Don’t Fall Victim to Latest Denver Tax Scams
November 5, 2019
The practice of scamming citizens for financial information, identity theft, or to simply steal funds has unfortunately been going on for quite some time. While technological advances have given individuals a better opportunity to protect their privacy, it has also raised the game of those behind such despicable acts. Understanding verified correspondence with any party in question, can go a long way in helping to reduce the likelihood that you fall victim to such a scheme.
Fortunately, the Internal Revenue Service (IRS) is well aware of many tricks that evil doers attempt to have honest people fall for and reporting any such new activity can help save others. By maintaining a solid communication principle throughout their existence, the IRS helps to eliminate any potential misguidings by attempted bad guys. Understanding these simple processes will also help to protect your finances from being divulged or accessed through a potential scam.
Situational Knowledge
First and foremost, knowing your own personal tax situation can make dealing with any potential scams easier. Those behind the scams typically attempt to extort any individual with threatening information about past due payments, often demanding some rate of immediate payment to help negate further action. If you’re aware that no taxes or anything has been late or owed, then its an obvious scam. Unfortunately, even if you do have some type of back tax to be rectified, the method of communication from the IRS to an individual will never be demanding or subject to any form of immediate payment to rectify an action.
Phone Calls
In addition, the IRS typically does not utilize phone calls for this reason. Unless you have personally requested a voice call, the IRS will not ordinarily phone you first. Instead, notices will be sent via the US Mail service and often there are multiple attempts before any further measure is taken. When it's really the IRS calling or knocking on your door, a majority of the time it has been preceded by a written communication.
Phishing
Another popular method of retrieving information is through emails made to look as if they are generated from a legitimate source. While people should be aware of these for potential computer threats, the utilization of contact here, preceding a phone call has also been rising in popularity as the extent to which individuals are going in order to trick people continues to grow. Understanding how the IRS contacts taxpayers can aid in not finding yourself falling for one of these new methods of deception.
If you fear a mistake has been made and your information is in jeopardy, or need assistance deciphering if a point of contact is legitimate, 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 the IRS or other entities, 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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Fortunately, the Internal Revenue Service (IRS) is well aware of many tricks that evil doers attempt to have honest people fall for and reporting any such new activity can help save others. By maintaining a solid communication principle throughout their existence, the IRS helps to eliminate any potential misguidings by attempted bad guys. Understanding these simple processes will also help to protect your finances from being divulged or accessed through a potential scam.
Situational Knowledge
First and foremost, knowing your own personal tax situation can make dealing with any potential scams easier. Those behind the scams typically attempt to extort any individual with threatening information about past due payments, often demanding some rate of immediate payment to help negate further action. If you’re aware that no taxes or anything has been late or owed, then its an obvious scam. Unfortunately, even if you do have some type of back tax to be rectified, the method of communication from the IRS to an individual will never be demanding or subject to any form of immediate payment to rectify an action.
Phone Calls
In addition, the IRS typically does not utilize phone calls for this reason. Unless you have personally requested a voice call, the IRS will not ordinarily phone you first. Instead, notices will be sent via the US Mail service and often there are multiple attempts before any further measure is taken. When it's really the IRS calling or knocking on your door, a majority of the time it has been preceded by a written communication.
Phishing
Another popular method of retrieving information is through emails made to look as if they are generated from a legitimate source. While people should be aware of these for potential computer threats, the utilization of contact here, preceding a phone call has also been rising in popularity as the extent to which individuals are going in order to trick people continues to grow. Understanding how the IRS contacts taxpayers can aid in not finding yourself falling for one of these new methods of deception.
If you fear a mistake has been made and your information is in jeopardy, or need assistance deciphering if a point of contact is legitimate, 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 the IRS or other entities, 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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Denver Accounting Firm Payroll Solutions
October 23, 2019
Whether you are the owner of an established business or just starting out in the world of entrepreneurship, navigating the waters of payroll and associated taxes can be a daunting task. Especially if you are just beginning, there are numerous other things to focus on in order to ensure that your business finds success. Instead of having to worry about properly creating payroll checks for employees and withholding the correct amount of taxes for payment to the government, consider letting someone else take on this responsibility for your benefit.
