Latest News on Denver Accounting & Taxes

Denver Tax Preparation: Reasons To Use A Professional Service


January 22, 2020

Tax season is right around the corner and there is no doubt you’ll see numerous advertisements about different software programs individuals can use to file their own taxes. Created in an attempt to ease the burden of paperwork and used as a method to potentially simplify an otherwise detailed process, these programs have evolved over time and incorporate a variety of different features. However, there are still multiple deficiencies and trusting the computer and yourself, to have all of the right numbers in their correct places without missing any potential deductions can be a risky process.

There are a number of innocent tax return mistakes that trigger IRS problems. Even if an error is not considered intentional, the end result can be penalties and interest payments in order to rectify the situation. Avoiding these costly mistakes is a key component to entrusting a tax professional with your return. In addition, there are a number of other valuable benefits including each of the following: 

Save Money

Hiring a tax professional to file your return may save you money. Even after paying for their services, if potential deductions or other methods to minimize your tax liability are utilized then the end result could be a larger refund than would have been awarded under a self-filing.

Reduce Stress and Save Time

Tax season can be a stressful time and handing off your paperwork for another individual to input can help to eliminate some of the stress associated with filing your own return. Ultimately, a decision must be made about how much your time is worth and if turning over all of the necessary documents outweighs having to cipher through everything on your own. A majority of the time it pays to let an expert take it over.

Audit Protection

While returns are filed with the information provided by a client, should the IRS have questions about a portion of the return, being confident in the answers can help. Experts often have relationships with the IRS and have dealt with any situation that may arise as a result of your filing. Having someone in your corner if/when the IRS comes calling can be extremely beneficial.

If you’re ready to receive support at every step along the way and a level of care for the finances of your business or personal financial situation then let the tax professionals in Denver at Bloch Rothman and Associates assist you or your business today. In addition, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by both the IRS or outside agencies, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete all types of returns or answer any other factors associated with financial issues or concerns you may have. Serving in 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 serving whatever your needs may be very soon!
 
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Denver Tax Service Tips for Filing Season


January 15, 2020

Another year has come and gone leaving in its wake a pile of paperwork for many individuals to cipher through as they gather important documents for tax filing purposes. No matter if you happen to be married with kids and run your own business or a single individual with nothing but a W-2 form - the tax man calls and everyone must answer. Fortunately, there’s plenty of time to get everything in order and multiple opportunities for assistance along the way.

As you begin preparations for filing this year’s tax return, which may be submitted beginning Monday, January 27, 2020 for last year, you’ll want to consider each of the following. Not only will these tips and tricks aid in streamlining the process but they can also serve to help eliminate some of the stressors associated with this sometimes daunting task.

Schedule

There are multiple benefits to hiring help when filing a return. Often, professionals finding even one deduction, which may not have been computed on an individual return, can not only cover the cost of submission but also increase your potential refund by decreasing one’s tax liability.

As the window for accepting returns is opened by the Internal Revenue Service, ensuring you already have your place in line with a paid preparer can get you a head start on the process. In addition, this date provides a deadline of sorts for ensuring that you have all of the necessary documentation to complete your return.

Paperwork

Organizing W-2 forms, potential 1099’s and any other paperwork associated with your tax liability is critical to completing a return. Not only will having all of this information readily available quicken the process of filing but it also protects against any audits and can be used as backup when or if any numbers are ever questioned.

Once you have an appointment, go ahead and begin organizing all of the required forms and begin to mark each off on your tax prep checklist to make certain your filing is completed with all of the necessary information available.

Deadline

Not only can having an appointment limit the amount of time available for organizing all of the necessary documentation but it may also enlighten you to the need for filing an extension. Necessary to be completed by the same filing deadline - April 15, 2020 - extensions are an option for individuals or couples who need more time to get all of their paperwork and figures together for submission.

Just remember, while this option provides an additional six months of leeway, it does not serve in providing more time to pay. Should you owe the IRS for taxes from the 2019 calendar year, these must still be submitted by the original deadline.

The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist during the upcoming tax season. Whether you need help submitting an annual return, owe back taxes, or have any other personal, corporate, wealth management issues - we are here and willing to help. In addition to providing a quality tax service, including navigating the intricacies of an audit, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in 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 filings and 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 serving whatever your needs may be very soon!
 
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Denver Accounting Firm End-of-Year Payroll Questions


January 10, 2020

As the end of the year approaches there are a number of items to consider for both yourself and business. Ensuring all loose ends are tied up in an effort to make for a smooth transition into the new year is first and foremost but what exactly does that entail? For starters, if you are responsible for paying employees, making certain all of their hours are up to date and planning ahead for the holiday season is critical.

Bank and federal holidays typically coincide and sometimes the two terms can be interchanged but certain banks will also be closed in or around these same dates. These are also relevant to the stock exchange holidays, of which there are nine upcoming in 2020 and one remaining in 2019 - Christmas Day (December 25). Noting when payrolls must be submitted in order to ensure your employees are paid, in addition to accounting for holiday bonuses and banking hours can all impact the end of year payrolls for you and your company.

