Denver Tax Return Refund Estimate Application Idea
May 1, 2019
Tax season has come and gone and while some end up owing the federal government taxes, many do receive a refund. Especially with the new tax laws put into effect this filing year, those who have sometimes had to pay in the past may now be receiving money back because of the changes in standard deduction amounts for both individuals and those married filing jointly, in addition to other types of applications.
For those who may be receiving a refund for the first time, finding a good use for the small, albeit sometimes large windfall at an unexpected time can be a difficult task. Many choose to use the money to pay off credit cards, book an exotic vacation, or even pay down the principal on a mortgage but for those who wish to be considered “tax savvy†- another application could be more beneficial.
Refund
As recently as 2015, nearly 80-percent of individuals who filed received taxpayer refunds. This year the number may be slightly lower but there are still an overwhelming majority who pay in too much throughout the course of the year and then receive money back in the spring.
Estimates
For some taxpayers, it is suggested that they pay estimated taxes at different points throughout the year to avoid having to come up with a large some of money when taxes are filed, fulfill their annual tax obligation, and avoid any penalties. Especially for those individuals who are considered self-employed, the tax burden can be cumbersome.Â
Estimates are used to ease this burden, although coming up with first-quarter payments that are due the same time as last year’s taxes (April 15 - during most years) can be a difficult task.
Application
For this reason, it is recommended that those who need to make estimates but are receiving a refund, apply their overpayment toward the next year. For example, if you make quarterly estimated tax payments of $500 ($2,000 annually) and are getting a $250 federal refund - apply this money toward the next due estimate.Â
Instead of adjusting your due estimates to the previous year’s refund, changing it to $1,750 - applying the money back to an already established norm can benefit all involved parties. The taxpayer fulfills their obligation and instead of having to come up with multiple checks within a relatively short time frame, the anticipated payments are adjusted accordingly.
The tax experts at Bloch Rothman and Associates are able to assist with completing your tax return or analyzing any other factors associated with 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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For those who may be receiving a refund for the first time, finding a good use for the small, albeit sometimes large windfall at an unexpected time can be a difficult task. Many choose to use the money to pay off credit cards, book an exotic vacation, or even pay down the principal on a mortgage but for those who wish to be considered “tax savvy†- another application could be more beneficial.
Refund
As recently as 2015, nearly 80-percent of individuals who filed received taxpayer refunds. This year the number may be slightly lower but there are still an overwhelming majority who pay in too much throughout the course of the year and then receive money back in the spring.
Estimates
For some taxpayers, it is suggested that they pay estimated taxes at different points throughout the year to avoid having to come up with a large some of money when taxes are filed, fulfill their annual tax obligation, and avoid any penalties. Especially for those individuals who are considered self-employed, the tax burden can be cumbersome.Â
Estimates are used to ease this burden, although coming up with first-quarter payments that are due the same time as last year’s taxes (April 15 - during most years) can be a difficult task.
Application
For this reason, it is recommended that those who need to make estimates but are receiving a refund, apply their overpayment toward the next year. For example, if you make quarterly estimated tax payments of $500 ($2,000 annually) and are getting a $250 federal refund - apply this money toward the next due estimate.Â
Instead of adjusting your due estimates to the previous year’s refund, changing it to $1,750 - applying the money back to an already established norm can benefit all involved parties. The taxpayer fulfills their obligation and instead of having to come up with multiple checks within a relatively short time frame, the anticipated payments are adjusted accordingly.
The tax experts at Bloch Rothman and Associates are able to assist with completing your tax return or analyzing any other factors associated with 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 Extension Benefits
April 17, 2019
The tax filing deadline of April 15 has now passed but there are a few advantages for people who may have filed an extension and if you didn’t, some things to consider for next tax season. While getting all of the required information submitted before the deadline can be helpful, if you purposefully needed to get an extension on your tax return, there can be a few positives.
One of the most obvious is being allotted an additional six months of time in order to submit the tax return but a granted extension doesn’t prolong the necessity to pay any owed taxes. If you typically pay the federal government upon completion of a return, then sending in money can help to avoid any late fees and penalties. However, the push back may assist in eliminating any filing penalties which could be incurred.
Delay Interest Fees and Filing Penalty
The Internal Revenue Service (IRS) distributes penalties for late payment and late filing on all types of tax returns. In order to avoid a late filing penalty from being administered, a properly filed extension holds those charges at bay. If you do owe, payment is still required by the April 15 deadline, but an extension can keep multiple penalties from being all charged at one time.
