Cash Tracks Financial Inc.
117 W Beech St
Lamar, CO 81052
(719) 336-8739
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Cash Tracks Financial Inc is an accountant firm in Lamar Colorado. We are a full service accountant firm providing accounting services to individuals, married couples, local small businesses, corporations, agricultural businesses and farmers. We offer tax preparation services, business accountant record keeping, payroll bookkeeping services, tax advice services, tax planning, and tax consultant services. Our founder and owner, Marcelino Dodge, is a certified Enrolled Agent, similar to a CPA, but offering greater services because an Enrolled Agent we can represent people and businesses before of the IRS. We offer our tax accountant services to all residents of Lamar, Colorado – Consider us your local Lamar Colorado accountant.
Here are just some of the individual locations and businesses where we offer out accountant services.
Residence We Serve In Lamar CO
501 N 11th St, Lamar, Colorado 81052
Latitude: 38.093929
Longitude: -102.629394
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: 1 Mile
Driving Time: 3 Minutes
An Individual Residence Location
607 N 11th St, Lamar, Colorado 81052
Latitude: 38.095376
Longitude: -102.629394
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: 1 Mile
Driving Time: 3 Minutes
Another Residence Location
703 N 11th St, Lamar, Colorado 81052
Latitude: 38.096822
Longitude: -102.629394
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: 1 Mile
Driving Time: 3 Minutes
Cash Tracks Financial Inc. Local Residence We Provide Services
709 N 10th St, Lamar, Colorado 81052
Latitude: 38.096822
Longitude: -102.627557
Driving Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: 1 Mile
Driving Time: 3 Minutes
A Residence in North Lamar CO
604 N 10th St, Lamar, Colorado 81052
Latitude: 38.095376
Longitude: -102.627557
Driving Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .9 Mile
Driving Time: 3 Minutes
Lamar Colorado Location Where We Offer Our Accountant Services
605 N 7th St, Lamar, Colorado 81052
Latitude: 38.096822
Longitude: -102.623882
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .7 Mile
Driving Time: 2 Minutes
Community State Bank
717 N Main St, Lamar, Colorado 81052
Latitude: 38.096822
Longitude: -102.620206
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .6 Mile
Driving Time: 1 Minute
Pilot Dealer in Lamar, CO
708 N Main St, Lamar, Colorado 81052
Latitude: 38.096822
Longitude: -102.618369
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: 1.3 Miles
Driving Time: 5 Minutes
Car Palace Inc. Building
902 N Main St, Lamar, Colorado 81052
Latitude: 38.096822
Longitude: -102.616531
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: 1.2 Miles
Driving Time: 4 Minutes
Holiday Motel
404 N Main St, Lamar, Colorado 81052
Latitude: 38.0938003
Longitude: -102.619226
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .8 Mile
Driving Time: 3 Minutes
Daniels Construction Company
201 Washington St, Lamar, CO 81052
Latitude: 38.0953492
Longitude: -102.618104
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .6 Mile
Driving Time: 2 Minutes
Ranco Dragon Trailers
700 Avenida Colonia Dr, Lamar, Colorado 81052
Latitude: 38.096822
Longitude: -102.614694
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .8 Mile
Driving Time: 3 Minutes
Riverside Cemetery
1009 E Maple St, Lamar, CO 81052
Latitude: 38.0937106
Longitude: -102.60764
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .9 Mile
Driving Time: 3 Minutes
CF Maier Composites
500 Crystal St, Lamar, Colorado 81052
Latitude: 38.10086764
Longitude: -102.61267560979918
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: 1.2 Miles
Driving Time: 3 Minutes
Colorado State Patrol
310 E Washington St, Lamar, Colorado 81052
Latitude: 38.095376
Longitude: -102.616531
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .7 Mile
Driving Time: 3 Minutes
C & F Engineering
401 E Washington St, Lamar, Colorado 81052
Latitude: 38.095376
Longitude: -102.614694
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .7 Mile
Driving Time: 3 Minutes
