4025 Automation Way #D1 (Map)
Fort Collins, CO 80525
Phone: 970-226-4686
The Social Security Administration has announced that the wage base for computing Social Security tax in 2012 will increase from $106,800 to $110,100. The wage base has been at $110,800 since 2009. It is increasing about 3% due to an increase in average wages. What this means is an employee will pay 6.2% on their […]
View Post Nanny Tax, Social Security Tax, Unemployment TaxLast year the IRS had this brilliant idea that all tax preparers need to register for a preparer tax identification number (PTIN). I already had a PTIN due to the fact I wasn’t too fond of signing each return with my Social Security number so the PTIN was not a big issue to me OTHER […]
View Post PTINOn October 8th, ABC News did a report titled Steve Jobs: 7 Secrets to His Success. Number 3 was “Say No to 1,000 Things.” The report went on to say that “In 1997 when he (Steve) returned to Apple, Apple was close to bankruptcy. He took 300 products and condensed them to 10” The US […]
View Post Simplify tax codeOn September 8, 2011 President Obama presented his proposals for boosting the economy. I confess I did not listen to his speech but have read bits and pieces of it and what jumps out at me is the reduction in payroll taxes. Earlier this year I blogged about employee’s having to pay 2% less in […]
View Post Payroll Taxes, Social Security TaxThe 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 […]
View Post EFTPSProfessionals 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 […]
View Post 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 […]
View Post 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 […]
View Post 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 […]
View Post 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 […]
View Post bonus depreciation