Peak Accounting Service - Bean Blog , Tax Tips

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

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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