Latest News on Denver Accounting & Taxes

Although there are many opportunities that exist to file taxes independently, there are a few reasons to use an accountant when preparing your taxes this season. Here are 3 reasons why you should hire an accountant in Denver this year:

1. Free from Worry: if you file taxes on your own, you could potentially run into problems that you hadn’t anticipated. If there is any chance you will be audited, it’s smarter to use a tax professional in Denver to ensure all documents are processed according to regulation and laws.
2. Maximize Your Gains: You may not know all the rules and amendments to tax laws, but your accountant does. They will make sure you take every possible deduction and increase your return.
3. Save Your Time: Taking the necessary time to file taxes in Denver can be an incredibly lengthy process. Use your Denver accountant to get things done quickly, accurately, and most importantly, on time.

This year, the Earned Income Tax Credit (EITC) Awareness day was January 30^th, when the IRS promotes individuals to get more information and find out whether they qualify for this credit. Your Denver tax professionals can help determine this for you, and provide you with an accurate filing and claim.

There are many factors that determine whether you are able to receive this credit, and www.IRS.gov provides many resources to help educate and inform.  If you are self-employed for instance, you might qualify for this tax credit. The circumstances of location, hardship, and myriad others all are considered in determining eligibility.

If you think you might quality, speak with a Denver tax preparation expert to make sure you have reliable information about the EITC as well as any other tax credits that might be available to you.

If you are a business property owner or own any real estate in Denver, you have some options for paying your property taxes this tax season. There are some allowances that you could take advantage of that you may not be aware of. Split payments are possible – as long as you meet the due dates. Here are some dates to remember that could ease your pocketbook if you plan ahead for filing taxes in Denver.

• Feb 28^th – The first portion (half) of your property tax payment is due
• June 15^th – The remainder of your amount is due
• April 30^th – The full amount (if paying in full) is due

Some other options are available, but it is best to work with a tax professional in Denver to make sure you take the appropriate measures. If you would like to pay your property tax at the end of the year (December) – paying the amount paid in the previous year is a good place to start. Check back with your Denver accountant to make sure you do not owe anything further after the New Year.

Always play it safe when dealing with complicated taxes, hire tax professionals in Denver to ensure you file correctly.

When preparing to file your taxes in Denver this year, there are important things to consider due to the Affordable Care Act. Here are a few things to keep in mind this tax season:

• You will receive a penalty for not signing up for some type of healthcare – the fee incurred will amount to 1% of your modified gross income or $95, whichever turns out to be more. Your Denver accountant can help make sure you file correctly.
• If you don’t have healthcare, you may qualify for an exemption – Myriad reasons are available in this case, such as hardship, eviction, or medical bills, but these can be time-consuming and fairly difficult to complete.
• Tax credits from the purchase of insurance may need to be repaid (partially) – Most people would be surprised to learn that the subsidy they received after enrolling in a healthcare program may need to be partially repaid. Check with your Denver tax professional to find out what you owe, as this can be a difficult task to navigate on your own.

For this tax season, make sure that the new provisions are a part of your plan. Make sure you seek the assistance in your Denver tax preparation this year.

The 2015 tax filing season is nearly underway, and there are a number of important deadline dates to keep in mind in order to make sure the season is as stress free as possible and to avoid late penalties!

• February 2 - 2014 W-2 statements must be provided to employees. 1099 statements must be furnished as well.
• February 2 - Employers must file 2014 federal unemployment tax returns and pay any tax due
• March 2 - Employers need to send copies of W-2 forms to the Social Security Administration by this day
• March 16 - Corportate income tax filing deadline
• April 15 - Individual income tax filing deadline

These are some of the major upcoming deadlines, but remember, every situation is different, so give our Denver tax office a call to discuss your personal tax situation and we will work with you to maximize your refund and make sure your paperwork is filed by the appropriate deadlines.