In the summer, when things are usually not as stressful from a business or tax standpoint, it is a good time to quickly review how your tax situation has changed from the previous year. If you had a change in 2014, now would be a good time to update your income tax payments to federal and state governments for the year. See this IRS regarding updating W4s and estimated tax payments: http://content.govdelivery.com/accounts/USIRS/bulletins/c573b1?reqfrom=share This way there won’t be a huge surprise at tax time, either with a huge overpayment or a big tax bill. Talk to your tax preparer – they can help you estimate the tax so you have information to work with. 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: Five Basic Tax Tips for New Businesses
If you are starting a new business, the IRS has a list of things to consider before the final setup. Click on the link below and see what the Service has to say: http://content.govdelivery.com/accounts/USIRS/bulletins/c5734b?reqfrom=share While not all the tips are directly tax related, they can indirectly influence taxes; the type of entity you choose for your business may affect the taxes you pay with it. Choosing particular health care situations can increase or decrease taxes. You get the idea. 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: House Passes Bill Making Charitable Deductions Permanent
The House has passed a bill making certain charitable deductions that have to be renewed permanent. See the total breakdown in this post in AccountingToday by Michael Cohn: http://www.accountingtoday.com/news/government_news/house-passes-bill-making-charitable-deductions-permanent-71394-1.html In addition to some items for exempt organizations and food banks, two items of interest is permanent extension of the direct donation from an IRA to a charity without income tax situations (have to pick up income, then take a tax deduction on Schedule A) and allowing people to deduct charitable contributions made through April 15 in the previous calendar year (like IRA deductions.) That allows more tax planning after the fact, always a good thing. 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