Yes! We get lots and lots of questions. Below is a sampling of the types of inquires we receive every day. See if any of these ring familiar – then drop us a line. We’ll do our very best to provide you with the answers you need to save you money…
QUESTION: “Can an employer make a pre-tax payroll deduction of the premiums for individual health insurance policies under an IRS 125 plan if no group plan is in place?”
QUESTION: “Our HOA members have requested that a CPA audit the fiscal year-end report and report the results of that audit to the Board no later than June 30. What is involved and what would it cost?”
QUESTION: “I began working in the Middle East for a US company. I've returned to the US twice since then. Can you help me do my taxes, with the goal of minimizing them? I also am planning to start a small business in Northern Colorado and would like some assistance with that.”
QUESTION: “What can you tell us about Self Directed IRA's investing in LLC's?”
QUESTION: “I'm interested in forming an LLC with my wife to manage current and future investment property. I have many questions on this process and how your firm may be able to help. Would you be available today for a short meeting?”
QUESTION: “My husband and I have just sold a rental property and are set up to do a 1031 exchange. Are there any investment options besides a replacement rental property?”
QUESTION: “As a result of an inheritance last year I have earned about $14,000-$18,000 in investment income which I have not yet paid any taxes on. Is it too late to pay estimated taxes due on this amount to avoid an under withholding penalty?”
QUESTION: “Would you recommend me being a Sole Proprietor instead of a LLC? Any help would be greatly appreciated. I would be looking to have someone do my taxes as well as changing my entity and handle some other miscellaneous accounting issues.”
QUESTION: “I have a small business and I want to get my finances in order. I opened for business in March last year and I'm registered as an S-corp. Between getting construction finalized and trying to generate business, I have lost all confidence in my bookkeeping skills which were slim to begin with. I recently received a letter of notice of delinquent report for unemployment insurance tax. I don’t know what this means, but it sounds bad.”
QUESTION: “How would one get a business interim financial statement? Thanks.”
QUESTION: “I am a new Real Estate agent and would like the help of an accountant to correctly claim all of my write-offs and the few deals that I had. Where should I begin or what can I do ahead of time to help the process along?”
QUESTION: “I am a Realtor, and I started an S-Corp this year. Is there a set % of tax that should be set aside based on the amount of money you make per year? What is that, and how much should be set aside for state taxes?”
QUESTION: “I am a retiree and spending considerable amounts for needed supplies for trying to sell manuscripts to publications. My income is about $32,000 annually, and I have been filing returns with help of AARP, on the short form. Off-hand, could you tell me if it is worth while go file, using deductions?”
QUESTION: “I am buying an existing franchise and I need advice.”
QUESTION: “I am filing Chapter 7 bankruptcy and my lawyer recommends that I ensure that I have no tax refunds for last year. How much would you charge for this type of consultation?”
QUESTION: “I am getting a divorce. My husband is getting half my 401K. He wants to cash it out using the one time exception to avoid the 10% penalty. The question is what will his taxes be? I know the IRS will automatically without 20% but this is not the actual rate. How are the employee contributions, employer match, and earnings handled tax wise? Are all treated as ordinary income when cashed out or are the earnings able to receive capital gains considerations?”
QUESTION: “I am self employed. I have worked in three different states since March, and am looking to make my quarterly payments on June 18. All of my clients are based in Colorado, and I am also a resident of Colorado. QUESTION: “Do I then pay only state taxes to Colorado? Some of my expenses are for driving to other states and staying in other states, but that is because I am a resident of Colorado. Also, I would like to set up my quarterly payments with you, or have you look over my payments. Is this possible while I am out of town, that is if I was to send you information electronically?”
QUESTION: “I bought a house last September (first time home buyer) and have done extensive remodeling and upgrades to it. I have heard that if I sell it before I have owned it two years I will have to pay capital gains on it. Is this true?”
