BRIAN T. STONER, CPA  

  You can count on us to count for you!

 Award for Best Accountant in Burbank, CA by Best Businesses - 2016, 2015 and 2014

Small Business Excellence Award for the category of Accountants in Burbank, CA  - 2016

Picked by Expertise.com as one of top 20 Tax Services in Los Angeles for 2017 & 2018

January 2, 2018   

   

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  EMAIL NOW AT  bstonercpa@sbcglobal.net
  
2600 W. Olive Ave, 5th Floor
Burbank, CA 91505


 
I write a BLOG  called 'MUSINGS OF A BURBANK CPA' on Financial and Tax Items I feel are worth sharing!  You can access
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UNREIMBURSED EMPLOYEE BUSINESS EXPENSE LOSS AND SIX THINGS TO DO TO START 2018
 
  Article one discusse s changes on deductibility of miscellaneous itemized deductions in the new tax bill   and Article two talks about how to ring in your business in 2018.
     

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How Tax Reform Will Change Some Industries and Professions

Well, the House of Representatives and the Senate have passed their Tax Reform packages, and now that they have agreed on reconciliation we will have new tax law starting in 2018 - Yay!

Now let me say that the top 1% of the tax population (over approximately $465,000 a year in income) should be very happy - it seems they and large corporations are going to be getting a lot of the tax savings in this bill, whether it be reduced rates, reduction of the AMT (Alternative Minimum Tax) and reduction of the Estate Tax.  Lower income people will also get some additional tax savings. 

What about the middle class (those earning between $60,000 and $140,000 a year)?  They will either get a small tax break or get screwed depending on how their income and deductions pencil out.

Let's talk about people in the entertainment field and sales people on payroll with their companies.  I have many people in this area who write off all of their out of pocket expenses not reimbursed by their employers on Schedule A as miscellaneous itemized deductions. 

Guess what, guys?  In the compromise tax bill, these types of itemized deductions go bye-bye! 
 

Also you may lose part of your state income tax and SDI (State Disability) that is withheld from your payroll checks or paid with your tax returns; you now get to add it to your real estate tax and take a maximum deduction of $10,000. Part of your mortgage interest (equity line has gone away, plus any new mortgages you get by purchasing or refinancing your home are now a miximum $750,000)
.

The big hit is that mainly because of the loss of unreimbursed employee business expenses you will probably lose some serious deductions; now you may save taxes because of the tax bracket changes and the increased standard deduction, but that is more of a case by case basis (I calculated my 2017 with and without the estimated changes and ended up with more taxable income but less tax because I had income shifting from the 25 percent bracket to the 12 percent, resulting in tax savings of around $1,000, but I didn't have any miscellaneous itemized deductions.)

Many people in the fields mentioned above may want to consider serious tax planning in 2018 to see if they have significant tax increases because of the above items.  If so, you may want to consider:

 * Shifting to a sole proprietorship, LLC or corporation to preserve all of those un-reimbursed expenses. 

* Try to get as much of your expenses reimbursed as possible.

Well, look at the bright side.  You may not need to keep an automobile log anymore to justify your un-reimbursed mileage or expenses!



  
  
   
 
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Issue 118



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          BRIAN T STONER, CPA

 

   

 
Accounting Employment Opportunities  

 
Pauline Casbon of Casbon & Associates, LLC is a professional recruiter I have known for quite a while. She is very professional and can help accountants looking for work get a new position as well as find accounting professionals for business and industry.
   
 
Full Time Job Opportunities: Contact Pauline Casbon at
310 859 3805

Website:

www.casbonassociates.net

See my Linkedin page:

www.linkedin.com/in/PaulineCasbon 
 
  Referral fee for any potential employee that is placed in any of the following positions.      
 
  Immediate Hires!    


Tax Managers, CPAs needed for Encino, West Los Angeles, Century City and Santa Monica. 

Per Diem Tax Accountant required for Sherman Oaks CPA firm. January 2018.

Bookkeeper/Personal Assistant. able to handle HR. Up to $60k plus benefits. Datafaction needed. Santa Monica.

Account manager for Encino. Salary range of 90k plus benefits. Datafaction required.

Tax Manager with business management accounting industry experience required to handle tax planning. Salary commensurate with experience plus excellent benefits. West Los Angeles.

Bookkeeper for West Los Angeles with Business Management accounting experience, Datafaction imaging required. Looking for an employee who can step into an Account Manager position in approximately one year.

Bookkeeper for small boutique CPA firm. Career Opportunity! Salary up to $59k plus benefits. No overtime! Work/life Balance offered!

Assistant Property Manager. Westlake Village. Yardi experience required.

