Latest News on Denver Accounting & Taxes

Perhaps you were caught up in the mess of getting all of your tax information together and made some mistakes when filing. Not to worry, there are options available so that you can fix any errors you may have made – and could even save you some money! Amending a tax return isn’t a difficult process so long as you have all of the necessary documentation. A Denver accountant can assist in identifying any errors in your return and provide you the correct forms to make changes to your previously filed taxes.
 
A 1040X form will enable you to make the necessary changes to file an amended return. The form will have three columns that will include the original return, any changes being made and the corrected amount. This form cannot be filed electronically, it has to be done on paper and mailed. This form must be submitted within three years from the filing date of the original return, or two years from when the tax was paid – whichever is later. It typically takes about 8 to 12 weeks for the amended return to process.
 
There are specific circumstances that don’t require you to amend your tax return. For example, math errors will be fixed by the IRS. Any forms you may have forgotten to attach will alert the IRS to notify you and request these documents. You cannot amend errors that will favor your refund; you must fix all errors that correlate with your tax liability ranging from marital status to the amounts of dependents you are attempting to claim.
 
The enormous amount of rules and regulations can be daunting, but we can provide Denver tax resources that will save you more money or grant you a larger tax return.

Having a Denver accountant to manage your business payroll is part of smart and strategic organizational administration. Payrolls take much time to prepare and will often distract you from the core function of your enterprise. Business managers must be sure that payrolls are error-free and that they conform to the local rules of tax preparation. 

Outsourcing the business’s financial operations to a payroll services company ensures that your tax reporting information is accurate and never attracts penalties from the IRS. 40% of business establishments pay IRS tax penalties because of mismanaging the payrolls.

The payroll preparation experts also minimizes the possibility of a negative audit by the government tax authorities. An automated payroll preparation system will minimize errors that may lead to the violation of IRS tax rules.

You need not panic when if you fail to pay the taxes you owe. Your Denver accounting services provider can negotiate with the IRS or the Denver Department of Revenue for installment remission of delayed taxes. Your business may qualify for tax refunds from the local or federal authorities, but you do not know how to get the benefits. Accountants can facilitate the fast tax refund business owners or individuals could be seeking.

Payroll services may include payroll preparation software and information about how to earn tax credits. As a business owner, you can get quality advice to help you benefit from the Colorado State Rehabilitation Tax Credit or Federal Historic Preservation Income Tax Credit. The local tax department in Denver gives tax credits to people who rehabilitate buildings or preserve historic buildings. You can go to a Denver payroll company for guidance on how to gain from the tax incentives. 

Payroll means much more than paying your employees. Modern payroll functionalities give you the opportunity to improve human capital management and easier tax compliance. Modern payroll administration enables you to comply with health care regulations. The payroll management provider may even link the system to electronic cards.

Tax day is almost here and if you haven’t already filed your return, make sure to follow our tips below so that your return is error-free and is accepted by the IRS:

1- Check your work! Even if you have had a tax professional prepare your return for you, it is important to take the time to read through your return and understand the numbers. Even pros sometimes make mistakes, so make sure everything looks right too you

2- E-file: E-filing is quick and easy and you receive confirmation of receipt right away. When you mail your return, it takes time and there is always the concern with whether or not the return made it to the IRS safely

3- Make sure your bank account and routing number are correct: This sounds like a simple one, but one wrong number could hold up your refund for weeks

4- Sign & Date: The IRS does not accept returns that are not signed. Even though everything is done, the final step is to sign the return

5- Make a Copy for Your Records: Keep all of your important financial documents together and include a copy of your annual tax return. If you ever get audited or just notice an error in your filing, this will be important to have on hand.
6- File an Extension: If you just don’t have the time before April 15^th, file an extension. This will give you time to actually file the return and will prevent late filing penalties.

If you need help with your Denver taxes, give us a ring today. 

Hiring an accountant in Denver can save you money by assuring that you qualify for every deduction to which you are legally entitled. You want to pay the minimum tax that you legally can. An accountant will enable you to do that without you having to take any unnecessary chances with the law. An additional benefit of hiring a tax service in Denver is that they already know how to fill out the forms correctly, so you do not have to take time away from earning money to figure them out yourself.

An accountant can help you plan personal or business expenses in ways that save you money. They can inform you that certain purchases or assets are deductible, and by purchasing them you can write off part or all of the cost either immediately or over a few years. This type of tax planning enables you to maximize your savings from the beginning instead of waiting until the last minute to call someone to prepare your taxes and only then find out the tax ramifications of your actions for the past year. Taxes are a major consideration both in business planning and in saving you money on your personal income taxes.

Audits are not only a hassle but they cost money because they pull you away from more productive work that you could be doing. The expertise that a Denver accountant brings to you will reduce your chances for an audit because the IRS will be receiving professionally filled out tax forms that only claim legitimate deductions. Also, in the event an audit is inevitable, you will save yourself a lot of fear and uncertainly by knowing you have tax professionals on your side. You save money and you save yourself or your business the legal hassle by knowing you have complied with tax laws correctly. Delegating specific tasks to those with the knowledge and expertise to handle them well is part of the secret to the efficient use of your time and resources.

Contact a Denver tax professional today and start enjoying all the ways they can save you money.

Many small businesses manage their own books throughout the year and enlist a tax professional to assist them with filing their taxes only on an annual basis to help with year-end tax prep. Every small business is different and if you are a small business owner it is important to carve out some time to meet with your accountant to address any tax related issues that are specific to your industry or your particular circumstances.

Regardless of industry, many small businesses are eligible for tax deductions (keep your receipts!) including:

• Use of a home office
• Purchase of office supplies
• Mileage and use of your personal car for business purposes
• Depreciation of various assets such as furniture and computer equipment
• Software purchases
• Business travel, meals and entertainment expenses
• And more!

Also keep in mind that many small businesses should make estimated tax payments on a quarterly basis, and your Denver tax professional can assist you with coming up with these estimates to make sure you are exercising all of your eligible deductions while remaining compliant year-round.

There are 19 days left until the April 15^th deadline – Call us now for help with your Denver taxes.