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What’s on our mind? You can read about it in our blog. Whether it’s tax planning suggestions or concepts from the financial industry, you can read about it here.  So keep checking in. We’re glad to have you reading along.

 

Monday, October 10, 2016

With football season underway and the holidays just around the corner it seems like an unusual time to think about taxes. However, as we go into the last quarter of the year now is an excellent time to check on your potential tax...

 

Monday, August 29, 2016

We often with speak with small business owners who rely upon DIY accounting programs. Often times though there are many errors made by business owners that costs them money and time.

 

Monday, July 25, 2016

Have you had a change in family status this year? Did you get married or will you get married? Have you welcomed a new child into the family? Have you changed jobs? Has your income changed? Each of these various life events can and...

 

Monday, July 11, 2016

When filing season begins in mid-January each year, many clients bring in their W-2's and file their taxes with expectations that they will receive their refund which many times includes the Earned Income Tax Credit (EITC) and/or the...

 

Wednesday, January 6, 2016

Several times during tax season we electronically file a client's tax return, only to learn that one of the client's legal dependents was claimed falsely on another tax return. Sometimes this is due to identity theft, which will be...

 

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Tuesday, November 3, 2015

Many tax prepares misinterpret court orders and tax law when preparing tax returns. Since 2009 the IRS has taken the position that a county court cannot tell the IRS how exemptions are claimed on a tax return. Attaching copies of a...

 

Wednesday, October 28, 2015

One of the biggest complaints I get during tax season is from custodial parents who have not claimed their children in past years, because the noncustodial parent efiled and claimed the children first. These parents have been told by...

 

Thursday, February 26, 2015

In an effort to protect taxpayer information and Colorado state income tax refunds, the Colorado Department of Revenue (Department) is taking additional precautions to combat emerging tax filing fraud, which is occurring nationwide....

 

Friday, January 2, 2015

With all the focus on the Affordable Care Act this year, there has been an overlooked extra burden that has been placed on small businesses of all types. New IRS repair regulations now in effect can essentially make a small business...

 

Thursday, September 25, 2014

Do your dependent children work? Today it is quite common for dependent children living at home or attending college to work. Many times the college age students do their tax return. In this era of the Affordable Care Act: Do not allow...

 

Monday, September 15, 2014

When the Affordable Care Act (Obamacare) was passed in 2010, the effects of this first ever linking of healthcare and taxes together seemed so far away. Now with the 2015 tax filing season rapidly approaching, we have to prepare for...

 

Tuesday, July 15, 2014

During the year each of us have changing situations. What we sometimes do not consider is how the change in circumstances will affect our taxes. Here is a list of situations during the year that we recommend you contact us to help in...

 

Tuesday, July 8, 2014

Thoroughly review your situation before the end of the year. This will help you determine the best tax strategies for the remainder of 2014 and on into 2015. Depending on your situation accelerating income or deferring deductions into...

 

Tuesday, July 1, 2014

Every year there are several Expiring Tax Provisions that we never know whether or not these provisions will be extended. This year is certainly no exception. Each of the following provisions had provided eligible taxpayers with...

 

Thursday, June 26, 2014

Have you recently had a birth, adoption or death in you family?Have you gotten married, divorce, retired, or changed jobs this year?If either of these life events occur in 2014, a discussion with your tax professional is recommended to...

 

Wednesday, June 25, 2014

With the 2014 tax season behind us, it already time to start looking ahead to the 2015 tax season by starting to plan now for changes and life events that can and will affect your 2014 taxes. One of the biggest changes to now plan for...

 

Thursday, April 3, 2014

In the midst of all the hype about ObamaCare, there are tax issues that many people are overlooking and possibly even ignoring. Questions that everyone needs answered include:What is the Individual Mandate?What counts as minimum...

 

Wednesday, April 2, 2014

Each year I learn about the disasters that occur when my clients or others either buy or start a business. Why do the disasters happen? Many times the problems start because of consulting the attorney and the banker, but not consulting...

 

Tuesday, April 1, 2014

In my last blog I addressed the issue of noncustodial parents claiming children with a decree or agreement dated from 1985 through 2008. In 2009 the rules changed for decrees or agreements dated from 2009 to the present. From 2009 to...

 

Sunday, March 30, 2014

This is one of the most often asked questions I receive during tax season. The answer to the question can be complicated and varies greatly according to the situation. In many cases the mother has custody of the child and the father...

 

Saturday, March 29, 2014

Each year during tax season there are always a few people who claim that our rates are expensive. Many times they go to a person who works out of their home and charges very low rates. There are usually many reasons why these people...

 

Thursday, March 27, 2014

Beware of scams that look like they come from the IRS:The latest scam from one my professional organizations newsletters, has what looks like an official IRS symbol across the top and states:You have received a complaint in regards to...

 

Wednesday, March 26, 2014

The Internal Revenue Service provided late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are attaching to their returns any of the forms that couldn’t be filed until after January...

