http://denveraccountant.co/ Bloch, Rothman & Associates, LTD - Blog RSS Feed 2.0 en-us Tue, 14 Apr 2026 07:59:24 GMT Tue, 14 Apr 2026 07:59:24 GMT http://denveraccountant.co/userfiles/925/images/scam%2Dg223724652%5F1280%2Epng http://denveraccountant.co/ http://denveraccountant.co/blog/22801/Denver-Tax-Return-Scams-To-Watch blog Most every adult in the United States is responsible for filing their taxes on an annual basis. This fact, combined with the amount of information being shared and an uneasiness about reporting everything correctly, creates the perfect storm for individuals looking to profit off a scam. Advances in technology have helped to protect taxpayers, but the same growth has also boosted capabilities for those hoping to take advantage of others. Computer and phone hacks to access information have provided criminals an opportunity to create situations which can cause a victim to feel uneasy and panic - resulting in funds being incorrectly transferred. Today, even voice software is being used to mimic someone you may actually know. Consumers lost $5.8 billion to fraud last year and the numbers have continuously been rising. In order to remain protected, please know the Internal Revenue Service (IRS) does not initiate contact with any individual via the phone as a primary source. Mostly all correspondence regarding your tax return or any filings will take place via the US Postal Service with a letter or notice of any discrepancy. However, that hasn’t kept those looking to rip you off from attempting a variety of different methods, hoping to find their next victim. Phone Call Many individuals comply with a requestors phone call looking to confirm account information or receive funds when the person on the other end knows specific details of your filings or profession. While many can avoid being a victim when there are general requests being issued, things do get tricky should the person bring up a next of kin, refund amount, or actual on-going issue with the IRS. However, if you haven’t requested a phone call from an agent, the best thing to do is not comply and seek professional assistance. Phishing Email Scammers are also now utilizing phishing emails in order to gain access to a person’s device or for gathering further information. These emails may initially appear to be from a reliable source, but again, if you haven’t had any correspondence with the IRS, then an email is never going to be their first method of contact. Text Alert It didn’t take long for these fraud activities to target mobile phone devices. Since many people now receive a variety of information via text, while also carrying tons of information on their mobile phone, it makes sense hackers would attempt to infiltrate these personal devices via a messaging service. Be sure to report any unusual activity and avoid clicking on links or responding to unknown sources. Action Seeking the help of a tax professional should be one of the first actions taken if you believe a scammer has attempted to take advantage of your situation. Ultimately, law enforcement may need to be involved, but knowing how to avoid a scam and who should be in correspondence with the IRS - if needed - can help to avoid having your information and bank account compromised.  If you need assistance with any potential fraud schemes or unsolicited contact, are in need of filing a tax return, or have any other tax related questions then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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!   Fri, 04 Nov 2022 06:00:00 GMT http://denveraccountant.co/blog/22801/Denver-Tax-Return-Scams-To-Watch http://denveraccountant.co/blog/22747/Denver-Tax-Return--Mid-Year-Reminders- blog It’s hard to believe but 2022 is already more than halfway over. Before too long, temperatures will begin to cool as fall arrives and then the holiday season takes over. As the calendar flips, tax season will almost immediately be in full swing as individuals begin getting their affairs in order for another return filing. However, before it sneaks up on you, there are plenty of steps people can take in order to get a head start on their return for next year. Processing over 260 million Federal tax returns last year, the Internal Revenue Service works to resolve each in a timely manner. By getting ahead of the game, individuals can also be prepared when the time comes to begin filing and may even be able to make mid-year adjustments which could help either increase a refund or reduce any amount owed. While each individual's scenario is different, there are a few mid-year tips for all to consider.     Review Withholdings Depending on your prior year results, if there has been no change to your income, then a review of your withholdings may not be necessary. However, if you weren’t having enough tax withheld and ended up owing tax, making a change mid-year can assist in this area. In addition, if you’ve received a pay increase or cut, the new taxable amount could warrant making an adjustment in order to ensure there are no surprises when it comes time to file. Required Minimum Distribution Check Depending on your age and when you were born, certain retirement plans may require you to begin taking distributions during the year. If so, ensuring the amounts are correct - since they change annually - is important, in addition to making any necessary adjustments. While these distributions are required, taking a look at any voluntary withdrawals midyear can also assist in planning for the next tax season. Check Your Status Marriage, divorce, death, and certain other life events can all have an impact on your filing status from one year to the next. If the first half of this year has resulted in any of the above, then your next tax return may be filed under a different status than the last. Understanding how this could have an impact on your return and other factors throughout the remainder of the year is important and helpful information to review before tax time. Review Current Tax Return If an extension was filed back in the spring, then reviewing your return preparation and ensuring everything is in line prior to the October deadline is extremely important. In the event your return was filed, then reviewing it for any potential changes that have taken place in the given year can be a wise move in order to prepare for filing the next return.  If you need any assistance to review a current tax situation, are in need of filing a personal or business tax return, or have any other tax related questions then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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!   Thu, 11 Aug 2022 06:00:00 GMT http://denveraccountant.co/blog/22747/Denver-Tax-Return--Mid-Year-Reminders- http://denveraccountant.co/blog/22746/Denver-Accountant-vs--Bookkeeper--Two-Key-Roles-For-Small-Business blog Running your own business can be an especially rewarding experience but keeping everything functioning in the black will make or break a company. Regardless of the type of services or products being offered, understanding how to effectively and efficiently manage their output is critical to success. These intricacies are not only especially important but they also can have a tremendous impact on the businesses bottom line, making finances a key component and measurable success criteria for any business. There are numerous benefits to outsourcing bookkeeping operations and accounting services in order to help your business. Often the entrepreneur has ideas and expertise in other areas while attempting to also learn these financial methods to assist. However, there are options available offering professional assistance and while it may seem difficult to give up some control, the outcome may keep your business in operation instead of fighting to stay relevant. Understanding these benefits along with differences between bookkeeping and accounting roles can help owners make the best decision for their business. Accountant Accounting practices are especially important, and while these individuals may not be financial advisors, they can offer insight and projections based on findings relevant to current production. Being able to analyze financial figures and offer suggestions, especially as an independent third-party, can be especially helpful for business owners. Bookkeeper The bookkeeper is responsible for entering all figures associated with the finances into the program of choice. In addition, these individuals typically assist with payroll and other clerical duties but aren’t involved in the analysis or projections associated with the income, expenses, or operational budgets.  Outsourcing Outsourcing one or both of these tasks to an independent party can provide business owners with a unique perspective to their finances while also freeing up any time and effort which was previously spent on these tasks.  One Role As an owner, choosing the best path forward for your company is critical to success and it may be that only one of these two extremely important roles should be provided to an outside organization. If so, it is usually the accounting practices which see a departure prior to any bookkeeping aspects. Two Roles However, there are accounting services which also offer bookkeeping roles and putting all of these services under one roof can also aid in providing quick and efficient financial reports when needed. If you need assistance determining which steps are needed in order to provide the best plan, are in need of filing a business tax return, or have any other tax related questions then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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!   Thu, 11 Aug 2022 06:00:00 GMT http://denveraccountant.co/blog/22746/Denver-Accountant-vs--Bookkeeper--Two-Key-Roles-For-Small-Business http://denveraccountant.co/blog/22695/Denver-Accounting-Firm--Cost-Saving-Measures-For-Small-Business blog Owning a business can be an extremely rewarding position. Not only are you likely living what was once just a dream, but being your own boss can also be extremely liberating. The problem is this position also comes with a large amount of responsibility. Depending on the size of your company, there may be employees and other critical tasks which must be regulated in order to ensure the enterprise remains successful. Managing to balance each of these features takes skill as owners should always be on the lookout for ways to enhance their experience. The perks of owning a small business are plenty but knowing how to actively manage the budget will ensure longevity for any business. By understanding how the bottom line impacts productivity, business owners are constantly being forced to make decisions which will determine the trajectory of their company. By implementing a few cost saving measures, individuals can ensure they are implementing the best practices to keep their venture on a path to success. Go Electronic One of the best practices any business can put into place is moving from paper hardcopies of documents to electronic files. Not only will this reduce costs associated with office supplies, paper, ink, and cartridge toner but it also has capabilities to make the organization run a bit more smoothly. Go Remote One of the biggest associated costs for any business is maintaining office and/or retail space. Depending on the type of company you own, this may be an expendable expense. Remote work and learning during the last few years forced many businesses to adapt on the fly, but one key takeaway from these practices was the ability of many business practices to be executed away from the office. By continuing this model, owners can dramatically reduce their costs associated with owning real estate. Outsource Being able to outsource many business practices, instead of housing these ideas internally can also help to eliminate unnecessary expenses. In fact, there are plenty of factors which can be utilized through an outside agency as opposed to having them handled with employees. Review Finally, business owners should always periodically review their expenses and ensure the best cost saving practices are being executed. By consistently reviewing any business model, individuals can ensure they are operating in the most efficient manner possible. Ready to analyze spending associated with your small business? Let the tax and accounting professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for all your 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 top quality tax service, our group can also complete all types of returns and get answers to 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! Thu, 02 Jun 2022 06:00:00 GMT http://denveraccountant.co/blog/22695/Denver-Accounting-Firm--Cost-Saving-Measures-For-Small-Business http://denveraccountant.co/blog/22694/Denver-Tax-Filing--Top-Reasons-For-An-Amended-Return blog The tax filing deadline has passed for those who did not request an extension, meaning many individuals and those who filed otherwise have likely already either submitted the required payment owed or received their refund. However, there are a number of different circumstances which may require an amended return. These situations result when a correction or change is needed from the previous submission and can warrant either an additional refund or amount owed depending on the impending results. If you made a mistake on your taxes the Internal Revenue Service (IRS) will likely flag the account and delay any processing, provided the error is either mathematical or a failed form submission. However, there are other certain instances which may not be as noticeable and must be amended by the taxpayer. These and a few other reasons make up some of the top instances when an amended tax return needs to be filed. Additional Income Not Reported (W-2, 1099) The IRS may not initially catch any extra income which was not first reported, but once the appropriate forms are received from the payer this will be remedied. However, in the interim, if you receive a non-reported or corrected W-2, 1099, or other form showing income, then an amended return is warranted.  Incorrect Filing Status In the event you filed with an incorrect status, then an amended tax return will be necessary. While it may seem inconceivable someone would submit a return under the wrong status, remember marriage and Head of Household rules can both make things a bit tricky. In addition, it could be that two individuals realized a Married Filing Jointly (or Separately) return may have a positive impact on the end result of their return. Incorrect Dependent Claim Incorrectly claiming a dependent could also be the cause of an amended return. Especially in scenarios where parental units are separated but share custody of a child, then who claims the dependent can become a gray area. While a court order may exist to help clear the air, there are still plenty of times when a child or elderly adult may be incorrectly reported on a tax return. If this happens, an amended return becomes necessary. Internal Revenue Service (IRS) Rule Change The IRS is constantly changing rules, regulations, and requirements for different credits, deductions, or other associated tax return features. Especially after a change in leadership, this reform seems to always be a next step for political parties. Given an amended return may be filed up to three years after the initial submission, any resulting modifications may impact a previously filed return.  Once you think an amended return may be needed, let the accounting and tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your questions and handling all accounting services, 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 top quality tax service, our group can also complete all types of returns and get answers to 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! Thu, 26 May 2022 06:00:00 GMT http://denveraccountant.co/blog/22694/Denver-Tax-Filing--Top-Reasons-For-An-Amended-Return http://denveraccountant.co/blog/22670/Denver-Accounting-Tips-For-Small-Businesses blog Starting a small business can be an extremely rewarding experience. Being the individual responsible for growing something from the ground up can not only have an impact on your life, but - depending on the business - the lives of many other individuals. From potential employees to developing products people use each and every day, the results can truly be astonishing. However, not every start-up is guaranteed to be a success, it takes hard work, dedication, and often a little bit of luck to find success. Unfortunately, one of the biggest reasons small businesses fail is tied to financial management. As with anything else, it takes money in order to make things work and missteps can prove to be detrimental but there are a few key tips for small business owners to follow in order to put themselves in a good situation. Professional Assistance One of the most important steps a business owner can take is seeking professional assistance to aid in the management of their finances. Being one of the key indicators for success, knowing you are getting the absolute best help available can be critical to success. Separate Finances Keeping the business’ money separate from personal finances is also extremely important. Even though some items may appear to blur the lines between each, keeping firm while managing both is in the best interest of all involved parties.  Tracking Part of managing this separation of funds involves great detail in tracking. Not only can this aid in knowing how and why your money is being spent, but having precise results can provide important information and help shape the future of your company. Planning Planning for the future is also a key to success. By having a long-term plan, owners can ensure they remain on track to achieve their goals while building a strong foundation for anything and everything down the road. Tax Don’t get wrapped up in the day-to-day operations or immediate successes and forget about tax time. Depending on the size of your company, there may be different dates for various reports due other than the traditional April 15 tax deadline (i.e. payroll reports, etc.). If unsure how you’ll get by keeping up with starting a business and managing its finances, are needing to file a personal or business return, or have any other tax related questions then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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! Fri, 06 May 2022 06:00:00 GMT http://denveraccountant.co/blog/22670/Denver-Accounting-Tips-For-Small-Businesses http://denveraccountant.co/blog/22654/Denver-Accounting-Firm-Tips-for-Individuals-Under-Audit blog Checking the mail is a daily routine task for many individuals, but it can surprisingly be filled with a variety of emotions. Looking for that package you ordered? Happy it arrived safely. Received a birthday card filled with a few bucks in the mailbox - excited about the unexpected boost to your pocketbook. Got another bill? Cue being upset or angry, maybe even both. However, imagine you open up the mailbox and receive a letter from the Internal Revenue Service. Wheels immediately begin to turn as you attempt to think about the possible contents inside. As you open it up and see that an audit has been arranged for your tax return, that sinking and depressed feeling may turn to panic. No one wants to have their finances or tax returns examined closely due to the possibility of having to pay more in taxes owed. Even those who file on time and have no intention of attempting to cheat the system may feel some increased anxiety when put on notice. Audit counts have fallen significantly in recent years but the odds you may be required to compete one of the four types of audits are far from zero. Should you find yourself in a similar situation, consider a few tips in order to prepare and get through the upcoming process. Positive Attitude Although it may be difficult, maintaining a positive attitude about the audit and a friendly, cooperative demeanor with the IRS agent is important. Remember, it was not he or she who selected you, they are simply attempting to confirm that all of the information reported is accurate. Delay Time is on your side and many audits may be delayed for some period. This not only allows for you to gather thoughts, collect, and organize records but it also opens a window of opportunity for seeking some guidance and assistance. Learn Attempt to learn from the process and avoid any future mistakes. Even if the discrepancies don’t result in any more funds being owed, take note of the recommendations provided by the agent and attempt to put them to use where applicable. Focus Always maintain your focus and try not to ramble when providing answers to any questions. Doing so could open up the door for more questions or lead the agent to look at something which may or may not have been on their radar. Never lie, but answer only the questions you are asked directly. Interaction Expect there to be a significant amount of back and forth between you and the agent. As he or she gathers information, it will sometimes warrant the collection of data or asking for proof of certain expenses and documentation is key. If this backup information isn’t readily available, ask for time to provide the necessary items. This may then lead to other information being needed, so any audit is rarely a short process. Professional assistance can make the entire audit process easier to understand and the tax experts at Bloch Rothman and Associates are willing to 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! Thu, 14 Apr 2022 06:00:00 GMT http://denveraccountant.co/blog/22654/Denver-Accounting-Firm-Tips-for-Individuals-Under-Audit http://denveraccountant.co/blog/22649/Denver-Accounting--Methods--Style--and-Applications blog The general public often associates accounting with checks and balances or tax filings but the truth of the matter is there is so much more to the practice. Depending on its application, the type of accounting methodology necessary for deciphering the figures available varies considerably. While many of these different areas combine similar practices, the details of each make administering the appropriate branch of accounting key to its completion. Accrual Accounting and Cash Basis Accounting are the two main modes of operation but these are not to be confused with the various styles and applications. Each of the different methods will utilize one of the two modes but each situation will determine which branch of accounting should be implemented for the desired results. Corporate Accounting Business practices associated with the financial records are all utilized in corporate accounting. Tracking cash flow and creating reports for upper management to make decisions about the direction and financial future of an entity are all part of this accounting practice. Cost Accounting Similar to corporate accounting but with a specific focus, cost accounting captures the overall price of production and manufacturing. Able to be used for determining future purchases and where cost saving initiatives may be applied, cost accounting is an essential operation for businesses of any size. Governmental Accounting Civil responsibilities and duties are actively calculated in governmental accounting. Typically the results of these practices help provide values to various types of funds which may be associated with different projects. Tax Accounting One of the main areas many associate with accounting in general, this particular method deals with the preparation, filing, and payments associated with all taxes. From quarterly estimates to annual business/individual returns and everything in between, this is a common area of accounting. Public Accounting While not all accountants hold a CPA (Certified Public Accountant) license, those dealing with the public nomenclature will. Typically associated with a firm who handles the accounting practices for both individuals and businesses, public accounting casts a wide net capturing a variety of different applications. Forensic Accounting Forensic Accounting is usually associated with some type of inquiry into the practices of either an individual or business. These types of activities are used to analyze the monetary actions of a subject and may involve criminal activities such as fraud, tax evasion, or theft. If you’re in an accounting situation and needing guidance, let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your tax 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, 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! Wed, 13 Apr 2022 06:00:00 GMT http://denveraccountant.co/blog/22649/Denver-Accounting--Methods--Style--and-Applications http://denveraccountant.co/blog/22632/Denver-Tax-Preparation--Man-Versus-Machine blog Tax filing season is right around the corner and with it comes one of the questions many individuals face without realizing all of the potential impacts of their decision. No, it doesn’t have anything to do with their income, filing status, withholdings, or any other income issue - this answer is evident before even the first tax or demographic related question is asked. Will you file your own taxes attempting to use a computer program or trust the trained professionals? Nearly 250 million tax returns were filed last year and each is reviewed by the Internal Revenue Service (IRS) for potential errors. If any mistakes are found - intentional, egregious, simple, or otherwise - then taxpayers can expect notification about the need for a correction. This may be in the form of paying more money, an amended return, or penalties and interest but any red flags raised with the IRS is never good. While picking up computer software may seem quick and easy, the results can be extremely costly. Initial Appearance At first glance being able to complete a tax return within the comforts of your own home and pace seems like a reasonable idea. Click a few answers, enter a few details, and voila - out comes a complete tax return electronically filed with all appropriate parties. Reality But was it? Just an answer or two into the program and you’ll realize why tax professionals are worth the investment. Forget about second-guessing and hoping that the IRS doesn’t come calling because you selected the wrong box and simply trust the trained professionals over personal preferences and guesswork. Cost That program in a box may initially appear to be less expensive but is it truly all you will have to pay. In addition, do you know the ever changing tax laws and opportunities to withhold? Chances are by filing taxes yourself the opportunities for deductions and potential refunds will be missed. Not only does this cost you money when filing but errors could ultimately break the bank if you’re not careful. Changes Did you get a new job last year? Have a kid? Get married? What about stimulus money? There are plenty of changes which could impact your tax return from one year to the next. While some who have relied on a computer program in the past may simply feel the need to continue, reality is even the slightest change to your personal situation will impact a return. If you’re ready to file a return and realize the importance of having an expert assist, then let the tax professionals at Bloch Rothman and Associates help you today. In addition to providing answers to all of your 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, 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! Mon, 28 Mar 2022 06:00:00 GMT http://denveraccountant.co/blog/22632/Denver-Tax-Preparation--Man-Versus-Machine http://denveraccountant.co/blog/22620/Denver-Business-Accounting-Actions-To-Take blog Starting a business may be a risky adventure but the end results can be extremely rewarding. Whether you have a product that takes off, are offering a quality service, or selling goods, getting your business off the ground and running takes a lot of work. Fortunately, for all financial aspects, utilizing the services of an accountant can ensure that you are taking the proper steps in order to be successful. There are a number of reasons businesses fail and many are due to some type of financial issue. Be it a lack of income, too many expenditures, growth issues, or salary problems, knowing that you have someone in your corner managing these aspects and offering advice is critical to success. Following are three actions accountants can assist with and three more personal practices that will help make your business a success. Accountant Examination An accountant can examine business practices and offer advice to keep all fiscal responsibilities in line. Managing cash flow and helping to create a budget are both services trusted to an accountant while leaving time for you to manage the day-to-day business operations. Accountant Analysis Balance sheets, profit and loss reports, accountant details, there are a number of differing analysis accountants can perform in order to keep your business in the best shape possible. Creating the structure for quarterly, bi-annual, annual, or even monthly reports aids in ensuring everything remains on track. Accountant Reporting Accountants can also assist with all forms (literally) of required reporting. From filing federal taxes to completing paperwork with the state government, an accountant's ability to track and report your legal obligations can really take a load off an owner’s list of operations.  Personal Organization To assist in helping your accountant, personal organization is extremely important. An accountant will have tips but daily record keeping and organization of important figures is likely to be a responsibility of the business owner. Personal Documentation All of the documents needing to be organized will also likely be kept for accounting purposes. The accountant can offer advice on what records will be needed, but ensuring each is kept accessible becomes the responsibility of business owners. Personal Separation Keeping your personal and business expenditures separate is key to record keeping and reporting. Accountants can aid in helping individuals understand these differences and how to effectively manage their finances with the best practices possible. If ready to put your business on the financial path to success, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to financial 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, 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! Thu, 24 Mar 2022 06:00:00 GMT http://denveraccountant.co/blog/22620/Denver-Business-Accounting-Actions-To-Take http://denveraccountant.co/blog/22591/Denver-Tax-Preparation-Tips-for-2022 blog As time begins on a new decade, it presents an awesome opportunity to focus on your financial goals. For many, the start of a new year often initiates personal reflection, also known as resolutions, that are attempted to be kept for at least the first few weeks of a new year. Instead, far too often, these ideas fall short as people tend to creep back into their previous habits and those things with which they feel more comfortable. This year, take advantage of a new opportunity and get things on track - starting with your money. When the calendar turns to a new year, many of the tax forms you need to file taxes begin to appear. Whether the recipient of a W-2 form from your employer, 1099’s, or other contribution forms from other outlets, the paper trail from a year’s worth of money movement begins to trickle into a home. As the new year begins, there are a few tips to help with keeping these items straight as you prepare to file a return and work toward getting a firm grasp on the future of your finances. Get Organized One of the best offers of advice for anyone hoping to be better prepared for financial success or any other type in the new year is to get organized. Especially when dealing with financial situations, having all of your paperwork in order and readily available when attempting to file your taxes can help to ease the stress on a situation. If you have the appropriate paperwork ready then it can streamline the filing process and make for a more quality experience. Estimated Tax Payments If you are self employed or have to file estimated taxes, then making a final contribution can help to lower your taxable income for the preceding year. With the deadline for a fourth-quarter contribution coming in the following year but before the April 15 deadline, individuals still have time to make the most of their estimates. Prepare To File Typically the Internal Revenue Service (IRS) will begin accepting returns toward the end of January. Get ahead of the game by contacting your tax professional and ensuring you are on the schedule to get a return filed. Depending on the extent of your return, multiple trips could be needed in order to ensure a return is properly filed. Avoid any last minute headaches by planning ahead and getting your required return filed in a timely manner. The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you should need help preparing for the upcoming tax season. Whether you need help submitting an annual return, owe back taxes, or any other personal  or 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! Mon, 07 Mar 2022 06:00:00 GMT http://denveraccountant.co/blog/22591/Denver-Tax-Preparation-Tips-for-2022 http://denveraccountant.co/blog/22583/Denver-Tax-Professionals-Offer-Assistance-On-IRS-Notifications blog Receiving any type of notification from the Internal Revenue Service (IRS) can be an uneasy feeling. Even if you regularly file taxes and are unaware of any errors, opening your mailbox and seeing an IRS return address can give anyone a sinking feeling. Fortunately, there are a number of different reasons the IRS may be reaching out and not all of them are negative. In fact, it could be due to an error on their end or even correspondence regarding a potential refund. Over 240 million returns are filed annually and to expect each and every one to be completed flawlessly is certainly unrealistic. However, the stigma associated with IRS dealings is rightfully earned to some degree. While it is true that financial crimes and tax evasion could land you in prison, understanding the differences between negligible, intentional activity and an honest mistake is something that will be investigated, if needed. Fortunately, there are plenty of steps in that process and getting immediate professional assistance is critical anytime the IRS comes calling. Internal Revenue Service (IRS) Contact To begin, the IRS will never initially contact individuals via a phone call. While it is possible to set up a phone conversation, these are typically arranged in advance and all parties have knowledge of the call taking place. Unfortunately there are many scams and fraudulent activities targeting victims in relation to the IRS but taxpayers should know any official contact will come in the form of a mailed letter delivered by the US Postal Service. Reasoning Not all notifications from the IRS are negative. The recent Child Tax Credit initiated notification to receivers about filing and other correspondence could be requesting more information, to expose an error, verify identity, or a change in address. Next Steps Once a letter arrives, recipients should remember to not stress but verify the information is definitely from a reliable source and relatable to the return in question. Once confirmed to be both legitimate and accurate, individuals should begin to take steps in order to make a response in a timely manner. Ignoring a request from the IRS is likely not going to end well, instead, seeking help and developing a plan of action should be the targeted response. Professional Assistance Contacting your tax professional and ensuring you have someone in your corner can be extremely beneficial. Not only are they likely to have experience dealing with the IRS, but any disputes and clarifications may be more easily addressed if the help has familiarity with a situation of a quality contact. In addition, for many this will be their first experience dealing with the IRS but professional assistance offers help from individuals with a background in dealing with any issue needing to be addressed. Should you need help after receiving an IRS letter, are needing to file a return, or are seeking answers to any other tax related questions, let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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! Fri, 04 Mar 2022 06:00:00 GMT http://denveraccountant.co/blog/22583/Denver-Tax-Professionals-Offer-Assistance-On-IRS-Notifications http://denveraccountant.co/blog/22557/Denver-Tax-Return--Individual-and-Married-Filing-Dates-to-Remember blog The new year is now in full swing and as January switches into the rearview, it’s time to begin thinking about filing your tax return. For many individuals, their tax documents have already begun to arrive and it's important to remember these are necessary for filing and keep them in a safe location. Once you have everything you need - W-2 forms, 1099’s, interest statements, etc. - then setting up an appointment for your filing is the next step in the process. You’ll also want to keep enough time between this date and the deadline in order to accommodate for any adjustments or additional information that may be needed. By getting a head start on the filing process, the quicker you may receive a refund or, in the event an amount is due, you’ll have longer to save up for a potential payment. If you don’t operate a business, knowing how to choose your tax filing status can be extremely beneficial. However, if you are uncertain of which category to select, expert guidance is available and it can be determined once you are ready to file. Some filing deadline dates differ, depending on individual versus corporate returns, but for those who are filing as single, married (either version), head of household, or a widow, there are two important dates to note as you prepare to report last year’s earnings and file a return. APRIL 18, 2022 The first approaching deadline for individuals is a bit extended this year from the traditional date, but this delay has nothing to do with the ongoing coronavirus pandemic. After two years of delays because of Covid-19 concerns, the tax filing deadline should return to its traditional April 15 deadline this year, however, that day is a holiday in Washington DC (Emancipation Day), and will give taxpayers another few days to file their returns. April 15 falls on a Friday this year, but due to this holiday, the deadline to file your return, request an extension, and/or pay taxes owed is April 18 this tax filing season.  