4025 Automation Way #D1 (Map)
Fort Collins, CO 80525
Phone: 970-226-4686
I recently attended a class on Health Savings Accounts and was reminded why I like them so much. They are one of the few tools the IRS provides that are actually useful for everyone to use. The following are some reminders about why they are so useful. • You need a high deductible health plan […]
Health Savings Account, HSA, Medical Expenses, ObamaCareBike to work day is coming up on June 22nd. Questions arise this time of year and especially in Fort Collins if mileage on a bicycle can be deducted the same as mileage on a car. Several of my Fort Collins business owners ride their bikes to work and visit their client’s on bicycles. They […]
Bicycle commuting, Bike Mileage Deduction, Bike to work day, Fringe BenefitsDid you know there is a credit for small businesses that adopt a retirement plan for their employees? The credit is equal to 50% of the administrative costs with a maximum credit of $500. You can claim the credit for the first 3 years the plan is in place. A small business is one that […]
Business Credit, Pension Plan Startup Credit, Retirement Plan Startup CreditIn 2010 I wrote 2 blogs regarding the 3.8% Surtax and how it would work. I don’t think many paid much attention to it because it was a few years out. The fate of the 2010 Healthcare Act is in the Supreme Courts hands in June. If the court decides the Act is constitutional then […]
2010 Health Care Act, 3.8% Surtax, ObamaCare1. Adjust your withholding. Why let the IRS have an interest free loan all year? If you typically receive a large refund, why not adjust your withholding so that you have access to those funds throughout the year instead of waiting until 2013 to receive those funds. 2. Review your paycheck. Make sure your employer […]
2012 Tax Year, Tax PlanningFor years taxpayers have been able to claim an itemized deduction for medical expenses to the extent they exceed 7.5% of adjusted gross income. Medical care is generally defined broadly as amounts paid for diagnosis, cure, mitigation, treatment or prevention of disease. However under the Affordable Care Act any amount paid during the tax year […]
Itemized deductions, Medical Expenses, Over the counter drugsA health savings account is a really cool vehicle to save money in, provided you don’t have large medical costs. You need to have a high deductible health insurance plan. What that means for 2012 is your maximum out of pocket expenses must be at least $6,050 for a single plan or $12,100 for a […]
Health Savings Account, HSAIf you purchased a home in 2008 and took advantage of the government’s First Time Home Buyer Credit, then you know that starting in 2010 you have to start paying it back in 15 equal installments. It gets a bit confusing to know the balance on this interest free loan. The IRS has released a […]
First time homebuyer creditIf you changed your name after a recent marriage or divorce, the IRS reminds you to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration. A mismatch between the name shown on your tax return and the SSA records can cause problems in […]
Name ChangeLast week I mentioned talking to a mortgage lender and the long wait time for a transcript of your tax return from the IRS. During that same conversation she mentioned an issue one of her client’s was having. They had put the income and expenses from their rentals on a Schedule C. The mortgage lender […]
Mortgage Lenders, Rentals, Schedule C, Schedule E, Self-employed