When thinking of tax deductions one thing you might want to consider is medical expenses. The medical deduction can only be claimed to the extent your unreimbursed costs exceed 10% (7.5% if you or your spouse have reached age 65) of your adjusted gross income (AGI). Medical costs that exceed
If you, your spouse or your dependent(s) are taking college or vocational courses, you may qualify for a tax credit or deduction. Here are some of the qualifiers: The American Opportunity Credit (AOTC): Provides up to $2,500 per eligible student earning a degree or other recognized credential. Can
Most income is taxable, unless specified by law. Here are some basic rules for filing your tax return: Taxable income includes: All money you earn such as wages and tips, Bartering; the fair market value of property or services received is normally taxable, Life insurance policies redeemed for cash (taxed
Coloradoans are receiving bogus phone calls and emails from scammers pretending to be from the IRS. They are looking to con you out of money and your identity. The phone calls and emails may seem valid because scammers are imitating the IRS phone number, logo, and website. Be prudent if
Congratulations to DWC's Dan Arnold (middle in the tux) for receiving the Montrose Chamber's Committee Member of the Year for the Governmental Affairs Council!
Kristi Pollard, Executive Director for the Grand Junction Economic Partnership (GJEP), penned a great article in ColoradoBiz on the first-ever Jump-Start “tax-free” zone program to help business startups and expanding businesses with great tax relief for up to eight years. Currently the program is only valid in Mesa County; however,
Article by Jaime Martinez, CPA Grand Junction Office Just before their holiday break, Congress passed, and President Obama signed, the Protecting Americans from Tax Hikes (PATH) Act of 2015, modifying many of the 50+ tax relief provisions on which businesses and individuals have come to rely. The following is not
Tax season is officially here and many people do not realize they are responsible for the information on their tax return – regardless of who prepares it. Be wary of who you choose to prepare your taxes. • Make sure your preparer is truly qualified (e.g., CPA, Enrolled Agent, etc.).
Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some important tax figures for 2016, compared with 2015, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions,
In December the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), was approved. The act extends certain tax relief provisions that expired at the end of 2014. In many cases, it makes the breaks permanent. These provisions can produce significant savings for taxpayers, but some had to be
