So you have had your tax calculated for the year. This is what you owe, right? Maybe not; if you have certain types of income and deductions or a lot of income, you may also owe the Alternative Minimum Tax. What? You have heard of this tax but don’t know much about it. Read this post in MarketWatch from the Wall Street Journal by Bill Bischoff to add to your knowledge (and confusion): http://www.marketwatch.com/story/congratulations-you-owe-the-alternative-minimum-tax-2014-01-14 It doesn’t appear to make too much sense to calculate your taxes, than calculate them again because you don’t owe enough. That is kind of what this tax is. Confused? Perplexed? Welcome to the club! 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 Has been Featured On https://twitter.com/bstonercpa
Funny Musings of this Burbank CPA: When I Grow Up I Want to Be A Tax Accountant!
So to celebrate both the New Year and the beginning of tax season (at least for me), I decided to go looking for a funny accounting video talking about tax season and the fun parts of it. This video was posted on YouTube by OneSource global and hits the nail on the head: http://www.youtube.com/watch?v=4v_alwa4V_Y Actually this video simplifies our ‘fun’ during tax season (I have never worked 22 hours in a day on taxes, but have come close a time or two in 33 years) as I have run into almost all the other situations discussed. So let’s get out there and send our clients multiple copies of their taxes from 2012 as they have lost them (again)! 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 Has been Featured On https://twitter.com/bstonercpa
Tax Musings of a Burbank CPA: Here is a Great Explanation of S Corporation Reasonable Compensation!
If you have been reading my blog over the last few months, I have spent a lot of time discussing S Corporation ‘reasonable compensation’ issues for corporate shareholders and why the IRS is starting to target this issue. I found a really good discussion and explanation of how ‘reasonable compnsation’ works in this posting on AccountingToday by David J. Kautter. He spells it out pretty good: http://www.accountingtoday.com/news/Best-Practices-Setting-Reasonable-Compensation-Small-Business-Owners-69219-1.html If you are an S Corporation owner and have looked at this article, now you have enough information to be able to ask, what do I do! If you want to call or email me, we can talk about planning issues that should help in the future. 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 Has been Featured On https://twitter.com/bstonercpa