The PTA Ledger
March 2022, part 1
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We're thinking of you!
(Are you thinking about us?)
We're having a great time catching up with everyone and seeing so many familiar faces in the office.
If we haven't seen your face (or your name in our email in-boxes) yet, it's getting to be that time!
Check us off your to-do list by signing your annual engagement letter and letting us know if you need an extension. ✅
—Carla, Sandy & the PTA team
P.S. No, you didn't miss an issue of The PTA Ledger last month—we did! To make up for it, you'll get two newsletters in March, both chock-full of the latest tax news.
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Tax & Accounting News ➡ Individuals
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 Tax Credits
A couple of tax credits are getting a lot of action in our office this year:
⓵ Qualified Plug-in Electric Drive Motor Vehicle Credit
⓶ Residential Energy Efficient Property Credit
If you purchased an electric vehicle in 2021 or are considering a future purchase, you can look up the federal credit available for your specific vehicle model.
The Residential Energy Efficient Property Credit includes credits for the purchase and installation of solar panels and biomass stoves.
- For 2021 and 2022, the credit is 26% of the purchase and installation costs.
- Other items that qualify for smaller credits include energy-efficient insulation, windows, hot water heaters, doors, windows and skylights.
Image credit: AAA Living
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Tax & Accounting News ➡ Small Businesses
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 Personal Property Tax Update
In 2021, Colorado passed HB17-1063, a new law which provides relief to a lot of our small business clients.
← THEN: Prior to this law, businesses were required to report to their county assessor a listing of their personal property if the value exceeded $7,900—and then pay tax on the total value.
→ NOW: The exemption amount for personal property has now been raised to $50,000, removing the annual personal property declaration filing requirement—and the resulting tax—for many small businesses.
If you're unsure of the current value of your business' personal property, you are not alone!
Counties depreciate the value of property differently than the IRS does, and we suggest contacting our office to determine the county filing requirement for your business.
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INDIVIDUALS
Mar 25 - Last day to provide information to our office to file by Apr 18
Apr 18 - Final day to contribute to your HSA or IRA for 2021
Apr 18 - Individual & Trust Tax Returns (or extensions) due
Apr 18 - 1st quarter 2022 estimated tax payments due
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SMALL BUSINESSES
Mar 15 - Tax returns or extensions due for S Corps and Partnerships
Apr 15 - Personal Property Declarations due to county assessors
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PTA Team Highlight: Meet Chris Kuz
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 Chris joined our team this past fall and currently calls The Sunshine State home.
We knew that having a "Kris" and a "Chris" in our office could cause some confusion, but we like to live dangerously!
When it comes to accounting, Chris is learning to be a jack of all trades: bookkeeping, payroll, sales tax, tax prep and more.
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Fun fact: Chris has played b-ball with Shaquille O’Neal ... multiple times! (There may have been more than a few dunks.)
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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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