KELLER CPAs

This class will help you discover several areas in QuickBooks that may lead to overpayment of taxes, increased audit risk, and general QuickBooks frustrations.  This class is designed to eliminate QuickBooks headaches for the business owner and the bookkeeper.  Both are cordially invited to attend. This class is normally $79. If you are ready for [...]

The IRS just keeps getting more and more efficient and making things easier for taxpayers… NOT! Anyone renting a house to someone else is now responsible to send 1099’s to anyone who does work for them on the home.  For example: Have a plumbing repair?  …prepare to send out a 1099 to the plumber Hiring [...]

The ability to write off the cost of assets versus having to depreciate them over time just got better.  New Immediate Write Off Limits Are as Follows:  2010 and 2011– you are allowed to write off $500,000 if you do not purchase new assets in total of more than $2 million   2012 – the [...]

 Here are some additional items of interest…  Standard mileage rates for 2011 are as follows:  business $.51 per mile, medical and moving $.19 per mile, charitable $.14 per mile.    You should see an increase to your 2011 paychecks. For the year 2011 the social security tax withheld from your paycheck will decrease from 6.2% [...]

As you are gathering your year-end tax information, here are some things to think about… Keep track of non-cash charitable contributions.  The IRS requires that you keep detailed records of your non-cash charitables – items donated, dates, market values and costs.  You will also get an additional Idaho tax credit for cash or non-cash contributions [...]

  ·         The IRS will never contact you via e-mail.  If the IRS contacts you by email you can be assured it is a “phishing” scam where unscrupulous people try to gather personal information by posing as the IRS.  If you receive an e-mail that appears to be from the IRS, do not answer it.  [...]

What 2011 Tax Law Changes Were Just Passed Through the Tax Relief and Job Creation Act of 2010? Tax rates will remain the same as 2010 for 2011 and 2012: 10, 15, 25, 28, 33, 35%  Capital Gains rates will remain the same for 2011 and 2012:  0% and 15%  Itemized deductions will be deductible [...]

Take Advantage of Energy Efficiency Tax Credits Did you know that if you purchase qualifying energy efficient products, you may be eligible for a federal tax credit up to $1,500? • The federal home energy efficiency tax credit ends December 31st, 2010 for improvements made to your existing principal residence (rentals do not qualify). • [...]

The IRS has recently taken a position that a shareholder should be paid throughout the tax year rather than taking a paycheck at the end of the year to meet the reasonable compensation requirement. There are no tax implications except that the IRS could charge payroll tax penalties on deemed “late” payroll tax deposits if [...]

For 2010, a conversion from a regular IRA to a Roth IRA is no longer subject to limitation based on the net income of the taxpayer. Previously, taxpayers with adjusted grow income of greater that $100k were not able to convert their IRA’s to Roth IRA’s. The amount of tax can either be paid in [...]