OCTOBER 17, 2022 An extension to file typically gives taxpayers an additional six months to submit their paperwork. For those needing this break, it’s important to remember the extension only accounts for any filings and not payment. If you typically owe taxes or think you may this year, then the above April 18 date applies to submitting payments, as there is no extension for this requirement. Even though the April date is a bit delayed, due to the DC holiday, the October date would have remained on the 15th, but this year that is a weekend and thus the next business day is October 17. It is here where the deadline for submitting those returns for individuals who filed extensions must be turned in to the Internal Revenue Service (IRS) for processing. If you need assistance determining your filing status, submitting a return, or have any other tax related questions then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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! Fri, 18 Feb 2022 06:00:00 GMT http://denveraccountant.co/blog/22557/Denver-Tax-Return--Individual-and-Married-Filing-Dates-to-Remember http://denveraccountant.co/blog/22550/Denver-Accounting-Firm-Details-Year-End-Business-Reporting blog The beginning of a new year can be an extremely interesting time for small businesses, especially if they are just starting out. Not only does it typically signify the time for taxes to be filed but it can also hold great promise as many businesses elect to operate their fiscal calendar in accordance with traditional yearly dates. It is here where new business owners may find some source of confusion, especially when needing to report earnings and file a tax return. Depending on the type of business structure you choose, these applicable time frames are extremely important. Understanding their differences and being able to put your company in the best possible position to succeed is critical. Fortunately, there is help available to guide you as key decisions are made about the future operations of your business. Calendar Year The calendar year is most commonly associated with many businesses due to its ease of alignment and being able to actively track and keep goals. In addition, many other entities operate along the same guidelines, making any cohesion or association easily executed. The January 1 to December 31 calendar year is also relatable on a global scale and helps in terms of tax filing and all due dates associated with a return. Tax Year A company’s tax year can also be adjusted internally but is usually associated with how the entity elects to operate their own financial records. These tax years are typically divided into quarters and if aligned with the calendar year would include the ending dates of March 31, June 30, September 30, and December 31. However, while the tax year is organized to relate records, it may also be equal to the fiscal year if so desired. Fiscal Year The Internal Revenue Service (IRS) mandates certain businesses align their fiscal year with the calendar year for ease of reporting purposes, but other organizations may choose to operate differently. A fiscal year may be any 12-month segment other than the traditional calendar year. For example, companies can choose to operate on a financial reporting calendar of July 1 - June 30 or any other consecutive 12-month period. Despite the differences, fiscal years are more commonly associated with internal operations and not necessarily tied to the tax filing season. If you need assistance determining the best organizational practice for your business in terms of operations over time, are in need of filing a business or personal tax return, or have any other tax related questions then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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! Tue, 15 Feb 2022 06:00:00 GMT http://denveraccountant.co/blog/22550/Denver-Accounting-Firm-Details-Year-End-Business-Reporting http://denveraccountant.co/blog/22537/Denver-Accounting-Firm--Child-Tax-Credit-Questions-Answered blog Numerous families across the country didn’t get extra funds added into their accounts this month as the calendar turned to a new year. The Child Tax Credit, restructured as part of the ‘Build Back Better’ plan instituted at the federal level, utilized a new concept in an effort to give families more immediate money in their pockets. Instead of having to wait and claim dependents when filing their tax return, a majority of individuals and couples elected to receive a portion of this money earlier than anticipated. Advance child tax credit payments were paid in the amounts of $300 and $250 each month, for six months, depending on age and number of qualifying children. Those who were eligible to claim kids under 6 years of age received the larger amount for each and the credit continued for all claimed dependents until age 17 for this past tax year. However, these payments were not dispersed in January as they have been temporarily discontinued. Discontinued Credit The payments were originally set up for eligible individuals to receive the credits for their children in advance, after initially raising the qualifying total amounts. Half of these funds were distributed up front, while the remaining balance is still eligible for receipt. Not So Fast While the lack of additional money in your account may have been a shock in January, there remains funding available and eligible individuals should be able to claim these amounts when filing their taxes for the preceding year. Tax Filing Due to the raise in credit, half of the funds were pre-distributed prior to tax filing in an effort to offer immediate assistance to those with qualifying dependents. Fortunately, the remaining balance will be distributed when taxes are filed. Recipients should receive notice of the amounts already issued, paving the way for the application of their remaining credit on any filed taxes. For example, if you’re married and have an eight year old child, one-half of the total credit ($3,000 / 2 = $1,500 … $1,500 / 6 = $250.00 per month) was paid in advance using the installments and the remaining half (the other $1,500) can now be claimed on your tax return. If you need assistance determining more details on the Child Tax Credit, how it relates to your individual circumstances, are in need of filing a tax return, or have any other related questions then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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! Mon, 14 Feb 2022 06:00:00 GMT http://denveraccountant.co/blog/22537/Denver-Accounting-Firm--Child-Tax-Credit-Questions-Answered http://denveraccountant.co/blog/22507/Denver-Accounting-Firm--Payroll-Service-Benefits blog Running a small business can be an extremely rewarding experience. Not only do you immediately become your own boss but there are also plenty of other perks that come with ownership. Depending on the nature of your company, the opportunity may also exist to hire others and truly create something special. However, these benefits do come with a great deal of responsibility, including determining how many employees to hire and at what rate they should be compensated for their work. The average American income is a bit deceiving given the discrepancies in pay scale across the country, but median figures translate to just over $16.00 per hour. Understanding how you can compensate others while still operating a productive business is essential to the success of both. Fortunately, there are options available for implementing payroll once the rates are determined and outsourcing your process proves to be extremely beneficial. Time By choosing to outsource payroll capabilities, business owners can save on time. Instead of having to take away from daily operations to organize, sort, file, and execute the payroll process, you can rest easy knowing these actions are being completed and everyone will be paid accordingly. With most businesses choosing to pay employees either weekly or bi-weekly, the time saved really adds up in a hurry. Cost In addition to saving on time, employers can also save on money. With bottom line figures ultimately the determining factor of how successful a business can be, knowing you may save money by choosing to outsource payroll can be a positive for your company. By comparison, it is often cheaper to outsource payroll versus hiring individuals to complete these tasks for your business. Adjustments Outsourced service providers are also easily accessible and can make adjustments to any pay issues immediately. Having unbiased and unaffiliated individuals running payroll can also have significant benefits as opposed to those working within your company. By keeping these items separate, many issues can be avoided. Taxes It’s likely you didn’t get into business with following tax laws as your primary purpose. If you elect to operate your own payroll, plenty of time and effort will be spent on this task. As withholdings and other allowances are always changing, having an outsourced organization whose full responsibility is to understand and apply these adjustments only makes sense. If you need payroll assistance for your business, are in need of filing a business or personal tax return, or have any other tax related questions then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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! Mon, 24 Jan 2022 06:00:00 GMT http://denveraccountant.co/blog/22507/Denver-Accounting-Firm--Payroll-Service-Benefits http://denveraccountant.co/blog/22489/Denver-Tax-Refund--Five-Things-To-Know blog Tax time is just around the corner and as individuals prepare to file their returns, many are expected to receive a refund. These monies are often much sought after commodities as people across the country plan to file and then expect to receive their refund in a timely manner. For many, plans are already in place for these funds even prior to their receipt. While this may not be the best possible practice, it doesn’t hurt to understand and have a plan for these expected additions. A majority of people who file tax returns will receive a refund. This is typically due to the fact that many people have not adjusted their withholdings accordingly but it is still usually received as a welcome boost to one’s bank account during the first quarter of a year. Tax filings are mandatory and ensuring that yours are correctly submitted, in addition to getting money back can be a welcome practice but regardless of your current status, understanding the tax refund is critical for all filers. Refund First and foremost, individuals should understand that a refund isn’t simply free money. In fact, this is money to which you were already owed but paid in previously and are having returned to you after the filing of your taxes. While it’s always nice to get a refund, understanding how the process works and why this money is being returned is an important concept for all tax filers to comprehend. Timing The timing of a return is something many individuals worry about once it is concluded they are to receive such funds. Depending on your method of receipt, a refund may be issued anywhere between five to seven days or two to three weeks after filing. Typically federal returns are quicker to arrive than state monies, but understand you shouldn’t count on any of the funding until it actually shows up in your account. Delivery There are two different ways to receive a tax refund from your filing - either by direct deposit or a mailed check. If you elect to have the monies deposited, then the process is much faster while also being easier to track and trace. If, however, you want a check then expect to be watching the mailbox daily after about 10 days of filing for the return to arrive. Application When filing your taxes, know the service being used should not relate any pricing or funding based on a potential refund. In fact, even the fees being charged shouldn’t be construed or taken out of the charge for an initial filing. These events should be separate transactions and even though places may offer immediate or same-day refunds, it is not the actual money being returned from your filing. Questions If after some time your refund has yet to arrive then obviously questions are going to arise about its whereabouts. If you have such an inquiry the Internal Revenue Service (IRS) has a ‘Where’s My Refund’ website which is capable of addressing any such issues. If after a few weeks no refund has been received, accessing this site may offer an explanation as to the status of your money. If you’re ready to file a return or need assistance with a potential due refund, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your tax 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, 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! Thu, 13 Jan 2022 06:00:00 GMT http://denveraccountant.co/blog/22489/Denver-Tax-Refund--Five-Things-To-Know http://denveraccountant.co/blog/22450/Denver-Tax-Return--End-of-Year-Stock-Actions-To-Know blog The 2021 calendar is coming to a close and while many had hoped it would be much different than its predecessor there was still plenty to be wary about. Economic situations for many Americans continue to be a struggle and recent inflation is putting potential hopes of any immediate recovery into jeopardy. As a result, many individuals are making concessions in order to save money and tweaking your portfolio is an option which could have definitive returns on your upcoming tax filing next year. Over half of Americans own stock and depending on their performance there are potential beneficial options for moves to be made prior to the year end. Doing so could help offset any gains or reduce your tax burden when the time comes to file in the new year. However, there are certain criteria to follow in order to understand execution is key to ensuring the proper results are achieved. Calendar Tax year impacts run conveniently with the annual calendar so any action taken during 2021 applies to its return. The same is also true for portfolio management but typically the stock markets are operational on New Year’s Eve giving people the opportunity to make any last minute decisions before the deadline. End of Year Action Investors and individuals alike should all be reflective of their financial futures as the calendar turns over. For those with a portfolio, analyzing its current state and identifying any actions which could prove beneficial is important and time is of the essence.  Flip / Flop Dumping loss stocks for tax benefits may be productive but don’t expect to reverse the field any time soon. Rules are in place prohibiting individuals from selling a stock and then re-purchasing the same one within a given timeframe to prohibit all investors from executing such trades as the year ends. This flip-flop is illegal and can prohibit certain actions but shouldn’t keep investors from executing their strategy in the event a loss could benefit their tax filing. Amounts Despite the opportunity for dumping losses as a potential write-off or to help off-set gains, there are also limitations on the amount. Only $3,000 may be recorded for those reporting losses in a given year. This, coupled with the inability to flip-flop current holdings, helps manage the overall system but taxpayers should also be cognizant of the ability to potentially aid their returns. If you’re a stockholder and need help determining which loss options may be applied to your given situation, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your tax related and income 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, 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! Tue, 21 Dec 2021 06:00:00 GMT http://denveraccountant.co/blog/22450/Denver-Tax-Return--End-of-Year-Stock-Actions-To-Know http://denveraccountant.co/blog/22439/Denver-Tax-Return--Proactive-Planning-Pays-Off blog The final annual quarter can be one of the most pivotal for both individuals and small business owners with tax season right around the corner. Taking a few steps to prepare for the upcoming filing can be pivotal when it comes to your return(s). By ensuring that you are fully prepared, the stress typically associated with taxes may be avoided. For small business owners, these steps can truly be beneficial as proactive planning pays off in more ways than one. Year end tax planning moves for small business owners focuses on general options and many of the basic concepts both individuals and businesses should be watching. These steps not only help to reduce the potential tax burden but can also assist in retirement and other potential deductions which may really help boost any tax incentives highlighted by a consumer’s return. With proactive planning, the sky's the limit and tax time can be a far less stressful experience.  Organization Being prepared is half the battle when it comes time to file your taxes. By ensuring that all of the required paperwork has been received, taxpayers can enter the process with confidence about all of their reporting. Bookkeeping For both individuals and small business owners, the bookkeeping process is going to be critical to their return. Provided you have up to date information, the entire tax filing should be less of a hassle.  Income Reduction One of the most influential methods both small businesses and individuals can employ is the ability to reduce any taxable income. By utilizing different contribution aspects and other incentives around retirement age, the ability to manipulate the amount of taxes owed may be legally possible. Deduction Benefits Maximizing taxable deductions is another method by which taxpayers can help to reduce their amount owed. Doing so not only reduces the amount of income on which you pay taxes but also could benefit in other areas. Charitable donations, medical expenses, and certain types of other regulated taxes may all count towards reducing your accounted for income in terms of tax filing. Tax Credits Another option for lowering one’s tax burden and also helping to prepare for filing season is to account for all potential tax credits that may be applied. In addition to electing a potential credit, taxpayers should also be ready to provide proof of the potential listing. Not only will these applications reduce any amount owed but they could also provide money back to the filing party. If you’re ready to start proactively planning for the next filing season during this year’s final quarter, then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for all of your filing 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 quality tax and payroll services, 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 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! Thu, 16 Dec 2021 06:00:00 GMT http://denveraccountant.co/blog/22439/Denver-Tax-Return--Proactive-Planning-Pays-Off http://denveraccountant.co/blog/22425/Denver-Tax-Return--Inflation-Adjustments-Upcoming blog As the American economy continues its rebound from the coronavirus pandemic, demand and a variety of other factors are causing inflation to near record highs. This rise continually impacts individuals across the country at every turn, from the gas pump to the grocery store, and everywhere in between. The increasing costs of goods and services without similarly styled pay raises can be difficult to navigate and the federal government is making adjustments to assist. Inflation is pushing income tax brackets higher for 2022, indicating that any relief may not be quick to arrive. Fortunately, these changes could have a beneficial outcome but it’ll be another year in the making as the tax filing season for 2021 nears its inception. While no one can predict what the future may hold, it does at least appear that these adjustments could help when the time comes to file everyone’s 2022 taxes. Inflation At its core, inflation is an increase in the overall prices of all goods and services. Most individuals are somewhat familiar with the impacts of supply and demand on pricing, which does play a part in inflation, but overall its impact is simply a reduction in the perceived current value of available currency.  Filing Status There are four common filing statuses for taxes across the country - individual, married filing jointly, married filing separately, and head of household. Each of these will see an impact with the upcoming changes for 2022 submissions. Standard Deduction Already recently increased, the standard deduction is an amount subtracted from earnings before any tax is applied. This number varies depending on filing status and helps to reduce the amount of tax owed when submitting a return. In the past, many chose to itemize their taxes (indicating they could receive a better rate by applying all of their qualified items in lieu of this practice) but with the recent increase a majority of people now elect to take the standard deduction and more changes are on the way. Changes Beginning with the 2022 filing (coming in the spring of 2023) tax brackets have been adjusted to hopefully reduce the amount owed on any income for certain filers. Both the individual and married rates have been adjusted. In addition, the standard deduction is raising again to $12,950 for individuals and $25,900 for those who file under either married status option. Up $400 and $800 respectively from the current rates. An increase in 401(k) plans for 2022 and other tax adjustments are also expected to help ease the burden of the current inflation once the time finally arrives to file in another year. If you’re ready to file a return now or need help determining exactly how these changes could impact your taxes, then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to all of your tax 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, 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! Thu, 09 Dec 2021 06:00:00 GMT http://denveraccountant.co/blog/22425/Denver-Tax-Return--Inflation-Adjustments-Upcoming http://denveraccountant.co/blog/22401/Denver-Tax-Return--Information-Key-To-Completion blog No matter your personal financial situation, completing a tax return can be an extremely tall task. From those who are filing individual returns with only one income to people who have retirement, stocks, multiple properties, and more - the information necessary can be difficult to gather. However, there are a few key components that everyone will need in order to complete their taxes and file a return. Over 240 million tax returns were filed last year and now is the best time to begin collecting information for submission. These final few months in a calendar year can help individuals get a majority of the information together, although some will not be available until after December. Earnings information, typically in the form of a W-2, does not technically have to be submitted to taxpayers until January concludes but still, putting together other aspects of your return may be available sooner rather than later. Personal Information Taxpayers need identification information for their tax return. Name, address, birthday, Social Security numbers, and filing status are all required as part of a return. This identifying information helps to distinguish returns from one another, in addition to ensuring that any appropriate refunds are correctly distributed. Dependent Information Along with personal information and filing status, any dependent information will also be required for submitting a return. For those who are claiming dependents, the same personal information required of the taxpayer is also due for any and all dependent listings. Income Information For tax filing purposes, all sources of income will need to be reported. Whether this is earnings from a job, rental income, or another method, each of these typically has some sort of reporting summary and should be filed accordingly. From those who work for big corporations to the self-employed, everyone will need to report their income from the prior year for tax purposes. Deduction Information Common deductions, including certain taxes, interest, and potential medical expenses should also be tallied in order to assist in reducing your taxable income and thus the amount which may be owed. These deduction totals should also include any relevant backup information which confirms the amounts being reported. Other Information In the event there is any question about either an income or deduction, it should be brought to the attention of a tax professional for guidance on how to report the figure. By seeking assistance, individuals can ensure that their returns are appropriately filled out and filed accordingly. If you’re ready to file a return or need help determining which information is relevant to your given situation, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to all of your tax related 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, 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! Tue, 23 Nov 2021 06:00:00 GMT http://denveraccountant.co/blog/22401/Denver-Tax-Return--Information-Key-To-Completion http://denveraccountant.co/blog/22389/Denver-Accounting--Home-Budget-Components- blog Everyone is aware of the importance associated with operating under a budget and many even understand its purpose. However, despite knowledge of the typical aspects of accounting, a majority of Americans do not associate a budgeted practice with their monthly or annual expenditures. By not keeping up with their finances, unfortunately, many end up spending more than they can afford to cause them to live in debt.  People go into debt for a variety of different reasons but the most common cause is associated with terrible spending practices. The development of these habits can quickly compound, especially with the use of credit cards, and before people know it they are well over their heads with spending, debt, and owing back far more than they ever initially borrowed for any of their purchases. To avoid this cycle, creating a budget for monthly spending can help individuals either stay on track or get out of debt completely. The following main budget categories are essential for its creation. Purpose Understanding the purpose of your financial goals and the reasoning behind creating a budget can ensure that you stay on track once it’s completed. These financial goals can be arranged for many different reasons. From saving up to make a fun purchase, take a trip, or make payments to get yourself out of debt, the purpose of your budget is critical to its success. Income The baseline for setting up your budget will be income, either individual or household, depending on the scope of your plan. These set earnings will create the overall amount of money that will be contributed to the budget for all upcoming expenses.  Set Expense These types of expenses are guaranteed for every spending period. Rent, mortgage payments, insurance, and some other loans are all consistent every month. Known amounts which are required to be paid to manage the cost of living for you and/or your family. Variable Expense Variable expenses can change each period but are still required. These can include such items as utility bills, groceries, gas, and any other purchases that are necessary for living and working but fluctuate in price. Optional Expense The final category of budget components includes optional expenses. It is here where individuals can most often make changes to save some funds for other purposes. These expenses typically fall under the categories of restaurant meals, entertainment (concert tickets, movies, cable or satellite television), and any other spending types that aren't relegated to survival. Once you’re ready to discuss budget components, create an expense plan for monitoring your finances, or have any tax-related questions then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for all of your 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 top-quality tax service, our group can also complete all types of returns and get answers to 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 of helping clients with any 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 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! Thu, 18 Nov 2021 06:00:00 GMT http://denveraccountant.co/blog/22389/Denver-Accounting--Home-Budget-Components- http://denveraccountant.co/blog/22342/Denver-Accountant-Reveals-Primary-Causes-of-Credit-Card-Debt blog A majority of Americans possess a credit card, many once they first become eligible. While qualifying factors do exist, there are so many different types and varieties available that it isn’t very hard to find an agency willing to lend you a line of credit. However, while this may initially feel like a step in the right direction, far too often people end up owing much more than they can pay promptly. Credit card debt continues to grow for individuals across the country but what are the main causes for this inability to pay? Colorado is one of the top US states with credit card debt. Healthcare, a general cost of living, the pandemic impact, and other issues are all contributing factors that influence debt in certain areas but these and a handful of other causes tend to lead the way in the accumulation of credit card debt. These events can often force individuals into the use of a particular card should they have enough of an available limit to cover one or more of these living expenses. Medical Costs Everyone is well aware of rising medical costs and the ongoing coronavirus pandemic has only highlighted these issues. Unfortunately, when families are faced with an unexpected medical bill they often turn to their credit cards to cover the costs to offset the financial burden that may come with paying once a bill comes due.  Emergencies Similarly, several other emergencies can arise putting individuals in the same predicament. Vehicle breakdowns, housing costs, or other life-altering circumstances can also put people in a place where they may need to use credit to cover immediate costs. Education The rising cost of education may also force the use of a credit cards. For books, housing, classes, etc. some people may choose to not use immediate funds. Instead, an attempt to delay the payments for these services by initially driving up a balance instead of paying them off as they arise can occur. No Plan Once debt begins to accumulate, not having a plan can lead to increased risks. Instead of focusing on the pay-off quantities, some will only contribute the minimum amounts due each month. Not only does this do little in terms of paying down what is owed, but often people end up spending much more than the initial item or service may have cost in the beginning. Overspending (Food, Retail, Vacation) Simple overspending has also caused many people to end up owing credit card companies. Emergencies aside, there are still those out there who attempt to live beyond their means. Just because you have available credit, doesn’t necessarily indicate it is in your best interest to use any or all of it for items that can either be paid for using another method or deemed non-essential. Should you need help managing debt or paying off credit card bills then let the accounting professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your 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 top-quality tax service, our group can also complete all types of returns and get answers to 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 of helping clients with any 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 several 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! Thu, 28 Oct 2021 06:00:00 GMT http://denveraccountant.co/blog/22342/Denver-Accountant-Reveals-Primary-Causes-of-Credit-Card-Debt http://denveraccountant.co/blog/22324/Denver-Accounting-Firm-Compilation-Benefits-for-Your-Business blog No matter the size of your business, understanding the details of finances is an important step in determining overall success. While many small business ventures fail within the first couple of years, knowing precisely where the monies generated are then being used and getting a firm grasp on profit margins can help elevate your business practices, in addition to providing a foundation on which to build your organization. For general accounting purposes, there are three levels of review - audit, review, and compilation - that are utilized in order to generate a report on business finances. Often completed by an outside agency, this provides a second opinion and unbiased look at the financial records to ensure a number of different factors. Locating any discrepancies or fraud is always a possibility, but many times these reports are created to allow for owners and stockholders of an organization to keep track and make necessary changes in an effort to optimize their business. The major difference between these three options involves the depth of the review process. Audits are the most extensive and compilations the least invasive but they still can provide the following benefits.  Internal Revue Compilations provide business owners with a general report that can be utilized in-house to check on the financial health of a company. These figures are typically not reported to outside sources and can provide those who see them a better understanding of precisely where the company stands. Manage Expenses These reports can provide effective feedback on the day-to-day operations of an organization. Seeing first-hand if the income is covering the cost of areas that can be adjusted to increase profit margins is an important step in ensuring the success of your business. Check-Up Utilized on a specific schedule - monthly, quarterly, or semi-annually - compilations can be compared to a physical for the human body. Just as people typically visit their physician to monitor any issues annually, compilations provide a similar service to your business. Cost Understanding if you need an audit, review, or compilation completed for your business and the desired outcomes will also effectively change the pricing of each service. Audits require much more in-depth research and reporting, generally increasing their cost whereas compilations can be a cheaper alternative if they coincide with desired results. If you are in need of a particular level of support for the finances of your business then let the tax and 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 of 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!   Mon, 18 Oct 2021 06:00:00 GMT http://denveraccountant.co/blog/22324/Denver-Accounting-Firm-Compilation-Benefits-for-Your-Business http://denveraccountant.co/blog/22305/Denver-Accountant-Tips-for-Controlling-Your-Finances blog While not everyone may set an official resolution for the new year, there are still plenty of actions individuals may take to potentially help clean up some areas of their life. From getting out of toxic relationships, starting a diet, or taking up a new hobby, the opportunities are endless and while there’s no wrong day to begin a brand new adventure - many select the calendar turning from one year to the next for a new beginning. As this time approaches and we all look to put 2020 in the rearview mirror, consider making your financial situation a priority in the new year. There’s no doubt COVID-19 and the US economy have been major factors in individual’s financial situations during the past year. However, as time passes people are beginning to get a better grasp on their situations and the potential any future impacts may have. While some are in a better financial situation than others, this is as good a time as any to make your finances a priority and improve your bottom line moving forward. Assessment An honest assessment of your current financial situation will provide a great starting point and could help to point at areas that may need some adjusting. If you notice that expenditures are piling up in entertainment or dining out, then perhaps a few dollars could be saved by making some cuts and adjusting your current lifestyle. Budget This analysis will also help to put the foundation on a personal or household budget for your family. Take a look at recent bank statements and see where exactly your money is being spent and then count your income and see how much is necessary to pay your necessities, while still providing some funding for other areas and potential unexpected occurrences. Address Debt / Cash Take a moment to address any debt being carried on credit cards or in other areas. If possible, commit to contributing a certain amount to these items to pay down some existing debt. If you attack the accounts with a solid plan, then hopefully you can free up money for another area once some existing debt is extinguished. To do so, consider spending cash or using a debit card only for future transactions. Set Goals Establish a plan for your finances and set up some goals for your accounts. Whether it be to start savings, eliminate the use of a credit card, or simply have more “fun” money available, check in on your goals and see where you stand periodically as the new year unfolds. If you’re looking to get a firm grasp on your finances (no matter their current state), the tax and financial experts at Bloch Rothman and Associates are ready to help. In addition to any tax-related issues, they can also take care of multiple other financial situations 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 of helping clients with any 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 several 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! Mon, 04 Oct 2021 06:00:00 GMT http://denveraccountant.co/blog/22305/Denver-Accountant-Tips-for-Controlling-Your-Finances http://denveraccountant.co/blog/22291/Why-Denver-Tax-Return-Professional-Preparation-Is-Best blog Advances in technology have led to a rise in computer programs being sold every year promising to aid individuals in filing a tax return. While these may be helpful, there are still far too many unknown risks associated with submitting a federal and state return to the Internal Revenue Service (IRS) and other authorities without knowing that everything being reported is legitimate and accurate. If you are like most Americans, having a full grasp of the current tax laws is not something you readily track so why trust yourself to input all of the accurate and necessary figures into a return when it counts the most? While the most common tax filing mistakes may be associated with basic demographic information and signatures, there is still too much riding on the submitted information to rely only on one set of eyes. Instead, hiring a tax professional and letting someone who has committed their lives to help others assist is a much better option for a variety of different reasons. Personal Relationship By utilizing a professional tax service not only do you get an opportunity to establish a working relationship with another individual, but it also opens up your return to a team of workers who can assist you. Knowing that you have someone with who you have built and established trust and that also has your best interest in mind can allow you to rest easy once it comes time to file a return. Updated Tax Law Tax laws change annually and especially when new administrations take over in Washington. Ensure that you don’t have to keep up with all the latest changes and trust someone else to keep you up to date. This helps to eliminate taking the risk of making a mistake on a return that only you ever review until it’s too late. Guaranteed Return Legitimate tax professionals will back up their work and offer to assist in the event there is ever a question about your return. Don’t risk having to stand on your assumptions or that you keyed in everything correctly if the IRS were to come calling. Maximize Deductions Having a tax professional assist with your return could open you up to receiving better deductions or highlight something you may not have even thought about. In both instances, you could be looking at increasing a refund or minimizing an amount owed. By trusting a computer, you may be overpaying or missing out on money that you are rightly due. If you’re ready to file a return and need help on any potential tax-related situation, then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your deduction or credit tax 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 of helping clients with any 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 several 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! Mon, 20 Sep 2021 06:00:00 GMT http://denveraccountant.co/blog/22291/Why-Denver-Tax-Return-Professional-Preparation-Is-Best http://denveraccountant.co/blog/22274/How-Long-Should-I-Keep-Tax-Returns--Denver-Tax-Service-Has-Answers blog Every year individuals and couples file their tax returns to report income generated during the previous year to the Internal Revenue Service (IRS). Whether you are filing for personal or business purposes, the result is a packet of paperwork that has multiple uses. Depending on if you are attempting to obtain a loan (specifically for a business), buying real estate, under audit, or for a variety of many other reasons - having your prior year’s tax return on hand can be beneficial or even required. Unsure if you need to file a tax return? Certain parameters could deem individuals exempt from filing but these are limited. For everyone else, getting a return in on time is often the best method, even if having to use an extension, but returns may be filed for any past due dates however refunds are typically only issued back for a few years. If you owe taxes, then expect penalties and interest to be applied as well, when a return is filed. However, once you have an acceptable return in hand, how long do you keep it? Tax Returns Generally speaking, the IRS can audit returns for the past three years but depend on their findings or reasoning, this can be extended up to six years or beyond. Recommendations are accepted returns and backing evidence paperwork should be kept for at least four years after the return date.  Loans For both businesses and individuals, keeping loan information on hand until fulfilled is suggested. Depending on the type, amount, or subject of the loan, these may extend beyond the typical four-year period. If so, proper records and initial paperwork should be kept available. Mortgage Mortgage(s) should also be handled similarly to loans. These are likely to extend beyond four years and should be kept until completion. In addition, purchase paperwork will also come in handy if the property is ever sold as it can be used to show either a profit or loss following ownership. Depending on the property in question and other associated factors, this could have an impact on your return for the year in which this transaction takes place. Purchases Any depreciated purchases, especially in business returns, should have paperwork kept for the length of time the subject remains available. Just like a mortgage, any future deals or movement of the depreciable asset could have an impact on that year’s tax return. Ensuring you have the appropriate paperwork to back any figures used is important and helpful should questions arise. The tax and financial experts at Bloch Rothman and Associates are ready to answer any of your tax questions or assist you and/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 of helping clients with any 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 several 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! Thu, 09 Sep 2021 06:00:00 GMT http://denveraccountant.co/blog/22274/How-Long-Should-I-Keep-Tax-Returns--Denver-Tax-Service-Has-Answers http://denveraccountant.co/blog/22258/Denver-Tax-Return-Reporting-Guide-for-Virtual-Transactions-and-BitCoin blog As technology advances and people around the world gain more access to its availability the way business transactions are handled is evolving. From a cash only system to checks, credit and debit cards to cryptocurrency and paying for items with your phone, the entire nature of making purchases is changing. However, not only is the world different for customers, but those on the receiving end of these funds are also having to make adjustments - particularly to their tax returns. While reporting income has always been commonplace and one of the sole purposes behind filing a tax return, keeping up with non-cash transactions can be tricky. Fortunately, for many of the most commonly used programs there are available features to make tracking the income and expenses rather easy. As peer-to-peer payment (P2P) platforms continue to evolve from simple money exchanges to full on business transactions, reporting any income derived from their merit should be handled just as any similar action would have been previously. PayPal One of the three leading P2P companies, PayPal has been around for over a decade but during this time they have built one of the best operating platforms and most well trusted sites of any organization attempting to enter this space. Used initially for transferring funds, PayPal is now available on nearly every consumer website and can be used for businesses to conduct their sales. Keeping up with these transactions and having the ability to transfer income to your tax return has also improved with systematic tracking methods. Venmo Another leader in the space, Venmo is more commonly used for strict P2P payments. Out with friends and need to split the check, simply Venmo the individual who picked up the tab. Sold some concert tickets, get paid with Venmo. However, there are instances where individuals are operating boutique shops and/or selling certain merch while collecting via this method. These payments constitute as income and should be reported as such during the filing period. Cryptocurrency Another unique form of monetary value is cryptocurrency. While both PayPal and Venmo are leaders in the P2P exchange, cryptocurrency is an entirely different financial function. These funds are derived from encrypted exchanges and are considered a virtual currency. The process is extremely safe but the “money” is only available in a digital form - making reporting to a tax return a little more complex. BitCoin The leader in cryptocurrency, BitCoin may not technically be recognized as a formative way of handling transactions but they do have value. As it has grown over the past decade, the disbursement of BitCoins has increased considerably and individuals are finding methods to increase their accounts over time. Though cryptocurrencies are vastly different from paper money, the effects of virtual currencies can have an impact on your tax return when used for services, purchases, or investments and is required to be reported as such.  The tax and financial experts at Bloch Rothman and Associates are ready to answer any of your tax questions or assist you and/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! Mon, 30 Aug 2021 06:00:00 GMT http://denveraccountant.co/blog/22258/Denver-Tax-Return-Reporting-Guide-for-Virtual-Transactions-and-BitCoin http://denveraccountant.co/blog/22215/Denver-Accounting-Firm-Benefits-of-Outsourced-Bookkeeping blog Owning a business involves much more than generating new ideas or finding ways to execute certain products and services. Once you have established yourself, getting everything in line to not only grow your organization but create a sustainable practice is critical. In doing so, there will be opportunities for outsourcing certain components. These decisions can be difficult for business owners who may not want to part with certain aspects of the very thing they have created but there are situations where this can be extremely beneficial. Many outsourcing-related business ideas should be considered to potentially take your company to the next level. One of the most prevalent involves bookkeeping, which has multiple benefits when using an outside service to keep track of your financial records. Consider each of these positives associated with choosing to utilize an outside practice for your record-keeping and financial tracking needs. Money Spending more money to have someone else track and record your finances may initially seem like a bad investment. However, doing so can save your business money, in addition to other quality factors. By outsourcing bookkeeping tasks, a company can save money because the amount is typically less than paying any full-time employee. Time Depending on the size of your business, bookkeeping requirements may be your responsibility. Instead of having to take time away from other key factors and those ideas that initially presented the opportunity to start a company, consider letting an outside organization handle these actions to save you both time and money. Bias When bookkeeping methods are kept in-house, they may be biased or deviated from based on a commitment or loyalty felt for the company responsible for the person’s employment. A guaranteed way to avoid these types of conflicts would be to grant an outside agency the opportunity to run numbers and provide a quality overview without any insider influence. Consistency In addition to being capable of providing a unique perspective, outside organizations can also keep the work completed consistently. If your bookkeeping duties are kept within the company and that person either finds new employment or leaves for any other reason, finding a replacement can require a considerable amount of work. Outside sources will likely always have someone familiar with your business and able to complete the work at any given time. If you require bookkeeping responsibilities for your business then let the tax and accounting 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 of helping clients with any 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 several 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! Thu, 05 Aug 2021 06:00:00 GMT http://denveraccountant.co/blog/22215/Denver-Accounting-Firm-Benefits-of-Outsourced-Bookkeeping http://denveraccountant.co/blog/22216/Denver-Tax-Return-Refund-Delayed-for-Some-Filers blog Tax filing season is upon us and for many, this means turning in their returns to quickly receive a due refund. Although there have been some changes to the traditional filing limitations, specifically the standard deduction, these have now been in place for a while, and barring any immediate changes, individuals who received a refund can typically expect to get a similar amount as last year from their return.However, if withholdings have been updated or filers are subject to any event which could have an impact on their return, then the results may differ. There are different taxable events but if this past year was similar to the one prior then expectations are a similar return can be expected. If you have paid the same amount of money throughout the year and a refund was generated last year, then a similar amount can be anticipated for a comparable return. For many who are in this situation, filing as soon as the Internal Revenue Service (IRS) begins accepting returns is common practice to quickly receive money owed. However, this year for individuals who have certain tax credits, refunds are being delayed until at least February 22, no matter the original submission date. Filing Date Taxes must be filed before the April 15 deadline unless an extension is submitted but for those anticipating a sizable refund, they typically file much sooner. Returns began to be received during the last week of January but those who have both Earned Income Tax Credits (EITC) and Additional Child Tax Credit (ACTC) can expect a delay on their money. Earned Income Tax Credit The EITC applies to low or moderate-income families, particularly those who have children. Used to help balance the impact of taxes on income generated throughout the year, this helps to offset an individual’s earnings. However, if someone qualifies, then their refund is delayed by law and not issued by the IRS until later on in the tax season. Additional Child Tax Credit Likewise, those who qualify for the ACTC are facing a similar delay. The ACTC applies to filers who have children under the age of 17 and is a credit applied for every child on the return. This 2020 tax credit is available to individuals or married couples but refunds for this particular incentive are also being delayed. Expectations are both will begin to be distributed during the last week of February, regardless of how early any filings were submitted.  