Hiring Children to Work for Parent’s Unincorporated Business
Here is a tax-saving idea for those who operate a business as a sole proprietorship, a single-member LLC treated as a sole proprietorship for tax purposes, a husband-wife partnership, or a husband-wife LLC treated as a partnership for tax purposes. Consider hiring your under age 18 child as a legitimate employee of your business. It [...]
No Income Tax Mailing!
I just received this notice from the Colorado Department of Revenue, thought I would share. Reminder – No automatic mailing of income tax booklets Due to the increase in electronic filings each year and to reduce mailing and printing costs, the Colorado Department of Revenue has discontinued the annual automatic mailing of income tax booklets [...]
Health Savings Accounts (HSAs)
Health Savings Accounts (HSAs) have become increasingly popular over the last few years. Opening one up is the ultimate expression of taking responsibility for your own healthcare costs instead of relying on an employer or the government. Plus, HSAs have tax advantages. For 2011, you can make a deductible HSA contribution of up to $3,050 [...]
Qualified Charitable Contributions (QCD) From Your IRA
IRA owners and beneficiaries who have reached age 701/2 are permitted to make cash donations to IRS-approved public charities directly out of their IRAs. These so-called qualified charitable distributions, or QCDs, are federal-income-tax-free to you, but you get no itemized charitable write-off on Form 1040. That’s OK because the tax-free treatment of QCDs equates to [...]
2011 Year-End Tax Planning
As we approach year-end, it’s again time to focus on last-minute moves you can make to save taxes—both on your 2011 return and in future years. To get you started, we’ve included a few money-saving ideas here that you may want to put in action before the end of the year. Contact us if you [...]