Finance & Enjoyment Blog

October 27, 2015Year-end Tax Planning Time – Tips to Get Started
Category: Your Financial House

Year-end Tax Planning Time – Tips to Get Started It is hard to believe that 2015 is winding down. Before we know it, it will be 2016 and tax season will be upon us. As your Denver CPA, we want to ensure you have a good tax season, but preparation begins now. To help you maximize your tax refund (or minimize your taxes), we have put together several things you can do now as part of your year-end tax planning. Evaluate Your Investment Performance Now is a great time to review your stock statements. If you see some stocks that look to be underperforming, you may consider dropping them from your portfolio. Then, you can optimize your investme …

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October 13, 2015Maintaining a Holiday Budget
Category: Your Financial House

Maintaining a Holiday Budget It will not be long before we turn our attention to family gatherings and holiday cheer. While those times are full of festivity and fun, it is also a time of running up bills and credit card debt. As your Denver CPA, we want to ensure that all of our clients don’t feel the added stress of holidays due to over spending, so we put together some ideas to help maintain a holiday budget. Establish a Budget Before you can maintain a budget, you have to establish a budget. While it may seem tedious, having one and maintaining it will help you actually enjoy your holiday season a great deal more. W …

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September 30, 2015Still Time For 401(k) Contribution
Category: Your Financial House

Still Time For 401(k) Contribution As Denver's Accounting Professionals at KKB CPA we often get asked: “Is there still time to contribute to a 401(k) plan?” The answer is: Absolutely! There are very rare circumstances where you cannot contribute. We feel you are never too old to contribute to a 401(k) or other investment and savings plan from your employers. In fact, the older you get, the more you can contribute to your 401(k) if you feel the need to “catch-up” on the savings. When you are over 50, you are allowed to contribute up to $22,000 to your 401(k) per year. This is an additional $5,500 that you are allowed; whe …

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September 22, 2015Easy Savings Tips from KKB Accounting
Category: Your Financial House

Easy Savings Tips from KKB Accounting Saving money can seem very daunting as daily expenses add up. As your Denver Accounting Office, we at KKB CPA understand that when you juggle numerous commitments and expenses ranging from paying off medical school, car loans and mortgage commitments to paying for kids’ soccer and kids’ college tuition, trying to find places to save can be very difficult. So, we have put together a few practical savings tips that not only help you save money, but ultimately help you better manage some of your debt. Pay Down Your Debt Debt is the biggest single inhibitor of savings. If you are like most pe …

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July 29, 2015What is Personal Financial Planning?
Category: Your Financial House

What is Personal Financial Planning? Here at KKB, as Denver wealth management consultants and Denver CPA firm, we often get asked about personal planning and what exactly is “personal financial planning”. The official definition of personal financial planning is: The process of managing your money to achieve personal economic satisfaction. This planning process allows you to control your financial situation. It goes without saying that most people want to handle their finances so they get the full satisfaction of each and every available dollar. Some typical goals could include getting a new car, a larger home, extended tra …

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June 30, 2015Wealth Management Tips
Category: Your Financial House

Wealth Management Tips Many people dream about having a lavish lifestyle, but most people don’t take the measures to make it happen. What these people don’t seem to understand is that even with hard work this type of lifestyle will be out of reach unless they pay attention to personal wealth management. As a Denver CPA it is our job to guide you with information and insight to plan for a secure future. Take a look at some areas that we believe are worth your attention. Income and Expenses Take a good look at your annual income and do a little research to compare your salary to people with similar jobs. Someti …

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May 13, 2015Key Indicators that Signal Progress Our Economy Is Rebounding
Category: Your Financial House

Key Indicators that Signal Progress Our Economy Is Rebounding Believe it or not, according to the U.S. National Bureau of Economic Research, the keeper of such stats, the Great Recession that began in December 2007 officially ended in June 2009. In the nearly six-year span between then and now, many people and companies still struggled; however, that is changing! Some key indicators of economic progress look good, so it’s time to feel upbeat about the future and your personal wealth! Let’s dig a little deeper into the top three key economic indicators: 1. Employment Opportunities Abundant According to the Bureau of Labor Statistics, more than 1 mill …

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March 17, 2015Tax Day Tips to Get You through Tax Day
Category: Your Financial House

