If you went through a forclosure or short sale on your principal residence and received the 1099C showing cancellation of debt income, the IRS has a tip about how to avoid taxability of this amount and having to put it on your individual income tax return. See this tip here: http://content.govdelivery.com/accounts/USIRS/bulletins/aa3d6c?reqfrom=share Now remember this will only work on a principal residence forgiveness, not on credit card, rental property or second home debt cancelation. Call or email me with questions. 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 CPA in Burbank: 5 ways to maximize tax-deductible business entertainment
If you want to get the most out of your business entertainment expenses, see this post by Kay Bell in Dont Mess With Taxes; she goes over 5 things to remember so your deductible meals and entertainment stay that way: http://dontmesswithtaxes.typepad.com/dont_mess_with_taxes/2014/03/5-ways-to-maximize-tax-deductible-business-entertainment.html Now you know exactly what to do. It will take a little work, but having the peace of mind that you have a much greater chance of being allowed to keep your deduction if the IRS or state audits you should make you feel better; now you can go out and eat and drink with a clear conscience (until tomorrow morning.) 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
Tax Musings of a Burbank CPA: Ten Facts about Capital Gains and Losses
If you have sold stocks or bonds, rental real estate or other capital assets, you should take a look at this group of tips from the IRS about capital gains and losses. It will give you all the general information about how to file the sales on your tax return: http://content.govdelivery.com/accounts/USIRS/bulletins/a83b23?reqfrom=share Now, the fun part begins – you have to calculate all those gains and losses. If you sold securities, your broker should be able to give you a list of all the gains and losses; if real estate, you should have the original cost from the escrow statement when you bought the property. Remember, if you sold your residence, that is a whole different animal. Anyway, now you can get to work – April 15 is just six weeks away! 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