Latest News on Denver Accounting & Taxes

Denver Accounting Firm: Denver Tax Return Specialist Details Five Impactful Life Events


Denver Accounting Firm: Denver Tax Return Specialist Details Five Impactful Life Events

Tax season may range from only late January to mid-April for many Americans, but there are those who could still be sending in their returns. If you have an extension, then tax paperwork isn’t due until mid-October but that doesn’t keep life from happening around you. In the event you endure any life-changing event, then it could be that your tax return will be impacted for the forthcoming year.

It’s important to remember, taxes are filed in the current year for any income or other impactful occurrences from the year prior. It is here where taxpayers may take note of any major life changing events which could have an impact on their taxes. Planning is year round and individuals should be aware of these critical life events which may have an impact on their tax filing status or return.

 

Getting Married

If at any point during the year you are married - even New Year’s Eve - then next year’s filing must either be together or with a married filing individual status. For those who may be engaged, remember to consider the tax implications prior to setting a date for tying the knot. 

 

Loss of A Spouse

If you are married, but unfortunately lose a significant other during the year then it is likely to trigger a filing status change. Just as when getting married made most jump from filing individually to a joint return, death can cause the opposite.

 

Getting A Divorce

Likewise, if a couple has been filing jointly for some time while married then getting a divorce can also have an impact on your return. The allocation of any dependents can also come into play when having to file a return following a divorce.

 

Gaining A Child

Adding to your family will also cause a change from any previously filed returns. Having a dependent can trigger certain credits and potential deductions which can help to reduce the amount of tax owed on any earnings throughout the year.

 

Income Change

Finally, if you’ve recently changed jobs, been awarded a promotion, or lost work, then an income variance may be in order from last year’s tax return. Depending on other factors, the changes may be obvious or far less noticeable but being able to understand how more or less taxable income being reported could have an impact is important.

If ready to file your taxes or if you have any other related questions - then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a top quality tax service, our group can also complete all types of returns and get answers to any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!

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Denver Accounting Firm: Denver Tax Return Tips For Midyear


Denver Accounting Firm: Denver Tax Return Tips For Midyear

It’s hard to believe that just a few short months ago, tax season was winding down minus those who filed for an extension. While a majority of individuals elect to send in their returns prior to the well known April 15 deadline, those who did not have the paperwork ready to file could receive a six month extension by requesting such action during the initial period. However, for most individuals the focus now turns to the next filing season at some point around mid-year which is fast approaching.

Being able to prepare for the upcoming tax filing season ahead of time can be especially beneficial. By ensuring you are prepped and ready, the tax season frustration many experience may be a bit easier to navigate than preceding filings. By starting early, taxpayers can ensure they are taking all of the appropriate steps to ensure a smooth filing when the time arrives.  
 

Review

Before beginning to prepare for the next tax season, the present presents a great opportunity for reviewing your past filing. Depending on your personal situation, the differences may be extreme or non-existent but understanding how your current situation may impact next year’s filing compared to the last can help you prepare.
 

Hire

If you don’t currently have a preferred tax preparer, then summer may be the best time to find one. Not only will potential suitors not be covered with timely returns, but you also typically aren’t facing any personal deadlines. Taking your time to find the right fit for your situation and filing, could pay off in the long run.
 

Withholding

Depending on the results from your previous filing, a change to your withholdings may be warranted. If you haven’t made such a move, then the mid-year time period presents a grand opportunity to reap the benefits of an adjustment to the withholding category for any upcoming payments.

 

Plan

Finally, now is the perfect time to create a plan moving forward. If you suspect the tax results from a prior year’s filing may be dramatically different due to either a filing status change, income revision, or retirement finances, then making adjustments now could help to avoid a bit of “sticker shock” when the return is filed next year.

If ready to capitalize on the multiple benefits of having professional tax assistance for your business or personal needs, are needing to file a return, or have any other tax related questions then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a top quality tax service, our group can also complete all types of returns and get answers to any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!

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Denver Accounting Firm: Cost Saving Measures For Small Business


Denver Accounting Firm: Cost Saving Measures For Small Business

Owning a business can be an extremely rewarding position. Not only are you likely living what was once just a dream, but being your own boss can also be extremely liberating. The problem is this position also comes with a large amount of responsibility. Depending on the size of your company, there may be employees and other critical tasks which must be regulated in order to ensure the enterprise remains successful. Managing to balance each of these features takes skill as owners should always be on the lookout for ways to enhance their experience.

The perks of owning a small business are plenty but knowing how to actively manage the budget will ensure longevity for any business. By understanding how the bottom line impacts productivity, business owners are constantly being forced to make decisions which will determine the trajectory of their company. By implementing a few cost saving measures, individuals can ensure they are implementing the best practices to keep their venture on a path to success.

Go Electronic


One of the best practices any business can put into place is moving from paper hardcopies of documents to electronic files. Not only will this reduce costs associated with office supplies, paper, ink, and cartridge toner but it also has capabilities to make the organization run a bit more smoothly.

