The PTA Ledger
November 2021
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Even though Thanksgiving is just around the corner, many of us are already full-steam ahead with end-of-the-year holiday planning, shopping and decorating.
Before we get too far ahead of ourselves, we want to take a moment this Thanksgiving holiday to express our deep gratitude for you, our friends and clients.
With thankfulness,
Carla, Sandy & the PTA team
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Tax & Accounting News ➡ Individuals
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IRS Issues Inflation Adjustments for 2022 Returns
 The biggest news to hit our inboxes is all about the "I" word: Inflation.
And each year, the IRS is also required to consider adjustments for inflation.
Some notable 2022 amounts include:
>> Standard deductions: $25,900 for married couples, $12,950 for single filers, and $19,400 for heads of households.
>> Annual exclusion for gifts: $16,000 per recipient before a gift tax return filing requirement kicks in.
>> Adjustments to tax brackets - See where each tax bracket begins and ends. (Understanding what your marginal tax rate means is pivotal to tax planning.)
Questions? Chat with the PTA team! 😀
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Tax & Accounting News ➡ Small Businesses
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Housekeeping!
 It's that time of year (again!) for some financial housekeeping.
Here are a few things to put on your tax to-do lists:
- Verify you have a Form W9 on file for each independent contractor that will need to be issued a Form 1099-NEC (the new 1099-MISC) for 2021.
- Start working on your cafeteria plan election forms.
- Or implement new benefits & health insurance options for your crew.
- Have a Simple IRA? Election period is from Nov 2-Dec 31.
- Compare QuickBooks software options so you are ready to implement new bookkeeping systems on Jan 1.
- If your Colorado business is located in an Enterprise Zone, it's time to file 2022 pre-certification applications!
- Still haven't entered your tax adjustments for 2020? Let us help you! Schedule a quick remote access meeting with one of us.
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INDIVIDUALS
Jan 18 - 4th quarter 2021 estimated taxes due
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SMALL BUSINESSES
🗓 Check your PPP forgiveness application due dates!
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More Stuff To Click On
+ We appreciate folks that try to make math fun. (podcast)
+ Read about major changes to the Premium Tax Credit for 2021 and 2022. (Hint: No more "subsidy cliff.")
+ If you have an FSA (flexible spending account), consider taking advantage of the temporary unlimited FSA carryover when planning your 2022 contributions.
+ Thinking about making a charitable gift? Here's what you need to know to maximize your tax benefits.
+ Crypto investors should consider purchasing software to track their cost basis for tax reporting.
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Carla Pollock & Sandy Hogan
PTA co-owners
It feels a tad awkward writing a highlight just about myself. So as my fellow introverts and I do at a party where we don't know anyone, I'm sticking with my sidekick!
As Carla and I both tend to be quite open, most of you know a lot about us already. And frankly, we have so much overlap that this bio feature is going to get an A+ for efficiency!
What we have in common:
- We pray for no retroactive tax law changes.
- An hour-long meeting could be 50 min of storytelling and 10 min of tax talk.
- We value our staff enormously—and love showing it.
- We own our mistakes and try to keep ego out of it.
- On any given day, we'd rather be hiking!
Where we differ:
- Carla has an Australian Mountain Doodle. Sandy has a Samoyed. (See photos from when they were pups below!)
- Carla grew up in Brighton, CO. Sandy grew up in Dallas, TX.
- Carla passed the CPA exam twice. (Ask her for the full story sometime.) Sandy passed only the required one time. (Thank the accounting gods!)
- Carla is going to Greece on a sailing trip in 2022. Sandy is tragically not.
This is where I would normally tell you all about our education and credentials, but let's skip all that.
Instead, we'd rather say this: Both of us live in constant appreciation of the trust and relationships we have with our clients.
Thank you all for letting us help you,
Sandy
P.S. Puppy photos as promised!
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Ollie (2019)
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Zeke (2009)
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How can we help?
The PTA team is here to support you with
your tax and accounting needs.
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