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Accounting Tips

Reducing Taxable Income FAQ

Posted on Jan 24, 2010 in Budgeting & Planning Tips,Operational No Comments »

Question a�� 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. A�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? clomiphene citrate […]

Obligations to issue 1099s to vendors

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 […]

In a pinch on the 31st?

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 a�?payroll tax payment daya�?.A� Please note that if any of the following four standard payroll tax payments are paid after January 31st Form 941 a�� Federal payroll and withholding taxes Form 940 a�� Federal unemployment insurance taxes Form […]

Taxation of Life Insurance Benefits FAQ

Posted on Jan 16, 2010 in Financial Statements & Taxes No Comments »

Question a�� Are life insurance benefits from my mothera��s estate taxable? Answer a�� The best answer depends on three different circumstances. a�? If the amount exclusively relates to a bactrim no prescription online cheap life insurance policy, then no amount is taxable and the fiduciary (life insurance company) should not have asked you to complete […]

To select a CPA, go for the best fit. Herea��s how.

Posted on Jan 13, 2010 in Operational No Comments »

Fit. Ita��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 […]

Electronic vs. Paper Tax Return Submissions

Posted on Jan 04, 2010 in Financial Statements & Taxes No Comments »

Ia��m often asked why I dona��t e-file canadian pharmacy methylin my clienta��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 […]

Common Law Marriages and Income Tax Filing

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: A�1) they are not already married to someone else, 2) they present themselves as being husband and wife, 3) they […]

With Immediate Effect for Sales Tax License Holder

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 a�� State of Colorado, Larimer County, and City of Fort Collins. synthroid without insurance

Home Buyer Tax Credit FAQ

Posted on Jan 02, 2010 in Budgeting & Planning Tips No Comments »

Question a�� I bought my home in 2002 so I should be eligible for the new homebuyer credit, right? Answer a�� Youa��re not the first and wona��t be the last to assume that the Federal credit was intended for all existing homeowners in good standing. Ita��s not immediately obvious that to qualify for the credit, […]

Estate Planning Mis-Cues a�� Amazing but True

Posted on Jan 01, 2010 in Budgeting & Planning Tips No Comments »

la marathon 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 […]

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