11/29/2010 With all the talk about health insurance reform, here is one that may level the playing field for self employed people who calculate Social Security and Medicare tax on Schedule SE in the personal Form 1040 – that is those who file Schedule C, Schedule F or Schedule E for earned income (not generally… Continue Reading
19755 East Pikes Peak Ave, Suite 101, Parker, CO 80138
Category Archives: Dollars for Tax – Individuals and Families
New Landlord Law – 1099s for Service Providers
UPDATE 2011 – GOOD NEWS!!! THIS WAS REPEALED!!! DISREGARD!! I AM LEAVING IT POSTED SO YOU WILL KNOW IT WAS REPEALED – Best, Kathy 12/05/2011] 11/17/2010 The recently enacted Small Business Jobs Act promises some tax relief for America’s small businesses, but hidden in its recesses is an overlooked item that impacts you, if you have rental… Continue Reading
Roth Conversion Update – Can You Convert 457 or 401k funds?
03/11/2010 We had a great question yesterday from a client who is a firefighter and has two 457 plans in place. These are plans that are similar to 401ks but are in the governmental and non profit sector. In our client’s case, one plan is with a former employer. The other plan is with his… Continue Reading
Vacation Rental – Tax Rules and Benefits
03/10/2010 My friend Lee, a sports fanatic, traveled with a gang of his golfing buddies to the Masters’ in Augusta, Georgia. They rented a suite of rooms in a private home in the tony country club community and lived like rich guys for a week. It cost a fortune, but all agreed that it was… Continue Reading
BIPARTISAN TAX FAIRNESS AND SIMPLIFICATION ACT OF 2010 – MOVING IN THE RIGHT DIRECTION?
02/28/2010 Show of hands, please – how many people out there are NOT in favor of simplifying tax law? Ah, just as I thought, not one hand went up. Not even mine and I make my living on the complications of tax law. We haven’t seen a real effort in Congress to simplify tax law… Continue Reading
HOW LONG SHOULD I KEEP TAX AND FINANCIAL RECORDS? IS FOREVER AN OPTION?
02/03/2010 In December and January, we purged files, tossed out old books, cleaned down to the crevices in all the office nooks and crannies. The shredders ran steadily. All of us at Zaffore CPAs have a whole new lease on work life – it feels great to get the clutter GONE. It clears the cobwebs… Continue Reading
Can You Deduct the Cost of Your MBA? Maybe!
01/28/2010 A very bright young man now entering an MBA program emailed us an article from the New York Times last week with the hopeful question: “Does this apply to me?” The article recounted the recent Tax Court case wherein a registered nurse, representing herself, took on the IRS and won! She was allowed to… Continue Reading
CONTRIBUTE TO HAITI NOW AND TAKE A TAX DEDUCTION ON 2009 RETURN
01/25/2010 As we told you last week, the House of Representatives had sent HR 4462 to the Senate for approval. HR 4462 permits us all to choose to take a deduction on our 2009 returns for contributions made for Haiti relief in 2010–thus accelerating our tax deduction by a whole year. Late last week the… Continue Reading
Real Estate Investing – Second Home Tax Realities (Part I)
01/24/2010 Have you caught yourself driving around neighborhoods looking for bargain real estate to start a rental property portfolio? Or perusing the listings in your favorite vacation destinations, just on the outside hope of finding a great price on a retreat or a retirement home? I have. You know that I must spend a few… Continue Reading
Military Domicile – Spouses Get State Tax Relief
01/21/2010 A friend of our practice called a few weeks ago, concerned that his daughter might be breaking the law. She is in the military and is currently stationed in Florida. She loves Florida and wants to make it her home – someday. She told her dad that she could declare that Florida was her… Continue Reading