C & C Storage
500 Commercial St, Lamar, Colorado 81052
Latitude: 38.095376
Longitude: -102.612856
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .8 Mile
Driving Time: 3 Minutes
Camp & Currell Construction LLC
601 Commercial St, Lamar, Colorado 81052
Latitude: 38.095376
Longitude: -102.611018
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .9 Mile
Driving Time: 3 Minutes
Cash Tracks Financial Inc. Is Near This Residence in Lamar CO
406 N 3rd St, Lamar, Colorado 81052
Latitude: 38.093929
Longitude: -102.616531
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .5 Mile
Driving Time: 2 Minutes
Residence In Lamar Colorado – Cash Tracks Financial Inc. Is Nearby
405 N 1st St, Lamar, Colorado 81052
Latitude: 38.093929
Longitude: -102.614694
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .7 Mile
Driving Time: 3 Minutes
Residence In Lamar CO Where- Cash Tracks Financial Inc. Offers Accountant Services
408 Commercial St, Lamar, Colorado 81052
Latitude: 38.093929
Longitude: -102.611018
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .7 Mile
Driving Time: 3 Minutes
Residence In Lamar Colorado – Cash Tracks Financial Inc. Is Near
302 E Maple St, Lamar, Colorado 81052
Latitude: 38.092483
Longitude: -102.616531
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.092483
Longitude: -102.616531
Distance: .4 Mile
Driving Time: 2 Minutes
We’re Near This Residence In Lamar Colorado
305 W Park St, Lamar, Colorado 81052
Latitude: 38.082359
Longitude: -102.622044
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .6 Mile
Driving Time: 2 Minutes
Residence In Lamar Colorado Near The Cash Tracks Financial Inc. Accountant Services
406 E Maple St, Lamar, Colorado 81052
Latitude: 38.092483
Longitude: -102.614694
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .5 Mile
Driving Time: 2 Minutes
Residence In Lamar Colorado – Cash Tracks Financial Inc. Is Near
706 E Maple St, Lamar, Colorado 81052
Latitude: 38.092483
Longitude: -102.611018
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .8 Mile
Driving Time: 3 Minutes
Cash Tracks Financial Inc.
117 W Beech St
Lamar, CO 81052
(719) 336-8739
Latitude: 38.0893034081825
Longitude: -102.62026002313274
More information about Cash Tracks Financial Inc. accountant services at the accountant in Lamar Colorado web page./p>
In the constantly changing tax world, the taxpayer can become a business and not even know it. Have you received 1099 in the past? Did you know the IRS can then classify you as a business? Have friends and family offered free tax advice? Too often such advice from unqualified individuals can cost you thousands in lost deductions and cause a large tax bill. Are you an entrepreneur looking to maximize the tax benefits? What tax strategies and tax systems can you use to save big dollars in taxes and help you keep more money in your pocket? In this program, we discuss how business setup and the right strategies can save you hundreds and even thousands of dollars in taxes. We will cover topics including the best business structures, tax strategies the IRS does not want you to know, and how to avoid being audited.
The following information is an excerpt from podcast video with Marcelino Dodge of Cash Tracks Financial Inc. and Genaro Cardaropoli of Harness CPAs, recorded on August 12, 2021.
“Today we’re discussing about buying and selling a business. But anything that comes up that we’ve discussed in the past or we discussed today, you’re certainly welcome to email me at success@cashtrackfinancial.com. Or give us a call which is 844-394-4287 You can schedule a free mutual exploration session to see if our services are what you need to help you to be doing better financially, either in your business, or even personally, we provide those services and you can schedule your appointment directly actually at cashtracksfinancial.com and the homepage you just scroll a little bit, click on Schedule on appointment. And we can do that through video conference. Just so you can be comfortable and we can have a nice way to serve everyone across the country and be able to help you out especially tax wise.
