Tax rules change frequently, and eligibility requirements can be nuanced. Reviewing these deductions before year-end can help you make strategic purchases or adjustments that lower your tax liability....
Staying on top of tax deadlines is one of the easiest ways to avoid penalties, interest charges, and unwanted stress. Whether you’re an individual taxpayer, self-employed, or a small business owner, this quick-reference calendar highlights key IRS deadlines for the year ahead — plus practical...
Always consult with a tax professional or trusted advisor to ensure you understand how specific changes apply to your situation — especially if you’re self-employed, own a business, or have significant deductions and credits....
With the 2026 tax filing season underway (returns accepted starting January 26), scammers are ramping up efforts to exploit taxpayers. The IRS and FTC have noted surges in impersonation calls, phishing attempts, and misleading social media advice. Falling victim can lead to stolen identities, drained...
As we kick off 2026, it's the perfect time to review and optimize your retirement savings strategy. With inflation adjustments boosting contribution limits and key tax benefits intact, proactive planning can significantly enhance your nest egg while minimizing your tax burden. Below, we break down...
As we approach year-end, it’s time to review your retirement savings strategy to maximize contributions, minimize taxes, and avoid penalties. Below, we outline the 2025 retirement plan contribution limits, required minimum distribution (RMD) rules, and key tax implications to guide your planning....
Selling a business is often the most significant liquidity event in an entrepreneur’s life. Dive in to review the most important tax considerations we are discussing with business owners in 2025 and early 2026....
Engaging a Certified Public Accountant before year-end enables thoughtful evaluation of available tax-saving strategies. Gates Kirby can provide projections and identify deductions or credits that align with the taxpayer’s financial objectives. If you have questions about how these tax changes or other accounting changes may...
If you have questions about how these tax changes or other accounting changes may affect your personal or business situation or retirement planning, please contact Gates Kirby & Company....
As the end of 2025 approaches, it’s never been more important to proactively meet with Gates Kirby, your local Fort Collins CPA firm. When you take the time to visit with a Gates Kirby CPA before December 31st, it ensures you take advantage of every...
Explore key 2025 tax changes from the One Big Beautiful Bill Act, including updates for individuals, businesses, estates, and deductions....
The October 15, 2025, deadline is the last chance for anyone who filed an extension on their 2024 taxes, and missing it can mean costly IRS penalties and added interest. With updates like a higher 67¢ mileage rate, expanded Section 179 deductions, and stricter digital...
🔍 What’s New with the IRS in 2025: Key Updates Every Taxpayer Should Know As we move through 2025, the IRS continues to roll out significant updates affecting both individuals and businesses. From increased enforcement to new reporting requirements, it’s more important than ever to stay informed...
🏡 The Tax Advantages of Homeownership in 2025: What You Need to Know For many Americans, owning a home is more than just a milestone—it’s also a smart financial move. Beyond the benefits of building equity and long-term appreciation, homeownership continues to offer several valuable tax advantages in 2025...
Making a family loan isn’t the only way to assist a loved one with purchasing a home. This short article looks at other options and their potential tax consequences....
Most people feel relieved after filing their tax returns each year. However, even after taxpayers have successfully filed their 2024 return with the IRS, there may still be some issues to remember. This article looks at how taxpayers can track their refunds while they wait,...
A company owner who travels on business accompanied by his or her spouse may be able to deduct all the travel expenses incurred by the spouse — but only in specific, limited circumstances. This article provides an overview of the rules....
The consequences of misclassifying an employee as an independent contractor can be costly. The business could be liable for back taxes (including the employee’s shares of unpaid payroll and income taxes), penalties and interest. This article details the tax consequences. A sidebar looks at remote...
The term “sandwich generation” was coined to describe baby boomers caught between caring for their aging parents and their children. The term now applies to whichever generation is grappling with the problem, today most commonly Generation Xers and older Millennials. For those in the middle...
Whether an individual is a casual or professional gambler, their winnings are taxable. However, the Treasury Inspector General for Tax Administration reports that gambling income is vastly underreported. Failing to report winnings accurately can lead to back taxes, interest, and penalties. Here’s what taxpayers need...
Payroll fraud schemes aren’t uncommon and can be costly. According to a recent Association of Certified Fraud Examiners study, the median loss generated by payroll fraud incidents is $50,000. It’s essential to know the payroll schemes making the rounds and how to prevent them –...
The mountain of paper and electronic records needed to support a tax return may include receipts, bank and investment account statements, K-1s, W-2s, and 1099s. How long must the records be saved? This article provides an overview....
This calendar notes important tax deadlines for the second quarter of 2025....
Business owners with employees could have to personally pay a harsh tax penalty if they aren’t careful. It’s called the Trust Fund Recovery Penalty, and it applies to the Social Security and income taxes required to be withheld by a company from its employees’ wages....
Small businesses encounter many challenges and opportunities. This article helps business owners through growing pains by addressing two key areas: 1) financial and tax reporting and 2) working capital....
Taxpayers seeking to minimize their 2024 taxes may still be able to do so. Those who qualify can make a deductible 2024 contribution to a traditional IRA until the federal income tax return filing date (April 15, 2025)....
In an increasingly global society, many taxpayers hold foreign accounts. This article explains the rules regarding who must file a Report of Foreign Bank and Financial Accounts (FBAR) with the federal government....
It’s that time again: Time to start thinking about getting your tax return prepared. Here are some quick tips you can use to speed tax processing, avoid hassles and collect any refund due faster....
Many people think about moving to another state. However, it’s important to consider the tax ramifications before doing so. This article urges readers to identify all applicable taxes in a destination state and recommends being prepared to meet the legal requirements for establishing domicile....
Working from home was widespread during the COVID-19 pandemic, and many people continue working from their homes today. Those workers may wonder, “Can I claim home office tax deductions?” The short answer is: Only if you’re self-employed. This article delves deeper into the rules...