QUESTION: “I had filed an extension on my last tax return but didn't get it filed by Oct 15 and it still has not been done. I had called multiple times on a 1099 I received but it didn't arrive until January after about 6 phone calls, thus the situation. I now need to get them done. I am a financial advisor that needs some house cleaning of my own.”
QUESTION: “I have a sole proprietorship software consulting company started recently. I am the sole employee and I work as a independent contractor and need help in tax structure/tax advice for my business.”
QUESTION: “I have an LLC that I use for a small part time home-based business in Englewood. I need to find an accountant that I could work with to prepare required tax filings.”
QUESTION: “I have an S-Corporation and I am the only employee. I pay myself salary every month from my company. I have setup a SEP IRA for myself where my company directly contributes 25% of my compensation. I did not take enough compensation last year, and I will have significant profit on my Schedule K. I feel I should have paid myself some bonus, then I could have put away more into my SEP IRA, in turn reducing my Schedule K profit, and the total tax liability. Can I pay myself a bonus now, and file a correction on 941 to pay the additional payroll taxes?”
QUESTION: “I have banking and other financial accounts in Germany. Do you have any experience in dealing with these types of accounts? My main concern is taxes, I’m also interested estate planning.”
QUESTION: “I have been a subcontractor for the past 10 years. Out of ignorance I have neglected to file. I have no excuse for not handling this matter. I have lived in Alabama, Missouri, and Colorado throughout those years. I want to pay my debts that I have created over the years. I have good earning potential so I’m not concerned about being able to repay, I just want to come clean. Can you help?”
QUESTION: “I have been through several bookkeepers over the years and the books haven't been kept as well as I would have liked. I have not been able to reconcile the books to our statements and I have gone back transaction by transaction several times and still get nowhere.”
QUESTION: “I have had a contracting job for the last 9 months that has not taken out taxes. I don't want to get slammed at the end of the year, and would like to discuss my options. Looking forward to meeting you.”
QUESTION: “I have recently moved to Colorado and have very simple taxes but wanted to have them done at one place that can provide returns from both Illinois and Colorado. Is that possible? Please advise.
QUESTION: “I just left my job to start a day-trading company. At first I set it up as a sole proprietorship but now I'm researching the tax and other advantages of a 'C' corporation and was just about to register online before I thought to check with a local CPA firm for advice. My question is: does it make sense to go with a ‘C-corp’ if I would like to fund the company with my retirement (IRA trust, etc.) and physical (computer, etc.) assets. I would like to reap the tax advantages only a C can offer (i.e. health insurance premiums, etc.)?”
QUESTION: “I just received a $69,000 settlement from my previous employer. They are not withholding taxes. What do I need to do to assure that I am able to pay taxes on it?”
QUESTION: “I just started work as an independent consultant. I am operating as a sole proprietorship and have my 'DBA' registered. How do I pay income tax? These are not currently withheld from my paychecks.”
QUESTION: “I live in Castle Rock and work (temporarily) in Greenwood. I commute every day and travel about 90 miles, plus meals expenses. Am I eligible for Per-diem, if yes then how much? My company is willing to pay the per-diem but don't know how to calculate it.”
QUESTION: “I lived in Ohio half of the year & here the other. I sold a home during a government paid move & paid for my retirement home -- what is the estimate of my tax return prep?”
QUESTION: “I make jewelry and am considering consigning it to a small shop here locally. I need to know if the shop owner has to charge sales tax and how much?”
QUESTION: “I need to file my taxes. I have received a 1099C for the short pay of a home I sold. The 1099 is in my ex husbands name but I agreed to pay half. Our divorce was final last year. I called the IRS last week and they said that I may not have to include any of that additional income if my liabilities exceeded my assets at the time of the sale of my home. I have no idea how to record any of this. Can you help?”
QUESTION: “I need to get an S-corp stock valuation so I can accurately represent my Net Worth to another company. We are going to do over $1,000,000 in gross services this year with a payroll of ~$500,000. How does this translate to a New Worth statement as we do not own anything with the S-corp?”