Tax Day Tips to Get You through Tax Day The countdown has begun! We’re quickly approaching the filing deadline for your 2014 taxes. Although we love tax day, we know the majority of people don’t share our affinity for tax season. Each year, tax payers are more apt to make mistakes in the final month before the tax deadline because they are scrambling to get earnings statements, receipts and more organized to avoid penalties and to maximize their deductions and credits. If you are in this position, you’re not alone. Typically as many as 28% of Americans wait until April to file. In an effort to help you navigate tax season this year, …

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February 13, 2015Special Announcement: 2015 Tax Fraud Warning
Category: Your Financial House

There has been a lot in the news recently regarding, in particular, state filings with TurboTax and related fraudulent claims. In fact, last week some states went so far as to suspend electronic filings for a few days. What Is Happening In the past several weeks, people have filed their taxes only to find that a tax claim under their social security number has already been filed. How is This Happening This is not a TurboTax issue as their software was not breached. It just so happened that many of the fraudulent tax returns were created using their software. Instead, this looks to be cr …

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February 11, 2015College Saving Strategies: Start Saving Now
Category: Your Financial House

College Saving Strategies: Start Saving Now Turns out, it’s really never too soon to save for a college education! According to Bloomberg Business, tuition costs in the United States have increased faster (3.7 percent at private nonprofit colleges and 2.9 percent for in-state four-year public schools) than the rate of inflation (1.4 percent), which seems to be a trend in higher-education costs over the last decade. If there’s a silver lining with this news, it is that increases are smaller on average this year than in recent years. However, with just a cursory glance at these facts, it’s evident that getting some expert guidance for per …

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December 11, 2014Denver CPA Firm on 5 Year-end Tax Tips
Category: Your Financial House

Denver CPA Firm on 5 Year-end Tax Tips As we bid farewell to 2014 and get ready for the holidays, it is also a time to tie up loose ends in your financial house. As a Denver CPA firm, we have put together some practical tips for your year-end tax deductions that will, hopefully, make next April a little more bearable. Charitable Giving If you think your tax return could use a little boost, giving to charities is a great way to add deductions to your tax return. You can give all the way up to December 31st. So, while pulling out the holiday decorations, you can also clean out your garage by donating old clothes and used house …

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November 14, 2014Denver Accountants Share Changes to Credit Scores
Category: Your Financial House

Denver Accountants Share Changes to Credit Scores Our Denver Accountants at KKB are always dedicated to providing as much industry information as we can to our clients. A recent change to the widely used credit score may make it more likely for struggling consumers with low scores to obtain loans. Under this new change, Fair Isaac Corporation’s newest FICO® model will change certain aspects of how a credit score is calculated on an individual’s credit report. The changes come in the wake of discussions with lenders and regulators looking to find ways to increase consumer lending without creating additional credit risks. Here are some ch …

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November 13, 2014CPA Colorado on Workplace Wellness
Category: Your Financial House

CPA Colorado on Workplace Wellness Workplace wellness programs are aimed to encourage workers to be healthier; workout more and eat balanced meals. These programs hopefully lead to happier and healthier employees. Over the past few years, these programs have been touted as successful when 2013 premiums were the lowest they have been in almost 20 years. However, according to a recent New York Times article, research shows that these programs do not work as well as advertised. Wellness programs have grown into a $6 billion industry because employers believe these programs work. In fact, asked which programs are most effective …

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June 30, 2014Denver CPA Asks, What’s The Deal With The Bitcoin?
Category: Your Financial House

Denver CPA Asks, What’s The Deal With The Bitcoin? Bitcoin, the virtual currency, has been receiving a lot of attention around the world over the past five years. Bitcoin brands itself as an “open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part in it.” Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Your Denver CPA and personal wealth management partner has the background on this currency. Paying for something with a Bitcoin is similar to a digital wallet. Just as a phy …

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June 06, 2014Our Denver Wealth Management Services
Category: Your Financial House

Our Denver Wealth Management Services You may know KKB as a CPA firm, but did you know that KKB also provides Denver wealth management services? It’s all part of our Personal Enjoyment Profile that we’ve created with our clients in mind. With this tool, together we will discover your unique financial goals and focus on what matters most to you in your life. At KKB we want to help our clients enjoy the most out of every day. With our personal wealth management suite of services, we’ll be able to help you in the following areas: - Investment Management and Advisory Services - Investment Portfolio Management - Retirement Pl …

