4025 Automation Way #D1 (Map)
Fort Collins, CO 80525
Phone: 970-226-4686
The IRS strikes again! In September 2013 the IRS came out with new regulations on materials & supplies, repairs and maintenance and capital expenditures. All three areas seem like common sense to me, that is until the IRS got a hold of them. They took 4 pages of regulations and turned it into well over […]
Final Repair Regulations, Materials & SuppliesI was recently asked how to know if estimated tax payments are necessary. Let’s start with a simple explanation of what estimated tax payments are. The IRS likes to receive money on a regular basis and therefore if you wait to pay them a large chunk until April, chances are you will owe them a […]
Estimated Tax PaymentsMany of you trade services, especially when just starting your business. The IRS has the following to say about bartering. Small businesses sometimes barter to get products or services they need. Bartering is the trading of one product or service for another. Usually there is no exchange of cash. An example of bartering is a […]
Bartering, Trade products or servicesMaybe it’s my quirky sense of humor but I find it funny that they IRS has posted an alert on its website telling taxpayers to please limit use of the “Where’s My Refund” Tool. First Tax season was delayed until January 30th so taxpayers had to wait longer to file their return and now taxpayers […]
Where is my RefundIn 2013 there is a new .09% Medicare Tax. It affects individuals or self employed persons whose income exceeds $250,000 for MFJ ($125,000 MFS/$200,000 Single). Employers must withhold the additional tax from wages paid in excess of $200,000, without regard to the person’s filing status. Employers are not required to notify employees when […]
Medicare Tax, New .09 Medicare Tax, Payroll TaxesI believe that the 2012 tax year will have more extensions than normal. First the IRS has delayed the start of the tax year until January 30th. Second W2s are late from Paychex and ADP because of the new rules regarding the reporting of health insurance. So even if I wanted to file individuals today […]
2012 Tax Year, ExtensionsI am frequently asked by small business owners how to reduce their tax preparation bill. So I have put together this little list of tips. Reconcile all bank accounts and review outstanding checks and deposits for those that have been outstanding for over 6 months to determine whether they need to be re-issued or voided, […]
Reduce Tax Prep fees, Tax PreparationI thought it might be handy to provide a few reminders about filing those pesky 1099 Miscellaneous Forms. There are numerous 1099 forms that can be issued at year end. We are only addressing the most common form, which is form 1099-MISC, as well as the most common payments reported, which are rents and subcontractors […]
1099 Misc, Contract LaborerThe following are what I like to think are the highlights in the American Taxpayer Relief Act of 2012. In no way are the all-inclusive, they are just the items that I think will be most useful for my clients. In the months leading up to the fiscal cliff if you asked me what I […]
2013 Taxes, AMT patch, Fiscal CliffAs the new year begins I thought it might be helpful to keep the following procedures in mind when preparing your W2s and W3. Form W-3 is the total of all Forms W-2. The sum of line 2 for the four quarters on Form 941 should balance to the amount appearing in Box 1 of […]
Payroll Taxes, W2