Denver Tax Specialist Reveals Income Tax Filing Forms for Businesses
January 23, 2019
Tax filing season is now in full swing across the nation for both individuals, couples, and businesses alike. If you are a veteran owner of a small business, then filing taxes during this period and knowing exactly what you need may have become second nature over the course of your ownership but others may be experiencing all of this for the first time. Whether you are an experienced owner or a rookie just starting out, knowing which forms you will need in order to file your income taxes is extremely critical. An unfortunate  mistake could literally be costly to your company, while knowing everything has been correctly identified and filled out helps to relieve a lot of stress during these first few months of the year.
Understanding the required forms and knowing which ones are applicable to your specific business type is beneficial to every owner, regardless of their time serving in the position. For federal income taxes, all types of ownership should understand paying as your business earns income is the operational method but a full report, including potential deductions from business purchases and depreciation expenses must be filed annually with the Internal Revenue Service (IRS).
Following are the forms required to file federal income taxes dependent upon your specific business type.
For those who own or are responsible for an unincorporated business as individuals there are three potential forms for filing purposes. The 1040 Form is required and paired with a Schedule C or Schedule C-EZ in order to complete your return.
While organizations that fall into this category do not necessarily file a direct and formal tax return, an informational report to acknowledge the income earned throughout the past year is required using Form 1065.
There are two differing types of corporations (S-corp, C-corp) and both have different tax filing responsibilities. While an S-corp has shareholders whose business income and losses are referenced on their personal tax returns, C-corp filings are completely separate entities all together. Form 1120S and 1120S Sch. K-1 are used for S-corp filings and Form 1120 for those needing to file a C-corp return.
The tax experts at Bloch Rothman and Associates are ready and willing to assist with all of your questions and filing needs. Serving Denver and the surrounding area for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues, including dealings with the Internal Revenue Service. For anyone who has been selected for an audit, it is recommended to seek the services of a professional tax organization to assist in the audit, prior to meeting with any IRS representatives. 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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Understanding the required forms and knowing which ones are applicable to your specific business type is beneficial to every owner, regardless of their time serving in the position. For federal income taxes, all types of ownership should understand paying as your business earns income is the operational method but a full report, including potential deductions from business purchases and depreciation expenses must be filed annually with the Internal Revenue Service (IRS).
Following are the forms required to file federal income taxes dependent upon your specific business type.
Sole Proprietorships
For those who own or are responsible for an unincorporated business as individuals there are three potential forms for filing purposes. The 1040 Form is required and paired with a Schedule C or Schedule C-EZ in order to complete your return.
Partnerships
While organizations that fall into this category do not necessarily file a direct and formal tax return, an informational report to acknowledge the income earned throughout the past year is required using Form 1065.
Corporations
There are two differing types of corporations (S-corp, C-corp) and both have different tax filing responsibilities. While an S-corp has shareholders whose business income and losses are referenced on their personal tax returns, C-corp filings are completely separate entities all together. Form 1120S and 1120S Sch. K-1 are used for S-corp filings and Form 1120 for those needing to file a C-corp return.
The tax experts at Bloch Rothman and Associates are ready and willing to assist with all of your questions and filing needs. Serving Denver and the surrounding area for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues, including dealings with the Internal Revenue Service. For anyone who has been selected for an audit, it is recommended to seek the services of a professional tax organization to assist in the audit, prior to meeting with any IRS representatives. 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 Filing Timeline and Acceptance Date
January 16, 2019
Tax season has arrived and is now in full swing around the United States. From now until the April 15 filing deadline, every citizen will be preparing their taxes for submission to the Internal Revenue Service (IRS), either paying in due monies from the preceding year or expecting a refund because of overpayment.
Whichever side of the fence you land on, there are numerous factors to consider when filing revolving around the timing of your submission. Each of these different aspects need to be taken into consideration while planning as it is important to remember those on the receiving end of the taxes are working as fast as they can to sort through millions of entries.
Paperwork Compilation
One of the first things to consider is gathering all of the necessary paperwork needed to file your taxes accurately. Tax form checklists can be beneficial tools which provide individuals an outline of the necessary documents in order to properly file your taxes.Â
While a trained professional may assist in locating additional items that may benefit a taxpayer, these check sheets can help create a good starting point. Not only will the time you spend gathering information help yourself, but it can greatly benefit the individual responsible for filing.
