Running The Numbers Blog

Tax Tips, Business News and Personal Observations are discussed by Mike Conroy, CPA from Boulder, Colorado.

Be Ready for 2017 Tax Law Change

Mike Conroy Tuesday, December 13, 2016

As the 2016 tax year winds down, it isn't too early to start planning for potential changes 2017 will bring.  Contact me now to see if there are actions you can take to reduce your overall tax bill. ..

New 1065 Tax Return Due Date

Mike Conroy Monday, December 12, 2016
Effective with the 2016 tax year, partnership tax returns filed on Form 1065, must be filed by  ..

Senate Extends Tax Breaks

Mike Conroy Thursday, December 18, 2014

Good News for most taxpayers. In a 24th hour vote, the Senate agreed to extend some tax breaks for 2014. ..

Year End Tax Planning

Mike Conroy Thursday, December 18, 2014

There’s still time for year-end financial housekeeping! ..

Year-End Financial Housekeeping Thoughts

Mike Conroy Sunday, September 16, 2012

There’s still time for year-end financial housekeeping to minimize your 2012 Tax Liability.

Here are a few of my thoughts.

Fund your Retirement Account - Invest the maximum amount if you can.  Maximum contribution limits depend on the type of plan you have. 

 
True-up your Q4 Estimated Tax Deposit - If you make estimated tax payments, work with a CPA to plan your 2012 tax liability before your Q4 payment is due in January 2013 to avoid overpaying or underpaying.

Sell Losing Investments - You may be able to offset gains from investments by selling losers.

Maximize your Itemized Deductions - If you itemize and you paid sales tax on a large purchase in 2012 (i.e. a new car) you may be able to maximize your tax savings by choosing to deduct Sales Tax instead of State Income Tax.

Upgrade Your Home - This is your last chance to claim a tax credit for making energy-efficient improvements to your principal residence. The home-energy tax credit expires at the end of this year.

Donate to Charity - If you itemize your deductions, you may be able to reduce your tax bill by donating items or money before year-end.

Give to your Family - You can give up to $13,000 this year to any number of recipients and avoid the Gift Tax.

Spend Down your Flex Plan if you have one.

If You Own a Business

Purchase equipment that qualifies for Section 179 or Bonus Depreciation - If you own a business you can reduce income by placing equipment in service before December 31.

Pay Employee Bonuses before year-end.

You can reduce your taxable income by writing off any obsolete inventory.

Make a charitable donation through your business.

There is a good chance that tax rates will increase after 2013 and tax breaks will be harder to find. Be sure to consult a qualified professional about whether these strategies are right for you.

 ..

New Mileage Rates for Business Use of Vehicle

Mike Conroy Saturday, August 06, 2011

The IRS has increased deductible mileage rates for business use of your vehicle to 55.5 cents per mile for the second half of 2011. As always, remember to keep an accurate log of business miles driven.  ..

Time to complete W-2 and 1099 Reports

Mike Conroy Wednesday, January 05, 2011

As a small business owner you have lot’s to think about.  Just a reminder to remember to complete your W-2’s and/or 1099’s.  Here are some very general guidelines for 1099’s, be sure to call me with any questions. ..

Make taxes easier – Start planning today!

Mike Conroy Thursday, December 02, 2010

Don’t wait until the last minute to start tax planning. Mid-April will be here soon enough and there are many things you can do to ensure a stress-free tax filing season. ..

Tax Planning

Mike Conroy Tuesday, November 30, 2010

WOW! It’s been a fun-filled few months with lots of family activities and successful completion of my second Ironman (Arizona on Nov 21st).  The pain from the race has barely subsided and I’m already planning my 2011 schedule that will (hopefully) include running Rim to Rim to Rim (R2R2R) of the Grand Canyon.  I think planning the logistics might be more difficult than the actual run! ..

CU Regents Approve Tuition Increase

Mike Conroy Monday, March 29, 2010
Future CU students, like many others nationwide, will face increased tuition rates following a vote by the regents to raise both in and out-of-state tuition. Fortunately there are ways to prepare financially for college as well as tax strategies to lessen the blow. Contact me for more information.

Certified Public Accountant of Boulder, Colorado