Latest News on Denver Accounting & Taxes

Denver Tax Specialist Gives Options for Additional Withholdings


July 18, 2018

When hired to begin work where you will be paid as an employee of an organization or entity, typically there are two main options for tax withholdings. These are determined by your current filing status and then potentially the number of dependents that you will claim at the end of a given year. These can be changed at any time and variations can fluctuate from pay period to pay period but most individuals elect to keep the same status over time unless a change in the family dynamic constitutes a need for an adjustment.

Status Options

The main options are whether you will be filling out a tax return as a married couple or single individual. The federal government then takes into account varying amounts which are taken from an employee’s paycheck in order to help constitute their coverage for the year’s tax bill. The employer then sends this amount to the federal government and depending on the amount withheld ultimately determines whether or not you owe taxes or receive a refund once the tax return is filed in the spring.

While there are multiple other factors which affect an individual’s tax status and implications, these paycheck withholdings (if applicable) are a substantial part of the end result. Understanding your paycheck withholdings is critical in helping alleviate any unnecessary tax burdens and can assist in proper planning for the future.


Once a determination is made for the status - married or single - the next option is deciding which number to utilize. Beginning with zero, dependents can be claimed with most people electing to take either zero or one. The higher the number, less tax will be withheld from the paycheck leading to an increase in funds during the year but the potential for owing taxes come time for filing is also increased substantially.

Individuals who choose zero will have the most money withheld from their check with the likelihood of a bigger return at year’s end. However, there are a few additional options for withholding elections other than changing the withholding numbers or status. These include each of the following.

Married but Withholding at Single - This application allows for an individual to have their taxes withheld at the higher rate. The effect of married withholding at a higher rate allows for even more taxes to be paid into the federal government throughout the year.

Additional Withholding

Another option is for people to voluntarily have more taxes withheld. Choosing this allows for someone to pay as much as they want over what is already being taken. Even just a small amount over each pay period can accumulate a larger withheld amount over the course of an entire year.
If you need assistance with determining which rate and option is the best for your individual tax situation then the accounting experts at Bloch, Rothman, and Associates will be pleased to assist you. Our associates can help ensure your paycheck works both to keep your family funded throughout the year and avoid the burden of a sudden tax situation at filing. Known for also providing expert tax advice and assistance, they can help with a variety of accounting, bookkeeping and any payroll options on an individual or business level. Whether you need an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in potentially a variety of other various services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation.
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Denver Tax Return Refund Missing? Find Out Why.


July 11, 2018

You’ve completed and filed a tax return prior to the April deadline and expected a refund but weeks have gone by with nothing. If you chose to file the return yourself then options for seeking answers as to why nothing has yet posted to your account or appeared in the mail box may be limited but we’re here to help.

Also, if you used a professional to file then starting with available options for locating where a refund could be will help to save a useless phone call or unnecessary trip back to their office for a similar result.
There are a few key questions to answer prior to beginning the search for an expected refund. This information must be available before searching online to find the status of your refund and also prevents others from attempting to locate or find out your refund status.

First, when you filed taxes there was an option to either receive a paper check or have the refund direct deposited into your bank account. If you chose to have the monies deposited directly into your account electronically then the money should arrive sooner. A paper check takes a little longer to process in addition to the added time for travel through the postage service. Both the federal and state returns have this option available and knowing which was selected for your particular return will help when searching for a missing return.

After deciding which option was selected upon filing, then you must also have the social security numbers associated with the return, filing status, and an exact amount. By utilizing this information any individual can access the online system provided by the Internal Revenue Service (IRS) and locate the stage in which a return is at while being processed.

The “Where’s My Refund?” portal is an easy tool that allows anyone who has filed a return to find out the current status of their return. If your return has been completed and a check issued then knowing whether to look either in the mail or your bank account (determined by the refund option selected) is the next step. If after a few weeks your refund is still missing then taking the next step and contacting either your professional service or the IRS themselves may be the necessary step.

This option is available for the federal return and many states are now offering a similar service for state return refunds. For residents or those who have filed a state return with the Department of Revenue in Colorado, an online system exists for determining the status of your refund. By accessing the online portal with the required information, anyone who is set to receive money back from their prior years’ taxes can quickly know the step their return is at during processing.

Different returns take varying amounts of time but a typical timeframe for 2017 returns has been approximately two to four weeks for the federal return and anywhere from six to eight weeks for the state version. If these time frames have passed and you were entitled to a return then checking these resources should be considered.

If you need assistance in locating your refund, the tax preparation and accounting experts at Bloch, Rothman, and Associates will be pleased to assist you. Our associates can help ensure you receive the best refund possible and understand the status of your return regardless of its current stage. Known for providing expert tax advice and assistance, they can also help with a variety of accounting, bookkeeping and payroll options on an individual or business level.

Whether you need an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in potentially a variety of other various services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation.
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Tax Specialist Denver Property Appeals


July 4, 2018

Taxes are not going anywhere but up for most of Americans across the country and have lived up to their billing as one of the only two certainties in life. Ben Franklin was well ahead of his time when coining the phrase comparing them to death and it was as meaningful then as it is now, despite all of the changes in the past 200-plus years.
 
From a piece of gum to a closed out estate following a productive life from any individual, taxes are going to be placed on any income or sale - Uncle Sam is going to benefit from the wealth of his occupants and the funds are hopefully used for the betterment of society but often are believed to be a pitfall instead of a solution.
 
Regardless, property taxes exist and are not going away. These levies are made to benefit the area and assessed within a variety of conditions. Managing these and understanding just why and what is being taxed can help to eliminate the potential for paying unnecessary or excessive funds to the municipalities responsible for such an action.
 
