4025 Automation Way #D1 (Map)
Fort Collins, CO 80525
Phone: 970-226-4686
Did you know there is a penalty for failure to file a tax return for Partnerships or S Corporations? Neither one of those entities have to pay federal income tax. The federal tax return is an informational return for the IRS, with the income flowing to the owners tax returns on a Form K-1. But […]
Failure to File Penalty, Partnership, S-CorpDid you know that in 2011 the tax rates will change? Yep, they are on their way up folks. The bottom rate will become 15%, followed by 28%, 31% 36%, with the highest rate being 39.6%. Our highest tax rate is almost 40%! This made me wonder if in the history of American tax rates […]
2011 tax ratesNow that your W-2’s and 1099’s have all been sent if you are a business or if you are an individual you have received your W-2 and 1099’s, please make an appointment to see your tax accountant. I know that the actual filing of your tax return isn’t for another couple of months, but only […]
tax accountant, tax appointmentI recently had to look some information up for my son who is in the Navy and I thought I would share what I found with you. In general, members of the US Armed Forces (including activated reservists, National Guard & Coast Guard members but not the Merchant Marine) who serve in a combat zone […]
Combat Zone, Military Personnel, tax, tax freeFirst-Time Homebuyer Credit: Questions and Answers, IRS Web Site IRS has posted a number of questions and answers on the first-time homebuyer credit on its web site. They are grouped into four categories: basic information; homes purchased in 2008; homes purchased in 2009; and scenarios. The following is what those Q&As have to say about […]
First time homebuyer credit2009 had a high rate of individuals losing their homes to foreclosure and to make matters worse there are tax ramifications to foreclosure. One would think it was bad enough to lose your home to foreclosure but there is more bad news. Even though you did not sell your home the IRS views the transaction […]
debt forgiveness, foreclosure, short sale, taxAs promised last week a discussion on why someone might choose to pay the entire tax bill in 2010 instead of deferring it to 2011 & 2012. Keep in mind that absent Congressional action, after 2010 the tax brackets above the 15% bracket will revert to their higher pre-2001 levels. That means the top four […]
deferring tax, roth ira, taxGood News! It is finally 2010 and with the new year the limit on adjusted gross income for those individuals wishing to convert their traditional IRA or 401k plan to a Roth IRA has been lifted. No longer are individuals with less than $100,000 in adjusted gross income the only ones allowed to convert. But […]
convert traditional ira, roth ira, taxHappy New Year! The last couple of times I have talked about steps that need to be done at the end of the year for businesses. This week I thought I would give you some fast facts about common tax item rates for 2010. Income Tax Information Standard Mileage Rate cents per mile $0.50 Personal […]
2010 tax rates, exemption amounts, minimum wage, retirement contributions, taxI hope you survived the Christmas holiday and are looking forward to the new year. Last week we talked about the dreaded W-2 and 1099 preparation. This week I thought I would share some year-end tasks business owners should do on their Financial Statements. • Reconcile all bank accounts and review outstanding checks and deposits […]
business owners, financial statements, tax, yearend