4025 Automation Way #D1 (Map)
Fort Collins, CO 80525
Phone: 970-226-4686
Everybody knows Santa this time of year but have you ever stopped to think of him as a business owner? In the spirit of the season here are my thoughts: 1. The North Pole workshop is a separate entity from the business of delivering toys and is in its own LLC. This entity receives rent […]
View Post Santa's BusinessThe Lame Duck session of Congress is cutting it a bit close but it looks like they finally agreed and in matter of hours or days from this posting will have passed a 2 year extension to the EGTRRA Tax Cuts or more commonly referred to as the Bush Tax Cuts of 2001. Thus, all […]
View Post 2011 Tax Rate extensionThe IRS has announced that the standard mileage rate for business use is increasing to 51¢ per mile for business travel after 2010. That’s a whole penny more than the rate for 2010! The mileage rate for moving expenses or medical care is 19¢ per mile. That’s a whole 2.5¢ increase from the 2010 rate. […]
View Post 2011 Standard mileage ratesThe IRS has determined that employee benefits that are small and unreasonable or administratively impractical to account for are De Minimis Fringe Benefits. Examples are coffee & donuts, flowers, occasional typing of personal letters by a secretary and a turkey! So go ahead and give your employees a turkey for Thanksgiving! You won’t need to […]
View Post De Minimis Fringe Benefits•Hire a worker who has been unemployed for at least 60 days before year end if you are thinking of adding to payroll soon. Your business will be exempt from paying the employer’s 6.2% share of the Social Security payroll tax on the formerly unemployed new-hire for the remainder of 2010. Plus, if you keep […]
View Post Year End Tax PlanningIn 2003, small business owners were for the first time allowed to deduct the cost of health insurance for income tax purposes. However this deduction came after self employed income tax was calculated. Let’s take a minute and talk about self employed tax. If you are an employee your employer calculates Social Security and Medicare […]
View Post SE Tax, Small Business Jobs Act 2010One of the worries this year for small businesses was the Section 179 expense of $250,000 was to “sunset” and revert back to $25,000 for 2011. Items that are purchased to be used in business that have a life of more than one year are considered capital assets and have to be “capitalized” and a […]
View Post Section 179, Small Business Jobs Act 2010#12 Your CPA gives you journal entries that mess up your AR/AP aging ledgers and then refuses to help figure out how to fix it. #11 Your CPA isn’t flexible with what works for you for management purposes. #10 Your CPA requires you to only use their preferred software. #9 The Balance Sheet on your […]
View Post CPAIn the accounting world there are a lot of titles floating around that seem like they mean the same thing. While there are many similarities the titles actually indicate different levels of understanding of the accounting world. Let’s start with the word bookkeeper. In general a bookkeeping does the tedious job of data entry. They […]
View Post Bookkeeper, CPA, Enrolled AgentIf you use the paper 8109B coupons to pay your FICA withholding income taxes or your corporate income and estimated taxes be forewarned. The IRS has issued proposed regs to eliminate the use of the paper coupons and force the use of Electronic Federal Tax Payment System (EFTPS). EFTPS is a safe convenient way of […]
View Post EFTPS, Form 8109B, Payroll Taxes