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May 09, 2014Leading CPA Colorado Firm Reviews Savings in America
Category: Your Financial House

Leading CPA Colorado Firm Reviews Savings in America We hope everyone had a great tax season. At KKB, we’re dedicated to helping our clients achieve their goals. Our proactive financial guidance services stretch beyond just tax preparation. With our personal wealth management solutions, we’ll help you plan for retirement, consult on investments and provide personal money management. Recently, we came across a survey from America Saves, an organization dedicated to motivating Americans to save money and plan for their futures. Their survey found some interesting results that we would like to share with you: - Just 35% of Americans feel they ar …

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February 05, 2014Your Financial House: Tips from KKB, Your CPA Denver Resource
Category: Your Financial House

Your Financial House: Tips from KKB, Your CPA Denver Resource Here at KKB, our passion is helping our clients navigate tax changes and providing your practice expert advice on financial matters that help your bottom line. In the past few months, we’ve talked a lot about the new Health Care Reform Act and its tax implications within the healthcare industry. Now that 2014 is here, we’d be amiss if we didn’t give you a few financial impacts to keep in mind for the rest of the year. Changing payer mix affecting margins – The aging population will start to move to Medicare or other exchange programs. This trend will negatively affect margins because patien …

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December 05, 2013Your Financial House: Tax Implications on Loan Repayment Programs
Category: Your Financial House

Your Financial House: Tax Implications on Loan Repayment Programs Your Financial House: Tax Implications on Loan Repayment Programs You worked your way through years and years (and years) of college to become a professional in the health care industry. You’ve found your perfect job in the right practice. Hopefully your professional dreams are coming true, but don’t forget about those student loans that have accumulated over those college years. Even though the amount may be terrifying there’s a way to help repay those loans while helping serving communities in need. Use your education, skills and experience to give back to the community while also repay …

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June 28, 2013Give A Little: Charitable Financial Planning in Denver
Category: Your Financial House

Give A Little: Charitable Financial Planning in Denver Give A Little: Charitable Financial Planning in Denver Thanks to income tax laws, it pays to give. If your family has a favorite charity or cause that you regularly donate to, do not forget to reap the tax deductions you deserve. However, the rules on filing and receiving these deductions are tricky and apt to change, so educate yourself on their nuances, and keep an eye on your accounting firm (and Capitol Hill) for updates to the tax codes. But here are the rules as they stand, which every charitable household should know before writing a check. First, in order to be eligible for any tax …

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March 28, 2013Spring Cleaning for Your Personal and Practice Finances
Category: Your Financial House

Spring Cleaning for Your Personal and Practice Finances Your Financial House: Spring Cleaning for Your Personal and Practice Finances The phrase “Spring cleaning” isn’t necessarily just about sweeping floors and airing out rugs in your home. Take a few minutes over the next few weeks to review your finances to see if there are some financial cobwebs that need to be cleaned out. Consider consolidating debt. If you have outstanding balances on credit cards or other revolving debt, it’s always a good idea to check with your bank or credit union to see if consolidating these accounts makes sense. If you use a credit card on a regular basis, conside …

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February 18, 2013Your Financial House: When “Married Filing Separately” Might Make Sense
Category: Your Financial House

Your Financial House: When “Married Filing Separately” Might Make Sense Your Financial House: When “Married Filing Separately” Might Make Sense We are frequently asked if a married couple should file separate returns. The question most frequently arises with newly married couples, couples in the process of a divorce, and when one spouse has unusual circumstances like an unusually large income or big medical expenses. Your marital status is determined on the last day if the year. If you are married you can file a joint return or you can choose the filing status of Married Filing Separately. You may not file as a single individual. The answer, which is the r …

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January 20, 20132013 Tax and Accounting Fact Sheet
Category: Your Financial House

2013 Tax and Accounting Fact Sheet We wanted to share a high-level Fact Sheet you can refer to for your tax and accounting questions during 2013. If you have more detailed questions or would like to find out more about how everyone at KKB CPAs can make your life more enjoyable, give us a call at 303-815-1100. FICA Employee Tax – This tax goes back to 6.2% from 4.2% as the payroll tax holiday ended December 31, 2012 FICA maximum wage base will go from $110,100 to $113,700 COLA – Social Security benefits will increase by 1.7% 401(k) Contribution Limits - 401(k) Electiv …

