Rules for 2015
There will be some changes next year to how many traditional IRA rollovers within sixty days each taxpayer can make in a year. The IRS has made some new rules based on new tax court rulings which are detailed in this article in the Wall Street Journal by Karen Damato: http://blogs.wsj.com/totalreturn/2014/11/11/irs-unveils-new-ira-rollover-rules/?mod=WSJ_hpp_sections_yourmoney To be safe on the new rules, it is just easier to make a direct transfer of one IRA to another instead of messing with a rollover. It is done quickly and you don’t have to remember to go to another bank with a cashiers check to set things up within sixty days. 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