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...
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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...
What Qualifies for a Home Energy Credit and How Can I Receive One? Written by: Anna McDonough Summer is here, and you know what that means, it’s time for home improvement projects! Did you know that certain utility upgrades...
The SECURE — Setting Every Community Up for Retirement Enhancement — Act was passed in 2019. After that, SECURE Act 2.0 was passed in December 2022 and went into effect Jan. 1, 2023. The secondary SECURE Act establishes new...