Latest News on Denver Accounting & Taxes

While your deadline quickly approaches, your Denver accountant is here to help by giving some useful tips to remember before this year’s Tax Day arrives. Here are three things to keep in mind regarding your taxes this year:

• Extensions: If you know you won’t make the deadline for filing taxes in Denver this season, file an extension right away. This will allow you to forego the trouble for six months - giving you time to get things properly organized and prepared.
• Make an Appointment: To save yourself some unnecessary stress and wasted time toiling over forms and numbers, make an appointment with tax professionals in Denver and allow them to take control of things for you. Alleviate the worry over whether things are filled out correctly and let the experts guide you. 
• Get Organized: Whether you plan on filing by yourself of you contact a tax service to help, you will need to get things together and in order. Make sure to think about having the correct forms if you changed jobs, worked independently, or had a status change. Take the time to go through your paperwork and sort things out before it’s too late. 

Even though we are nearly a quarter of the way into 2015, there is still time to contribute to your IRA (individual retirement arrangements) for 2014. You may even qualify for a deduction or tax credit. In order to count for 2014, contributions must be made by April 15, 2015. See the full article on the IRS website here. If you have any questions about this, or anything else related to your filing your taxes in Denver, we are here to help. 

Commonly, individuals filing taxes of their own accord can be subject to errors, but can usually be avoided. Here are a few errors that your tax professionals in Denver can help you avoid this tax season:

• Missing Information: When filing taxes in Denver, it is important to make sure that all necessary information is included in your submission – it is best not to experience any delays. Utilizing a tax preparation service can ensure that nothing will fall through the cracks and all forms are included in the proper manner.
• Extensions: Rather than pay a late penalty, visit your Denver accountant to get help filing an extension. Remember that the amount you owe to the IRS will still be subject to the due date, so let the professionals advise what will be the best plan of action.
• Incorrect Filing: Whether misspelling your name, address, checking the wrong status, or adding the numbers up incorrectly – the IRS will not accept your submission. Have a tax professional in Denver look over your documents and help you prepare them beforehand to ensure proper submission requirements are met.

When you begin to compile your documents, receipts, and forms to being filing taxes in Denver, consider the worth of itemizing certain things. Medical expenses, for instance, are not a common deduction for the majority of people in this country. The threshold for itemizing and deducting medical expenses had increased from 7.5% to 10% of your adjusted gross income in the last year. Most people preparing taxes in Denver will not take advantage of this deduction, as they will not come close to meeting that threshold. If you are a small business owner, however, medical expenses and insurance expenses may actually exceed that 10% mark for a deduction.

Contact your Denver tax service to find out the most practical way to approach deductions and get advice this tax season.

Although many states have strange tax laws, placing a tariff on items like candy, blueberries, or belt buckles - it can sometimes speak to their major industries. Tax deductions, on the other hand, can prove substantial at times, especially if you know of deductions associated with your doctor. Your Denver tax professionals can help find and advise you of all necessary deductions on your 2015 taxes. Here are some lesser known deductions:

• Doctor Prescribed Services: If you suffer from a disease or injury that requires any type of prescribed activity, consider it a deduction. Whether you have cosmetic surgery after a major accident or injury, hair loss, or any diagnosed malady - your measures for treatment might be a deduction when filing your Denver taxes.
• Work Uniforms: With a job in any type of service, whether medical, governmental, or industrial, if your uniform does not come provided to you - it’s a possible deduction. Contact your Denver accountant to see if your uniform or work attire qualifies as an exemption.