Go Remote


One of the biggest associated costs for any business is maintaining office and/or retail space. Depending on the type of company you own, this may be an expendable expense. Remote work and learning during the last few years forced many businesses to adapt on the fly, but one key takeaway from these practices was the ability of many business practices to be executed away from the office. By continuing this model, owners can dramatically reduce their costs associated with owning real estate.

Outsource

Being able to outsource many business practices, instead of housing these ideas internally can also help to eliminate unnecessary expenses. In fact, there are plenty of factors which can be utilized through an outside agency as opposed to having them handled with employees.

Review


Finally, business owners should always periodically review their expenses and ensure the best cost saving practices are being executed. By consistently reviewing any business model, individuals can ensure they are operating in the most efficient manner possible.

Ready to analyze spending associated with your small business? Let the tax and accounting professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for all your questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a top quality tax service, our group can also complete all types of returns and get answers to any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!

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Denver Tax Filing: Top Reasons For An Amended Return


Denver Tax Filing: Top Reasons For An Amended Return

The tax filing deadline has passed for those who did not request an extension, meaning many individuals and those who filed otherwise have likely already either submitted the required payment owed or received their refund. However, there are a number of different circumstances which may require an amended return. These situations result when a correction or change is needed from the previous submission and can warrant either an additional refund or amount owed depending on the impending results.

If you made a mistake on your taxes the Internal Revenue Service (IRS) will likely flag the account and delay any processing, provided the error is either mathematical or a failed form submission. However, there are other certain instances which may not be as noticeable and must be amended by the taxpayer. These and a few other reasons make up some of the top instances when an amended tax return needs to be filed.

Additional Income Not Reported (W-2, 1099)


The IRS may not initially catch any extra income which was not first reported, but once the appropriate forms are received from the payer this will be remedied. However, in the interim, if you receive a non-reported or corrected W-2, 1099, or other form showing income, then an amended return is warranted. 

Incorrect Filing Status


In the event you filed with an incorrect status, then an amended tax return will be necessary. While it may seem inconceivable someone would submit a return under the wrong status, remember marriage and Head of Household rules can both make things a bit tricky. In addition, it could be that two individuals realized a Married Filing Jointly (or Separately) return may have a positive impact on the end result of their return.

Incorrect Dependent Claim


Incorrectly claiming a dependent could also be the cause of an amended return. Especially in scenarios where parental units are separated but share custody of a child, then who claims the dependent can become a gray area. While a court order may exist to help clear the air, there are still plenty of times when a child or elderly adult may be incorrectly reported on a tax return. If this happens, an amended return becomes necessary.

Internal Revenue Service (IRS) Rule Change


The IRS is constantly changing rules, regulations, and requirements for different credits, deductions, or other associated tax return features. Especially after a change in leadership, this reform seems to always be a next step for political parties. Given an amended return may be filed up to three years after the initial submission, any resulting modifications may impact a previously filed return. 

Once you think an amended return may be needed, let the accounting and tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your questions and handling all accounting services, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a top quality tax service, our group can also complete all types of returns and get answers to any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!

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Denver Accounting Tips For Small Businesses


May 6, 2022

Denver Accounting Tips For Small Businesses
Starting a small business can be an extremely rewarding experience. Being the individual responsible for growing something from the ground up can not only have an impact on your life, but - depending on the business - the lives of many other individuals. From potential employees to developing products people use each and every day, the results can truly be astonishing. However, not every start-up is guaranteed to be a success, it takes hard work, dedication, and often a little bit of luck to find success.

Unfortunately, one of the biggest reasons small businesses fail is tied to financial management. As with anything else, it takes money in order to make things work and missteps can prove to be detrimental but there are a few key tips for small business owners to follow in order to put themselves in a good situation.

Professional Assistance

One of the most important steps a business owner can take is seeking professional assistance to aid in the management of their finances. Being one of the key indicators for success, knowing you are getting the absolute best help available can be critical to success.

Separate Finances

Keeping the business’ money separate from personal finances is also extremely important. Even though some items may appear to blur the lines between each, keeping firm while managing both is in the best interest of all involved parties. 

Tracking

Part of managing this separation of funds involves great detail in tracking. Not only can this aid in knowing how and why your money is being spent, but having precise results can provide important information and help shape the future of your company.

Planning

Planning for the future is also a key to success. By having a long-term plan, owners can ensure they remain on track to achieve their goals while building a strong foundation for anything and everything down the road.

Tax

Don’t get wrapped up in the day-to-day operations or immediate successes and forget about tax time. Depending on the size of your company, there may be different dates for various reports due other than the traditional April 15 tax deadline (i.e. payroll reports, etc.).

If unsure how you’ll get by keeping up with starting a business and managing its finances, are needing to file a personal or business return, or have any other tax related questions then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a top quality tax service, our group can also complete all types of returns and get answers to any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!
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