QUESTION: “I need to have tax preparation done for my Mary Kay Business and my personal taxes. Can you do both and do you have people familiar with Mary Kay Cosmetics and taxes?”
QUESTION: “I owe Colorado income tax for the year. Could you please point me to the right web-site to do a payment plan?”
QUESTION: “I own a small business that provides services in 7 states and many cities. My LLC is based here in Colorado although I have employees in 6 other states and online. 1. Do I need to register my company as a foreign entity in all the states where I have employees even though I don't have an office there? (I want to make sure that I'm not paying multiple taxes on those states). 2. How does the self-employment tax work? I just changed my company to an LLC from a Sole Proprietorship.”
QUESTION: “I recently formed a single-member LLC (disregarded) to purchase and hold an investment property. Subsequent to the formation of the entity and opening of the bank account, and prior to the purchase of the property, the LLC gained an additional member. We each hold 50% of the interest in the LLC. We would like to determine the best tax election for the entity in order to minimize our tax liability, as we hope to sell the investment property for a substantial profit.”
QUESTION: “I sold my home in Parker due to unemployment. I've been unemployed since then, and living off the proceeds from my home. I have no idea what my upcoming tax responsibilities are, and if my small savings is going to get capital gained to death.”
QUESTION: “I started a business last May. I had to have patterns made to produce the part and just received the initial shipment of parts last week. I would like to come in for a consultation to see how to handle personal taxes and the business reports for the state.”
QUESTION: “I was a resident of Colorado for part of the year and earned income in that time. I am filling out the 104 and the 104PN. The 104 line 13 says I have no CO TAXABLE INCOME, but line 14 says to enter the amount from the 104PN. If I have no taxable income from the 104, how do I have taxes owed on the 104PN?”
QUESTION: “I will be buying a condo at the end of August next year upon completed construction. I'm thinking of changing jobs to a temporary position outside of the state that will last six months and probably result in a full time position after that. It pays much more than my current job and I'm wondering what kind of tax breaks I get for a temporary work location? Also, I will be leaving in the middle of a 12 month lease that I will have to try to sublease out. I'm wondering if you can provide me with some advice and also if this will hurt my chances of getting a mortgage loan when that time rolls around.”
QUESTION: “I would like to speak with you about your services. My home buisiness has grown a bunch and I need help taking it to the next level.”
QUESTION: “If I filed my return in January, when should I expect my return?”
QUESTION: “If “Married - Filing Jointly”, can we contribute $26K to a 529 plan for unborn child and deduct entire amount from taxable income? Are 529 contributions also exempt from state tax?”
QUESTION: “If you claim part of your house as a tax write-off since you have an office in your home, do you have to pay that money back when you sell that home?”
QUESTION: “I'm currently an active duty military member and I've been performing my own taxes for about 10 years now. I am planning on investing more in real estate (I currently own a rental property in Centennial, CO). The main goal is to develop a business where I run a property management and investment company. I suppose my question, since I've never looked into this much, is whether this would be a cost effective venture for me to use a CPA?”
QUESTION: “I'm currently working for a client in Greenwood Village. I have a small software consulting company and need to get my book keeping in order for taxes (very behind). Need to get some quotes for cost of service. Thanks.”
QUESTION: “I'm getting a divorce. I'm a doctor and my husband hasn't paid taxes yet. I was wondering if we could file taxes separately or if that is possible? Or is it more beneficial to file together?”
QUESTION: “I'm interested in finding a bookkeeper & CPA to help me separate a few business accounts/expenses from my personal accounts. Also interested in business entity formation. I definitely need help with this.”
QUESTION: “I'm looking for a CPA to assist in not only doing taxes, but helping to start a business accounting system. I recently (September) became a Realtor and need help in getting my taxes prepared.”
QUESTION: “I'm purchasing an existing franchise and using this as part of a new business that I am starting. What are the most important things that an accountant would need to analyze for the startup, other than the entity type? I have had an attorney review the franchise doc, and she recommended that an accountant review.”
