Peak Accounting Service - Bean Blog

The Best Tax Preparation Near Me Parker CO - Tax Consultants

Tue, 05 Oct 2021 09:55:50 -0600

Tax season is almost here, and you do not want to scramble to find a tax preparer near you at the last minute or rely exclusively on DIY accounting software.

If you run your own business or have a side gig in Parker, now is the time to prepare yourself for the upcoming tax cycle.

My name is Curt Carey. I live in Parker, Colorado with my wife and children, where I run a successful accounting firm called Peak Accounting Service, LLC.

Local tax preparation and tax planning is our specialty. We have a team of trusted Parker accountants with over 50 years of combined experience at getting businesses like yours maximum tax savings!

Here are just a few reasons why early tax preparation and planning makes sense for your small business:

Stay on top of your finances and out of trouble with state and federal agencies by providing early tax preparation and planning.
Tax planning is a great investment opportunity by helping you develop strategies to maximize your earnings.
Planning for tax season is the best time of year to go over financial goals with your tax consultant.

Stay on top of your finances and out of trouble with state and federal agencies by providing early tax preparation and planning.

Tax preparation services can keep you out of trouble with the Internal Revenue Service (IRS).

One thing that everyone knows about taxes is that if you fail to pay them on time or if they are filed incorrectly, it can lead to big trouble down the road.

Government agencies can track down people who don't pay their taxes.

Getting in trouble with state and federal agencies doesn't just mean fines and penalties — it also means your credit score will take a hit and could make loans or other types of financing difficult or impossible to be approved.

It's best to avoid these problems by paying what you owe when you owe it. A good tax planning service, like Peak Accounting Service, can help ensure that you're playing by the rules and keeping yourself and your small business out of trouble with government agencies.

With so many different federal and state tax forms out there, it's hard to know which ones you need to fill out. You might need to file a W-2 or 1099 with your local government office. If you don't do it correctly, you could face fines or penalties for failure to file your taxes on time.

Also, a professional tax consultant will make sure that you have all the necessary documentation on hand before getting started. For example, you'll want copies of past tax returns, proof of income, proof of residency, social security cards, bank statements, property deeds, and more.

Tax planning is a great investment opportunity by helping you develop strategies to maximize your earnings.

Tax planning is one of the most important things that Colorado businesses can do to take control of their financial situation.

For example, a good tax strategy can help small businesses earn more, save more, and even reduce tax liability, all by managing your business accounting throughout the year rather than waiting until tax season is upon you.

Tax planning is a process of identifying and implementing actions to reduce the amount of taxes paid and is an incredible investment opportunity as it can help you develop strategies that will maximize your earnings.

For most people, tax planning starts with annual budgeting. By prioritizing spending and assigning funds to specific expenses, you can target those areas that will save you the most money come tax time.

Tax deductions are one area where businesses in Parker often overlook opportunities to save money. Every taxpayer can reduce their taxable income by claiming various tax deductions including:

Childcare expenses
Charitable contributions
Student loan interest payments
Health insurance premiums paid during the year
Self-employed health insurance premiums paid during the year
Home office expenses (deductions vary by state)

If you're self-employed or own a business in the Denver metro area, then you know all too well how complicated tax preparation can be.

For example, there are different forms that must be filed for sole proprietors, partnerships, corporations, S corporations, trusts, estates, and even for other types of small businesses that provide professional services.

In addition to preparing your personal taxes, you also have the option to file quarterly estimated taxes with the IRS throughout the year.

We can help you identify early tax planning opportunities so you can reduce your tax burden.

Planning for a tax season is a great time of year to go over financial goals with your tax consultant.

Tax season is an excellent time to plan for the future. The start of your tax season can be a great opportunity to review your tax-related goals with your tax consultant, which may include the following:

Does your income match your expenses?
Do you have an emergency fund?
Are you saving for retirement?
Are you contributing to your child's college education?
Are you paying down debt?
Are you on track to meet your financial goals?

Your tax consultant can help facilitate conversations about these personal and business goals and can help keep you on track throughout the year.

Our team of tax experts at Peak Accounting Service has years of experience organizing receipts, calculating deductions, and filing electronically, so they don't have to worry about sorting through business paperwork at the last minute.

Takeaways

If you are thinking about your year-end tax preparation, the time is now!

Our professional tax consultants at Peak Accounting Service can help maximize your small business 2021 taxes and keep your hard-earned money in your pocket.

Plus, we can efficiently handle the hassles of taxes early on, which leaves you with more free time to grow your business.

