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April 2018

Chamber chooses accounting firm based on its integrity, commitment to others

WESTMINSTER, Colo. (April 2, 2018) – Coet2 CPAs has earned distinction as the 2017 Small Business of the Year, as designated by the Westminster Chamber of Commerce.

In the Chamber’s annual awards gala at Noah’s Event Venue recently, the Chamber announced that Coet2 had proven its worthiness for this award out of all the Chamber’s members.

"Coet2 exemplifies the kind of integrity and community involvement that characterizes so many of our Chamber members,” said Bryan... Click here to read more

April 2018

If you enjoy running your own business, selling it may be the furthest thing from your mind. But the reality is that eventually an opportunity to sell will come, whether due to your own life changes or a perfect buyer walking in the door. Planning, often years in advance of the sale date, is necessary to get the most value for the love, sweat and tears you've invested. Here are some tips to stay prepared:

  • Assemble a great team. Selling a business is a complex process, especially as you grow larger. You're likely to need three kinds of professionals to help: an... Click here to read more

Most Americans get a refund every year, with the average check weighing in at $2,895 last year. Even though it's really money that they earned, many people are tempted to treat it like a windfall and splurge. If you can resist that temptation, here are some of the best ways to put your refund to good use:

  • Pay off debt. If you have debt, part of your refund could be used to reduce or eliminate it. Paying off high-interest credit card or auto loan debt means freeing up the money you had been paying in interest for other uses. And making extra payments on your... Click here to read more

Every year the IRS releases its "Dirty Dozen" list of the year's most prevalent tax scams. They include ploys to steal personal information, talk people out of money, or engage in questionable tax activity. Here are some of the top scams:

  • Phishing. Fake emails or websites claiming to represent the IRS, for the purpose of stealing personal information. The IRS will never try to contact you via email about a bill or refund.
  • Phone scams. Scammers impersonating IRS agents over the phone. These impersonators may threaten you with arrest if... Click here to read more

While most people should file a tax return by April 17th, you have the option of delaying your filing date until Oct. 15 with a tax extension.

When to file an extension

  • Missing or incorrect information. If one of the forms you need to file your return has an error on it, it is often better to receive a corrected form before filing.
  • Recharacterizing Roth IRA rollover amounts. If you've rolled funds from a traditional IRA into a Roth IRA, you may want to reverse it later if the investments lose value. This so-called recharacterization process can... Click here to read more

March 2018

Organizing your tax records not only makes filing your tax return easier, it also helps you find the financial documents you need throughout the year. Whether you've already filed your tax return or are about to, here are some tips to get organized.

Go with the flow (of your tax return)

Try organizing your records in the same order as they are required to fill out your 1040 individual tax return, using these categories:

  1. Income. Copies of W-2s, 1099s, Social Security statements, interest income and investment income.
  2. Charitable donations.... Click here to read more

Starting your own business can be equal parts thrilling and intimidating. Complying with regulations and tax requirements definitely falls into the latter category. But, with some professional help, it doesn't have to be that way. You can get started with this checklist of things you'll need to consider.

  • Are you a hobby or a business? This may seem basic to some people, but the first thing you'll have to consider when starting out is whether you really are operating a business, or pursuing a hobby. A hobby can look like a business, but essentially it's... Click here to read more

Though many taxpayers appreciate the income tax cuts in the Tax Cuts and Jobs Act (TCJA) passed late last year, others are skeptical that it will simplify their tax planning. With every simplification, there are many more tax issues that still require planning to realize extra tax benefits. Here are seven of them:

1. Planning for all the moving parts

In many ways, the TCJA gives with one hand and takes away with the other. The "giving hand" provides a lower income tax rate structure and a higher standard deduction, while the "taking hand" gets rid of personal... Click here to read more

With all of the headlines about the changes to tax law, you probably have lots of questions. Here are answers to some of the most common questions taxpayers have this year.

Q. I'm hearing about a lot of changes to 2018 taxes. What should I do?

A. You're right, there are a lot of changes in 2018 due to the passage of the Tax Cuts and Jobs Act (TCJA), including to the income tax brackets. The simple answer to the question "What should I do?" is to not make any major changes until you finish filing your 2017 taxes. Once you understand your 2017 tax obligation, you are in a... Click here to read more

Congress passed a federal budget bill in early February that revived dozens of expired tax breaks for the 2017 tax year. They include a deduction for education expenses as well as several tax breaks for homeowners.

If you have not yet filed your 2017 tax return, please be aware these late changes are retroactive to the beginning of 2017. Check out this list of the most useful tax breaks to see if they apply to your situation:

Tuition and fees deduction. If you paid qualified tuition and related higher education expenses, you may be able to deduct as much as $4,000 of those... Click here to read more

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