Once you’re ready to file a return or if you need help determining exactly which status to select, or have any other tax-related questions, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your 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 top-quality tax service, our group can also complete all types of returns and get answers to 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 of helping clients with any 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 several 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! Thu, 05 Aug 2021 06:00:00 GMT http://denveraccountant.co/blog/22216/Denver-Tax-Return-Refund-Delayed-for-Some-Filers http://denveraccountant.co/blog/22217/Denver-Accounting-Firm-Initial-Payroll-Setup-Ideas blog Starting a business can be an exciting time but hiring employees can come with a few different obstacles. Not only is ensuring you are getting quality and reliable people ready to represent your brand important but once you take on employees there are also other requirements to complete. Reporting new hires is commonplace for many businesses but setting up payroll and determining a rate of pay fitting of the current budget is often a tricky task. In addition, numerous other questions must be answered once a payroll process is initiated. The payroll issues which could arise will not only take away time from expanding your business but also can be difficult to remedy due to the nature of the information being discussed. For this reason, many companies outsource their payroll responsibilities, to circumvent any such occurrences. Pay Type One of the first questions to answer when considering adding employees is whether or not these individuals will be paid hourly or on salary. While some jobs are also commission-based, how employees will earn their money is ultimately going to determine how their time is spent. Those on salary may accrue PTO (paid time off), while hourly employees will simply be paid for their time spent on the job. Pay Rate Next, the rate of pay becomes integral to the payroll process. Not only is this important for the employees but it will also determine how often time records need to be reported, in addition to the number of payrolls processed and checks distributed. The most common frequencies are once a month, every two weeks, or at the end of every week.  Payroll Taxes Certain forms are required for employees to complete to determine tax withholdings based on their pay. In addition, these set the limits as the individual(s) completing payroll will need to know exactly how much tax should be taken from an employee’s check and also paid/reported to the Internal Revenue Service (IRS). Payroll software programs can help to calculate these figures but timely payments and yearly W-2 or 1099 forms are the responsibility of business owners. If you’re ready to start a new payroll or need help with an existing account, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for all of your filing 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 quality tax and payroll services, 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 of helping clients with any 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 several bookkeeping 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! Thu, 05 Aug 2021 06:00:00 GMT http://denveraccountant.co/blog/22217/Denver-Accounting-Firm-Initial-Payroll-Setup-Ideas http://denveraccountant.co/blog/22148/Denver-Tax-Return-Revised-Due-Dates blog Tax filing season continues this year even as the usual April 15 deadline has passed. Due to the ongoing coronavirus pandemic and a backlog of returns continually piling up at the Internal Revenue Service (IRS), the federal government extended the timeline for filing this year without any penalty. A similar move was made last year when the tax season deadline was pushed back an additional three months and hoping to aid citizens while assisting the IRS in processing returns, similar action was recently implemented. However, citizens should be aware of the changes and their impact on specific filing dates. Even in normal years there are pros and cons to filing an extension and a granted extra few months can help those who need to organize their information. There are often various circumstances which possibly impact the tax filing window causing individuals to need an extension. As everyone’s situation is unique, the circumstances surrounding individual filings can differ. This year, an automatic extension has been applied but the details should be examined so no filing deadlines, tax payments, or submission of your return is missed. New Due Date The new tax filing date for individual returns is currently May 17, signaling a one-month automatic extension for federal return filing. Currently, only the additional month delay applies as there will likely not be any more time granted this season. Extended Option For residents of Colorado, income tax due dates have been automatically pushed back to October 15. Similar to the federal return added month, there is no formal filing needed in order to receive the extra time as it is administered automatically. Tax Due Even with the automatic extensions, tax payment due dates can still be a little tricky. These apply only to the filing of a return and not any tax owed (if applicable). Should you owe taxes for either a federal or state return, it should be paid by the new May 17 deadline in order to avoid having a penalty applied. In addition, for those individuals who submit quarterly tax payments, the first installment remains due on its typical April 15 date. Formal Extension Although it doesn’t apply to any payments on tax, a formal extension for submitting federal returns can still be turned in prior to the May 17 deadline. If accepted, individual taxpayers will be granted until October 15 in order to file their return. This coincides with the already scheduled Colorado state tax return due date. If you’re ready to file a return or need help determining exactly when payments are due or refunds may be sent, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your tax 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, 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!   Thu, 17 Jun 2021 06:00:00 GMT http://denveraccountant.co/blog/22148/Denver-Tax-Return-Revised-Due-Dates http://denveraccountant.co/blog/22126/Denver-Tax-Return-Extension-Filing-Misconceptions blog The bulk of tax season is finally winding down after being extended beyond a normal mid-April deadline for the second straight year. Due to a backlog of returns being sorted by the Internal Revenue Service (IRS) and restrictions imposed because of the coronavirus, filing for the last two years has been considerably different than what many taxpayers and accountants have typically dealt with in the past. The automatic additional time may be viewed as a bonus but for many the need to file a formal extension remains. Getting an extension of time to file your tax return is considerably more commonplace than most individuals believe. However, due to its name there are a few misconceptions surrounding the practice. Remember, if you are in need of additional time, there is an option but each individual’s unique tax situation will ultimately determine if filing an extension is the appropriate course of action. Filing Extension or not, a filing is still required by the IRS determined due date - May 17 this year (2021). An electronic submission can be executed and, if accepted, gives taxpayers additional time in order to file their tax return paperwork. Extra Time For individuals, an accepted extension grants them six more months to submit their return. However, this date remains in line with April’s normal filing deadline even though the due date falls in May this year - extension returns are due by October 15. Payment Probably the biggest misconception is that filing for an extension gives taxpayers additional time to submit their payments, however, this is untrue. An extension applies only to the paperwork associated with a return and payments must be submitted by the original due date in order to avoid any penalties and interest. Even if your return remains incomplete, an approximate amount should be turned in with the extension filing to help offset any difference once the return is completed. Refund If you’re expecting a refund, then filing an extension without payment is okay because only the refund to you is going to be delayed. Once your return is filed, then any amounts owed will be released and returned following receipt of your completed return. Should you need help determining if an extension is appropriate for your situation, are in search of answers to tax related questions, or have any other tax issue then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your questions, they can also take care of multiple other situations like dealing with 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 top quality tax service, our group can also complete all types of returns and get answers to 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! Thu, 10 Jun 2021 06:00:00 GMT http://denveraccountant.co/blog/22126/Denver-Tax-Return-Extension-Filing-Misconceptions http://denveraccountant.co/blog/22117/Denver-Tax-Return--Paper-Filing-Scenarios-Explained blog For a vast majority of individuals, e-filing a tax return is the easiest, safest, and quickest way possible to submit your information. Not only do you eliminate potential processing delays associated with the postal service but you also know almost immediately whether or not your tax return has been accepted. This is not only the preferred method for filing services but also the Internal Revenue Service (IRS), however, there are certain situations which warrant submitting a paper return. An abundance of paper returns recently filed swamped the IRS and has some current refunds taking a long time this year. The office closures associated with the coronavirus are mostly to blame but in certain situations, taxpayers have no choice but to file a paper return. In each of these scenarios, the return must be printed, signed, and mailed accordingly. Amended Return There are a number of different reasons individuals may file an amended return but no matter the cause, it must be paper filed. If you missed a potential credit, are correcting an error, or for any other reason, the change after an initial submission must be entered in paper form. E-File Shutdown Each year the IRS shuts down their e-filing system in order to prepare for the upcoming tax season. While this typically occurs when individuals are no longer submitting returns, if you can’t wait for the filing window to reopen, then a paper return could be mailed. Remember, this typically would only apply to those individuals who missed a deadline because any amendments must already be paper filed. Electronic Rejection In the event that your tax return is continually rejected by the e-filing system, a paper return should be submitted. This helps to validate that a return was filed on your behalf and potentially reveal any reasoning associated with the inability to file electronically. Just remember, filing a paper return can be significantly delayed when compared with submitting returns electronically. If you’re ready or in need of potentially filing a paper return, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for all of your filing 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 quality tax and payroll services, 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 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! Wed, 02 Jun 2021 06:00:00 GMT http://denveraccountant.co/blog/22117/Denver-Tax-Return--Paper-Filing-Scenarios-Explained http://denveraccountant.co/blog/22098/Denver-Tax-Resolution-Services-Offer-Solutions blog Receiving mail from the Internal Revenue Service (IRS) can be a disheartening experience even before you may know what it entails. However, if you suspect there has been some issue regarding tax payments either recently or in the past, you can be certain it will be addressed at some point. Even as the IRS deals with a tremendous backlog of returns, the scrutiny of individuals' filings should always be expected and any red flags will be addressed in due time. If you become the subject of an audit or are simply facing a tax bill which seems insurmountable, there are services available to assist. Getting the correct information processed and dealing with professionals can really help to eliminate much of the stress associated with your particular situation. Fear of legal prosecution always heightens the angst of a tax predicament but fewer people are going to jail due to tax related issues. If you have received notice of some action related to your return, other tax situation, or wish to make an attempt prior to being discovered then seeking a resolution service may be beneficial. Consultation An initial review of your situation and any correspondence from the IRS can help both parties as a plan of action is implemented to resolve the issues. This also can aid individuals as they learn about what potential penalties may be associated with their errors and how exactly utilizing a professional service will benefit them. Communication Communicating with the IRS can be an extremely time consuming process. From letter exchanges to phone contacts and wait times, the average individual typically doesn’t want to deal with all of this hassle. In addition, most people have never dealt with the IRS so having someone in your corner with experience and expertise can really help to even the playing field. Plan Developing a plan of action in order to remedy any issues with the least possible legal impact is obviously the goal. By creating a guide for the upcoming course of action, many individuals immediately breathe a sigh of relief knowing that steps are now going to be made in the right direction. Execution Execution of the plan will put you back on a path to financial stability. From securing payment delays, payment plans, or an offer in compromise, moving forward and addressing the tax matters are usually best for all involved parties.  If you are in need of tax resolution services or filing assistance for your personal or business return then let the tax and accounting experts at Bloch Rothman and Associates assist you or your business today. They can take care of multiple 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! Fri, 21 May 2021 06:00:00 GMT http://denveraccountant.co/blog/22098/Denver-Tax-Resolution-Services-Offer-Solutions http://denveraccountant.co/blog/22081/-Denver-Tax-Return---Midseason-Report blog It’s hard to believe the initial tax filing season is already more than halfway over. Every year, individuals across the country get together all of the required paperwork in order to submit their tax returns and depending on if you are generally expecting a return or owe the Internal Revenue Service (IRS), this can be a stressful time for many individuals, including tax preparers. The IRS opened its 2020 season for individual filers on January 27 this year and everyone has until April 15 in order to submit either a completed return or extension. In addition, any amended returns from previous years must also be completed provided they fall into the appropriate range and qualify with an intended purpose for the amendment. Calendar Given the IRS began accepting returns with just five days remaining in January, the tax season is 80 days long this year. Some upcoming important dates on the filing calendar include not only the April 15 deadline but also October 15. Provided an extension is filed by the original deadline, taxpayers are given an extra six months in order to file their return for the preceding year. However, this does not indicate an extension in time to submit a payment. If you suspect owing money then this amount must be turned in along with the extension before the middle of April. Refund Tracking With nearly half of the filing season complete, the average return for taxpayers has been about $3,100 this year. Due to many individuals hoping to gather a refund and putting this money to another use, most people elect to file within the initial period. As the season progresses, refund amounts have increased. Typically, most people can expect their refund to be returned within at least three weeks of the filing date. If you haven’t received it by this point, then there are other measures which can help to ease your mind. A “Where’s My Refund?” tool is available to individuals on the IRS website for tracking purposes but taxpayers must have their social security number, filing status, and exact amount to be returned in order to receive help. If you are in need of refund help or filing assistance for your personal or business return then let the tax and accounting 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, 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! Thu, 13 May 2021 06:00:00 GMT http://denveraccountant.co/blog/22081/-Denver-Tax-Return---Midseason-Report http://denveraccountant.co/blog/22072/Denver-Tax-Return--Reasons-To-File-An-Extension blog Tax season is in full swing and the deadline for filing is fast approaching despite an already granted extension until mid May by the Internal Revenue Service (IRS). Normally, individuals must file their tax returns prior to the April 15 deadline which changes only due to a holiday or weekend but because of the ongoing coronavirus pandemic, taxpayers now have until May 17 to submit their returns this year. If you need additional time, individuals can fill out Form 4868 in order to apply for a formal extension to complete their filing. There are a few misconceptions surrounding the use of an extension but many instances necessitate the use of a formal extended period of time to file your return. However, there are certain expectations associated with any tax liabilities which should also be considered. Personal Schedule There are any number of different instances which could cause a person to be unavailable for completing their tax return. If you have certain major life events taking place in or around the first part of a year - marriages, births, deaths, moves, etc. - it is expected that tax preparation may be the last thing on your mind. If this is the case, then filing for an extension makes sense in order to give you time and an opportunity to prepare everything in the best shape possible. Missing Information Many taxpayers who have retirement accounts or multiple stocks may not receive all of their necessary information in a timely manner to complete a return prior to the deadline. If your organizations are notoriously late submitting final numbers, then delaying a filing could be in your best interest. Avoid Penalties If you don’t file a return, then the penalties and interests associated with missing the deadline automatically begin piling up. Unfortunately, many individuals fear they owe and then don’t submit any return, however, filing for an extension can at least help to avoid any penalties related to at least not filing a return in a timely manner. Tax Liability It is important to remember that an extension applies only to submitting the return, not payments due. If you owe money then this is expected by the IRS at the original deadline, May 17 this year. Even if you are unaware what the final tally may be, turning in a quality estimate can help you to avoid a larger tax bill down the line. If you’re ready to file a return or an extension, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to all of your tax 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, 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! Mon, 10 May 2021 06:00:00 GMT http://denveraccountant.co/blog/22072/Denver-Tax-Return--Reasons-To-File-An-Extension http://denveraccountant.co/blog/22052/Denver-Tax-Return-Deadline-Extended blog The ongoing coronavirus pandemic continues to impact the Internal Revenue Service and tax filing season. When this year opened, expectations were that the traditional April 15 filing date would stand after an automatic extension was installed last year. However, a similar move was recently made for this season in order to benefit both the IRS and taxpayers.  After an onslaught of returns and processing difficulties due to COVID closures and restrictions last year, the IRS commissioner says he hopes to clear tax refund backlog by summer. The newly implemented extension for this filing season will assist with this measure as centers begin operating at more of a standard capacity. New Date One month has been added to the original filing deadline for individuals this tax season. However, since, May 15 falls on the weekend, the new tax day for 2021 is currently Monday, May 17. This automatic extension applies to individual filers and gives both tax preparers and payers extra time in order to not only submit their return but also any corresponding payments which may be due. Extension Despite the delay, filing for an official extension remains possible for all taxpayers. This option is applicable for only the time allotted to submit a return as any perceived payments must still be submitted at the original deadline - now, May 17. For those wishing to take advantage of the new date, no additional paperwork is required but the formal six-month extension, with a due date of October 15, remains in place and does require a formal request. Estimated Tax Due Date For self-employed individuals and those who make estimated tax payments the April 15 date still serves as a notice for first-quarter payment submissions. Just because the tax filing deadline has been extended, these payments currently remain due as originally scheduled. State Returns Most states elected to also align their return due dates to correspond with that of the federal requirement last year. As expected, states will likely extend their deadlines to match dates again this season but taxpayers should continue to monitor their existing due dates when deciding to file. If you’re ready to file a return or need help determining exactly when items are due, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to all of your tax 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, 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! Mon, 03 May 2021 06:00:00 GMT http://denveraccountant.co/blog/22052/Denver-Tax-Return-Deadline-Extended http://denveraccountant.co/blog/22024/Denver-Tax-Return-Dependents-Defined blog The details of filing a tax return can be extremely complicated. From potential deductions to credits and the ever changing tax laws, knowing what exactly an individual can claim and precisely how to file is far too often like learning a foreign language. However, instead of a mistake resulting in perhaps asking for a soda instead of water, tax failures can result in fines, penalty and interest payments, or worse - prison. While obviously an extreme measure, jail time is a potential consequence and especially so for those who fail to file their income taxes. Fortunately, there is help available but understanding the intricacies of a return can be problematic. One such detail involves dependents, exactly who qualifies, and the result of claiming certain individuals. Connection Many individuals are familiar with parents claiming their own children as dependents but the connection doesn’t have to necessarily be blood related. Foster children, step children, and even in-laws may sometimes be eligible. Other related groupings, including siblings, etc. may also qualify. Age A dependent also doesn’t necessarily have to be younger than the individual or couple filing. While this is the case with which most are familiar, people sometimes also claim older siblings, relatives, or parents as dependents. Residency A child being claimed as a dependent must have lived with the individual filing for a majority of the year being reported. For example, if filing for 2020, then that is the subject year for this determination.  Support In order to be a dependent, then the taxpayer must have provided a majority of the support necessary for this individual to live. If the dependent is also earning income, then it typically is lower, indicating a need to rely on someone else. Similar to residency, over half of their support must have come from the filing individual or couple on the return for which they are claimed. Filing Status So many different scenarios and situations exist revolving around dependents that the IRS also created an online tool to assist. If you’re ready to file a return and need help determining if dependents may result in credits and/or deductions applying to your given situation, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your dependent 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, 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! Fri, 16 Apr 2021 06:00:00 GMT http://denveraccountant.co/blog/22024/Denver-Tax-Return-Dependents-Defined http://denveraccountant.co/blog/21995/Denver-Tax-Return-Refund--Not-Always-A-Good-Thing blog For many, compiling a tax return can be a stressful time - especially if you’ve had some significant changes in the past year. Selling property, acquiring real estate, earning dividends, getting married, gaining a dependent - all of these situations and more can impact precisely how much tax you owe during the course of a year. As you and your accountant crunch the numbers, waiting to see the results can cause a bit of angst.  Hearing that you’ll be getting a refund seems to always be a relief, but did you know that this may not necessarily be a good thing? A refund isn’t additional cash that you’ve magically earned because of your current tax status, but is instead, money that you have paid to the government and are finally getting back - after nearly a year in some instances. For this reason, and others, getting a refund (IRS Tracking Tool) may be a blessing but there may also be ways to benefit more in the future. Less Income Getting a bigger refund often indicates you paid too much tax during the course of a year, pulling extra money out of your paycheck. Depending on how you are paid - monthly, weekly, bi-weekly, quarterly, etc. - each check is having too much taken out for taxes if you’re getting a substantial refund come tax time. While some people prefer this, expecting to get a small windfall in the spring, others could definitely use this additional money throughout the year instead of having to wait. Adjust Withholdings One way to adjust the amount being taken from your paycheck is to change the withholdings. Even if you are comfortable with the refund currently being received, a professional analysis can help you evaluate current withholdings and the impact of any potential changes to your return in a coming year. Just because you commonly receive a refund doesn’t indicate that a change may be beneficial. Government Loan Often refunds are viewed as loans being provided to the government on your behalf. Instead of collecting the money owed to you throughout the year, a refund has been stowed within the government’s bank collecting interest prior to being distributed once you file a return. Instead of “loaning” the government additional money, consider making a change to receive your cash earlier instead of following a tax return. Once you’re ready to file a return, if you need help determining exactly which withholdings to select, or have any other tax related questions, then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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! Mon, 05 Apr 2021 06:00:00 GMT http://denveraccountant.co/blog/21995/Denver-Tax-Return-Refund--Not-Always-A-Good-Thing http://denveraccountant.co/blog/21954/Denver-Accountant--Forgotten-Payroll-Service-Benefits blog The bottom line of any business is to be profitable. If not, decisions to quit, file bankruptcy, downsize, or other extreme action will quickly find their way into the conversation. Being responsible for the financial decisions of any organization or project can be an extremely pressured position but leading it toward success can also be one of the best feelings in the world. When faced with these situations, taking a hard look at necessary expenditures and what is in the best interest of the company, is critical and will likely influence any determination. One such issue an individual or group may have to make is the implementation of utilizing an outside payroll service. While there are advantages to hiring a payroll service company, the benefits do not end with simply saving time. In fact, there are a number of other hidden positives of choosing to outsource your payroll operations. Tax Liabilities Keeping your focus on the production and success of a company, instead of having to calculate tax liabilities is an important aspect of selecting a payroll service but these extra benefits also make the conclusion easier. Depending on the type of organization you are running, the taxes owed and respective due dates can differ dramatically. An outside group will have individuals tasked with not only advising on these dates and the respective taxes owed, but to also assist in incorporating plans which ensure each deadline is met throughout the week, month, or year. Direct Deposit Choosing to direct deposit employees’ checks electronically and distribute stubs via an online service or email can help to cut down on paperwork and associated expenses. This method is often preferred by employees because their earnings are immediately distributed to a bank account each pay period and saves them the hassle of depositing a paper check. A payroll service would have familiarity with this process and could enforce these actions once authorized. Withholdings Depending on the number of employees your company has, keeping up with required withholdings can be a difficult task to manage. From child support payments, to tax garnishments, and retirement accounts, or other measures, employees may have money deducted from their pay for a variety of different reasons. Being able to simply pass these on to the service provider instead of adding more to your plate can help to alleviate additional stress for each and every individual situation. Forms At the end of a year there are many financial forms which must be completed for your employees and others with ties to your business. From W-2s, 1099s, K1s, and more, depending on your specific requirements, these can be difficult to process and are often forgotten about when deciding exactly how to handle payroll services. Instead of being shocked by these due dates at the end of a year, rest easy knowing your outside payroll service company will have them completed and distributed in a timely manner. If you’re ready to utilize an outside payroll service company for your business, file taxes, or have questions about what is needed, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing quality services and answers for all of your tax related 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. 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 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! Wed, 17 Mar 2021 06:00:00 GMT http://denveraccountant.co/blog/21954/Denver-Accountant--Forgotten-Payroll-Service-Benefits http://denveraccountant.co/blog/21940/Denver-Tax-Return-Information-for-Filing blog Tax season is in full swing as the Internal Revenue Service (IRS) began accepting returns for the 2020 calendar year earlier in February. For many, getting their information filed in a timely manner is an important task for a variety of different reasons. Not only do most individuals prefer to have this requirement put behind them, but many filers are also going to be credited with a refund and could use the extra money in their pocket as soon as possible.  Last year, the coronavirus pandemic forced a similar situation and voluntary extension of the April 15 deadline for three additional months. While nothing of that nature has been declared for 2021, lawmakers have urged the IRS to extend tax filing season again this year. The move could help to eliminate strain on both those filing and the IRS, as they continue to deal with a backlog of returns. Regardless of when you choose to file, provided it is before the established deadline, there is some important information to gather in order to make the process move quickly and without a lot of undue stress. Personal Information Having all pertinent information - legal names (in the event of a marriage or change), social security numbers, addresses, and a bank account number for any refunds - for everyone included on the return is critical. For those filing and dependents, this information assures that you have filed and that no one else is attempting to scam the system or steal your identity.  Income and Investments All of the documentation individuals begin to receive through the first month of a year - W2 forms, 1099-DIV, 1099-INT, etc. - will be necessary to report your income and other earning figures. These show how much was made over the course of a year, in addition to investment calculations and capital gains/losses. Business, Partnership, Self-Employed Info For those who are self-employed or receive a 1099, these forms will be required to show their earnings during the past year. Partnership returns and K-1s are also necessary for those who qualify. The nature of your business and official designation will determine precisely what forms are needed and how, if at all, a personal return may be tied to the process. Deduction Information (Itemized Returns) The increased standard deduction amounts allow most filers to utilize this method without having to account for itemized expenses. However, in certain situations involving excessive unreimbursed medical expenses or costs associated with long-term care facilities, individuals or married filers may be able to benefit from itemization. If so, keeping solid records and providing the backup for any figures will be warranted. Other Real estate sales, rental properties, gifts, inheritance, and other issues may also impact your current return. If any of these events apply for the prior year then reporting them on the tax return may be necessary. If you’re ready to file or have questions about what is needed, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for all of your tax related 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 quality tax and payroll services, 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 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! Thu, 11 Mar 2021 06:00:00 GMT http://denveraccountant.co/blog/21940/Denver-Tax-Return-Information-for-Filing http://denveraccountant.co/blog/21923/Denver-Tax-Return--Upcoming-Deadlines blog Tax filing season is in full swing and although the coronavirus pandemic continues, expectations are the Internal Revenue Service (IRS) will be sticking with the traditional filing deadlines this year. In 2020, initial submission dates were automatically extended from mid-April until July in response to the virus and uncertainty about the immediate future. These automatic extensions were put in place for individuals without the need to file a request. As millions of returns are filed each season, the IRS’s ability to process, collect, and submit refunds in a somewhat timely manner is rather impressive - especially as deadlines approach. However, when filing your return, missing the cutoff date could cost you money. For this reason, marking your calendar now and planning ahead is the best way to ensure that your refund is filed on time this year. S-Corp and Partnerships Those filing S-Corp and Partnership returns have their first deadline fast approaching. One month before the well recognized date of April 15 for individual taxpayers - these returns must be submitted on or before March 15, 2021. Extension requests must also be filed by this date allowing for six additional months (September 15, 2021) to submit paperwork if accepted. C-Corp Businesses recognized as C-Corporations now have until April 15 in order to submit their returns. Understanding the filing category and type of your business is critical as this is not the case for S-Corp counterparts whose returns are due a month earlier. Individual/Married/Head of Household The infamous April 15 deadline returns for a vast majority of filers this season. After a brief reprieve last year, taxpayers must return to a more normalized schedule for processing their 2020 returns. Make plans to gather all necessary information, set appointments, and avoid any potential issues which could cause a last minute delay. Extension In the event you’re unable to file a return on time or do not wish to be rushed, extensions do exist and are available. However, please note that these are not extensions to pay, only to submit a return. If you know some amount will be owed once the return is complete, a payment must accompany the extension request. If not, penalties and interest on the amount, once determined, could be applied. If you are in need of filing assistance for your business or personal returns then let the tax and accounting experts at Bloch Rothman and Associates assist you 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! Wed, 03 Mar 2021 06:00:00 GMT http://denveraccountant.co/blog/21923/Denver-Tax-Return--Upcoming-Deadlines http://denveraccountant.co/blog/21891/-Denver-Tax-Return--Cryptocurrency-Things-To-Know blog Technology advances have led to a rise in cryptocurrency, online financial transactions, and other monetary accumulation methods. With the touch of a button, individuals can transfer funds from one person to another, purchase items, and more with applications such as Venmo and Paypal. These systems are more similar to traditional banking institutions or credit cards but another item is growing in popularity and peaking interest across the globe. Cryptocurrency has multiple forms but some of the most popular include - Bitcoin, Ethereum, Ripple XRP, Litecoin, Dogecoin, and others. It’s merger into the mainstream has become so commonplace that at least one professional sports athlete even had his contract arranged to be paid in such a manner. These changes, coupled with more and more use, has led the Internal Revenue Service (IRS) to alter their approach in order to track such transactions. What It Is In short, these items are a digital currency which is not backed by any institution but more of a person to person financial system. Organized online through a blockchain, computer code of transactions, these differ from dollars and cents in that there is no central authority - bank, federal reserve, or other system which is responsible for maintaining its value. Don’t get it wrong, there is value here but it is more determined by the use and frequency of people being able to own or acquire these types of currency. Tax Impact However, just because there is no backing agency, the IRS requires digital transactions be tracked, reported, and taxed. Comparable to short or long-term gains, the cryptocurrency popularity rise is currently being viewed as an investment. For example, if you acquired a cryptocurrency and then use it to purchase an item in the future, the tax rate would be determined depending on the length of time between getting the currency and transaction. While this may appear to be a simple exchange, the IRS doesn’t recognize cryptocurrency in the same manner as the US dollar and thus you either had a gain or loss - depending on the difference - which must be reported. Understanding capital gains and losses, the associated tax rates, and other intricacies can really help to mold your cryptocurrency transactions in order to receive the best tax benefits possible.  Should you need help determining the implications of cryptocurrency on your taxes, are in search of answers to other tax related questions, or need to file a return then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing solutions, 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 top quality tax service, our group can also complete all types of returns and get answers to 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! Fri, 19 Feb 2021 06:00:00 GMT http://denveraccountant.co/blog/21891/-Denver-Tax-Return--Cryptocurrency-Things-To-Know http://denveraccountant.co/blog/21876/Denver-Tax-Return-Help-For-First-Time-Filers blog Tax filing season can be a stressful time for any individual, but first-time filers may face even more angst about completing a return. The excitement about landing a position and earning your own income can be quickly erased when you begin receiving a paycheck and realize the amount you make and what you bring home differ - sometimes considerably. This same feeling has the potential to arise when filling out your tax return in order to report the preceding year’s earnings, but it doesn’t have to be this way. By understanding your withholdings and planning throughout the year, depending on your job, steps can be made to ensure that the tax you are responsible for is being paid. Instead of being stuck with a big bill, many first time filers will receive a refund. In fact, a majority of Americans receive tax refunds but there are still a few tips for first-time filers to consider. Gather Your Information Begin collecting the necessary forms for filing as early as possible. Whether it be through the mail as a W-2 arrives or receipts over the year, keeping a file dedicated to anything with a potential influence on your tax return can be extremely helpful.  Dependent Status Ensuring that you cannot be claimed as a dependent by someone else is important for both involved parties when filing a return, since anyone who files on their own may not be reported by another individual or couple. Dependents typically received some assistance from the claiming party, but if you supported yourself throughout the majority of the year then filing your own return is likely the correct move. Filing Status Once you’ve determined that taxes need to be filed, the status of your return may also be in question. Most first-time filers will likely choose SINGLE, but some could be MARRIED FILING JOINTLY/SEPARATELY, or HEAD OF HOUSEHOLD. Your personal situation will determine which status is appropriate for your return.  