7986 South Datura Circle West
Littleton, CO 80120
(303) 683-3338
Categories Menu

Posted by on Jan 6, 2006 in THE INEVITABLE TAXING OF YOUR MONEY | 0 comments

Paying too much in taxes? Some steps you can take

On the Money From the January 6, 2006 print edition It’s a new year, often the occasion for two things: resolutions and income taxes. Benjamin Franklin left us many proverbs to ponder, particularly around the turn of a new year. One “resolutionary” admonition is, “Each year one vicious habit discarded, in time might make the worst of us good.” If paying too much income tax is a “vicious habit,” here’s some promising news for 2006. A new year brings us all closer to retirement. A fresh saving tool, the Roth 401(k), is now available. Starting in 2006, you are able to designate part or all of your 401(k) contribution to a Roth 401(k), if your employer’s 401(k) plan allows it. All income from Roth plans will be tax-free when withdrawn at retirement. You can contribute up to $15,000 (or $20,000 if you’re 50 and over) into a Roth 401(k), as opposed to only $4,000 (or $5,000) in a regular Roth. For those interested in discarding the vicious vehicle vice of...

Read More

Posted by on Jan 7, 2005 in THE INEVITABLE TAXING OF YOUR MONEY | 0 comments

Wait: There still are tax deductions for procrastinators

On the Money From the January 7, 2005 print edition There always seem to be many tax advice columns right before the end of the calendar year. While some of us spent New Year’s Eve celebrating and toasting the annual rotation of the human odometer, others were busily writing last minute (and hopefully deductible), checks in fervent attempts to minimize unpleasant events on April 15, 2005. For example, buying a large SUV for business before December 31st, generated a deduction of up to $100,000. First-year deductions for such a purchase in 2005 are now capped at $25,000. Additionally, you will no longer be able to deduct non-cash donations over $500 (including a car, boat or plane) unless you’ve received documentation from the charity indicating whether the property will be sold or used by the organization. You will only be able to deduct the amount the charity receives from the sale. Hopefully you got your donation into the hands of your favorite charity by December 31. But in the time-honored...

Read More

Posted by on Jan 7, 2004 in THE INEVITABLE TAXING OF YOUR MONEY | 0 comments

After the holidays, it’s always time to ponder tax breaks

On the Money From the January 7, 2004 print edition The third largest tax cut in history is now in effect. If we thought dealing with the frenzy of the holidays was “taxing,” now it’s time to attempt to make sense of a new government fiscal policy. However, it’s indeed not all bad. Many of the changes are automatic and although the size of this “Jobs and Growth Tax Relief Reconciliation Act of 2003” is smaller than many previous actions, the benefits are basic and profound; in many ways reflective of our changing workforce demographic. Here is a summary of the changes and how they might provide benefit. (As always, this is general information. Please consult your own tax advisor, licensed certified public account, or attorney.) Automatic benefits – Regular tax rates are reduced. The top rate of 38.6 percent is now 35 percent. That means by doing nothing, there will be an additional $5,400 available to the taxpayer earning $150,000. Without providing a extended treatise regarding actual taxes, vs. withholding, vs....

Read More