These include: Births or adoptions Child custody or divorce Deaths Home purchases or refinances Short Sales or foreclosures We are here to assist you in tax planning for all the major events in your life. Don’t forget to call us and let us help you review applicable legal documents prior to signing.
www.itsdeductible.com www.satruck.org These websites include estimations of high and low values for a variety of used items. If you make a donation, pleases calculate the deductible value and submit to us with your tax information.
The end of the year is a great time to clean and get organized for the upcoming year. Here is a quick suggested retention guide. 7 years for: Bank statements Individual Tax Returns and all supporting documentation Credit card statements Permanent Documents: Business Tax Returns Corporate meeting minutes Business licenses Real Estate Purchases
In 2011 credit card merchants will be issuing 1099k’s to small businesses and individuals who accept credit card payments from their customers. This form will report all payment settlements processed by the merchant. The purpose of this new form is to ensure all companies are reporting all income – including revenues from third party payments [...]
55.5 cents per mile for business miles driven 23 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations
Probate ~ to establish the authenticity or validity of (a will) Lien ~ right to hold property of another until debt is paid Tax Lien ~ a statutory lien on property for taxes due giving the taxing authority a security interest in the property Levy ~ an imposing or collecting, as of a tax, by [...]
By: Melinda Sue Coburn, EA 20/20 Tax Resolution, Inc Earlier this year IRS commissioner Doug H. Shulman announced a three part plan that would help struggling taxpayers with back tax issues and streamline the resolution process. The IRS Fresh Start Initiative outlines provisions to increase the lien filing threshold, ease the process of obtaining a [...]
Is your business affected by the Affordable Care Act of 2010? 1 up to 49 Employees (FTE) Employer not required to provide health insurance for employees. However, by 1/1/2014, employer will be required to carry minimum essential health coverage or be subject to penalty. To encourage small businesses to provide health insurance coverage, a credit [...]
Complete corporate board meeting minutes are among the most important documents a company must produce and keep. In case of a government audit or a lawsuit challenging a company’s actions, the corporate board minutes become the guiding document in determining whether the company’s actions were legally authorized and appropriate. Failing to keep accurate and complete [...]
Beginning in the calendar year 2012, employers will be required to pay premiums on the first $11,000 of wages paid to each employee (the 2010 limit was on the first $10,000). Additionally in the 2012 calendar year only, the incremental increase of the solvency surcharge applied to an employer will be subtracted from the employer’s [...]
The IRS is continually reviewing the rules on Independent Contractors. The state of Colorado is funded by the IRS to Conduct audits to potentially reclass the status of Independent Contractors to employees. Here is a simple rule from the IRS: “You are not an independent contractor if you perform services that can be controlled by [...]
We live in a time in which identity theft and fraud is all around us. One of the most popular forms of fraud is pretending to represent a legitimate company or agency to gain personal information. The IRS is just one of the many agencies criminals fraudulently represent to facilitate their crime. The IRS does [...]
A new law requires tax preparers to electronically file federal income tax returns prepared and filed for individuals, trusts and estates for the 2011 tax year. There are a few exceptions to the e-file rule depending on an additional form that must be included to the IRS.