Ask for Assistance Seeking help from a professional could also help to reduce any stress involved during the filing process. Not only will you have someone there to answer all of your questions but they can also assist in making sure that you are receiving any available credits and deductions that are due. Once you’re ready to file a return or if you have any other tax related questions, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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! Thu, 11 Feb 2021 06:00:00 GMT http://denveraccountant.co/blog/21876/Denver-Tax-Return-Help-For-First-Time-Filers http://denveraccountant.co/blog/21861/Denver-Property-Tax-Information-and-Assistance blog Tax time for all Americans begins when the calendar rolls into a new year as individuals scramble to secure W-2s, 1099s, and other important documentation to file a return. Reporting income and other information from the preceding year must be done within the first three and a half months (April 15), unless an extension is secured. However, for residents of Denver and some surrounding counties, this also signals another tax application and deadline. Property taxes are typically associated with real estate and used by local governments for a variety of different reasons. Education, roads, sewer, and other utilities are common causes addressed for improvement with the funds collected. Colorado counties also reserve the full amount secured for use within its own borders and does not forward any of the money to the state. In addition to real estate, other items such as cars, boats, recreational vehicles, campers, etc. may also be subject to some form of tax payment. Unfortunately, like most taxes, the reporting, collection, and assessments are often complicated but fortunately help does exist. Due Date Denver property taxes have two payment options with three different due dates depending on the option selected. For those who elect to pay the full amount due, their date of payment is anytime prior to April 30. In the event a resident wishes to break up their payment into two equal installments the first must be submitted by February 28, with the remaining balance paid before June 15. While this option does require a submission before the year’s second month comes to a close, it does provide a nice cushion before the second half payment must be submitted. Declaration Schedule Citizens are required to submit their declaration schedule in order to determine the amount of tax owed for their eligible property. This is typically a similar payment due annually but there are instances which could change your amount. Other than selling items, any improvements - including finishing out a basement, central heat and air upgrades, building on or adding a room, etc. could all cause a change to your previous tax payments. Appeal Fortunately there is an appeal process for patrons who feel the calculated tax doesn’t accurately represent their current situation. Appealing to the County Board of Equalization may save you a considerable amount and assistance is available. Once you’re ready to file, if you need help determining exactly what to report, or have any other property tax related questions, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your questions and a successful appeal record, 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 top quality comprehensive tax service, our group can also complete all types of returns and get answers to any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for over 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 property, personal, business, estate, or any other filings, don’t hesitate to contact us today for a free consultation. 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! Thu, 04 Feb 2021 06:00:00 GMT http://denveraccountant.co/blog/21861/Denver-Property-Tax-Information-and-Assistance http://denveraccountant.co/blog/21821/-Denver-Tax-Return-Debt-Forgiveness-Impacts blog As tax season begins so does the stress of filing for many Americans. Depending on your current financial situation, submitting your information for review can be an anxious time as individuals await the results of their return. While many will receive a refund, as a result of paying in too much tax over the course of the past year, others will be required to pay some amount to make up for the difference. If your current income levels match previous years, then an amount, whether it be owed or a refund, similar to past filings can be expected. However, there are others who have had their income levels change, switched jobs, or had other variances in their financial situations which could cause the results to be different. The average American debt is nearly $100,000 and an ongoing coronavirus pandemic has only increased these amounts. Fortunately, there are plenty of programs designed for individuals to manage their money including opportunities to be forgiven for amounts owed. Depending on your situation and lender - payment plans, cancellation, and forgiveness may all be available options. While this may initially offer a reprieve, there could be tax implications. Debt There are many instances where individuals accumulate debt. From purchasing a home to getting groceries, people sometimes have opportunities to use other sources of money for their expenses. This money then becomes owed to another entity and results in debt. Credit cards are another way debt is quickly accumulated and should be monitored closely in order to avoid getting into a situation where you need some type of forgiveness service.  Forgiveness Debt forgiveness and cancellation may occur for a variety of different reasons. If collection services are stopped or an agreement is reached to pay a sum smaller than that owed, the remainder is then typically not due. A 1099-C form should be received for any amounts forgiven in excess of $600. Income In certain situations, this leftover amount may not be relevant but generally it is considered income by the Internal Revenue Service (IRS). Impact Additional income can have an impact on your taxes, in addition to not reporting the forgiven debt. If you have received some type of debt forgiveness, then ensuring that your taxes are filled out appropriately with all of the correct forms is extremely important. If you are in need of assistance with debt consolidation or tax prep with forgiveness forms the accounting experts at Bloch Rothman and Associates can 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! Wed, 20 Jan 2021 06:00:00 GMT http://denveraccountant.co/blog/21821/-Denver-Tax-Return-Debt-Forgiveness-Impacts http://denveraccountant.co/blog/21799/Denver-Tax-Return-Refunds-Fast blog Tax season is right around the corner and expectations are a majority of Americans will be submitting returns earlier than normal this year. While some will have to wait until they receive documentation from other sources (banks, investment funds, retirement accounts, etc.), many will simply be able to file after they have received a W-2 or 1099 form. These are distributed prior to the first calendar month coming to a close, meaning filings may take place as early as mid to late January. The benefits of filing taxes early are plentiful but for those who are expecting a refund, getting money back in your pocket as quickly as possible is often a priority. Some institutions advertise “faster refunds” or even “advanced refunds” for a fee, but the best practice remains receiving your full amount in a timely fashion for free. Filing Paper filings can be completed beginning on the first of January but electronic submissions will not be accepted by the Internal Revenue Service (IRS) until later in the month. However, no returns - regardless of how they are submitted - will be processed by the IRS until the electronic system is up and running.  Timing Typically, once the IRS begins processing tax returns refunds are distributed within about two weeks but it may depend on information associated with your filing. If you claimed the Earned Income Tax Credit or Additional Child Tax Credit then don’t expect a refund until some time in March, regardless of when you file. Receipt Choosing to have your refund returned electronically via direct deposit into a bank account will also help speed up the process. Instead of having to wait on the mail to deliver a paper check, these funds are immediately distributed once they have been verified. The IRS also offers an online tool in order to help track the progress of your filing and refund status. Once you’re ready to file a return or if you have any other tax related questions, let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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! Wed, 13 Jan 2021 06:00:00 GMT http://denveraccountant.co/blog/21799/Denver-Tax-Return-Refunds-Fast http://denveraccountant.co/blog/21782/-Denver-Tax-Return-Home-Office-Deduction-Explained blog The ongoing coronavirus pandemic forced many Americans to change their daily routines and activities. As individuals attempted to social distance, one major shift occurred throughout the country for a large portion of its workforce. In an effort to slow the virus spread, many companies elected to have their employees work from home. Virtual meetings replaced gathering at the office as everything from church to school shifted online. These events forced a rapid adjustment to the new normal as dinner tables transformed into school desks, extra bedrooms morphed into offices, and enhanced internet connectivity became a priority. These changes may also have an impact on your upcoming 2020 tax filings, but a thorough review of the parameters should be completed prior to opting in on any potential deduction. The biggest issue focuses on an allowed home office deduction as roughly 40-percent of Americans completed paying jobs from inside their residence. However, just because you are performing work duties from the house doesn’t necessarily translate into qualifying for the deduction. Home Office Deduction The home office deduction accounts for certain expenses attributed to individuals who use their residence to conduct business. Both homeowners and renters can take the deduction, provided they meet the qualifying characteristics, but a few calculations must be completed. First, individuals must determine how much space is used for the home office. For many, this is simply the square footage of a room but in the event another area is used, the space should be measured appropriately versus that of the entire home. The deduction applies to the same percentage of mortgage interest, insurance, and potentially other items for that area. Qualifying Characteristics Before you get too excited, know employees are not eligible for the deduction. Simply because it is safer for you to currently be conducting business for your job at home, doesn’t necessarily qualify you for the deduction. This caveat likely disqualifies a majority of those who have been forced to transition into working from home versus showing up on the job site daily.  Those who may take the deduction are self-employed or freelance, contracted labor employees working on tasks from home. These individuals likely were taking the same deduction prior to the coronavirus outbreak, but any new business owners who are now using their home as a base for their businesses would also be eligible. Impact The bottom line is many employees who were forced to work from home during 2020 are likely not eligible for the deduction or expenses associated with their current working environment. If you’re ready to file a return or need help determining exactly which potential credits and deductions 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 deduction or credit tax 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, 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! Wed, 06 Jan 2021 06:00:00 GMT http://denveraccountant.co/blog/21782/-Denver-Tax-Return-Home-Office-Deduction-Explained http://denveraccountant.co/blog/21750/Denver-Accountant-Assists-Those-Who-Owe-the-IRS blog Finding out that you owe the Internal Revenue Service (IRS) money can be a startling revelation. Whether the result of too little tax paid within a given year, owing back taxes, or any other reason, having someone on your side that has experience dealing with IRS can be extremely helpful. Not only may they already have an established rapport with someone on the other side but past interactions, outcomes, and negotiations with individuals at the IRS may also help in your situation. People fall behind on their taxes for a variety of different reasons but fortunately, there are steps which can be made in order to help individuals regain control of their financial situation. In the event that you owe any amount to the IRS, there are steps to take in order to help resolve the situation.   Communication The IRS mails notification letters to individuals who owe money, so any phone calls (unless arranged ahead of time between both parties) are typically scams. However, should you receive a letter, examine it closely to see what amount is being addressed and the reasoning. If unclear, providing a copy to your tax professional is a great first step in the process. Establishing an open line of communication, instead of ignoring the notice, is good practice and can help move the entire process along. Verify Once you understand where the resulting amount is derived from then steps can be made to ensure the figures have been calculated correctly. Remember, the IRS can be prone to occasional mistakes, so verifying the amount is legitimate should be of importance to you. Plan After you have verified the amount owed, establishing a plan for repayment is next. First, taxpayers should contribute any amount they can muster as soon as possible. Not only will paying quickly help to eliminate fees or added interest, but it also displays a willingness to pay what is owed. Sometimes, correspondence may also be issued in order to abate some of the associated penalties. Assistance There are also payment plans, garnishments, and other measures which may be levied in order to assist individuals in repayment. If it is determined that the amount is not collectable at the time of notice, the IRS may even pause collection proceedings until a later date but open communication throughout the process is key to receiving assistance. If you’re ready to file a return or need assistance with taxes owed, then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your 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, 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! Tue, 22 Dec 2020 06:00:00 GMT http://denveraccountant.co/blog/21750/Denver-Accountant-Assists-Those-Who-Owe-the-IRS http://denveraccountant.co/blog/21740/Denver-Tax-Return-Refund-Timing-and-Location blog As the 2020 tax filing season begins, a majority of individuals are likely to act earlier in hopes of getting a refund back as quickly as possible. Doing so would not only put a little extra money in their pocket during the first quarter of 2021, but it would also avoid having to file an extension or worry about the upcoming return for months. There are always a few steps on any tax prep checklist and following these procedures can help save you time and money. In addition, the filing process for next year may be a little bit different than in the past - depending on when you filed last year - due to the ongoing coronavirus pandemic. Without another delay in the filing date anticipated, most returns will be submitted prior to mid April. Fortunately, there are a few actions individuals can take in order to ensure their returns are processed quickly, leading to a faster refund. E-Filing An overwhelming majority of accounting firms and tax professionals are required to efile tax returns on your behalf. This is the safest, fastest, and most effective means of submitting your return. Doing so ensures that the information is quickly received, processed, and any refund amount distributed in a timely manner. Refund Method and Timing There are typically two different ways individuals may receive their refund amount - paper check via mail or direct deposit. Although the time frame varies for both state and federal returns, electing to have your refund electronically deposited into the bank account on file is quicker. You’ll want to be sure that all of the banking information (routing and account numbers) are correct on your return, prior to filing, in order to avoid any miscues and receive your money fast as possible. Refund Locator One day after filing, individuals can check the IRS online tool for tracking the processing and refund distribution specific to your return. By providing the matching social security number, filing status, and exact amount to be distributed, individuals can track their refund and see precisely when it should arrive. If any problem is discovered here, then contacting your filing agent is a good next step to check for a cause of the delay. Should you need help filing taxes, locating your refund, or are in search of answers to tax related questions, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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! Mon, 21 Dec 2020 06:00:00 GMT http://denveraccountant.co/blog/21740/Denver-Tax-Return-Refund-Timing-and-Location http://denveraccountant.co/blog/21723/Denver-Tax-Preparation-Tips-for-2021 blog It’s probably a safe bet that many individuals will be happy to see the calendar turn from 2020 to the new year. These past nine months have been unlike any other for a majority of Americans as daily routines, social gatherings, and multiple other facets of life have been significantly altered by the ongoing coronavirus pandemic. One of the many things Covid-19 altered in 2020 was taxes. Beginning the year much like any other, some individuals started gathering their information in January and those who typically file early made appointments, came into the office, sat down with their accountant, and proceeded to fill out and file a return. However, midway through tax season multiple states had enacted closures, curfews, and eventually the filing and payment deadline were extended back into July - with tax extension filings remaining somewhat on schedule. As the calendar soon flips and you prepare to file taxes in 2021, individuals should consider each of the following tips and changes to get ready. Filing Date Tax Day is currently set for Thursday, April 15 in 2021 - the usual filing deadline for extension grants and personal submissions. A return to the normal three-plus months of a first wave for tax season means most people should gather their information and expect to file returns in a timely manner. Standard Deduction The Standard Deduction for 2021 has been slightly adjusted in order to account for inflation. For individual filers, the deduction rose $200, while those who are married and file a joint return will enjoy a $400 increase.  Tax Rate The 2021 tax rates remain in place although bracket figures have been slightly changed to account for that same annual inflation. Thirty-seven percent remains the highest bracket, which begins at 10% and has incremental increases forming seven separate brackets. Stimulus Check The first, and currently only, round of stimulus checks distributed by the federal government in an effort to combat the effects of the pandemic should not count against your taxes. These $1,200 additions were not viewed as income or a pre-payment on any type of refund you may be due once the 2020 return is complete.  Once you’re ready to file or need assistance determining how the pandemic and 2020 may have had an impact on your tax return, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for all of your filing 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 quality tax and payroll services, 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 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! Thu, 10 Dec 2020 06:00:00 GMT http://denveraccountant.co/blog/21723/Denver-Tax-Preparation-Tips-for-2021 http://denveraccountant.co/blog/21707/-How-Long-Do-I-Keep-My-Denver-Tax-Return-Records blog Every individual’s situation is going to be unique which requires different forms and documentation for each tax return. Depending on your personal status, work, income, investments, and other factors the amount of necessary forms and documentation in order to file an accurate return varies. In addition, companies, partnerships, and sole proprietorships all require separate backup for their reported figures. This information is critical in order to file an accurate return and once turned into the Internal Revenue Service (IRS) should be kept for some amount of time - but how long? The IRS typically audits returns filed within the past three years. However, there are rare instances where they may exceed this timeframe based on findings or a significant error. For this reason, it is best to not immediately destroy any of the information used to justify your return. In fact, you should probably find a safe place to store all of your backup data and other information for at least four years or longer, depending on the type of paperwork. Tax Return Tax returns should be kept for four years from the date of filing in order to either amend or support any potential audit from the IRS. In the event that returns farther back would be needed, there will likely be some type of indication prior to this period. For the average American, rotating your information in and out in this timeframe is proper practice. Supporting Documentation However, just because you are removing returns after four years doesn’t mean that all of the information should be discarded. Depending on the type of return being filed and the existing documentation, there may be longer limits for holding onto various forms and figures. For example, any depreciable assets should have records on file until the item is no longer used or in service. This helps to determine its impact on a return over the general four year time period and can assist your tax preparer with specific figures associated with these assets. Any loans or mortgage information should also be kept until they are paid in full. Doing so ensures there is no question about the term limits, rates, and other figures which may be reported on a return - especially since these numbers transcend over multiple years. Disposal Once the time period expires for keeping these records, it is important to dispose of them properly. Much of the backup paperwork required for filling out a tax return has extremely sensitive information such as Social Security numbers, bank account information, and other demographics which may make it possible to steal your identity. Since this is the case, shredding all paperwork is recommended or some other method which ensures no one can access the information once it leaves your possession. If you’re ready to file a return or need help determining exactly which potential credits and deductions 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 deduction or credit tax 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, 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! Thu, 03 Dec 2020 06:00:00 GMT http://denveraccountant.co/blog/21707/-How-Long-Do-I-Keep-My-Denver-Tax-Return-Records http://denveraccountant.co/blog/21688/-Denver-Tax-Preparation-Red-Flags blog Tax time can be a stressful period for everyone who is required to file. Not only is having to gather all of your required paperwork together often a hassle, but some worry about the financial impacts once a return is completed. As tax laws constantly change, keeping up to date and ensuring that your refund remains similar or a previous amount owed is to be expected could change annually. This unknown often adds more stress, but finding and building a good working relationship with an accountant to assist you with filing can have multiple benefits.  Whether completed prior to the deadline, April 15 in most years, or you secure an extension of time to file your tax return, there are some characteristics individuals should pay special attention to when working on completing their return. Not only can having a trusting relationship aid in eliminating some of the stress associated with filing, but knowing you can approach your accountant with any tax related issue helps in multiple facets of life. Pay special attention to each of these characteristics before and during any filing period.  Credentials There are multiple different credentials which can apply to those responsible for filing taxes on another individual’s behalf - Enrolled Agents (EA), Certified Public Accountants (CPAs), and Tax Preparers. Professional licenses are required for both EA and CPA individuals, but all Tax Preparers must possess a PTIN (Professional Tax Identification) number. Be sure the individual you are trusting with tax information falls under one of these particular categories. Personal Information No matter the reason or amount of paperwork associated with any filing, all records - including the return itself - are property of the submitting party. For example, once submitted, no accountant or affiliated group should deny an individual a records request. Typically, all forms associated with a filing will be returned upon completion, but in the event someone needs a copy of a certain filing or form then one should be provided, although there may be an associated fee. Communication Open communication throughout the entire process and beyond should be made a priority. From your introduction to organizing paperwork and scheduling, keeping an open line of communication via telephone and email is critical to fling a return. Fee Structure Never should a charge for services rendered be related to any potential refund received. Established and qualified professionals generally have a certain rate for associated returns dependent upon the amount of information required for a filing. If you are in need of a qualified tax professional for your personal information or the finances of a business then let the tax and experts at Bloch Rothman and Associates assist you 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! Fri, 20 Nov 2020 06:00:00 GMT http://denveraccountant.co/blog/21688/-Denver-Tax-Preparation-Red-Flags http://denveraccountant.co/blog/21668/Denver-Accounting-Firm-Tips-for-Handling-IRS-Notices blog You’ve filed a tax return on time and paid any owed amounts or may even be expecting to receive a refund. Months later you open the mailbox and immediately your heart sinks as your eyes fixate on a letter from the Internal Revenue Service (IRS) addressed to you. Quickly, you open it up and begin reading where a variety of information suddenly becomes available, depending on the cause of notice. Fortunately, there are steps to take even prior to opening the envelope when you receive one of these letters. First, ensure the letter is legitimate. While a majority of these will be accurate notices, as the US Mail is how the IRS contacts taxpayers, any demanding immediate payment through a specific source - money order, credit card, etc. should raise some red flags. In addition, there is typically a method of response or action to be taken in a given timeframe should the notice be legitimate. Follow a few of these simple steps in order to ensure your situation is handled accordingly. Don’t Panic There are a number of different reasons an individual could receive an IRS notice and shouldn’t panic upon receipt of a letter. For taxpayers who have filed on time returns with due payments, there shouldn’t be any potential cause of concern about unpaid funds. Even if you haven’t submitted the full owed amount, know that there are multiple avenues for handling your situation. Examine the Type IRS notices may simply be clerical corrections, such as a change in your address from one return to the next. Even something as simple as spelling out the word STREET in an address as opposed to the abbreviation (ST) may trigger a change of address notice. Other forms could be issued if there is a change in the tax return itself or an error has been detected, in addition to the common notices for taxes owed. Make A Plan Once you have determined that the letter is both legitimate and to what it pertains, then a plan of action can begin to be developed. In the event there was an error or you apparently owe money unexpectedly, contacting your accountant is a great first step. Understanding that amounts can be disputed, especially if associated penalties and interest have been added, and that multiple options exist for paying any money owed, can make receiving such notice a slightly less stressful situation. Respond Accordingly Finally, check the timeline for an expected response and make certain that action is taken prior to this date. Responding accordingly and within the guidelines determined by the IRS can keep you in a positive position when dealing with whatever situation may have triggered receiving the original notice. If you’ve received a notice and need assistance, let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for all of your filing 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 quality tax and payroll services, 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 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! Thu, 12 Nov 2020 06:00:00 GMT http://denveraccountant.co/blog/21668/Denver-Accounting-Firm-Tips-for-Handling-IRS-Notices http://denveraccountant.co/blog/21621/Denver-Tax-Return-Tips-for-Fourth-Quarter blog As the calendar year winds down and individual’s schedules typically get busier with work deadlines, social engagements, and the holidays, keeping up with your to-do list can take a little more focus. One thing which shouldn’t be overlooked is the importance of continuing to manage your finances and the impact some decisions could have on your tax footprint for the upcoming filing. Just after the new year, tax season begins and while some of your potential impactful decisions likely took place during the first half of last year, it’s important to remember some of the things which could wind up playing a role on your upcoming return. Even from a general standpoint, there’s a lot to know about filing taxes in terms of deadlines, payments, and other necessary factors. However, most of the basic knowledge citizens possess on filing returns surrounds the end result and not what can be done prior in order to help legally reduce taxable income or avoid having to pay such a high bill in the spring. Instead, there are a few factors to consider at the end of a preceding year which could help.  Estimated Tax Estimated taxes are paid throughout the year in order to help spread the amount of tax owed and avoid a lump sum due payment upon filing. Especially important for those who are self-employed, fourth-quarter estimated tax payments are typically due by January 15 of the following year being credited. Bonus If due an end of year bonus, holiday pay, or some other surplus of funds typically not received at other times in the year, making adjustments to your current withholdings could impact your tax. By adjusting the amount taken out of your check, individuals may be able to either pay in money while receiving a near normal check or secure extra money for the holidays without any major impact.  Gift Tax The gift tax exemption goes away if not used and for those to which it may apply, ensuring that it is used during the fourth quarter helps to avoid potential future tax payments - provided the set amount is not exceeded. Wedding If you’re legally married on December 31 or before, then the Internal Revenue Service (IRS) requires couples to file a married return for that year. If changing from a single return to a joint is going to have a large impact, then considering postponing those nuptials until first-quarter could give you time to prepare for the upcoming tax impact. Once you’re ready to take a look at how fourth-quarter actions could benefit you or complete an analysis of your complete tax situation, let the accounting and tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your questions and handling all accounting services, 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 top quality tax service, our group can also complete all types of returns and get answers to 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! Fri, 23 Oct 2020 06:00:00 GMT http://denveraccountant.co/blog/21621/Denver-Tax-Return-Tips-for-Fourth-Quarter http://denveraccountant.co/blog/21608/Denver-Accountant--Budget-Fundamentals blog Creating a budget may initially feel like a daunting task but whether you are running a business or a household, it can be one of the most useful tools to assist in tracking and helping plan your finances. Once established, monitoring your money becomes relatively easy, in addition to setting aside funds for emergencies, wish list items, and necessary expenditures. Not only can a budget give individuals a sense of control but it also provides a first-hand look at exactly where potential savings can be made in order to ensure that you are getting the most out of your revenue or paycheck. A majority of Americans with credit cards have debt and although there may be legitimate reasons behind having to purchase items in this manner, a budget can also help to begin the process of lowering your bills and earning back some spending power. There are a variety of plans for paying down debt, but none can be executed properly without establishing a baseline via some type of financial monitoring tool. Following are a few key factors which can help to build a helpful budget and assist with getting a grip on your spending and financial situation today.   Income Spending over the amount that you routinely bring in is where debt begins. By starting with your income, be it monthly, weekly, or bi-weekly, individuals can create a starting figure to begin. Typically, no matter the manner in which you are paid, working with monthly numbers is best as most bills have to be paid on this schedule. Goal Once a starting figure for the money which will be earned during a month is revealed, then a goal should be set. Every situation is going to be different so what would you like the end result to be in your scenario? This is the goal - from having extra spending money, paying credit card bills, putting more toward the principal on a home, preparing an emergency fund, and everything in between - it is here where the bottom line should be established in monitoring the spending and in what manner it is to be executed. Method There are plenty of paid and free budgeting tools available for consumers. Study the ins and outs of each and select one which best fits your current goals and financial situation. These can help track your spending and ensure that you are staying on the right path to success. Review/Adjust After an extended length of time which has yielded some form of results, taking a look back and making adjustments where necessary is warranted. Perhaps money can be taken from one area and be better spent elsewhere or not enough was initially slated for some expense. Nothing should be too rigid, except for not exceeding the amount of money which will be brought in over the set time period. If you’re ready to set up a budget for your household or company, then let the accounting and tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your spending and tax 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, 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!   Fri, 16 Oct 2020 06:00:00 GMT http://denveraccountant.co/blog/21608/Denver-Accountant--Budget-Fundamentals http://denveraccountant.co/blog/21595/Denver-Tax-Return--A-Few-Overlooked-Deductions blog Not only has 2020 been a wild and crazy year outside of the tax world, but within it a similar amount of crazy twists and turns keep occurring. First, due to the coronavirus pandemic - April 15 - the traditional filing deadline was extended back into July. While those who elected to file an extension enjoy the more consistent deadlines of September 15 and October 15, depending on the type of filing, the entire season has ranged for almost an entire year for the first time in history. Add an election year on top and the craziness only magnifies a tax focus. Undoubtedly, no citizen wants to pay any more tax than they owe, but determining precisely what amount should be paid in each and every year can be tricky. With tax laws changing, adjusting income levels, and any number of eligible deductions being reported, the final figures can be difficult to derive. In fact, there are even some potential items which individuals may not even realize they could be benefiting from when filing their own return, including each of the following. Gambling Yes, you can deduct losses from gambling but there are few key things to keep in mind when reporting these numbers. First, all winnings must also be reported as income and the difference isn’t a simple net figure. In addition, individuals cannot take any deductions over their reported winning figure.  Home Office Recently changed, only individuals who report self-employment income qualify for an office-in-home deduction. In the event that you are eligible, there are a few different figures which could impact your taxable income, including a percentage of certain bills (i.e. utility, water, etc.). For the home office deduction in 2020, when many were forced to work from home, returns could experience an uptick in this deduction but there has been no change to the current qualifications, so not everyone who worked from home is automatically eligible. Clothing While not all clothes you purchase for employment may be eligible, there are some factors which make work attire tax deductible. Essentially, if the outfit is required for your job duty and cannot double for traditional wear outside of the workplace then it is likely you could have a deduction on hand. For example, teachers may not deduct outfits which may be worn elsewhere, but nurses who wear scrubs are likely able to claim this deduction. If you are looking to receive additional tax assistance, a second opinion prior to completing a return, or just have other tax related questions, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing quality services and answering your 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 top quality tax service, our group can also complete all types of returns and get answers to 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! Tue, 13 Oct 2020 06:00:00 GMT http://denveraccountant.co/blog/21595/Denver-Tax-Return--A-Few-Overlooked-Deductions http://denveraccountant.co/blog/21542/Amended-Denver-Tax-Returns--Cause-and-Effect blog Filling out tax returns can be a stressful time period for individuals across the United States. Depending on the financial outcome of your past year, and a handful of other events which could impact your taxable income, completing a return and finding out if you owe money or may be getting a refund can be a little frightening. However, understanding your current financial situation and working to plan for where the results may fall allows for individuals to not approach the filing period blindly, but with a plan in place to either maximize their refund or make any necessary payment without hesitation.  With nearly 100 million individuals filing a tax return there are bound to be a few mistakes. These errors could be the result of simply entering a figure incorrectly or a variety of other mishaps but the ability to make a change on your filing exists and should be utilized once you realize that a mistake may have been made on the return. For those who need to make a correction, filing an amended tax return is the appropriate method and these can be utilized for a variety of different reasons, including some which may actually benefit the taxpayer.  Corrected Paperwork Most of the figures used in order to report your income on a tax return are reported to you via some type of form. Whether it be a W-2, 1099, or other paperwork, the same possibility which exists in making an incorrect filing, also is present for those who are responsible for gathering and producing this information. In the event there was a mistake, corrected paperwork will be issued. If you have already filed a tax return, using the previously received information, then an amended return is necessary in order to correct the misrepresented figures originally reported. Late Notification Deadlines for receiving the information necessary to file your tax returns is typically within the first calendar month of a new year. However, there are always tax documents coming in throughout the entire filing window and should you have submitted a return without receiving all of the appropriate information and then receive something later - an amended return is necessary. For individuals who have various types of investments, ensuring you are in receipt of the most recent paperwork and figures prior to an initial filing is important to avoid having to revisit your return. Rule Changes / Missed Deductions At various times, the regulations revolving around certain parts of your return may change. If this pertains to your tax return and filing provisions, then amending a return may result in a credit or additional refund. Taxpayers can go back up to three years in order to assess such a change. In addition, if a possible deduction has been missed, then amending a return to include this measure may also benefit the filer. If you are in need of an amended tax return, plan for individual finances, or those of your business, then let the tax experts at Bloch Rothman and Associates assist you 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! Wed, 23 Sep 2020 06:00:00 GMT http://denveraccountant.co/blog/21542/Amended-Denver-Tax-Returns--Cause-and-Effect http://denveraccountant.co/blog/21463/Denver-Accounting-Firm-Payroll-Periods-Defined blog Pay day. One of the best days of the week or month, depending on when exactly you receive compensation for any work completed. However, whether you are a business owner in charge of executing a payroll and cutting checks or simply an employee, did you know that the frequency with which you receive payment can have an impact on your finances? Typically there are two different types of employees, detailed below, and when these individuals receive payment for their services is something a majority of people don’t give its proper consideration. Many factors contribute to the amount brought home but figuring out taxes, pay, and more on leap days can be tricky. Fortunately, this issue only rolls around once every four years but it is something that should be granted attention regardless of if you are the employee or employer. Understanding the pay periods, frequency, and rate of pay for individuals can be important for both - if given an option, consider the pros and cons of each before moving forward with any decisions. First, there are traditionally two various types of compensation rates - hourly and salary. Hourly Hourly employees earn various amounts based on the amount of time they are ‘on the clock’. These workers usually have a set pay period and any time accumulated over that span is then paid for at once. Salary Those who receive a salary make a certain amount regardless of the amount of time spent either on or at work. This amount is usually broken down over the course of an entire year and then distributed at certain intervals. Weekly Weekly paychecks are most commonly reserved for those hourly employees. Since their time at work may change from one week to the next, these amounts can be easily deciphered and paid correctly over each and every week. Referred to as ‘paid in arrears’ - this means payment for the work is usually one week behind actual completion. Bi-Weekly Those who receive paychecks once every two weeks are subject to the bi-weekly system. This allows individuals to receive income usually twice a month which can be good for employees who have certain bills due at various times over the course of any calendar month.  