Patterson Tax & Accounting CPA

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Patterson Tax & Accounting CPA Certified Public Accountant offering tax & accounting services for
businesses and individuals.

Certified Public Accountant * income tax * payroll * small business accounting

Making your business accessible isn't just great service—it can also qualify you for a valuable tax credit! If you made ...
10/20/2026

Making your business accessible isn't just great service—it can also qualify you for a valuable tax credit!

If you made accessibility improvements this year, the IRS’s Disabled Access Credit (Form 8826) allows eligible small businesses to offset those costs directly against their tax bill.

To qualify, your business must have generated $1 million or less in gross receipts or employed no more than 30 full-time employees in the preceding tax year.

For eligible businesses, the credit covers 50% of qualifying expenses between $250 and $10,250, which caps out at a potential $5,000 direct credit off your tax liability.

These qualifying costs go far beyond physical building modifications, too.

Eligible expenses can also include hiring sign language interpreters for hearing-impaired clients, providing readers for visually-impaired individuals, or purchasing adaptive technology and modified equipment for your workplace.

Unlike a standard deduction that simply reduces your overall taxable income, a tax credit reduces what you owe dollar-for-dollar.

If you are planning workplace upgrades before year-end, reach out to Debbie and the team at Patterson Tax & Accounting to ensure your expenses qualify and that you capture every credit you're entitled to!

If there is one thing we can emphasizes to business owners heading into Q4, it’s this: clean books make for a smooth, st...
10/15/2026

If there is one thing we can emphasizes to business owners heading into Q4, it’s this: clean books make for a smooth, stress-free tax season!

One of the most common—and costly—pitfalls we see is commingling personal and business finances.

Whether it’s grabbing a personal errand with the business card or paying a business expense out-of-pocket without logging it, mixed funds create unnecessary head-aches down the road.

Why getting your books sorted now matters:

💰 Missed Deductions
Paying business costs from personal funds often leads to forgotten write-offs at tax time.

💰 Overstated Expenses
Recording personal purchases on business accounts opens the door to IRS compliance issues.

💰 Corporate Shield Protection
Keeping distinct financial records protects the legal separation between you and your business entity.

💰Clear Financial Clarity
You can't make smart growth decisions for 2027 if your 2026 profitability numbers are blurred by personal expenses.

Don't wait until tax season is in full swing to untangle your transactions.

Need help reviewing your bookkeeping or setting up proper account tracking before year-end?

Contact Debbie and the team today—we're here to help you get audit-ready and confident!

When you hear "HSA," you probably think about paying for doctor visits and prescription co-pays. But if you’re using you...
10/13/2026

When you hear "HSA," you probably think about paying for doctor visits and prescription co-pays.

But if you’re using your Health Savings Account purely as a short-term spending account, you might be missing out on one of the most powerful tax-advantaged tools available.

The biggest draw of an HSA is its unique triple-tax advantage.

Your contributions go in tax-free or tax-deductible, your account balance grows penalty-free, and any withdrawals used for qualified medical expenses come out completely tax-free.

An HSA can also serve as a secret weapon in your retirement strategy. Unused balances roll over indefinitely, so if you can afford to pay today’s out-of-pocket medical costs with regular cash flow, leaving your HSA invested allows it to compound over time.

Once you reach age 65, you can even withdraw funds for non-medical expenses—taxed as regular income, similar to a traditional IRA—while keeping tax-free withdrawals intact for medical needs.

If you haven't maxed out your contributions yet, there is still time before the end of the year.

For 2026, the contribution limits are up to $4,400 for self-only coverage and $8,750 for family coverage, plus an extra $1,000 catch-up contribution if you are age 55 or older.

Are you getting the full tax benefit out of your health plan setup?

Reach out to Debbi and the team at Patterson Tax & Accounting before December 31 to review your options and keep more of what you earn!

Your investment strategy shouldn't just focus on growth—it should protect what you keep after taxes. As December approac...
10/08/2026

Your investment strategy shouldn't just focus on growth—it should protect what you keep after taxes. As December approaches, taking a proactive look at your taxable portfolio can reveal significant tax savings.