Timing
The IRS will begin accepting tax returns on January 28, 2019 for this year. These will immediately begin to be processed and refunds distributed, in addition to accepting payments for taxes owed.
All returns must be filed by the April 15, 2019 deadline for most individuals and while there is no real benefit to filing early. The return time can be quicker at the start of the season than towards the end.
Patience
Another component to consider is the amount of paperwork and electronic filings that the IRS is dealing with over the 77 day time period. Reduced a bit due to the delay in accepting returns, the typical three month window has been significantly reduced this year. Exercising patience when expecting a return, in addition to working with tax preparers will benefit everyone involved in the process.
The experts at Bloch, Rothman, and Associates will be happy to help you file and keep you abreast of any refund situations, individual tax implications, or assist you in determining which deduction would be right in your situation and answer any questions regarding individual or business income taxes. We can also help with a variety of bookkeeping and other payroll options. It is recommended for those who are selected for an audit, that they enlist the services of a professional tax service before they begin engaging with the IRS auditor, especially before they submit any information.
Continuing further, associates at Bloch, Rothman can analyze and compile data for your unique tax situation, along with finding resolutions for your issues and estate complications. All services provided can and will be completed in a timely manner, and will account for any restrictions or tax deadlines. Whether you need a simple explanation on a random tax form, are in need of representation, or would like help in a variety of other 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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Whichever side of the fence you land on, there are numerous factors to consider when filing revolving around the timing of your submission. Each of these different aspects need to be taken into consideration while planning as it is important to remember those on the receiving end of the taxes are working as fast as they can to sort through millions of entries.
Paperwork Compilation
One of the first things to consider is gathering all of the necessary paperwork needed to file your taxes accurately. Tax form checklists can be beneficial tools which provide individuals an outline of the necessary documents in order to properly file your taxes.Â
While a trained professional may assist in locating additional items that may benefit a taxpayer, these check sheets can help create a good starting point. Not only will the time you spend gathering information help yourself, but it can greatly benefit the individual responsible for filing.
Timing
The IRS will begin accepting tax returns on January 28, 2019 for this year. These will immediately begin to be processed and refunds distributed, in addition to accepting payments for taxes owed.
All returns must be filed by the April 15, 2019 deadline for most individuals and while there is no real benefit to filing early. The return time can be quicker at the start of the season than towards the end.
Patience
Another component to consider is the amount of paperwork and electronic filings that the IRS is dealing with over the 77 day time period. Reduced a bit due to the delay in accepting returns, the typical three month window has been significantly reduced this year. Exercising patience when expecting a return, in addition to working with tax preparers will benefit everyone involved in the process.
The experts at Bloch, Rothman, and Associates will be happy to help you file and keep you abreast of any refund situations, individual tax implications, or assist you in determining which deduction would be right in your situation and answer any questions regarding individual or business income taxes. We can also help with a variety of bookkeeping and other payroll options. It is recommended for those who are selected for an audit, that they enlist the services of a professional tax service before they begin engaging with the IRS auditor, especially before they submit any information.
Continuing further, associates at Bloch, Rothman can analyze and compile data for your unique tax situation, along with finding resolutions for your issues and estate complications. All services provided can and will be completed in a timely manner, and will account for any restrictions or tax deadlines. Whether you need a simple explanation on a random tax form, are in need of representation, or would like help in a variety of other 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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How A Government Shutdown May Impact Denver Tax Return Filing
January 9, 2019
Any government shutdown, even a partial one, may not impact a majority of Americans but a continued closure which overlaps the typical filing periods for taxes of all citizens could end up having a significant impact on individuals hoping to file and receive a refund from their returns in a timely manner.Â
Tax returns are normally able to be filed beginning in mid-January and until the mid-April deadline (April 15) unless an extension is completed. The individuals who are due a refund are usually among those which are the first to file in hopes of recovering their owed monies well before any natural delays begin to formulate as people across the country complete their taxes and file them with the Internal Revenue Service (IRS).