Here are just a few reasons why early tax preparation and planning makes sense for your small business:

1. Stay on top of your finances and out of trouble with both state and federal agencies by providing early tax preparation and planning.

2. Tax planning is a great investment opportunity by helping you develop strategies to maximize your earnings.

3. Planning for a tax season is a great time of year to go over financial goals with your tax consultant.

Go over all the benefits of early tax preparation and planning with a local tax consultant in Parker, CO by clicking here now.

Start Tax Planning

How to Do Bookkeeping: 3 Essential Bookkeeping Practices for Every Small Business

Wed, 01 Sep 2021 07:29:00 -0600

It’s funny to think that bookkeeping is something small business owners often ignore because it is essentially the glue that holds your business together.

I’m talking about the essential and practical art of keeping track of money entering and exiting your business — so you know what to how to make the most of it!

Small business bookkeeping doesn't have to be difficult. Even though you may be running your own business and handling multiple tasks, it should still be a top priority to keep good bookkeeping records.

There are three essential bookkeeping practices that every small business needs for its accounting records.

Create a New Business Account with Built-In Tax Budget

Know Your Legal Business Responsibilities

Start Using Software for Small Business Bookkeeping Now

Create a New Business Account with a Built-In Tax Budget

In the business world, keeping your finances separate from your business dealings is not just nice but necessary…a new bank account can help clarify your financial standing and jumpstart your tax preparation.

As a small business owner, you’re expected to keep thorough records and file taxes annually.

Don’t worry: It’s not as scary or as complicated as it sounds.

A good way to accomplish saving for taxes is to set aside 20% of your income in a separate savings account every month. This will help you easily pay your 2021 income taxes, without any last-minute panicking about finding the money.

Know Your Legal Business Responsibilities

It’s easy to overlook bookkeeping tasks – like taxes, deposits, and payroll.

Bookkeeping is about much more than keeping inventory in check and making sure your financial records are accurate; it also encompasses the legal and compliance framework of your business.

Take some time to learn the basics of bookkeeping so you can avoid any costly mistakes.

Start Using Software for Small Business Bookkeeping Now

As a small business owner, you already know how important it is to keep on top of all your finances.

But the task can be overwhelming when managing it all by hand using spreadsheets, credit card receipts, and bills. It’s not uncommon for business owners to lose track of invoices or receipts while also struggling with reconciling their books every month.

If you are on a budget and you want to stay in control of your finances, accounting software is a wise investment as it takes much of the drudgery out of day-to-day bookkeeping chores.

There are two major benefits to using software for small business bookkeeping: easily accessible data and automatic reports.

Conclusion

Bookkeeping is the process of keeping track of your cash flows, expenses, and credit card accounts in a way that makes it possible to figure out how much money your business is spending, how much money it is earning, and where its money is going.

Whether you’re a sole proprietor running your own small business or an employer paying employees, bookkeeping is a critical skill set. Like all skills, bookkeeping requires practice and knowledge to master.

In this article, we cover three essential practices for doing bookkeeping properly: (1) create a new business account with a built-in tax budget, (2) know your legal business responsibilities, (3) start using software for small business bookkeeping now.

This article provides basic bookkeeping advice, but if you need more in-depth assistance, we offer small business accounting services.

If you are looking for a small business accountant or bookkeeper, contact Peak Accounting Service for a free accounting consultation.

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3 Reasons You Should Hire a Bookkeeper for Your Small Business

Wed, 01 Sep 2021 07:29:00 -0600

Do you need more time to focus on selling and staying competitive?

Is it taking too long to pay your bills and managing your expenses?

Having a bookkeeper handle these responsibilities can relieve that stress and allow you to focus more of your time and energy on sales and growing your business.

So, today we’d like to talk about 3 reasons why you should consider hiring a bookkeeper for your small business.

There are loads of benefits to hiring a bookkeeper for your small business. Here are the 3 most common reasons you should hire one ASAP:

1. Keep your focus on core business needs

You’re a small business owner and we all know the challenges that come with running a business. When it comes down to it, you’re busy enough bringing value to your customers and making sure the business keeps running smoothly. But chances are, there’s too much to do and not enough time. If this does happen, one of the things that end up suffering is your bookkeeping.

Hiring a bookkeeper will free up time and energy so you can focus on other aspects of your business like marketing, customer service, and daily operational tasks.

2. Avoid costly mistakes

Many small business owners try to manage their own finances to save money, but they often underestimate their financial responsibilities. A lack of accounting knowledge increases the risk for human error, aka preventable errors that leave you financially exposed. These errors can take the form of accepting payment late or not remitting taxes on time.

