What is BOI and where did it come from? The Corporate Transparency Act (CTA), enacted in September 2022, stands as a landmark piece of legislation poised to revolutionize corporate transparency and combat financial crimes. The CTA created a new reporting requirement for businesses, in an effort to clearly identify the owners of corporate entities. This […]
Introduction As a self-employed individual, you have the freedom to shape your own professional path, but with that comes the responsibility of securing your financial future. Retirement planning is an essential component of this journey, and fortunately, there are retirement plan options specifically designed to meet the unique needs of self-employed individuals. In this blog […]
Introduction When starting a business in the United States, one of the most important decisions you’ll make is selecting the right business entity. Your choice of entity has far-reaching implications, affecting everything from taxes and liability to management structure and growth potential. In this comprehensive guide, we’ll explore the key differences between various business entities […]
Cryptocurrency has taken the financial world by storm, offering new opportunities and challenges for investors and tax authorities alike. As the popularity of cryptocurrencies like Bitcoin, Ethereum, and others continues to grow, so does the need to understand their tax implications. In this blog post, we’ll delve into the essential aspects of cryptocurrency taxation, shedding […]
Starting a small business can be a thrilling journey for any entrepreneur. However, without proper planning and execution, the path to success can be tricky. Setting up and creating your small business is a complicated processes that involves careful consideration of legal, financial, and branding matters. In this blog post, we’ll take an in-depth look […]
Have you wondered what reasons you should use a tax professional to file your taxes. For some, filing taxes is a dreaded chore that comes with counting numbers, filling out forms, and trying to determine what paperwork is required. For others, it’s just a simple task that’s over and done within minutes. Regardless of the […]
Understanding Estate and Trust Tax Returns: Requirements for Filing Dealing with end-of-life planning can be an overwhelming process, especially for family members in the midst of grieving. It is important to be aware of the tax implications of passing any estate and trusts on to your heirs. Estate tax returns and trust tax returns are […]
The Weld Food Bank is a wonderful organization that extends their generosity and charity to those in need, year-round. This month is special because they are hosting a Compete to Beat Hunger competition, incorporating multiple businesses. West Ridge Accounting is one of those businesses volunteering and collecting donations like non-perishable food items. In conclusion, the […]
For the 2021 tax year and beyond, there are various changes to cover regarding Form 1099. For Form 1099-NEC, the IRS will continue to use the new return and enforce its filing requirements. In the past, businesses have used Form 1099-MISC to report payments made to nonemployees. Now, both forms may need to be used […]
Medical Expenses Deduction for Individuals Individuals with big medical expenses got a tax win in late 2020. Taxpayers who itemize on Schedule A can continue to deduct qualifying medical expenses to the extent that the total amount exceeds 7.5% of adjusted gross income. The AGI threshold was scheduled to climb to 10% beginning in 2021, but instead, […]
New rules for Earned Income Tax Credit 2021/2022 and many see changes resulting in larger refunds. With the passing of the American Rescue Plan Act of 2021 came some big changes to the Earned Income Tax Credit, or EITC. These changes can make a huge impact on families filing tax returns for tax year 2021. […]
What is the Child Tax Credit? The Child Tax Credit (CTC) is a tax benefit granted to American taxpayers for each qualifying dependent child. Designed to help taxpayers support their families, this credit was expanded for 2021 to allow taxpayers to take a larger credit. Let’s first discuss how the credit worked for 2020, and […]
Tax brackets are how the IRS determines which income levels get taxed at which federal income tax rates. The higher the income you report on your tax return, the higher your tax rate. There are seven tax brackets for most ordinary income for the 2021 tax year. 10%, 12%, 22%, 24%, 32%, 35% and 37%. […]
The IRS allows taxpayers a Dependent Care Credit (DCC) for certain expenses spent on their dependent that qualify. For 2021 tax year many taxpayers will realize higher credits on their tax returns due to the changes of the DCC. These changes are going to make taxpayers elated this tax season for a few reasons. Let’s […]
