Affordable Care Act Executive Order

The tax instructions for individual taxpayers for the past few years has been to indicate if the taxpayer had health insurance, were exempt or if they made a shared responsibility payment. Prior to the 2016 tax returns, the IRS had still processed the tax returns even if this information was not included on the tax return. In 2016 the IRS announced that for future tax years returns would be rejected if you did not report if you had health insurance, were exempt or paid the penalty on the tax … [Read more...]

Getting married this year? Here is how it can affect your taxes:

1)Name changes Your names and social security numbers must match the records of the Social Security Administration. If you change your name you should report that change to the SSA. You need to complete and file Form SS-5 to ensure that your new information is recorded correctly. 2)Tax filing status If you are married as of December 31, you are considered married for the entire year. You and your spouse can choose to file your federal income tax return either jointly or separated each … [Read more...]

RICHuals of the Successful

Millington Zwygart is proud to be part of the 2nd annual Living Richly along with other members of Idaho's Money Show. Seating is limited for the great event. Click HERE for more information. … [Read more...]

Collaborative Solutions Purchases Gibbons, Scott & Dean

Collaborative Solutions is proud to announce the purchase of a new accounting firm to its family.  Gibbons, Scott and Dean, LLP located in Caldwell, Idaho has successfully served the Southwest area of Idaho since its founding in August of 1956. Beginning December 1, 2014 Gibbons, Scott and Dean, LLP will be known as Collaborative Solutions, LLC.  The purchase will be an asset to the firm as it adds staff, clients and other resources, including financial statement reviews and audits. This will … [Read more...]

9 reasons why all entrepreneurs should work with an accountant.

1 - Focus on WHY you started your business 2 - Find work life balance 3 - A professional reputation 4 - It's vital to a company's success 5 - New Perspective 6 - They have reach 7 - Businesses need a plan 8 - They understand tax 9 - Analyze data for growth and profitability To dig into reason, review our blog  Like us on facebook … [Read more...]

Reason #9 why all entrepreneurs should work with an accountant.

Analyze data for growth and profitability opportunities. If all of your data is just sitting in a database and you’re not interpreting, analyzing or using it to help drive your business direction and decisions, you’re missing out on a great opportunity. Have an accountant help you dive into the numbers and use them to propel greater business growth and profitability in the future. A great way to do this is through online collaboration in a small business accounting solution where … [Read more...]

Reason #8 why all entrepreneurs should work with an accountant.

They understand tax. This may seem obvious, but keep in mind that rules and regulations change frequently, and it’s tough if not impossible for any business owner to keep up with it all. Most small business owners admit that accounting and bookkeeping is one of their biggest challenges. An accounting professional can take away your uncertainty and ensure your business stays compliant. … [Read more...]

Extension of Time To File Your Tax Return

Ok, don't panic.  It is April 10 and you are not ready for the tax deadline.   Need more time to prepare your federal tax return? File an extension. Please be aware that an extension of time to file your return does not grant you any extension of time to pay your tax liability. Your tax liability is due April 15. If your payment is not made in full,  you may be subject to interest and penalties. We can help with preparing and filing your tax extension.   … [Read more...]

Reason #7 why all entrepreneurs should work with an accountant.

Businesses need a plan.     One reason thousands of businesses fail every year is because they didn’t have a plan. When asked why, they said, “I just didn’t know where to start.” This is where an accountant comes in. A good accountant will partner with a business to look at all the data and help build a road map to success. Poor planning isn’t necessary, and bringing a professional on board can help small businesses plan for success. … [Read more...]

Reason #6 why all entrepreneurs should work with an accountant.

They have reach. Don’t underestimate how valuable it is to receive guidance from someone who has insight and knowledge across hundreds of businesses and industries. Accountants not only get to see the financial information of many businesses across a variety of industries, but they also have visibility into best practices that are working for other businesses as well as the mistakes others have made that have led to failure. Being able to have this insight and share information on what … [Read more...]