Articles

What to Do If You Missed the Tax Deadline

Here’s what you need to do if you missed the tax deadline, plus some tips, deadlines, and more.

The Value to a Start-Up Entrepreneur of Using Financial Planning and Tax Professionals

Interview with Liz Soria

How Every Business Can Plan Ahead to Minimize Tax Liability

Importance of Tax Planning: Taxes to think about before selling your home

The Equifax Breach and What You Can Do

Importance of Tax Planning When Buying a Home in Light of Tax Reform

5 Pitfalls of a Small Business Audit You Can Easily Avoid

What a CPA can do for Your Small Business

The Benefits of Outsourcing Your Business's CFO Needs

How to choose the best Denver CPA firm

Who can help with tax preparation in Denver?

FINANCIAL PLANNING AND TAX PROFESSIONALS FOR ENTREPRENEUR

HOW TO FIX YOUR PREVIOUS YEARS' TAXES

WHY TAX PLANNING FOR THE FUTURE IS SO IMPORTANT

SHOULD YOU DO YOUR OWN TAXES?

WHY A SMALL BUSINESS NEEDS ASSISTANCE WITH TAX PLANNING AND PREPARATION

What Happens If I Prepare My Taxes Myself?

Should I Choose an Accounting Firm Near Me?

Top 3 Reasons to Use a Denver Accounting Firm

How Do I Choose an Accounting Service?

Can an Accounting Firm Handle Any Tax Issues?

The Economic Injury Disaster Loan (EIDL SBA-7b) vs. the Paycheck Protection Program (PPP SBA-7a)

Section 139 - What You Need To Know About Disaster Relief Payments

IRS Economic Impact Payment (Stimulus Payment)

The Paycheck Protection Program: Forgivable?

IRS Denies Double Tax Benefit Surrounding the Forgivable PPP Loans

Latest Updates on Small Business PPP and EIDL Loan Programs

HEROES Act

The PPP Flexibility Act

Should you form an LLC?

IRS Penalties & Penalty Waivers

Buying a Car - Business or Personal?

Section 179 Depreciation Deduction

Biden's Proposed Tax Changes for Individuals

Let’s talk about Biden’s proposed tax policies and how they will affect the individual taxpayer. There are ten key proposed changes that I want to discuss. Keep in mind these are all just proposals, Biden is not even president yet, and these have to pass through Congress for them to become law. I am sure there is going to be pushback from the Republicans because some of these tax increases are significant for the wealthy, but most Americans will not be affected by the increases.

Biden's Proposed Tax Changes for Businesses

Let’s talk about Biden’s proposed tax policies and how they will affect business and corporate taxes. Keep in mind these are all just proposals. Biden is not even president yet, and these have to pass through Congress for them to become law.

New Year...New Business...Now What?

You started a new business and registered it with the Secretary of State, congratulations! What next? There is a misconception that if you just open an LLC, register with your Secretary of State, and get an EIN then you are personally protected from all liability. That is a big myth. There are six things that are critical to protecting you and your business.

Tax Refunds Explained by a CPA

‍Let’s talk about how tax refunds work and why it might not be a good idea to have a big tax refund. To do that, let's take a look at an example that shows how income taxes are handled when you are paid by an employer. Now that you know how a refund works, let's talk about some of the reasons people use to justify why it's a good idea to get a large refund. The first one I hear a lot is that it's like getting a "bonus” at the beginning of the year.

Uh Oh, You're Behind in Filing Your Taxes!

The IRS has a 6-year statute of limitations for filing taxes. If you have not filed in 6 years or less, you can still get those returns filed. If it has been longer than 6 years, you should seek the advice of a CPA, an Enrolled Agent, or a tax attorney as to how you should proceed. The statute of limitations on tax refunds differs from the 6-year statute for filing tax returns. If you are due a tax refund, the statute of limitations is 3 years.

Capital Gains and Rental Properties

There are two components to taxable gain when you are selling a rental property. First there is the actual capital gain that everybody talks about and then there is something called depreciation recapture which is a little different than capital gains. First, we need to understand capital gains. Capital gains occur when you sell a property for a higher price than you bought it for.

Home Office Deductions (S-Corp)

The home office tax deduction is basically a business use of a space in your home that you can write off on your taxes. Writing a portion of your home off on your taxes will help with offsetting your taxable income. The “home office” space can be an entire room, a partial room, or it can even be a little area of your kitchen if the space is dedicated use for business purposes. This deduction is only for business owners. The Trump Tax Reform removed this deduction for w-2 employees.

The Basics of Home Office Deductions

The home office tax deduction is basically a business use of a space in your home that you can write off on your taxes. Writing a portion of your home off on your taxes will help with offsetting your taxable income. The “home office” space can be an entire room, a partial room, or it can even be a little area of your kitchen if the space is dedicated use for business purposes

Tax Treatment of an Inheritance

What constitutes inherited money? Inherited money is when someone dies and they pass along either cash, real estate, stocks, an IRA account, or a brokerage account. We are going to look at what the tax treatment is and what you need to do to maximize your tax effectiveness for these properties or cash.What are the mechanics of inherited money? So, let's say your grandma has some money in bank accounts, she has a house that she owns, and maybe some stocks. You are grandma’s only living relative and she left all her assets to you in her will.

Financial Planning for your Small Business and Why You Need a Tax Professional

Owning a small business is stressful; there is not enough time in the day to make all of the decisions you need to. Whether you are dealing with product suppliers and quality control or navigating the never-ending list of regulations from product quality to employee benefits, you need professionals on your side. Just as legal advice is vital to building a successful business, so is having trusted financial advice.

Is it Deductible? Answers for Business Owners

Coffee & Meals Coffee and meals are deductible if you are meeting with a client, a colleague, or someone within your networking circle. Normally these expenses are deductible at 50% but for the 2021 tax year, they are 100% deductible. You can also deduct this expense if you are traveling...