Monthly Most salaried employees receive monthly payments. Figured by taking their annual salary and dividing by 12, the total is then disbursed once each and every month. While the check may be larger than other payment segments, this can take a bit more budget management in order to ensure all funds last until the following pay period. Semi-Monthly Another convenient option for salaried employees, semi-monthly pay doesn’t require the same sort of stretch between checks and individuals have a little more sense of income - receiving 24 payments in lieu of the usual one per month.  If you are in need of a particular level of support for the finances of your business or wish to take a closer look into your own personal finances, then let the tax 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, 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!   Wed, 19 Aug 2020 06:00:00 GMT http://denveraccountant.co/blog/21463/Denver-Accounting-Firm-Payroll-Periods-Defined http://denveraccountant.co/blog/21419/Denver-Tax-Return-Impacts-of-Unemployment-and-Stimulus-Payments blog The ongoing Coronavirus pandemic has caused tremendous upheaval not only here in America but across the globe. As countries continue to reel from the virus and its impact on individuals' lives, day-to-day tasks, and their respective economies, a few steps have been taken in order to help ease the burdens associated by its devastation here in the United States. The Payroll Protection Program (PPP) was initiated by Congress as part of a larger measure, in an attempt to help small businesses stay afloat as multiple facilities across the country were forced to close for unknown amounts of time. During these closures, unemployment claims skyrocketed as not only businesses but people were hurting. That larger measure consisted of the Coronavirus Aid, Relief, and Economic Security (CARES) Act which was passed in late March as a measure to assist with the strife facing a majority of citizens. Part of this process was $1200 stimulus payments for qualifying individuals, in addition to a $600 Federal Pandemic Unemployment Compensation for those who applied and received these benefits. Tax payments and filings were extended from their typical mid-April deadline until July 15 for the 2019 calendar year but how will these new measures impact your 2020 filings. As Congress considers another round of stimulus payments and debates the extension of these unemployment payments, exactly how each will be recorded when you file a tax return next year is something to consider now.   Unemployment Those who have been or are currently receiving unemployment benefits should understand that while these payments are not subject to certain taxes, others still apply. When earning a traditional check from an employer, FICA taxes which include Medicare and Social Security under the Federal Withholding are removed and paid by your employer. These are not subject to unemployment benefit payments but any money being received as a part of the unemployment benefit still counts as income to their recipients. As a result, individuals will be expected to file their received amounts as earned income on their 2020 tax return next year. The Senate unveiled second stimulus check details recently, but how will these direct payments impact your 2020 tax return? Many taxpayers were earlier issued $1,200 including an additional $500 for qualifying dependents, and something along those same lines is anticipated for these second-round payments. These amounts are not registered as taxable income but instead a credit with eligibility based off previously filed returns. For this reason, those who were in receipt need to file their 2020 taxes in order to ascertain the appropriate amounts were applied. For a majority of Americans, this means that the stimulus payments should not have any impact on their upcoming return filed next year.  If you are in need of a particular level of support for personal or the finances of a business then let the tax and experts at Bloch Rothman and Associates assist you 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!   Fri, 31 Jul 2020 06:00:00 GMT http://denveraccountant.co/blog/21419/Denver-Tax-Return-Impacts-of-Unemployment-and-Stimulus-Payments http://denveraccountant.co/blog/21366/Denver-Accountant--Helping-Small-Businesses-Succeed blog Many small businesses fail within the first few years of operation for a variety of different reasons. Unfortunately, any money invested in getting an idea off the ground is rarely ever recouped and this lack of profit generation ultimately spells the demise of many institutions born out of good faith. Whether it be in the service industry or some other business type, ultimately the bottom line figures have to make sense or nothing will ever amount to anything regardless of the time, effort, and backing a group or individual has standing with them.  Business failure is not always the result of money, but it does account for a majority of the closures. While hiring an accountant or service to assist with your business venture may be well down the “to-do” lists of things associated with your idea in the beginning, it can greatly improve the odds of your future success. No matter the current state of your operation, if you’ve been in business for years or are just starting out, the benefits reaped from professionals analyzing your finances can have a significant impact on the trajectory of your performance.   Inventory Tracking Not only can accountants assist in matters associated with money, but their reach also extends into tracking numbers associated with inventory. Knowing when to reorder supplies and the funds necessary to operate can help in keeping your schedules aligned to generate the best practices of your business. Having another set of eyes on the inventory figures is bound to help, especially when ownership attention and efforts need to be focused elsewhere. Price Evaluations Part of the inventory tracking also leads to target price point evaluations. Setting these at a given rate which not only drives business but leads to maximizing profits can help get your business off on the right track or turn things around should you find yourself in a hole right now. Cash Flow Pattern Analyzation Cash flow is essentially the money generated and spent over any given period for the company. Ensuring that your end result resides with more money deposited than paid out helps to maintain that the business is on a profitable and sustainable path. Accountants can track these numbers over time and suggest adjustments should they be necessary. Financial Forecasts By analyzing each of the above characteristics for any entity, an accountant can also provide a glimpse into what the future of a company holds. Barring any unforeseen circumstances, a quality projection for the outlook of any business can be formulated by crunching these and other relatable numbers. If you’re ready to hire an accounting service for your company or have any other tax related questions, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing quality services and answering your 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 top quality tax service, our group can also complete all types of returns and get answers to 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!   Fri, 10 Jul 2020 06:00:00 GMT http://denveraccountant.co/blog/21366/Denver-Accountant--Helping-Small-Businesses-Succeed http://denveraccountant.co/blog/21345/Denver-Tax-Refund--Ideas-for-Using-the-Extra-Money blog Depending on the end result of your tax filing, individuals and couples will either receive a refund or owe additional money. If your credits and withholdings leave you having paid in too much throughout the year, then money is returned to the filer via a refund. Once calculated, if the end result is short of the owed amount then you will need to submit payment prior to the due date. The majority receive tax refunds in America but what comes next? Deciding what to do with this extra cash can help in a variety of different ways. For some, saving or investing is the best practice for their situation while others may elect to simply take a vacation or splurge on an item they had been hoping to purchase. Regardless, every situation is different but there are multiple options for utilizing refunds of any size.  Debt Payments Paying off or down on credit card or other debts with high interest rates will help to save you money. In addition, depending on your personal situation, the end result could be an improved credit score. Emergency Fund Building or adding to an account that is for use in the event of an emergency can also be an important safety net for you or your family. Consistently adding to this fund with any available cash will ultimately build a nice stockpile should it be needed. IRA Contribution IRA contributions reduce average gross income and thus can lower your tax bill or perhaps lead to a refund. Utilizing this added money to make a contribution could be one way to help yourself now and into the future.  Invest (Stock Market) Putting the money to play in the stock market is an option which could also pay big dividends. Depending on where exactly the money is invested, it may return the taxpayer even more additional funding down the road. Invest (Family) If you have a child or multiple children, a savings or other investment account is also a viable option for your tax refund. Putting this extra money to work for them can add up as they grow older and be put toward larger future purchases such as automobiles or college. Vacation Consider taking a family vacation. Depending on the price of your planned trip, a tax refund could offer valuable spending money which would have initially come out of pocket or help pay for the cost of covering travel, accommodations, or other expenses associated with the trip. Should you need any help determining your filing status, are in search of answers to tax related questions, or need to file a return then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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! Wed, 01 Jul 2020 06:00:00 GMT http://denveraccountant.co/blog/21345/Denver-Tax-Refund--Ideas-for-Using-the-Extra-Money http://denveraccountant.co/blog/21324/Denver-Tax-Specialist-Tips-for-the-upcoming-Tax-Day- blog Every year Tax Day rolls around in April but 2020 has been a unique experience for everyone, not only in the United States, but across the globe. The coronavirus pandemic forced an extension of the normal April 15 filing date, pushing back the deadline until July 15 for the first time ever. In an effort to ease the financial burden experienced by many individuals, in addition to decreasing the risk for exposure, the Internal Revenue Service (IRS) granted those responsible for filing taxes an automatic three month extension. While those who were expecting a refund were encouraged to submit their paperwork rapidly, the delay allowed for many to focus on their current situation as opposed to dealing with the 2019 tax year and putting together everything needed in order to submit a return. While the tax filing deadline was extended to July 15 for federal returns, state taxes were left to individual determinations. For many, the same extension was applied, allowing both to fall in line - similar to a normal year, but some differences did occur. If you are one of the many individuals or families yet to file a return, consider each of the following Tax Day tips to keep your paperwork in line for this year and any other.   Organization Is Key Having the appropriate paperwork available for backup documentation on your return is critical to completing an on time filing. Preparing ahead of schedule, before your appointment, can not only save you money but it will also make the completion of your tax return seamless. Keeping proper records throughout the preceding year and managing the paperwork associated with tax filings can assist in helping to make the filing process easy as possible. Extension Benefits and Deadline Individuals and those who are filing jointly still have the opportunity of filing for an extension. While everyone was granted the chance to have their submission extended 90 days - until July 15, submitting the extension in lieu of the original date grants even more time for completion. October 15, a sixth month addition from the normal April 15 deadline, remains the date for those in need of a little more time. While this does add time to submit the paperwork, if you do owe any money to the IRS, then it remains to be due by July 15, as is normally the case for April filings. Wed, 24 Jun 2020 06:00:00 GMT http://denveraccountant.co/blog/21324/Denver-Tax-Specialist-Tips-for-the-upcoming-Tax-Day- http://denveraccountant.co/blog/21287/Denver-Tax-Return-Corrections blog Filing taxes can be a stressful time for individuals. Depending on the complexity of your return, ensuring that you have each and every figure correct can have critical results. Not only could a mistake cost you money, but leaving out certain items could also cause you to not be getting the refund to which you are entitled. For many people, turning their finances and yearly spending over to someone else for submission is the desired method, but even professional services can sometimes make mistakes. Regardless of how you file, finding someone you trust and an organization which places multiple sets of eyes on a single return will help to make certain that you benefit from the best possible outcome. The most common tax filing mistakes involve everything from electing how you file to putting an improper name. While most of this confusion is the result of individuals getting married during the preceding year, there are also a few numbers which may be misconstrued as well. In the event that you find a mistake, knowing what steps to take next could help save you time and money in the future. Correction If an error has been made on a previously filed return, then reporting it yourself is best. To do so, individuals must fill out an amended tax return. While not as complex as the original, the 1040-X paperwork is used to show which return was submitted in error, the changes, and discrepancies in both the original and new figures. Submission At this time, amended returns may only be filed using the paper form and mailed to the corresponding Internal Revenue Service (IRS) office. Typically, changes can only be made within three years of the original filing date for a return. For most, this indicates corrections within each of the three preceding years are eligible to be made.  Results Once submitted, returns are usually processed within a few weeks and corrections noted with appropriate action taken. If you owe money, this should be submitted along with the 1040-X form or paid online. Should a refund be due, then the IRS will issue a check accordingly. If you notice a mistake, wish to have someone else take a look at your recent returns, or have any other tax related questions, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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!   Wed, 10 Jun 2020 06:00:00 GMT http://denveraccountant.co/blog/21287/Denver-Tax-Return-Corrections http://denveraccountant.co/blog/21256/Denver-Accounting-Firm-Can-Optimize-Your-Business-Finances blog No matter the size of your business, receiving quality accounting services is an essential part to maintaining sustainability and profitability within any industry. Regardless of your current situation, having the ability to focus on operations without worrying about finances can also assist in allowing your business to thrive. Provided the information being received and budgets followed are in line with the perceived trajectory of your practices, a quality foundation can be built on which the entire process can build from now and into the future. While there are a few indicators that it may be time to outsource accounting for your small business, electing to begin with this option is also helpful. By being involved from the beginning, a better understanding of the business model, cash flow, cost analysis, and other measures can be developed in real time instead of having to backlog information. In either case, it often proves more beneficial to outsource accounting practices for many of the following reasons. Payroll One of the biggest expenses for any company, having the same people cover payroll responsibilities, in addition to your daily books can provide a better overall picture for the health of your business. Not only can the tracking of income and expenditures be easily followed, but any unforeseen expenses may also be immediately handled in the correct way. Taxes Along with payroll comes taxes. While everyone is aware of the annual tax return which must be submitted, there are also quarterly or weekly - depending on the amount of payroll being expended, taxes due to both the federal and state entities. A basic knowledge of this process will aid in running your business but allowing a third-party to handle the specifics can be beneficial Tax Return Once it comes time for that annual return to be filed, if the same people have handled your business practices for the past twelve months, then all of the necessary information should be readily available with only a few minor adjustments. Reports Additionally, any mid-year or quarterly reports which can display the profit/loss or other measures for your company can be found at the push of a button. Even though you may be trusting your finances to a third-party, it doesn’t mean you're uninformed and in fact, may be better prepared without having to spend your time on generating useful information. Once you’re ready to begin focusing on the business and not the paperwork, let the accounting and tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your questions and handling all accounting services, 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 top quality tax service, our group can also complete all types of returns and get answers to 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!   Fri, 29 May 2020 06:00:00 GMT http://denveraccountant.co/blog/21256/Denver-Accounting-Firm-Can-Optimize-Your-Business-Finances http://denveraccountant.co/blog/21194/Denver-Accounting-Firm-Payroll-for-Remote-Employees blog As a business owner, one of the most important components of your operation involves payroll. Not only is this a major expense but the lifeblood behind operations are the employees responsible for completing the necessary work. When housed in the same facility, keeping up with hours, rates, vacation time, and other essentials associated with determining payroll is much easier than handling payroll for those who may work remotely. As telework and video conferencing grows out of necessity, an ability to handle any issues for these types of employees is critical. Remote work statistics show that this type of employment is increasing. Both out of necessity and a shift to more online businesses, understanding a few of the basics about the type of employees you hire and exactly how their status is determined can aid in processing payroll. Third-party providers and professional businesses are also available to help remove the task of weekly, bi-weekly, or monthly payroll from your plate of responsibilities in order to let you focus on running the business. Type There are multiple types of employees in the workforce which must be accommodated for in terms of payroll. Depending on if you hire part-time, seasonal, full time, or volunteer individuals, each will have a different pay scale and tax implications. In addition, the determination must be made between independent contractors, who receive a 1099 form and those who will get W-2 paperwork for being salaried or hourly employees. Location Another important fact in deciphering exactly what each individual will earn and bring home, is their location. Even though you and the business headquarters may be located in one area, the individual working for your may reside elsewhere. If this is in a different state, then provisions must be made in order to pay tax in that location as well. Rate Rates of pay or the amount in which employees earn will also fluctuate depending on their status. Independent contractors may be paid based on the completion of certain projects whereas those who receive salary will be compensated on an entirely different scale. Managing each, in addition to keeping up with remote employees can increase the time spent on payroll for your business. Pay Date The pay date is also important when managing remote employees and must be taken into consideration. If checks are to be mailed, then accounting for the time of travel via the postal service must be accounted for in order to assure employees are paid on time. Direct deposit options can assist in ensuring all employees receive their funds in a timely manner, but this also increases the responsibility of the employer to ensure all paperwork is submitted to make certain the process is carried out in a timely manner. Once you’re ready to begin payroll processing, need assistance in setting it up, or have any other tax related questions, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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!   Thu, 14 May 2020 06:00:00 GMT http://denveraccountant.co/blog/21194/Denver-Accounting-Firm-Payroll-for-Remote-Employees http://denveraccountant.co/blog/21165/Denver-Tax-Return-Coronavirus-Extension-Impacts-and-Answers blog The coronavirus creating a global pandemic has resulted in numerous changes for Americans across the country. From work or a personal standpoint the impacts have been unexpected and in some cases - extremely devastating. In an effort to ease the resulting economic burden, federal stimulus packages have been issued and changes made to the ongoing tax season - which has been extended. Internal Revenue Service (IRS) operations during COVID-19 continue as individuals are requested to file their returns - especially if a refund is expected. Many people were originally on pace for an expected filing prior to the well known April 15 deadline but the coronavirus has significantly impacted businesses and travel. While some accounting and tax offices remain open, there is no doubt the 2020 filing season has been unlike any of its predecessors. Filing Date April 15 is a noticeable date for many individuals. Typically, always the date taxes and payments are due for the preceding filing period, the coronavirus impact caused federal authorities to extend the initial filing period. Now scheduled for July 15, federal taxes and payments can be submitted until this point without penalty.  State Requirements While a majority of states also extended their filing periods to match the federal program, some remain different. Individuals should check with their corresponding state authorities in order to determine exactly what the requirements are for their individual and business returns. Payment Dues In similar fashion, all federal payments have been granted the initial three month extension but state requirements may differ. For example, Colorado state income tax interest payments have been waived from the original date until the new July 15 deadline. Extensions For federal filings, every individual is automatically granted this initial extension until the new July 15 deadline without having to submit any forms or paperwork. If a formal tax extension is needed then the request must be filed prior to the new deadline and extends the period for three additional months - October 15. Remember, this is only an extension to file and any monies owed must be submitted prior to the July due date. Once you’re ready to file a tax return in Denver, if you need help determining exactly what needs to be submitted when, or are in search of answers to any other tax related questions, let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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!   Wed, 06 May 2020 06:00:00 GMT http://denveraccountant.co/blog/21165/Denver-Tax-Return-Coronavirus-Extension-Impacts-and-Answers http://denveraccountant.co/blog/21123/Coronavirus-Stimulus-Check-Impacts-on-Denver-Tax-Return blog How exactly the economy rebounds from being placed on an unprecedented hault remains to be seen but one thing is already apparent. The impact of the coronavirus across not only the United States but around the globe has been enormous. From not only a health and medical perspective, but the inability of millions of workers unable to continue in their respective positions has placed many individuals into situations for which no one could have been prepared. In an effort to help ease the burden and stress associated with statewide stay at home and shelter in place orders, the federal government initiated a plan for distribution payments to qualifying citizens. Deemed ‘Economic Impact Payments’ by the Internal Revenue Service, this assistance is backed by good intention but many are left wondering if they will have to report the payment as income when filing their 2020 tax return. Stimulus Check Qualification Amounts Income limits and filing status, either based on this year’s tax return or last year (if not filed yet) are the biggest factors concerning eligibility. In addition, recipients must also be United States citizens and not claimed on anyone else’s return. Tax Impact It appears the Economic Impact Payments will not impact tax filings for this calendar year. Since the distribution isn’t being classified as income, then individuals shouldn’t have to worry about having to set aside part of the payment in order to account for tax being withheld once they file a 2020 return next tax season. Filing Dates Individuals who are expecting a refund from their tax returns this year are still encouraged to file as soon as possible in order to receive additional funds to help during this economic downturn. For everyone, the IRS extended filing dates - typically April 15 - until July 15 for this year. When Will It Arrive? Some stimulus checks have already been rolled out and the potential for another round still exists, however, if you haven’t yet received a payment either by direct deposit or mailed check, the IRS has developed a tool for tracking the receipt.  Once you’re ready to file a return, if you need help determining exactly what needs to be submitted when, or are in search of answers to any other tax related questions, let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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!   Fri, 24 Apr 2020 06:00:00 GMT http://denveraccountant.co/blog/21123/Coronavirus-Stimulus-Check-Impacts-on-Denver-Tax-Return http://denveraccountant.co/blog/21083/Denver-Tax-Specialist-Reveal-Coronavirus-Scams-to-Avoid blog The ongoing global pandemic and outbreak of coronavirus (Covid-19) has undoubtedly impacted lives of people all across the globe. Originating in China before spreading to other areas of the world, the impacts have been far reaching and left many in America and elsewhere worried about their current financial situation. For all citizens of the United States, this outbreak occurred right in the middle of tax season - one of the most stressful times of the year for some individuals. Being able to lower your tax season stress level doesn’t come easy - especially in the midst of a global virus outbreak that has rendered many people jobless and facing uncertain futures. Unfortunately, there are some individuals who wish to capitalize on these crazy times but understanding a few basics can help to ease the burden from fake advertisements or scammers looking to take advantage of an unfortunate situation. E-Mail Scams Unless you have initiated contact, the Internal Revenue Service (IRS) only reaches out to consumers, initially, via the postal service. If you should receive an email in regards to taxes, owing a certain amount, paying past dues, or attempting to insinuate some type of funds transfer in regards to Covid-19 impacts, check the source and contact a professional tax service organization before proceeding. Phone Scams Along those same lines, deceiving phone calls rank among the scams to watch out for in 2020. Similar to email attempts, this unwanted solicitation and attempts to deceive individuals should be closely monitored and reported if on the receiving end of any such notification.  Tax Filing Scams The IRS and Treasury Department extended filing deadlines until July 15 from the original April 15 date. While this move was made in response to Covid-19, many scam acts are being associated with this declaration. No paperwork is needed in order to adhere to the new filing date, so any attempts to acquire sensitive information based on this premises should also be avoided. Once you’re ready to file a return or if you need help determining exactly what information is legitimate while potentially needing answers to any other tax related questions, let the tax professionals in Denver at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 top quality tax service, our group can also complete all types of returns and get answers to 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!   Fri, 17 Apr 2020 06:00:00 GMT http://denveraccountant.co/blog/21083/Denver-Tax-Specialist-Reveal-Coronavirus-Scams-to-Avoid http://denveraccountant.co/blog/21054/Denver-Tax-Return-Complete---What-Comes-Next- blog Filing taxes is a required act for a majority of Americans. However, just because individuals understand they must report income and then either receive a refund or pay more to the federal government, state, or both - it doesn’t necessarily mean they know why, how, or what should be done once the paperwork is complete. Typically receiving assistance in completing a tax return, filers gain a general understanding of what to expect in terms of an end result but most are basing this off of their own historical results. This year, the filing deadline has been pushed back to July 15 from the normal April 15 date. Moving the date serves multiple purposes and the extension of time for all individuals and corporate returns is a welcome reprieve, especially given the current global situation. For many who are expecting a refund, getting their return filed and money back as soon as possible could be extremely helpful. So once the return is complete, what are the next steps? Tax Return Status After you have a provider submit your return the immediate next step is to ensure that it has been accepted by the Internal Revenue Service (IRS). Depending on the number of returns currently being processed this may take some time but typically a notification is returned within 30 minutes or sooner. Tax Refund Status After submission, individuals and families who are receiving a refund will want to know when this money is coming. Fortunately, the IRS has a tool designed for tracking the status of a return. By providing some information, anyone can see exactly where their return and refund are in the process. Plans/Payments Finally, if you owe then preparing to make the payment (before July 15 this year) due is next. Filing early can provide much needed time to generate the funds due, if needed. In addition, if you are receiving a sizable refund, setting a plan or utilizing the funds in a tax associated manner can be derived. If you are in need of personal help or assistance for your business then let the tax and accounting 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, 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!   Thu, 09 Apr 2020 06:00:00 GMT http://denveraccountant.co/blog/21054/Denver-Tax-Return-Complete---What-Comes-Next- http://denveraccountant.co/blog/21004/Denver-Tax-Deadline-Postponed-Due-to-Coronavirus--COVID-19- blog As COVID-19 continues to spread across the globe the reach of this pandemic and its implications on not only those who become infected, but economies, and countries around the world remains largely unknown. While scientists, doctors, and all medical professionals are gaining knowledge daily about potential ways to slow down the spread, it will undoubtedly take time for a return to a somewhat normal state as things were before this pandemic hit. Already, almost everyone has at least had their lives impacted in some way by the virus. Whether by dealing with work stoppages, new social distancing techniques, or in the most unfortunate of circumstances - personally knowing someone infected or worse, deceased - it’s grasp over the population has been difficult for the public and leadership to control. Adding to the list of changes, modifications, and this evolving timeline is the extension of filing times and payment for taxes by the U.S. Treasury and Internal Revenue Service (IRS).  New Deadline - July 15 As most people are aware, historically the filing deadline for taxes is April 15. By this point either returns must be submitted or an extension applied for in order to receive a six month reprieve on turning in the paperwork associated with a return. While this does provide more time, it is not an extension to pay - any monies owed are still due by April 15 in a typical scenario. However, due to the impacts of COVID-19 across America, this year the deadline has been extended until July 15 for both federal and Colorado state filings - three additional months. Nothing is required to submit and the government is waiving payments, penalties, and interest until this date. The deferred end date will hopefully allow those who may be quarantined or under a ‘shelter in place’ order to have time to file. Corporations The original filing date for partnerships and S-Corp entities passed on March 16. However, those businesses who file C-corp returns also fall into the new delayed tax date for filing. In addition, identical to individual returns, the due date for any money owed is also pushed back until the July 15 date. Refunds Currently, the IRS is still continually processing returns and any due refunds should not be delayed at this time. If you are in need of tax assistance in Denver or need help filing a business or personal return then let the tax and accounting 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, 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!   Thu, 26 Mar 2020 06:00:00 GMT http://denveraccountant.co/blog/21004/Denver-Tax-Deadline-Postponed-Due-to-Coronavirus--COVID-19- http://denveraccountant.co/blog/20909/Denver-Tax-Return-Standard-Deduction-Rates-for-2020 blog Tax filing season is upon us and individuals everywhere are in the process of filling out the appropriate paperwork required for their specific returns. Whether an individual, family of six or even anywhere below or beyond, each person who has earned income over the past year is required to report their earnings and amount of taxes paid. Doing so then either results in subjects receiving a refund due to having paid too much in during the course of the preceding year or owing more money to the federal or state governments. The filing season officially opened on January 27 and returns must be submitted prior to the April 15 deadline, unless submitting an extension. For many, the changes from year to year are minimal but recent revisions to the tax code, as is common practice with new administrations, continue for this year. One of the most significant changes which continues to apply, has been the increase in standard deduction rates across the board. Single - $12,400 Individuals who have no other tax burdens other than themselves are subject to the standard deduction rate for single filers. This limit ($12,400) applies to the amount which may be utilized to reduce a person’s tax burden. Married Filing Jointly - $24,800 Those who are married and filing together receive an appropriate amount of double that for individuals. While the option to itemize a return exists, thanks to the raised general assignment allowable, many people can save time by simply electing to utilize the new standard rate. Married Filing Separately - $12,400 Some reasons exist for married filing separately and persons who fall into these categories can receive the same standard deduction as individuals. While there may be other differences to their filing status and potential deductions, the standard deduction amount applies in similar fashion to individuals. Head of Household - $18,650 If filing as Head of Household, a person receives a slight boost to their standard deduction rate. Increased to $18,650 for these individuals, there are certain criteria for utilizing the Head of Household status on a tax return. If you’re ready to file a return or need help determining exactly which standard deduction rate 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 filing status 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, 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!   Wed, 11 Mar 2020 06:00:00 GMT http://denveraccountant.co/blog/20909/Denver-Tax-Return-Standard-Deduction-Rates-for-2020 http://denveraccountant.co/blog/20843/Denver-Tax-Return-Deductions-vs--Credits blog Death and taxes. The two things people commonly refer to as being inevitable parts of life and understanding the reasoning behind each can often be difficult. However, there are a few ways to lessen the burden of the latter and those who are able to take advantage of some potential deductions, credits, or both can lower their current tax imprint. No matter your filing status, ensure you have counted on each of these potential devices in order to pay exactly what may be owed and nothing more. The standard deduction has been raised significantly in recent years, advocating for even more individuals and couples who are filing to utilize this measure. Doing so not only reduces the amount of paperwork individuals need to keep up with throughout the calendar year but also serves to benefit a majority of Americans. While there are a few instances where itemizing a return can be helpful, given the timely increases, most of those who are filing will be better served by administering these preset amounts.  Tax Deductions Tax deductions are a way to lower the overall amount of income for which taxes are due. Common tax deductions include charitable contributions, medical or long-term care expenses, property taxes, and contributions toward a retirement fund. These deductions are used to lower the amount of taxable income which is reported and are seemingly opposite of credits by the manner to which they are applied. Tax Credits Tax credits are amounts which may apply directly to your refund depending on type. There are both refundable tax credit applications and those which are regulated as non-refundable. The difference here is refundable credits can actually increase an individual’s refund, whereas those of the non-refundable variety may only serve to decrease a person's tax liabilities. Common credits include the Earned Income Tax Credit and Child Tax Credit, which both qualify as refundable options. Some non-refundable credits which may apply to certain individual returns include an Adoption, Lifelong Learning, or Mortgage Interest credits - among others which may be applied in conjunction or as a stand alone item. While these particular adjustments may not result in a sizable refund, they still help to reduce the tax liability of those individuals who qualify for their use. If you’re ready to file a return or need help determining exactly which potential credits and deductions 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 deduction or credit tax 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, 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!   Thu, 27 Feb 2020 06:00:00 GMT http://denveraccountant.co/blog/20843/Denver-Tax-Return-Deductions-vs--Credits http://denveraccountant.co/blog/20781/Denver-Tax-Return-Auto-Mileage-Rates-Fluctuate blog 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!   Wed, 12 Feb 2020 06:00:00 GMT http://denveraccountant.co/blog/20781/Denver-Tax-Return-Auto-Mileage-Rates-Fluctuate http://denveraccountant.co/blog/20753/Denver-Tax-Preparation--What-Is-My-Filing-Status- blog 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!   Wed, 05 Feb 2020 06:00:00 GMT http://denveraccountant.co/blog/20753/Denver-Tax-Preparation--What-Is-My-Filing-Status- http://denveraccountant.co/blog/20686/Denver-Tax-Preparation--Reasons-To-Use-A-Professional-Service blog 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!   Wed, 22 Jan 2020 06:00:00 GMT http://denveraccountant.co/blog/20686/Denver-Tax-Preparation--Reasons-To-Use-A-Professional-Service http://denveraccountant.co/blog/20656/Denver-Tax-Service-Tips-for-Filing-Season blog 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!   Wed, 15 Jan 2020 06:00:00 GMT http://denveraccountant.co/blog/20656/Denver-Tax-Service-Tips-for-Filing-Season http://denveraccountant.co/blog/20636/Denver-Accounting-Firm-End-of-Year-Payroll-Questions- blog 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! Fri, 10 Jan 2020 06:00:00 GMT http://denveraccountant.co/blog/20636/Denver-Accounting-Firm-End-of-Year-Payroll-Questions- http://denveraccountant.co/blog/20481/Denver-Accounting-Firm--Initial-Questions-to-Ask blog 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.  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! Tue, 03 Dec 2019 06:00:00 GMT http://denveraccountant.co/blog/20481/Denver-Accounting-Firm--Initial-Questions-to-Ask http://denveraccountant.co/blog/20482/Denver-Tax-Service-Offers-Solution-to-Common-Filing-Mistakes blog 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.  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! Tue, 03 Dec 2019 06:00:00 GMT http://denveraccountant.co/blog/20482/Denver-Tax-Service-Offers-Solution-to-Common-Filing-Mistakes http://denveraccountant.co/blog/20483/Denver-Accounting-Firm-End-of-Year-Tips-for-Tax-Preparation blog 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.  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.  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! Tue, 03 Dec 2019 06:00:00 GMT http://denveraccountant.co/blog/20483/Denver-Accounting-Firm-End-of-Year-Tips-for-Tax-Preparation http://denveraccountant.co/blog/20427/Denver-Tax-Service--Potential-Audit-Flags blog 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.  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!   Tue, 26 Nov 2019 06:00:00 GMT http://denveraccountant.co/blog/20427/Denver-Tax-Service--Potential-Audit-Flags http://denveraccountant.co/blog/20363/Denver-Tax-Service-Highlights-2020-Filing-Dates blog 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.  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!   Wed, 13 Nov 2019 06:00:00 GMT http://denveraccountant.co/blog/20363/Denver-Tax-Service-Highlights-2020-Filing-Dates http://denveraccountant.co/blog/20321/Don---t-Fall-Victim-to-Latest-Denver-Tax-Scams blog 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!   Tue, 05 Nov 2019 06:00:00 GMT http://denveraccountant.co/blog/20321/Don---t-Fall-Victim-to-Latest-Denver-Tax-Scams http://denveraccountant.co/blog/20268/Denver-Accounting-Firm-Payroll-Solutions blog 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!   Wed, 23 Oct 2019 06:00:00 GMT http://denveraccountant.co/blog/20268/Denver-Accounting-Firm-Payroll-Solutions http://denveraccountant.co/blog/20189/Denver-Tax-Implications-from-Tying-the-Knot blog 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.  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.  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!   Wed, 09 Oct 2019 06:00:00 GMT http://denveraccountant.co/blog/20189/Denver-Tax-Implications-from-Tying-the-Knot http://denveraccountant.co/blog/20163/Denver-Tax-Estimates-Serve-A-Purpose blog 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.  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!   Wed, 02 Oct 2019 06:00:00 GMT http://denveraccountant.co/blog/20163/Denver-Tax-Estimates-Serve-A-Purpose http://denveraccountant.co/blog/20122/What-to-Know-About-Denver-Tax-Allowances blog 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.  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.  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!   