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December 17, 2012Tax Tips: Medicare Surcharge on Wages in 2013
Category: Your Financial House, Rules and Regulations

There has been much talk about the 3.8% Medicare surcharge on investment income that will occur in 2013, but another tax increase many tax experts have glossed over is the .9% Medicare surcharge on wages and self-employment income above certain thresholds. For individuals, this threshold is $200,000 while couples will meet the threshold at $250,000. This extra medicare charge is only assessed on the employee's share of the Medicare payment, and the employer does not owe anything extra except the already existing 1.45%.   The IRS has instructed the employer to withhold the extra per …

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December 03, 2012Retirement: Medicare Premium Changes In 2013
Category: Your Financial House, Retirement and Exit Strategies, Rules and Regulations

In 2013, the basic Medicare Part B premium will rise $5 to $104.90 a month. This monthly rate will be higher for seniors with modified income above $170,000 for married and $85,000 for singles. Modified income means regular income plus tax-exempt interest, education bonds, and excluded foreign earned income. Higher income seniors will also owe a surcharge on premiums for Medicare Part D. This surcharge ranges from $11.60 to $66.60 depending on how much those seniors modified income is above $170,000 for married and $85,000 for singles. Marrieds filing separately will be hit especially hard if …

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November 19, 2012Tax Tips: Rate changes and other items for 2013
Category: Successful Practice Management, Your Financial House, Rules and Regulations

  See below for a guide to all tax changes taking effect in 2013. Please note that some things such as the tax rates may be subject to change depending on Congressional action.   The top tax brackets rising from 33–35% to 36–39.6% Long-term capital gains taxes rising from 0–15% to 10–20% Dividends taxed at ordinary income tax rates up to 39.6% and the expiration of the quali­fied dividend rate of 15%  The expiration of the FICA payroll-tax cuts from late 2010 will raise the rate from 4 …

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November 06, 2012Your Financial House: Should I start my Social Security Early?
Category: Your Financial House, Time Management and Organization, Retirement and Exit Strategies, Rules and Regulations

Should I start my Social Security Early?   A good friend of mine just turned 62. He announced to me he was going to start his Social Security. I have analyzed this several times and knew this would not be the best economic answer. The reduction they impose for starting early is significant. So I asked him to wait, and send me the amounts he would receive now, and the amounts he would receive if he waited until his normal retirement age at 66. He has a pension from his career employer that is decent, so I knew he would have respectable income without Social Sec …

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November 02, 2012The Fiscal Cliff: Sequestration
Category: Successful Practice Management, Your Financial House, Retirement and Exit Strategies, Rules and Regulations

The Fiscal Cliff: Sequestration   We discussed the big ticket item of the Bush Tax Cuts in the last blog.  The next biggest item is sequestration. Until the Budget Control Act was signed in August, 2011 most people had probably not heard of the word before. The Wikipedia definition of sequestration is “A U.S. legal procedure in which automatic spending cuts are triggered, notably implemented in the Budget Control Act of 2011.” This Act established the so called “Super Committee, which was tasked with putting together a bipartisan piece of legislatio …

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October 21, 2012Tax Tips: The Dangers of Tax Software
Category: Your Financial House, Time Management and Organization, Rules and Regulations

If you use programs such as Turbotax, ACTtax, or many of the other home tax preparation software, and there turns out to be an error in your return, your reliance on the software is not a valid excuse for relief from any penalties assessed by the IRS. Unlike using a CPA or third party preparer, the court's classify returns prepared through the use of tax software as self-prepared returns. Depending on the severity of the error, the IRS could impose significant penalties so it's crucial the return is properly reported when filed.