Now as I mentioned about earlier, we’re talking about buying and selling a business today. Now, it seems like kind of odd with all the strange things going on. But people are still buying and selling businesses but there are some cautions you got to have especially tax wise, which is why we’re going to talk about today the tax challenges and headaches of buying and selling a business. And to do so I invited Genaro Cardaropoli today a CPA with 12 years’ experience in public accounting in large and small firms. He’s now the owner of Hartness CPAs, offering tax and consulting services in the Fox Valley. He’s from Wisconsin, and has a master’s in Professional Accountancy from the UW Whitewater.
Great, it’s having Genaro here with He’s also worked as a lead tax specialist with the National Association of tax professionals, which also in our line of business is known as just NATP which I’m also a member of myself. And that’s how I met Genaro and met a lot of fine tax professionals that I’m having on this program. And it’s just great to be able to share and expand not only my own knowledge, but then help you as a listener do this. And also he’s worked as a senior tax associate at Grant Thornton where he actually began his public accounting career and oversaw and reviewed engagement in large companies, with businesses and all 50 of the United of the US states. And that’s, that’s great experience. They’re wonderful experience and technical knowledge and tax law and incorporates this into his own advisory services that he offers to people and individuals here.
So I just want to extend a big, warm welcome to today. Genaro, its fabulous having you on the program.
Genaro: Thank you so much Marcelino, it’s a pleasure being here. It’s a pleasure being here in front of the audience. And to be able to extend the knowledge that I’ve learned throughout many listeners in right now. Because there’s no there’s one thing that’s common with accounting and tax is that it’s clear as mud. And it’s, it’s always helpful to be able to it’s always enriching to be able to help explain it in simple terms for people to understand to make informed and wise decisions and what they’re doing. And in this case buying and selling a business.
Marcelino: Yes, which is one of the reasons why I wanted to start doing this program is to just help individual people, because I’ve noticed a lot of podcasts in direct more to professionals, and at least the ones I found anyway, but I really want to help a lot of individuals, I always, and I’m sure you do the same thing. Just try to get things clearly explained how people make the best tax decisions. So as we jump into it now, how do I know as a person on the street looking to buy a business or even sell it? How do I know what the value of my business is there?
Genaro: That’s a great question. And oftentimes that actually starts the lead of a lot of inquiries, whether you’re buying or selling a business, because if you’re selling you want to know what you can get paid from that it’s all your sweat equity that’s poured into the business over years, that at the final sale, you’re Look into to obtain or get back from. On the buying end, of course, you want to make sure you’re not overpaying. And hopefully, you know, sometimes people try to look for a good deal on a business. But, you know, but the value is, is ultimately based in a lot of sense on cash flow that you’re looking at from the business. So like the first thing, oftentimes, I get a lot of inquiries that I hear about rules of thumbs.
So the first thing I always want to talk about are the rules of thumb, because that’s very practical. And that’s what people will often first times here. So for example, someone might look to a bar restaurant and sale, I’ve heard that it’s 40% of sales plus inventory or something like that. And, or, in case of an accounting practice, I’ve heard it’s one times gross sales, something that you probably heard several times Marcelino, right? Yes, yeah. And so the problem with that, with these rules of thumb are easy ways to it to calculate a value is that they ignore a lot of important factors about business, similar to real estate, the location is a big factor.”
Cash Tracks Financial Inc.
117 W Beech St
Lamar, CO 81052
(719) 336-8739
Latitude: 38.0893034081825
Longitude: -102.62026002313274
nbsp;
Cash Tracks Financial Inc.
117 W Beech St
Lamar, CO 81052
(719) 336-8739
Cash Tracks Financial Inc. is an accountant firm in Lamar Colorado. We provide accountant tax services, tax preparer services, accounting and bookkeeping, tax advisory services, tax planning, and year round accountant services. We offer our services to individuals, married couples, small businesses, large corporations, agriculture businesses, and farmers in the Lamar Colorado area.
Latitude: 38.093929 Longitude: -102.618369
Do you need tax services right away? The licensed accountants at Cash Tracks Financial Inc. in Lamar Colorado are available right now to help you during tax season. Taxes are a part of everyday life all year long, not just in April every year. We can help you create a tax plan with sound and safe tax planning services. We are certified to represent you before the IRS if you are having legal issues with the Internal Revenue Service. Our bookkeeping and payroll services will keep accurate records so you can avoid IRS problems in the future.