By hiring a professional bookkeeper, you can prevent these types of mistakes from occurring and stay compliant with the law and reduce legal costs.

3. Keep track of your business finances

It is important to have an efficient system in place for keeping track of your funds, the money you bring in each month, and any debts you might have. This is where a bookkeeper comes in.

He or she will be responsible for preparing financial statements for your company which includes summarizing and analyzing results from all sources of income and expenditure. By crunching all your important financial numbers, you will gain a different perspective of your business and set your business up for success.

Takeaways

There are so many advantages to hiring a bookkeeper for your small business including saving time to focus on your business, maintaining accurate accounting records, number-crunching for research purposes, and staying compliant with the law.

If you want to take the burden of your bookkeeping from your shoulders, you can discuss bookkeeping opportunities with Peak Accounting Service, and we will keep you on track for achieving your business goals.

Schedule a Free Consultation

How Much Do Accounting Services Cost?

Wed, 02 Jun 2021 11:08:03 -0600

At Peak Accounting Service in Parker, we understand the importance of cost in your decision-making process; therefore, we try hard to identify pricing for accounting services as accurately as possible and to answer your questions before you even ask.

For example, you may be wondering “How much do accounting services cost?” or some other type of accounting cost question like,

- “What is the average cost of accounting services for small businesses?”

- “What is your bookkeeping hourly rate and is it different than your accountant’s hourly rate?”

- “Can I get an estimate of your monthly bookkeeping services pricing?”

- “Are there accounting fees for small businesses?”

Find answers to our most commonly asked questions about pricing for accounting services below.

What is the average cost of accounting services for small businesses?

Well, it’s a little more complicated than the average accounting cost. All individuals and businesses in Parker are unique, so it may go without saying that the scope and complexity of accounting services vary from company to company. Some of our clients require highly trained, professional CPAs for complex financial reporting while others only want help with a simple bookkeeping task, which is why we do not offer a one size fits all bookkeeping or accounting fee.

What is your bookkeeping hourly rate and is it different than your accountant’s hourly rate?

Peak Accounting Service offers both a bookkeeper hourly rate and an accountant hourly rate. Our bookkeeping hourly rate is affordable and competitive, yet in line with the Parker, Colorado industry. We believe you should have a choice when it comes to bookkeeping services pricing and pricing for accounting services, which is why we offer options for everyone's budget.

Can I get an estimate of your monthly bookkeeping services pricing?

At Peak Accounting Service, we like to give our clients options. To better fit your bookkeeper pricing needs, you choose to bill your bookkeeping services cost either hourly or monthly. Our team of CPAs, accountants, and bookkeepers can handle all your bookkeeping, payroll, and business advisory needs for one custom bookkeeping service fee.

Are there accounting fees for small businesses?

We believe is important for small businesses in Parker to be aware of express charges or accounting fees they may incur based upon the date that the work is required to be complete. For example, all tax return information required to complete the return is due no later than 15 days before the filing deadline. Also, any accounting service that is requested to be completed in less than 15 days will incur an accounting service fee.

If you want a custom quote for Peak Accounting services, schedule a no-pressure consultation or give us a call today.

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What Services Are Provided By Accounting Firms in Parker?

Fri, 21 May 2021 09:00:00 -0600

Accounting firms offer many services that help Colorado businesses gain better financial control, stay IRS tax compliant, and plan future business growth. With over 100 accountants in Parker and thousands of CPAs in the Denver Metro area, it’s hard to determine which accounting firm is best for you.

Larger firms may offer a wide range of services, including helping to start a business, as well as offering personal and corporate tax preparation and planning services. A small firm may provide only basic bookkeeping, payroll, and tax preparation but little else in terms of business support.

Not every accounting firm offers every type of service, which is why small business owners need to be clear about their needs before speaking to a potential partner to find an accounting company or CPA that can handle all business needs efficiently and professionally.

Tip

Hiring an accounting firm for your company requires researching which service package will work best for your business. While some accounting firms specialize in niche services like tax filing, most will offer business bookkeeping and payroll services, tax preparation, and business consulting services.

Tax Preparation and Planning

There is much more to tax preparation than just completing tax returns once a year.

A good accounting firm handles all aspects of your company’s tax reporting requirements. In addition to preparing state and federal corporate income tax returns, they also prepare year-end business documents, such as IRS owner K-1 income statement forms and employee W-2 wage forms.

The Internal Revenue Service is involved in a lot of businesses, and if you aren’t in compliance with what they need then they can potentially audit you at any time. This is where the business owner needs the help of an experienced accounting firm like Peak Accounting Services for IRS tax problem resolution.

