4025 Automation Way #D1 (Map)
Fort Collins, CO 80525
Phone: 970-226-4686
The IRS would really like all taxpayers to e-file their returns. Turbo Tax has e-file options, HR Block has e-file options in fact any tax preparer with more than 100 returns is required to be on the IRS e-file system. So one would think that the IRS had a system in place to handle the […]
View Post Extension glitchI have long been annoyed with the IRS for using my tax dollars to mail those tax packages in January. Sure it is nice to get all the forms and instructions to file my Form 1040 but who fills out the forms by hand anymore? If you do them yourself you use Turbo Tax and […]
View Post Tax PackageThere is an email making the rounds that says that the sale of your personal residence will be subject to the 3.8% surtax. It states that on a home sale of $200,000 the tax will be $7,600! Can this be true? Well let’s tear it apart. The 3.8% surtax will apply to unearned income. A […]
View Post 3.8% Surtax, Personal ResidenceRemember when the homebuyer credit first came out? We thought it was a pretty cool offer. First time homebuyers were offered a credit of $7,500 on their 2008 tax return if they purchased their home after April 8th 2008 and before July 1st 2009. An offer the IRS had never previously made. There was quite […]
View Post First time homebuyer creditIn 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 Agent1. The 2010 no income limitation in regard to a Roth IRA only applies to conversions. There are still income limitations to regular contributions. 2. The deadline for a 2010 Roth IRA conversion is 12/31/10 and you must elect to recognize the income in 2010 otherwise it will be split evenly & recognized in 2011 […]
View Post Retirement, roth iraFor all of you that think you won’t owe taxes if you don’t file a tax return I have news for you. The IRS will file a return for you and chances are you will owe more when they file for you than if you just bite the bullet , gather up your information and […]
View Post delinquent taxpayer, NonfilersI was giving a presentation on Healthcare Reform last week and discovered that it was helpful to put the reform into a timeline. The following timeline is not all inclusive but it does put the points that I have talked about in earlier blogs into a timeline. In 2010 that’s this year folks! 1. When […]
View Post Healthcare ReformA partnership automatically comes into existence whenever two or more people enter into business together to earn a profit and don’t incorporate or form a limited liability company. You can elect to be excluded from the partnership provision if you are in a business arrangement that is for investment purposes only and not for the […]
View Post Husband wife business owner, Partnership, Spousal joint ventureBP is required to set aside $20 billion in funds to compensate victims of the Gulf of Mexico oil spill. Individuals and businesses affected by the spill can file a claim for compensation for lost wages or profits. So the question is will the victims have to pay income tax? The answer is sometimes. Let’s […]
View Post Oil Spill Victims