Extra Time For Details
Depending on the information needed in order to complete a return, an extension gives individuals more time to finish a correct return. If you’re tax situation revolves around K-1 receipts or dividend applications, it often takes time for these figures to be distributed following the beginning of the year.Â
Instead of rushing to complete a return, increasing the potential for mistakes, filing an extension and allowing proper time to double check a complicated return may be beneficial.
Holiday Spending
Those individuals who are prone to receive a substantial refund, often have an idea for what they wish to do with the money they are owed. If one of those ideas involves any type of holiday spending, then delaying the submission of a return and thus, the refund would allow for the windfall to occur later in the year.
This would be beneficial for those who wish to receive some extra spending money around the holidays as opposed to earlier and having to budget the money accordingly throughout the coming months.
The tax experts at Bloch Rothman and Associates are able to assist with completing your tax return or analyzing any other factors associated with 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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One of the most obvious is being allotted an additional six months of time in order to submit the tax return but a granted extension doesn’t prolong the necessity to pay any owed taxes. If you typically pay the federal government upon completion of a return, then sending in money can help to avoid any late fees and penalties. However, the push back may assist in eliminating any filing penalties which could be incurred.
Delay Interest Fees and Filing Penalty
The Internal Revenue Service (IRS) distributes penalties for late payment and late filing on all types of tax returns. In order to avoid a late filing penalty from being administered, a properly filed extension holds those charges at bay. If you do owe, payment is still required by the April 15 deadline, but an extension can keep multiple penalties from being all charged at one time.
Extra Time For Details
Depending on the information needed in order to complete a return, an extension gives individuals more time to finish a correct return. If you’re tax situation revolves around K-1 receipts or dividend applications, it often takes time for these figures to be distributed following the beginning of the year.Â
Instead of rushing to complete a return, increasing the potential for mistakes, filing an extension and allowing proper time to double check a complicated return may be beneficial.
Holiday Spending
Those individuals who are prone to receive a substantial refund, often have an idea for what they wish to do with the money they are owed. If one of those ideas involves any type of holiday spending, then delaying the submission of a return and thus, the refund would allow for the windfall to occur later in the year.
This would be beneficial for those who wish to receive some extra spending money around the holidays as opposed to earlier and having to budget the money accordingly throughout the coming months.
The tax experts at Bloch Rothman and Associates are able to assist with completing your tax return or analyzing any other factors associated with 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 Prep Work Saves Time
April 10, 2019
Tax season is in full swing and while individuals all across the United States rush to file before the April 15 deadline, other options do exist. Extensions are possible, but still require a legal filing and while, if granted, it gives the taxpayer an additional six months to submit a return, it is not an extension to pay - only for the paperwork.
If you’re not wanting to file an extension then time is quickly running out but there are some steps people can take in order to save time when filling out the return. Depending on the number of taxable materials you have that need to be reported, organizing some of the information and putting it together prior to entering an office can help to save you much needed time during the filing process.
Consider these potential adjustments to help you make the best use of your time this tax season.
Standard Deduction Changes
The increase in standard deduction amounts for individuals and those filing jointly take a lot of the preparation work away from most taxpayers. Where many who have itemized in the past with their required documentation for each potential deduction, the increase covers more than enough in most scenarios. Unless you have totals exceeding $12,200 as an individual or $24,400 for joint returns, then choosing to take the allowable standard deduction is often a best case and time saving scenario.
Receipts Over Statements
Another technique many taxpayers use is for bank and credit card statements to be used as backup for any potential deductions. While this can be handy, the receipt which shows exactly what was purchased and when is a better document. Keeping up with these over the course of the year and then matching them to your statements can keep everything in one place and ready for any potential audit that may occur.
Mileage
Claiming a mileage tax deduction for W-2 employees disappeared with the changes applied to the 2018 tax year but those who are self employed can still cash out. Depending on your personal employment situation, you may or may not need to keep up with specific mileage during the year. Understanding where you stand will save you time in the long run.Â
Bill of Sale
Should you sell any property during the year, keeping up with the bill of sale can help make your tax preparations easier. Depending on if you are selling property within the given time restrictions for personal use or utilizing the sale of a rental or other property, keeping up with the prices and amounts paid at closing and/or purchase is important. These numbers can assist you in getting the most out of your return and those who prepare it from having to chase down any missing figures.
The tax experts at Bloch Rothman and Associates are able to assist with completing your tax return or analyzing any other factors associated with 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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Read More...
