4025 Automation Way #D1 (Map)
Fort Collins, CO 80525
Phone: 970-226-4686
Employers currently pay 6.2% on the first $7,000 of wages paid annually to each employee. The 6.2% is made up of two parts. A permanent rate of 6% and a .2% temporary surtax. The temporary surtax has been in effect since 1976 when it was first enacted. The most current legislation has it expiring July […]
View Post FUTA Tax, Payroll TaxesJust coming out of tax season I thought it would be a good time to discuss a couple of common items that cause issues at tax time. Many people do not want to pay an accountant to help them set up their business entity. And the internet makes it really easy for anyone to register […]
View Post Choice of Entity, LLC, S-CorpWhile we were on hiatus from blogging Congress was busy. On April 15th President Obama signed into law the repeal of the ugly 2010 expansion of the 1099 reporting rules. Without this repeal beginning in 2012 the reporting requirements were to report any amounts of $600 or more paid to any one person or company […]
View Post 1099 MiscAs a Sole Proprietor it can be very frustrating when you file your tax return and have to pay 15.3% Self-Employment (SE) tax on top of your Federal income taxes. Especially if you haven’t saved or prepared for the tax. If you are married, you can reduce your overall tax liability by reducing your SE […]
View Post Sole Proprietors1. Your CPA is not a lawmaker, they do not set the tax rates. If you think your taxes are too high please write to your Congressman. 2. Your CPA is not the police. It is not their job to make you follow the rules. If you want to deceive the IRS please prepare your […]
View PostBefore 2004, business owners were buying Hummer’s and writing off 100% of the value as a Section 179 expense. The government didn’t like this so they closed the “loophole” and imposed a limit of $25,000 Section 179 write off for heavy SUVs. Under the 2010 Tax Relief Act, the bonus first-year depreciation percentage is 100% […]
View PostIncome Tax Information 2010 vs. 2011 Standard Mileage Rate cents per mile $0.50 […]
View Post 2011 Rate UpdatesThe following is a list of items you can do to save money on tax preparation fees and make your tax preparer love you! 1. Reconcile all bank accounts and review outstanding checks and deposits for those that have been outstanding for over 6 months to determine whether they need to be re-issued or voided, […]
View Post financial statements checklistThere are numerous 1099 forms that can be issued at year end. We are only addressing the most common form, which is form 1099-MISC, as well as the most common payments reported, which are rents and subcontractors payments. According to our resources, 1099 audits are on the rise so please make sure you file these […]
View Post 1099 MiscEmployee 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 employee bonus, W-2 Filing Tips