Social Security and Medicare Changes 2012

The Social Security Administration has announced the new benefits and thresholds for 2012 as follows: Gross Social Security benefits increase for 2012 by 3.6%.  The amount of earnings subject to Social Security taxes increases to $110,100.  The amount of earnings

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Posted in Medicare, Social Security, Social Security Tax

Paying Past Employment Tax Liabilities with an Installment Agreement

Employment taxes withheld by your employer are considered 'trust fund' taxes. I'm not entirely sure of its origin but I think the term trust fund tax is used because the US Treasury considers employment taxes withheld from your paycheck the

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Posted in Employment Tax, Installment Agreement

Adoption Tax Credit

The Affordable Care Act increased the amount of the Adoption Tax Credit and made it fully refundable, which means it can increase the amount of your refund or decrease the amount of your tax liability in the immediate tax year. Additionally:

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Posted in Adoption, Tax Credit, Tax Deductible Expenses, Tax Guidance & Preparation

Colorado Sales Tax on Vacation Rentals

If you rent a house or condominium to someone for less than 30 days in Colorado it is likely sales tax is owed on that rental. There may also be other taxes owed as well including line items for a

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Posted in Rental Real Estate, Sales Tax

2012 Estate Tax Exemption Increase

IRS Rev. Proc. 2011-52 states that the federal estate tax exemption will increase from $5,000,000 to $5,120,000 for the estates of decedents who die in 2012. Subsequently the lifetime gift tax and generation skipping transfer tax exemptions will increase from $5,000,000 to

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Posted in Generation Ski[[ing Transfer Tax, Gift Tax

Solo 401(k)

I blog today about 401(K)'s from a tax perspective solely keeping in mind that my license is as an Enrolled Agent with the US Treasury.  With that as a basis the benefits available to a self-employed individual in a solo

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Posted in Paying Taxes, Retirement, Self Employ, Small Business

IRS Transfer Pricing Compliance Programs Reorganization

The IRS Advance Pricing Agreement (APA) Program, concerned exclusively with reaching pre-filing agreements with taxpayers on transfer pricing, will shift from the office of IRS Chief Counsel to an office under the Transfer Pricing Director in the Large Business &

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Posted in Transfer pricing

Tax Deductible Job Search Expenses

If you invest money seeking employment in your current vocation by taking such action as updating your resume and/or attending career fairs you may be able to deduct some of the expenses as miscellaneous deductions on the Schedule A of

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Posted in Tax Deductible Expenses, Tax Guidance & Preparation, Tax Relief

What taxes can be discharged in bankruptcy

Bankruptcy tax law is complicated and involves a firm grasp of time lines. Getting it right is complicated and requires reflective consideration. I learned this first hand back in 2004. If you get it wrong you loose the privilege of a

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Posted in Bankruptcy, Tax Fraud, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Colorado Amended Tax Return Tips – CO 104X

When filing a Colorado amended return for individual income tax, these tips will help avoid processing delays. DO NOT include a copy of the 104 (original) return with the 104X.  Include all schedules and supporting documentation. Even when there is no

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Posted in Amended Tax Return, Colorado Department of Revenue
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