Wed, 25 Sep 2019 06:00:00 GMT http://denveraccountant.co/blog/20122/What-to-Know-About-Denver-Tax-Allowances http://denveraccountant.co/blog/20057/Denver-Tax-Deadline-for-Extension-Filing-Approaching- blog Filing taxes is something that every American citizen must endure, regardless of income level or any other factors. It is the one thing that each person is legally required to complete and although there are some who try and skirt the system, a majority of people just endure the reality and plan accordingly. For many, this comes as a new year begins and the calendar rolls over to January. People begin receiving their W-2 forms and reporting the prior year’s earnings as the spring, April 15 deadline to file approaches. However, there is an alternative that has become increasingly popular in recent years - filing an extension. What is an Extension? Understanding how taxpayers can file an extension for more time to file their federal taxes begins with realizing this is an option. However, before you get excited about acquiring more time to cut a check to the federal government, realize the one critical caveat of this agreement. Filing an extension, if accepted, only guarantees taxpayers have additional months to fill out the necessary paperwork required in a tax return - NOT ADDED TIME TO PAY.  If you typically owe taxes, then some form of payment must still be submitted prior to the original April 15 deadline, although it is possible to send in a payment and still accept an extension to file the supporting paperwork. In addition, the extension must be filed by April 15 to let the Internal Revenue Service know that some type of return is coming in the future and there is no inability to file. Extension Deadline For a majority of Americans, the 2019 deadline for filing an extension is October 15. Depending on when your taxes were originally due, an extension grants individuals the opportunity to extend their reporting out six calendar months.  Benefits While there are a few pros and cons to filing an extension, the only main downside is understanding that if you owe, there is no added time to pay. In fact, many people who initially file an extension for other various reasons, typically continue to do so in the following years due to some of the other benefits associated with receiving extra time to file. This time can be used to ensure the accuracy of your return and maintain any potential refunds one may be entitled to receive. Instead of getting the money back at the first of the year, some people prefer to have this money later on to be used for holiday spending or any other needs. The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you should need help wanting a future extension, 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!   Wed, 11 Sep 2019 06:00:00 GMT http://denveraccountant.co/blog/20057/Denver-Tax-Deadline-for-Extension-Filing-Approaching- http://denveraccountant.co/blog/19814/Owe-the-IRS--Know-Your-Denver-Tax-Payment-Options- blog Most people are aware of when they owe taxes and may not have taken the proper steps to pay completely the amounts required. However, some undergo a surprise audit from the Internal Revenue Service (IRS) and may only then realize that they have been unknowingly not paying the required amounts and are then faced with a hefty bill for the back taxes. In addition, others have planned their current tax situation on past filings and with the current changes, may have been faced with owing this year instead of getting a refund.  There are obvious benefits to paying your taxes on time, but no matter your current situation, understanding that options exist for repayment to the IRS for any and all taxes is worthwhile information that is often hard to find. In general, people rarely want to discuss their finances openly, even amongst friends, so relying on word of mouth or even helpful services can reach a dead end. Instead, individuals often find themselves in a difficult situation and then are scurrying for information or help without considering all of the proper avenues for a resolution.  Yes, these government entities are allowed to collect any monies they are owed by a variety of different methods, but there are options for those who are indebted to the IRS. Consider some of these or discuss the likelihood of one being applied to your current situation before moving forward. Payment Plans If the amount due is considerably more than an individual or company could pay within a one-time payment, the IRS will work with you to create a payment plan. Whether this involves garnishing wages or another method of repayment, there is often an ability to significantly reduce the due amount or at least extend this repayment method over time. Penalty Abatement Unless you are a repeat offender, getting the penalties assessed either reduced or negated is always an option. While the IRS is not likely to ever take away any interest that may be owed, addressing the penalty portion of a tax bill can significantly reduce the total amount due. Settlement Negotiation Acquiring professional help also gives you someone in your corner who can keep an open line of communication with the IRS and their representatives. Instead of facing them alone, these individuals can set up settlement negotiations based on your current income levels and potentially help reach an agreement that both sides are agreeable upon. Doing so can greatly reduce the amount of stress involved in the process while also achieving an end goal and something taxpayers can work towards as the process transpires. The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you should need help 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!   Wed, 31 Jul 2019 06:00:00 GMT http://denveraccountant.co/blog/19814/Owe-the-IRS--Know-Your-Denver-Tax-Payment-Options- http://denveraccountant.co/blog/19774/Denver-Accountant-Advice-for-Getting-Ahold-of-Your-Finances blog No matter your financial expertise or future preparedness, everyone is aware that money plays an important factor in life. It may not be able to buy happiness, but not having to worry about paying the bills sure does make things a whole lot more enjoyable. No matter your current financial situation, there can always be a better understanding or grasp of the concepts associated with retirement and preparing for the future. Regardless of where you are at on the financial journey of life, there are steps that can be made in order to prepare for the future. No one is guaranteed tomorrow, but having a plan and making sure that you and your family will be taken care of should something happen can allow you to rest easy. Especially if you are getting older, there are certain steps to take within five years of retirement which can benefit both you and your future earnings. Each of the following tips will assist in getting a grip on your finances, no matter the current state of your bank accounts. Debt to Income Ratio One of the first factors to consider when attempting to understand your financial status is personal or family debt to income ratio. The measure of monthly expenses versus income measures how much money should remain for other needs. By analyzing this simple figure, individuals can quickly see if they are living within their current means or stretching their money too thin. Monthly Subscriptions One of the quickest ways to give yourself a pay raise is to evaluate the amount of automatic draft deductions from your paycheck. Consider canceling that gym membership you never use, television pay channels you don’t watch, or any other seemingly useless deduction. A close examination of your monthly finances may net you an impressive pay raise by cancelling subscription services that aren’t being used. Budget Create a budget. Take a detailed look at your monthly expenses and determine which are necessary and others that may be expendable. By planning ahead for the amount of money to be used throughout any given pay period, individuals can get a head start on securing their financial pocketbook. Assistance Consider seeking outside assistance from an unbiased third party. Depending on your current financial situation, having another set of eyes placed on your accounts could add insight that would benefit you, in addition to creating another set of standard bearers for your finances. The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you should need help assessing your current financial situation, paying all required 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!   Wed, 24 Jul 2019 06:00:00 GMT http://denveraccountant.co/blog/19774/Denver-Accountant-Advice-for-Getting-Ahold-of-Your-Finances http://denveraccountant.co/blog/19698/Denver-Accountant-Details-Financial-Statement-Options blog No matter what type of business you have, keeping the financial practices in order are an extremely important factor in the success of an operation. While the bottom line procedural results are a direct correlation to the amount of money being received being higher than the amount of money spent, there are a number of different factors which contribute to the causes of both. Ensuring that your business practices are in order, from the finances to the operation and delivery of goods or services, can create a foundation for a successful future. After start-up, a shocking number of entrepreneurs will not make it on the road to secure a successful business. Studies show an astonishing eight out of 10 businesses fail within the first two years of existence, indicating that owners are facing an uphill battle no matter their circumstances. Whether you have an excellent idea, are creating a better component to an already existing product, or created an entirely new concept for something, the odds are already stacked against you. Understanding the finances, in particular two of the key components that provide an overview of your current business practices, is an extremely important step. This is also the reason many individuals or groups of owners choose to outsource their bookkeeping and financial practices. By having a third-party that is not emotionally tied to the product or even related to the business partners or practices, an unobstructed and direct view of the situation at hand may be provided. Balance Sheet One of the most integral parts to a financial analysis of a company involves the balance sheet. A balance sheet provides a snapshot of the company’s current situation regarding liabilities, assets and shareholder equity. These components are essentially a look at the overall health of a business and can typically be constructed for any given time period. Whether you need a current fiscal year-to-date analysis, a deeper look at a particular quarter, perhaps a comparison of quarters, or even an entire year in one report, the information provided here is both extremely important and relevant. Profit and Loss Another important report regarding the overall health of a company is the profit and loss statement. Often referred to as a “P and L” for short or an “Income Statement”, these reports refer to the bottom line of a company and the ability to ensure they are making more money than the organization is spending. Analyzing the revenue generated in a side-by-side comparison to the expenses incurred along with the complete results, these financial reports are also important. They too can typically be adjusted to show the desired results from a given time period in order for comparison analysis and other types of results to be computed. The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you should need help assessing your current financial situation of your business, paying all associated 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!   Wed, 10 Jul 2019 06:00:00 GMT http://denveraccountant.co/blog/19698/Denver-Accountant-Details-Financial-Statement-Options http://denveraccountant.co/blog/19666/Denver-Tax-Specialist-Credit-Card-Debt-Payoff-Plans blog Credit card debt is something that many Americans deal with on a daily basis. Yes, these bills may only need to be paid once a month, but if someone has developed a significant amount of debt then it is likely they are faced with decisions involving a card’s use every day. Choosing to face the reality of a situation and then putting a plan in place in order to help climb out of the seemingly never ending hole is a first step toward being financially free in the future. It is going to take some time. With average annual percentage rates (APR) hovering between 16 and 22 percent, the interest paid on live balances can accrue significantly over time. Paying the minimum payment does eliminate any additional interest and fees that may be applied but continually using the same card will typically only make your due payment increase - a step back in the process. To get ahead, follow some of these simple first steps in the process. Pay Down Lower Balances First If you have multiple credit cards and are able to put a stop to buying on credit, then move forward with a plan. If you need a credit card for emergencies, research which of the one’s in your possession have the lowest APR and use this one - ONLY in the case of emergencies.  Pay the minimum balance due on this one or any others and attack the lowest balance remaining first. For example, if you have three cards and typically used $300 to pay over the minimum due on each previously, then consider using the same amount but in the above described method. You may pay the minimums on two at $75 each and then use the remaining $150 to attack the lowest balance. Soon this amount will begin to reduce and if the card isn’t being used, ultimately it will be paid off without increasing the amounts you were previously putting toward these cards. Not only will this give you a sense of accomplishment but you can then reduce the amount of cards you have to a lesser number. Request a New APR Ask and typically you shall receive, in addition, all the credit card company can say is no and more often than not they will negotiate to lower your current APR provided you have been a loyal customer for a given period of time. Negotiating a better credit card deal can save you an enormous amount of money in the long run. Make On-Time Payments Not only will being a loyal customer help in your negotiation process but by making on time payments you can establish the reputation as a quality customer. This helps to both eliminate any additional fees and or penalties that may be issued due to a late payment and also adds leverage when attempting to secure a better interest rate. The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you should need help assessing your current financial situation, paying taxes, or any other 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!   Wed, 03 Jul 2019 06:00:00 GMT http://denveraccountant.co/blog/19666/Denver-Tax-Specialist-Credit-Card-Debt-Payoff-Plans http://denveraccountant.co/blog/19640/Denver-Tax-Specialist-Audit-Notifications-and-Timeline blog Every taxpayer who submits a return is subject to an audit by the Internal Revenue Service and although many Americans will never be faced with such an issue, knowing what to do next is critically important. Depending on the size of your return and many other characteristics, the IRS may choose to complete a closer examination of your return - especially if there are significant changes from one year to the next or if the figures don’t make sense upon an initial review. Income level is just one of the factors that may affect your chances of an IRS audit. While these figures may change annually, going over the $200,000 threshold in household income seems to increase an individual’s chances of being targeted. In addition, there are other factors that contribute to the potential of being selected for an audit due to the varying tax situations and available assets to those in upper tax brackets.  Notification Method First and foremost, if you are chosen for an audit the IRS will notify you via the United States mail service. There are numerous tax scams and others attempting to steal identity and gain access to funds and other information by appearing as a legitimate service - which is one reason the government operates as they do. Instead of sending an email or calling on the phone, the IRS only initiates an audit through a letter addressed to the taxpayer and waits for a response before proceeding. Typically, the individual in question has up to 30 days in order to respond. Timeline An audit can take anywhere from weeks to months and even years depending on the size and scope of the review. While these timeframes may vary, a majority are completed in a few months and also rely on the type of audit for a closer example.  There are four different types of audits and each requires varying levels of cooperation and materials. Depending on the specifics, the timeline can vary tremendously. Initial Steps If you receive a letter, seeking professional assistance can be a quality first step. Even before you respond, letting a trained professional take a look at the specifics of what is being asked or needs to be examined can be a beneficial step in order to ensure the audit gets started correctly. Fortunately, the tax experts at Bloch Rothman and Associates are ready and willing to assist if you should need help navigating an audit from the IRS. In addition to providing a quality tax service and helping to navigate 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!   Wed, 26 Jun 2019 06:00:00 GMT http://denveraccountant.co/blog/19640/Denver-Tax-Specialist-Audit-Notifications-and-Timeline http://denveraccountant.co/blog/19542/Denver-Accounting-Firm-Estate-Tax-Highlights blog The statement of there only being two guarantees in life - “death and taxes” is a familiar phrase often heard around tax time or when any event pertains to one or the other. However, for some the combination of both can have an effect on the inheriting parties from a wealthy individual. Coupled together, when death leads to taxes, the term estate tax becomes a reality and depending on the amount of monies involved and how or why people are receiving it, there could be some tax owed. Fortunately, the estate tax from the Internal Revenue Service has been periodically increasing over the course of a few years. In fact, the most recent modifications enacted by the Tax Cuts and Jobs Act significantly reduces the amount of American families who will be impacted by the requirements from any estate tax. Already a limiting application, the latest changes boost the amounts and limits the families responsible for having to deal with these issues. Amount For 2019, estate taxes apply on amounts of gross assets exceeding $11.4 million and nothing less. The significant amount of money and inheritances immediately eliminates a vast majority of American families as these particular types of taxes are only applied to the insanely wealthy. Increased from $11,180,000 only a year prior the changes jumped roughly $6 million from 2017 and these modifications not only assisted a majority of wealthy individuals and families but also reduced the amount of people impacted by estate taxes in general. Individuals Those individuals who may have gross amounts exceeding the estate tax limit typically have a vast understanding, or someone who assists with their financial matters. These people also may have much of their wealth involved with unrealized gains on stocks or some other type of investment tool. This amount of wealth generally has not incurred any taxation and through the continued transfer may not until it is sold. Couples Another feature of the estate tax also revolves around the amounts being tied to individuals specifically. For couples, the estate tax amounts are raised to double the amounts of those applied to individuals. Two people pushes the exceeding amount to over $22.8 million in terms of assets, of which any amounts underneath can be left without those who inherit it having to pay any type of taxes on the acquisition. Fortunately, the tax experts at Bloch Rothman and Associates are ready and willing to assist if you should fall into any of the above categories. In addition to providing a quality tax service and helping to navigate the intricacies of an estate, 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! Wed, 12 Jun 2019 06:00:00 GMT http://denveraccountant.co/blog/19542/Denver-Accounting-Firm-Estate-Tax-Highlights http://denveraccountant.co/blog/19480/Denver-Accounting-Firm-Payroll-Assistance blog When it comes to running a business there are multiple things to consider in order to keep everything moving forward and becoming profitable. Whether you are a small, one or two person operation to even a bigger franchise, the headache of payroll can be both time consuming and worrisome.  Undoubtedly, employees want to get paid - consistently and on time but payroll challenges are a fact of small business life. Retaining quality employees obviously helps to keep the business afloat, so ensuring these individuals are compensated regularly is an important feature. Even when the issue may not be entirely related to funding, any delay in distribution is going to cause tension in the workplace. For this and many other reasons, it is important to consider adding outside assistance, who can help with the following and many more issues, for payroll purposes.   Direct Deposit The ability for businesses to offer direct deposit payment options for employees saves both time and money for the organization. Workers aren’t having to spend time away from their job in order to visit a bank before closing hours and companies don’t have to calculate for uncleared checks following pay day.  Taxes Payroll taxes are required but the changes associated with their implementation seem to change frequently. Instead of having to stay up to date on the latest tax tables and percentages, allocating payroll to an outside organization saves time, allowing owners to focus on the operation of their business instead of chasing down figures. Overtime Depending on the type of payment system implemented for workers - hourly or salary, the rules of overtime may be different. As with keeping tabs on the newest tax information, a business owner could drive themselves crazy attempting to keep up with each person's hours, time off, holiday pay, and other fluctuating details of their pay. Garnishment Another issues regulated by the federal government and Internal Revenue Service revolves around the issue of tax garnishment. Suppose an employee has owed taxes and the next step is taking a portion of their pay in order to clear the debt. In addition to the preceding factors, this extra step only serves to add more time, calculations, and paperwork to the payroll process. Fortunately, the tax experts at Bloch Rothman and Associates are ready and able to assist you with all of your payroll needs. In addition to providing a quality payroll service, so that you may remain focused on running the business, 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!   Wed, 29 May 2019 06:00:00 GMT http://denveraccountant.co/blog/19480/Denver-Accounting-Firm-Payroll-Assistance http://denveraccountant.co/blog/19406/Denver-Accounting-Firm-Methods- blog Accounting is defined as the “action or process of keeping financial accounts” and is an extremely important feature for individuals and especially businesses. No matter the type of work you complete or business that is being run, if there are more parties than one who are responsible for putting money into the operation of an organization, then providing an accounting option to serve for monitoring where and how funds are being used is critical. Even for smaller businesses that may be run solely by family members, a small number of trustworthy individuals, or friends who have known one another their entire lives, the benefits of having an accountant can still be helpful. Understanding why your business needs an accountant is only the first step in the process of providing accurate record keeping. Afterwards, there will be other questions to answer, including what type of accounting method will be used for reporting purposes. There are currently two main options available, with the third being a combination of the two accounting processes from which to choose.  Cash Accounting The cash method of accounting is used primarily by smaller businesses and relates to keeping up with the flow of monies in and out of an organization. Recording revenue, income for the business, when cash is received and noting expenses when they are paid in cash keeps up with the financial part of the business. Cash basis is not available for C type corporations, leading to the other accounting method option. Accrual Accounting Accrual accounting utilizes the investments made, in addition to revenue and accounts payable or receivable to establish a financial bottom line. By counting non-cash based incentives and other liabilities as assets a broader description of an organization's current financial standing can be established. The accrual method is often recommended for larger companies and the Internal Revenue Service states it must be used for any C companies. Hybrid Accounting For non-C companies and other entities, a combination of cash accounting and accrual accounting can sometimes serve in the best interest of all involved parties. For any that have other partners outside of a direct line with the company, a manageable way to account for the funds within an organization is critical. The tax experts at Bloch Rothman and Associates are ready and able to assist you with establishing an accounting practice for your business, complete tax returns, or answer any other factors associated with 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!   Wed, 15 May 2019 06:00:00 GMT http://denveraccountant.co/blog/19406/Denver-Accounting-Firm-Methods- http://denveraccountant.co/blog/19349/Denver-Tax-Specialist-Offers-Tax-Season-Review-and-Prep-Ideas- blog Following the middle of April, tax season is complete for the majority of Americans. However, a small number of individuals or couples who filed for extensions now have an extra six months in order to complete their return paperwork although if they are expected to pay - they too need to have submitted their tax payment prior to the deadline. For many people this tax season was even more stressful than usual due to the enormous amount of changes instituted. As often occurs, a change in the administration of the country results in there being an adjustment to the fiscal issues and this year such was the case for new laws to be implemented. However, the sizeable difference in standard deduction amounts often created less paperwork for individuals who in the past had benefited from keeping receipts for donations, some medical expenses, and other gifts or charities. Now that it is over, but still fresh on your mind - taking a moment to reflect on the filing process and how it can be improved for next year should be given some consideration. Instead of waiting until the beginning of next year in order to attempt to remember what may be needed - making plans now can help significantly. Following are three ideas for making next season easier as this tax year continues. What Can I Do Differently? If you were one of the people who kept all of their receipts only to find out that you would benefit from the new standard deduction instead of itemizing and aren’t expecting any monumental changes this year, then save time by not worrying about these items. Also, maybe you started to file too late in the year and felt rushed at the end - if so, get a head start on next year by organizing all of your paperwork and documents for an earlier beginning to the process in 2020. How Can I Increase My Refund? If you ended up owing the federal government or want to increase a refund that you were paid then take steps this year to accomplish this goal. Changing your tax withholding is one of the best options in addition to seeking out the assistance of a tax professional for filing. Plan Ahead for Financial Change Finally, a third method is to consider any financial changes that may be taking place over the course of this year that may impact your taxes next filing season. While nothing should ever be done solely for the tax implications, understanding how certain purchases or selling of property may impact your taxes allows for individuals to be prepared and avoid any surprises when completing their return. If there are sizeable changes in your earnings, or other tax related differences from the preceding year - getting married, having a child, moving to a different state, changing jobs, selling property, etc. - getting a jump on the impacts can allow for you to make some type of adjustments, if needed, before it is too late. The tax experts at Bloch Rothman and Associates are ready and able to assist with not only completing a tax return when needed but also analyzing any other factors associated with 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!   Thu, 09 May 2019 06:00:00 GMT http://denveraccountant.co/blog/19349/Denver-Tax-Specialist-Offers-Tax-Season-Review-and-Prep-Ideas- http://denveraccountant.co/blog/19289/Denver-Tax-Return-Refund-Estimate-Application-Idea blog Tax season has come and gone and while some end up owing the federal government taxes, many do receive a refund. Especially with the new tax laws put into effect this filing year, those who have sometimes had to pay in the past may now be receiving money back because of the changes in standard deduction amounts for both individuals and those married filing jointly, in addition to other types of applications. For those who may be receiving a refund for the first time, finding a good use for the small, albeit sometimes large windfall at an unexpected time can be a difficult task. Many choose to use the money to pay off credit cards, book an exotic vacation, or even pay down the principal on a mortgage but for those who wish to be considered “tax savvy” - another application could be more beneficial. Refund As recently as 2015, nearly 80-percent of individuals who filed received taxpayer refunds. This year the number may be slightly lower but there are still an overwhelming majority who pay in too much throughout the course of the year and then receive money back in the spring. Estimates For some taxpayers, it is suggested that they pay estimated taxes at different points throughout the year to avoid having to come up with a large some of money when taxes are filed, fulfill their annual tax obligation, and avoid any penalties. Especially for those individuals who are considered self-employed, the tax burden can be cumbersome.  Estimates are used to ease this burden, although coming up with first-quarter payments that are due the same time as last year’s taxes (April 15 - during most years) can be a difficult task. Application For this reason, it is recommended that those who need to make estimates but are receiving a refund, apply their overpayment toward the next year. For example, if you make quarterly estimated tax payments of $500 ($2,000 annually) and are getting a $250 federal refund - apply this money toward the next due estimate.  Instead of adjusting your due estimates to the previous year’s refund, changing it to $1,750 - applying the money back to an already established norm can benefit all involved parties. The taxpayer fulfills their obligation and instead of having to come up with multiple checks within a relatively short time frame, the anticipated payments are adjusted accordingly. The tax experts at Bloch Rothman and Associates are able to assist with completing your tax return or analyzing any other factors associated with 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!   Wed, 01 May 2019 06:00:00 GMT http://denveraccountant.co/blog/19289/Denver-Tax-Return-Refund-Estimate-Application-Idea http://denveraccountant.co/blog/19210/Denver-Tax-Return-Extension-Benefits blog The tax filing deadline of April 15 has now passed but there are a few advantages for people who may have filed an extension and if you didn’t, some things to consider for next tax season. While getting all of the required information submitted before the deadline can be helpful, if you purposefully needed to get an extension on your tax return, there can be a few positives. One of the most obvious is being allotted an additional six months of time in order to submit the tax return but a granted extension doesn’t prolong the necessity to pay any owed taxes. If you typically pay the federal government upon completion of a return, then sending in money can help to avoid any late fees and penalties. However, the push back may assist in eliminating any filing penalties which could be incurred. Delay Interest Fees and Filing Penalty The Internal Revenue Service (IRS) distributes penalties for late payment and late filing on all types of tax returns. In order to avoid a late filing penalty from being administered, a properly filed extension holds those charges at bay. If you do owe, payment is still required by the April 15 deadline, but an extension can keep multiple penalties from being all charged at one time. Extra Time For Details Depending on the information needed in order to complete a return, an extension gives individuals more time to finish a correct return. If you’re tax situation revolves around K-1 receipts or dividend applications, it often takes time for these figures to be distributed following the beginning of the year.  Instead of rushing to complete a return, increasing the potential for mistakes, filing an extension and allowing proper time to double check a complicated return may be beneficial. Holiday Spending Those individuals who are prone to receive a substantial refund, often have an idea for what they wish to do with the money they are owed. If one of those ideas involves any type of holiday spending, then delaying the submission of a return and thus, the refund would allow for the windfall to occur later in the year. This would be beneficial for those who wish to receive some extra spending money around the holidays as opposed to earlier and having to budget the money accordingly throughout the coming months. The tax experts at Bloch Rothman and Associates are able to assist with completing your tax return or analyzing any other factors associated with 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!   Wed, 17 Apr 2019 06:00:00 GMT http://denveraccountant.co/blog/19210/Denver-Tax-Return-Extension-Benefits http://denveraccountant.co/blog/19152/Denver-Tax-Return-Prep-Work-Saves-Time blog Tax season is in full swing and while individuals all across the United States rush to file before the April 15 deadline, other options do exist. Extensions are possible, but still require a legal filing and while, if granted, it gives the taxpayer an additional six months to submit a return, it is not an extension to pay - only for the paperwork. If you’re not wanting to file an extension then time is quickly running out but there are some steps people can take in order to save time when filling out the return. Depending on the number of taxable materials you have that need to be reported, organizing some of the information and putting it together prior to entering an office can help to save you much needed time during the filing process. Consider these potential adjustments to help you make the best use of your time this tax season. Standard Deduction Changes The increase in standard deduction amounts for individuals and those filing jointly take a lot of the preparation work away from most taxpayers. Where many who have itemized in the past with their required documentation for each potential deduction, the increase covers more than enough in most scenarios. Unless you have totals exceeding $12,200 as an individual or $24,400 for joint returns, then choosing to take the allowable standard deduction is often a best case and time saving scenario. Receipts Over Statements Another technique many taxpayers use is for bank and credit card statements to be used as backup for any potential deductions. While this can be handy, the receipt which shows exactly what was purchased and when is a better document. Keeping up with these over the course of the year and then matching them to your statements can keep everything in one place and ready for any potential audit that may occur. Mileage Claiming a mileage tax deduction for W-2 employees disappeared with the changes applied to the 2018 tax year but those who are self employed can still cash out. Depending on your personal employment situation, you may or may not need to keep up with specific mileage during the year. Understanding where you stand will save you time in the long run.  Bill of Sale Should you sell any property during the year, keeping up with the bill of sale can help make your tax preparations easier. Depending on if you are selling property within the given time restrictions for personal use or utilizing the sale of a rental or other property, keeping up with the prices and amounts paid at closing and/or purchase is important. These numbers can assist you in getting the most out of your return and those who prepare it from having to chase down any missing figures. The tax experts at Bloch Rothman and Associates are able to assist with completing your tax return or analyzing any other factors associated with 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!   Wed, 10 Apr 2019 06:00:00 GMT http://denveraccountant.co/blog/19152/Denver-Tax-Return-Prep-Work-Saves-Time http://denveraccountant.co/blog/19071/How-Long-Do-I-Keep-A-Denver-Tax-Return blog Tax filing season is upon us and while the amount of paperwork required for your Denver tax return depends on exactly what and how you have to file, the question remains - what to do with all of this information once the return has been accepted. Depending on if you are able to itemize, there may be receipts, payroll reports, mileage records, medical statements, stock reports, in addition to tax payments on annual reports like property or vehicles. The amount of paperwork can, at times, feel overbearing but once the return is filed, a question about the amount of time each should remain tends to arise. Forever Initially, the most basic answer for keeping tax records and documents it forever. This is the only guaranteed method to keeping your information in tact and available to any Internal Revenue Service (IRS) employee should it be needed. Three Years Unless the depiction of fraud is prevalent, generally IRS audits cannot be executed on returns filed after they are three years old. For most Americans, this is a good time limit to keep the required information on hand but there are some exceptions. Seven Years If in doubt, one of the most prevalent time frames for potentially destroying your tax return records revolve around seven years. At this point, even stock or capital gains/losses can be removed after being filed previously in the seven years prior.  Questions about the amount of record keeping needed are often met with this answer. While the exact specifics of any IRS inquiry into your return may not be revealed until a later date - following three years only in the event of suspected fraud or miscalculation - seven is a solid number for backup materials but the actual return should remain in your possession for much longer. 1040 Even after the return is filed and any related documents are disposed of, keeping the return itself forever should be strongly considered by each taxpayer. While the backup may be disposed of, typically the 1040 summary form on the return doesn’t extend past two or three pages and should not require an inordinate amount of space to keep. At least by holding on to these records, individuals always have proof that a return was filed for any given year. Should the IRS make a mistake and question you about a past return, simply producing the 1040 would warrant that the applicable of taxes were paid when required.  The tax experts at Bloch Rothman and Associates are able to assist with completing your tax responsibilities or examine the impacts of other factors onto your return. 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!   Wed, 03 Apr 2019 06:00:00 GMT http://denveraccountant.co/blog/19071/How-Long-Do-I-Keep-A-Denver-Tax-Return http://denveraccountant.co/blog/18980/Denver-Tax-Return-Vehicle-Mileage-Deductions-Disappear blog The Tax Cuts and Jobs Act (TCJA) implemented for the 2018 tax year has been making an impact as individuals file their returns this season. One of the biggest differences that many Americans are noticing is the reduced tax rates and increase in standard deduction for many who are filing. These differences are changing the bottom dollar for some, in terms of refunds but the main focus for many W-2 employees has been on the specific changes associated with the TCJA.  One of the biggest involves automobile deductions for W-2 employees who were previously not reimbursed for their travel expenses associated with employment. Before this tax season, individuals were required to keep up with all of their mileage and any bills associated with business travel, which could be added to their tax return as many would then receive a reduction in the impact of their taxable income due to the travel portions of their filing. This year, the standard deduction has been dramatically increased and while travel expenses are still deductible for some, all W-2 employees are not eligible for these filings. CHANGES One of the biggest differences for individuals who were able to itemize on their previous tax returns is the difference in auto related deductions. Previously, individuals whose travel, not including personal mileage and travel to and from the workplace - were able to deduct these miles and apply the totals to their return.  In addition, car care and upkeep was also part of the totals used for calculating the deduction purposes. The standard deduction increase by virtue of the TCJA has eliminated these components and how the tax reform affects your 2018 mileage deductions. ADJUSTMENTS There are a couple of ideas for those affected by this change, including having your employer reimburse you for the travel expenses. Since there will be no specific tax implication, the reimbursement from an employer comes tax free as opposed to any increase in salary. By having your employer pay you back for the work associated miles, individuals can reduce the impact of not being able to “count” their mileage and other vehicle deductions on the tax return itself. Another option would be to inquire about the acquisition possibilities of company specific transportation. The use of a company car would be beneficial to the employer while allowing their employees to not worry so much about their travel requirements. The differences would be sizeable as companies examine the possibilities of a company corps of travel, but the benefits could be beneficial to both employees and their own corporate returns. The tax experts at Bloch Rothman and Associates are able to assist with any of these proposed changes to your return or examine the impacts of corporate additions to their own travel plans. 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!   Wed, 20 Mar 2019 06:00:00 GMT http://denveraccountant.co/blog/18980/Denver-Tax-Return-Vehicle-Mileage-Deductions-Disappear http://denveraccountant.co/blog/18935/Refund-Down--Denver-Tax-Specialist-Discusses-Withholding-Adjustmen blog As tax season marches on many Americans have already filed their required returns but the results have been somewhat surprising. With new tax laws many anticipated getting a sizeable return this year but that hasn’t been the case - although it isn’t necessarily the result of less money in your pocket because many people received far more through their regular paychecks during the calendar year. There is no denying the tax rate is down and this change caused many individuals to receive more weekly, bi-weekly, or monthly - depending on how they receive payment. The result, especially for those who have grown accustomed to receiving sizeable refunds in the spring, was less money from a tax refund because more was received throughout the prior year. These changes could lead individuals to consider making an adjustment on their W-4 withholding, but should you? First, don’t rush to judgement, examine the differences before making a decision. REDUCED REFUND While the reason for a smaller refund may be the result of a reduced tax rate, withholding more during the year may not be in your best interest. A refund, although maybe not what one has grown accustomed to, is still a benefit and due because of the amount paid in throughout the year. Changing your withholdings could give you a slight boost in the spring but it may not be as sizeable as the difference between receiving your prior amount throughout the year.  