Latest News on Denver Accounting & Taxes

Completing a tax return can be a complicated process. Not only are there multiple ways to file but the intricacies of each method can also be extremely confusing. One small misstep and you could end up with an incorrect return, owing the Internal Revenue Service (IRS) money without even meaning to mess up the figures. For this reason, seeking professional assistance is the best option available to many different individuals. Doing so can ensure your return is correct, top to bottom and front to back, while lesser known deductions may be found which would have otherwise gone unnoticed.

One of these details many individuals fail to keep up with appropriately are the miles they travel throughout the year under specific circumstances. Knowing about claiming a mileage tax deduction can often have a positive impact on your return. If you are eligible to deduct car expenses on an individual or joint tax return then the changes in rates from last year are important to understand. These, however slightly altered, have been reduced for this upcoming year.

Business
Business deductions were lowered from an even 58 to 57 and one-half (57.5) cents per mile. In the event your employer doesn’t reimburse for any miles completed at the discretion of your job, then this rate may be applied. While it has been lowered, the significance will likely only be felt by those who complete a tremendous amount of travel within a given year.

Medical Care
Miles driven for medical purposes may also be tax deductible. Depending on your filing status standard deduction, mileage recipients may be better served. However, an analysis of each available option is only appropriate to ensure you receivecorrect advice and submit a flawless return. This amount lowered more than any other - falling three cents overall (20 to 17 per mile).

Moving Expense
Relocating for work or other means could also be deductible, if appropriately warranted. Depending on the current filing status and location, these miles may or may not be applied. If used, the rate fell an equal amount to medical care - three cents.

Charitable Work
Finally, charitable work completed throughout the calendar year may appropriately deducted if applied correctly. If you have completed any such event(s) over the course of 2019, then bring the appropriate paperwork to you for a meeting with a tax professional and enhance your return with the only rate which stayed the same at 14 cents.

If you’re ready to file a return or need help determining exactly which mileage status may apply to your given situation, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your travel 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 in Denver, 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!
 

It’s that time of year again when everyone begins to collect their paperwork, end-of-year forms, and review all financial implications from the prior year in an attempt to prepare for filing taxes. For some, earning income throughout the year and paying taxes or quarterly estimates results in an overpayment and thus, a refund is issued. However, for some, depending on their particular circumstances - money may be owed to the Internal Revenue Service (IRS) once a return is completed.

No matter your situation, each and every tax return begins with what appears to be a simple question but actually should be given considerable thought before proceeding. Everyone knows they are responsible for filing, but what status should they file under in order to receive the best benefit? With over 155 million returns filed last year, this is one question asked of every single person turning in a return with five distinct answers from which to choose.

SINGLE
Unmarried individuals or those legally separated from a spouse at the conclusion of the preceding year may file a return designated as Single. However, if you are currently married or were at any portion of the previous year - even if only for one day, then another selection must be made.

MARRIED FILING JOINTLY
Married filing jointly combines the income of two individuals and may result in an increased standard deduction or other tax incentive. A majority of the time this option is best for couples although there are exceptions.

  
For those particular instances, married filing separately is the next best option. With this method, each individual is responsible for their own tax situation and the two remain separate from one another. Although a number of tax breaks are negated by filing separate, there are varying circumstances where this option may be the best option for you or your spouse.

HEAD OF HOUSEHOLD
Single parents and others may qualify to file as Head of Household. Often, these particular situations involve a former couple and thus there are rules for claiming the Head of Household filing status.

QUALIFYING WIDOW(ER) w/ DEPENDENT CHILD
If your spouse passed in the year prior and there is a dependent child or children involved, this status applies. Although unique to specific scenarios, the option is available to adjust certain factors which would be applied differently under another status type.

If you’re ready to file a return and need help determining exactly which status applies to your given situation then let Denver's tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for how you should file, 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!
 

Tax season is right around the corner and there is no doubt you’ll see numerous advertisements about different software programs individuals can use to file their own taxes. Created in an attempt to ease the burden of paperwork and used as a method to potentially simplify an otherwise detailed process, these programs have evolved over time and incorporate a variety of different features. However, there are still multiple deficiencies and trusting the computer and yourself, to have all of the right numbers in their correct places without missing any potential deductions can be a risky process.

There are a number of innocent tax return mistakes that trigger IRS problems. Even if an error is not considered intentional, the end result can be penalties and interest payments in order to rectify the situation. Avoiding these costly mistakes is a key component to entrusting a tax professional with your return. In addition, there are a number of other valuable benefits including each of the following: 

Save Money

Hiring a tax professional to file your return may save you money. Even after paying for their services, if potential deductions or other methods to minimize your tax liability are utilized then the end result could be a larger refund than would have been awarded under a self-filing.

Reduce Stress and Save Time

Tax season can be a stressful time and handing off your paperwork for another individual to input can help to eliminate some of the stress associated with filing your own return. Ultimately, a decision must be made about how much your time is worth and if turning over all of the necessary documents outweighs having to cipher through everything on your own. A majority of the time it pays to let an expert take it over.

