NEWS & UPDATES

Almost nobody runs into 1099 problems in January. They run into them when filing season arrives and the information they need is scattered across emails and invoices. The work of filing correctly happens long before the forms are due. Get a completed W-9 from every contractor and vendor before you pay them for the first time, and make the W-9 part of your onboarding process.

Most tax problems are not accounting problems. They're documentation problems. Pick any number on last year's tax return and see if you can produce the document behind it in ten minutes. Good recordkeeping can be the difference between a filing season that takes two days and one that takes two weeks. Build a system that keeps records organized, accessible, and easy to find.

Most of the moves that reduce a tax bill have a deadline that isn't April 15. Retirement contributions, estimated payments, equipment purchases, timing of income and expenses: these decisions need to happen during the year, not after it closes. By the time a return is being prepared, the options are limited. The businesses that manage their tax burden well aren't doing anything complicated. They're just paying attention earlier than everyone else.

Filing Colorado sales tax can feel like navigating a maze of state, city, and special district rules. Home rule cities may require separate filings, filing frequency can change without notice, and even zero sales require returns. Misclassifying products or using the wrong rate can cost you. Stay organized, use reliable tools, and check rules often to avoid costly mistakes.

Personal property tax in Colorado applies to business assets like furniture, equipment, and machinery. If your personal property exceeds $56,000, you must file a Declaration Schedule by April 15. Missing the deadline can lead to penalties, estimated assessments, and limited appeal rights. Staying on top of personal property tax helps avoid surprises and keeps your business running smoothly.

Organizing your financial records doesn’t have to be overwhelming! In her latest video, our President and CEO, Amber Peoples, shares a...