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IRC Section §351 and Property Contributions

IRC Section §351 and Property Contributions

Overview of IRC Section §351 and Contributing Property Are you considering establishing a corporation? Perhaps you have considered contributing property as consideration for your interest while another member would like to contribute cash. You may even find yourself in a situation where a third person would like to donate his services in exchange for an […]

Tax deductions for small business owners.

Tax Deductions For Small Business Owners

Small Businesses and Tax Deductions As small business owners, we know that you do your best to keep costs to a minimum. One way to save money that many business owners overlook is tax deductions. Tax deductions that sole proprietors, partnerships, and LLCs may be able to take add up to a significant amount of […]

Life Events That Cause Tax Changes

Life Events That Can Cause Tax Changes

Throughout the stages of life, many significant events can cause major financial tax changes. In addition to affecting your bank accounts, some life events can significantly impact your taxes. Knowing this impact before, during, and after the event can help minimize confusion around filing your taxes in Denver.  Marriage Several factors may impact your tax […]

Tax Implications When Gifting Property

What are the Gift Tax Implications When Gifting Property?

Gifting Property Tax Implications When gifting property, gift and estate taxes are two different types of taxes applied to wealth transfers. A gift is when someone gives away property without getting anything back in return. An example of a gift is giving your car to your friend. Estate taxes apply to the transfer of assets […]

Learn About Individual Taxation in Colorado

Good News About Individual Taxation In Colorado

Individual Taxation Income taxes are a significant source of revenue for states. Most states impose an income tax on residents and non-residents alike. Individual taxation is usually progressive, meaning that the amount of tax owed increases with each additional dollar earned. States also levy other taxes, including sales, property, excise, and corporate taxes. The Internal […]

Issues That Arise When Forming A Trust and Estate Planning

Estate Planning Issues That Arise When Forming A Trust

Do I Need Estate Planning? Estate planning is about protecting yourself, your family, and your loved ones against potential problems that could arise after you die. Estate planning includes creating a will, establishing trusts, making medical directives, and choosing guardianship over minors. Having a valid will is essential if you don’t do anything else. You […]

What You Should Know About Qualified Charitable Distributions

Qualified Charitable Distributions, Can They Save Me Money?

What are Qualified Charitable Distributions? Qualified charitable distributions (QCDC) allow individuals over age 70 ½ to donate money directly from a taxable IRA without triggering a 10% early withdrawal penalty. This type of contribution is called a “qualified charitable distribution.” A QCDC does not trigger a 10% early withdrawal fee, unlike traditional IRA withdrawals. However, […]

When Identity Theft Impacts Your Taxes

When Identity Theft Impacts Your Taxes

What Is Identity Theft Identity theft happens when someone uses your personal information to commit fraudulent activity. This includes applying for credit cards, bank accounts, loans, or government benefits. If you suspect you are experiencing identity theft, contact your local police department. You don’t always realize you’re being targeted because the thieves usually steal your […]

What You Need to Know About the C.A.R.E.S. Act

What You Need to Know About the CARES Act in Denver, CO

Introduction Of The CARES Act President Trump signed the Coronavirus Aid, Relief, and Economic Security Act “CARES Act” into law, providing relief funds to help stimulate the economy from the impact of the COVID-19 pandemic. Small businesses that would like to apply for a loan with reduced interest and potential forgiveness should apply through the […]

Making Charitable Contributions You Should Know About IRS Form 8283

Making Charitable Contributions? You Should Know About IRS Form 8283

What Is Form 8283? Form 8283 is a tax reporting form used to report donations to charities. If you donate property valued at $500 or more during the calendar year, you must complete and submit Form 8283 within 30 days of making the gift. This includes cash gifts, securities, life insurance policies, annuities, real estate […]