Audit Protection

While returns are filed with the information provided by a client, should the IRS have questions about a portion of the return, being confident in the answers can help. Experts often have relationships with the IRS and have dealt with any situation that may arise as a result of your filing. Having someone in your corner if/when the IRS comes calling can be extremely beneficial.

If you’re ready to receive support at every step along the way and a level of care for the finances of your business or personal financial situation then let the tax professionals in Denver at Bloch Rothman and Associates assist you or your business today. In addition, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by both the IRS or outside agencies, 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 in 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 serving whatever your needs may be very soon!
 

Another year has come and gone leaving in its wake a pile of paperwork for many individuals to cipher through as they gather important documents for tax filing purposes. No matter if you happen to be married with kids and run your own business or a single individual with nothing but a W-2 form - the tax man calls and everyone must answer. Fortunately, there’s plenty of time to get everything in order and multiple opportunities for assistance along the way.

As you begin preparations for filing this year’s tax return, which may be submitted beginning Monday, January 27, 2020 for last year, you’ll want to consider each of the following. Not only will these tips and tricks aid in streamlining the process but they can also serve to help eliminate some of the stressors associated with this sometimes daunting task.

Schedule

There are multiple benefits to hiring help when filing a return. Often, professionals finding even one deduction, which may not have been computed on an individual return, can not only cover the cost of submission but also increase your potential refund by decreasing one’s tax liability.

As the window for accepting returns is opened by the Internal Revenue Service, ensuring you already have your place in line with a paid preparer can get you a head start on the process. In addition, this date provides a deadline of sorts for ensuring that you have all of the necessary documentation to complete your return.

Paperwork

Organizing W-2 forms, potential 1099’s and any other paperwork associated with your tax liability is critical to completing a return. Not only will having all of this information readily available quicken the process of filing but it also protects against any audits and can be used as backup when or if any numbers are ever questioned.

Once you have an appointment, go ahead and begin organizing all of the required forms and begin to mark each off on your tax prep checklist to make certain your filing is completed with all of the necessary information available.

Deadline

Not only can having an appointment limit the amount of time available for organizing all of the necessary documentation but it may also enlighten you to the need for filing an extension. Necessary to be completed by the same filing deadline - April 15, 2020 - extensions are an option for individuals or couples who need more time to get all of their paperwork and figures together for submission.

Just remember, while this option provides an additional six months of leeway, it does not serve in providing more time to pay. Should you owe the IRS for taxes from the 2019 calendar year, these must still be submitted by the original deadline.

The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist during the upcoming tax season. Whether you need help submitting an annual return, owe back taxes, or have any other personal, corporate, wealth management issues - we are here and willing to help. In addition to providing a quality tax service, including navigating the intricacies of an audit, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in 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 filings and 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 serving whatever your needs may be very soon!
 

As the end of the year approaches there are a number of items to consider for both yourself and business. Ensuring all loose ends are tied up in an effort to make for a smooth transition into the new year is first and foremost but what exactly does that entail? For starters, if you are responsible for paying employees, making certain all of their hours are up to date and planning ahead for the holiday season is critical.

Bank and federal holidays typically coincide and sometimes the two terms can be interchanged but certain banks will also be closed in or around these same dates. These are also relevant to the stock exchange holidays, of which there are nine upcoming in 2020 and one remaining in 2019 - Christmas Day (December 25). Noting when payrolls must be submitted in order to ensure your employees are paid, in addition to accounting for holiday bonuses and banking hours can all impact the end of year payrolls for you and your company.

Holiday Pay

If you have employees who are required to work on federal holidays, then many employers elect to reward this sacrifice with a special pay scale. The ‘holiday pay’ can increase an individual’s income for the time spent doing their job should it fall in or around a specific holiday. For example, if you have three employees who must work on Christmas, then they may be compensated for their time with twice normal pay over that period. 

Bonuses

December also presents an opportunity for employers to divvy out bonuses for meeting certain goals, should a company’s fiscal year align with the traditional calendar. In many cases, this is often referred to as a Christmas bonus and in terms of payroll, it must be planned for accordingly. In order to ensure employees received these additional amounts prior to the holidays, processing and paperwork must be completed to not only determine the amounts but to also have them paid on time.

Scheduling and Hours

All of this relates to organization, planning, and double checking your specific bank’s hours around the holiday season. Depending on your payroll submission method, there may also be cut-off times associated with any service you are using. These may or may not match together with operating hours and are commonly ahead of holiday dates, so getting all of the necessary information submitted in a timely fashion to ensure everyone has an enjoyable break is important.

The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you should need help preparing for the holiday season, end of year payments, submitting all required taxes, owing back taxes, or any other personal or corporate wealth management issues. In addition to providing a quality tax service, including navigating the intricacies of an audit, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in 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 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!