If you’re not wanting to file an extension then time is quickly running out but there are some steps people can take in order to save time when filling out the return. Depending on the number of taxable materials you have that need to be reported, organizing some of the information and putting it together prior to entering an office can help to save you much needed time during the filing process.
Consider these potential adjustments to help you make the best use of your time this tax season.
Standard Deduction Changes
The increase in standard deduction amounts for individuals and those filing jointly take a lot of the preparation work away from most taxpayers. Where many who have itemized in the past with their required documentation for each potential deduction, the increase covers more than enough in most scenarios. Unless you have totals exceeding $12,200 as an individual or $24,400 for joint returns, then choosing to take the allowable standard deduction is often a best case and time saving scenario.
Receipts Over Statements
Another technique many taxpayers use is for bank and credit card statements to be used as backup for any potential deductions. While this can be handy, the receipt which shows exactly what was purchased and when is a better document. Keeping up with these over the course of the year and then matching them to your statements can keep everything in one place and ready for any potential audit that may occur.
Mileage
Claiming a mileage tax deduction for W-2 employees disappeared with the changes applied to the 2018 tax year but those who are self employed can still cash out. Depending on your personal employment situation, you may or may not need to keep up with specific mileage during the year. Understanding where you stand will save you time in the long run.Â
Bill of Sale
Should you sell any property during the year, keeping up with the bill of sale can help make your tax preparations easier. Depending on if you are selling property within the given time restrictions for personal use or utilizing the sale of a rental or other property, keeping up with the prices and amounts paid at closing and/or purchase is important. These numbers can assist you in getting the most out of your return and those who prepare it from having to chase down any missing figures.
The tax experts at Bloch Rothman and Associates are able to assist with completing your tax return or analyzing any other factors associated with 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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How Long Do I Keep A Denver Tax Return
April 3, 2019
Tax filing season is upon us and while the amount of paperwork required for your Denver tax return depends on exactly what and how you have to file, the question remains - what to do with all of this information once the return has been accepted.
Depending on if you are able to itemize, there may be receipts, payroll reports, mileage records, medical statements, stock reports, in addition to tax payments on annual reports like property or vehicles. The amount of paperwork can, at times, feel overbearing but once the return is filed, a question about the amount of time each should remain tends to arise.
Forever
Initially, the most basic answer for keeping tax records and documents it forever. This is the only guaranteed method to keeping your information in tact and available to any Internal Revenue Service (IRS) employee should it be needed.
Three Years
Unless the depiction of fraud is prevalent, generally IRS audits cannot be executed on returns filed after they are three years old. For most Americans, this is a good time limit to keep the required information on hand but there are some exceptions.
Seven Years
If in doubt, one of the most prevalent time frames for potentially destroying your tax return records revolve around seven years. At this point, even stock or capital gains/losses can be removed after being filed previously in the seven years prior.Â
Questions about the amount of record keeping needed are often met with this answer. While the exact specifics of any IRS inquiry into your return may not be revealed until a later date - following three years only in the event of suspected fraud or miscalculation - seven is a solid number for backup materials but the actual return should remain in your possession for much longer.
1040
Even after the return is filed and any related documents are disposed of, keeping the return itself forever should be strongly considered by each taxpayer. While the backup may be disposed of, typically the 1040 summary form on the return doesn’t extend past two or three pages and should not require an inordinate amount of space to keep. At least by holding on to these records, individuals always have proof that a return was filed for any given year. Should the IRS make a mistake and question you about a past return, simply producing the 1040 would warrant that the applicable of taxes were paid when required.Â
The tax experts at Bloch Rothman and Associates are able to assist with completing your tax responsibilities or examine the impacts of other factors onto your return. 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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Read More...
Depending on if you are able to itemize, there may be receipts, payroll reports, mileage records, medical statements, stock reports, in addition to tax payments on annual reports like property or vehicles. The amount of paperwork can, at times, feel overbearing but once the return is filed, a question about the amount of time each should remain tends to arise.
Forever
Initially, the most basic answer for keeping tax records and documents it forever. This is the only guaranteed method to keeping your information in tact and available to any Internal Revenue Service (IRS) employee should it be needed.
Three Years
Unless the depiction of fraud is prevalent, generally IRS audits cannot be executed on returns filed after they are three years old. For most Americans, this is a good time limit to keep the required information on hand but there are some exceptions.
Seven Years
If in doubt, one of the most prevalent time frames for potentially destroying your tax return records revolve around seven years. At this point, even stock or capital gains/losses can be removed after being filed previously in the seven years prior.Â
Questions about the amount of record keeping needed are often met with this answer. While the exact specifics of any IRS inquiry into your return may not be revealed until a later date - following three years only in the event of suspected fraud or miscalculation - seven is a solid number for backup materials but the actual return should remain in your possession for much longer.