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October 19, 2012The Fiscal Cliff: The Bush Tax Cuts
Category: Your Financial House, Retirement and Exit Strategies, Rules and Regulations

  As of this writing, the tax cuts signed into law back in 2001 and 2003 are set to expire at the end of 2012. As there is not enough room in a blog to go through all of these expiring cuts in detail, we will highlight those that will have the biggest impact on our clients in 2013.   Income tax brackets will change.   Currently there are six tax brackets, with the lowest at 10% and the highest at 35%. In 2013, there will be five brackets, with the lowest at 15% and the highest at 39.6%. For a couple with $50,000 of taxable income, their taxes are expected …

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October 17, 2012The Fiscal Cliff: An Introduction
Category: Your Financial House, Retirement and Exit Strategies, Rules and Regulations

  We recently attended Colorado Medical Society’s annual meeting and Colorado Medical Group Management Association’s Fall conference. We enjoyed meeting many of their members and discussing a topic that is looming larger every day. That topic is the “Fiscal Cliff” that our nation is facing come January 1,, 2013.    The term “Fiscal Cliff” was coined by Ben Bernanke, the current Chairman of the Federal Reserve,. In February of 2012, he used this to term to describe “a massive fiscal cliff of large spending cuts and tax i …

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October 01, 2012Tax Tips: Education Savings Plans
Category: Your Financial House, Rules and Regulations

              Despite all the uncertainty with taxes for 2012, there are some tax planning items parents can do now to minimize their tax bill for the year. These tax planning items come in the form of 529 accounts and Coverdell education savings accounts.             529 accounts provide payouts for postsecondary education, and are completely tax free. These costs include tuition, room and board, books, and supplies. Many states cap this contribution at a certain amount, b …

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September 09, 2012Tax Tips: Medicare Surcharge On Investment Income
Category: Your Financial House, Retirement and Exit Strategies, Rules and Regulations

In 2013, a new tax will take effect that will apply to all upper-income earners on their investment income. The source of this new tax is a surcharge to provide an additional revenue stream for Medicare and will charge 3.8% on the lesser of taxpayer’s investment income or total adjusted gross income above $250,000 for married individuals and $200,000 for singles. In other words, if you’re married and have $50,000 in investment income (dividends, capital gains, etc) while your total income for the year is $270,000, then you’ll owe an extra $760 in taxes [(270,000-250,000) x 3.8%]. Howe …

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June 10, 2012Tax Credits for Health Insurance
Category: Your Financial House, Rules and Regulations

Starting in 2014, affordable insurance exchanges will provide a cost effective way for individuals who do not receive insurance through their employers the option to pick up coverage. This is just one of two ways the federal government plans to make insurance affordable. The other is by setting up tax credits to go along with these affordable insurance exchanges. These tax credits will be available to individuals and families with incomes between 100% and 400% of the federal poverty line. Some phase-out rules apply and things like Medicare, Medicaid, and employer-sponsored plans are not in …

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May 25, 2012Gifting Your IRA To A Charity
Category: Your Financial House

Did you know you can transfer up to $100,000 of your IRA to charity and receive several tax benefits? As long as you're older than seventy and a half at the end of the tax year, you can have your IRA custodian transfer the money directly to the charity and you won't be taxed on it. Plus, in addition to this, you can also deduct the amount as an itemized deduction, thereby reducing your tax liability. Please note this charitable contribution is limited to 2% of your adjusted gross income.

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May 10, 2012The Rising Cost Of Student Loan Interest
Category: Your Financial House

     A stunning report was recently released estimating that student loan debt will exceed $1 trillion in 2012. This massive debt has numerous implications on the economy. For example, instead of purchasing manufactured goods and services that actually attribute to the nation's economy, a large portion of future salaries will go toward the interest on this debt. Also, having this much debt can lead to a possible bubble or even a recession. A massive default scenario is especially troubling considering the employment outlook facing recent college graduates. To put this in pe …

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April 05, 2012Common Tax Scams in 2012
Category: Your Financial House

Common Tax Scams In 2012 Every tax season brings with it several new scams and schemes in an attempt to defraud the taxpayer. For 2012, the IRS has identified five of the most common scams that will affect taxpayers. Identity Theft: Due to the advancement in technology, identity theft has quickly grown into the most common scam a taxpayer will face. If you receive two notices from the IRS about filed taxes, you may have been a victim of identity theft. Phishing: Phishing scams typically come in the form of a website address, whether it be in an email or in a link from another site. …

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March 05, 20122013's Medicare Tax Increase And How You Can Avoid It
Category: Your Financial House, Retirement and Exit Strategies

