Denver Accounting Firm End of Year Tips for Tax Preparation
December 26, 2019
As the calendar flips nears the end December and a new year approaches, another tax reporting time period officially comes to a close. As individuals prepare for personal, business returns or potentially both, the need to gather all important documents and qualifying paperwork to make filing a smooth process begins. If you’ve been diligent throughout the year then this won’t require too much work but if not, then putting everything together could take a little more time. If you find yourself falling into the second category, then now is the time to begin preparations for doing a better job of keeping things straight in the new year.
While some items will not be made available until after this year concludes, gathering the forms you need to file your taxes is a great first step in the process. In addition, checking to make sure that all necessary forms are accounted for or seeing when they should be expected can help to relieve some of the stress associated with tax filing. In order to make sure you get off to a great start in the new year, consider these tips as you prepare to file your taxes in Denver.Â
Get Organized
Organization is key. Instead of having to file through numerous papers in order to find specifically what you are looking for, consider a filing system to help. Keeping receipts, purchases, anything business related, mileage, and anything else tax relevant separated can help save valuable time at the end of a year.
Bank Statements
Definitely for businesses and potentially for individuals, keeping up with monthly bank statements can help to not only track your expenses throughout the year but also monitor finances and cross-check to ensure everything is accounted for in the end.
Quarterly Estimate Totals
If making estimated tax payments applies to you then knowing exactly how much you have paid in throughout the year is critical when filing your tax paperwork. Having canceled checks or bank statements available as back-up can also be beneficial should any discrepancies be located during the filing process.
Qualifying Tax Purchases/Sales
Big purchases or sales that have the potential to impact your taxes (i.e. real estate, land, etc.) should be kept separate from everyday expenses. For these items, knowing the sale price and potentially purchase price when acquired may be necessary.Â
If you are in search of support for any individual tax issues or business filings then let the tax and experts at Bloch Rothman and Associates assist you or your business today. In addition to providing personal and effective care, they also handle multiple other issues dealing with paying or owing back taxes, required audits from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, 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!
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While some items will not be made available until after this year concludes, gathering the forms you need to file your taxes is a great first step in the process. In addition, checking to make sure that all necessary forms are accounted for or seeing when they should be expected can help to relieve some of the stress associated with tax filing. In order to make sure you get off to a great start in the new year, consider these tips as you prepare to file your taxes in Denver.Â
Get Organized
Organization is key. Instead of having to file through numerous papers in order to find specifically what you are looking for, consider a filing system to help. Keeping receipts, purchases, anything business related, mileage, and anything else tax relevant separated can help save valuable time at the end of a year.
Bank Statements
Definitely for businesses and potentially for individuals, keeping up with monthly bank statements can help to not only track your expenses throughout the year but also monitor finances and cross-check to ensure everything is accounted for in the end.
Quarterly Estimate Totals
If making estimated tax payments applies to you then knowing exactly how much you have paid in throughout the year is critical when filing your tax paperwork. Having canceled checks or bank statements available as back-up can also be beneficial should any discrepancies be located during the filing process.
Qualifying Tax Purchases/Sales
Big purchases or sales that have the potential to impact your taxes (i.e. real estate, land, etc.) should be kept separate from everyday expenses. For these items, knowing the sale price and potentially purchase price when acquired may be necessary.Â
If you are in search of support for any individual tax issues or business filings then let the tax and experts at Bloch Rothman and Associates assist you or your business today. In addition to providing personal and effective care, they also handle multiple other issues dealing with paying or owing back taxes, required audits from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, 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!
Denver Tax Service Offers Solution to Common Filing Mistakes
December 11, 2019
The abundance of new tax computer programs and apps available for individuals to file their taxes seems to be increasing yearly but is something so important worth taking that risk? You’ve worked hard for an entire year and now are responsible for reporting the income tied to either yourself or your family but not everyone may be comfortable with the risks associated with filing a return themselves.
It may be that you attempt to complete a return but find the results are not favorable. Perhaps you owe a large amount to the Internal Revenue Service (IRS) or are maybe getting a giant refund but aren’t too confident in your reporting. Unfortunately, there are many common tax filing mistakes individuals become subject to when trusting only one set of eyes on his/her return but these can be avoidable miscues. Instead of falling victim to one of these issues, consider having a professional assist with the process.
Account Numbers
If you are receiving a refund then ensuring the account numbers filed within a return are correct is extremely important. Wherever the refund is generated from, whether federal or state, it will be sent to the account corresponding with the numbers entered on the return. If you happen to miskey an entry then your funds could land elsewhere, creating a hassle to get them back and appropriately received.