Yes, this service obviously comes at a fee, regardless of where you outsource it, but the benefits often far outweigh this relatively small price to pay. Removing such a painstaking process from your plate can open up free time to take care of other important business factors. Many of the steps to starting a small business revolve around finances and accounting practices - regardless of the business you’re in, and understanding these concepts can go a long way to ensuring you not only stay afloat but thrive down the road. Consider having someone else take over these areas in particular to aid in running your business.
Payroll
Whether it be weekly, bi-weekly, or monthly, keeping up with time cards or hours and then deciphering pay for each employee can be a difficult task. Then, add on top the federal requirements for taxation and overtime pay or per diems and this chore can quickly consume a small business owner.
Required Forms
From pre-employment forms to yearly distributions of W-2 or other required paperwork, the payroll responsibilities do not end once the check is written. Yearly accumulations are required to be distributed for all employees so that they may fill out their own tax forms and file appropriately once the year concludes. Orchestrating these in a timely manner can often consume a small business at the first of a year.
Instead, let the tax and financial experts in Denver at Bloch Rothman and Associates assist with your small business by handling all of these extra tasks for you. From payroll calculations to full bookkeeping and even end-of-year tax return filing for your business, they can handle it all either individually or within a package rate. In addition, they can take care of multiple other issues dealing with paying or owing back taxes, required audits from the IRS or other entities, 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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Yes, this service obviously comes at a fee, regardless of where you outsource it, but the benefits often far outweigh this relatively small price to pay. Removing such a painstaking process from your plate can open up free time to take care of other important business factors. Many of the steps to starting a small business revolve around finances and accounting practices - regardless of the business you’re in, and understanding these concepts can go a long way to ensuring you not only stay afloat but thrive down the road. Consider having someone else take over these areas in particular to aid in running your business.
Payroll
Whether it be weekly, bi-weekly, or monthly, keeping up with time cards or hours and then deciphering pay for each employee can be a difficult task. Then, add on top the federal requirements for taxation and overtime pay or per diems and this chore can quickly consume a small business owner.
Required Forms
From pre-employment forms to yearly distributions of W-2 or other required paperwork, the payroll responsibilities do not end once the check is written. Yearly accumulations are required to be distributed for all employees so that they may fill out their own tax forms and file appropriately once the year concludes. Orchestrating these in a timely manner can often consume a small business at the first of a year.
Instead, let the tax and financial experts in Denver at Bloch Rothman and Associates assist with your small business by handling all of these extra tasks for you. From payroll calculations to full bookkeeping and even end-of-year tax return filing for your business, they can handle it all either individually or within a package rate. In addition, they can take care of multiple other issues dealing with paying or owing back taxes, required audits from the IRS or other entities, 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 Implications from Tying the Knot
October 9, 2019
At first glance, understanding the correlation between wedding season and tax season may seem like a far fetched idea. However, there are implications to an individual’s tax status once they decide to tie the knot and make marriage official. In addition, the wedding seasons typically peak in early spring and fall of the year, almost identical to tax due dates - although no one wants to think about filing a return when walking down the aisle, understanding these potential impacts can help for those interested in making financial savvy decisions.
Tax day in 2019 was Monday, April 15 and those who filed extensions have until October 15 in order to submit their return. This corresponds to the spring and fall wedding seasons and also makes an implication on the entire 2018 year. If you were married then, a different return will need to be filed.Â
Timing
Yes, according to the Internal Revenue Service (IRS), if you were married at any point during the 2018 calendar year it counts for the full time. Married one day, including a New Year’s Eve wedding on December 31, 2018 - means the couple cannot file individual returns this year. If you’re expecting a big return, and aren’t aware of what could happen when filing a different style return, then waiting the extra 24 hours could be beneficial.Â
Filing Status
Unless an individual has been married before then chances are each partner within the relationship will be filing a new style of return. Different from an individual return, married couples have the option to file either joint returns or married, filing separate returns. Understanding how to choose a tax filing status can be difficult, although the IRS encourages (and it most cases couples do) filing joint returns.
W-4 Change
Once married, you’ll want to ensure that you update the W-4 status on file with your employer. This way, they know to begin withholding at the married rate vs. a single rate, which could impact your return once filed.
Tax Bracket/Penalty
The increased income and potential joint return may increase your tax bracket and cause for more money to be owed than previously required when filing an individual return. Although the marriage penalty may not affect everyone, understanding the potential is there should be something to plan for in order to avoid any surprises.
