As a taxpayer and business owner, you may be considering converting your personal vehicle to business use. This decision can offer significant tax and financial advantages, but it's crucial to understand the process and legal implications. Here's a step-by-step guide...
Year-end is rapidly approaching, as are the holidays. So, before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for both 2022 - 2023 and 2023 - 2024. Here are last-minute tax...
If your partnership has been treating you and other partners as employees of a disregarded entity owned by the partnership so the partners can participate in employee benefit plans and receive other employee benefits, you’d better read this. Tax regulations (1) issued...
As the current 30-year mortgage rate hovers at 8%, and the 10-year treasury approaches 5%, it's crucial to understand the implications of rising interest rates on personal finances. Depending on your life stage and financial situation, these changes can bring both...
If your partnership has been treating you and other partners as employees of a disregarded entity owned by the partnership so the partners can participate in employee benefit plans and receive other employee benefits, you'd better read this. Tax regulations issued by...
Married taxpayers generally have the option to file a joint tax return or separate returns, a filing status commonly referred to as married filing separate (MFS). If you are married and you and your spouse are filing separate returns, or are considering doing so, you...
The Internal Revenue Service today that interest rates will increase for the calendar quarter beginning Oct. 1, 2022. For individuals, the rate for overpayments and underpayments will be 6% per year, compounded daily, up from 5% for the quarter that began on July 1....
This could be another rough tax season for the IRS and taxpayers. Although this year’s filing season opens January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns), the Service still has a backlog of prior year returns to...
The Internal Revenue Service has released a midyear report to Congress that details a significant backlog of tax returns dating back to the end of tax filing season, and many of those returns have yet to be processed. While backlogs are not unusual, this year’s is far...
Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund check is all but a thing of the past. However, since the IRS now does most of its auditing through correspondence, an IRS letter...
May 2021 Individual Due Dates: May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 1110. Your employer is...
The IRS did not extend the deadline for the first installment of the 2021 estimated tax payments, which continues to be April 15, 2021. Even though the filing due date for individual returns has been extended, in many cases the amount of estimated tax payments...
Just a reminder to those who have not yet filed their 2020 federal tax return that thanks to the IRS extending the filing due date, May 17, 2021 is the due date to either file your return and pay any taxes owed, or file for the automatic extension and pay the tax you...
A second round of stimulus will include direct payments of up to $600 per adult and per child. Call Key2 Accounting today with any questions you may have. For more details visit: https://www.irs.gov/coronavirus/economic-impact-payments
Coronavirus-related paid leave for workers and payroll tax credits for small and midsize businesses Under the Families First Act, small and midsize employers will be able to take advantage of refundable payroll tax credits. This credit will enable employers to fully...
Dear Valued Clients Potential Clients and Small Business Partners: Key2 Accounting wants to let you know that we are here to stand by you, our small business clients and partners as we navigate the unchartered waters of the Coronavirus. We have provided some updated...
IRS delays tax filing and payment deadlines to July 15 for all taxpayers ________________________________________ The Treasury Department and the IRS are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19...
CORE 24 is an engaging e-learning program for anyone who wishes to advance their business knowledge. It's “Entrepreneurship in a box”. 24 essential interactive business concepts (called “cores”) for business success. Nuggets of wisdom from experienced professionals...
When you hire an employee who starts in 2020, you must give them the newly designed Form W-4, which is less complex, more transparent, and makes it easier for your employees’ withholding to match their tax liability. The new form has been renamed Employee’s...
While some tax obligations come with safety valves, such as the option of filing for an extension on income tax returns, there is no leeway with payroll taxes. If you file your reports or make withholding deposits late, the meter on interest and penalties starts...
The passage of the Tax Cuts and Jobs Act, which will affect 2018 tax returns. Checking withholding amounts is important. These tax law changes include: • Increased standard deduction • Eliminated personal exemptions • Increased Child Tax Credit • Limited or...
Over the last two years, the Internal Revenue Service issued new final rules which go into effect for tax years beginning after 1/1/2014. These incredibly complex Regulations require you to keep much better records for Materials & Supplies, Equipment, Fixed Assets...
The tedious task of bookkeeping can quickly consume your precious time. It’s one of those things business owners often put off and rarely enjoy. We understand that when it comes to bookkeeping, a little help can go a long way. That’s why we customize our bookkeeping...
Donate to the Payroll Vault SuperStars Sports Challenge to benefit Partners Mentoring Youth! The SuperStars Sports Challenge is a unique sporting event aimed at raising awareness of and funds for Larimer County Partners Mentoring Youth, a one-to-one youth mentoring...
Join us next Tuesday, July 29 at 4:30 pm for our Ribbon Cutting Located at the Key2 Accounting & Payroll Vault office 375 E. Horsetooth Rd BLDG 2 STE 101 Fort Collins Hosted by Fort Collins Payroll Vault in conjunction with the Loveland Chamber of Commerce Stop by...
We know tax planning isn't high on your wedding to-do list, but here are a couple things to look out for if you're tying the knot this season: Name changes - make sure to report any changes to your name or SSN to the Social Security Administration (SSA). To do that,...