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Your TaxLady
Financial Services, Colorado Springs, CO (719) 548-4924
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Address 401 Windchime Place Colorado Springs, CO 80919 Hours Monday 8 a.m. - 7 p.m. Tuesday 8 a.m. - 7 p.m. Wednesday 8 a.m. - 7 p.m. Thursday 8 a.m. - 7 p.m. Friday 8 a.m. - 6 p.m. Saturday 9 a.m. - 4 p.m. Sunday closed Business Services Small Business Accounting, Quickbooks Services, Payroll, Cash Flow Management, Bank Financing, New Business Formation, Non-profit Organizations, Personal Tax Preperation inlcuding tax planning and tax problems
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KATHY BYLKAS of YOUR TAXLADY LLC is please to announce her first edition of “THE TEN BIGGEST MISTAKES PEOPLE MAKE ON THEIR TAX RETURNS”, a book about the ins and outs of taxes, costly errors and how to save money.
YOUR TAX LADY LLC - If you are looking for a blend of personal service and expertise, you have come to the right place! We offer a broad range of services for business owners, executives and independent professionals. Our rates are affordable. We are experienced and we're friendly and we are local right here in Colorado Springs.
Kathy Bylkas Kathy has over thirty years experience doing taxes with six years being an Enrolled Agent with the IRS. She averages completing over fifteen hundred tax returns a year and has done business in California, Oregon, Washington and Colorado. Her successful Your Taxlady business has been in Colorado Springs for the last four years. For the past three years she has been highlighted on the local Fox Morning News, giving pointers to audiences to save money on their taxes and businesses. She not only loves what she is doing, but loves helping and being with people. Kathy’s new book, “THE TEN BIGGEST MISTAKES PEOPLE MAKE ON THEIR TAX RETURNS” is easy to read and understand and is well worth the $15.95 minimal cost.
Question What's the best way to borrow to make consumer purchases? Answer For homeowners, it's the home equity loan. Other consumer related interest expense, such as from car loans or credit cards, is not deductible.
Interest on a home-equity loan can be deductible. So avoid other nondeductible borrowings and use a home-equity loan if you plan to borrow for consumer purchases. Question What special deductions can I get if I'm self employed? Answer You may be able to take an immediate expense deduction of up to $250,000 for 2010, for equipment purchased for use in your business, instead of writing it off over many years. Additionally, self-employed individuals can deduct 100% of their health insurance premiums. You may also be able to establish a Keogh, SEP or SIMPLE plan and deduct your contributions (investments). Question Can I ever save tax by filing a separate return instead of jointly with my spouse? Answer You sometimes may benefit from filing separately instead of jointly. Consider filing separately if you meet the following criteria:
• One spouse has large medical expenses, miscellaneous itemized deductions, or casualty losses.
• The spouses' incomes are about equal.
Separate filing may benefit such couples because the adjusted gross income "floors" for taking the listed deductions will be computed separately. Question Why should I participate in my employer's cafeteria plan or FSA? Answer You generally can't deduct your medical and dental expenses, since they are deductible only to the extent they exceed 7.5% of your Adjusted Gross Income. But you can effectively get a deduction for these items if your employer offers a Flexible Spending Account (FSA), Health Savings Account or cafeteria plan. These plans permit you to redirect a portion of your salary to pay these types of expenses with pre-tax dollars. Question What's the best way to give to charity? Answer If you're planning to make a charitable gift, it generally makes more sense to give appreciated long-term capital assets to the charity, instead of selling the assets and giving the charity the after-tax proceeds. Donating the assets instead of the cash avoids capital gains tax on the sale, and you can obtain a tax deduction for the full fair market value of the property. Question I have a large capital gain this year. What should I do? Answer If you also have an investment on which you have an accumulated loss, it may be advantageous to sell it prior to year-end. Capital losses are deductible up to the amount of your capital gains plus $3,000. If you are planning on selling an investment on which you have an accumulated gain, it may be best to wait until after the end of the year to defer payment of the taxes for another year (subject to estimated tax requirements). It should be noted, however, that capital gains tax rates are scheduled to increase in 2011.
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