Posted on Jan 12, 2010 in Uncategorized No Comments »
I get the question several times a year and often between Thanksgiving and New Year – do you have any tax suggestions for my business? If the owner has created a Limited Liability Company or Profit Corporation with the Secretary of State, I can generally suggest meaningful options in regards to self-employment tax savings, retirement [...]
Posted on Jan 10, 2010 in Uncategorized No Comments »
While start-ups face many impediments, I’ve concluded that just a couple missteps can cause the greatest harm: Lack of personal funds to meet personal expenditure commitments Shotgun marketing efforts Giving up on the venture too early For the most part, the first and last bullet items above are linked as “cause and effect”. If the [...]
Posted on Jan 09, 2010 in Uncategorized No Comments »
That’s why my CPA firm is truly the Entrepreneur’s Best Friend. And it sets us apart from other accounting firms. My primary goal is to assist micro-business owners in their tax preparations, often on initial filings, such as sales tax and payroll tax returns. By taking this approach, clients are also effectively trained in self-preparation [...]
Posted on Jan 06, 2010 in Uncategorized No Comments »
I’m cleaning my attic and have two questions: Both my parents passed away during the 1990s. How long do I need to keep the final estate documents? I’ve owned three homes during the past three decades. How long do I need to hold on to the house closing documents? While certain circumstances may warrant a [...]
Posted on Jan 04, 2010 in Financial Statements & Taxes No Comments »
I’m often asked why I don’t e-file my client’s Federal and State income tax returns. The simple answer? A lack of confidence in the system. Case in point. The online Colorado Department of Revenue Wage Withholding Zero Filing System failed on October 31, 2009. I happened to file a number of 3rd Quarter returns for [...]
Posted on Jan 03, 2010 in Financial Statements & Taxes,Uncategorized No Comments »
Amazingly, Colorado has no law that states what constitutes a common law marriage. In practice however, a couple can file a joint return as Colorado residents as long as they meet these five widely-held tests: 1) they are not already married to someone else, 2) they present themselves as being husband and wife, 3) they [...]
Posted on Jan 03, 2010 in Financial Statements & Taxes No Comments »
Effective for tax periods ending after January 1, 2010, the vendor fee (credit for timely filing and payment) has been reduced to 0% for filers in the following government jurisdictions – State of Colorado, Larimer County, and City of Fort Collins.
Posted on Jan 02, 2010 in Budgeting & Planning Tips No Comments »
Question – I bought my home in 2002 so I should be eligible for the new homebuyer credit, right? Answer – You’re not the first and won’t be the last to assume that the Federal credit was intended for all existing homeowners in good standing. It’s not immediately obvious that to qualify for the credit, [...]
Posted on Jan 01, 2010 in Budgeting & Planning Tips No Comments »
This recommendation may seem obvious but I come across it all the time. The number one avoidable estate-planning mistake made by individuals is failing to name a living beneficiary on all retirement accounts. Regardless of your will, if not done properly with the fiduciary, your estate will be exposed to higher taxes than the circumstances [...]
Posted on Jan 01, 2010 in Financial Statements & Taxes No Comments »
A sign of trouble ahead is when a business is unable to meet sales and payroll tax remittance requirements. Why? Because it’s another party’s money. A retailer is nothing more than a conduit for State and Local tax authorities as a retailer merely collects sales tax at the time of sale and then remits these [...]
Geoff Goudy: The Certified Public Accountant Colorado Businesses Trust.
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