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Tax Articles

Oddball Tax Deductions

ACK: Kiplinger 1. A sex-change operation. A man who felt he was a woman trapped in a male body was diagnosed with gender-identity disorder. This transgender taxpayer wanted to deduct almost $22,000 in out-of-pocket medical costs for multiple surgeries, including hormone therapy, sexual-reassignment surgeries and breast augmentation, in order to become a woman. In the…

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Colorado Sales/Use tax exemptions eliminated/suspended

Recent legislative changes have eliminated the state sales and use tax exemption for certain items. These changes were developed by state lawmakers to help balance Colorado’s budget. The legislation has no effect on items that are either currently taxable or exempt from sales/use tax by local governments and local districts. All businesses that have Colorado…

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First-Time Homebuyer Credit Documentation Requirements

The IRS recognizes that the settlement documents can vary from location to location, so here are five tips to clarify the documentation requirements. Settlement Statement: Purchasers of conventional homes must attach a copy of Form HUD-1 or other properly executed Settlement Statement. Properly Executed Settle Statement: Generally, a properly executed settlement statement shows all parties’…

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Retirement Savings Contribution Credit

If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be eligible for the Retirement Savings Contributions Credit: Income Limits The Savers Credit, formally known as the Retirement Savings Contributions Credit, applies to individuals with a filing status and income of: Single, married filing separately, or qualifying…

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Business Start-Up and Organizational Costs

Business start-up and organizational costs are generally capital expenditures. However, you can elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred after October 22, 2004. The $5,000 deduction is reduced by the amount your total start-up or organizational costs exceed $50,000. Start-up costs include any amounts paid…

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Gambling Winnings Are Taxable Income

Gambling winnings are fully taxable and must be reported on your tax return. Gambling income includes – but is not limited to – winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses, trips or other noncash prizes. Depending on the type…

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