A professional accounting company can help the client avoid unintended IRS penalties by checking the tax and information returns of businesses for errors that may delay a refund or lead to an audit.

Business Bookkeeping and Payroll

Parker business owners have a lot to worry about if they’re running a small business. Although many entrepreneurs are great at providing a product or service, taking the time to understand the financial aspect can be overwhelming.

There are a hundred accounts relating to business, each with its own balance sheet and earnings statement. Business owners who outsource this aspect of their service to an accounting firm can save valuable resources spent on keeping accurate financial records.

Professional parker accountants provide these services in addition to making sure that bookkeeping practices are appropriate and provide a good summary of where the company stands financially.

Essentially, they’ll give you an estimate of how much money you have leftover after each pay period ends and what resources you need to generate revenue for your company.

Many accounting firms also provide payroll processing services for clients. This includes calculating payroll, including direct deposit, and making sure that employees are paid on time.

Business Consulting

Running a small business is exciting but requires planning and attention to all details and often leaves entrepreneurs with many unanswered questions. Questions about finances, strategy, and growth.

Business consultants offer expert advice on all aspects of running a business, from selling or buying or taking out a business loan.

Taking out a venture loan or selling/purchasing a business can be a costly affair. You have to be sure the price and value are right before engaging in any transaction. This is where an accounting firm comes in handy, as they specialize in increasing the overall value of your company by providing solid business advice.

Key Takeaways

Accounting firms offer many services to meet the organization’s business needs. An interview or assessment should be conducted to determine which accounting services are best for the organization.

Find out if Peak Accounting Service is the best fit for your business needs. Call us today!

Contact Peak Accounting

Am I Required To File A Form 1099? Counting the Beans for Your Contractors

Wed, 27 Jan 2021 11:12:19 -0700

As with most things tax related there is no simple answer. When it comes to issuing 1099's from your company this is the case.

The purpose of the 1099's is for the IRS to track what is paid from your business to other businesses and individuals for services.

In the past, before the 1099 requirement, the IRS could not track service payments as the identifying numbers were not obtain related to the payments made. Businesses were not required to validate the payments so if they had a check written and an invoice that was all that was required. In a large percentage of the businesses and individuals receiving the payment the income was not reported. This "loophole" was not very popular with the IRS so they implemented a requirement for obtaining the social security number or EIN for the person or businesses providing the service work. Hence the W-9 requirement and the issuance of the 1099's.

If you are purchasing services the best practice is to obtain a W-9 from the businesses and individuals. More importantly is that you need to issue the required 1099's. In recent years the IRS tracking software is becoming increasingly good at determining non-compliance.

In 2021 the penalties are increasing for non compliance and can reach $550 per 1099 not filed. The filing deadline without penalty is February 1, 2021.

There are a number of exclusions on this requirement so give me a call at (303) 351-2852 and we can discuss this.

Contact Peak Accounting

How To Maximize Your Tax Deductions? Meals - The Simple Answer

Sun, 24 Jan 2021 13:33:02 -0700

Here are the General rules:

To deduct beverages and meals for themselves or employees they must;

All of the following must apply;

A. Travel out of the local tax area. Typically this would be more than 50 miles from the place of business;

B. There has to be a business reason to purchase or reimburse themselves or employees;

1. Substantial rest required (more than 4 hours); or

2. Overnight stay;

C. Specific documentation on each expense;

1. Name of individual(s);

2. Receipt of the expense;

3. Specific purpose of the expense.;

D. Business reason for the expense.

There are a small number of exceptions.

De minis expense - Occasionally purchasing a meal for employee(s) (Once a month or quarter)

Company events - Once or Twice a year.

Marketing to a client or the general public.

(All exceptions must have documentation; who,what,when and when)

From my years of experience, meal expenses are the first item reviewed in an audit.

(Think of this issue in the broader terms that the IRS views them. Anyone can start a business Today you can start one in minutes. Why won't everyone start a business and make their family members employees (Nothing wrong with this). Purchase all of the meals for themselves and their family as a business expense. Congress and hence the IRS has developed limits on what is considered a deduction from business.)

The IRS considers any expenditure outside the above restrictions as compensation that the employer would be subject to payroll tax when purchased for an employee. When this occurs they will charge penalties, including the Trust Fund Recovery Penalty (100% of the amount not paid), plus interest.

Take a look at the exceptions and utilize them with documentation. In 2021 & 2022 these expenses can be deducted at 100% (Purpose of this was to kick start the restaurant industry)

If you have any questions let's set up a meeting to discuss this area. I would love to help you maximize the deduction and ensure that it meets the IRS complex regulations.

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