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19755 East Pikes Peak Ave, Suite 101, Parker, CO 80138

Category Archives: Dollars for Tax – Individuals and Families

IDENTITY THEFT – IT IS TAX SEASON…BE ALERT

Sadly, identity theft related to tax returns is a thriving and growing criminal business.  The IRS has prosecuted a number of perpetrators, but…thieves continue to plague the system.  The IRS recently reported that it is currently investigating more than 450,000 identity theft cases, and the Treasury Inspector General for Tax Administration said that identity- theft-… Continue Reading

HOW TO CHOOSE A CPA (OR TAX PREPARER) – ELEVEN QUESTIONS TO ASK

1/22/2012 Here we are at the beginning of tax season.  By now you are starting to receive W-2s, 1099s, and other tidbits of data needed to prepare your tax return.  You can try it on your own (and should, if your return is basic and straight forward!) but if beads of sweat are already forming… Continue Reading

2011 COUNTDOWN: MORE TAX BENEFITS EXTENDED THROUGH 2012

12/21/2011 We started a list yesterday of tax breaks. Here is a laundry list of CREDITS extended through 2012. A *deduction* (tax break) reduces your taxable income, and thus reduces your tax. A *credit* is real money with which to pay your tax. Some credits are *refundable* meaning money in the bank…the credit pays your… Continue Reading

COUNTDOWN 2011: JUST THE FACTS – MILEAGE, BENEFIT PLANS AND MORE

12/19/2011 STANDARD DEDUCTIONS: 2011       $11,600 2012       $11,900   PERSONAL EXEMPTIONS: 2011       $3,700 2012       $3,800   AUTO STANDARD MILEAGE ALLOWANCES Business 2011       .51 changing to .555 after 6/30/2011 2012       .555 Charitable 2011       .14 2012       .14 Moving/Medical 2011       .19 changing to .235 after 6/30/2011 2012       .23 (down a tad – this is correct)   IRA CONTRIBUTION… Continue Reading

COUNTDOWN 2011: DEATH AND TAXES – A FEW CRITICAL CONSIDERATIONS NOW FOR DEATHS THAT OCCURRED IN 2010

12/16/2011 First, a disclaimer – we are not *experts* in estate tax and defer to those who are.  We dabble in it simply because death affects our clients and we know just enough to direct them to the proper expert. That said, the years 2010 and 2011 created paradigm shifts – everything you thought you… Continue Reading

COUNTDOWN 2011: CONGRESS PLAYS HOT POTATO WITH OUR PAYROLL TAXES

12/14/2011 Tick tick tick.  The time is running down and Congress continues to fight over the payroll tax cut that benefits millions of workers in the United States.  Including rich and poor alike.  For 2011, Congress allowed Americans a 2% decrease in the payroll tax that funds Social Security (FICA).  The FICA withholding has been… Continue Reading

2011 TAX COUNTDOWN: TAX BREAKS THAT EXPIRE ON DECEMBER 31 2011

12/12/2011 It is said that tax law changes on average 23 times a day…at least it SEEMS like it does.  Congress passes major legislation, the IRS issues rulings and tweaks what Congress has done, and the courts try to figure it all out.  Day in and day out.  Excluding Saturdays and Sundays.  And a couple… Continue Reading