Many of you receive a child tax credit each year either as a reduction of taxes owed at the end of the year or as an increase in your refund amount. In 2021, there are several critical changes that have gone into effect that will impact both the way you receive this tax credit as [...]

If you or your family members enroll in coverage from the Health Insurance Marketplace, you may be eligible for a refundable credit that helps cover premiums for health insurance. Under the American Rescue Plan Act (ARPA), there is also a new regulation that you won’t have to pay back your premium tax credit from 2020. [...]

The last year has been an anomaly to say the least, and because of that many tax payers have had to file for unemployment. Typically, unemployment income is taxable both federally as well as on the state level. As of March, however, the American Rescue Plan enacted by the IRS has granted a new tax [...]

Many of you have been waiting patiently for more information regarding the third stimulus payment. Good news — it’s finally here and we have all the most important questions answered for you below (like how much, when, and whether or not you qualify). Make note that the stimulus payment is not one-size-fits-all and will look [...]

Back in December, we talked with you about the many changes to small business taxes that have occurred due to COVID-19. Now, it’s important we circle back to this as there have been several adjustments to these “rules”, particularly regarding Payment Protection Program (PPP) loans and other Small Business Association (SBA) loans. Paycheck Protection Program [...]

When working with a CPA, it is not just about getting your taxes done. Wait … what? You might be thinking, isn’t that the point, though? Of course, it’s our job to do your taxes efficiently and strategically to provide the best value on your return. However, coordination between your tax decisions and big picture [...]

You’ve likely heard the terms LLC and S-corporation tossed around in business. The two are often discussed in conjunction with one another as they are the most common forms of ownership for small businesses. If you are a new entrepreneur or are growing your business, becoming an LLC or an S-corporation may be the best [...]

Managing your books may seem like a tedious task but recording your financial transactions on a consistent basis will offer more rewards in return when tax time rolls around. Most importantly, it keys you into the profitability of your business and helps you make critical management decisions as your business progresses. Beyond that, you need [...]

Many people only think of their Fort Collins accounting firm around tax time. After their return is complete and submitted, it’s “Goodbye, until next year.” However, establishing a trusting relationship with a firm means you can, and should, look to them for a wide range of helpful resources throughout the year. On the Wych Tax [...]