Here are 4 tax-smart moves to evaluate before December 31st:

1️⃣ Tax-Loss Harvesting
Offset realized gains by strategically selling underperforming assets. Ending the year in a loss position? Remember you can use up to $3,000 of net capital losses to offset ordinary income.

2️⃣ Beware of the Wash Sale Rule
Repurchasing the same or a "substantially identical" security within 30 days before or after a loss sale disallows the tax loss for now.

3️⃣ Strategic Timing
Expecting a drop in taxable income next year due to retirement or shifting business revenue? Waiting until January 1st to lock in gains could put you in a significantly lower capital gains bracket.

4️⃣ Donate Stock, Not Cash
Donating long-term appreciated securities to qualified charities lets you claim a fair-market-value deduction while completely bypassing capital gains tax.

Every portfolio is unique, and small timing details make a massive tax difference.

Reach out to the office before year-end to align your sales and donations with your overall tax strategy!

Unpaid client invoices aren't just frustrating—they can significantly impact your bottom line. While a bad debt deductio...
10/06/2026

Unpaid client invoices aren't just frustrating—they can significantly impact your bottom line.

While a bad debt deduction can help offset the loss, the IRS doesn't make it automatic.

The accounting method you use makes all the difference here.

If you operate on cash-basis accounting, you haven't recognized that unpaid invoice as taxable income yet, which means it can't be deducted as a bad debt.

Accrual-basis businesses, on the other hand, generally recognize income when earned and may qualify if that uncollected amount was previously reported on a tax return.

Documentation is everything when it comes to defending these write-offs. Simply assuming a client won't pay isn't enough to satisfy IRS requirements. You need clear proof of your collection efforts—such as reminder notices, formal demand letters, payment plans, or correspondence with a collection agency—to demonstrate the debt is genuinely uncollectible.

Things get even trickier when personal relationships are involved.

If you guaranteed a loan or extended credit to a client who also happens to be a friend, you must be able to prove that your primary motivation was strictly business-related to claim it as a business bad debt.

Don't let aging receivables sit in limbo as year-end approaches.

Contact Debbie and the team at Patterson Tax & Accounting today to review your unpaid accounts and ensure your documentation stands up to IRS scrutiny!

Effective inventory management is the cornerstone of a successful business. By optimizing your inventory, you can reduce...
10/01/2026

Effective inventory management is the cornerstone of a successful business. By optimizing your inventory, you can reduce costs, improve profitability, and enhance customer satisfaction.

From conducting accurate physical counts to analyzing costs and optimizing product selection, we'll walk you through the key steps to streamline your operations.

By following these strategies, you can:

✅ Reduce costs:
Minimize expenses associated with excess inventory, storage, and carrying costs.

✅ Improve profitability:
Increase your profit margins by stocking high-demand, high-margin products.

✅Enhance customer satisfaction:
Ensure product availability and reduce lead times to meet customer needs.

Ready to take control of your inventory? Let's dive into the details on how you can optimize your business's performance.

If you're tired of juggling credit card balances, student loans, or other payments- the good news is, getting a handle o...
09/29/2026

If you're tired of juggling credit card balances, student loans, or other payments- the good news is, getting a handle on it is possible with the right strategy. 💡

There's no single solution, but here's 5️⃣ common strategies to help you pay off debt and take control of your finances:

1️⃣The Snowball Method:
Pay off your smallest debts first to build momentum. The quick wins can be incredibly motivating!

2️⃣The Avalanche Method:
Focus on paying off the debt with the highest interest rate first. This method saves you the most money on interest in the long run.

3️⃣Debt Consolidation:
Combine multiple debts into a single loan, which can simplify payments and potentially lower your interest rate.

4️⃣Budget-First Approach:
Before you choose a strategy, create a detailed budget. This helps you find extra cash to put toward your debt and stay accountable.