2013's Medicare Tax Increase And How You Can Avoid It A Medicare tax increase going into effect in 2013 may have a significant impact on your investing strategy. A 3.8% levy on unearned income will be assessed to single filers with adjusted gross income (AGI) over $200,000 or $250,000 for those joint filers. The 3.8% levy will be applied against the smaller of the filer’s net investment income or the excess of AGI over the threshold. To show an example of this, if a single filer has $300,000 and $50,000 of investment income, then they would pay the 3.8% against the investment income. Ho …

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March 05, 2012Over $1 Billion in Refunds From 2008 Still Outstanding
Category: Your Financial House, Rules and Regulations

Over $1 Billion in Refunds From 2008 Still Outstanding Did you know the IRS has over one billion dollars in tax refunds from 2008 that are still waiting to be claimed? According to their records, over one million people have not yet filed a return for that year, and because of this, these refunds were never claimed. The estimated median refund is $637 which certainly should serve as an incentive for those delinquent filers to complete the process. Why is it important to file this year? There is only a three year window for recovering owed amounts from delinquent tax returns. After the three …

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February 06, 2012Qualifying For The First Time Homebuyers' Credit
Category: Your Financial House

Qualifying For The First Time Homebuyers' Credit The recently announced first time home buyers' credit can be a tremendous benefit to those who qualify, but the rules and regulations that govern this credit are very specific and not known by many people. In order to claim this credit for a house bought in 2011, you must be a first time home buyer or a long time resident of the same main home. A first time home buyer is defined as someone who meets all of the following rules: You or your spouse is a member of the uniformed services, foreign services, or an intelligence agency. You purchas …

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February 06, 2012The Timing Of IRS Refunds
Category: Your Financial House

The Timing of IRS Refunds The timing of IRS tax refunds has always been something that depends on a variable of factors. Thanks to technological improvements, the amount of time between filing a return and receiving a refund is now much easier to predict. The IRS typically issues refunds twenty-one days after a return is filed, but recent years has seen this number decline and has been seen to be as low as ten days. E-Filing is by far the simplest, quickest, and easiest way to get a return processed. Also, in order to speed up a refund, it is recommended to use direct deposit as opposed to …

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January 12, 2012Home Ownership Ain’t What It Used To Be
Category: Your Financial House

Home Ownership Ain't What It Used To Be I was in my mid-twenties when my parents paid off the mortgage on their house. This was a momentous event in their lives, and I didn't realize the full impact until years later. They built the home and paid for it with a 20-year mortgage. The value of the house as well as their salaries had increased several times during the 20 years they were paying down the mortgage. The income tax savings from deductions for interest and taxes were significant, and more than made up for the difference between what they would have paid for rent and the monthly PITI …

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January 04, 2012The 2% Payroll Tax Cut And You
Category: Your Financial House, Rules and Regulations

The 2% Payroll Tax Cut And You Much talk has been made lately of the 2% payroll tax cut that has been the holdup in Congress over the past month. At face value, the common employee would assume this will result in a straight 2% increase in their take-home pay, but there are many other factors involved that also affect this amount. Additionally, this does not extend to the employer, so that rate remains at 6.2%. First of all, this cut has been in effect since 2011 so what Congress was actually fighting over was whether or not to return to the rate to pre-2011 rates. This payroll tax is sole …

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December 16, 2011Reducing Your Tax Bill Before The End Of 2011
Category: Your Financial House

Reducing Your Tax Bill Before The End Of 2011 Despite only a few weeks left in 2011, there are still several things you can do to reduce your 2011 tax due. The first thing you can do is maximize your 401(k)’s contributions from your paycheck. These deductions reduce taxable income as well as provide a great base for retirement. The max an individual can contribute for 2011 is $16,500 for people under fifty, and $22,000 for fifty and older. Another thing you can do is claim any energy efficient appliances and home improvements made during the year. This credit will not be renewed n …

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June 01, 2011Colorado Accounting: Depreciation Changes Likely
Category: Your Financial House, Rules and Regulations

Depreciation Changes Likely for Colorado Accounting - It is likely that this year will be the last year in which businesses can claim special depreciation on new asset purchases equal to 100% of the assets cost, if they are purchased new. This can add to significant tax savings in the 2011 tax year. With these tax savings unlikely to be extended into the future, businesses may wish to consider purchasing any new assets in the current year before this tax advantage is gone. Another depreciation change that may be coming is an increase in the tax lives for assets put in service in the fut …

