Denver Accounting Firm Details Year End Business Reporting
February 15, 2022
The beginning of a new year can be an extremely interesting time for small businesses, especially if they are just starting out. Not only does it typically signify the time for taxes to be filed but it can also hold great promise as many businesses elect to operate their fiscal calendar in accordance with traditional yearly dates. It is here where new business owners may find some source of confusion, especially when needing to report earnings and file a tax return.
Depending on the type of business structure you choose, these applicable time frames are extremely important. Understanding their differences and being able to put your company in the best possible position to succeed is critical. Fortunately, there is help available to guide you as key decisions are made about the future operations of your business.
Calendar Year
The calendar year is most commonly associated with many businesses due to its ease of alignment and being able to actively track and keep goals. In addition, many other entities operate along the same guidelines, making any cohesion or association easily executed. The January 1 to December 31 calendar year is also relatable on a global scale and helps in terms of tax filing and all due dates associated with a return.
Tax Year
A company’s tax year can also be adjusted internally but is usually associated with how the entity elects to operate their own financial records. These tax years are typically divided into quarters and if aligned with the calendar year would include the ending dates of March 31, June 30, September 30, and December 31. However, while the tax year is organized to relate records, it may also be equal to the fiscal year if so desired.
Fiscal Year
The Internal Revenue Service (IRS) mandates certain businesses align their fiscal year with the calendar year for ease of reporting purposes, but other organizations may choose to operate differently. A fiscal year may be any 12-month segment other than the traditional calendar year. For example, companies can choose to operate on a financial reporting calendar of July 1 - June 30 or any other consecutive 12-month period. Despite the differences, fiscal years are more commonly associated with internal operations and not necessarily tied to the tax filing season.
If you need assistance determining the best organizational practice for your business in terms of operations over time, 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!
Read More...
Depending on the type of business structure you choose, these applicable time frames are extremely important. Understanding their differences and being able to put your company in the best possible position to succeed is critical. Fortunately, there is help available to guide you as key decisions are made about the future operations of your business.
Calendar Year
The calendar year is most commonly associated with many businesses due to its ease of alignment and being able to actively track and keep goals. In addition, many other entities operate along the same guidelines, making any cohesion or association easily executed. The January 1 to December 31 calendar year is also relatable on a global scale and helps in terms of tax filing and all due dates associated with a return.
Tax Year
A company’s tax year can also be adjusted internally but is usually associated with how the entity elects to operate their own financial records. These tax years are typically divided into quarters and if aligned with the calendar year would include the ending dates of March 31, June 30, September 30, and December 31. However, while the tax year is organized to relate records, it may also be equal to the fiscal year if so desired.
Fiscal Year
The Internal Revenue Service (IRS) mandates certain businesses align their fiscal year with the calendar year for ease of reporting purposes, but other organizations may choose to operate differently. A fiscal year may be any 12-month segment other than the traditional calendar year. For example, companies can choose to operate on a financial reporting calendar of July 1 - June 30 or any other consecutive 12-month period. Despite the differences, fiscal years are more commonly associated with internal operations and not necessarily tied to the tax filing season.
If you need assistance determining the best organizational practice for your business in terms of operations over time, 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!
Denver Accounting Firm: Child Tax Credit Questions Answered
February 14, 2022
Numerous families across the country didn’t get extra funds added into their accounts this month as the calendar turned to a new year. The Child Tax Credit, restructured as part of the ‘Build Back Better’ plan instituted at the federal level, utilized a new concept in an effort to give families more immediate money in their pockets. Instead of having to wait and claim dependents when filing their tax return, a majority of individuals and couples elected to receive a portion of this money earlier than anticipated.
Advance child tax credit payments were paid in the amounts of $300 and $250 each month, for six months, depending on age and number of qualifying children. Those who were eligible to claim kids under 6 years of age received the larger amount for each and the credit continued for all claimed dependents until age 17 for this past tax year. However, these payments were not dispersed in January as they have been temporarily discontinued.
Discontinued Credit
The payments were originally set up for eligible individuals to receive the credits for their children in advance, after initially raising the qualifying total amounts. Half of these funds were distributed up front, while the remaining balance is still eligible for receipt.
Not So Fast
While the lack of additional money in your account may have been a shock in January, there remains funding available and eligible individuals should be able to claim these amounts when filing their taxes for the preceding year.
Tax Filing
Due to the raise in credit, half of the funds were pre-distributed prior to tax filing in an effort to offer immediate assistance to those with qualifying dependents. Fortunately, the remaining balance will be distributed when taxes are filed. Recipients should receive notice of the amounts already issued, paving the way for the application of their remaining credit on any filed taxes. For example, if you’re married and have an eight year old child, one-half of the total credit ($3,000 / 2 = $1,500 … $1,500 / 6 = $250.00 per month) was paid in advance using the installments and the remaining half (the other $1,500) can now be claimed on your tax return.
If you need assistance determining more details on the Child Tax Credit, how it relates to your individual circumstances, are in need of filing a tax return, or have any other 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!
Read More...
Advance child tax credit payments were paid in the amounts of $300 and $250 each month, for six months, depending on age and number of qualifying children. Those who were eligible to claim kids under 6 years of age received the larger amount for each and the credit continued for all claimed dependents until age 17 for this past tax year. However, these payments were not dispersed in January as they have been temporarily discontinued.
Discontinued Credit
The payments were originally set up for eligible individuals to receive the credits for their children in advance, after initially raising the qualifying total amounts. Half of these funds were distributed up front, while the remaining balance is still eligible for receipt.
Not So Fast
While the lack of additional money in your account may have been a shock in January, there remains funding available and eligible individuals should be able to claim these amounts when filing their taxes for the preceding year.
Tax Filing
Due to the raise in credit, half of the funds were pre-distributed prior to tax filing in an effort to offer immediate assistance to those with qualifying dependents. Fortunately, the remaining balance will be distributed when taxes are filed. Recipients should receive notice of the amounts already issued, paving the way for the application of their remaining credit on any filed taxes. For example, if you’re married and have an eight year old child, one-half of the total credit ($3,000 / 2 = $1,500 … $1,500 / 6 = $250.00 per month) was paid in advance using the installments and the remaining half (the other $1,500) can now be claimed on your tax return.
If you need assistance determining more details on the Child Tax Credit, how it relates to your individual circumstances, are in need of filing a tax return, or have any other 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!
Denver Accounting Firm: Payroll Service Benefits
January 24, 2022
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!
Read More...
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!
Denver Tax Refund: Five Things To Know
January 13, 2022
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!
Read More...
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!
Denver Tax Return: End of Year Stock Actions To Know
December 21, 2021
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.Â
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!
Read More...
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.Â
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!