4025 Automation Way #D1 (Map)
Fort Collins, CO 80525
Phone: 970-226-4686
Did 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 […]
View Post Business Credit, Pension Plan Startup Credit, Retirement Plan Startup CreditHere 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 […]
View Post How to choose a Tax Preparer, Tax PreparerLast 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 […]
View Post 1099, 1099 Misc, PenaltyNew 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 […]
View Post 1099 K, 1099 Misc, Miscellaneous IncomeEmployee 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 […]
View Post 2012 Rates, Yearend Payroll Tips, Yearend TipsSanta 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 […]
View Post Confusing Tax Code, Payroll Taxes, Section 179, Year End Tax PlanningCan 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 […]
View Post Yearend Payroll TipsIt is that time of year where people begin to wonder what they can do to reduce their taxes. Here are some ideas for your business: There is the ever popular purchasing of business property. Unless Congress changes the rules, 2011 is the last year where the expensing limit is at $500,000 and the investment […]
View Post Year End Tax PlanningIn a prior blog I talked about Social Security tax for self employed individuals being reduced from the 12.4% to 10.4% in 2011. What I didn’t talk about was how that effects the 50% of self employed income tax deduction self employed individuals receive on their income tax returns. Let’s talk about that now. Self […]
View Post Self Employed Tax