5️⃣Work with a Financial Professional:
If you're feeling overwhelmed, a professional can help you choose the best strategy, offer budgeting advice, and provide long-term planning tools.

The most important step is to start. Whether you choose the snowball, avalanche, or a combination of methods, consistency is key. By taking small, steady steps, you can reduce stress and build a more secure financial future.

Need help creating a plan that works for you? We can provide guidance and help you navigate your financial goals. Contact our office today!

Going through a separation or divorce? Navigating taxes during this time can be tricky, but knowing your obligations is ...
09/24/2026

Going through a separation or divorce?

Navigating taxes during this time can be tricky, but knowing your obligations is key. ⚖️

Here are a few important tax considerations for those who are separated or divorced:

✅Marital Status:
The IRS considers you married for tax purposes until a final divorce decree is issued.

✅Update Your W-4:
After a separation or divorce, be sure to update your Form W-4 with your employer and check your withholding using the IRS estimator. This helps ensure you're paying the right amount of tax throughout the year.

✅Alimony & Child Support:
Generally, alimony and child support payments are no longer tax deductible for the payer or considered taxable income for the recipient. (Note: There are different rules for agreements entered into before 2019.)

✅Property Transfers:
Property transfers due to a divorce are typically not taxable, but may require a gift tax return.

✅Claiming Dependents:
Only one parent can claim a child as a dependent. It's important to clarify this to avoid issues with the IRS.

Have questions about how your separation or divorce could impact your taxes?
Our office can provide guidance tailored to your specific situation.

With hurricane season and other natural disasters a reality, having a solid emergency plan is non-negotiable. According ...
09/22/2026

With hurricane season and other natural disasters a reality, having a solid emergency plan is non-negotiable. According to FEMA, about 25% of businesses never reopen after a major disaster. A strong plan isn't just about survival—it’s about a strong recovery.

Here’s a quick guide to get you started on safeguarding your business:

1️⃣ Set Goals & Assign Roles:
Define your priorities—like protecting employees and resuming operations quickly—and build a team to manage the plan.

2️⃣ Craft Your Plan:
Address key areas like evacuation routes, data backups, communication strategies, and operational continuity. A thorough plan is a practical plan.

3️⃣ Put It to Work & Do Run-Throughs:
Inform your team, assign responsibilities, and practice your plan regularly. Don't wait for a real emergency to find weaknesses!

4️⃣ Monitor & Tweak:
Your plan isn't a one-and-done deal. Review and update it annually to reflect any changes in staff or operations.

A proactive approach can not only lower insurance costs but also give you the peace of mind to focus on what you do best: growing your business.

Want guidance tailored to your specific situation? Contact our office for expert assistance. We're here to help you stay prepared.

Helping out a friend or family member with a personal loan is a generous gesture, but doing it without the right structu...
09/17/2026

Helping out a friend or family member with a personal loan is a generous gesture, but doing it without the right structure can accidentally trigger unexpected tax consequences!

When you make a loan with little to no interest, the IRS may apply below-market loan rules and treat the uncharged interest as a taxable gift from you or impute interest income that you’ll have to report on your tax return.

To keep your loan legitimate in the eyes of the IRS and avoid surprise gift taxes, it is critical to formalize the agreement.

That means backing the loan with a written promissory note that clearly details the repayment schedule, payment dates, any collateral, and an interest rate that meets or exceeds the Applicable Federal Rate set monthly by the IRS.

Structuring these loans properly not only protects your personal relationships, but it also ensures your broader financial and estate goals stay completely compliant with tax law.

If you’re planning to extend a sizeable loan to a loved one, our team at Patterson Tax & Accounting can help you navigate the rules smoothly.

Address

2920 N Academy Boulevard, Suite 100
Colorado Springs, CO
80917

Opening Hours

Monday 9am - 6pm
Tuesday 9am - 6pm
Wednesday 9am - 6pm
Thursday 9am - 6pm
Friday 9am - 5pm
Saturday 9am - 3pm

Telephone

(719) 459-1462

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