Are you thinking, “I can’t pay my tax bill immediately, should I file with the IRS when taxes are due? If this situation is an issue for you, contact us at Cash Tracks Financial Inc. We are an accountant firm with over 20 year experience helping people just like you, who are having difficulty paying their taxes. We provide accountant and tax advisory services to individuals/married couples, small businesses, major corporations, farmers, and agriculture industry businesses.
Who is the best CPA in Lamar CO? The fact is, the best CPA in Lamar Colorado is Cash Tracks Financial Inc., but we are not your basic CPA. We are an Enrolled Agent, which means we can do
everything a CPA can do for you, like prepare and file your taxes, keep accurate and balanced financial records, check for inaccuracies in your accounts, and audit individual accounts, plus we can represent you before the IRS. We have extensive knowledge and experience working on behalf of out clients dealing with the IRS. When you need a CPA, call the IRS tax experts at Cash Tracks Financial Inc.
Taxes got you down? Don’t frustrate yourself with IRS and state taxes. Contact us at Cash Tracks Financial Inc. for fast, fair priced, accountant and tax accountant services.
Cash Tracks Financial Inc.
117 W Beech St
Lamar, CO 81052
(719) 336-8739
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Cash Tracks Financial Inc is an accountant in Lamar Colorado. We provide accountant services for residents of Lamar, including individuals and married couples, small businesses, and large corporations. We also offer tax preparation, accountant record keeping for businesses, accountant bookkeeping payroll services, tax advice services, tax planning plus tax consulting. As a full service accountant company we are also a certified Enrolled Agent, similar to a CPA with more services available including you in front of the IRS; we are licensed throughout the U.S. We provide our tax accountant services to everyone in Lamar Colorado. Consider us your “accountant near me” in Lamar Colorado.
Here are just some of the locations we serve in Lamar Colorado
A Residence We Serve In Lamar CO
211 S 12th St, Lamar, CO 81052
Latitude: 38.086698
Longitude: -102.629394
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .7 Mile
Driving Time: 2 Minutes
An Individual Residence Location
210 S 10th St, Lamar, Colorado
Latitude: 38.086698
Longitude: -102.627557
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .5 Mile
Driving Time: 2 Minutes
Another Residence Location
300 S 9th St, Lamar, CO 81052
Latitude: 38.086698
Longitude: -102.625719
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .5 Mile
Driving Time: 2 Minutes
Cash Tracks Financial Inc. Local Residence We Provide Services
300 S 6th St, Lamar, Colorado 81052
Latitude: 38.086698
Longitude: -102.622044
Driving Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .3 Mile
Driving Time: 1 Minute
Savage Stadium Lamar Colorado
W Pearl St, Lamar, Colorado 81052
Latitude: 38.083398
Longitude: -102.624117
Driving Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .6 Mile
Driving Time: 2 Minutes
Lamar Colorado Location Where We Offer Our Accountant Services
901 W Oak St, Lamar, Colorado 81052
Latitude: 38.085252
Longitude: -102.629394
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .4 Mile
Driving Time: 1 Minute
An Accountant Near Me location In Lamar CO
707 W Oak St, Lamar, Colorado 81052
Latitude: 38.085252
Longitude: -102.627557
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .5 Mile
Driving Time: 2 Minutes
We Provide Accountant Services Near This Residence
601 W Oak St, Lamar, Colorado 81052
Latitude: 38.085252
Longitude: -102.625719
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .5 Mile
Driving Time: 2 Minutes
We’re The Accountant Near This Residence
407 S 8th St, Lamar, Colorado 81052
Latitude: 38.085252
Longitude: -102.623882
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .5 Mile
Driving Time: 2 Minutes
Individual Residence Near Cash Tracks Financial
406 S 6th St, Lamar, Colorado 81052
Latitude: 38.085252
Longitude: -102.622044