Denver property taxes are levied by the treasury division and can be paid in a variety of ways and methods. All first-half (of the year), second-half or full payments can be conducted online or mailed with a suitable check or money order. These options allow for a variety of residence the capabilities to ensure their part is paid on time.
 
An accurate declaration of Denver property taxes needs to be completed each year to aid in the process of payment. However, changes to a property type may have been administered over the course of a year leading to a change in how the taxes should be addressed for any given property.
 
Necessary steps must be taken to ensure that the appropriate amount is not only being paid but matches what should be sought from the municipality responsible for addressing such an issue. If there are discrepancies, then methods for contesting an associated value, penalty, or amount requested is necessary.
 
Appealing a property value assessment to the County Board of Equalization takes place through the assessor’s office and must be diligently handled to assure an accurate overview is administered. These steps can not only save taxpayers money but the associated savings added up throughout a given time period of ownership can substantiate to an enormous amount.
 
Any relegation to tax savings is important and should be administered to benefit the consumer. No one should attempt to deviate from what is required by the government, federal or local, but knowing you’re only paying an accurate amount is essential in the continued productivity of a civilization.
If you need assistance with determining which property tax amounts are accurate and the best for your individual situation then the accounting experts at Bloch, Rothman, and Associates will be pleased to assist you.

Our associates can help ensure you pay only what is owed and nothing more. Known for also providing expert tax advice and assistance throughout the calendar year, they can help with a variety of accounting, bookkeeping and any payroll options on an individual or business level. Whether you need of a property tax appeal, explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in potentially a variety of other various services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation
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Denver Accountant Can Ease Any Payroll Issues


June 20, 2018

Owning your own business can be one of the most rewarding of life experiences. Becoming your own boss and then reaping the benefits from being able to employ other individuals who provide for their own families can create quite the sense of accomplishment. However, these things are not easily ascertained and when achieved should be treated with respect and a diligence to maintain a level of success into the future.

Much time and dedication is required in order to fulfill these responsibilities and as a business owner there will be numerous things on which to focus. Instead of allowing payroll to be a hindrance and weekly, bi-weekly, or monthly hassle, consider allowing a trained professional the opportunity to ease some of the burden and lift a few of the responsibilities off your plate.

Doing so will create more ‘free time’ but as any business owner knows these extra hours will likely be put right back into the company. While it may not be on time figuring correct pay for employees, paying taxes, or deciding what withholdings should be administered, the saved moments can instead be put to use finding out ways for your company or organization to increase their profits.

Payroll, depending on frequency and the number of employees, can create quite the headache for any owner but especially someone just starting out in the business world. By utilizing the help of a trained professional, many of the hiccups or shortfalls which could potentially occur can be avoided. Typically, a business owner is an expert in their field but knowing how to bake cakes, tie fishing flies, create promotional campaigns, or any other concept which can be at the foundation of a company doesn’t mean the individual understands all of the intricacies of taxes and payroll.

Payroll taxes and employer responsibilities can be complicated but are vital to keeping employees happy and following the law. Making sure those for which you are responsible are properly taken care of and staying on the right side of the federal government and Internal Revenue Service (IRS) will be critical to creating a lasting business that is built for success now and well into the future.

If you need assistance with calculations and all forms or returns associated with payroll then the accounting experts at Bloch, Rothman, and Associates will be pleased to assist you. Our associates can help ensure your company is properly distributing funds and following all federal requirements in terms of paying taxes and keeping withholdings from your employees. Known for also providing expert tax advice and assistance, they can help with a variety of accounting, bookkeeping and any of the previously mentioned payroll options on an individual or business level. Whether you need an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in potentially a variety of other various services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation.
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Self-Employed? Why You Need to Pay Estimated Quarterly Taxes from your Denver Accountant


June 6, 2018

Being your own boss is something many people dream of. The idea of no longer having to live according to someone else’s rule book and having the freedom to work when you want is a very appealing prospect. Taking the plunge into self-employment is something that is very attractive for those looking to venture out on their own and take their career into their own hands. But while this idea can be very romantic and alluring, it is important to keep in mind that there are different tax requirements for self-employed individuals, specifically in regards to paying estimated quarterly taxes. If you own your own business, here’s what you need to know about this from your Denver accountant.

Who Has to Pay Estimated Taxes


According to the IRS, all US Citizens, residents of Puerto Rico and all US territories, as well as nonresident aliens are required to pay quarterly taxes if you expect to owe at least $1,000 in taxes for the year after subtracted withholding and refundable credits. Individuals who expect their withholding and refundable credits to be less than the smaller of 90% of the tax shown on your 2018 tax return or 100% of the tax shown on your 2017 tax return. You are not required to pay estimated tax if you had no tax liability for 2017 or if your total tax was zero and you did not need to file a tax return.

When are Estimated Quarterly Taxes Due


Most individuals work for someone else, and as a result their taxes are automatically deducted from their paycheck every pay period. But as a self-employed individual, you will no longer have this luxury and will need to save a portion of every dollar you earn in order to be able to pay your tax bill. As a self-employed individual, you will be required to pay taxes every three months. The dates for which these taxes are due are April 15th for the first quarter, June 15th for the second quarter, September 15th for the third quarter, and January 15th of the next year for the fourth quarter.

It is important to stay up to date on your tax responsibility as a self-employed individual, as the IRS may penalize individuals who do not fulfill their obligations on time. If your are thinking about filing your quarterly taxes in the Denver area, there is no better option than going with Bloch, Rothman, and Associates. Whether you are dealing with a large estate tax bill or are just looking to get the biggest possible tax return for you and your family, we are your preferred choice for tax accountants.

We are a full service Denver and Aurora accounting firm that offers personal and affordable accounting and tax services for both individuals and businesses. We pride ourselves on providing the best possible customer service and advice to our clients in the industry. Contact us today and we will be happy to help you receive the highest return possible.
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