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Individuals and small businesses have various needs when it comes to tax planning and preparation. There are different considerations when preventing unexpected tax bills and avoid fees or penalties from the Internal Revenue Service. In addition, tax planning requires an organized and methodical system as well as a solid understanding of all tax guidelines and regulations. 

A certified tax professional can assist individuals and businesses with their tax needs in several ways: 

• Organize items such as payroll and invoice documents
• Identify potential audit flags
• Request tax filing extension when needed

The best Denver tax resources will include a personal consultation. Business professionals and individual taxpayers often have changes to their situation throughout the year that could have an impact on their personal or business income tax requirements. While it is important for tax professionals to understand the law as it pertains to tax preparation, there is also a personal element that should not be overlooked. 

Speaking to clients often uncovers unspoken needs and information that could enhance the business relationship as well as the potential tax refund. Changes in a family situation or the number of employees in a small business can make a big difference in the type of services provided for a particular customer, and experienced tax professionals know how to interpret the given information. 

Sometimes, difficult tax scenarios arise and customers need additional support to make the best of an unpleasant situation. This requires the expertise of an experienced and diligent accounting professional that is able to thoroughly review all relevant information and minimize damage whenever possible. 

Whether a new business is growing and needs to add people to payroll, or an individual is completing a tax return for the first time, a certified tax professional can make the task at hand easy and efficient. 


 

Running a successful business in a high traffic, metropolitan areas such as Denver requires a great deal of focus. The notion of the small business person wearing X number of hats at once is a great way to run a business into the ground. Having the business tax preparation Denver trusts on your side is a great way to begin focusing your efforts in improving your productivity.

The Advantages of Outsourcing Payroll Services

Proper tax planning includes keeping proper records on your payroll. Outsourcing this function of your business to a reputable accountant increases your business productivity in a number of ways.

First of all, you will definitely improve morale in the office with your employees. Imagine how much better your employees will feel when they know that their paychecks are being handled by proper bookkeeping experts.

Secondly, imagine how much better you will feel when the recurring hassle of making sure that everyone gets paid on time is no longer your direct responsibility. Think of the time that you will be able to put into other efforts actually growing your business so that you will have the money to pay people.

Lastly, using your resources in this way will help to speed up your tax refund and minimize the amount of pressure that you will receive from federal and state tax agencies. You will have solid records to show any financial body that wishes to audit you. However, this advantage of solid record-keeping does not limit itself to government. If you are looking to expand or otherwise attract investors to your business, you will need to have these books as well. If you pick the right accountant, then you will also have tax litigation services on top of all of the added features and reduced stress.

Outsource properly, and you give yourself an advantage over every competitor in your industry!

Financial management and tax preparation is essential for individuals and businesses in Denver. Getting help from a local accounting expert is a great way to learn about retirement planning and taxation issues. A Denver accountant is the ideal professional for tax preparation, bookkeeping and payroll services.

Denver Tax Planning 

Quality resources are available for year-round support. Using a consultative approach, accountants have the expertise to properly advise area residents and business owners too. Convenient tax planning solutions are extended for anyone who needs tax litigation services as well as affordable business tax preparation. 

Knowledgeable professionals are able to provide objective advice that coincides with ethical strategies for tax planning. Prompt assistance is given to every local client. For quicker access to capital, individual and business filers may inquire about a fast tax refund.

Accounting Services for Small Businesses in Denver

Professional accounting services are available for small business owners in Denver. Maintaining a variety of important financial records is essential to growing a small business. Reliable Denver bookkeeping services are highly recommended for local business owners. Periodic financial reviews could ensure that certain checks and balances are in place for continued operating success.

Support is available for business owners who require payroll assistance. High quality payroll services may be outsourced for greater accuracy. While internal employees could generate pay stubs and other payroll records, a professional accountant can verify that various procedures are practiced in accordance with industry-recognized standards. 

Considerations

Licensed accountants are trusted to provide honest financial services. Selecting a local expert for income tax advice or information about retirement planning is a wise idea. For professional bookkeeping services, payroll services or for a faster tax refund, local residents and business owners may contact Bloch Rothman for more information. 

Too many people overlook the importance of saving now for retirement. What they don’t realize is that compounded interest makes the most difference when you start now, and that could mean having your wealth grow by millions. Denver accounting services can assist in identifying the key areas where you could be saving and investing to maximize your wealth. A Roth IRA is an Individual Retirement Account where contributions grow tax-free, and depending on your circumstances this could mean a substantial increase in retirement funds! The account can contain investments in stocks, bonds and/or mutual funds. The primary difference between a Roth and traditional IRA is that Roth IRAs are not tax deductible. For a withdrawal to be made without penalty, the owner must be at least 59 ½ years of age.

With a Roth IRA, money that is withdrawn is tax free after that age limit is met, or up to $10,000 can be withdrawn penalty-free if the money is being used for a first-time home purchase. Traditional IRA funds can be converted to a Roth IRA if income tax is paid on the amount being transferred. The maximum amount that can be contributed to a Roth IRA per year is $5,500 if under the age of 49, and $6,500 if older than 50. The amount can be reduced based on modified adjusted gross income. You are also not able to contribute more than the amount of income earned in that year.

There are seemingly limitless amounts of details when it comes to tax and retirement planning. We can provide information and advice on how best to manage your funds to maximize your savings. Contact a Denver accountant and let us handle the finances so you don’t have to worry!

Many people do not know that they can claim tips on their end of the year income taxes. Some businesses allow their employees to report their own tips when the time comes while others make their employees to report their tips on a daily basis and add them to the income reported on their W-2s. However, it is important to learn how to claim tips on income taxes so that you do not end up having problems with the IRS. You can avoid such problems by hiring Denver bookkeeping services with extensive experience in tax planning.

Instructions
• Maintain a record of all unreported tips of the year. This includes all tips that remain unreported to your employer at the end of your shift. 

• Fill out the federal tax form appropriately and with accurate information including your name and other personal information. 

• Look at the section titled “income” on the federal tax form. Enter all your income under this section. If you are not sure, consult a Denver tax resources specialist to help you fill out your federal tax form.

• Your tip money should be entered under the “wages, tips and salaries” section. Fill out this section only if your employer is honest enough and does not want to withhold taxes from your income. 

• Fill out Form 4137 to report tips that were not reported to your employer for social security and Medicare withholding. Form 4137 is usually filled with the federal income tax return. 

Form 4070-A
This is used to track and account for employees daily tally of tips in cash and credit. The tips are calculated and added to Form 4070-A and a monthly report is sent to the IRS with the employees’ names, addresses and Social Security numbers. 

Tips are easy to track and account for when they are added to a credit card. However, employers often have to rely on the honesty of their employees when the tips are in cash. Denver tax planning services can help you and your business not become overburdened by complicated tax concerns.