Government shutdowns, which occur periodically due to an inability of the Congress to reach any agreements that must also be approved by the President, for various purposes can cause a delay in the functioning of many government agencies, including the IRS, and force organizations to work with skeletal staffs in an effort to complete the necessary requirements typically available.
However, what a federal shutdown could mean for tax season is a delay in order for those entitled to receive a return. While the period for filing taxes may also experience a push back in terms of when these items can begin to be filed, the main cause for concern would be to those who are entitled money back after paying in too much tax during the calendar year and not being able to receive the retribution in a timely manner due to the government not working.
While not always the case. Knowing how a shutdown may affect your individual tax situation is important to consider although there may not be any immediate cause for retribution to the shutdown circumstances. While most years are executed flawlessly, should any type of shutdown occur around the filing period - mid-January, extending into the spring - these are potential issues to consider which could help eliminate the uneasiness felt by many.
For some, there are no alternatives available other than depending on Uncle Sam to provide what one is owed which can assist when a situation arises where both the receiving and disbursement of funds could be delayed. Unfortunate as it is, a shutdown impacts multiple government agencies and delays are a direct result of the proceedings. While those remaining on the job work to ensure taxes are being filed, paid, and refunds properly administered, there is no way they can cover the amount of work which can be completed by having a full staff on hand.
The experts at Bloch, Rothman, and Associates will be happy to help you file and keep you abreast of any refund situations, individual tax implications, filing status, or assist you in determining which deduction would be right in your situation and answer any questions regarding individual or business income taxes. We can also help with a variety of bookkeeping and other payroll options. It is recommended for those who are selected for an audit, that they enlist the services of a professional tax service before they begin engaging with the IRS auditor, especially before they submit any information.
Continuing further, associates at Bloch, Rothman can analyze and compile data for your unique tax situation, along with finding resolutions for your issues and estate complications. All services provided can and will be completed in a timely manner, and will account for any restrictions or tax deadlines. Whether you need a simple explanation on a random tax form, are in need of representation, or would like help in a variety of other 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 returns are normally able to be filed beginning in mid-January and until the mid-April deadline (April 15) unless an extension is completed. The individuals who are due a refund are usually among those which are the first to file in hopes of recovering their owed monies well before any natural delays begin to formulate as people across the country complete their taxes and file them with the Internal Revenue Service (IRS).
Government shutdowns, which occur periodically due to an inability of the Congress to reach any agreements that must also be approved by the President, for various purposes can cause a delay in the functioning of many government agencies, including the IRS, and force organizations to work with skeletal staffs in an effort to complete the necessary requirements typically available.
However, what a federal shutdown could mean for tax season is a delay in order for those entitled to receive a return. While the period for filing taxes may also experience a push back in terms of when these items can begin to be filed, the main cause for concern would be to those who are entitled money back after paying in too much tax during the calendar year and not being able to receive the retribution in a timely manner due to the government not working.
While not always the case. Knowing how a shutdown may affect your individual tax situation is important to consider although there may not be any immediate cause for retribution to the shutdown circumstances. While most years are executed flawlessly, should any type of shutdown occur around the filing period - mid-January, extending into the spring - these are potential issues to consider which could help eliminate the uneasiness felt by many.
For some, there are no alternatives available other than depending on Uncle Sam to provide what one is owed which can assist when a situation arises where both the receiving and disbursement of funds could be delayed. Unfortunate as it is, a shutdown impacts multiple government agencies and delays are a direct result of the proceedings. While those remaining on the job work to ensure taxes are being filed, paid, and refunds properly administered, there is no way they can cover the amount of work which can be completed by having a full staff on hand.
The experts at Bloch, Rothman, and Associates will be happy to help you file and keep you abreast of any refund situations, individual tax implications, filing status, or assist you in determining which deduction would be right in your situation and answer any questions regarding individual or business income taxes. We can also help with a variety of bookkeeping and other payroll options. It is recommended for those who are selected for an audit, that they enlist the services of a professional tax service before they begin engaging with the IRS auditor, especially before they submit any information.
