Posted on Dec 27, 2009 in Financial Statements & Taxes,Operational No Comments »
While there are generally several benefits for an LLC to be taxed as an S Corporation instead of being an LLC taxed as a Sole Proprietor, the two most appealing are: 1. Reduced Internal Revenue Service audit risk. 2. Potential self-employment tax savings. In this hypothetical instance, say you had not withdrawn any funds from [...]
Posted on Dec 27, 2009 in Operational No Comments »
Changing CPAs? Without proper planning, a transition year can cost more than usual if there are pre-existing circumstances that need attention. For example, prior year-end accounting discrepancies or shareholder basis issues can incur one-time only costs. Other items that can make a transition year more expensive would be: numerous depreciable assets several business or rental [...]
Posted on Dec 21, 2009 in Outside the Office No Comments »
My 2009 has seen its share of ups and downs outside of the time I spend in my Old Town office doing tax work. Examples? Car vs. deer accident on Hwy 287. We competed in USDAA performance finals once again with canine teammate Rumor. Sudden loss of our 6-month Sheltie puppy to a brain aneurysm… and [...]
Posted on Dec 06, 2009 in Outside the Office 1 Comment »
Our other blog has the full story.
Posted on Jan 20, 2009 in Articles No Comments »
This article was posted in the NCBR’s December 2008 CPA Guide What if…? That is a frequent query posed to accounting and tax advisors. Savvy business owners, especially in times of uncertainty, give themselves practical options. Tax Structure. A common misstep for self-employed business owners is operating under a trade name rather than as a [...]
Posted on Jan 10, 2009 in Events & Presentations No Comments »
On August 25, I will be presenting “Flexible Tax Strategies” for Thriving Tuesdays with the Fort Collins Chamber of Commerce. Host: The Fort Collins Area Chamber of Commerce Date: 4th Tuesday of every month from March through August Time: 11:30 a.m. to 1 p.m. Location: 225 S. Meldrum St. Why You Should Come: Thriving Tuesday’s [...]
Posted on Jan 05, 2009 in Outside the Office No Comments »
During the day, I am here in the office helping small businesses. Outside the office, I spend a handful of nights handling dogs superbly trained by my wife Stacy Peardot-Goudy (C Spot Win Agility). Below is a video from one of my competitions with my dog Rumor at the the 2008 USDAA Performance Speed Jumping [...]
Posted on Dec 15, 2008 in Financial Statements & Taxes No Comments »
Simple. Tie net income (loss) on the statement of operations to the statements of cash flow and changes to equity. Tie cash on the balance sheet to the statement of cash flow. Tie total equity on the balance sheet to the statement of changes to equity. If they all match, your four statements are in [...]
Posted on Dec 15, 2008 in Financial Statements & Taxes No Comments »
We all fall into the trap on occasion – how does this affect taxes? Sometimes a thorough analysis of the tax effect is warranted. However, most decisions should not consider a myriad of tax codes and rather, simply hinge on whether or not it is practical.
Posted on Dec 15, 2008 in Financial Statements & Taxes No Comments »
Careful attention to balance sheet classification is imperative for proper ratio analysis. Short-term assets and liabilities are generally to be turned into cash or spent during the next 12 months. Correspondingly, long-term assets are depreciated or amortized and long-term liabilities are paid over a timeframe greater than one year.
Geoff Goudy: The Certified Public Accountant Colorado Businesses Trust.
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