Missing Deadlines
If your return isn’t filed before the set deadline, then expect to be assessed a penalty fee. Depending on how long after the initial filing was due that something is turned in could also play into account. A tax extension may be your best bet.
Tax Code
Keeping up with the changes to tax brackets and many other intricacies associated with filings can be overwhelming - especially following changes in the Washington D.C. leadership. Ensuring that you are reporting correctly and taking the right tax breaks without missing any possible deductions can be extremely difficult.Â
If you aren’t confident in filing without the assistance of a professional or have endured some changes in the past year which could affect your filings, then let the tax and financial experts 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 from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, 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 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 serving whatever your needs may be soon!
Read More...
It may be that you attempt to complete a return but find the results are not favorable. Perhaps you owe a large amount to the Internal Revenue Service (IRS) or are maybe getting a giant refund but aren’t too confident in your reporting. Unfortunately, there are many common tax filing mistakes individuals become subject to when trusting only one set of eyes on his/her return but these can be avoidable miscues. Instead of falling victim to one of these issues, consider having a professional assist with the process.
Account Numbers
If you are receiving a refund then ensuring the account numbers filed within a return are correct is extremely important. Wherever the refund is generated from, whether federal or state, it will be sent to the account corresponding with the numbers entered on the return. If you happen to miskey an entry then your funds could land elsewhere, creating a hassle to get them back and appropriately received.
Missing Deadlines
If your return isn’t filed before the set deadline, then expect to be assessed a penalty fee. Depending on how long after the initial filing was due that something is turned in could also play into account. A tax extension may be your best bet.
Tax Code
Keeping up with the changes to tax brackets and many other intricacies associated with filings can be overwhelming - especially following changes in the Washington D.C. leadership. Ensuring that you are reporting correctly and taking the right tax breaks without missing any possible deductions can be extremely difficult.Â
If you aren’t confident in filing without the assistance of a professional or have endured some changes in the past year which could affect your filings, then let the tax and financial experts 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 from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, 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 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 serving whatever your needs may be soon!
Denver Accounting Firm: Initial Questions to Ask
December 3, 2019
No matter the circumstances surrounding your current situation - a recent move, bad prior experiences, business development, tax issues, or anything else - finding and using the services of a reputable professional for your accounting and tax needs is critically important. Essentially you are going to entrust these individuals with what will be considered private and confidential information regarding your personal or business finances, making the selection process an important factor when searching for new services.
While proximity or personal referrals may come into play when determining if you need an accountant, considering a few other important factors can also help to sift through the multitude of available options in an effort to essentially find someone who you feel comfortable working with into the future. Should you find yourself in this situation, then consider the following tips and advice for ensuring you land someone who not only has your best interest in mind, but can accurately and effectively manage all of your needs.
Background Information
Asking for references, degrees earned, professional licences, and other pertinent information related to the training and past experiences of your tax and accounting professional should be welcomed (and readily available) by the party in question.
Relevant Experience
Firms employing multiple individuals in a variety of different fields are more likely to have someone on staff who has handled a situation similar to the one you have in question. Asking for similar cases and the end result of an experience should also be welcomed by your firm.
Individual Accountability
Establishing a personal relationship and knowing who exactly will be handling your accounts can play a large role in creating a solid rapport for all of your financial needs.Â
Communication/Reports
Hand-in-hand with understanding individual accountability, knowing the importance of communication and the process for reporting information from all involved parties is another especially important aspect of the accounting process.
Pricing/Fees
One of the obvious factors which will influence if an individual or firm will be hired is the application of their fees for provided services. Before you move forward with a new firm, asking and fully understanding any associated pricing mechanisms should be a priority.
If you are in search of support for business finances or individual reporting concerns then let the tax and experts at Bloch Rothman and Associates assist you or your business today. In addition to providing personal and effective care, they also handle multiple other issues dealing with paying or owing back taxes, required audits from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, 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 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 serving whatever your needs may be soon!
Read More...
While proximity or personal referrals may come into play when determining if you need an accountant, considering a few other important factors can also help to sift through the multitude of available options in an effort to essentially find someone who you feel comfortable working with into the future. Should you find yourself in this situation, then consider the following tips and advice for ensuring you land someone who not only has your best interest in mind, but can accurately and effectively manage all of your needs.