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .4 Mile
Driving Time: 1 Minute
Cash Tracks Financial Inc. Is Located Close To This Location
208 W Parmenter St, Lamar, Colorado 81052
Latitude: 38.085252
Longitude: -102.620206
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .4 Mile
Driving Time: 2 Minutes
Cash Tracks Financial Is Very Close To This Lamar Residence
510 S 12th St, Lamar, Colorado 81052
Latitude: 38.083805
Longitude: -102.629394
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .8 Mile
Driving Time: 3 Minutes
First Southern Baptist Church In Lamar CO
706 W Pearl St, Lamar, Colorado 81052
Latitude: 38.083805
Longitude: -102.627557
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .8 Mile
Driving Time: 3 Minutes
Individual Residence In Lamar Colorado – Cash Tracks Financial Inc. Is Nearby
600 S 9th St, Lamar, Colorado 81052
Latitude: 38.083805
Longitude: -102.625719
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .7 Mile
Driving Time: 3 Minutes
Individual Residence In Lamar Colorado Where We Offer Accountant Services
502 W Pearl St, Lamar, Colorado 81052
Latitude: 38.083805
Longitude: -102.623882
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .6 Mile
Driving Time: 2 Minutes
Residence In Lamar Colorado – Cash Tracks Financial Inc. Is Near
504 S 6th St, Lamar, Colorado 81052
Latitude: 38.083805
Longitude: -102.622044
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .4 Mile
Driving Time: 1 Minute
Cash Tracks Financial Inc. Is Near This Residence in Lamar CO
509 S 5th St, Lamar, Colorado 81052
Latitude: 38.083805
Longitude: -102.620206
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .5 Mile
Driving Time: 2 Minutes
Residence In Lamar Colorado – Cash Tracks Financial Inc. Is Nearby
702 S 12th St, Lamar, Colorado 81052
Latitude: 38.082359
Longitude: -102.629394
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .9 Mile
Driving Time: 3 Minutes
Residence In Lamar CO Where- Cash Tracks Financial Inc. Offers Accountant Services
711 S 11th St, Lamar, Colorado 81052
Latitude: 38.082359
Longitude: -102.627557
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .9 Mile
Driving Time: 3 Minutes
Residence In Lamar Colorado – Cash Tracks Financial Inc. Is Near
700 S 8th St, Lamar, Colorado 81052
Latitude: 38.082359
Longitude: -102.623882
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .7 Mile
Driving Time: 2 Minutes
We’re Near This Residence In Lamar Colorado
305 W Park St, Lamar, Colorado 81052
Latitude: 38.082359
Longitude: -102.622044
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .6 Mile
Driving Time: 2 Minutes
Residence In Lamar Colorado Near The Cash Tracks Financial Inc. Accountant Services
704 S 5th St, Lamar, Colorado 81052
Latitude: 38.082359
Longitude: -102.620206
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .6 Mile
Driving Time: 2 Minutes
Residence In Lamar Colorado – Cash Tracks Financial Inc. Is Near
307 N 11th St, Lamar, Colorado 81052
Latitude: 38.092483
Longitude: -102.629394
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .7 Mile
Driving Time: 2 Minutes
Cash Tracks Financial Inc. Is Located Close To This Residence In Lamar CO
309 N 10th St, Lamar, Colorado 81052
Latitude: 38.092483
Longitude: -102.627557
Driving To: Cash Tracks Financial Inc.
117 W Beech St, Lamar, CO 81052
Latitude: 38.0893034081825
Longitude: -102.62026002313274
Distance: .6 Mile
Driving Time: 2 Minutes
Cash Tracks Financial Inc.
117 W Beech St
Lamar, CO 81052
(719) 336-8739
Latitude: 38.0893034081825
Longitude: -102.62026002313274
This tax advisor information is Part 4 from the podcast transcript originally recorded on the Tax Answers Advisor program on VoiceAmerica on October 7, 2021. This program is presented by Marcelino Dodge, Enrolled Agent, owner of Cash Tracks Financial, Inc. Cash Tracks Financial is a tax accountant in Lamar Colorado, providing tax services, tax accountant services, tax preparation, tax planning, tax advisory services, financial advisory services, retirement planning, business planning, and insurance services to individuals and businesses in Lamar, Prowers County, and throughout South East Colorado.
