06.16.2012 You heard that right — you may be able to get a deduction for your teenager’s football training or your middle schooler’s electric guitar lessons. We teased our clients with this notion at the beginning of tax season and it sure got their attention. My own daughter chose to ride horses competitively during high… Continue Reading
19755 East Pikes Peak Ave, Suite 101, Parker, CO 80138
Category Archives: Uncategorized
2011 COUNTDOWN: A FEW TAX BREAKS STILL IN EFFECT FOR AT LEAST ANOTHER YEAR
12/20/2011 Remember the unpronounceable TRUIRJCA of 2010 (see blogs from the past few days—The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010)? While some tax breaks vanish at the end of 2011, many of the Bush-era tax cuts remain for another year as part of the deal struck by Congress last December. … 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
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
Tax Season Delays – Are You Impacted? (and April 18 filing date)
01/01/2011 Congress waited until the LAST POSSIBLE MOMENT to act on the Bush tax reduction extenders and other tax relief legislation recommended by the Obama Administration. The President signed the new legislation into law on December 17 . This has put a wrench in the works for virtually 100% of our clients. We are going… Continue Reading
2010 TAX COUNTDOWN – A SEP-IRA May Be a Great Deduction for You!
12/14/2010 http://www.irs.gov/retirement/article/0,,id=111419,00.html#1 If you are a business owner looking for a fast and easy way to reduce your tax burden this year, SEP-IRAs are one of my favorite recommendations. SEP is the acronym for Simplified Employee Pension plan. And while the truth is that no qualified plan is really “simple” – SEPs come pretty close.… Continue Reading
2010 Tax Countdown – Small Business (and Household Employer!) Healthcare Tax Credit Effective for 2010 through 2013
12/06/2010 Small business owners and household employers (as in Nanny)– listen up! And watch a YouTube from our buddies at the IRS http://www.youtube.com/watch?v=85i1kzIG57k. The Affordable Care Act of 2010 passed earlier this year may offer some financial relief for you IF you provide health insurance for your employees. Here is the skinny on qualifying for… Continue Reading
2010 Tax Countdown – S Corporation Shareholders and Health Insurance Deduction – Check NOW
[UPDATE DEC 2011: We have been told by a seminar presenter that for 2011 and beyond, S corps should report health insurance for shareholders on W-2 in Box 12 with DD code instead of Box 14 as in the past…we are going to research this a tad more…but there you have it for now. Also, the presenter… Continue Reading
2010 Tax Countdown – Is a Gym Membership Deductible as a Medical Expense?
12/04/2010 As we all start drafting our 2011 New Year Resolutions, “get healthy and fit” will be at the top of many of our lists – AGAIN. But this time, I’m serious!! Aren’t you? So, of course, the burning question is: Can I deduct my gym membership? After all, it is all about being responsible… Continue Reading
2010 Tax Countdown – 2010 ONLY Additional Health Insurance Deduction for the Self Employed
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