4025 Automation Way #D1 (Map)
Fort Collins, CO 80525
Phone: 970-226-4686
In 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 TaxThe 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 PTINLast week I mentioned that the tax code needed to be simplified. This week I’d like to point out Republican presidential candidate Herman Cain has a simplified plan. It is referred to as the 999 tax reform plan. The plan calls for getting rid of the tax code as we know it and implementing 9% […]
View Post Flat Tax, Simplified Tax CodeOn 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 following are tax tips recently published by the IRS. With the summer wedding season in full swing, the Internal Revenue Service advises the soon-to-be married and the just married to review their changing tax status. If you recently got married or are planning a wedding, the last thing on your mind is taxes. However, […]
View Post Newlywed Tax TipsLast week I wrote and told you that according to the IRS website, passengers who paid for tickets on or before July 22, 2011, for travel beginning on or after July 23, 2011, may be entitled to a refund of the tax. The IRS even went so far as to request that the airlines refund […]
View Post Airline Ticket TaxesThe IRS offers FAQs about expired airline ticket taxes. Until they are reinstated by Congress, the following federal air transportation excise taxes do not apply to transportation beginning on or after July 23, 2011: • The 7.5 percent tax on the base ticket price; • The domestic segment tax of $3.70 per person per segment […]
View Post Airline Ticket TaxesLast week I talked about the Mortgage Credit Certificate, I thought it only fitting to let you know this week that the mortgage interest deduction is one of the items Congress is looking at in order to do something big with the nation’s debt instead of just a band aid. The mortgage interest deduction cost […]
View Post Mortgage Interest