Worst of the Worst: Top Business Tax Errors When the IRS looks at your tax forms, the tax agency uses a computer to compare what has been reported to it with what you have reported in terms of income....
Continue Reading
Exploding Some Estate Tax Myths If you own property and assets or have loved ones who depend on you to provide income or care, you should have an estate plan. However, some people hesitate to create one, fearing that...
Tax Implications of Bonuses If you get pleasure from rewarding your team’s performance with bonuses, you are not alone. But it’s important to consider how those bonuses are given, along with the tax implications for both you and the...
Dear Valued Clients, We are thrilled to announce that our office is relocating to a larger, more accommodating space in Grand Junction, CO. This move is a significant milestone for us, reflecting our growth and commitment to better serve...
Classifying Your Employees Correctly Employee classifications are based on job duties and responsibilities. The classifications impact compensation, benefits and work hours; they are also used by employers to maintain compliance with labor laws. The most common classifications are exempt and nonexempt. Exempt...
What Is an S Corporation, and How Does It Work? Have you been thinking about establishing an S corporation? Maybe you have the opportunity to become a shareholder of a corporation of this type. Here’s what you should know...
529 Plans: Know the Basics There are two kinds of 529 plans: prepaid tuition plans and savings plans. Prepaid tuition plans (available in only nine states) allow you to pay current tuition rates for future attendance at designated colleges...
Is Your Side Hustle a Hobby or a Business? With the rise of the gig economy, a lot of people have opted to turn their hobbies into profitable ventures. In turn, the lines are blurring between hobbies and small...
Tax Tips for Parents When starting a family, you might be interested to know that you’re now eligible to claim new credits and deductions, which ultimately lessens the total value of your tax liability. You can start by utilizing...
Required Minimum Distributions: What’s The Story? Once you reach a certain age, you must take an annual required minimum distribution, which is a payout from your traditional IRA, 401(k) or other retirement account. The required amount is calculated based...