QUESTION: “My fiancé and I are new to Colorado and recently purchased a home. With the marriage pending and the new home we understand there is an opportunity to review our tax-status and make changes in order to optimize our dollar. Does your firm deal with these kinds of issues?”
QUESTION: “My fiance and I purchased a home a few weeks ago. We are trying to determine which tax deductions to request from our employer on our monthly income.”
QUESTION: “My husband's ex-wife wants to have him pay alimony into a trust instead of to her so that she can get Social Security Disability. Do we need to consult with a tax attorney regarding the impact this might have on our ability to deduct the alimony on our federal and state income taxes?”
QUESTION: “My husband's grandfather wants to give us his old car. He lives in Colorado, we live in California. Can you tell me how we would do this with gift taxes? Do we follow CO laws or CA laws? What is the minimum we would have to purchase it from him to avoid the taxes, if there are any taxes?”
QUESTION: “My neighbor, who is 76 and retired, takes care of my little girl while I'm at work. I pay her $100.00 a week. Is it possible to claim a child care credit on my taxes even though this arrangement was verbal and I pay her in cash and there are no receipts?”
QUESTION: “My small business just incorporated in Arizona this year. Can you help make sure I'm doing everything right?”
QUESTION: “My spouse will be receiving a yearly salary of about 150K on a 1099. I need to discuss the handling of these funds are far as taxes are concerned and the benefits involved. He also will be receiving $2500 monthly for home office expenses.”
QUESTION: “My husband and I are looking for a Tax Consultant & Advisor for our small business, which is an 'S' Corp. It is a web site business we just started and at the present time our income from the business is not, but we are working on it.”
QUESTION: “My husband runs a web-based retail business from our house in Littleton. It’s setup as an LLC. My name is the only other name on the LLC. He has no employees and we are both managing members. This year, I switched from full time W2 employment to full time computer consulting work from home. Most of my clients will issue me a 1099 at the end of the year. Is this a prudent approach to filing taxes? Or are we better off creating a new business for my consulting work?”
QUESTION: “I’m preparing to move overseas, to be employed by a ministry abroad. I need to be briefed by a highly qualified tax accountant, as I understand there are LOTS of tax issues to deal with (for example - I cannot be in the US more than 30 days in order to keep my tax exemption). I will maintain some funds here, in the US to provide for our return 3 years later.”
QUESTION: “The non-profit I volunteer for just lost our bookkeeper. We are in need of someone to complete January payroll taxes and possibly pick up our books.”
QUESTION: “The trustee of a trust is deceased. I'm the successor trustee. Need to settle his estate according to trust. Total of $650K liquid assets in trust. Yearly income was 7K from SS and 17K in interest income per year for last 2 years. Do I need to file tax returns for missing years? Trust is deposited in bank with appropriate EIN earning interest. Lawyer said to consult a tax accountant.”
QUESTION: “We are a small telecommunications company that needs help filing both our business and personal taxes. We started our business in November as a sole proprietorship. Since becoming an LLC in July we have not filed taxes at all. Can and will you be willing to help us out in a time of stress?”
QUESTION: “We bought out two LLC Members this past year. The LLC Member in charge of the financials last year paid all three of the LLC Members through payroll, which was the incorrect method of paying Guaranteed Payments. This presents significant errors on the 1065 & Schedule K-1. As a result, the Schedule K-1 cannot reflect any Guaranteed Payments as the W-2’s have already been submitted to the IRS and taxes have already been paid on those amounts. What do we do? And what about the year prior, when the same thing occurred? Do we do amendments?"
QUESTION: “What accounting information is needed from a company in order for a person to take over doing the books for that company? The company was a corporation but now is a proprietorship. To begin entering accounting balances, what accounting information is needed?”
QUESTION: “I need an opinion on the future of Social Security from a professional. Could you briefly tell me your opinion on where Social Security is headed and why you think so? Thanks for your help.”
QUESTION: “When reimbursing for expenses incurred by an employee (i.e. a credit card charge for a conference) can (or must) the employer take taxes out of the reimbursement?"