Background Information
Asking for references, degrees earned, professional licences, and other pertinent information related to the training and past experiences of your tax and accounting professional should be welcomed (and readily available) by the party in question.
Relevant Experience
Firms employing multiple individuals in a variety of different fields are more likely to have someone on staff who has handled a situation similar to the one you have in question. Asking for similar cases and the end result of an experience should also be welcomed by your firm.
Individual Accountability
Establishing a personal relationship and knowing who exactly will be handling your accounts can play a large role in creating a solid rapport for all of your financial needs.Â
Communication/Reports
Hand-in-hand with understanding individual accountability, knowing the importance of communication and the process for reporting information from all involved parties is another especially important aspect of the accounting process.
Pricing/Fees
One of the obvious factors which will influence if an individual or firm will be hired is the application of their fees for provided services. Before you move forward with a new firm, asking and fully understanding any associated pricing mechanisms should be a priority.
If you are in search of support for business finances or individual reporting concerns then let the tax and experts at Bloch Rothman and Associates assist you or your business today. In addition to providing personal and effective care, they also handle multiple other issues dealing with paying or owing back taxes, required audits from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, 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 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 serving whatever your needs may be soon!
Denver Tax Service: Potential Audit Flags
November 26, 2019
Whether you complete tax returns in a timely manner, submitting them to the Internal Revenue Service (IRS) before the April 15 deadline or file for an extension - turning them in by mid-October, there are a few red flags to help avoid an audit. Typically the IRS will only go back three to five years for an audit but if discrepancies or reason is given for a more thorough investigation, the timeline may be extended.
No one, personal or business, wants to receive a letter stating they have been selected for an audit by the IRS. Even those who do everything “by the book,†like a majority of Americans, can feel a bit uneasy if notified of being subject to one of the four types of IRS audits and knowing every penny needs to be accounted for in order to avoid any potential penalties or fees.Â
Unreimbursed Business Expenses
Travel, automobile use, meals, and professional fees are all typical business expenses that taxpayers may attempt to deduct from their returns. Understanding what expenses you can write off can help to reduce an individual’s tax liability but if you have already been reimbursed by the employer then these are null and void. Keep a close watch on these as you complete a return to help avoid any audit because of a miscalculation.
Digital Currency
The rise of digital currency, from PayPal and Venmo accounts to Bitcoin and others has led to an increased interest from the IRS. Ensure you report all income, regardless of how it is paid/earned, to stay current with your tax filings.
Failure to Report Taxable Income
In similar fashion, there are some individuals who do not report all of their earnings and taxable income. Cash transactions are especially hard to keep a paper trail but you’ll need to ensure that all monies are reported on the return to stay in compliance.
Business Use of Vehicle
Depending on your work, business use of a vehicle can be a deduction to help lower an individual’s tax liability. However, if you are claiming 100-percent use, then expect to answer a few more questions about the likelihood of such an event occurring as it is extremely rare.
Foreign Bank Account(s)
Having access to a foreign bank account is a question all its own and while a majority of those completing a return do not, if you do then expect the return to draw a little more attention. It may not necessarily result in an immediate audit but a failure to report such involvement can draw significant repercussions.
If you fear a return has been mistakenly submitted or become aware that you are soon to be under audit, then let the tax and financial experts 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 from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, 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!
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Read More...
No one, personal or business, wants to receive a letter stating they have been selected for an audit by the IRS. Even those who do everything “by the book,†like a majority of Americans, can feel a bit uneasy if notified of being subject to one of the four types of IRS audits and knowing every penny needs to be accounted for in order to avoid any potential penalties or fees.Â
Unreimbursed Business Expenses
Travel, automobile use, meals, and professional fees are all typical business expenses that taxpayers may attempt to deduct from their returns. Understanding what expenses you can write off can help to reduce an individual’s tax liability but if you have already been reimbursed by the employer then these are null and void. Keep a close watch on these as you complete a return to help avoid any audit because of a miscalculation.
Digital Currency
The rise of digital currency, from PayPal and Venmo accounts to Bitcoin and others has led to an increased interest from the IRS. Ensure you report all income, regardless of how it is paid/earned, to stay current with your tax filings.
Failure to Report Taxable Income
In similar fashion, there are some individuals who do not report all of their earnings and taxable income. Cash transactions are especially hard to keep a paper trail but you’ll need to ensure that all monies are reported on the return to stay in compliance.
Business Use of Vehicle
Depending on your work, business use of a vehicle can be a deduction to help lower an individual’s tax liability. However, if you are claiming 100-percent use, then expect to answer a few more questions about the likelihood of such an event occurring as it is extremely rare.