Real Estate
Depending on at what age you get married, the potential for both individuals to own real estate is increasing. If so, the rules and regulations associated with the home sale tax exclusion may be difficult to navigate depending on who lived where and when, plus the sell dates. Understanding the potential for these impacts, in addition to the possibilities of capitalizing on something with a little patience - waiting for the two-year period to expire - could help in the long run.
The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you should need help with understanding how getting married will impact your taxes, paying or 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!
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Tax day in 2019 was Monday, April 15 and those who filed extensions have until October 15 in order to submit their return. This corresponds to the spring and fall wedding seasons and also makes an implication on the entire 2018 year. If you were married then, a different return will need to be filed.Â
Timing
Yes, according to the Internal Revenue Service (IRS), if you were married at any point during the 2018 calendar year it counts for the full time. Married one day, including a New Year’s Eve wedding on December 31, 2018 - means the couple cannot file individual returns this year. If you’re expecting a big return, and aren’t aware of what could happen when filing a different style return, then waiting the extra 24 hours could be beneficial.Â
Filing Status
Unless an individual has been married before then chances are each partner within the relationship will be filing a new style of return. Different from an individual return, married couples have the option to file either joint returns or married, filing separate returns. Understanding how to choose a tax filing status can be difficult, although the IRS encourages (and it most cases couples do) filing joint returns.
W-4 Change
Once married, you’ll want to ensure that you update the W-4 status on file with your employer. This way, they know to begin withholding at the married rate vs. a single rate, which could impact your return once filed.
Tax Bracket/Penalty
The increased income and potential joint return may increase your tax bracket and cause for more money to be owed than previously required when filing an individual return. Although the marriage penalty may not affect everyone, understanding the potential is there should be something to plan for in order to avoid any surprises.
Real Estate
Depending on at what age you get married, the potential for both individuals to own real estate is increasing. If so, the rules and regulations associated with the home sale tax exclusion may be difficult to navigate depending on who lived where and when, plus the sell dates. Understanding the potential for these impacts, in addition to the possibilities of capitalizing on something with a little patience - waiting for the two-year period to expire - could help in the long run.
The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you should need help with understanding how getting married will impact your taxes, paying or 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!
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Denver Tax Estimates Serve A Purpose
October 2, 2019
For a majority of Americans, taxes are withheld from their checks each and every time they get paid. These withholdings cover a portion of what is expected to be turned into the Internal Revenue Service, in addition to what an employer contributes. At the end of each year, these figures are analyzed and then an individual or couple is awarded a refund for paying in too much during the course of a year or they end up owing extra. Typically, this is how the taxes are handled throughout checks and withholdings but for some individuals, paying estimated taxes throughout the year is required.
Estimated taxes are important for a variety of reasons. These help individuals to ensure they have enough contributed in to offset what they owe and aren’t faced with any surprises when they file in the spring. Fortunately, those who are required to make estimated tax payments are often made aware based on their current financial situations but may not be aware they could be penalized if these payments aren’t made on time.
Who Pays?
One of the most common occurrences of having to pay estimated taxes revolves around those who are self-employed, sole proprietors, partners, and certain shareholders for corporations. In addition, individuals who have received a certain amount of winnings during a calendar year may also become subject to submitting quarterly tax payments.
Payment
If due, these payments are made each quarter to help both the IRS and individuals responsible for writing the checks. The benefits are that a huge lump sum doesn’t have to be created at one point in order to pay the due amount, but it may also be problematic as both the regular tax payment and first-quarter are due on the same day. Made quarterly, the payments have to be submitted to the proper authority prior to deadlines on or around April 15, June 15, September 15 and the following January 15 for those in need of contributing this year.
Penalty
For those who are required to file estimated tax payments, not doing so can create issues - including a potential penalty. Typically, those who are anticipated to owe over $1,000 in taxes at the conclusion of a tax period should make estimates. Doing so can help to eliminate any potential hazards which may arise once a full year of tax information is analyzed.Â
The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you have questions regarding your current tax status, paying all currently required taxes, owed 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!
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Estimated taxes are important for a variety of reasons. These help individuals to ensure they have enough contributed in to offset what they owe and aren’t faced with any surprises when they file in the spring. Fortunately, those who are required to make estimated tax payments are often made aware based on their current financial situations but may not be aware they could be penalized if these payments aren’t made on time.
Who Pays?
