Posted on Jan 24, 2010 in Budgeting & Planning Tips,Operational No Comments »
Question – We would like to reduce our projected taxable income but due to current cash flow volume, we are unable to reduce all of our accounts payable. Would it be wise to take money from our line of credit to pay vendors? Or are we better off not taking out additional debt? Answer – [...]
Posted on Jan 23, 2010 in Financial Statements & Taxes,Operational No Comments »
Question: Which contractors do I have to issue a 1096/1099 form for to the IRS? I know they are the ones whom I’ve paid more than $600 during the year to,but are there other qualifications to be concerned with? Answer: Generally you only need to furnish 1099s to independent contractors who are individuals (SSN) or [...]
Posted on Jan 21, 2010 in Financial Statements & Taxes 1 Comment »
Sometimes business cash flow is a little tight and sometimes at the most inopportune time, such as “payroll tax payment day”. Please note that if any of the following four standard payroll tax payments are paid after January 31st Form 941 – Federal payroll and withholding taxes Form 940 – Federal unemployment insurance taxes Form [...]
Posted on Jan 16, 2010 in Financial Statements & Taxes No Comments »
Question – Are life insurance benefits from my mother’s estate taxable? Answer – The best answer depends on three different circumstances. • If the amount exclusively relates to a life insurance policy, then no amount is taxable and the fiduciary (life insurance company) should not have asked you to complete a Form W-9 or asked [...]
Posted on Jan 13, 2010 in Operational No Comments »
Fit. It’s the most important consideration when selecting a certified public accountant. To get off to a good start, interview two or three practices. I also recommend to both new and experienced business owners to look for a comfort level with their skill set and their culture. You want to be confident and comfortable with [...]
Posted on Jan 04, 2010 in Financial Statements & Taxes No Comments »
I’m often asked why I don’t e-file my client’s Federal and State income tax returns. The simple answer? A lack of confidence in the system. Case in point. The online Colorado Department of Revenue Wage Withholding Zero Filing System failed on October 31, 2009. I happened to file a number of 3rd Quarter returns for [...]
Posted on Jan 03, 2010 in Financial Statements & Taxes,Uncategorized No Comments »
Amazingly, Colorado has no law that states what constitutes a common law marriage. In practice however, a couple can file a joint return as Colorado residents as long as they meet these five widely-held tests: 1) they are not already married to someone else, 2) they present themselves as being husband and wife, 3) they [...]
Posted on Jan 03, 2010 in Financial Statements & Taxes No Comments »
Effective for tax periods ending after January 1, 2010, the vendor fee (credit for timely filing and payment) has been reduced to 0% for filers in the following government jurisdictions – State of Colorado, Larimer County, and City of Fort Collins.
Posted on Jan 02, 2010 in Budgeting & Planning Tips No Comments »
Question – I bought my home in 2002 so I should be eligible for the new homebuyer credit, right? Answer – You’re not the first and won’t be the last to assume that the Federal credit was intended for all existing homeowners in good standing. It’s not immediately obvious that to qualify for the credit, [...]
Posted on Jan 01, 2010 in Budgeting & Planning Tips No Comments »
This recommendation may seem obvious but I come across it all the time. The number one avoidable estate-planning mistake made by individuals is failing to name a living beneficiary on all retirement accounts. Regardless of your will, if not done properly with the fiduciary, your estate will be exposed to higher taxes than the circumstances [...]
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