Latest News on Denver Accounting & Taxes

Denver Tax Return: Cryptocurrency Things To Know


February 19, 2021

Technology advances have led to a rise in cryptocurrency, online financial transactions, and other monetary accumulation methods. With the touch of a button, individuals can transfer funds from one person to another, purchase items, and more with applications such as Venmo and Paypal. These systems are more similar to traditional banking institutions or credit cards but another item is growing in popularity and peaking interest across the globe.

Cryptocurrency has multiple forms but some of the most popular include - Bitcoin, Ethereum, Ripple XRP, Litecoin, Dogecoin, and others. It’s merger into the mainstream has become so commonplace that at least one professional sports athlete even had his contract arranged to be paid in such a manner. These changes, coupled with more and more use, has led the Internal Revenue Service (IRS) to alter their approach in order to track such transactions.

What It Is

In short, these items are a digital currency which is not backed by any institution but more of a person to person financial system. Organized online through a blockchain, computer code of transactions, these differ from dollars and cents in that there is no central authority - bank, federal reserve, or other system which is responsible for maintaining its value. Don’t get it wrong, there is value here but it is more determined by the use and frequency of people being able to own or acquire these types of currency.

Tax Impact

However, just because there is no backing agency, the IRS requires digital transactions be tracked, reported, and taxed. Comparable to short or long-term gains, the cryptocurrency popularity rise is currently being viewed as an investment. For example, if you acquired a cryptocurrency and then use it to purchase an item in the future, the tax rate would be determined depending on the length of time between getting the currency and transaction. While this may appear to be a simple exchange, the IRS doesn’t recognize cryptocurrency in the same manner as the US dollar and thus you either had a gain or loss - depending on the difference - which must be reported.

Understanding capital gains and losses, the associated tax rates, and other intricacies can really help to mold your cryptocurrency transactions in order to receive the best tax benefits possible. 

Should you need help determining the implications of cryptocurrency on your taxes, are in search of answers to other tax related questions, or need to file a return then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing solutions, 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 Return Help For First-Time Filers


February 11, 2021

Tax filing season can be a stressful time for any individual, but first-time filers may face even more angst about completing a return. The excitement about landing a position and earning your own income can be quickly erased when you begin receiving a paycheck and realize the amount you make and what you bring home differ - sometimes considerably. This same feeling has the potential to arise when filling out your tax return in order to report the preceding year’s earnings, but it doesn’t have to be this way.

By understanding your withholdings and planning throughout the year, depending on your job, steps can be made to ensure that the tax you are responsible for is being paid. Instead of being stuck with a big bill, many first time filers will receive a refund. In fact, a majority of Americans receive tax refunds but there are still a few tips for first-time filers to consider.

Gather Your Information

Begin collecting the necessary forms for filing as early as possible. Whether it be through the mail as a W-2 arrives or receipts over the year, keeping a file dedicated to anything with a potential influence on your tax return can be extremely helpful. 

Dependent Status

Ensuring that you cannot be claimed as a dependent by someone else is important for both involved parties when filing a return, since anyone who files on their own may not be reported by another individual or couple. Dependents typically received some assistance from the claiming party, but if you supported yourself throughout the majority of the year then filing your own return is likely the correct move.
Filing Status

Once you’ve determined that taxes need to be filed, the status of your return may also be in question. Most first-time filers will likely choose SINGLE, but some could be MARRIED FILING JOINTLY/SEPARATELY, or HEAD OF HOUSEHOLD. Your personal situation will determine which status is appropriate for your return. 

Ask for Assistance

Seeking help from a professional could also help to reduce any stress involved during the filing process. Not only will you have someone there to answer all of your questions but they can also assist in making sure that you are receiving any available credits and deductions that are due.

Once you’re ready to file a return or if you have any other tax related questions, then let the tax 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 Property Tax Information and Assistance


February 4, 2021

Tax time for all Americans begins when the calendar rolls into a new year as individuals scramble to secure W-2s, 1099s, and other important documentation to file a return. Reporting income and other information from the preceding year must be done within the first three and a half months (April 15), unless an extension is secured. However, for residents of Denver and some surrounding counties, this also signals another tax application and deadline.

Property taxes are typically associated with real estate and used by local governments for a variety of different reasons. Education, roads, sewer, and other utilities are common causes addressed for improvement with the funds collected. Colorado counties also reserve the full amount secured for use within its own borders and does not forward any of the money to the state. In addition to real estate, other items such as cars, boats, recreational vehicles, campers, etc. may also be subject to some form of tax payment. Unfortunately, like most taxes, the reporting, collection, and assessments are often complicated but fortunately help does exist.