Continuing further, associates at Bloch, Rothman can analyze and compile data for your unique tax situation, along with finding resolutions for your issues and estate complications. All services provided can and will be completed in a timely manner, and will account for any restrictions or tax deadlines. Whether you need a simple explanation on a random tax form, are in need of representation, or would like help in a variety of other 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 Accounting Firm Discusses Required Payroll Deductions
December 26, 2018
As a business, completing payroll can be a hassle. Whether computed and distributed monthly, bi-weekly, or every week, there are a number of different factors to consider when calculating the correct pay. Regardless of if employees are paid hourly or on a set salary, there are still computations that must be managed in order to ensure the correct withholdings are taking place and that the business is responsible for their share of the taxes in addition to each individual check being deducted properly.
There are five essential deductions which should be made accordingly to every person receiving a check. Following are definitions of each that can be found on your check every pay period.
The amount of tax withheld from your check largely depends on the number of allowances marked on your initial paperwork. Based on dependents and itemized deductions, the allowance number affects the amount of money being withheld from your check.
Known collectively as FICA (Federal Insurance Contributions Act) these deductions are used to fund both government programs of Social Security and Medicare. Each working individual is responsible for paying a portion of their check to run these services, plus the company itself has to make a contribution as well that is dependent on the amount of monies disbursed.
Not only are federal taxes withheld from your paycheck but state taxes are also taken. The current Colorado rate for 2018 is 4.63 percent but there are also withholding tables which can be utilized based on an employees number of allowances and wages earned.
In addition to federal and state taxes, some areas may also enforce a local (county, city level) tax on pay. These must also be deducted, plus any unemployment insurance as determined by the location of employment.
Two other deductions are determined on a case by case basis for individual employees. Some may have child support payments which must be deducted from the paycheck and then submitted to the appropriate authority or a garnishment initiated by either a state or federal source.
Both instances are non-negotiable and must be completed accurately and in a timely manner to stay in regulation.
The experts at Bloch, Rothman, and Associates are happy to help analyze your business and provide any assistance in determining payroll, from full service to as needed. Our associates can also help in determining individual tax implications, filing statuses, or assist you in deciding which deductions would be correctly applied in your specific situation and answer any questions you may have pertaining to other individual or business income taxes. We can also assist with a variety of bookkeeping options for your business. It is recommended for those who are selected for an audit, that they enlist the services of a professional tax service before they begin engaging with the IRS auditor, especially before they submit any information.
Continuing further, associates at Bloch, Rothman can analyze and compile data for all unique tax situations, along with finding resolutions to any issues or estate complications. All services provided can and will be completed in a timely manner, accounting for any restrictions or imposed tax deadlines. Whether you need a simple explanation on a random tax form, are in need of representation, or would like help in a variety of other 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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There are five essential deductions which should be made accordingly to every person receiving a check. Following are definitions of each that can be found on your check every pay period.
Federal Income Tax
The amount of tax withheld from your check largely depends on the number of allowances marked on your initial paperwork. Based on dependents and itemized deductions, the allowance number affects the amount of money being withheld from your check.
Social Security and Medicare Tax
Known collectively as FICA (Federal Insurance Contributions Act) these deductions are used to fund both government programs of Social Security and Medicare. Each working individual is responsible for paying a portion of their check to run these services, plus the company itself has to make a contribution as well that is dependent on the amount of monies disbursed.
State Income Tax
Not only are federal taxes withheld from your paycheck but state taxes are also taken. The current Colorado rate for 2018 is 4.63 percent but there are also withholding tables which can be utilized based on an employees number of allowances and wages earned.
Local Tax/Unemployment
In addition to federal and state taxes, some areas may also enforce a local (county, city level) tax on pay. These must also be deducted, plus any unemployment insurance as determined by the location of employment.
Court Ordered Child Support/Garnishment
Two other deductions are determined on a case by case basis for individual employees. Some may have child support payments which must be deducted from the paycheck and then submitted to the appropriate authority or a garnishment initiated by either a state or federal source.
Both instances are non-negotiable and must be completed accurately and in a timely manner to stay in regulation.
The experts at Bloch, Rothman, and Associates are happy to help analyze your business and provide any assistance in determining payroll, from full service to as needed. Our associates can also help in determining individual tax implications, filing statuses, or assist you in deciding which deductions would be correctly applied in your specific situation and answer any questions you may have pertaining to other individual or business income taxes. We can also assist with a variety of bookkeeping options for your business. It is recommended for those who are selected for an audit, that they enlist the services of a professional tax service before they begin engaging with the IRS auditor, especially before they submit any information.