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March 01, 2011Health Care Medical Deductions
Category: Your Financial House, Rules and Regulations

The Latest in Health Care Tax Deductions - Due to the health care act of 2010, in the near future it will become increasingly difficult to deduct health care expenses if you itemized on your tax return. With the current rate of medical expenses being deductible by the amount which exceeds 7.5% of your adjusted gross income, this rate will increase in 2013 to the amount that exceeds 10% of AGI and then in 2017 it will increase to 10% for individuals 65 and older. There are many expenses which the IRS deems qualifying medical expenses when itemizing, these include items such as health insuranc …

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February 26, 2011Adoption Tax Credit Changes
Category: Your Financial House, Rules and Regulations

Changes to the Adoption Tax Credit - There have been several changes to the adoption tax credit this year. Many of these changes are new to this year due to the passage of the health care reform bill. Several new opportunities for tax savings in both 2010 and 2011 have been created, yet all these savings expire after 2011 unless Congress takes further action to extend them. This addition to the adoption credit allows for a maximum tax credit of up to $13,360 per eligible child, to cover processing fees and other costs directly attributable to the adoption process, with the credit extend …

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February 18, 2011Important Information on Residential Energy Tax Credits
Category: Your Financial House, Rules and Regulations

Energy Tax Credit - What You Should Know! As you are beginning to prepare your taxes there are a couple of federal tax credits that you may want to consider this year as they may save your money. One of which you should look at for money savings is the residential energy tax credit. This tax credit can be up to $1,500 or 30% of the purchase price of items such as central air conditioning, energy efficient windows and doors.  If you have purchased any of these items during the year of 2010 be sure to take this into consideration while preparing your tax information. One unfort …

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January 26, 2011Tax Planning Basics
Category: Successful Practice Management, Your Financial House, Rules and Regulations

What You Should Know About Tax Planning - For the most part, significant tax issues may be avoided by careful planning and attention to your financial situation. The goal of any tax payer should be to pay the least amount of tax, but this philosophy may lead to errors or even create more of a tax liability than what was originally saved.  Tax returns filed by medical practices can be complicated, and leaving it up to Turbotax or H&R Block can have disastrous results. Usually the cost associated with hiring a CPA is made up several times over by the dollars saved on the tax …

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January 24, 2011Why Hire a CPA to do Your Tax Return?
Category: Successful Practice Management, Your Financial House

Why Hire a CPA for Tax Returns - As the beginning of the tax season is upon us, we have become immersed in advertising from the likes of H & R Block, TurboTax, and Jackson Hewitt, informing us that they will do everything in their power to get you your money back at a very low cost. While these services may be slightly cheaper than your local CPA firm, you may not be getting the best value for the dollars you spend. It is important to realize that there are many additional benefits you receive from a CPA firm these other sources do not offer. There are at least five distinct advantages …

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January 01, 20112011 Tax Due Dates
Category: Your Financial House, Rules and Regulations

Due Dates for the 2011 Tax Season: January 15, 2011 Individuals Pay fourth installment of estimated income tax for 2010, accompanied by Form 1040-ES and for CO Form 104-ES. Corporations and S-corporations (years ending October 31, 2010) File U.S. Corporation Income Tax Return, Form 1120, or U.S. Income Tax Return for an S Corporation, Form 1120S, or an application for extension of time to file, and pay the balance of the income tax, if any. Colorado corporations are due the same day as federal. A worksheet, Form 1120-W, is availab …

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September 30, 2010Changes to Provider Payments from Medicare
Category: Your Financial House

Changes to Provider Payments from Medicare Starting in 2011, provider payments from Medicare for clinics will be affected as a result of the Health Care Reform Act of 2010. The purpose for these changes is to increase productivity while lowering costs. To take care of the productivity goal, there will be an annual update that includes an adjustment step. On the cost reduction side, a 1.75% reduction will occur from 2011-2015. In 2015, this reduction increases to 1.95. There will also be a provision calling for the Centers for Medicare and Medicaid Services to submit to Congress a report with …

