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.

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


Montrose Office
1203 North First Street
Montrose, Colorado


Ridgway Office
640 Sherman St. Suite D Ridgway, CO


Copyright 2018 by Maxfield • Peterson, P.C.