Use tax is real, and being enforced! Have you ever bought anything out of state or online to avoid paying sales tax? Well, Colorado says you must still tell them! (And many cities within Colorado as well). This applies to both businesses and individuals. Yes, that means that TV you bought online with no sales tax should be reported to the state, and the tax paid to them directly.
We can help navigate this difficult law, not only in Colorado, but all over the country please read on below for the exact word from Colorado, and contact us directly to find out the rules for your state:
**The text below was copied directly from the Colorado Dept of Revenue Site. This is not an opinion, nor is this material owned by posting party.
Use Tax Notice and Reporting Requirements
If you are thinking about starting a business, or already have one that needs to be more organized, you have probably thought about using an Accounting Software. (We will compare QuickBooks with some of the others around in future posts).
With so many options out there, it is nice to go with a tie- and-true name like QuickBooks. But to go online, or stay on desktop? How do you know which will work for your business?
Eventually down the road, I believe the desktop version will be phased out, and all will be Online. That being said, the Online version has been playing catch up with functionality since its release.
The biggest question right now, is the level of functionality. Online is more restrictive in the amount of altering you can do with transactions, and the reporting functions are lesser in that more customization is necessary to access the same level of reporting. However, for ease of access, (especially for multiple parties), there is no equal.
Our recommendation as of this post is to make your decision based on your business model. If you are tracking inventory, or have complex job costing you need to do, online is probably not the right answer.
Similarly, if you have very complex payroll scenarios, or need advanced reporting capabilities. However, if none of those apply, and you need more than just yourself to access the file regularly, online is probably the best bet.
We can help you make the determination of which is best for you, as well as explore the other Intuit offerings such as POS systems, etc. Contact us for a free consultation !
Very often as small business people we need a lump of cash for equipment, to bridge an AR gap, or for other forms of growth.
Hard money lenders will leach everything from you in interest.
If you have a good banking relationship, chances are you can approach your bank for help. When offered a chance to apply for a loan or Line of credit, we will always recommend you go with the Line.
Remember, loans are charging you interest on the entire amount when it is funded. You continue to pay interest until the balance is paid in full. Lines are similar in that interest grows on any unpaid balance, but you can pull only what you need, and have a better chance of paying it down in smaller pieces, saving lots on interest charged.
You are a smart, dedicated, logical professional.
How hard could it be?
With all sorts of large companies offering silly gimmicks for online processing, it seems like you should be able to do it yourself. And you can. Especially if your tax situation is simple, such as no dependents, and all W2 income.
However, if you are an hourly employee working for someone else, chances are, you are not on our website. You are here because you, as a business person, understand fully that your time is probably better spent working on the operation of your business. The long and short? You wouldn’t ask your Attorney friend to cut your hair just because they are an intelligent person with common sense. You go to a stylist. Likewise, let a professional do your taxes.
We can mostly offer comparable
pricing to the big guys, while being able to offer the security of knowing you
have a true professional on your side.
Ahhh the mystery of the Title. What does it all mean? Each state has different governing rules, but here in Colorado, the title an Accounting person carries, (except for a CPA), is mostly self-designated. For the most part, however, you can go by the following guide:
The good news? We have a full team that is comprised of all the above professionals to help serve your needs as they arise! Simply send us your contact information, and we will set up a complimentary consultation.