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August 27, 2010Lower Utilization Rates in Hospitals Will Be Rewarded
Category: Your Financial House

With the passing of the Health Care Reform Act of 2010, Medicare payments to both inpatient and outpatient facilities have been altered. The theoretical purpose for these changes is to control costs while improving quality of care, which the bill plans to achieve by providing larger payments to facilities that meet the new standards. Effective in 2011, hospitals in counties in the lowest quartile of per capita spending will receive increased Medicare payments.   By 2012, a full productivity reduction is planned to take effect. There also will be an inpatient hospital Value-Based Purchas …

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July 14, 2010Changes to Medicare Advantage
Category: Your Financial House

Starting in 1997, Medicare Advantage allowed for Medicare Beneficiaries to receive their benefits through private health insurance plans rather than the original Medicare plans.  This works by Medicare paying the private health care company a set amount every month per member.  These private plans are required to offer benefits that are at least as good as that of Medicare. A positive effect of this is that beneficiaries are able to tailor their plans for their individual needs, while a negative effect is that the private insurance companies often charge an additional amount each mo …

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February 27, 2010Benefit of Credit Cards, according to Denver CPA Firm
Category: Your Financial House

When we talk about credit cards, we automatically think about the high interest rate and all sorts of fees the credit card company charges us. But I recently learned that there are times we should use a credit card. The credit card benefit was an accidental lesson. It happened when my two year old Sony big screen TV was broken a month ago. I called the Costco tech support hot line and found out that the two year warranty had expired three days earlier. The Costco customer service representative noticed that I had charged the TV with American Express. He told me that American Express has an …

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February 25, 2010Helpful Hints to Expedite Your Individual Tax Preparation
Category: Your Financial House

With tax season upon us, these tips may be helpful to avoid follow up information requests and maybe even reduce your tax prep bill. 1. Read your organizer!  It is a very useful tool.  On the right side everything you reported in 2008 is listed.  Use this guide to enter (or gather) the necessary information for your 2009 taxes. 2. Remember to include ownership tax information for your car.  On the organizer, it’s listed just below real estate tax as “personal property tax.”  Simply refer to your auto/boat/motorcycle/trailer registrations …

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February 17, 2010Roth IRA Conversions
Category: Your Financial House, Retirement and Exit Strategies

Roth IRA’s (named after Representative Roth who was chairman of the House Ways and Means committee at the time) have been in existence since 1998.  They are only available to individuals with earned income and adjusted gross incomes below established levels.  Roth IRA’s are advantageous because: Virtually all future income, growth and withdrawals are tax-free You are not required to take distributions after age 70 1/2, as you are with traditional IRA’s Taxpayers with adjusted gross incomes below $100,000 have been permitted to convert traditional IRA& …

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December 23, 2009First Time Home Buying - My Home Buying Nightmare!
Category: Your Financial House

It was a dark and stormy night in Southeast Denver and my apartment lease was weeks from expiring.  I had spent the last few weeks of April trying to find the perfect home to rent so I could have a yard for my basset hound to play.  May 1st rolled around and I realized that maybe renting isn’t the best option for me.   A friend asked me, “Why don’t you buy a house?”  To which I immediately laughed.  “Are you crazy?” But later that night I took a step back and I realized the idea wasn’t that crazy after all.   If you take …

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July 19, 2009First-time Homebuyer
Category: Your Financial House

For those of you considering taking the plunge into home ownership, there may be no better time to buy then right now. With the depressed housing market and foreclosures at an all time high, many individuals are looking to take part in the American dream and become first-time homebuyers. In order to help facilitate you, the American Recovery and Reinvestment Act of 2009 (ARRA) has enhanced the first-time homebuyer credit for those who are eligible to take it.   Who can take the credit? An individual is considered a first-time homebuyer if he (or spouse, if married) had no presen …

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July 16, 2009Internal Controls - Financial Health of Your Business
Category: Your Financial House

How’s the financial health of your business? You probably check the pulse of the business financial health by regularly watching the cash flow and even reading the monthly financial statements. But have you examined the internal financial structure of your business recently?  To conduct a business self-assessment, answer “yes” or “no” to this list of questions: Do you know how transactions flow through your business? Do you know who in your organization is responsible for specific financial functions? (deposits, check writing …

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