A couple of you have asked this question recently so I thought I might as well blog on it. One of the provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 increased the federal gift and estate tax exemption to 5 million for 2011 and 2012. Unless Congress acts, this […]
Mine is 14.4, Romney’s is 13.9: What’s Yours?
There is a lot of talk on Romney’s tax returns. Recently he released that he never paid more than 13.9% tax and I was thinking how can that be when the 15% tax bracket is for those earning $69,000 and less? I discovered that the 13.9% is his tax due in 2010 ($3,009,766 ) divided […]Marginal Rate, Romney Tax Returns, Tax Bracket
1 Week Condo Rental a Charitable Donation?
This week’s tidbit is short but interesting. I have several client’s who donate a week’s use of their vacation condo at church raffles and such so I found this little tidbit in the research archives interesting and thought you all might find it interesting too. A taxpayer donated one week’s use of his vacation condo […]Charitable Donation, Vacation Rental Home
Olympic Medals and Taxes
Like the rest of the world I have been glued to the TV watching the Olympics this week. Did you know that with each medal there is a cash award associated with it? $25,000 for gold, $15,000 for silver and $10,000 for bronze. Did you know that prize money is taxable? Yep! So that means […]Olympic Medals, Wolrd Wide Income
The IRS Uses Social Media
I find it funny that the IRS uses Social Media since I don’t think they are particularly social but the following are actually pretty useful. 1. IRS2Go 2.0 IRS’s smartphone application allows you to check your refund status, get tax updates and follow the IRS via Twitter. IRS2Go 2.0 is available in the Apple App […]IRS, Social Media
Renting Your Vacation Home
The following is a tip sent out by the IRS this week that I thought was a great reminder: Income that you receive for the rental of your vacation home must generally be reported on your federal income tax return. However, if you rent the property for only a short time each year, you may […]Vacation Rental Home
Tax Credit for Day Camp
The IRS would like to remind all parents struggling to fill gaps in their children’s summer schedules that there is a Child and Dependent Care Tax Credit available to help offset the expense. Here are 5 tips to making it work: • The child must be under 13. • The credit is available whether your […]Child Care Credit
ObamaCare and the Next 2 Years
I am sure you have all heard that the Supreme Court upheld the constitutionality of the Patient Protection and Affordable Care Act, affectionately called ObamaCare. Many of the provisions have already been implemented but the big ones are waiting for business infrastructure to be in place in order to track them. So let’s see what […]ObamaCare
Happy 4th of July!
On July 4, 1776, the 2nd continental Congress unanimously (get Congress to do something unanimously now) adopted the Declaration of Independence announcing our separation from Great Britain. The 56 signers of the Declaration of Independence did not sign the document on July 4th the majority of them (50) signed it on August 2nd. The names […]
Sales Tax and the Internet
I recently attended a class on sales and use tax and thought it might be a good time to discuss this complicated issue. I’d like to make you aware of a few things that you may not know about sales tax. If you own a store in Fort Collins, Colorado and you sell an item […]Internet Sales, Nexus, Sales Tax, Use Tax