September - Fun Facts...

Businesses that want to adopt a SIMPLE retirement plan for 2014 generally have until October 1 to do so.

Don't incorporate your business without first checking the long-range tax and nontax considerations. Call us for details.

If you hold a capital asset for more than one year, your gain or loss is long-term. If held for one year or less, it is short-term.

Almost everything you own and use for personal or investment purposes is a capital asset and taxable if sold at a gain.

You can't deduct job hunting expenses if you are looking for your first job or for a job in a different line of work.

If you moved this summer, be sure to update your address with the IRS. Use Form 8822 "Change of Address."

To be deductible, moving expenses must meet both a distance test and a time test.

PUZZLE: A bat and ball cost $1.10. The bat costs one dollar more than the ball. How much does the ball cost?

You may be able to carry over some of the money you didn't spend from your Flexible Spending Arrangement to next year's FSA.

If you receive a notice from the IRS, don't panic. Many of their notices are simply looking to correct minor issues.

Missed something on your 2013 tax return? An amended return can be filed up to three years from the original filing.

Amended returns can't be e-filed; they must be filed on paper.

You have until December 31, 2014, to take your required minimum distribution for this year or face a 50% penalty.

Prepaying your mortgage is not a good idea for all investors. Your need for liquidity and rates of return on other investments matter too.

When you prepay your mortgage, you are getting a rate of return on your investment equal to the mortgage's rate of interest.

The total number of pages of federal tax rules in 1913 was 400; in 2014, the number is 74,608.

Please give us a call to discuss this or any of our other topics with you, so we can address your specific requirements.

DiSabatino CPA
Michael DiSabatino
651 Via Alondra Suite 715
Camarillo, CA 93012
Phone: 805-389-7300
ww.sharpcpa.com

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