Even with average refunds down almost 17-percent, any changes would essentially only be beneficial to the federal government instead of its citizens. By voluntarily providing more money for the government during the year, the payday back at the end may change due to a variety of other factors. For few, are the tax implications identical from year to year - hence the need for professional assistance with many filings. OWE Opposite, if you find yourself owing money when you may have previously received a sizeable refund, making a change to the W-4 could make a difference. Ask questions to find out what or how much you need to plan for withholding to avoid ending the year still owing the federal government.  Tax refunds are shrinking and individuals who have grown accustomed to relying on a refund in the spring to help boost a savings account, pay down other bills, fund a vacation, or make a purchase are instead having to pay. This change typically occurs for people who may have had smaller refunds the year prior but the truth is a variety of different factors contribute to the tax footprint of individuals throughout the year. By evaluating your expected tax imprint for the next year, a good plan can be developed in order to avoid any surprises next season. The tax experts at Bloch Rothman and Associates are ready and willing to assist with all of your questions and filing needs, including help with any questions you may have regarding the new tax laws and how they have had an effect on your annual tax filing. Serving Denver and the surrounding area 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!   Thu, 14 Mar 2019 06:00:00 GMT http://denveraccountant.co/blog/18935/Refund-Down--Denver-Tax-Specialist-Discusses-Withholding-Adjustmen http://denveraccountant.co/blog/18882/Denver-Tax-Specialist-Talks-Standard-Deduction-Changes blog As Americans begin filing their taxes from the 2018 calendar year, many are noticing a significant change in their refund or amount owed. As with any change in administration, the new tax laws evoked and changes to the current system seemingly always take a few years to register. It is during this time period that the changes administered become accountable in full effect and take place as deemed necessary. This year is no different and while many individuals expected a significant boost in their refund from one year to the next, many are seeing a slight decrease in this amount or end up owing the federal government - unlike their past returns. While the overall tax rate is reduced, there are still deductions and other filings which take place in order to determine the individual impacts of the associated tax law. It is here where many are struggling with the changes. From the 2017 tax year until last year there has been a significant amount of changes with the new tax laws being implemented. One of the most evident involves the standard deduction and its appropriations. The standard deduction appropriates for many deductions and taxpayers typically have two options when filing. They can either account for their tax related expenses - donations, medical, and work related costs or take the appropriated amount given to nearly every taxpayer. These have changed significantly from years prior under the new tax laws as detailed below. SINGLE FILING If filing a single return, the standard deduction was $6,350 for the last filing period. New changes to the deduction and law have increased the amount to $12,000 for tax year 2018. This increase of almost double the amount allows for a more generous deduction but coupled with the lower tax rate, many individuals are finding out the differences are significant when filing.  While the change doesn’t appear to be extreme, the differences are significant. While there aren’t any more of the typical deductions, these are “accounted” for with the increase in the deduction. MARRIED FILING JOINTLY Married couples filing together are also the beneficiaries of an increase in their standard deduction from years prior. For those who are filing a joint return, the deduction was $12,700 last year and has also increased - near double - for the 2018 filing period. Those filing a joint return can account for a $24,000 deduction this year. This amount includes many of the deductions individuals had grown accustomed to taking but instead, are accounted for in the standard deduction this tax filing period. The tax experts at Bloch Rothman and Associates are ready and willing to assist with all of your questions and filing needs, including help with any questions you may have regarding the standard deduction or changes to your typical refund because of new tax laws. Serving Denver and the surrounding area 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!   Wed, 06 Mar 2019 06:00:00 GMT http://denveraccountant.co/blog/18882/Denver-Tax-Specialist-Talks-Standard-Deduction-Changes http://denveraccountant.co/blog/18765/Denver-Tax-Specialist-Reveals-Potential-Travel-Deductions blog Traveling for work? Being asked to attend a meeting in another city? If you’re racking up numerous expenses incurred because of business while traveling, then some of your cost may potentially be deducted on your tax return. Depending on your business status and the reason for your travel, some of the most common expenses may be deducted from your return with proper documentation and explanation. Remember to keep all of your receipts when issued and track your expenses from the time you leave until you return. If you do any personal exploring while away then these costs will not be deductible but the following could help to reduce your tax liability when filing each year. Airfare Whether traveling for business or to entertain a potential client, the cost of your airfare could be deductible. If you have to personally pay for expenses, remember to keep all records of travel and if not reimbursed by the business or your company, then the trip can likely be taken. Your specific type of business and the travel incurred will go a long way in determining what the specific deduction capabilities are for the trip(s) in question. Uber/Lyft/Taxi Cab If you believe your Uber ride counts as a tax deduction, you may be right. Just as with the airfare, if you’re traveling for business purposes and having to pay out of pocket for travel around a city, to meet clients, or to get from one business venture to the next, then these expenses could be tax deductible. All similar modes of transportation - Uber, Lyft, Taxi Cabs, etc. - are all available so ensure that you are tracking your expenses while traveling and keeping up with the proper paperwork to verify any and all travel related expenses associated with car services. Rental Cars If the use of cabs or another transportation service isn’t available and a rental car is used, the same may apply. Should one not be provided or reimbursed, then any personally paid transactions associated with a rental car may also be claimed when filing taxes. Parking Don’t forget about parking. Both fees incurred while having to park wherever you are located for business and at the airport, should you have to fly, each is an available option to potentially be used as a business expense. The tax experts at Bloch Rothman and Associates are ready and willing to assist with all of your questions and filing needs, including help with determining which expenses apply to your specific tax return. Serving Denver and the surrounding area 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!   Wed, 20 Feb 2019 06:00:00 GMT http://denveraccountant.co/blog/18765/Denver-Tax-Specialist-Reveals-Potential-Travel-Deductions http://denveraccountant.co/blog/18717/Audit-Help-From-A-Denver-Tax-Specialist blog During an annual tax filing season the Internal Revenue Service (IRS) receives an enormous amount of information from every citizen filing taxes. They analyze the data collected and depending on the amounts owed and received, either get or distribute funds for the preceding calendar year. While there is a reporting deadline, options do exist for those who may not be able to file on time, although if they owe then payment remains due by the specified date. Either way, if you file on time or via an extension, the IRS can still select you for the possibility of an audit. The word itself often invokes fear into business owners or individuals but there are varying degrees of audit responsibility. Some involve only correspondence via a letter, potentially due to a simple mathematical error, yet others include an IRS agent visiting your home or place of business, and even a line-by-line analysis of your return may be executed.  PROBLEM Reasons behind auditing a tax return are directly associated with the ways people try to cheat on their taxes. Although many discrepancies may be the result of “honest mistakes,” others effectively attempt to navigate the tax laws and arrange the filing of their return in such a method to benefit them in the best ways possible. By failing to report earned income, especially when receiving cash, or paying for services in the same manner, many hope to reduce their true earnings which effectively lowers the amount of taxes owed. Other red flags include excessive deductions, donations, or applying phony credits.  AUDIT SOLUTION The IRS Audit System is designed to effectively eliminate these types of actions and limit both individuals and businesses from being able to cheat on their responsibility. By implementing random screenings and double-checking all of the received information, a general analysis can typically be quickly determined if obvious discrepancies exist. VERDICT If you have been selected for an audit, locating professional assistance should be your first line of defense. While the reasoning for a closer look at your tax return may be a simple mathematical error or accidental reporting, the failure of everyone to effectively file has given cause for the audits to take place. Once you have determined the extent to which the IRS is going to evaluate your return, getting the help needed is critical. Professionals have been through the audit process and are trained to assist in the best way possible while actively working on your behalf at onset and throughout the entire process. Depending on the style of audit you have been chosen for this process could last anywhere from a few weeks, to months, or even years down the line. The tax experts at Bloch Rothman and Associates are ready and willing to assist with all of your questions and filing needs, including help with an IRS initiated audit. Serving Denver and the surrounding area 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!   Wed, 13 Feb 2019 06:00:00 GMT http://denveraccountant.co/blog/18717/Audit-Help-From-A-Denver-Tax-Specialist http://denveraccountant.co/blog/18668/Denver-Tax-Return--Child-Tax-Credit-Qualifications blog As is often the case, many tax details change somewhat as the administration in Washington D.C. lays the groundwork for their particular agenda. Many of these tweaks and changes take some time to be put into full effect and staying up to date on all of the ins and outs can be a daunting task. Thankfully, there are professionals available whose responsibility it is to know the proper filing procedures and ensure that your tax return is completed appropriately. One such change for the current filing season involves the child tax credit. While many assume of parents, or those who have children, that they are able to automatically deduct the number of children from their taxes owed, this is not entirely the case. While partially true, there is much more to the story than meets the eye. In the past, each qualifying child deduction was $1,000. This has changed to allow for deductions up to $2,000 per qualifying child during the 2018 year, 2019 filing season. Coupled with other changes to know about for 2019, there are certain factors to determine if a child is eligible to be claimed for the credit. Not all kids are automatically eligible and taxpayers must ensure that their children meet the requirements laid forth by the Internal Revenue Service (IRS) in order to claim the credit on their taxes. Following are six factors which must be met in order to claim the child tax credit. CITIZENSHIP Child being claimed must possess their own unique social security number administered by the Social Security Administration. These numbers are tied to all citizens, nationals or resident aliens of the United States of America. AGE In order to qualify, the child cannot exceed 17 years old at the conclusion of the tax year in question. For example, the individual cannot turn 17 prior to December 31, 2018. RELATION There must be a relationship present. According to the IRS website this includes, “son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of these individuals, which includes your grandchild, niece or nephew. An adopted child is always treated as your own child. An adopted child includes a child lawfully placed with you for legal adoption.” RESIDENCY In addition to providing support, the child must have lived with claimant for over half of the year in question. SUPPORT Child in question did not provide any or less than half of their own expenses used to live. DEPENDENT Responsible party must claim the child as their own dependent. While this figures to be common knowledge, there are sometimes issues involving custody which require dependency establishment.   The tax experts at Bloch Rothman and Associates are ready and willing to assist with all of your questions and filing needs, including any unknowns regarding the new child tax credit and filing responsibilities. Serving Denver and the surrounding area 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!   Wed, 06 Feb 2019 06:00:00 GMT http://denveraccountant.co/blog/18668/Denver-Tax-Return--Child-Tax-Credit-Qualifications http://denveraccountant.co/blog/18575/Denver-Tax-Specialist-Reveals-Income-Tax-Filing-Forms-for-Businesses blog Tax filing season is now in full swing across the nation for both individuals, couples, and businesses alike. If you are a veteran owner of a small business, then filing taxes during this period and knowing exactly what you need may have become second nature over the course of your ownership but others may be experiencing all of this for the first time. Whether you are an experienced owner or a rookie just starting out, knowing which forms you will need in order to file your income taxes is extremely critical. An unfortunate  mistake could literally be costly to your company, while knowing everything has been correctly identified and filled out helps to relieve a lot of stress during these first few months of the year. Understanding the required forms and knowing which ones are applicable to your specific business type is beneficial to every owner, regardless of their time serving in the position. For federal income taxes, all types of ownership should understand paying as your business earns income is the operational method but a full report, including potential deductions from business purchases and depreciation expenses must be filed annually with the Internal Revenue Service (IRS). Following are the forms required to file federal income taxes dependent upon your specific business type. Sole Proprietorships For those who own or are responsible for an unincorporated business as individuals there are three potential forms for filing purposes. The 1040 Form is required and paired with a Schedule C or Schedule C-EZ in order to complete your return. Partnerships While organizations that fall into this category do not necessarily file a direct and formal tax return, an informational report to acknowledge the income earned throughout the past year is required using Form 1065. Corporations There are two differing types of corporations (S-corp, C-corp) and both have different tax filing responsibilities. While an S-corp has shareholders whose business income and losses are referenced on their personal tax returns, C-corp filings are completely separate entities all together. Form 1120S and 1120S Sch. K-1 are used for S-corp filings and Form 1120 for those needing to file a C-corp return. The tax experts at Bloch Rothman and Associates are ready and willing to assist with all of your questions and filing needs. Serving Denver and the surrounding area for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues, including dealings with the Internal Revenue Service. For anyone who has been selected for an audit, it is recommended to seek the services of a professional tax organization to assist in the audit, prior to meeting with any IRS representatives. 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!   Wed, 23 Jan 2019 06:00:00 GMT http://denveraccountant.co/blog/18575/Denver-Tax-Specialist-Reveals-Income-Tax-Filing-Forms-for-Businesses http://denveraccountant.co/blog/17983/Denver-Tax-Return-Filing-Timeline-and-Acceptance-Date blog Tax season has arrived and is now in full swing around the United States. From now until the April 15 filing deadline, every citizen will be preparing their taxes for submission to the Internal Revenue Service (IRS), either paying in due monies from the preceding year or expecting a refund because of overpayment. Whichever side of the fence you land on, there are numerous factors to consider when filing revolving around the timing of your submission. Each of these different aspects need to be taken into consideration while planning as it is important to remember those on the receiving end of the taxes are working as fast as they can to sort through millions of entries. Paperwork Compilation One of the first things to consider is gathering all of the necessary paperwork needed to file your taxes accurately. Tax form checklists can be beneficial tools which provide individuals an outline of the necessary documents in order to properly file your taxes.  While a trained professional may assist in locating additional items that may benefit a taxpayer, these check sheets can help create a good starting point. Not only will the time you spend gathering information help yourself, but it can greatly benefit the individual responsible for filing. Timing The IRS will begin accepting tax returns on January 28, 2019 for this year. These will immediately begin to be processed and refunds distributed, in addition to accepting payments for taxes owed. All returns must be filed by the April 15, 2019 deadline for most individuals and while there is no real benefit to filing early. The return time can be quicker at the start of the season than towards the end. Patience Another component to consider is the amount of paperwork and electronic filings that the IRS is dealing with over the 77 day time period. Reduced a bit due to the delay in accepting returns, the typical three month window has been significantly reduced this year. Exercising patience when expecting a return, in addition to working with tax preparers will benefit everyone involved in the process. The experts at Bloch, Rothman, and Associates will be happy to help you file and keep you abreast of any refund situations, individual tax implications, or assist you in determining which deduction would be right in your situation and answer any questions regarding individual or business income taxes. We can also help with a variety of bookkeeping and other payroll options. It is recommended for those who are selected for an audit, that they enlist the services of a professional tax service before they begin engaging with the IRS auditor, especially before they submit any information. Continuing further, associates at Bloch, Rothman can analyze and compile data for your unique tax situation, along with finding resolutions for your issues and estate complications. All services provided can and will be completed in a timely manner, and will account for any restrictions or tax deadlines. Whether you need a simple explanation on a random tax form, are in need of representation, or would like help in a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation.   Wed, 16 Jan 2019 06:00:00 GMT http://denveraccountant.co/blog/17983/Denver-Tax-Return-Filing-Timeline-and-Acceptance-Date http://denveraccountant.co/blog/17914/How-A-Government-Shutdown-May-Impact-Denver-Tax-Return-Filing blog Any government shutdown, even a partial one, may not impact a majority of Americans but a continued closure which overlaps the typical filing periods for taxes of all citizens could end up having a significant impact on individuals hoping to file and receive a refund from their returns in a timely manner.  Tax returns are normally able to be filed beginning in mid-January and until the mid-April deadline (April 15) unless an extension is completed. The individuals who are due a refund are usually among those which are the first to file in hopes of recovering their owed monies well before any natural delays begin to formulate as people across the country complete their taxes and file them with the Internal Revenue Service (IRS). Government shutdowns, which occur periodically due to an inability of the Congress to reach any agreements that must also be approved by the President, for various purposes can cause a delay in the functioning of many government agencies, including the IRS, and force organizations to work with skeletal staffs in an effort to complete the necessary requirements typically available. However, what a federal shutdown could mean for tax season is a delay in order for those entitled to receive a return. While the period for filing taxes may also experience a push back in terms of when these items can begin to be filed, the main cause for concern would be to those who are entitled money back after paying in too much tax during the calendar year and not being able to receive the retribution in a timely manner due to the government not working. While not always the case. Knowing how a shutdown may affect your individual tax situation is important to consider although there may not be any immediate cause for retribution to the shutdown circumstances. While most years are executed flawlessly, should any type of shutdown occur around the filing period - mid-January, extending into the spring - these are potential issues to consider which could help eliminate the uneasiness felt by many. For some, there are no alternatives available other than depending on Uncle Sam to provide what one is owed which can assist when a situation arises where both the receiving and disbursement of funds could be delayed. Unfortunate as it is, a shutdown impacts multiple government agencies and delays are a direct result of the proceedings. While those remaining on the job work to ensure taxes are being filed, paid, and refunds properly administered, there is no way they can cover the amount of work which can be completed by having a full staff on hand. The experts at Bloch, Rothman, and Associates will be happy to help you file and keep you abreast of any refund situations, individual tax implications, filing status, or assist you in determining which deduction would be right in your situation and answer any questions regarding individual or business income taxes. We can also help with a variety of bookkeeping and other payroll options. It is recommended for those who are selected for an audit, that they enlist the services of a professional tax service before they begin engaging with the IRS auditor, especially before they submit any information. Continuing further, associates at Bloch, Rothman can analyze and compile data for your unique tax situation, along with finding resolutions for your issues and estate complications. All services provided can and will be completed in a timely manner, and will account for any restrictions or tax deadlines. Whether you need a simple explanation on a random tax form, are in need of representation, or would like help in a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation.   Wed, 09 Jan 2019 06:00:00 GMT http://denveraccountant.co/blog/17914/How-A-Government-Shutdown-May-Impact-Denver-Tax-Return-Filing http://denveraccountant.co/blog/17748/Denver-Accounting-Firm-Discusses-Required-Payroll-Deductions blog As a business, completing payroll can be a hassle. Whether computed and distributed monthly, bi-weekly, or every week, there are a number of different factors to consider when calculating the correct pay. Regardless of if employees are paid hourly or on a set salary, there are still computations that must be managed in order to ensure the correct withholdings are taking place and that the business is responsible for their share of the taxes in addition to each individual check being deducted properly. There are five essential deductions which should be made accordingly to every person receiving a check. Following are definitions of each that can be found on your check every pay period. Federal Income Tax The amount of tax withheld from your check largely depends on the number of allowances marked on your initial paperwork. Based on dependents and itemized deductions, the allowance number affects the amount of money being withheld from your check. Social Security and Medicare Tax Known collectively as FICA (Federal Insurance Contributions Act) these deductions are used to fund both government programs of Social Security and Medicare. Each working individual is responsible for paying a portion of their check to run these services, plus the company itself has to make a contribution as well that is dependent on the amount of monies disbursed. State Income Tax Not only are federal taxes withheld from your paycheck but state taxes are also taken. The current Colorado rate for 2018 is 4.63 percent but there are also withholding tables which can be utilized based on an employees number of allowances and wages earned. Local Tax/Unemployment In addition to federal and state taxes, some areas may also enforce a local (county, city level) tax on pay. These must also be deducted, plus any unemployment insurance as determined by the location of employment. Court Ordered Child Support/Garnishment Two other deductions are determined on a case by case basis for individual employees. Some may have child support payments which must be deducted from the paycheck and then submitted to the appropriate authority or a garnishment initiated by either a state or federal source. Both instances are non-negotiable and must be completed accurately and in a timely manner to stay in regulation. The experts at Bloch, Rothman, and Associates are happy to help analyze your business and provide any assistance in determining payroll, from full service to as needed. Our associates can also help in determining individual tax implications, filing statuses, or assist you in deciding which deductions would be correctly applied in your specific situation and answer any questions you may have pertaining to other individual or business income taxes. We can also assist with a variety of bookkeeping options for your business. It is recommended for those who are selected for an audit, that they enlist the services of a professional tax service before they begin engaging with the IRS auditor, especially before they submit any information. Continuing further, associates at Bloch, Rothman can analyze and compile data for all unique tax situations, along with finding resolutions to any issues or estate complications. All services provided can and will be completed in a timely manner, accounting for any restrictions or imposed tax deadlines. Whether you need a simple explanation on a random tax form, are in need of representation, or would like help in a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation.   Wed, 26 Dec 2018 06:00:00 GMT http://denveraccountant.co/blog/17748/Denver-Accounting-Firm-Discusses-Required-Payroll-Deductions http://denveraccountant.co/blog/17747/Denver-Accounting-Firm-Allowances-on-W-4-Employment-Form blog Before beginning a new job employees must fill out a handful of paperwork from the human resources department. In addition to basic demographic information and employment verification paperwork there is also a W-4 employment form administered by employers. This form allows businesses to know how much should be withheld from an individual’s paycheck and the amounts vary based on a few different factors. An employee's marital or filing status, if married and filing separately has an effect plus the number of allowances dictated by the individual. Both impact the taxes applied and following is how each can change the amount of money you receive during any given pay period or when filing yearly taxes. Marital Status There are three available options to choose from when filling out a W-4 form for your employer. Married or single tax rates are each self-explanatory and both depend on an individual’s income but typically those who withhold at the single rate receive less of their money initially. The third option is for those who are married but elect to bring home less up front and have extra money withheld at the higher, single rate. This can be beneficial if you feel that you may owe at the end of the year and need to put away as much money as possible during the year. Another option is to have additional money withheld from your check, which is always an option, if needed. Allowances The other major factor determining a paycheck deduction is allowances which are claimed. Withholding allowances are traditionally determined by the number of dependents an employee has but can vary based on individual tax situations. The lower number of allowances taken, the more money that will be withheld from your paycheck and sent to the government for use. Electing to take more allowances will result in more money in your pocket during the course of the year. Depending on how the overall tax implications are applied at the end of the year, either a refund or payment must be made to the Internal Revenue Service (IRS). Choosing zero can be a start to a refund but a careful review of your individual or married tax situation may be needed to accurately determine the best possible number of allowances for an individual to claim. The experts at Bloch, Rothman, and Associates would be happy to help analyze your income status and provide any assistance in determining how best to utilize your allowances and withholdings. Our associates can also help in defining tax implications or assist you in deciding which deductions need to be correctly applied in your specific situation. All services provided can and will be completed in a timely manner, accounting for any restrictions or imposed tax deadlines. Whether you need W-4 help, a simple explanation on another random tax form, are in need of representation, or would like help in a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 19 Dec 2018 06:00:00 GMT http://denveraccountant.co/blog/17747/Denver-Accounting-Firm-Allowances-on-W-4-Employment-Form http://denveraccountant.co/blog/17746/Denver-Accounting-Firm-Offers-Important-Reports-for-Your-Business blog Owning and operating a business can come with its own assortment of headaches but financial planning shouldn’t be one of them. Equipped with the necessary information, an owner can easily diagnose the health of his or her company and analyze measures to show the proper direction needed for results. The ability to easily determine where potential deficiencies are located and make quick corrections could help to save your business. In order to operate effectively, those responsible for making decisions based on the company production should be able to have access to the necessary information. Instead of having to spend days gathering data only to realize the time lost has caused a greater disturbance, having immediate access to each of the following can be extremely beneficial. Balance Sheet The balance sheet displays the assets, liabilities, and shareholder equity of the company under review. Essentially, it is the current state of financial well being for a company. Able to be produced at any given time, the balance sheet can show an up to the minute diagnosis of what a company owes to others, owns itself, and the amounts of investment from shareholders. Income Statement An income statement, often referred to as a profit and loss report or “P&L”, can also be manipulated to show a precise time period. The most reflective results center around the past quarter, pay period, month, or even a fiscal year review. Displaying the revenue, costs, and expenses in addition to taxes plus profit, the income statement is vitally important and can be compared with a balance sheet to display a cumulative picture of the health of an organization. Cash Flow Statement Displaying how monies are moving through the company, a cash flow statement is a breakdown of the balance sheet changes organized by operating, spending, and investment funding. These forms are extremely important when a company seeks to finance a large purchase or attempts to secure funding for growth purposes.  The experts at Bloch, Rothman, and Associates will be happy to help analyze your business and provide any of the preceding reports, plus a number of other beneficial components to help you run a smooth and effective business. Our associates can also assist in determining individual tax implications, filing statuses, or assist you in deciding which deductions would be correctly applied in your specific situation and answer any questions you may have pertaining to other individual or business income taxes. We can also assist with a variety of bookkeeping and other payroll options. It is recommended for those who are selected for an audit, that they enlist the services of a professional tax service before they begin engaging with the IRS auditor, especially before they submit any information. Continuing further, associates at Bloch, Rothman can analyze and compile data for all unique tax situations, along with finding resolutions to any issues or estate complications. All services provided can and will be completed in a timely manner, accounting for any restrictions or imposed tax deadlines. Whether you need a simple explanation on a random tax form, are in need of representation, or would like help in a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation.   Wed, 12 Dec 2018 06:00:00 GMT http://denveraccountant.co/blog/17746/Denver-Accounting-Firm-Offers-Important-Reports-for-Your-Business http://denveraccountant.co/blog/17470/Denver-Accounting-Firm-W-2-Checklist blog Every year businesses both small and large are faced with the responsibility of distributing W-2 forms to their employees either by mail or in person. Potentially an afterthought, these small pieces of paper actually are vitally important for both the employer and employee in terms of tax purposes, filing, and incentives. The form discloses the necessary information needed for determining the appropriate amount of tax which has been previously withheld or charged to workers, in addition to any retirement funds allocated throughout the year or potentially other specialized accounts contributed to through the money earned and distributed either pre or post tax. As the year end approaches there are a number of tax related and payroll issues which must be finalized in order to ensure all employees receive their necessary and required compensation. This information comes on a W-2 form and holds valuable details for an individual’s tax income reporting purposes based on their personal earnings from employees over the preceding calendar year. For example, 2018 W-2 forms cover January 1 through December 31 of the year 2018 and should be distributed at some point during January 2019 to employees for tax filing purposes. This information is then utilized to determine and report important aspects regarding an individual’s earnings. All of the following information is required to describe, not only what is a W-2 but also the information needed for a complete adherence to the federally mandated guidelines. Employer Information The Federal Tax Identification Number or Employer Identification Number (EIN), is an obvious component to correlate any business to the appropriate group of individuals working for them. Along with the EIN, basic demographic information such as address and registered name are also required to be printed onto the form. Employee Information Also needed is the same basic demographic information from each and every employee. While the workers will not have a specified EIN, each should possess a valid Social Security number (SSN), used to identify and match every employee to their legal name and address. Employee Earning Information Only after ensuring each of the two preceding criteria are verified can an individual move onto correlating the reported earned income for all appropriate sources. Total wages, in addition to Social Security funds and Medicare reporting are distinguished and listed in the corresponding box for each amount. Copies are then distributed for both parties - the employee and employer - with multiple available to each. If you need assistance determining the appropriate amounts for each employee and help with filling out required W-2 information then contact the experts at Bloch, Rothman, and Associates. Their highly trained and knowledgeable associates can provide an overview of your business or personal tax situation, in addition to answering any questions regarding individual and business income taxes. Our associates also can assist with a variety of potentially different bookkeeping options which may be suitable for your needs and eliminate the stress associated with payroll completely. A full detailed review of your specific financial situation can be completed in addition to providing resolutions for any detected issues. All services, including free of charge E-filing options will be completed in a timely manner, depending on your restrictions and possible tax deadlines. Whether you need W-2 help, an explanation on a random tax form or are in need of a variety of any other services, our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for a free, no obligation consultation. Wed, 28 Nov 2018 06:00:00 GMT http://denveraccountant.co/blog/17470/Denver-Accounting-Firm-W-2-Checklist http://denveraccountant.co/blog/17469/Denver-Business-Tax-Preparation-for-Form-940-and-941 blog One of the most difficult parts of running a business is keeping up with the finances and payroll aspects. Often, individuals who start a company or especially a small business have expertise in the area in which they are offering goods or services but many need assistance navigating the accounting, payroll, and especially tax implications on their new found venture. Everyone knows that taxes will be paid and due at certain times but there are also other areas which need to be addressed, especially if you have employees, which include a variety of other factors. Not only are payroll taxes separated from an individual employees check but the company must also make arrangements for paying social security and medicare taxes. The Internal Revenue Service (IRS) uses two different filing forms associated with these different withholdings. Form 940 and 941 are separate and each has its own purpose but the two are commonly associated with one another. Understanding the differences and similarities between these two required filing methods can help any business owner get a better grasp of their organizations financial responsibilities. Following is a brief overview of each, how it is applied, and when the filing needs to occur. Federal Form 940 Federal Form 940 is required to be submitted annually by January 31 for the preceding year. This form reports all Federal Unemployment Tax Act (FUTA) responsibilities for paying persons unemployment who have lost their positions. Typically, this is paid in association with a state regulated tax of a similar nature and is only paid by the employer - not deducted from any personal checks similar to federal income taxes. Federal Form 941 For most businesses, Federal Form 941 needs to be submitted quarterly throughout the year. This form is used to report all income, social security, and Medicare taxes which are being withheld from employees’ paychecks and submit a payment for the employer’s portion of both social security and Medicare, if applicable. The reporting periods including January, February, and March (first quarter) are due by the final day of the following month - April 30. April, May, and June (second quarter) would then be due July 31 - July, August, September (third quarter) by October 31 and finally, October, November, and December (fourth quarter) must be in by January 31. Some small businesses can file only once per year if their tax liability is under $1,000 total, annually. These select few businesses would file Federal Form 944 instead of the 941 quarterly tax submissions. If you need assistance navigating the tax waters associated with your business or help determining which, if any, of these federal forms you are required to file then contact the experts at Bloch, Rothman, and Associates. Their highly trained and knowledgeable associates can provide an overview of your business or personal tax situation, in addition to answering any questions regarding individual and business income taxes. Our associates also can assist with a variety of potentially different bookkeeping options which may be suitable for your needs and eliminate the stress associated with payroll completely. A full detailed review of your financial or tax situation can be completed in addition to resolution issues. All services, including free of charge E-filing options will be completed in a timely manner, depending on your restrictions and potential tax deadlines. Whether you need a simple explanation on a random tax form or are in need of a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for a free, no obligation consultation. Wed, 21 Nov 2018 06:00:00 GMT http://denveraccountant.co/blog/17469/Denver-Business-Tax-Preparation-for-Form-940-and-941 http://denveraccountant.co/blog/17233/Denver-Accounting-Firm-Reveals-Compilation-Service-Benefits blog One of the most important aspects of any business is the finances, which provide a lifeline for success. Obviously, no business is going to remain in service for any significant amount of time without having the discipline to make money and successfully put that money to use. This fiscal responsibility is critical to providing a continuous income source, ensuring the company not only has the funds to successfully pay their employees, but also generate enough money for operating expenses and overhead.  There are a number of ways to evaluate a business but the financial health of an organization is important to business owners, stockholders, employees, and consumers. While the latter will only see public reports distributed or media driven access and analysis the preceding have multiple ways to analyze their current status. For small business owners especially, finding a reliable method to determine the state of their well being can be extremely beneficial. Compilations are one of those methods.  