Tiff:
Okay, that kind of somewhat answers the next question and goes in to this. It’s a lump question. I guess the what, specifically, is the difference between a W2 and a 1099?
Marcelino:
Yes, well, keep in mind a W2 is what you should get from me. And what you should get from your other employers a W2 at the end of the year, if your employer is doing things right. Now, I did a whole program a few months ago on correctly classifying employees. Under certain regulations, some businesses try to not classify their employees correctly, and they should be giving them a W2, instead of a 1099. And that’s another one of those things you don’t want to mess with. Because if the IRS doesn’t get you, your local state Department of Labor will get you and the State Department of Labor is the one that’s more likely going to get you. I’ve actually had audits on such things in the past with clients and they ended up having to pay the State wasn’t too bad, but they ended up having to pay quite a bit to the IRS because, because you have not only does it affect the state, which you do at the state level affects the federal level too, because they got it they got to be matching.
Tiff:
Okay.
Marcelino:
To contact us send an email to success@cashtracksfinancial.com or call at 844-394-4287. For more information about our tax advisor and tax preparation services go to our website at https://cashtracksfinancial.com.
So, so yes, W2 as an employee now, a 1099 is issued should be issued out to sole proprietors and individuals to whom you pay $600 or more to during the year, that could be rent or other type of income, or a lot of paint various types of payments you make to them. And there’s actually two,, two of these common ones that are given to people on a 1099 M, which has things like rents other income and some other little boxes on it, then there’s the 1099 in EC, which is not employee compensation, which is basically for your contractors and those to whom you pay like for services like could be your plumber could be could be anybody that you pay a service to basically if it’s a sole proprietor you got to issue it out. So which is I ran into this few years ago had a place call me and say something to me, and I’m like, Well, I’m not a I’m not a sole proprietor, I’m a corporation.
They’re like, Oh, okay, they’re actually happy because they don’t have to issue a 1099 now to a corporation under current law, so when less there and see when then we got some businesses where we actually prepare these out these NPCs and send them out to people so there’s a big difference. And keep in mind if you’re on a if you get a 1099 you’re likely going to pay self-employment tax, which is why it’s such a big issue, because that’s core self-employment tax is Social Security. And Medicare paid by using individual for which is normally if you have W2, half of that is paid by the employer. Okay, you and you pay half out of your check, as a self-employed person, you pay all of that you pay both sides of that, which is like, which works out about 15%. Okay. And we always end we always plan for that with contractors, we tried to have them do it and try to have a make estimated payments, always recommended, but not everybody always does it. So sure. That’s a. So what’s next?
Tiff:
So I guess that we might as well go on this roll that we’ve started here. If you are self-employed, obviously you’re getting no W2, what documents should you be keeping? Or bringing? How do you record all of your stuff at the end of the year to file for taxes?
Marcelino:
Well as a self-employed sole proprietor, basically whether you’re getting paid cash, which is the big one, if you’re getting paid cash that still counts, cashes still counts. You need to you need to be keeping some type of a record or log of it, which is why once again why we provide a, we have a sheet to help you track income. For those that aren’t so technical. For those who are technical, we can definitely help you track all of that now, in tracking income, it usually helps to have a separate bank account for your business.
Tiff:
Right, I’ve heard that.
Marcelino:
The biggest mistake, especially sole proprietors make is not having a separate bank account and not and they’re constantly commingling funds, which granted on a sole proprietorship it is okay, you’re not going to get penalized by the IRS for it. But from a business and practical and tax standpoint, it’s not very wise. Because you got to be able to keep your personal expenses separate, that helps you to do that as well as helps you to really track your expenses better, especially using a debit card, they’re all in one place. Sure. Or if you designate using a credit card for business expenses, just use that credit card for business expenses. And just and keep them all separate. If you’re writing checks, which some businesses are still writing checks out that we have it all neatly lined up, the in there.