This tax season is different than prior years. On top of the normal tax documents you need, this year there are additional forms to keep an eye out for that you will need to file. What you need to file taxes is important. Letter 6419 will be sent out by the IRS to report the […]
At West Ridge Accounting we know that the tax filing deadlines seem to be constantly changing. We are here year round to help keep you on track and make your tax filing as streamlined and efficient as possible. Here is the current deadlines to add to your calendar: JANUARY 15, 2022 – If you are […]
Child Tax Credits 2021 – What you need to know Early CTC payments were seen starting in July of 2021 in lieu of additional stimulus payments. These payments were up to $300 a month; depending on the child’s age and income limitations of the tax payer. The final payment is scheduled to go out in […]
Big Tax Break for your business! Section 139 is only available while the US is under a federally declared disaster area. You must act fast to take advantage of this deduction! Tax deductions using Section 139 is a hot topic. However, there’s a little-known provision in the Internal Revenue Code (IRC) that was enacted in […]
Are you searching online for “Individual Tax Preparation Services Greeley?” West Ridge Accounting & Bookkeeping specializes in individual tax preparation services. Whether you choose our tax preparation services or another company’s, we want to share some tips to help you find a reputable tax preparer. Individual Tax Preparation Services Greeley A legitimate, reputable tax preparer […]
Are you thinking of moving to Greeley CO? If you’re one of the many people seriously considering moving here, I hope my blog post about life in Greeley CO will help you decide to move here with your family. It’s a great community! I’m Sam Zishka, owner of West Ridge Accounting and Bookkeeping in Greeley […]
Choosing a tax accountant to do your taxes is a decision that all business owners should carefully consider. Knowing how to choose a tax accountant is important. I wrote this blog post so you can be prepared as you research for a Greeley tax accountant; Loveland tax accountant; in Fort Collins or wherever you’re […]
When can I deduct an expense & when does it need to be depreciated? This is a very common accounting question most people have when they are making purchases for their business. The type of purchase will determine how you accurately record the transaction. Current expenses Generally, accounting for current expenses are considered everyday costs of […]
Are you using a home office and worried that claiming it will trigger an IRS audit? Many small business owners or employees who work from home, are afraid to claim “home office” deductions for fear it will bring the auditor a-callin’. Fear of an IRS audit should never keep you from claiming legitimate deductions. Just […]
Although there’s no sure way to avoid an IRS audit, these 6 red flags could increase your chances of unwanted attention from the IRS: Understand that the more income shown on your return, the more likely it is that you’ll be hearing from the IRS. We’re not saying you should try to make less money […]
Smartphone app can lead to big savings on your tax return! The IRS has announced the 2016 optional standard mileage rate for calculating the deductible costs of operating an automobile for business purposes. Starting January 1, 2016, the standard mileage rate for the business use of a car, van, pickup, or panel truck is 54 cents per […]
Why You Should Consider Outsourcing Bookkeeping Ask yourself, what is my time worth? What can I spend less time on, so I can focus on growing my business? As a small business owner, you have so many things taking up your time. You manage your marketing, employees, inventory and so much more. Managing your company’s accounting may […]
Once you have your taxes prepared, what next? The IRS generally has three years after the tax-filing deadline to initiate an audit, so you should keep your returns and supporting documents at least 3 years but some states may have a longer look back period. I always recommend 5-7 years to clients. You can upload these […]
I greatly enjoy working with small business owners to help them with many accounting tasks. And I’m especially grateful for great reviews like this one from one of my awesome clients. Thank you, Michael and Trinka!
“Samantha does a great job with my taxes and she’s very friendly and always very upbeat about things. I enjoy having her assistance with my taxes each time.” – Michelle, Worthington, MN
As an EA I have specialized in tax rules and codes for many years. I will work hard to make sure your business is taking all the allowable deductions you are entitled to and help you understand what information you need to track. I will help you minimalize your tax liability while staying honest and […]
