Latest News on Denver Accounting & Taxes

Denver Accounting Firm: Payroll Service Benefits


January 24, 2022

Denver Accounting Firm: Payroll Service Benefits
Running a small business can be an extremely rewarding experience. Not only do you immediately become your own boss but there are also plenty of other perks that come with ownership. Depending on the nature of your company, the opportunity may also exist to hire others and truly create something special. However, these benefits do come with a great deal of responsibility, including determining how many employees to hire and at what rate they should be compensated for their work.

The average American income is a bit deceiving given the discrepancies in pay scale across the country, but median figures translate to just over $16.00 per hour. Understanding how you can compensate others while still operating a productive business is essential to the success of both. Fortunately, there are options available for implementing payroll once the rates are determined and outsourcing your process proves to be extremely beneficial.

Time

By choosing to outsource payroll capabilities, business owners can save on time. Instead of having to take away from daily operations to organize, sort, file, and execute the payroll process, you can rest easy knowing these actions are being completed and everyone will be paid accordingly. With most businesses choosing to pay employees either weekly or bi-weekly, the time saved really adds up in a hurry.

Cost

In addition to saving on time, employers can also save on money. With bottom line figures ultimately the determining factor of how successful a business can be, knowing you may save money by choosing to outsource payroll can be a positive for your company. By comparison, it is often cheaper to outsource payroll versus hiring individuals to complete these tasks for your business.

Adjustments

Outsourced service providers are also easily accessible and can make adjustments to any pay issues immediately. Having unbiased and unaffiliated individuals running payroll can also have significant benefits as opposed to those working within your company. By keeping these items separate, many issues can be avoided.

Taxes

It’s likely you didn’t get into business with following tax laws as your primary purpose. If you elect to operate your own payroll, plenty of time and effort will be spent on this task. As withholdings and other allowances are always changing, having an outsourced organization whose full responsibility is to understand and apply these adjustments only makes sense.

If you need payroll assistance for your business, are in need of filing a business or personal tax 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 Tax Refund: Five Things To Know


January 13, 2022

Denver Tax Refund: Five Things To Know
Tax time is just around the corner and as individuals prepare to file their returns, many are expected to receive a refund. These monies are often much sought after commodities as people across the country plan to file and then expect to receive their refund in a timely manner. For many, plans are already in place for these funds even prior to their receipt. While this may not be the best possible practice, it doesn’t hurt to understand and have a plan for these expected additions.

A majority of people who file tax returns will receive a refund. This is typically due to the fact that many people have not adjusted their withholdings accordingly but it is still usually received as a welcome boost to one’s bank account during the first quarter of a year. Tax filings are mandatory and ensuring that yours are correctly submitted, in addition to getting money back can be a welcome practice but regardless of your current status, understanding the tax refund is critical for all filers.
Refund

First and foremost, individuals should understand that a refund isn’t simply free money. In fact, this is money to which you were already owed but paid in previously and are having returned to you after the filing of your taxes. While it’s always nice to get a refund, understanding how the process works and why this money is being returned is an important concept for all tax filers to comprehend.
Timing

The timing of a return is something many individuals worry about once it is concluded they are to receive such funds. Depending on your method of receipt, a refund may be issued anywhere between five to seven days or two to three weeks after filing. Typically federal returns are quicker to arrive than state monies, but understand you shouldn’t count on any of the funding until it actually shows up in your account.
Delivery

There are two different ways to receive a tax refund from your filing - either by direct deposit or a mailed check. If you elect to have the monies deposited, then the process is much faster while also being easier to track and trace. If, however, you want a check then expect to be watching the mailbox daily after about 10 days of filing for the return to arrive.
Application

When filing your taxes, know the service being used should not relate any pricing or funding based on a potential refund. In fact, even the fees being charged shouldn’t be construed or taken out of the charge for an initial filing. These events should be separate transactions and even though places may offer immediate or same-day refunds, it is not the actual money being returned from your filing.
Questions

If after some time your refund has yet to arrive then obviously questions are going to arise about its whereabouts. If you have such an inquiry the Internal Revenue Service (IRS) has a ‘Where’s My Refund’ website which is capable of addressing any such issues. If after a few weeks no refund has been received, accessing this site may offer an explanation as to the status of your money.

If you’re ready to file a return or need assistance with a potential due refund, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your tax 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 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 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: End of Year Stock Actions To Know


December 21, 2021

Denver Tax Return: End of Year Stock Actions To Know
The 2021 calendar is coming to a close and while many had hoped it would be much different than its predecessor there was still plenty to be wary about. Economic situations for many Americans continue to be a struggle and recent inflation is putting potential hopes of any immediate recovery into jeopardy. As a result, many individuals are making concessions in order to save money and tweaking your portfolio is an option which could have definitive returns on your upcoming tax filing next year.

Over half of Americans own stock and depending on their performance there are potential beneficial options for moves to be made prior to the year end. Doing so could help offset any gains or reduce your tax burden when the time comes to file in the new year. However, there are certain criteria to follow in order to understand execution is key to ensuring the proper results are achieved.

Calendar

Tax year impacts run conveniently with the annual calendar so any action taken during 2021 applies to its return. The same is also true for portfolio management but typically the stock markets are operational on New Year’s Eve giving people the opportunity to make any last minute decisions before the deadline.

