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Patterson Tax & Accounting CPA

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Colorado Springs, CO
Patterson Tax & Accounting CPA

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Certified Public Accountant offering tax & accounting services for
businesses and individuals.

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

10/29/2026

What’s your favorite Halloween treat? 💬👇🍫

Whether you’re out trick-or-treating or enjoying a quiet evening this weekend, we hope your Halloween is filled with plenty of treats and zero spooky surprises.

When it comes to managing your business taxes, setting up a trust, or planning your estate, the last thing you need are unexpected tax tricks hiding in the dark.

That’s why Debbie and our team work hard behind the scenes to keep your finances organized, compliant, and completely nightmare-free year-round.

If your financial or estate planning needs a little extra peace of mind, we’re always here to help you rest easy.

10/27/2026

One of the greatest gifts we can pass down to the next generation isn't just wealth—it's the financial literacy to manage it wisely! 💵✨

Building strong money habits starts early, and giving kids hands-on experience with budgeting sets them up for lifelong financial independence.

Here are a few practical ways to introduce real-world money management at home:

💸 Incentivize Extra Effort
Whether you tie an allowance to weekly responsibilities or pay extra for non-routine tasks, helping kids connect effort with income teaches them that money is earned.

💸Grant Financial Autonomy
Guide them with a framework—like saving 50% and spending 50%—but allow them to make the final decisions. Hands-on practice creates lasting lessons.

💸Let Natural Consequences Work:
If they spend their entire allowance on day one, resist the urge to step in with extra pocket cash. Navigating a temporary shortage teaches the value of budgeting far better than a lecture!

At Patterson Tax & Accounting, whether we're helping clients structure family wealth, plan estates, or navigate business growth, we know that sound financial foundations start at home.

How do you handle allowance or money lessons in your household?
Drop your favorite tips in the comments below! 👇

10/22/2026

If you are paying premiums for a long-term care (LTC) insurance policy, you might be sitting on a valuable tax write-off without realizing it!

Because the IRS treats qualified LTC policies as health insurance, eligible premiums count toward your total out-of-pocket medical expenses.

If you itemize deductions on your tax return, here is how the rules work:

➡️ Your total medical expenses (including eligible LTC premiums) must exceed 7.5% of your Adjusted Gross Income before you can begin deducting them.

➡️ The IRS caps how much of your premium counts as an expense based on your age at year-end. For 2026, those limits start at $500 for individuals 40 and under and reach up to $6,200 for taxpayers age 70 and over.

➡️ The policy must meet specific tax-qualified criteria to be eligible for deductible status.

Whether you are evaluating a new LTC plan or reviewing existing coverage as part of your broader estate and tax planning strategy, Debbie and the team can help you determine how much of your premium is deductible.

Reach out to the office today to review your coverage before the year wraps up!

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!

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!

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!

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!

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!

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.

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!

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

Website

http://pattersontaxcpa.com/

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