Johnson and Associates, CPAs, PC

Johnson and Associates, CPAs, PC THE SUPPORT YOU DESERVE On this website, you will find information about Johnson and Associates, CPAs, PC, including our list of services.

Johnson and Associates, CPAs, PC is a full-service accounting firm serving clients throughout the area, dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs. We have also provided you with online resources to assist in the tax process and financial decision-making. These tools include downloadable tax forms and pub

lications, financial calculators, news and links to other useful sites. Whether you are an individual or business, Johnson and Associates, CPAs, PC has years of valuable experience assisting professionals with their accounting needs.

Starting in 2026, the tax rules for the personal casualty loss deduction are changing. While the deduction remains limit...
06/22/2026

Starting in 2026, the tax rules for the personal casualty loss deduction are changing. While the deduction remains limited mainly to disaster-related losses, eligibility is expanding beyond federally declared disasters to include certain state-declared disasters. Because the rules are complicated and additional limits apply, review your situation with us. We can help determine whether you’re eligible for a casualty loss deduction. Contact us at (970) 522-5762.

A summer job is a great way for teens to earn extra cash, but it also comes with tax responsibilities. Anyone with self-...
06/19/2026

A summer job is a great way for teens to earn extra cash, but it also comes with tax responsibilities. Anyone with self-employed income over $400, such as earnings from mowing lawns or babysitting, must file an income tax return and may owe self-employment tax. If a teen works for an employer that withholds payroll taxes, the filing threshold is higher: $16,100 for 2026. In this case, the teen usually won’t owe income tax and may receive a refund if taxes were withheld. Call us at (970) 522-5762 with questions.

Maintaining healthy operating cash flow helps drive your company’s success. But accomplishing this objective isn’t alway...
06/17/2026

Maintaining healthy operating cash flow helps drive your company’s success. But accomplishing this objective isn’t always easy. One practical approach is to speed up customer payments while carefully managing the timing of your own bills. Prudently shortening your cash conversion cycle can improve liquidity and give your business greater financial flexibility. Please call us at (970) 522-5762 for help identifying opportunities to strengthen your cash position and keep your business moving in the right direction.

If you’d like to arrange for a transfer of wealth through multiple generations, consider a dynasty trust. Assets are tax...
06/15/2026

If you’d like to arrange for a transfer of wealth through multiple generations, consider a dynasty trust. Assets are taxed just once, when they’re initially transferred to the trust. There’s no estate or generation-skipping transfer tax due on any subsequent appreciation in value. A drawback is that the trust is irrevocable. This means it generally can never be revised. Call us at (970) 522-5762 for more details.

Boat owners may qualify for federal income tax breaks — but only if the boat meets specific requirements. For example, a...
06/12/2026

Boat owners may qualify for federal income tax breaks — but only if the boat meets specific requirements. For example, a vessel with sleeping, cooking and toilet facilities could qualify as a home for the mortgage interest itemized deduction. Itemizers may also be able to deduct eligible state and local sales tax paid on a boat, subject to applicable limits. Vessels used in bona fide businesses, such as charter fishing or sightseeing, can generate deductible business expenses. Before assuming your boat delivers tax savings, contact us at (970) 522-5762 to learn more. We can help determine your vessel’s eligibility and provide guidance on substantiating any write-offs.

Are you behind on federal tax payments or worried about defaulting on an IRS installment agreement? You might have more ...
06/10/2026

Are you behind on federal tax payments or worried about defaulting on an IRS installment agreement? You might have more options than you realize. If your finances have changed, the IRS may let you adjust your payment plan to lower monthly payments or a new schedule. If your agreement is terminated, you can request reinstatement. You can also consider an offer in compromise, which may allow you to settle for less than you owe. If you’re facing serious financial trouble and can provide evidence of undue hardship, the IRS sometimes allows up to six months to pay. It helps to act early. Call us at (970) 522-5762 with questions.

Will Social Security benefits be available when you retire? Good question. These benefits are unlikely to disappear enti...
06/08/2026

Will Social Security benefits be available when you retire? Good question. These benefits are unlikely to disappear entirely. But payments may be smaller, and the qualifying age for full benefits (currently 65 to 67, depending on your date of birth) may increase. So it’s critical to take advantage of tax-deferred retirement vehicles and to make age-appropriate investments that can help you accumulate adequate savings. Call us at (970) 522-5762 to discuss your retirement goals and ways to achieve them.

Are rental real estate activities eligible for the qualified business income (QBI) deduction? The answer is a distinct “...
06/05/2026

Are rental real estate activities eligible for the qualified business income (QBI) deduction? The answer is a distinct “maybe.” This tax break allows eligible sole proprietors and owners of “pass-through” entities to deduct up to 20% of QBI. Pass-through entities include partnerships, S corporations and most limited liability companies. However, income from a rental real estate activity is QBI only if the activity rises to the level of a trade or business or meets an IRS safe harbor, which generally requires separate records, sufficient rental services and specific documentation. Various limits and other restrictions also apply. Call us at (970) 522-5762 to learn more.

A donor-advised fund (DAF) is one option available to support charities while reducing your taxable estate. By contribut...
06/03/2026

A donor-advised fund (DAF) is one option available to support charities while reducing your taxable estate. By contributing cash or appreciated assets to a DAF, you also may qualify for an immediate charitable income tax deduction without needing to identify the specific charitable recipients right away. This gives you more time to research potential recipients or change the organizations you support from year to year. For families focused on legacy planning, DAFs can also help align heirs around charitable goals. Contact us at (970) 522-5762 for additional details.

If you have unfiled tax returns, getting back on track may be easier than you think. But the longer you wait, the more c...
06/01/2026

If you have unfiled tax returns, getting back on track may be easier than you think. But the longer you wait, the more costly it becomes. The IRS charges a failure-to-file penalty of 5% per month (up to 25%) of the unpaid tax. There’s also a separate failure-to-pay penalty of 0.5% per month (up to 25%) of the unpaid tax. If both apply in the same month, the combined penalty is generally 5% per month. Returns over 60 days late are subject to a minimum penalty. Filing, even if you can’t pay in full, can reduce penalties and open the door to payment plans or other relief options. Call us at (970) 522-5762 for help.

Address

400 S Division Avenue
Sterling, CO
80751

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm

Telephone

+19705225762

Website

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