End of Year Action

Investors and individuals alike should all be reflective of their financial futures as the calendar turns over. For those with a portfolio, analyzing its current state and identifying any actions which could prove beneficial is important and time is of the essence. 

Flip / Flop

Dumping loss stocks for tax benefits may be productive but don’t expect to reverse the field any time soon. Rules are in place prohibiting individuals from selling a stock and then re-purchasing the same one within a given timeframe to prohibit all investors from executing such trades as the year ends. This flip-flop is illegal and can prohibit certain actions but shouldn’t keep investors from executing their strategy in the event a loss could benefit their tax filing.

Amounts

Despite the opportunity for dumping losses as a potential write-off or to help off-set gains, there are also limitations on the amount. Only $3,000 may be recorded for those reporting losses in a given year. This, coupled with the inability to flip-flop current holdings, helps manage the overall system but taxpayers should also be cognizant of the ability to potentially aid their returns.

If you’re a stockholder and need help determining which loss options may be applied to your given situation, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your tax related and income 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 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 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: Proactive Planning Pays Off


December 16, 2021

Denver Tax Return: Proactive Planning Pays Off
The final annual quarter can be one of the most pivotal for both individuals and small business owners with tax season right around the corner. Taking a few steps to prepare for the upcoming filing can be pivotal when it comes to your return(s). By ensuring that you are fully prepared, the stress typically associated with taxes may be avoided. For small business owners, these steps can truly be beneficial as proactive planning pays off in more ways than one.

Year end tax planning moves for small business owners focuses on general options and many of the basic concepts both individuals and businesses should be watching. These steps not only help to reduce the potential tax burden but can also assist in retirement and other potential deductions which may really help boost any tax incentives highlighted by a consumer’s return. With proactive planning, the sky's the limit and tax time can be a far less stressful experience. 

Organization

Being prepared is half the battle when it comes time to file your taxes. By ensuring that all of the required paperwork has been received, taxpayers can enter the process with confidence about all of their reporting.

Bookkeeping

For both individuals and small business owners, the bookkeeping process is going to be critical to their return. Provided you have up to date information, the entire tax filing should be less of a hassle. 

Income Reduction

One of the most influential methods both small businesses and individuals can employ is the ability to reduce any taxable income. By utilizing different contribution aspects and other incentives around retirement age, the ability to manipulate the amount of taxes owed may be legally possible.

Deduction Benefits

Maximizing taxable deductions is another method by which taxpayers can help to reduce their amount owed. Doing so not only reduces the amount of income on which you pay taxes but also could benefit in other areas. Charitable donations, medical expenses, and certain types of other regulated taxes may all count towards reducing your accounted for income in terms of tax filing.

Tax Credits

Another option for lowering one’s tax burden and also helping to prepare for filing season is to account for all potential tax credits that may be applied. In addition to electing a potential credit, taxpayers should also be ready to provide proof of the potential listing. Not only will these applications reduce any amount owed but they could also provide money back to the filing party.

If you’re ready to start proactively planning for the next filing season during this year’s final quarter, then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for all of your filing 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 quality tax and payroll services, our group can also complete all types of returns or answer 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 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: Inflation Adjustments Upcoming


December 9, 2021

Denver Tax Return: Inflation Adjustments Upcoming
As the American economy continues its rebound from the coronavirus pandemic, demand and a variety of other factors are causing inflation to near record highs. This rise continually impacts individuals across the country at every turn, from the gas pump to the grocery store, and everywhere in between. The increasing costs of goods and services without similarly styled pay raises can be difficult to navigate and the federal government is making adjustments to assist.

Inflation is pushing income tax brackets higher for 2022, indicating that any relief may not be quick to arrive. Fortunately, these changes could have a beneficial outcome but it’ll be another year in the making as the tax filing season for 2021 nears its inception. While no one can predict what the future may hold, it does at least appear that these adjustments could help when the time comes to file everyone’s 2022 taxes.

Inflation

At its core, inflation is an increase in the overall prices of all goods and services. Most individuals are somewhat familiar with the impacts of supply and demand on pricing, which does play a part in inflation, but overall its impact is simply a reduction in the perceived current value of available currency. 

Filing Status

There are four common filing statuses for taxes across the country - individual, married filing jointly, married filing separately, and head of household. Each of these will see an impact with the upcoming changes for 2022 submissions.

Standard Deduction

Already recently increased, the standard deduction is an amount subtracted from earnings before any tax is applied. This number varies depending on filing status and helps to reduce the amount of tax owed when submitting a return. In the past, many chose to itemize their taxes (indicating they could receive a better rate by applying all of their qualified items in lieu of this practice) but with the recent increase a majority of people now elect to take the standard deduction and more changes are on the way.
Changes

Beginning with the 2022 filing (coming in the spring of 2023) tax brackets have been adjusted to hopefully reduce the amount owed on any income for certain filers. Both the individual and married rates have been adjusted. In addition, the standard deduction is raising again to $12,950 for individuals and $25,900 for those who file under either married status option. Up $400 and $800 respectively from the current rates. An increase in 401(k) plans for 2022 and other tax adjustments are also expected to help ease the burden of the current inflation once the time finally arrives to file in another year.

If you’re ready to file a return now or need help determining exactly how these changes could impact your taxes, then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to all of your tax 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 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 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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