Foreign Bank Account(s)
Having access to a foreign bank account is a question all its own and while a majority of those completing a return do not, if you do then expect the return to draw a little more attention. It may not necessarily result in an immediate audit but a failure to report such involvement can draw significant repercussions.
If you fear a return has been mistakenly submitted or become aware that you are soon to be under audit, then let the tax and financial experts 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 from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, 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!
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Denver Tax Service Highlights 2020 Filing Dates
November 13, 2019
As the holiday season approaches, 2019 draws to a close and with it the conclusion of another full calendar year for tax reporting purposes. With the new year now on the horizon, there are always going to be some important filing dates to keep in mind both as an individual or business owner. Understanding when and what tax filings are due is critically important to ensure you do not become subject to any penalties or interest for not submitting the appropriate paperwork and payments in a timely manner.
Keeping up with these dates can often be a trying process. Depending on the year in question, typical filing dates - like the April 15 tax deadline for filing individual and joint returns can fluctuate. Fortunately, this is not the case during the 2020 year as many of the regular filing dates lineup as expected. The first deadline of next calendar year is actually a carry-over from the quarterly reports of a year prior. A regular occurence, understanding and being aware of tax filing deadlines can help to ease the stress associated with completing a return.
January 15, 2020
Quarterly tax payments are due on this date for the final quarter of the preceding year. In this instance, those who are responsible for making 2019 fourth-quarter estimates would need to file. Often the case for self-employed persons, others who make estimated tax payments will also need to mark this date on their calendar.Â
April 15, 2020
The one everyone should recognize, tax day in 2020 falls on the noticeable April 15 date. Individuals filing a joint or single return will need to either complete their returns and submit payment or request an extension by this date. Remember, even if you’re filing for an extension, should you owe, the money is still due to the Internal Revenue Service (IRS) by this date. In addition, first-quarter estimated payments for the 2020 tax year are due at this time.
June 15, 2020
Second-quarter estimated tax payments are due for those to whom it applies.
September 15, 2020
Third-quarter estimated tax payments are due for those to whom it applies.
October 15, 2020
If an extension was filed previous to the original April 15 deadline, then this date represents the day to which that is applicable. There are tax extension pros and cons, but if you benefit from doing so, then submitting the paperwork by this time period will eliminate the application of any penalties due to a late filing - provided an original extension was filed in the spring.
(Fourth-quarter estimated tax filings will be due in January 2021)
If you need assistance keeping up with these dates, filing in general, or have endured some changes in the past year which could affect your filings, then let the tax and financial experts 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 from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, 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 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 serving whatever your needs may be soon!
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Read More...
Keeping up with these dates can often be a trying process. Depending on the year in question, typical filing dates - like the April 15 tax deadline for filing individual and joint returns can fluctuate. Fortunately, this is not the case during the 2020 year as many of the regular filing dates lineup as expected. The first deadline of next calendar year is actually a carry-over from the quarterly reports of a year prior. A regular occurence, understanding and being aware of tax filing deadlines can help to ease the stress associated with completing a return.
January 15, 2020
Quarterly tax payments are due on this date for the final quarter of the preceding year. In this instance, those who are responsible for making 2019 fourth-quarter estimates would need to file. Often the case for self-employed persons, others who make estimated tax payments will also need to mark this date on their calendar.Â
April 15, 2020
The one everyone should recognize, tax day in 2020 falls on the noticeable April 15 date. Individuals filing a joint or single return will need to either complete their returns and submit payment or request an extension by this date. Remember, even if you’re filing for an extension, should you owe, the money is still due to the Internal Revenue Service (IRS) by this date. In addition, first-quarter estimated payments for the 2020 tax year are due at this time.
June 15, 2020
Second-quarter estimated tax payments are due for those to whom it applies.
September 15, 2020
Third-quarter estimated tax payments are due for those to whom it applies.
October 15, 2020
If an extension was filed previous to the original April 15 deadline, then this date represents the day to which that is applicable. There are tax extension pros and cons, but if you benefit from doing so, then submitting the paperwork by this time period will eliminate the application of any penalties due to a late filing - provided an original extension was filed in the spring.
(Fourth-quarter estimated tax filings will be due in January 2021)
If you need assistance keeping up with these dates, filing in general, or have endured some changes in the past year which could affect your filings, then let the tax and financial experts 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 from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, 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 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 serving whatever your needs may be soon!
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