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How Can 2017 Tax Planning Strategies Save You Money and Avoid Surprises?

As we start looking toward the end of the year, tax planning strategies for 2017 and 2018 become our primary focus. But what is tax planning and how do tax planning strategies save money and avoid surprises? Every taxpayer has the right and responsibility to lower his/her tax bill using a number of different legal […]

Year-end Business Checklist: 7 Things to Include

Time seems to go so fast – Fall is here, Halloween is right around the corner, then Thanksgiving, Christmas and …… Tax Season!!!  Below are some steps that should be in your year-end business checklist that you can take right now to make the upcoming tax season less stressful – they will help you to […]

Streamlining Business Processes Through Automation

part-time cfo

With so many choices available for software and apps, how do you know you are using the right tools for your business? You may select an app that provides a time-saving service, but doesn’t integrate with your accounting software. In this case, you may have to enter information twice, or go to different programs to […]

IRS Introduces Email Notification Options for Direct Pay and EFTPS

The IRS has announced that it is now offering an email notification option for Direct Pay and the Electronic Federal Tax Payment System (EFTPS). This new feature sends notifications to taxpayers’ personal email accounts about their payments. EFTPS users can receive notifications about: Reminder to schedule payment Payment has been modified or canceled Payment has […]

Colorado Sales Tax for Fairs, Festivals and Bazaars

Did you know that the Colorado Department of Revenue provides a free service through Revenue Online (Colorado.gov/RevenueOnline) where vendors who participate in fairs, festivals and bazaars (“special events”) can obtain a sales tax license for the event AND file the sales taxes collected at the event – all at the same time. Read more on their website.

Illinois Request for Business Income or Loss Verification Notices

Have you received an Illinois Request for Business Income or Loss Verification Notice? Earlier in 2017, the Illinois Department of Revenue has started sending these letters out to taxpayers. It appears Illinois is targeting taxpayers with sole proprietorship businesses running at a loss. Obviously, losses reduce Illinois taxes and, in some cases, can increase the Illinois […]

What Business Deductions are Available as a Small Business?

Are you a new business and wondering what new business deductions are available to you as a business owner? As for the costs that should be tracked, a simple way to look at this is like this: any expense you incur because of your business (within reason), is deductible. In your case, the obvious expenses […]

Hiring Family Members in a Small Business

Hiring family members can be a sound tax saving strategy. Students seeking summer employment, young adults looking for full-time employment, and college graduates looking to begin their careers sometimes find it difficult to land a job.  The family business may be the only place for some family members to find work, even if only temporarily until […]

Health Reimbursements Are Back!

Legislation was signed into law last week bringing back the ability for employers to directly reimburse employees for health care costs. This was taken away a few years ago after the new ACA laws came into play, often with severe penalties in place for noncompliance. But recent legislation changed that. The new Qualified Small Employer Health […]

How to Handle Employee Bonuses for Employers

Boulder Tax Preparation

Are you thinking of giving an employee bonus such as a Christmas bonus, holiday bonus, or year-end bonus? What’s the best way to handle these year-end bonuses? Can they be handled ‘under the table’? Do you have to include them as wages on their W-2? The answer to this question is quite simple. Any additional […]

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