Business Beat: Federal, state tax changes now in place
July 4, 2011
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When looking over the books, local business owners should keep in mind the newly implemented tax laws by the Internal Revenue Service and the Colorado Department of Revenue, and how the new rules can affect them.
Effective July 1, the IRS raised the standard business mileage rate from 51 cents to 55.5 cents.
Individuals calculating their business miles for tax year 2011 will need to keep business miles driven from Jan. 1, 2011 to June 30, 2011 separate from miles driven after July 1. Business miles traveled through June 30, 2011 are subject to the 51-cent rate and miles traveled after July 1, 2011 will be subject to the new 55.5-cent rate.
Employers reimbursing employees for miles traveled also need to be aware of this new rate.
For more information, visit irs.gov.
Also on July 1, the Colorado Department of Revenue reinstated the vendor fee for businesses collecting state sales tax.
Businesses can now deduct 2.22 percent from the state sales tax they collect.
This new change applies to sales tax reports filed after July 1, 2011. If a business submits sales tax reports on a monthly basis, then the business would apply the 2.22 percent to the June sales tax report.
Businesses filing quarterly sales tax reports would apply the 2.22 percent to the second quarter sales tax return. Reports filed past the due date are not eligible for this deduction.
For more information, visit http://www.colorado.gov/revenue/tax.
Accountant Chris Jones, of Jones & Associates, Inc., said the impact the tax changes have on Craig businesses would be "nominal."
"It's not going to mean a large dollar influx for the local economy," he said. "Administratively, it's just something businesses need to be aware of. If you're doing the paperwork, it's better to get it right the first time."
Furniture Gallery offers barbecue selections
During the summer months, many feel the urge to get out of the house and enjoy the warm weather.
That's why the people of Furniture Gallery of Craig want to make the outdoor experience as nice as the one inside.
Furniture Gallery, 385 Ranney St., has added materials from Green Mountain Pellet Grills to its inventory in an effort to diversify business during the summer months.
"It's a little side thing," manager Rodney Klimper said. "We've got the grills, the pellets for the best-tasting barbecue. It's what all the professionals use when they'd rather cook with wood than gas or charcoal briquettes."
Green Mountain Grills is based out of Reno, Nev., and offers hardware ranging from the smaller grills like the Daniel Boone Deluxe and Jim Bowie Deluxe to the heavy-duty Big Pig Trailer Rig.
The company also has its own line of wood pellets, apparel, sauces, spices and accessories, like grill racks, griddles and even a remote control.
For more information on Green Mountain, call Furniture Gallery at 824-2368 or visit http://www.greenmountaingrills.com.
Furniture Gallery also recently took home the best furniture store designation in the Craig Daily PressCraig Daily Press’ 2011 Best of Moffat County contest.' 2011 Best of Moffat County contest.
Craig Daily Press' 2011 Best of Moffat County contest.
Moffat County United Way finds new location
The nonprofit Moffat County United Way has moved its office location from the basement of First National Bank of the Rockies to the second floor of Yampa Valley Bank.
United Way Executive Director Corrie Ponikvar invited all interested community members to check out the new office space at 435 Mack Lane, Suite 203. She added that the change in location allowed her more access to the office space outside of regular business hours.
"(First National Bank of the Rockies) were wonderful to me, but I had to do everything during their hours," she said. "We were already using the board room (at Yampa Valley Bank) for our meetings ever since they opened, and the upper part was developed for commercial use."
Ponikvar moved into the space June 25. She said she expects business as usual in the new office.
"Right now we're progressing with our Community Conversations data," she said. "We've always been pretty visible and had good access to the public, so I don't expect any big changes."
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