 

Tuesday, March 25, 2014

The number of electronic filing and payment options increases every year, which helps reduce your burden and also improves the timeliness and accuracy of tax returns. When it comes to filing your tax return, however, the law provides...

 

Monday, March 24, 2014

The American Opportunity Credit and the Lifetime Learning Credit may help you pay for the costs of higher education. If you pay tuition and fees for yourself, your spouse or your dependent you may qualify for these credits.Here are...

 

Sunday, March 23, 2014

If you haven’t filed your 2009 federal tax return, you may still have time to claim your tax refund. The IRS has $917 million in unclaimed refunds from an estimated 984,000 tax returns that people didn’t file for the 2009 tax year. The...

 

Saturday, March 22, 2014

AprilMon1Electronically file Forms W-2, W-2G, 1098, 1099, and 8027.Mon1File Form 2290 and pay the tax for vehicles first used in February.Mon1File Form 730 and pay the tax on wagers accepted during February.Wed3Deposit payroll tax for...

 

Friday, March 21, 2014

Due to increased fraud in claiming the Earned Income Tax Credit, the Internal Revenue Service has implemented more due diligence requirements on tax preparers. With these more stringent requirements, Cash Tracks Financial Inc has...

 

Thursday, March 20, 2014

For tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, the Internal Revenue Service announced today.By law, the dollar amounts for a variety of tax provisions, affecting...

 

Wednesday, March 19, 2014

Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:56.5 cents per mile for business miles driven.24 cents per mile driven for medical or moving purposes.14 cents per...

 

Tuesday, March 18, 2014

Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2012 and the years ahead, according to the Internal Revenue Service.The saver’s credit helps offset part of the first $2,000...

 

Monday, March 17, 2014

Question: What is the basis of property received as a gift?Answer:To figure the basis of property you receive as a gift, you must know 3 amounts:The adjusted basis to the donor just before it was given to you.The fair market value...

 

Wednesday, January 1, 2014

JanuaryThu3Deposit payroll tax for payments on Dec 26-28 if the semiweekly deposit rule applies.Fri4Deposit payroll tax for payments on Dec 29 – Jan 1 if the semiweekly deposit rule applies.Wed9Deposit payroll tax for payments on Jan...

 

Sunday, December 22, 2013

With the early start of this year’s hurricane season, the Internal Revenue Service encourages individuals and businesses to safeguard themselves against natural disasters by taking a few simple steps.Create a Backup Set of Records...

 

Sunday, December 15, 2013

College-bound students and their parents typically want to make every dollar and every minute of the college experience count including money spent on tuition and time spent on the college financial aid application process. The...

 

Sunday, December 1, 2013

If you are looking for a new job that is in the same line of work, you may be able to deduct some of your job hunting expenses on your federal income tax return.Here are seven things about deducting costs related to your job search:To...

 

Sunday, November 24, 2013

Question: Can I deduct separate maintenance paid to my spouse or alimony paid to my former spouse?Answer:If you are separated or divorced, you may generally deduct payments of separate maintenance or alimony paid in cash (including...

 

Tuesday, October 1, 2013

OctoberMon1File Form 730 and pay tax on wagers accepted during August.Mon1File Form 2290 and pay the tax for vehicles first used during August.Wed3Deposit payroll tax for payments on Sep 26-28 if the semiweekly deposit rule applies...

 

Sunday, September 15, 2013

The Internal Revenue Service announced another expansion of its “Fresh Start” initiative by offering more flexible terms to its Offer in Compromise (OIC) program that will enable some of the most financially distressed taxpayers to...

 

Sunday, September 1, 2013

The number of electronic filing and payment options increases every year, which helps reduce your burden and also improves the timeliness and accuracy of tax returns. When it comes to filing your tax return, however, the law provides...

 

Monday, August 19, 2013

Income that you receive for the rental of your vacation home must generally be reported on your federal income tax return.However, if you rent the property for only a short time each year, you may not be required to report the rental...

 

Monday, July 29, 2013

Question: Do tuition and related expenses paid to attend a private high school qualify for an education credit?Answer: No. Expenses paid to attend a private high school do not qualify for an education credit because a high school is...

 

Monday, July 1, 2013

JulyMon2File Form 11-C to register and pay annual tax if you are in the business of taking wagers.Mon2File Form 730 and pay the tax on wagers accepted during May.Mon2File Form 2290 and pay the tax for vehicles first used during May...

 

Tuesday, June 18, 2013

The IRS released revised Form 941 enabling employers to properly report the newly-extended payroll tax cut benefiting nearly 160 million workers.Under the Middle Class Tax Relief and Job Creation Act of 2012, workers will continue to...

 

Sunday, June 2, 2013

You have two extra days this year to make contributions to your Individual Retirement Arrangements. That’s because April 15 falls on a weekend and Emancipation Day, a legal holiday in the District of Columbia, will be observed on...

 
 

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