Fort Collins Accounting

What are these 1099-K forms?

Andrea Smith — Tue, 31 Jan 2012 02:13:07 +0000

We’re hearing from many clients expressing concern and confusion regarding the new Form 1099-K. If you accept payments by credit card or other third party processor, you may receive one of these forms. What is it? The form will show the total amount of payments from the payment processor during 2011. What do you do with it? Surprisingly, the instructions for 2011 tax forms have been changed to say there is no special reporting for these amounts for 2012. They should be combined with your other business income. Next year promises more changes for reporting this income, though, so stay tuned!

The only constant is change.

Andrea Smith — Fri, 02 Sep 2011 18:52:13 +0000

As many of you know, we have had some significant staff changes here recently. Our receptionist, Dara, gave birth to a healthy son last month and another of our bookkeepers, Kimberly has decided to devote herself full-time to the family business. In the meantime, we have welcomed Leah, an experienced bookkeeper, into our firm. While we have had moments of sadness to see our team change, it has been heartwarming to know that all of these changes have been due to positive events and personal and professional growth for all involved. Every change is an opportunity! We invite you to come and meet our new team member and to keep in touch with any feedback as we grow and change.

Time for estimated taxes again!

Andrea Smith — Fri, 26 Aug 2011 21:24:22 +0000

The kids are back in school and it’s a good time to organize those receipts and figure out where you are so far this year on taxes. Estimated tax payments are due September 15.

Federal Unemployment Rate Drops

Andrea Smith — Thu, 30 Jun 2011 16:58:17 +0000

Starting tomorrow, the federal unemployment rate for most employers will drop .2% to .6% . The new rate is does not apply to the first half of 2011, so completing the Federal Unemployment Form at year-end will be challenging. Still, we all welcome the tax break!

IRS Revises Mileage Rates

Andrea Smith — Thu, 23 Jun 2011 22:54:17 +0000

Finally something good comes out of rising gas prices! The IRS has announced that the standard mileage rate for business use will increase to 55.5 cents per mile beginning July 1, 2011. The rates for medical and moving expenses go up to 23.5 cents per mile. The charitable rate will remain at 14 cents per mile.

Estimated Tax Payments Due!

Andrea Smith — Wed, 15 Jun 2011 21:34:16 +0000

Summer is upon us and it already time for the next payment of estimated income tax. The second payment of the year is due to both the IRS and the State of Colorado on June 15, so this is your reminder to send that in! Thankfully the next payment isn’t due until September 15.

QuickBooks discount! One day only!

Andrea Smith — Mon, 22 Dec 2008 15:57:32 +0000

I have just been made aware of an incredible offer on QuickBooks Pro 2009. Staples stores will be offering the program free after rebates Monday, December 22, 2008 only. The program is regularly priced at $199.99. They are offering an instant discount of $40 and a mail-in rebate of $159.99. This means the program is free (except for any sales tax, of course). This is an incredible deal, unlike any I have seen before. Anyone looking to upgrade or try out the program should definitely take advantage of this.

Year-End Approaches

Andrea Smith — Mon, 15 Dec 2008 19:28:09 +0000

As always, time flies and the end of 2008 is upon us. Here at Andrea J. Smith & Associates, Inc., we have just completed our last seminar of the preparation season so we can provide you with the best service possible in the coming season. We are all revved up and looking forward to a great tax season! First time homebuyers and anyone paying property taxes will have new tax laws to apply this year. Changes in the law will also affect those planning on converting a rental home to a personal residence after January 1, 2009.