|  BRIAN T. STONER, CPA
You can count on us to count for you! |
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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
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March 7, 2017 
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2600 W. Olive Ave, 5th Floor
Burbank, CA 91505
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I write a BLOG called 'MUSINGS OF A BURBANK CPA' on Financial and Tax Items I feel are worth sharing! You can access
MY BLOG here:
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TAX ON SALE OF YOUR RESIDENCE AND A CREATIVE ELEVATOR SPEECH
Article one talks about
potential tax consequences of selling your main residence
and Article two discusses creating an "Elevator Speech" people actually listen to.
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818-333-5095
or 818-317-6035
Brian T. Stoner, CPA has been featured on
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Will You Owe Income Tax When You Sell Your Residence?
So you are planning on selling your residence and you are going to make money on the sale. Are you going to have to pay income tax on the gain? Well, the quick answer is maybe (you are thinking, thanks a lot! right now.)
After calculating the gain on the sale of the residence (you can check on how to do this - check my July 5, 2016 blog on www.briantstonercpa.com), you have to answer some questions. Did you own and live in your residence for at least 2 out of the last 5 years? If so you probably can exclude up to $250,000 in gain (up to $500,000 if you are married). You may or may not be required to report the sale on your tax return if you can exclude the gain (I always recommend including the sale if the form 1099S that the escrow company sends you is more than the applicable exclusion amount; it can save a letter later on.)
Generally you may only exclude your residence gain only once every 2 years (there are some exceptions.) Also if you own more than one home, you can only exclude the sale of the principal residence, not a vacation home (you may need to show the home you sold is your principal residence.) If you lived in the house less than 2 years before the sale, there are circumstances where you can get a prorated exclusion of gain based on how long you lived in your home.
If you ever rented the home out, then moved in to live in the home, any depreciation taken on the home when it was rented after May 6, 1997 will both increase the gain, plus the depreciation has to be recaptured at 25% even if the total gain could be excluded (say you sold the home for a $200,000 gain, but had rented it out before living in it and had deducted depreciation of $50,000. The $150,000 attributable to the residence sale can be excluded, but $50,000 attributable to the depreciation deduction will have to be recaptured at 25%, resulting in tax of $12,500.)
When you come down to it, it would be a good idea to run this by a tax preparer to make sure you can take the exclusion and what tax might be due, if any.
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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
Referral fee for any potential employee that is placed in any of the following positions.
Tax Managers, CPAs needed for Encino, West Los Angeles, Century City and Woodland Hills. $$$ Competitive and top salary! Career track to Partnership if desired.
Staff Accountant required to join their other young team of accountants for CPA firm located in
Century City and Santa Monica
, great opportunity, career path offering salary up to $75k commensurate with experience, plus OT and bonus.
Audit & Tax Accountant, looking for a Generalist for our Sherman Oaks location. Great career path opportunity! Competitive salary and benefits.
Bookkeeper for real estate firm in Westlake Village, Yardi software required. Competitive salary and good benefits.
Account Managers for business management accounting firm. Datafaction required. Excellent opportunity, competitive salary and benefits. Located in Santa Monica, West Los Angeles, Beverly Hills, Century City, Westwood and Encino.
Assistant Bookkeeper for business management accounting firm in Sherman Oaks, Encino, Century City, Beverly Hills, Westwood and West Los Angeles. Opportunity for great career path in business management, salary up to $55k.
Bookkeeper for CPA firm in Arcadia. Need an experienced bookkeeper looking for a long-term career.
Audit Senior/Manager, CPA for Woodland HIlls, 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.
Bookkeepers for Business Management firms in Santa Monica, Beverly Hills, West Los Angeles, Century City and Encino. Datafaction preferred. Competitive salary, career growth and great benefits.
Bookkeeper with Quickbooks for Encino location. Hiring after 4-15-2017.
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.
Two Audit Seniors for CPA firm located in Santa Monica. 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.
Tax Partner/ Tax Senior experience with real estate syndication, West Los Angeles.
Property Manager for Real Estate firm in Westlake Village.
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.
Call 310 859 3805 for further information. Send resume(s) as a word attachment to :
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Create an Easy, Head-Turning Elevator Speech
(I reprinted this article from about a year ago because the info in it is always worth looking at for marketing purposes.)
You're sitting in a room with 30 other business entrepreneurs. Each of you has on minute to introduce themselves to the group. You are number 25 to speak. Will anyone listen? What can you do or say to catch your peers' attention, be memorable, and have them approach you for business? Most importantly, what can you do to get every business card in the room wanting what you have (so you can go to fewer networking meetings and get back to running your business)?
The good news is you don't have to be a poet, a writer, or a great speaker in order to attract attention and desire. All you need to do is put yourself in your potential customer's shoes for a minute. What is it about your business, your products and services, and you that would interest a potential buyer? Why should they care? Why should they stop what they're doing from their busy life and listen to you? It's easier to answer than it sounds. Here's a formula to help you along.
I help " my ideal client" " get a certain result" through " my products or services."
Let's fill in these three blanks by using some examples:
- I help "young families" "find their first home" by "providing mortgage lending services."
- I help "people with broken pipes" "keep their homes dry" through my "plumbing services."
- I "protect families" "from financial disaster in times of crises" by providing "insurance services."
- I help "women who want to have beautiful hair" "keep their hair healthy and vibrant" with "my all-natural, organic hair salon services."
Now fill in the blanks for your business. You may have to try a couple variations until you hit on the perfect one for you. But this formula beats saying "I'm a hairdresser," "I'm a plumber," or "I'm a mortgage lender."
This is a great start to your elevator speech, but just a start. Now add a second sentence that describes a project you just completed with another client similar to the one you're talking with.
"For example, I just closed on a home last week with a mom, dad, the cutest 4-year-old twins, and a yorkie. They got a great rate, and their payment is low enough so they can afford to start saving for the kids' college right away."
One more sentence and you're done. This one's your call to action. What do you want interested prospects to do, and how can they sample your products at a low risk to them?
"I have a free report, "10 Mistakes to Avoid When Buying Your First House." If you'd like a copy, please hand me your business card and I will email you the details."
"I offer a free risk analysis so you can see if you have any major risk exposures. To set up an appointment, hand me your business card, and I will get you setup free of charge."
Put all three parts together and you have a very nice elevator speech.
"I help young families find their first house by providing mortgage lending services. For example, I just closed on a home last week with a mom, dad, the cutest 4-year-old twins, and a yorkie. They got a great rate, and their payment is low enough so they can afford to start saving for the kids' college right away. I have a free report 10 Mistakes to Avoid When Buying Your First House. If you'd like a copy, please hand me your business card and I will email you the details."
Don't be surprised at the flood of business cards that will come your way when you put this in action at your future networking meetings.
You Can Count On Us to Count For You!
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Brian T. Stoner, CPA
2600 W. Olive Ave., 5th Floor
Burbank, CA 91505
(818) 333-5095 CELL (818) 317-6035
FAX (818) 566-1499
[email protected]
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