Small Business Tax Services for Fort Collins and Northern Colorado
As a small business owner, you can’t afford to lose money on your taxes. The best way to guarantee that you won’t have to pay more than necessary is to work with a certified public accountant who can help with all of your tax planning and preparation needs. At the Fort Collins-based Tax Office of Peter Gillman, we are well-versed in current tax codes and we help small business owners in Northern Colorado take advantage of every tax break, incentive, and deduction. With more than 20 years of experience with small business taxes, you can count on us for the best service available.
While your small business is your passion, accounting is ours. We partner with you to provide the small business tax services you need. When you work with our Colorado tax professionals, you will have access to the knowledge and experience needed for the following:
- Corporate income tax returns
- Income tax preparation for individuals
- Tax consulting
- Entity creation
- IRS Audit support
- Business valuation
- Financial planning
- Partnership/LLC income tax returns
- Payroll Tax Returns
Let us help you grow your business by providing you with the money-saving service you need. Contact The Tax Office of Peter Gillman in Fort Collins today to learn more about our small business tax services.
1031 Exchanges
Like-kind exchanges occur when you exchange real property used for business or held as an investment for other real property that is the same type or like-kind even if they differ in grade or quality, and regardless of whether they are improved or unimproved.
If you make a like-kind exchange, you are not required to recognize a gain under Internal Revenue Code Section 1031. If, as part of the exchange, you also receive other property and money, you must recognize a gain to the extent of the other property and money received.
An exchange of real property held primarily for sale does not qualify as a like-kind exchange. Certain exchanges of mutual ditch, reservoir or irrigation stock are still eligible as like-kind exchanges. Real property in the United States is not like-kind to real property outside the United States.
Acquisition Due Diligence
A potential buyer and their third-party advisors typically carry out the actual due diligence in the purchase of a business. The process of due diligence can last from 30 days to 90 days. These third-party advisors hired by the potential buyer typically includes a CPA firm for an accounting and tax review.
The documents requested in the due diligence process include:
- Company financial statements.
- Breakdown of sales in both dollars and units.
- Sales and gross margin for top 10 customers.
- Gross margin by major product and / or service.
- Breakdown of general and administrative expenses.
- Breakdown of selling expenses.
- Accounts receivable aging report.
- Accounts payable aging report.
- Inventory valuation and inventory write-down history.
Cost Segregation Analysis
A cost segregation study identifies and reclassifies personal property assets from fixed assets to shorten the depreciation life for tax purposes. Reducing the depreciation life results in accelerated depreciation deductions, a reduced tax liability, and increased cash flow.
Personal property assets include a building’s non-structural elements and exterior land improvements. They include items that are affixed to the building but do not relate to the overall operation and maintenance of the building such as parking lots, driveways, paved areas, site utilities, walk-ways, sidewalks, curbing, concrete stairs, fencing, retaining walls, block walls, car ports, dumpster enclosures, and landscaping.