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...
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...
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...
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....
Section 179 of the tax code provides opportunities for substantial first-year depreciation deductions when a business places newly acquired qualifying assets into service. The Sec. 179 deduction amounts change annually due to inflation adjustments and certain limitations apply. Additionally, it’s important to consider any available...
Early in the new year, most taxpayers are more concerned with their 2024 tax bills than how they’ll handle 2025 tax issues. However, as taxpayers contemplate and prepare for their annual tax filing, it’s a good idea to become familiar with the tax changes to...
This calendar notes important tax deadlines for the first quarter of 2025....
Parents know that raising children is expensive. Although some of the enhancements of the Child Tax Credit (CTC) have expired, the credit is still available for eligible parents of children under age 17. Plus, there’s still time for taxpayers to claim the CTC on...
The Tax Cuts and Jobs Act generally reduced individual tax rates through 2025, but some taxpayers have actually seen their taxes go up because of reductions or eliminations of certain tax breaks. This brief article explains why it’s important for taxpayers to know their brackets....
Working from home has become commonplace in many industries but, beginning with the 2018 tax year, fewer taxpayers will qualify for the home office deduction. This article explains why and how to claim the deduction if you’re among the fortunate who are eligible to do...
