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4025 Automation Way #D1 (Map)
Fort Collins, CO 80525
Phone: 970-226-4686

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Need a New Mortgage in 2012: Then File Your 2011 Taxes Early

Posted on March 7, 2012 by Leasa Magnuson in Individual Tax

I applied to refinance a mortgage the other day.   One of the pieces of paperwork I had to fill out was a Form 4506-T.  It is a request for a transcript of my tax return to the IRS.  I asked if I couldn’t just give them a copy of my tax return and they said […]

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Mortgage, Self-employed

How to Choose a Tax Preparer

Posted on February 22, 2012 by Leasa Magnuson in Business Tax, Individual Tax

Here are a few points the IRS says to keep in mind when someone else prepares your return: Check the person’s qualifications. New regulations require all paid tax return preparers to have a Preparer Tax Identification Number (PTIN). In addition to making sure they have a PTIN, ask if the preparer is affiliated with a professional […]

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How to choose a Tax Preparer, Tax Preparer

Haven’t Received your W-2 Yet?

Posted on February 8, 2012 by Leasa Magnuson in Individual Tax

The IRS advises you follow the following steps: Contact the employer to inquire about its mailing and verify the address. If the W-2 is not received by February 14, 2012, contact the IRS and provide the employer’s information, dates of employment and estimated wages and tax withheld. File the 1040 by April 17, 2012 (or […]

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Missing W2

New Payroll Rule for Sole Proprietors & Single Member LLCs

Posted on January 25, 2012 by Leasa Magnuson in Business Tax

If you are a Sole Proprietor or a Single Member LLC (sole owner of an LLC) and have employees there is a new rule for you in 2012.  In the past you were able to file your employment tax forms with your name and Social Security Number.  In 2012 that is no longer allowed.  You […]

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payroll

File your 1099 Forms or Face a Stiff Penalty

Posted on January 18, 2012 by Leasa Magnuson in Business Tax

Last week I talked about the new 1099-K for third party networks.  This week I want to mention that there is a new line on the Schedule C, Form 1065 and Form 1120S for the total amount of all 1099-K’s received to be reported.  There is also a new line on those forms to answer […]

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1099, 1099 Misc, Penalty

New Form 1099-K

Posted on January 11, 2012 by Leasa Magnuson in Business Tax, Individual Tax

New for 2012 is a law requiring third party network transactions be reported on a 1099-K.  What is a third party network transaction?  According to the IRS they are a bank or other organization that has the contractual obligation to pay the participating merchant in settlement of payment card transactions….huh?  Think PayPal. Anyway, these companies […]

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1099 K, 1099 Misc, Miscellaneous Income

Just When I Thought Schedule D Was Going to Get Easier

Posted on January 4, 2012 by Leasa Magnuson in Individual Tax

For years I have wished that brokerage firms would provide the cost basis for the stocks they sold.  A few years ago the IRS agreed and determined that 2011 would be the first year brokerage firms had to provide this information.  Once the IRS came out with this new ruling the brokerage firms had to […]

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Cost Basis, Schedule D

NoCo CPAs Annual Yearend Tips

Posted on December 28, 2011 by Leasa Magnuson in Business Tax

Employee Bonuses Make sure to run all bonuses paid to employees through normal payroll processes to ensure appropriate payroll taxes are withheld and paid in a timely manner.  Bonuses are subject to 25% federal withholding in most cases but please check with your tax professional if you have any questions or concerns.  The deadline for […]

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2012 Rates, Yearend Payroll Tips, Yearend Tips

Santa is Mad at Congress

Posted on December 21, 2011 by Leasa Magnuson in Business Tax, Individual Tax

Santa has never been political but if Congress’ doesn’t make some difficult decisions soon and cut some government sponsored programs and increase some taxes he is going to pull all his white hair out and retire to a deserted island somewhere, never to deliver toys again.  All the indecision makes it difficult for him to […]

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Confusing Tax Code, Payroll Taxes, Section 179, Year End Tax Planning

Yearend Business Payroll Tips

Posted on December 14, 2011 by Leasa Magnuson in Business Tax

Can you believe it is December all ready and time to wrap up another payroll season?  I thought it might be helpful to put together a few tips to help make the process easier. In December: Provide all your employees with a W-4 to be filled out.  Remind employees that if they have had life […]

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Yearend Payroll Tips
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Testimonials

Taxes are never very fun BUT they are important to get right! Leasa has been a breath of fresh air when it comes to my accounting. She is patient (an important quality when dealing with my taxes) and very knowledgeable. She has saved me money and makes the whole process fun. She has my full recommendation!

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4025 Automation Way #D1 (Map), Fort Collins, CO 80525 - Phone: 970-226-4686