4025 Automation Way #D1 (Map)
Fort Collins, CO 80525
Phone: 970-226-4686
Recently I was asked how Mortgage Credit Certificates work in comparison to the Mortgage Interest Deduction. The answer is they work together for low income individuals. States and local governments may elect to grant revocable mortgage credit certificates to low-income individuals. According to Colorado Housing and Finance Authority (CHFA) people in Larimer County with a […]
View Post MCC, Mortgage Credit Certficate, Mortgage InterestProfessionals 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 travelersFrequently 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 ClothesThe IRS has a system error that occurs on individual tax returns that pay self-employment taxes. The system is issuing IRS notices to individual taxpayers in several situations, including: • Taxpayers who have more than one Schedule C • Taxpayers who have a Schedule C and S corporation K-1 • Taxpayers who have an S […]
View Post Error, Refund, Self-employedAnother law looks like it will be repealed in 2010. First the 2010 federal law requiring small businesses to send a Form 1099 to small business for products and services was repealed and now a Colorado law requiring large online businesses to collect sales tax on products purchased by Colorado residents is making its way […]
View Post Repeal, Sales & Use TaxWhile 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 MiscThe deadline for filing individual and partnership tax returns is looming in the very near future, April 18th to be exact. I can’t help but wonder if the government shuts down like they keep threatening to do does that mean that tax returns no longer have a deadline? At the very least I would like […]
View Post Tax DeadlineThe IRS seems to be having some computer issues. Recently it sent out 200,000 CP-14 balance due notices to taxpayers who filed electronically. These notices told the taxpayers that their balance was due by April 18, even if they had already designated automatic withdrawal from their bank accounts. These notices were not to be processed […]
View Post Balance Due Tax Return, CP-14, IRS NoticeAs 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 […]
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