Apparently there is a hoax going around that the IRS is delaying 2014 refunds until October 15, 2015. Everyone is apparently really getting excited about it, so see this posting by Kelly Phillips Erb for more details: http://www.forbes.com/sites/kellyphillipserb/2014/10/10/taxpayers-freaking-out-over-hoax-claiming-2015-irs-refunds-already-delayed/ Just remember that this is a hoax posted in a satire website, so no freaking out (they won’t delay refunds until the 2015 tax season actually starts, so wait until then to get crazy.) 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 Tax Musings: Five things you can do now to get ready for 2014 filing.
Well October 15 officially ended the 2013 tax filing season. Now to get ready for filing 2014 taxes. (???!!!@@) Since so many people wait until the last minute, get a jump on it now and reduce your tax stress level. See this article in the Christian Science Monitor by Steve Nicastro for a list of things to do now: http://echo4.bluehornet.com/ct/48691233:28152288634:m:1:2505976388:A56F66DDAF6248B11AD7992B6C9CB385:r Also it is a good idea to get your receipts together and start listing them. Also if you have a scanner you can scan them into your computer in pdf form and cut down paperwork. The more you get done now will reduce your blood pressure at the start of 2015. Pretty soon Thanksgiving and Christmas will be coming and there will be less time, so start now. 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: How to Alleviate the Cap Loss Tax Problem
Yesterday was the last day of tax season (end of individual extensions) so I didn’t have time to post. Well today I have something – a tutorial to get the most out of the IRS’ limitation on capital loss carryovers. This post in AccountingWeb by Julian Block talks about maximizing this loss by offsetting your losses with gains on other capital assets you might want to sell: http://www.accountingweb.com/article/how-alleviate-cap-loss-tax-problem/223996 If you have a rental property or are selling your residence for a gain larger than the exclusion, or just want to rebalance your portfolio but have gains in some of your positions you don’t want to pay taxes on. Usually there is talk of ‘harvesting losses’ but this is actually ‘harvesting gains’ – well, whatever works. 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