And then of course, your receipts or whatever, make sure you keep those by category and some type of filing system and by date, as well. So that if we need to look through them, we can easily find, okay, I need to match this with this, boom, I got it, and I’m good to go. Or if I especially if you buy that $5,000 piece of equipment or whatever, we need to go look at some things and, and try to find that trying to match that up there. So yeah, you need to make sure all those documents are there, which we can help you get organized. But again, you as the client needs to follow the follow the instruction in the suggestions. And in the end, it really saves you money, saves money paying us and saves money in paying tax to the IRS, which is what I want you rather be paying us than the IRS
Tiff:
At least know exactly, yes. We would prefer that. Yeah. Okay, that makes sense. And I guess the next question kind of goes with that, because I guess I would see this a lot more with self- employed people are people running a business taxes on bartered goods and services. So you trade out your services for somebody else’s services. That’s where I’ve heard and seen things get sticky. And I’ve heard people say, Well, if we do this, then we don’t have to pay a tax on it, because we traded this for that or let half technically how does that all work?
Marcelino:
Okay, you’re talking about bartered goods and services? And you really touched on it mentioned trading? Wow. It’s interesting. Yeah, money’s not exchanging between their trading sometimes. And I hear people do this all the time. Well, I had so and so give me this. Or they went in did this work for me to cover whatever that they did for me. What most people don’t realize is that this exchange this fair market value of the goods that you gave them, or services that you provided. So I’ll give an example say I do a tax return, I charge $800 for a tax return. And said person, I’m going to tell okay, its $800 for this tax return.
And this gentleman says, Okay, well, I’ll go over and cut this tree down for you. That I normally charge $800 for. And so I’m like, Okay, well, that could be good now. No, that’s not a good graph. I had a tree on my business. Let me keep that I had a tree on my business. I had a tree that needed to be trimmed around my business, or taken down around my business that this gentleman could do for $800 But I was going to charge him $800 for the tax return. Okay, okay. I do the tax return. It’s worth $800 He cuts down the tree, it’s worth $800. Now, according to IRS rules, even though I didn’t collect money, or I didn’t collect that $800. That still income to the business. I should be reporting that.
Tiff:
Okay.
Marcelino:
Okay, now, I paid $800 for this service, misguided $800 and basically work for me, I can take the, I can turn around then take that $800 is like a maintenance expense. In the end, it comes out as a wash, but lack of reporting of such is where you can get into trouble with the IRS.
Tiff:
Okay, so needs to be recorded regardless, even though it may not have any monetary change or anything like that.
Marcelino:
Okay, now, and, and, and that there’s an answer to this as well. Is that this gentleman that I paid that I normally would have paid $800 to. I also have to give him a 1099 for $800. Right, as well, because that’s the value of the services he provided to me in trade. Okay, for that for doing that tree. So that’s how it’s supposed to be done.
Tiff:
Okay,
Marcelino:
Now. I, I that’s why I usually don’t do any trading. Sure. So I don’t even want to go there.
Tiff:
It gets muddled I’m sure.
Marcelino:
There’s a lot of muddle in there. And I hear clients say this, and I try to ask a question about it and stuff. And sometimes you just got to run with what you got. But technically, you should. It should be reported both ways. It washes out usually, but it still should be reported both ways. Now that’s in the best interest of the taxpayer that way, if there is an audit at a date, you have the documentation saying hey, yeah, we imported it here. And here’s the expense. We’re good to go.
When you need professional expert IRS tax services, call Cash Tracks Financial Services, Inc. at our office phone number (719) 336-8739 or via our website Contact Us form at Contact Cash Tracks Financial
Cash Tracks Financial Inc.
117 W Beech St
Lamar, CO 81052
(719) 336-8739
https://cashtracksfinancial.com
Your Tax Accountant, Tax Advisor, and Tax Consultant for SE Colorado
More IRS Tax Accountant Q & A in this Podcast series.
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