1040
Even after the return is filed and any related documents are disposed of, keeping the return itself forever should be strongly considered by each taxpayer. While the backup may be disposed of, typically the 1040 summary form on the return doesn’t extend past two or three pages and should not require an inordinate amount of space to keep. At least by holding on to these records, individuals always have proof that a return was filed for any given year. Should the IRS make a mistake and question you about a past return, simply producing the 1040 would warrant that the applicable of taxes were paid when required.Â
The tax experts at Bloch Rothman and Associates are able to assist with completing your tax responsibilities or examine the impacts of other factors onto your return. 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 Vehicle Mileage Deductions Disappear
March 20, 2019
The Tax Cuts and Jobs Act (TCJA) implemented for the 2018 tax year has been making an impact as individuals file their returns this season. One of the biggest differences that many Americans are noticing is the reduced tax rates and increase in standard deduction for many who are filing. These differences are changing the bottom dollar for some, in terms of refunds but the main focus for many W-2 employees has been on the specific changes associated with the TCJA.Â
One of the biggest involves automobile deductions for W-2 employees who were previously not reimbursed for their travel expenses associated with employment. Before this tax season, individuals were required to keep up with all of their mileage and any bills associated with business travel, which could be added to their tax return as many would then receive a reduction in the impact of their taxable income due to the travel portions of their filing.
This year, the standard deduction has been dramatically increased and while travel expenses are still deductible for some, all W-2 employees are not eligible for these filings.
CHANGES
One of the biggest differences for individuals who were able to itemize on their previous tax returns is the difference in auto related deductions. Previously, individuals whose travel, not including personal mileage and travel to and from the workplace - were able to deduct these miles and apply the totals to their return.Â
In addition, car care and upkeep was also part of the totals used for calculating the deduction purposes. The standard deduction increase by virtue of the TCJA has eliminated these components and how the tax reform affects your 2018 mileage deductions.
ADJUSTMENTS
There are a couple of ideas for those affected by this change, including having your employer reimburse you for the travel expenses. Since there will be no specific tax implication, the reimbursement from an employer comes tax free as opposed to any increase in salary. By having your employer pay you back for the work associated miles, individuals can reduce the impact of not being able to “count†their mileage and other vehicle deductions on the tax return itself.
Another option would be to inquire about the acquisition possibilities of company specific transportation. The use of a company car would be beneficial to the employer while allowing their employees to not worry so much about their travel requirements. The differences would be sizeable as companies examine the possibilities of a company corps of travel, but the benefits could be beneficial to both employees and their own corporate returns.
The tax experts at Bloch Rothman and Associates are able to assist with any of these proposed changes to your return or examine the impacts of corporate additions to their own travel plans. 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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One of the biggest involves automobile deductions for W-2 employees who were previously not reimbursed for their travel expenses associated with employment. Before this tax season, individuals were required to keep up with all of their mileage and any bills associated with business travel, which could be added to their tax return as many would then receive a reduction in the impact of their taxable income due to the travel portions of their filing.
This year, the standard deduction has been dramatically increased and while travel expenses are still deductible for some, all W-2 employees are not eligible for these filings.
CHANGES
One of the biggest differences for individuals who were able to itemize on their previous tax returns is the difference in auto related deductions. Previously, individuals whose travel, not including personal mileage and travel to and from the workplace - were able to deduct these miles and apply the totals to their return.Â
In addition, car care and upkeep was also part of the totals used for calculating the deduction purposes. The standard deduction increase by virtue of the TCJA has eliminated these components and how the tax reform affects your 2018 mileage deductions.
ADJUSTMENTS
There are a couple of ideas for those affected by this change, including having your employer reimburse you for the travel expenses. Since there will be no specific tax implication, the reimbursement from an employer comes tax free as opposed to any increase in salary. By having your employer pay you back for the work associated miles, individuals can reduce the impact of not being able to “count†their mileage and other vehicle deductions on the tax return itself.
Another option would be to inquire about the acquisition possibilities of company specific transportation. The use of a company car would be beneficial to the employer while allowing their employees to not worry so much about their travel requirements. The differences would be sizeable as companies examine the possibilities of a company corps of travel, but the benefits could be beneficial to both employees and their own corporate returns.
The tax experts at Bloch Rothman and Associates are able to assist with any of these proposed changes to your return or examine the impacts of corporate additions to their own travel plans. 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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