01/31/2015 People fear and dread the Internal Revenue Service. Legends (and some are true) abound about what the IRS can do to you – including impounding your money and your stuff and throwing you in jail. Yes, the IRS has a lot of power to make your life miserable, but in my nearly 30 years… Continue Reading
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Category Archives: Dollars for Tax – Businesses
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
BASIC FACTS ON SIMPLEs AND SEPs
1/19/2012 Here is a brief overview of requirements for SIMPLEs and SEPs. Great checklist from IRS for SIMPLEs. SIMPLE IRA . http://www.irs.gov/pub/irs-tege/simple__checklist.pdf a. Corp cannot maintain another retirement plan (so NO to SEP if there is a SIMPLE) b. Must be offered to all employees who have earned at least $5,000 from employer in any… 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: 100% BONUS DEPRECIATION EXPIRES – REPLACED BY 50% FOR 2012
12/15/2011 Some tax bills just defy spiffy acronyms. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Pub.L. 111-312, 124 Stat. 3296, H.R. 4853) is one of them. TRUIRJCA — nope, that does not roll off the tongue, like say EGTRRA (pronounced EggTra) and JGTRRA (JeggTra). If you think you’ve never heard… Continue Reading
2011 TAX COUNTDOWN: BUSINESS TAX DEDUCTIONS AND CREDITS EXPIRING ON DECEMBER 31 2011
12/13/2011 As of this morning, Congress continued to bicker about tax law changes, so as of now…the following items will cease to provide tax relief to businesses at midnight on December 31, 2011: The 100% Bonus Depreciation Deduction (aka Section 168(k) bonus depreciation) – this is the big one and we will discuss it more… Continue Reading
Scam-O-Rama: Annual Colorado Secretary of State Reporting Requirement and A Couple of Others
04/02/2011 In spite of the fact that April 18 looms large on my horizon, I could not help myself from commenting on a few well-presented and scary scams that may be lurking in YOUR mailbox. All were shared with us by clients who should be applauded for double checking before reacting. Secretary of State Filing. … Continue Reading
Colorado Joins the OnLine Nexus Sales Tax Controversy – Do You Owe Use Tax on Your Online Purchases?
01/29/2011 A client emailed a notice she received from one of her online vendors. It stated, “This notice is being sent to comply with Colorado Regulation 39-21-112.3.5 recently enacted in 2010. This regulation requires out-of-state retailers to send a summary invoice on or before January 31st to Colorado customers with more than $500 in purchases… Continue Reading
Update – S Corporation Shareholder Health Insurance and State Unemployment
01/28/2011 We have had tons of activity on the S corporation shareholder health insurance issue. Here is an update related to State Unemployment–at least here in Colorado. The State of Colorado has taken the position that health insurance premiums of S corp shareholders IS includible in gross wages for unemployment. It is NOT includible for… Continue Reading
Payroll Tax “Holiday” – Social Security Only
01/10/2011 A client called today positive that she had found a glitch in QuickBooks payroll software — the Social Security deducted at the employee level did not equal the Social Security calculated for the employer. Yep, I told her, it is right. Here is the deal. For 2011 ONLY, Congress decided to allow wage earners… Continue Reading