If your business operates in Colorado, you must file an annual declaration schedule of business personal property if the actual value of all your business personal property is more than $7,000. For every county that you have a separate physical business address, you need to file an annual declaration with that county if that separate [...]

Did you know that if your employee is using a company owned vehicle for personal use that this should be included in their annual W-2 as compensation? Marcy Palm wrote an informative article on Employee Personal Use of Business Vehicles. To read the article click here.

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

n 2013, there were multiple changes in certain tax rates. Make sure to be aware of these changes before filing your 2013 tax return so that there are no surprises on your return. Increase in Top Tax Rate Beginning in 2013, a new top tax rate of 39.6 percent took effect. This rate applies to [...]