Staff Accountant required to join their other young of accountants for a business management accounting firm handling high net worth individuals in the entertainment industry, great opportunity, career path offering salary up to $80k commensurate with experience, plus OT and bonus. Business Management accounting experience required. Santa Monica and Sherman Oaks.

Account Managers for business management accounting firm. Datafaction imaging required. Excellent opportunity, competitive salary and benefits. Located in Santa Monica, West Los Angeles, Beverly Hills, Century City, Westwood and Encino.

Assistant Bookkeeper and Bookkeepers for business management accounting firms in Century City, Beverly Hills, Westwood, West Los Angeles and Santa Monica. Opportunity for great career path in business management, salary up to $55k. Datafaction required.

Senior Tax Accountant, CPA in Sherman Oaks!

Audit Senior/Manager, CPA for Century City, Arcadia, West Los Angeles and Pasadena. Competitive salary and good benefits. Career path opportunity!!

Tax Accountant, CPA for prestigious firm in Century City and Encino, definite opportunity for career path. Business management accounting industry preferred.

Bookkeeper for CPA firm located in West Los Angeles, must be full charge. Salary range $60k plus benefits.

Tax Senior, CPA for prestigious CPA firm in Century City. Salary competitive and commensurate with experience. 85K plus.

Accounting Clerk for real estate firm required. Yardi experience a must! One to two years experience required. Located in Mid City.

Tax Seniors for West LA, Century City, San Fernando Valley and the San Gabriel Valley; CPA firm and Business Management Accounting firm, seeking potential employees looking for a career path!
 
Business Manager for Bus. Management accounting firm to become a Partner.  Century City. CPA Certification required.
 
 Two Audit Seniors for CPA firm located in Santa Monica and Century City. Career path opportunities.
 
 
Tax Accountant for Century City and Encino 1 to 2 years experience of tax preparation with a CPA firm and/or Business Management accounting firm.
 
Royalty Analyst required for firm located in Encino. 

   
Looking for immediate hires! 
 
I am looking to expand my client base, if you would like further information regarding my staffing services, please do not hesitate to call.  I am happy to visit your office which helps me gain an even better understanding of your firm's culture and staffing requirements.  Please review my website at


and/or review my Linkedin profile.

www.linkedin.com/in/PaulineCasbon


Call 310 859 3805 for further information.  Send resume(s) as a word attachment to :
  


   
 
Six Ways to Ring in 2018

  
Happy new year! January is the month of new beginnings and a perfect time to strategize about projects that will boost your business prosperity. Here are six ideas to get you thinking about new beginnings for your business in 2018.
 
  1. Learn new technology.
 
Every year, tens of thousands of new online software applications are invented that will save us time and money. Learning at least one new app will keep us sharp and hopefully improve our business. There are many to choose from, and one way to narrow it down is to find one that will help you do your job better. 
 
Look for an app that supports your administrative work, such as a new phone system, video conferencing, scheduling, cloud storage, shipping, document management, or data entry automation. Or you might have a need for apps in marketing and sales, such as social media, customer relationship managers, email list management, or web applications. If you're not sure where to look, ask your friends what has saved them the most time. 
 

       2. Upgrade your accounting system.

 
If your accounting system is not updated to the current version, it may be time to perform the upgrade. Check with us for advice on the current version and any new features that you can benefit from. 
 

       3. Develop your 2018 prosperity plan.

 
The word "budget" has somewhat of a negative connotation, but a prosperity plan sounds like fun. They are the same, of course, and the idea is to determine what goals you want to reach so that you have a clear path to making your desired prosperity a reality. 
 

       4. Create a theme or mantra.

 
Want to stay more focused in 2018? A theme or mantra can remind you to stay on track with a particular project or goal. Brainstorm a phrase that will guide you in 2018. Here are some examples:
 
  • Customer service excellence
  • More me-time
  • Enthusiastic, engaged employees
  • Expanding digital presence
  • Going green
  • A prosperous new product line
 

      5. Delegate something that isn't getting done.

 
One way to feel amazingly rejuvenated and re-energized about your business is to give someone an item that's been on your to-do list for far too long. It magically gets done right before your eyes!

     6. Do some early income tax planning.
 
Because of all the tax law changes, you will need to figure out during the year how your income taxes will be affected in 2018.  The planning can be done later in the year, but see if your tax preparer can give you some early clues about whether your income tax situation will change, then you can change withholding or estimated tax payments to compensate for the adjusted taxes. Remember that IRS withholding tables will not be updated till February, 2018, so you need to make the withholding changes around that time.

We're wishing you a most prosperous and happy new year.  


 
    
  
    
 You Can Count On Us to Count For You!       



Brian T. Stoner, CPA 
2600 W. Olive Ave., 5th Floor
Burbank, CA 91505
(818) 333-5095  CELL (818) 317-6035
FAX (818) 333-5304
bstonercpa@sbcglobal.net