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 [...]

By |2013-12-16T20:50:00-06:00December 16th, 2013|Current News|Comments Off on Sales Tax

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 [...]

By |2013-12-09T21:18:22-06:00December 9th, 2013|Current News|Comments Off on Business Vehicle Mileage and Expense Tracking

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 [...]

By |2013-12-02T21:17:59-06:00December 2nd, 2013|Current News|Comments Off on S Corporation Owner/ Shareholder Health Insurance