Understanding Health Insurance in 2014 and Beyond – January 2014
Understanding Health Insurance in 2014 and Beyond / Top Ten Reasons Why People With Even Modest Estates Need Estate Planning
1099 Reporting
If your business makes payments for rents, services, or interest you may be required to file 1099 forms annually. You are required to issue a 1099 to any non-corporate (remember LLCs are not corporations) vendor that you pay at least $600 during 2013 for rents, services (including parts and materials), or interest. Payments to tax-exempt [...]
2013 Tax Questionnaires
Representation Letters: 2013 Business Representation Letter 2013 Individual Representation Letter Tax Questionnaires: 2013 Business Tax Questionnaire FILLABLE - FILLABLE (Adobe fillable form – Complete on your computer, save, then submit to Wych Tax) 2013 Business Tax Questionnaire NON-FILLABLE (Adobe non-fillable form – Print form, complete by hand, then submit to Wych Tax) 2013 Individual Tax Questionnaire FILLABLE_distributed (Adobe [...]
Report of Foreign Bank and Financial Accounts (FBAR)
If your business has signature authority over a financial account located outside of the United States and the total value of all foreign financial accounts is greater than $10,000 at any time during the calendar year, you are required to file an FBAR. This form is filed separate from your income tax return and must [...]
Use Tax
Although very similar, use tax is not the same as sales tax and tends to be overlooked by many business owners. In the state of Colorado, businesses are required to pay use tax on items purchased that are not for resale, and on which sales tax was not paid when purchased. If your business operates [...]
Year-End Tax Planning for S-Corporations – December 2013
Year-End Tax Planning for S-Corporations / Katie Shaw & Tyler Yadon's Wedding / Client Spotlight
Sales Tax
Sales tax regulations are unique to the taxing jurisdiction where your business operates. You most likely are required to have multiple sales tax licenses (state, city, county, etc.). If your business operates in Colorado you are only required to obtain a state sales tax license if you sell tangible personal property. However, if your business operates in [...]
Business Vehicle Mileage and Expense Tracking
When preparing your business income tax return, your tax preparer will need to calculate the deductible portion of your vehicle expenses, based on mileage information they ask you to provide. The IRS requires you to track your business miles throughout the year, and only allows expense deductions for the business use. The consequences of not [...]
S Corporation Owner/ Shareholder Health Insurance
Health insurance premiums paid for S Corporation owners/shareholders are possibly tax deductible, but there are a couple of items to keep in mind for this tax deduction to stand up to IRS scrutiny. The business needs to either pay the health insurance premiums directly to the provider or reimburse the S Corporation owner/shareholder if he [...]
A Healthy Balance Sheet – Beyond the Profit & Loss
Does your small business have a nice net profit so far this year? Great! However, if I asked you if your business was healthy and sustainable, would you know how to answer me? This is obviously a very complex question and involves analyzing several different aspects of your business model. But, if you are like [...]