One of the most common occurrences of having to pay estimated taxes revolves around those who are self-employed, sole proprietors, partners, and certain shareholders for corporations. In addition, individuals who have received a certain amount of winnings during a calendar year may also become subject to submitting quarterly tax payments.
Payment
If due, these payments are made each quarter to help both the IRS and individuals responsible for writing the checks. The benefits are that a huge lump sum doesn’t have to be created at one point in order to pay the due amount, but it may also be problematic as both the regular tax payment and first-quarter are due on the same day. Made quarterly, the payments have to be submitted to the proper authority prior to deadlines on or around April 15, June 15, September 15 and the following January 15 for those in need of contributing this year.
Penalty
For those who are required to file estimated tax payments, not doing so can create issues - including a potential penalty. Typically, those who are anticipated to owe over $1,000 in taxes at the conclusion of a tax period should make estimates. Doing so can help to eliminate any potential hazards which may arise once a full year of tax information is analyzed.Â
The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you have questions regarding your current tax status, paying all currently required taxes, owed 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!
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What to Know About Denver Tax Allowances
September 25, 2019
Taxes, in general, are a complicated issue. With the laws changing yearly and different regulations impacting your financial status, understanding all of the intricacies associated with every possible tax situation is better left to the professionals. However, a general idea of some basic factors which could have an immediate impact on your filing status come tax season are important. One of those revolves around starting a new job or other significant life event - marriage, child, etc.
These factors all affect an individual’s tax situation and knowing how many allowances to file for may determine if you either receive a refund or owe money at the end of a year. Determining this begins by understanding your current withholdings.Â
WITHHOLDING
This is the amount of money an employer takes from an individual’s paycheck in order to account for their portion of taxes, allowing for the required payments to be extracted over time as opposed to one full payment paid at the end of a year.
W-4
The federal form required to be filled out by employees used to notify employers how much money is to be withheld. Often, you will hear the question, “Should I claim 0 or 1 on my taxes?†- these are the allowances available to individuals and have an impact on the amount of money being taken away from a paycheck. No allowances means the employer with remove the largest amount required, while additional allowances minimize the money being removed now but could result in a person owing when their yearly taxes are filed.
ALLOWANCE
These are the factors that make an individual exempt from certain taxes. For a better understanding, the Internal Revenue Service (IRS) provides a worksheet with the W-4 form in an effort to allow people an opportunity to make their own determination. Ultimately, the number of allowances you submit will have a result on your tax situation and both extremes include their own pros and cons.
Withholding too few allowances increases the likelihood of a refund during tax season but results in a smaller paycheck throughout the year. Opposite, too many allowances may provide for a larger paycheck now but could result in money being owed at the end of a year, in addition to potential penalties depending on the amount and results of your tax return filing.Â
The tax and financial experts in Denver at Bloch Rothman and Associates are ready and willing to assist if you have questions regarding your current W-4 status, paying all currently required taxes, owed 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!
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These factors all affect an individual’s tax situation and knowing how many allowances to file for may determine if you either receive a refund or owe money at the end of a year. Determining this begins by understanding your current withholdings.Â
WITHHOLDING
This is the amount of money an employer takes from an individual’s paycheck in order to account for their portion of taxes, allowing for the required payments to be extracted over time as opposed to one full payment paid at the end of a year.
W-4
The federal form required to be filled out by employees used to notify employers how much money is to be withheld. Often, you will hear the question, “Should I claim 0 or 1 on my taxes?†- these are the allowances available to individuals and have an impact on the amount of money being taken away from a paycheck. No allowances means the employer with remove the largest amount required, while additional allowances minimize the money being removed now but could result in a person owing when their yearly taxes are filed.
ALLOWANCE
These are the factors that make an individual exempt from certain taxes. For a better understanding, the Internal Revenue Service (IRS) provides a worksheet with the W-4 form in an effort to allow people an opportunity to make their own determination. Ultimately, the number of allowances you submit will have a result on your tax situation and both extremes include their own pros and cons.
Withholding too few allowances increases the likelihood of a refund during tax season but results in a smaller paycheck throughout the year. Opposite, too many allowances may provide for a larger paycheck now but could result in money being owed at the end of a year, in addition to potential penalties depending on the amount and results of your tax return filing.Â
The tax and financial experts in Denver at Bloch Rothman and Associates are ready and willing to assist if you have questions regarding your current W-4 status, paying all currently required taxes, owed 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!
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