Current Updates

Maxfield · Peterson is committed to keeping you up to date with information your business needs to know to be successful in today’s competitive market.

Follow Detailed Recordkeeping Rules for Vehicle Expense Deductions
Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited,[...]
Handle with Care: The Nanny Tax Rules
When you hire a nanny, housekeeper or other domestic worker, pay close attention to the tax rules. Over the years,[...]
Beware of Deductions Claimed for Certain Business Expenses
To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common[...]
Self-Audit Program May Help Employers Correct Wage Errors
Eligible employers may now be able to conduct a self-audit of certain wage practices, thanks to a pilot program from[...]
FAQs about Deducting Interest on Home Loans under the New Tax Law
The Tax Cuts and Jobs Act (TCJA) changes the rules for deducting interest on home loans. Most homeowners will be[...]
You May Want to Separate Real Estate Assets from Your Business
Many companies choose not to combine real estate and other assets into a single entity. Perhaps the business fears liability[...]
Do Employers Have to Compensate Hourly Technicians for Travel Time?
The U.S. Department of Labor's (DOL) Wage and Hour Division (WHD) has issued a new Opinion Letter on whether employers[...]
Capital Gains Rates Before and After the New Tax Law
Are you confused about the federal income tax rates on capital gains and dividends under the Tax Cuts and Jobs[...]
Age Has its Privileges … and Penalties
In an era filled with uncertainty, you can count on one thing: time marches on. Here are some important age-related[...]
Taxations Issues in the Gig Economy
Do you provide car rides through a mobile app, rent out your spare room using an online platform or repair[...]
The Outlook for Internships is Looking Up
In early January, the U.S. Department of Labor (DOL) published a fact sheet that lays out how the agency is[...]
Last-Minute Tax Planning Tips for 2017
This year, Tax Day for individuals, sole proprietors and C corporations is Tuesday, April 17. You still have time to[...]
Reverse Mentoring: Moving Seasoned, Younger Workers into High Gear
Reverse mentoring isn't a new concept, nor is it widespread, though many companies could benefit from such a program. Pioneered[...]
Deducting Pass-Through Business Losses
Many business ventures generate tax losses, especially in the first few years of operation or under adverse conditions. When can[...]
How the Tax Law Hits Charitable Giving
For charitable donors, the Tax Cuts and Jobs Act (TCJA) giveth and it taketh away. Here's what charity-minded individuals need[...]
Hobby-Related Loss Deductions Are Disallowed, but Don’t Give Up Hope
Let's say you have an unincorporated sideline activity that you think of as a business, including an activity involving horses.[...]
Squeeze More Out of a Company SEP
If you want a retirement plan for your small company or self-employed business -- but you don't want to be[...]
Protect Your Company Retirement Plan from an IRS Attack
When your company sponsors a qualified retirement plan, you must comply with complex rules established by the IRS and the[...]
Spotlight on Pass-Through Entities under the Tax Cuts and Jobs Act
Will pass-through entities still be popular under the Tax Cuts and Jobs Act (TCJA)? The tax rules for pass-through entities,[...]
Be Careful When Saving for Your Kids’ Education
Here's a little-known secret for parents planning to send their children to college in the future: Some of the tax-saving[...]
Tax Law Changes Meal and Entertainment Deductions
Once upon a time, taxpayers could generally deduct 50% of business-related meal and entertainment expenses. However, several exceptions allowed larger[...]
IRS Clarification: Home Equity Loan Interest May Still Be Deductible
The IRS recently announced that in many cases, taxpayers can continue to deduct interest paid on home equity loans. The[...]
How the New Tax Law Affects Rental Real Estate Owners
Do you own residential or commercial rental real estate? The Tax Cuts and Jobs Act (TCJA) brings several important changes[...]
Maximize Social Security Benefits When You Retire
Get the most from Social Security. Younger retirees face a harsh penalty for working part-time. For every $2 earned over[...]
3 Affordable Care Act Taxes Postponed by Congress
On January 22, President Trump signed into law a short-term government funding bill. It ended the brief government shutdown by[...]
Bring Home a Tax Credit for Adoption
When you adopt a child, you could bring home more than a bundle of joy. You may also be in[...]
Go It Alone with a 401(k) Plan
If your business is essentially a one-person operation, there's an option to help you save more money for retirement: The[...]
Big Accounting Rule Changes Coming Soon
As you scramble to get up-to-date on changes to the federal tax rules under the Tax Cuts and Jobs Act,[...]
Answers to Your Questions about Marital Status and Tax Returns
When a couple ties the knot or gets divorced, taxes are probably not the first thing on their minds. But[...]
The Present and Future of the Self-Employment Tax
If you're self-employed as a sole proprietor, partner or LLC member, you may owe the self-employment tax. The tax is[...]
Is Social Media Activity Putting You at Risk?
Winter can be a busy time for travel. Snowbirds try to escape the cold. Grandparents long to visit loved ones[...]