Continuing further, associates at Bloch, Rothman can analyze and compile data for all unique tax situations, along with finding resolutions to any issues or estate complications. All services provided can and will be completed in a timely manner, accounting for any restrictions or imposed tax deadlines. Whether you need a simple explanation on a random tax form, are in need of representation, or would like help in a variety of other 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 Accounting Firm Allowances on W-4 Employment Form
December 19, 2018
Before beginning a new job employees must fill out a handful of paperwork from the human resources department. In addition to basic demographic information and employment verification paperwork there is also a W-4 employment form administered by employers. This form allows businesses to know how much should be withheld from an individual’s paycheck and the amounts vary based on a few different factors.
An employee's marital or filing status, if married and filing separately has an effect plus the number of allowances dictated by the individual. Both impact the taxes applied and following is how each can change the amount of money you receive during any given pay period or when filing yearly taxes.
There are three available options to choose from when filling out a W-4 form for your employer. Married or single tax rates are each self-explanatory and both depend on an individual’s income but typically those who withhold at the single rate receive less of their money initially.
The third option is for those who are married but elect to bring home less up front and have extra money withheld at the higher, single rate. This can be beneficial if you feel that you may owe at the end of the year and need to put away as much money as possible during the year. Another option is to have additional money withheld from your check, which is always an option, if needed.
The other major factor determining a paycheck deduction is allowances which are claimed. Withholding allowances are traditionally determined by the number of dependents an employee has but can vary based on individual tax situations.
The lower number of allowances taken, the more money that will be withheld from your paycheck and sent to the government for use. Electing to take more allowances will result in more money in your pocket during the course of the year.
Depending on how the overall tax implications are applied at the end of the year, either a refund or payment must be made to the Internal Revenue Service (IRS). Choosing zero can be a start to a refund but a careful review of your individual or married tax situation may be needed to accurately determine the best possible number of allowances for an individual to claim.
The experts at Bloch, Rothman, and Associates would be happy to help analyze your income status and provide any assistance in determining how best to utilize your allowances and withholdings. Our associates can also help in defining tax implications or assist you in deciding which deductions need to be correctly applied in your specific situation. All services provided can and will be completed in a timely manner, accounting for any restrictions or imposed tax deadlines. Whether you need W-4 help, a simple explanation on another random tax form, are in need of representation, or would like help in a variety of other 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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An employee's marital or filing status, if married and filing separately has an effect plus the number of allowances dictated by the individual. Both impact the taxes applied and following is how each can change the amount of money you receive during any given pay period or when filing yearly taxes.
Marital Status
There are three available options to choose from when filling out a W-4 form for your employer. Married or single tax rates are each self-explanatory and both depend on an individual’s income but typically those who withhold at the single rate receive less of their money initially.
The third option is for those who are married but elect to bring home less up front and have extra money withheld at the higher, single rate. This can be beneficial if you feel that you may owe at the end of the year and need to put away as much money as possible during the year. Another option is to have additional money withheld from your check, which is always an option, if needed.
Allowances
The other major factor determining a paycheck deduction is allowances which are claimed. Withholding allowances are traditionally determined by the number of dependents an employee has but can vary based on individual tax situations.
The lower number of allowances taken, the more money that will be withheld from your paycheck and sent to the government for use. Electing to take more allowances will result in more money in your pocket during the course of the year.
Depending on how the overall tax implications are applied at the end of the year, either a refund or payment must be made to the Internal Revenue Service (IRS). Choosing zero can be a start to a refund but a careful review of your individual or married tax situation may be needed to accurately determine the best possible number of allowances for an individual to claim.
The experts at Bloch, Rothman, and Associates would be happy to help analyze your income status and provide any assistance in determining how best to utilize your allowances and withholdings. Our associates can also help in defining tax implications or assist you in deciding which deductions need to be correctly applied in your specific situation. All services provided can and will be completed in a timely manner, accounting for any restrictions or imposed tax deadlines. Whether you need W-4 help, a simple explanation on another random tax form, are in need of representation, or would like help in a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation.