4025 Automation Way #D1 (Map)
Fort Collins, CO 80525
Phone: 970-226-4686
Last week I wrote and told you that according to the IRS website, passengers who paid for tickets on or before July 22, 2011, for travel beginning on or after July 23, 2011, may be entitled to a refund of the tax. The IRS even went so far as to request that the airlines refund […]
Airline Ticket TaxesThe IRS offers FAQs about expired airline ticket taxes. Until they are reinstated by Congress, the following federal air transportation excise taxes do not apply to transportation beginning on or after July 23, 2011: • The 7.5 percent tax on the base ticket price; • The domestic segment tax of $3.70 per person per segment […]
Airline Ticket TaxesThe IRS is advising employers to be aware of a bogus e-mail scam involving payments allegedly rejected by the Electronic Federal Tax Payment System (EFTPS). The e-mail contains a link that, if clicked on, may result in the download of malicious software. The software is often designed to provide the scammer with personal and financial […]
EFTPSLast week I talked about the Mortgage Credit Certificate, I thought it only fitting to let you know this week that the mortgage interest deduction is one of the items Congress is looking at in order to do something big with the nation’s debt instead of just a band aid. The mortgage interest deduction cost […]
Mortgage InterestRecently I was asked how Mortgage Credit Certificates work in comparison to the Mortgage Interest Deduction. The answer is they work together for low income individuals. States and local governments may elect to grant revocable mortgage credit certificates to low-income individuals. According to Colorado Housing and Finance Authority (CHFA) people in Larimer County with a […]
MCC, Mortgage Credit Certficate, Mortgage InterestProfessionals who must travel for work reasons should keep in mind that they may be able to add a personal vacation into their travel and expense it. Seldom do I get called to a business meeting in Hawaii, instead it is somewhere less desirable that I really don’t want to hang around any longer than […]
Tax Break for travelersThe IRS has done it again! They have created 2 different standard mileage rates for the year. From January 1 through June 30, 2011 the standard mileage rate is 51¢ per mile for business travel and for July 1, through December 31, 2001 it is 55.5¢ per mile. So make sure you know how many […]
2011 Standard mileage ratesFrequently I have clients who bring me the receipts for clothing and tell me that their employer has a dress code and these items they had to go out and buy in order to comply. Since they are not items the client would normally wear they want to take a tax deduction for them. I […]
Work ClothesFrequently I run into employers who do not want pay payroll tax and decide to have independent contractors. It really isn’t as simple as a decision not to pay payroll taxes there is a set of rules that must be followed to be allowed to classify workers as independent contractors. What employers need to know […]
Employee, Independent ContractorIf you are a business owner you are aware that when you buy equipment it is not an expense but a capital expenditure that you have to capitalize and then depreciate over a period of several years depending on the class life of the equipment. There are two code sections that business owners can take […]
bonus depreciation