4025 Automation Way #D1 (Map)
Fort Collins, CO 80525
Phone: 970-226-4686
Last week I mentioned talking to a mortgage lender and the long wait time for a transcript of your tax return from the IRS. During that same conversation she mentioned an issue one of her client’s was having. They had put the income and expenses from their rentals on a Schedule C. The mortgage lender […]
View Post Mortgage Lenders, Rentals, Schedule C, Schedule E, Self-employedI applied to refinance a mortgage the other day. One of the pieces of paperwork I had to fill out was a Form 4506-T. It is a request for a transcript of my tax return to the IRS. I asked if I couldn’t just give them a copy of my tax return and they said […]
View Post Mortgage, Self-employedHere 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 PreparerThe IRS advises you follow the following steps: Contact the employer to inquire about its mailing and verify the address. If the W-2 is not received by February 14, 2012, contact the IRS and provide the employer’s information, dates of employment and estimated wages and tax withheld. File the 1040 by April 17, 2012 (or […]
View Post Missing W2New 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 IncomeFor years I have wished that brokerage firms would provide the cost basis for the stocks they sold. A few years ago the IRS agreed and determined that 2011 would be the first year brokerage firms had to provide this information. Once the IRS came out with this new ruling the brokerage firms had to […]
View Post Cost Basis, Schedule DSanta 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 PlanningIt 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 PlanningLast week I talked about getting twice the tax benefit by donating to a Colorado child care facility. This week I’m going to tell you how to increase the cash given to the facility without you having to increase the amount of the check you write! It’s easy. All you have to do is go […]
View Post Charitable Donation, Colorado Gives DayWe all know that child care facilities that are non-profit provide taxpayers who donate to them a charitable deduction on their tax return. But did you know that Colorado also offers a credit to taxpayers who donate to child care facilities? Well it does! Colorado offers a Child Care Contribution Credit for 50% of the […]
View Post Charitable Donation, Colorado Child Care Credit