4025 Automation Way #D1 (Map)
Fort Collins, CO 80525
Phone: 970-226-4686
This time of year when I meet with clients I hear the same request over and over again, “Please get me a large refund”. I find it amusing that the same people who dislike paying taxes are willing to let the government have an interest free loan throughout the year in order for a large […]
View Post Wage WithholdingOne of the most prominent features of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 is the one-year “payroll tax holiday” for 2011—a two-percentage-point reduction in payroll tax for employees. According to an IRS news release, this reduction will cause the take-home pay of millions of workers to increase in 2011.However, […]
View Post W2, Wage WithholdingEmployers have until January 31 to send employees their 2010 W-2 wage earning statement, but what do you do if you still haven’t gotten yours? The IRS has 4 steps they would like you to take. 1. Contact the employer to inquire if and when the W-2 was mailed. After making contact, allow a reasonable […]
View Post W2Whether getting married, getting divorced, or trying to decide between the two, it doesn’t only change your life situation, but also changes your tax situation. There are benefits to filing separate tax returns, or as we call it, Married Filing Separately (MFS). When you sign a return you are responsible for the accuracy of the […]
View Post Married Filing Joint, Married Filing SeparateIf you are planning on filing your tax return sooner rather than later this tax season you had better check with your tax preparer. Due to the late Congressional action to enact tax law changes several forms have not been released from the IRS yet and are causing some taxpayers to not be able to […]
View Post 2010 Filing Season DelayedThe 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 Small Business Jobs Act not only brought with it economy stimulating additions and extensions to the depreciation expense rules explained in my October 20th blog but it also brought with it a new rule for rental property owners. In the past 1099 forms were issued from those actively participating in a business to service […]
View Post 1099 Misc, Rental Real Estate•Increase the amount you set aside for next year in your employer’s health flexible spending account (FSA) if you set aside too little for this year. Don’t forget that you cannot set aside amounts to get tax-free reimbursements for over-the-counter drugs, such as aspirin and antacids (2010 is the last year that FSAs can be […]
View Post Year End Tax PlanningThe due date for 2010 tax returns has been extended from April 15, 2011 to April 18, 2011 due to a Washington DC holiday called Emancipation Day. Emancipation Day is to mark the anniversary of the signing of the Compensated Emancipation Act, signed by president Abraham Lincoln on April 16, 1862. It is celebrated annually […]
View Post 2010 Tax Return Due DateIn 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 2010