Scope Accounting Solutions

It's a gift giving time of year! Remember that if you decide to gift money to a child, grandchild, niece, nephew or anybody else for education expenses; gift tax limitations are removed if the payment is made directly to a qualifying educational institution.

Another great tool for saving on your Colorado taxes is to take advantage of 529 plans for children, grandchildren or any person related or unrelated when gifting or paying education costs. Have a child already in private K-12 schools or college? 529 plans can help you save on taxes. Give me a call and I can show you why this is a great tax saving tool.

Life changes - marriage, divorce, new job, new baby, child headed off to college? If you haven't already, take the time to update your withholdings and estimated tax payments to reflect those changes. Overpaying your 2019 taxes reduces the cash you have on hand throughout the year, and underpaying can lead to penalties and interest.