Blog Archives

2020 Standard Mileage Rates

The standard mileage rates for business use of a vehicle decreased slightly in 2020.  The rate for 2020 is 57.5 cents per mile in 2020.  Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating

Posted in IRS, Taxes

2020 W-4

Effective January 1, 2020 a new Federal W-4, Employee’s Withholding Allowance Certificate, is required. The form has new inputs for calculating federal income tax withholding and no longer allows employees to claim any number of personal or dependent allowances. The

Posted in IRS, Taxes

2020 Tax Season Start

Tax season will start for individual tax return filers on Monday, Jan. 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns. The deadline to file 2019 tax returns and pay any tax owed is

Posted in IRS, Taxes

NEW IRS Charitable Contribution Regulations

The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive

Posted in Colorado, IRS, Taxes

Members of LLC’s paying themselves through Payroll Risks

Since most people are familiar with being paid wages and receiving a W-2 each year, when forming an LLC, they may still expect to be paid wages.  However, LLC members can take guaranteed payments or distributions.  In fact, there are

Posted in IRS, Taxes

LLC Considerations with Partners

My friend and I want to form an LLC.  Should be both be members/owners, or should one of us be the owner and just pass on 50% of the money to the owner? Some things to consider as to how

Posted in IRS, Taxes

How to Form an LLC in Colorado

Choose a Name for Your LLC   Under Colorado law, an LLC must contain the words or abbreviation “limited liability company,” “ltd. liability company,” “limited liability co.,” “ltd. liability co.,” “limited,” “l.l.c.,” “llc” or “ltd.,”Limited Liability Company,” “Limited Company,” or

Posted in Colorado

Receipts on Form 1099-K

Business owners may have received IRS Form 1099-Ks from most of the Payment Processors used during 2018. The Form 1099-K reports the gross proceeds received from Payment Processors, over the course of the year, which includes credit card companies, PayPal,

Posted in IRS, Taxes

Auto Expenses

For taxes, you can either use the standard mileage deduction or the actual expenses, but not both methods.  The standard mileage deduction includes depreciation so you can’t claim depreciation as an additional deduction under this method, but you can claim

Posted in Deductions

Trade Names & DBAs

A trade name is a name, other than the true name, of an entity or individual under which the entity or individual is authorized to transact business or conduct activities.  Sometimes a trade name is referred to as a “doing

Posted in Colorado