Due Date

Denver property taxes have two payment options with three different due dates depending on the option selected. For those who elect to pay the full amount due, their date of payment is anytime prior to April 30. In the event a resident wishes to break up their payment into two equal installments the first must be submitted by February 28, with the remaining balance paid before June 15. While this option does require a submission before the year’s second month comes to a close, it does provide a nice cushion before the second half payment must be submitted.

Declaration Schedule

Citizens are required to submit their declaration schedule in order to determine the amount of tax owed for their eligible property. This is typically a similar payment due annually but there are instances which could change your amount. Other than selling items, any improvements - including finishing out a basement, central heat and air upgrades, building on or adding a room, etc. could all cause a change to your previous tax payments.

Appeal

Fortunately there is an appeal process for patrons who feel the calculated tax doesn’t accurately represent their current situation. Appealing to the County Board of Equalization may save you a considerable amount and assistance is available.

Once you’re ready to file, if you need help determining exactly what to report, or have any other property tax related questions, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your questions and a successful appeal record, 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 comprehensive 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 over 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 property, personal, business, estate, or any other filings, don’t hesitate to contact us today for a free consultation. 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 Return Debt Forgiveness Impacts


January 20, 2021

As tax season begins so does the stress of filing for many Americans. Depending on your current financial situation, submitting your information for review can be an anxious time as individuals await the results of their return. While many will receive a refund, as a result of paying in too much tax over the course of the past year, others will be required to pay some amount to make up for the difference. If your current income levels match previous years, then an amount, whether it be owed or a refund, similar to past filings can be expected. However, there are others who have had their income levels change, switched jobs, or had other variances in their financial situations which could cause the results to be different.

The average American debt is nearly $100,000 and an ongoing coronavirus pandemic has only increased these amounts. Fortunately, there are plenty of programs designed for individuals to manage their money including opportunities to be forgiven for amounts owed. Depending on your situation and lender - payment plans, cancellation, and forgiveness may all be available options. While this may initially offer a reprieve, there could be tax implications.

Debt

There are many instances where individuals accumulate debt. From purchasing a home to getting groceries, people sometimes have opportunities to use other sources of money for their expenses. This money then becomes owed to another entity and results in debt. Credit cards are another way debt is quickly accumulated and should be monitored closely in order to avoid getting into a situation where you need some type of forgiveness service. 

Forgiveness

Debt forgiveness and cancellation may occur for a variety of different reasons. If collection services are stopped or an agreement is reached to pay a sum smaller than that owed, the remainder is then typically not due. A 1099-C form should be received for any amounts forgiven in excess of $600.

Income

In certain situations, this leftover amount may not be relevant but generally it is considered income by the Internal Revenue Service (IRS).

Impact

Additional income can have an impact on your taxes, in addition to not reporting the forgiven debt. If you have received some type of debt forgiveness, then ensuring that your taxes are filled out appropriately with all of the correct forms is extremely important.

If you are in need of assistance with debt consolidation or tax prep with forgiveness forms the accounting experts at Bloch Rothman and Associates can 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 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 Return Refunds Fast


January 13, 2021

Tax season is right around the corner and expectations are a majority of Americans will be submitting returns earlier than normal this year. While some will have to wait until they receive documentation from other sources (banks, investment funds, retirement accounts, etc.), many will simply be able to file after they have received a W-2 or 1099 form. These are distributed prior to the first calendar month coming to a close, meaning filings may take place as early as mid to late January.

The benefits of filing taxes early are plentiful but for those who are expecting a refund, getting money back in your pocket as quickly as possible is often a priority. Some institutions advertise “faster refunds” or even “advanced refunds” for a fee, but the best practice remains receiving your full amount in a timely fashion for free.

Filing

Paper filings can be completed beginning on the first of January but electronic submissions will not be accepted by the Internal Revenue Service (IRS) until later in the month. However, no returns - regardless of how they are submitted - will be processed by the IRS until the electronic system is up and running. 

Timing

Typically, once the IRS begins processing tax returns refunds are distributed within about two weeks but it may depend on information associated with your filing. If you claimed the Earned Income Tax Credit or Additional Child Tax Credit then don’t expect a refund until some time in March, regardless of when you file.

Receipt

Choosing to have your refund returned electronically via direct deposit into a bank account will also help speed up the process. Instead of having to wait on the mail to deliver a paper check, these funds are immediately distributed once they have been verified. The IRS also offers an online tool in order to help track the progress of your filing and refund status.

Once you’re ready to file a return or if you have any other tax related questions, let the tax 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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