Category Archives: Tax

End of Year Tax Planning

November is a great time to do tax planning before the end of the year. Reviewing your tax position now gives you time to implement tax saving strategies before the “busyness” of the holiday season sets in. Here are several techniques that could help you keep more money in your pocket (until Black Friday that…

Rental Car, Umbrella & Home Insurance

Please read below from our trusted insurance partner Steve Duris at Frontier Insurance about the importance of personal umbrella liability policies, renting cars and making sure you have the right amount of dwelling coverage. Umbrella Insurance and Liability Limits You have insurance for two reasons…. 1. to restore people you have injured and property you…

The Identity Protection PIN (IP PIN) Update

Due to an error, taxpayers are receiving Identity Protection PIN letters with an incorrect year listed. Taxpayers and tax professionals should be advised the IP PIN listed on the CP01A Notice dated January 4, 2016 is valid for use on all individual tax returns filed in 2016. The notice incorrectly indicates the IP PIN issued…

IRS Tax Notice Alert

As you have likely heard about in recent news, budget cuts have drastically affected the efficiency of the Internal Revenue Service over the past year. State departments of revenue are in similar or worse financial situations. We wanted to make you aware of a few trends we have seen during 2015. An increase in tax…

Tax Implications of a VRBO

As Colorado CPAs, we often see our clients converting residential rental properties into short term rentals (also known as “vacation rentals”) for periods of less than 30 days. Commonly, these properties are located in resort areas, of which we have many in Colorado. Increasingly, we see two other property categories emerging as candidates for this…

Gambling with your tax liability – A message to retirees

Gambling is always risky. The house usually wins, but if you are a person receiving social security who gambles on a regular basis, you are even more certain to lose. Larger winnings, amounts over $600 is the lowest threshold, you will be required to complete forms to provide your name, address and social security number…

4 Things Your CPA Wishes You Knew

  Your accountant is like your physician for your finances. He or she can only do so much with things that have already occurred, but when consulted about future events (i.e. “I’m thinking of running a marathon next year – is there anything I should be concerned about?”), they may have helpful advice that may…

5 Things Your CPA Wants To Tell You But Won’t…

If you own a business, you already know what an asset a good CPA can be when dealing with tax issues. However, your CPA’s experience and expertise covers more than just tax issues. Think about it: He or she deals with business financial issues all day, every day, and his or her clients range from…

When do I know I should become an S-corp?

Do you want to know when to become an S-corp? The main reason people even choose to create a business entity is to protect their personal assets from creditors and excessive tax liabilities. As a sole proprietorship, the entrepreneur and the business are one in the same. This means that if the business makes money, creates…

Obama Tax Proposal: What Does It Mean For Small Business?

Most of our clients are small business owners who invest their earnings in either their business, or for the future in personal retirement plans.  This kind of investment creates capital that makes theirs and other businesses grow.  This growth creates jobs for millions of people. Obama wants to change that relationship. He would increase the…