Holiday Pay

If you have employees who are required to work on federal holidays, then many employers elect to reward this sacrifice with a special pay scale. The ‘holiday pay’ can increase an individual’s income for the time spent doing their job should it fall in or around a specific holiday. For example, if you have three employees who must work on Christmas, then they may be compensated for their time with twice normal pay over that period. 

Bonuses

December also presents an opportunity for employers to divvy out bonuses for meeting certain goals, should a company’s fiscal year align with the traditional calendar. In many cases, this is often referred to as a Christmas bonus and in terms of payroll, it must be planned for accordingly. In order to ensure employees received these additional amounts prior to the holidays, processing and paperwork must be completed to not only determine the amounts but to also have them paid on time.

Scheduling and Hours

All of this relates to organization, planning, and double checking your specific bank’s hours around the holiday season. Depending on your payroll submission method, there may also be cut-off times associated with any service you are using. These may or may not match together with operating hours and are commonly ahead of holiday dates, so getting all of the necessary information submitted in a timely fashion to ensure everyone has an enjoyable break is important.

The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you should need help preparing for the holiday season, end of year payments, submitting all required taxes, owing back taxes, or any other personal or corporate wealth management issues. In addition to providing a quality tax service, including navigating the intricacies of an audit, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in 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 and filings, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!
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Denver Accounting Firm End of Year Tips for Tax Preparation


December 26, 2019

As the calendar flips nears the end December and a new year approaches, another tax reporting time period officially comes to a close. As individuals prepare for personal, business returns or potentially both, the need to gather all important documents and qualifying paperwork to make filing a smooth process begins. If you’ve been diligent throughout the year then this won’t require too much work but if not, then putting everything together could take a little more time. If you find yourself falling into the second category, then now is the time to begin preparations for doing a better job of keeping things straight in the new year.

While some items will not be made available until after this year concludes, gathering the forms you need to file your taxes is a great first step in the process. In addition, checking to make sure that all necessary forms are accounted for or seeing when they should be expected can help to relieve some of the stress associated with tax filing. In order to make sure you get off to a great start in the new year, consider these tips as you prepare to file your taxes in Denver

Get Organized

Organization is key. Instead of having to file through numerous papers in order to find specifically what you are looking for, consider a filing system to help. Keeping receipts, purchases, anything business related, mileage, and anything else tax relevant separated can help save valuable time at the end of a year.

Bank Statements

Definitely for businesses and potentially for individuals, keeping up with monthly bank statements can help to not only track your expenses throughout the year but also monitor finances and cross-check to ensure everything is accounted for in the end.

Quarterly Estimate Totals

If making estimated tax payments applies to you then knowing exactly how much you have paid in throughout the year is critical when filing your tax paperwork. Having canceled checks or bank statements available as back-up can also be beneficial should any discrepancies be located during the filing process.

Qualifying Tax Purchases/Sales

Big purchases or sales that have the potential to impact your taxes (i.e. real estate, land, etc.) should be kept separate from everyday expenses. For these items, knowing the sale price and potentially purchase price when acquired may be necessary. 

If you are in search of support for any individual tax issues or business filings then let the tax and experts at Bloch Rothman and Associates assist you or your business today. In addition to providing personal and effective care, they also handle multiple other issues dealing with paying or owing back taxes, required audits from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in 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 and filings, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!
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Denver Tax Service Offers Solution to Common Filing Mistakes


December 11, 2019

The abundance of new tax computer programs and apps available for individuals to file their taxes seems to be increasing yearly but is something so important worth taking that risk? You’ve worked hard for an entire year and now are responsible for reporting the income tied to either yourself or your family but not everyone may be comfortable with the risks associated with filing a return themselves.

It may be that you attempt to complete a return but find the results are not favorable. Perhaps you owe a large amount to the Internal Revenue Service (IRS) or are maybe getting a giant refund but aren’t too confident in your reporting. Unfortunately, there are many common tax filing mistakes individuals become subject to when trusting only one set of eyes on his/her return but these can be avoidable miscues. Instead of falling victim to one of these issues, consider having a professional assist with the process.

Account Numbers

If you are receiving a refund then ensuring the account numbers filed within a return are correct is extremely important. Wherever the refund is generated from, whether federal or state, it will be sent to the account corresponding with the numbers entered on the return. If you happen to miskey an entry then your funds could land elsewhere, creating a hassle to get them back and appropriately received.

Missing Deadlines

If your return isn’t filed before the set deadline, then expect to be assessed a penalty fee. Depending on how long after the initial filing was due that something is turned in could also play into account. A tax extension may be your best bet.

Tax Code

Keeping up with the changes to tax brackets and many other intricacies associated with filings can be overwhelming - especially following changes in the Washington D.C. leadership. Ensuring that you are reporting correctly and taking the right tax breaks without missing any possible deductions can be extremely difficult. 

If you aren’t confident in filing without the assistance of a professional or have endured some changes in the past year which could affect your filings, then let the tax and financial experts at Bloch Rothman and Associates assist you or your business today. In addition, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in 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 in Denver, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!
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