Making the Most of a Flexible Spending Arrangement
When unused flexible spending account (FSA) balances are forfeited back to employers under the "use-it-or-lose-it" rule, employers have several options[...]
How to Pay Retiree Health Costs Tax-Free
If you own a small business, you may have set up a defined benefit pension plan for you and your[...]
Year-End Business Tax Planning Strategies in Light of Tax Reform
It's not too late! You can still take steps to significantly reduce your business's 2017 income tax bill and possibly[...]
Help Your Kids Build a Fortune With a Roth IRA
If you have teenage children or grandchildren with part-time jobs, there's a tax-favored way to help them save money for[...]
Eight Tips to Build Your Nest Egg and Help Employees Save for Retirement
When it comes to building wealth on a tax-deferred basis, the benefits of a 401(k) plan are too good to[...]
Bad Debt Losses: Can You Deduct Loans Gone Bad?
The IRS is always skeptical when individual taxpayers claim deductions for bad debt losses. Why? Losses from purported loan transactions[...]
Giving Gifts to Employees? IRS Wants Its Share
Do you want to be extra-generous to employees who are doing a good job? Bonuses and gifts can be an[...]
Work Opportunity Tax Credit: What Business Owners Need to Know
The Work Opportunity tax credit (WOTC) is a federal income tax credit that's available to businesses that hire members of[...]
Working Out a Tax-Free Perk
Your company probably offers an array of fringe benefits to its employees, including health insurance and group-term life insurance. While[...]
Republican Tax Framework Proposal
Dear Clients and Friends: Republican lawmakers released a framework for tax reform on September 27, announcing that their goals are[...]
Avoid Retirement Account Rollover Pitfalls
After retiring or leaving a job, your first big tax question might be: What should I do with the money[...]
What You Need to Know About 529 Plan Withdrawals
The big advantage of Section 529 college savings plans is that withdrawals used to cover qualified higher education expenses are[...]
Tax Rules When Your Business Trip Involves a Passport
If you travel a lot on business, you may make some international trips -- as well as trips within the[...]
Remember RMDs this Tax Season
Did you know that, once you turn age 70½, you must start taking mandatory annual withdrawals from your traditional IRAs,[...]
What You Need to Know About the Alternative Minimum Tax
Congress originally devised the alternative minimum tax (AMT) rules to ensure that high-income individuals who take advantage of multiple tax[...]
‘Loan Payments’ Can Be Taxable Corporate Distributions to Shareholders
There can be negative tax consequences when purported loan payments are recast as corporate distributions to shareholders. In some cases,[...]
Rx for Itemizing Medical Expenses
Medical expenses can be costly — and they're not always covered by insurance. But there may be a silver lining:[...]
Must Joint Activities Be Treated as Partnerships?
For federal income tax purposes, an unincorporated joint venture or other contractual or co-ownership arrangement under which several participants conduct[...]
Tax Fraud Awareness: How to Protect Your Identity and Assets
The IRS, taxpayers and tax preparers share a common enemy: identity thieves. We all have a part to play in[...]
Tax Saving Tips
Selling to a Related Party Can Kill Your Tax Losses If you sell property to a related party, you may[...]
SEPs: A Quick and Easy Retirement Plan Option
Setting up and maintaining a simplified employee pension (SEP) is probably easier than you think. The sooner you get started[...]
Can Your Research Credits Offset Your Payroll Tax Bill?
Does your small business engage in qualified research activities? If so, you may be eligible for a research tax credit[...]
Can Pension Benefits Be Deducted as Alimony?
The Tax Definition of "Alimony" Under tax law, a payment is classified as alimony (deductible to the payor and taxable[...]
Save Taxes While Controlling Employee Health Costs
If rising health care costs have sent your company searching for ways to reduce expenses, you should know there are[...]
Know the Rules for Amending a Federal Income Tax Return
What should you do if you discover an error on a previously filed individual tax return? For example, you might[...]
Ten Sources of Tax-Free Income
There are still ways to earn income that is free from federal income tax. With the various tax increases that[...]
Meal Deductions: Tax Rest for the Weary
In one significant case, the U.S. Tax Court allowed a taxpayer to claim deductions for meals that stretch the limits[...]
10 Simple (and Fun) Ways to Cut Taxes This Summer
It's already starting to feel like summer in many parts of the country. But the forecast for Washington remains unclear[...]

Call us at 970-249-9074 for a free consultation to see how our business services can benefit you and your company.

Get our monthly e-newsletter filled with relevant, thought-provoking and actionable articles.

Our mission is to help our clients create, enhance, and preserve wealth throughout the lifecycle of their business.

Maxfield Peterson

Grand Junction Office
751 Horizon Ct, Ste 102
Grand Junction, CO
81506





970.245.3600

Montrose Office
1203 North First Street
Montrose, Colorado
81401





970.249.9074

Ridgway Office
640 Sherman St. Suite D Ridgway, CO
81432





970.626.9886

Copyright 2018 by Maxfield • Peterson, P.C.