What is a Compilation? A financial statement compilation is the assessment from an outside agency evaluating either an individual period, project or summation or a further in-depth look into a fiscal year or longer time period. These are the lowest level of review in terms of accuracy, depth and breadth of a look into the subject financial history but can provide important information for all involved parties. Other, more thorough methods include a financial review or audited financial statement. There are three main benefits of a compilation including - time, cost, and use. Each is directly correlated with the use for a business but can also be associated with personal accounts. Benefits of a Compilation - TIME The time to complete a compilation is generally quicker than that of a review or audited report. For a small business in need of an operational loan to function, getting a financial analysis completed in a quick and efficient method is important. Benefits of a Compilation - COST Compilations are typically less expensive than any of the other review levels. For brand new businesses and those which hope to be fiscally responsible, a compilation is a good source of evaluation with a good return on their investment. Benefits of a Compilation - USE A quick, efficient review of the financial status for a company can be completed with a compilation. Also, compilations are utilized instead of an audit or review for a simple change in accounting methods or for loan applications to some financial institutions. Contact the experts at Bloch, Rothman, and Associates who can provide a compilation for your business or personal situation in addition to answering any questions regarding individual or business income taxes. Are associates also can assist with a variety of potentially different bookkeeping options which may be suitable for your needs. A full detailed review of your financial or tax situation can be completed in addition to resolution issues. All services, including free of charge E-filing options will be completed in a timely manner, depending on your restrictions and potential tax deadlines. Whether you need a simple explanation on a random tax form or are in need of a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for a free, no obligation consultation. Wed, 07 Nov 2018 06:00:00 GMT http://denveraccountant.co/blog/17233/Denver-Accounting-Firm-Reveals-Compilation-Service-Benefits http://denveraccountant.co/blog/17063/Denver-Accounting-Firm-Reveals-Compilation-Service-Benefits blog One of the most important aspects of any business is the finances, which provide a lifeline for success. Obviously, no business is going to remain in service for any significant amount of time without having the discipline to make money and successfully put that money to use. This fiscal responsibility is critical to providing a continuous income source, ensuring the company not only has the funds to successfully pay their employees, but also generate enough money for operating expenses and overhead.  There are a number of ways to evaluate a business but the financial health of an organization is important to business owners, stockholders, employees, and consumers. While the latter will only see public reports distributed or media driven access and analysis the preceding have multiple ways to analyze their current status. For small business owners especially, finding a reliable method to determine the state of their well being can be extremely beneficial. Compilations are one of those methods.  What is a Compilation? A financial statement compilation is the assessment from an outside agency evaluating either an individual period, project or summation or a further in-depth look into a fiscal year or longer time period. These are the lowest level of review in terms of accuracy, depth and breadth of a look into the subject financial history but can provide important information for all involved parties. Other, more thorough methods include a financial review or audited financial statement. There are three main benefits of a compilation including - time, cost, and use. Each is directly correlated with the use for a business but can also be associated with personal accounts. Benefits of a Compilation - TIME The time to complete a compilation is generally quicker than that of a review or audited report. For a small business in need of an operational loan to function, getting a financial analysis completed in a quick and efficient method is important. Benefits of a Compilation - COST Compilations are typically less expensive than any of the other review levels. For brand new businesses and those which hope to be fiscally responsible, a compilation is a good source of evaluation with a good return on their investment. Benefits of a Compilation - USE A quick, efficient review of the financial status for a company can be completed with a compilation. Also, compilations are utilized instead of an audit or review for a simple change in accounting methods or for loan applications to some financial institutions. Contact the experts at Bloch, Rothman, and Associates who can provide a compilation for your business or personal situation in addition to answering any questions regarding individual or business income taxes. Are associates also can assist with a variety of potentially different bookkeeping options which may be suitable for your needs. A full detailed review of your financial or tax situation can be completed in addition to resolution issues. All services, including free of charge E-filing options will be completed in a timely manner, depending on your restrictions and potential tax deadlines. Whether you need a simple explanation on a random tax form or are in need of a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for a free, no obligation consultation. Wed, 31 Oct 2018 06:00:00 GMT http://denveraccountant.co/blog/17063/Denver-Accounting-Firm-Reveals-Compilation-Service-Benefits http://denveraccountant.co/blog/17062/Deductions-Your-Denver-Tax-Specialist-Can-Use blog Taxes consist of more than end of year forms provided from your employer to show how much an individual earned during the course of a year. There are numerous layers to any tax return and almost everyone’s is going to differ but a few key considerations can assist you in lowering your taxable income. Deductions provide the method and often occur throughout the year as opposed to happening during one designated time period. For this reason it is important to keep a list of all potential deductions associated to your tax return during the course of the year. By maintaining a record of different payments and contributions, in addition to the required documentation, both filing out your return and the potential for decreasing your taxable income increase in ease and efficiency. It also helps to remind tax payers about what took place during the past year which may not have been remembered otherwise. While the potential to make an amendment exists, it is better to ensure your taxes are prepared correctly and with all of the necessary documentation prior to filing the first time. Following is a list and brief explanation of a few potential deductions which should be tracked. Charitable Contributions Donations, both monetary and otherwise, need to be recorded and depending on the amount or value - proper documentation will also be required. For any such giving involving amounts higher that $250, either a receipt or specific details of the donation must be included as evidence of the gift. Many places which receive charitable donations are familiar with the tax implications and can provide you with necessary documentation for warranting a gift. The important thing is to remember both the amount or value and keep track of it as the year transpires. Multiple gifts to the same agency which total over the $250 amount can be difficult to track without the necessary paperwork. Non-Reimbursed Expenses There are a number of deductible medical and work-related expenses which can be taken if not reimbursed by an individual’s insurance, employer, or another method. These out-of-pocket payments can assist in reducing the taxable income. Paid Taxes Both real estate and owner tax on vehicle registration, in addition to your prior year’s preparation fees have the potential to be deductions. These payments are made directly associated with tax implications and can be especially beneficial to small business owners - especially the tax preparation fee deduction. Come see the experts at Bloch, Rothman, and Associates who will provide you with a complete list of potential deductions, review your specific tax blueprint, and answer any questions regarding individual or business income taxes. Are associates also can assist with a variety of potentially different bookkeeping options. A full detailed review of your tax situation can be completed in addition to resolution issues and estate compilations. All services, including free of charge E-filing options will be completed in a timely manner, depending on your restrictions and possible tax deadlines. Whether you need a simple explanation on a random tax form or are in need of a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for a free, no obligation consultation.   Wed, 24 Oct 2018 06:00:00 GMT http://denveraccountant.co/blog/17062/Deductions-Your-Denver-Tax-Specialist-Can-Use http://denveraccountant.co/blog/16760/Denver-Accounting-Firm-Reveals-Bookkeeper-Program-Options blog Keeping up with invoices, bills, payments, checks, accounts, and payroll can be an overwhelming task for any business owner, especially first-time entrepreneurs. Organizing the paperwork for implementing this process and administering all of the necessary applications for sufficient and accurate execution are vital to the bookkeeping process and a necessary building block for a business to be successful. Electing to provide the individual responsible for this measure a program for assistance can help to alleviate any issues which may arise in the future. This service may also be distributed to a third-party for completion or executed by the hired individual and then correlated by the professional service before completion of the tax return. Each of the following programs offer differing pros and cons for bookkeeping purposes and can be used to help simplify the overall process.  Quickbooks There are multiple benefits of having Quickbooks, including ease of use and a wide array of different applications. Probably the most widely accepted and used program, Quickbooks has a storied history of satisfied customers and clients.  Freshbooks Freshbooks is similar to Quickbooks, offering the same type of options for business owners. Known for their ease of invoicing and tracking payments from multiple clients, recurring and one-time, the Freshbooks program holds an advantage for small business owners who have multiple invoices to keep up. Xero Another bookkeeping program offering assistance to individuals, Xero is better designed for Mac users. This program operates using the cloud, storing information and allowing individuals to access their information remotely from any location with wifi access. Zoho Books One of the best accounting software programs for micro businesses, Zoho Books has a competitive price point while offering similar services as their counterparts. The low price with a useful but stripped down version of bookkeeping makes this program a solid choice for many business owners. Wave Accounting A free option which may be suitable for your business depending on the type and use, Wave Accounting is an online program with payment options. Many of the useful tools are offered free of charge with fees applied depending on the extent to which the application is used. The accounting and tax experts at Bloch, Rothman, and Associates are ready to assist you with determining which program would be best suited for your business or to take over your bookkeeping needs completely. Our highly trained associates can help ensure that you not only receive the best service possible but also end up with a tool that is going to be useful both at the point of necessity and when comparing entries and pulling data for tax purposes. Known for providing expert advice and financial assistance, the professional staff at Bloch, Rothman, and Associates can also help with a variety of other accounting, tax, and payroll options on an individual or business level. Whether you need an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in any other tax area our staff is ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 10 Oct 2018 06:00:00 GMT http://denveraccountant.co/blog/16760/Denver-Accounting-Firm-Reveals-Bookkeeper-Program-Options http://denveraccountant.co/blog/16758/Payment-Options-for-Your-Denver-Tax-Return blog The deadline for filing a tax return for which you have asked for an extension is approaching on October 15, 2018. Individuals often file an extension if they have a complicated return involving multiple income sources, stocks, bonds, or are shareholders for a certain organization. While anyone is eligible to submit an extension application, few realize the added time is for filing only and not an extension of time to pay.  If you believe or are aware taxes will be owed to the Internal Revenue Service (IRS) for the previous year then this amount must accompany your request for an extension. If not, it is likely the penalties and interest accrued between the filing time and once the actual payment is applied will begin and be added onto the initial amount. If you find yourself in this situation or simply cannot owe the due amount at any point - when first filed or prior to the extension deadline, then one of these different options for a deferred payment may be appropriate. Short-term Extension to Pay One extension and payment option involves receiving an additional 120-days in order to pay due taxes. This request can now be made online by filling out a Payment Agreement Application to see if you qualify for a delayed payment. Using this method, individuals will often continue to accrue any appropriate penalties and interest associated with the delay but it puts everyone on the same page in understanding the situation is not being ignored and will be properly addressed. In some cases, the IRS will waive penalties for certain individuals who have suffered an unforeseen hardship or other qualifying reason causing the delayed payment. This requires a separate form to be submitted. Installment Plan The IRS will accept payments submitted on a regular schedule for amounts owed less than $50,000. While there is a one-time fee ($105) to have an installment plan created, it provides a repayment schedule and allows individuals an opportunity to track their tax payment as it is applied. One big advantage of theIRS installment agreement is that a person can extend the payment of their amount due over the course of 72-months instead of immediately or with just the 120 day extension. Offer in Compromise A last resort for people in serious tax debt, the offer in compromise is an agreement reached between the IRS and party in question to settle an amount owed for less than originally due. This step also requires a filing fee ($186) and may be rejected for numerous reasons.  Rarely will this be a step to which the IRS is in agreement but there are rare instances where this method would apply.  The accounting and tax experts at Bloch, Rothman, and Associates are ready to assist you with any filing requirements or discuss an individual situation where money may be due but cannot be afforded at this time. Our highly trained associates can help ensure that you not only receive the best service possible but also pay only the appropriate and required amounts for your individual or business income taxes. Known for providing expert advice and financial assistance, the professional staff at Bloch, Rothman, and Associates can also help with a variety of other accounting, bookkeeping and payroll options on an individual or business level. Whether you need an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in any other tax area our staff is ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation.   Wed, 03 Oct 2018 06:00:00 GMT http://denveraccountant.co/blog/16758/Payment-Options-for-Your-Denver-Tax-Return http://denveraccountant.co/blog/16756/Denver-Tax-Specialist-Can-Help-Your-Small-Business blog Small Business owners are faced with a number of different challenges which can inhibit their ability for success. Those who are able to navigate the different varieties of issues with which they are faced are more likely to generate a profit and in turn, continue on in a positive fashion as opposed to short falls which have the potential of causing a business to fail and close. One of the most common issues with any Denver business involves sales tax administration and  different complications associated with filing the correct amounts when necessary. Colorado undoubtedly is faced with one of the most unique (complicated) sales tax issuance methods in the entire United States. With a variety of different types of sales tax that all businesses must collect, these discrepancies must be made and properly administered to help small businesses be successful. Although there have been steps to make the complex sales tax reform easier to manipulate, work remains to be done. The complexity of sales tax for the state can easily be summarized in one simple explanation. For most every state in the Union there is simply one type of sales tax which must be collected by those companies and businesses in their state - one. In Colorado, there “are more than 700 possible combinations” for different types of sales tax issues and regulations which must be not only appropriately collected but also reported to maintain compliance with the state. Home Rule City Home rule cities essentially determine their own form of self government provided the rules and regulations instituted follow the Constitutional outlines provided by the federal government. In these instances many of the same regulations apply but it also allows for a variety of different variations for tax incentives and applications. These are what have allowed the Colorado implications to increasingly flow out of control providing an enormous amount of different applications and associations for sales tax administration. Application and Assertion Instead of having to spend enormous amounts of time on determining which applications are correct and what exactly should be reported or charged, there are alternative methods available for administration. Electing to move these distinct applications to an outside agency will employ a more beneficial response to all of the other methods associated with running a small business. Instead of having to determine if an appropriate amount of tax is being applied and sent in when required, then employees and those working in succession for the benefit of an organization can focus their efforts on what matters - customer service, assistance, and the bottom line. These help to eliminate a need for continually crunching numbers and hoping the success of a business isn’t thwarted by a particular tax administration. The accounting and tax experts at Bloch, Rothman, and Associates will be pleased to help eliminate this particular burden and cover the sales tax association for your business. Our highly trained associates can help ensure that you not only receive the best service possible but also pay only the appropriate and required amounts for sales tax reporting. Further, they are willing and ready to assist in filing via the method most specific to your individual situation for any due tax. Known for providing expert advice and financial assistance, the professional staff at Bloch, Rothman, and Associates can also help with a variety of different accounting, bookkeeping and payroll options on an individual or business level. Whether you need an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in potentially a variety of other various services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 26 Sep 2018 06:00:00 GMT http://denveraccountant.co/blog/16756/Denver-Tax-Specialist-Can-Help-Your-Small-Business http://denveraccountant.co/blog/16532/Denver-Tax-Specialist-Can-Help-Eliminate-IRS-Penalties blog For both individuals and business owners, tax deadlines can be a cause of concern - especially if/when money is due to the Internal Revenue Service (IRS). For individuals, this typically may only occur once during the calendar year in April but for business owners the due dates vary depending on their specific reporting deadlines for various taxes owed throughout the year (i.e. payroll taxes). IRS payments may be required weekly, monthly, quarterly, or almost any other specific time frame depending on the business in question and their payroll schedule and reporting amounts. The two most common amounts of money requested from the IRS involve late payments regarding any of the above described situations. These non-made payments are then subject to two of the most common fees associated with the IRS in regards to monies owed. Both penalties, for making a payment late, and interest, the amount added to a baseline payment based on a percentage of the amount, can be added to a previously requested amount which is not paid in full by the assigned due date. IRS Penalty A specified amount based on the violation of a tax situation revolving around both the amount and date a tax is due. Penalties assessed by the IRS typically are a result of a few common factors whether the subject is an individual or business entity. Failure to either file or pay your taxes by the deadline will result in a penalty of some sort being implemented by the IRS. Also, those who have estimated taxes due based on a prior year’s return may also be subject to a penalty should a similar situation arise and the appropriate amount of estimated taxes have not been paid. IRS Interest On top of the initial penalty, the IRS may also elect to add interest to the original amount due since it is being submitted late. Interest rates are subject to quarterly adjustments and interest for individuals will accumulate until paid in full by the appropriate party. Understanding penalties and interests associated with your tax situation, whether an individual or business, can serve to benefit you well into the future. Also, an understanding of why the penalties and interest have been levied can help in any attempt to dismiss either of the fines. If you have received an official IRS notification via mail of penalties and interest owed on a tax, then the accounting experts at Bloch, Rothman, and Associates will be pleased to assist you in determining your best possible course of action. In certain situations the penalty may be dismissed by the IRS but interest will typically always be a required payment. However, if the individual or business can prove the late payment as a result of the IRS or their representative, then both assessments may be eliminated. Further, they are willing and ready to assist in filing via the method most specific to your individual tax situation. Known for providing expert tax advice and assistance, the professional staff at Bloch, Rothman, and Associates can also help with a variety of accounting, bookkeeping and payroll options on an individual or business level. Whether you need an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in potentially a variety of other various services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 12 Sep 2018 06:00:00 GMT http://denveraccountant.co/blog/16532/Denver-Tax-Specialist-Can-Help-Eliminate-IRS-Penalties http://denveraccountant.co/blog/16431/1031-Exchange-Uses-On-A-Denver-Tax-Return blog Many individuals do not know or understand some of the different options available to them when completing a yearly tax return. Not to say individuals or families are attempting to forge an idea or cover a source of income, as most everyone is attempting to legally complete their return, but many are unfortunately unaware of the various possibilities available to them. These methods can be both cost effective and educational once analyzed and appropriately administered. Depending on your personal finance situation and how monies were spent and received during the calendar year for the return, one such option would be a 1031 Exchange, if a qualifying transaction was completed. The 1031 or “Like-Kind Exchange” allows someone to take money earned from the sell of a property and put it back into the purchase of another, while deferring any capital gains taxes from the initial purchase. Capital gains taxes are typically paid on the difference in how much an entity was purchased for versus the corresponding sale price. These 1031 exchanges are useful when someone utilizes them in any of the following scenarios. Businesses An individual can sell one business and then reinvest any profits into the purchase of another business. The type of businesses involved in the transaction do not necessarily have to be identical. Instead, so long as both are business entities the tax deferral can be used if the like kind exchange is completed within the appropriate time frame. Real Estate One of the more common uses, real estate sales and investments often present suitable like kind transaction opportunities. Profits from one property can be reinvested into another, if all timeline restrictions are followed. Livestock Originally, like-kind exchanges for farmer’s was the premise behind developing a tax deferred system for profits. These individuals were routinely selling and then reinvesting money immediately back into their livelihood and the same applies today.   Other This category varies but if there are other qualifying elements which may fit into the like-kind transaction then use of this method could be beneficial. If you need help in determining which transactions you have completed may qualify for a 1031 exchange or if the two properties used carry a like-kind agreement then we can help. Offering assistance in determining an appropriate course of action for individuals who wish to find out more about this process, the accounting experts at Bloch, Rothman, and Associates will be pleased to assist you. Our associates work with you to help ensure all your tax requirements are met appropriately and distributed in a timely manner. Known for also providing payroll assistance, they can help with a variety of accounting, bookkeeping and essentially any aspect on either the individual or business level. Whether you need an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in potentially a variety of other various services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 05 Sep 2018 06:00:00 GMT http://denveraccountant.co/blog/16431/1031-Exchange-Uses-On-A-Denver-Tax-Return http://denveraccountant.co/blog/16430/Denver-Tax-Specialist-Highlights----Gift-Tax----Changes-for-2018 blog Everything has a price and depending on the demand or need, some of those prices can grow or decrease substantially but the value of something is entirely different. Value, is the amount someone believes that a particular item may be worth to them. Instead of looking at price, a product of worth and effort in getting rid of an item or subject, the value is significantly important and used in a variety of methods, including by the federal government to institute a tax on items of large value or cumulative gifts given to another person throughout the tax year. The family dynamic is likely a most common cause for a gift exchange but there are a variety of other scenarios which can constitute a gift and resulting tax implications. Although, gifts from one individual to their spouse are typically not counted, sometimes cases exist where gifts to your spouse are taxable. In these situations, the tax would apply to one spouse and may be counted against their return for the year depending on the amount and reasoning behind the gifted money. Gift Tax Changes Changing for the 2018 tax year, gift tax maximums have been raised allowing individuals to award monies to other parties at an increased rate. Until this year, the maximum allowable gift amount was set at $14,000 before the gift tax began to be applied. Beginning with this tax year, a $1,000 increase was added increasing the amount of money allowable to be distributed without the tax penalty. Individuals or groups who are giving money to another party are responsible for paying the amount incurred from a gift tax but recipients may also be subject to paying, depending on the particulars of a situation. Both parties may elect to split the tax applied for different reasons, but each component must be taken into consideration as every situation is going to be different and thus interpreted with varying degrees. Also, though the gift tax may be paid by the individual making a contribution, a recipient may then be subject to paying income tax on the money received depending on amount and their current tax situation. Gift Tax Exemptions There are a few exceptions to the gift tax adherence which according to the Internal Revenue Service (IRS) will not count toward the application. These different payments, either to an individual or entity can be made without fear of any negative tax implications for the year. As with almost any tax situation there are varying degrees to which the law may be interpreted but there are clear and coherent outlines in order for individuals to follow. Depending on your particular situation, seeking the advice of a trained professional who understands both how and why specific taxes make such a difference when applied can be critical to the success of your ability to execute a gifting transaction with the desired purpose being administered. If you need any assistance in determining an appropriate course of action for gifting funds or should you be on the receiving end, the accounting experts at Bloch, Rothman, and Associates will be pleased to assist you. Our associates can help ensure your tax requirements are met appropriately and distributed in a timely manner. Known for also providing payroll assistance, they can help with a variety of accounting, bookkeeping and essentially any aspect on either the individual or business level. Whether you need an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in potentially a variety of other various services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 29 Aug 2018 06:00:00 GMT http://denveraccountant.co/blog/16430/Denver-Tax-Specialist-Highlights----Gift-Tax----Changes-for-2018 http://denveraccountant.co/blog/16382/What-Denver-Business-Tax-Preparation-Designation-Is-Right-for-You blog An entrepreneur is someone who creates a business and essentially begins to operate it in every aspect. Taking something that once wasn’t available and finding a way to make it happen, these individuals often risk much of their personal finances in order to achieve success. There are many positive stories associated with entrepreneurs but much of the failures may not be as prevalent or advertised. These consequential mistakes are often the building blocks of what ultimately allowed someone to be successful. While there downfalls aren’t necessarily highlighted, it is rare that someone finds amazing success on their very first idea and attempt. Also, when creating a business and establishing a market presence, the owner must determine which registered type of organization will best serve their individual needs and those of the entity created. Following is a brief description of the many common business types utilized by self-employed entrepreneurs and the implications of taxes and legal matters associated with each. Sole Proprietorship One of the easiest forms of businesses to understand and employ, a sole proprietorship is essentially an operation ran in the name of the owner. There is no real separation from an individual’s personal finances and income in relation to the company and no legal measurement. For tax purposes, the individual reports income on their personal return and also bears the financial responsibility associated with any debts owed. Partnerships This is a sole proprietorship extended between two or more people and then executed appropriately. The split can be at any regulation agreed upon by those involved and the liability issues fall under one of two categories. A general partnership spreads the liability to all involved equally but limited liability means the onus may fall on one person more than another. Corporations The largest of business types, corporations are generally divided into two different varieties. These two, designated with an S or C, share multiple similarities and differences between an s-corporation vs. a c-corporation depending on the goals of the company and business being offered. An election or certification shouldn’t be made without consulting a professional for their expert opinion on which offers the most rewarding circumstances for the specific opportunity. Fortunately, the legal implications of each are completely separate from the personal finances of those involved, offering the most legal protection for business owners. If involved with starting a business and in need of assistance for determining which representation is right for you, the accounting experts at Bloch, Rothman, and Associates will be happy to help you. Our trained associates can help ensure your tax implications for each type and assist in finding the most beneficial type of designation for your business. Known for also providing excellent service in payroll assistance, Bloch, Rothman, and Associates can help with a variety of accounting or bookkeeping needs. Whether you require an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in potentially a variety of other various services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation.   Wed, 15 Aug 2018 06:00:00 GMT http://denveraccountant.co/blog/16382/What-Denver-Business-Tax-Preparation-Designation-Is-Right-for-You http://denveraccountant.co/blog/16354/Denver-Tax-Return-Estimates-Application-and-Benefit blog Every American is responsible for paying their fair share of taxes to the United States government both throughout the year via withholdings and once filing takes place typically between January and April. While most would argue their contributions are way more than a “fair” share, certain individuals are advised or potentially required to make quarterly contributions in excess of their current tax input called, “estimated tax.” This estimated tax doesn’t apply to everyone but there are certain situations which will influence your tax status and potentially cause you to qualify for estimates. These taxes are paid in on income received that otherwise does not apply to the withholding elements of money received. Most common is self-employed income but other factors which can formulate an individual to become responsible for estimates include: business earnings, dividends, interest income or rent payments and a few other sources. If within a single year you owe either $1,000 or more to the Federal Government then the Internal Revenue Service (IRS) expects you will pay estimated taxes on qualified income. These individuals are often subject to that requirement for estimated tax application. • Self-Employed or Sole Proprietor. Both entities need to consider making estimated tax allotments, especially if their perceived income is expected to surpass $1,000 in tax liability over a given year. Even part-time individuals should be considering estimates as they are subject to the same expectations and requirements of their full-time counterparts. • Partners and Corporations. Similar to individuals who function under one of the previously disclosed methods, both partnerships and corporations are influenced to make estimates based on their tax liabilities. For all types of corporations, payments are expected at half the rate of an individual, meaning $500 in liability should signal a need for the quarterly payment to get ahead. • Prior Year Owed. Individuals or other entities which owed tax at the end of a previous cycle should investigate the reason for their withholding. Typically, not enough money was taken from a paycheck or profit and thus more should be kept in the coming year to offset the potential costs. By investigating the cause for such an underpayment and making up the difference via an estimated tax payment in the current year, a potential refund or less payment can be expected at tax time. Understanding if you may be required to pay estimates can be helpful in planning your income throughout the year. Setting aside money necessary for payment to the IRS will not only help to avoid the sticker shock of receiving a huge tax bill after filing but can also remedy other potential shortfalls as the tax implications of an individual change from year to year. The accounting experts at Bloch, Rothman, and Associates will be pleased to assist you in filing a return or planning for future needs, including providing estimated payments. Our associates can help ensure that you not only receive the best refund possible but also are aware of the implications your type of earnings may have on a return. Further, they are willing and ready to assist in filing via the method most specific to your individual tax situation. Known for providing expert tax advice and assistance, the professional staff at Bloch, Rothman, and Associates can also help with a variety of accounting, bookkeeping and payroll options on an individual or business level. Whether you need an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in potentially a variety of other various services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 08 Aug 2018 06:00:00 GMT http://denveraccountant.co/blog/16354/Denver-Tax-Return-Estimates-Application-and-Benefit http://denveraccountant.co/blog/16322/Denver-Business-Tax-Preparation--Monthly-vs--Semi-Weekly-Depositor blog When operating a business, there are a number of factors to consider and one of the most important is a handling of the finances. Whether you are operating a multi-million dollar company or opening a specialty boutique in a local town, ensuring the operating costs aren’t exceeding the income and making sure the entity is stable enough to sustain producing a profit are all critical factors. If not given appropriate consideration, each has the potential to sink any new opportunity quicker than almost anything else associated with the operations of an organization. However, once any money begins to be made there is another factor to consider which is due their share of the wealth - the Internal Revenue Service (IRS). Operating as the nation’s tax collection agency and often in the interest of the federal government, the IRS has a litany of regulations and applications which can make a highly trained professional tax attorney second guess themselves, let alone a small town, small company business owner. For these reasons alone, seeking professional assistance with any monetarily related issues, especially those involving the IRS, is recommended. One of the most prevalent factors to determine when starting the business is whether you will be required to contribute federal income tax withholdings and both employee and employer social security and Medicare taxes monthly or semi-weekly. Monthly Depositor All new businesses are considered to be monthly depositors until it is determined they meet the requirements to move into a semi-weekly deposit schedule. Monthly deposits must be made by the 15th of the following month for the due period. For example, all submissions necessary for the month of July must be submitted to the IRS by August 15, August by September 15, September by October 15, continuing annually. Semi-Weekly Depositor For those businesses which have reported in excess of $50,000 during their lookback period, a semi-weekly deposit is required. The employment tax due date is reflected based on when the entity determines that pay day is scheduled. Pay days of Wednesday, Thursday, and Friday are due prior the following Wednesday and all other days are due before Friday. A special $100,000 next-day deposit rule applies should a business incur such a tax amount due and will push any new company immediately to a semi-weekly for the remainder of the year in which the special submission occurs. If you need assistance in deciding which method of tax submission should be utilized for your business then the accounting experts at Bloch, Rothman, and Associates will be pleased to assist you. Our associates can help ensure your tax requirements are met appropriately and in a timely manner. Known for also providing payroll assistance, they can help with a variety of accounting, bookkeeping and essentially any aspect on either the individual or business level. Whether you need an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in potentially a variety of other various services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Thu, 02 Aug 2018 06:00:00 GMT http://denveraccountant.co/blog/16322/Denver-Business-Tax-Preparation--Monthly-vs--Semi-Weekly-Depositor http://denveraccountant.co/blog/16155/Denver-Tax-Specialist-Gives-Options-for-Additional-Withholdings blog When hired to begin work where you will be paid as an employee of an organization or entity, typically there are two main options for tax withholdings. These are determined by your current filing status and then potentially the number of dependents that you will claim at the end of a given year. These can be changed at any time and variations can fluctuate from pay period to pay period but most individuals elect to keep the same status over time unless a change in the family dynamic constitutes a need for an adjustment. Status Options The main options are whether you will be filling out a tax return as a married couple or single individual. The federal government then takes into account varying amounts which are taken from an employee’s paycheck in order to help constitute their coverage for the year’s tax bill. The employer then sends this amount to the federal government and depending on the amount withheld ultimately determines whether or not you owe taxes or receive a refund once the tax return is filed in the spring. While there are multiple other factors which affect an individual’s tax status and implications, these paycheck withholdings (if applicable) are a substantial part of the end result. Understanding your paycheck withholdings is critical in helping alleviate any unnecessary tax burdens and can assist in proper planning for the future. Once a determination is made for the status - married or single - the next option is deciding which number to utilize. Beginning with zero, dependents can be claimed with most people electing to take either zero or one. The higher the number, less tax will be withheld from the paycheck leading to an increase in funds during the year but the potential for owing taxes come time for filing is also increased substantially. Individuals who choose zero will have the most money withheld from their check with the likelihood of a bigger return at year’s end. However, there are a few additional options for withholding elections other than changing the withholding numbers or status. These include each of the following. Married but Withholding at Single - This application allows for an individual to have their taxes withheld at the higher rate. The effect of married withholding at a higher rate allows for even more taxes to be paid into the federal government throughout the year. Additional Withholding Another option is for people to voluntarily have more taxes withheld. Choosing this allows for someone to pay as much as they want over what is already being taken. Even just a small amount over each pay period can accumulate a larger withheld amount over the course of an entire year. If you need assistance with determining which rate and option is the best for your individual tax situation then the accounting experts at Bloch, Rothman, and Associates will be pleased to assist you. Our associates can help ensure your paycheck works both to keep your family funded throughout the year and avoid the burden of a sudden tax situation at filing. Known for also providing expert tax advice and assistance, they can help with a variety of accounting, bookkeeping and any payroll options on an individual or business level. Whether you need an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in potentially a variety of other various services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 18 Jul 2018 06:00:00 GMT http://denveraccountant.co/blog/16155/Denver-Tax-Specialist-Gives-Options-for-Additional-Withholdings http://denveraccountant.co/blog/16128/-Denver-Tax-Return-Refund-Missing--Find-Out-Why- blog You’ve completed and filed a tax return prior to the April deadline and expected a refund but weeks have gone by with nothing. If you chose to file the return yourself then options for seeking answers as to why nothing has yet posted to your account or appeared in the mail box may be limited but we’re here to help. Also, if you used a professional to file then starting with available options for locating where a refund could be will help to save a useless phone call or unnecessary trip back to their office for a similar result. There are a few key questions to answer prior to beginning the search for an expected refund. This information must be available before searching online to find the status of your refund and also prevents others from attempting to locate or find out your refund status. First, when you filed taxes there was an option to either receive a paper check or have the refund direct deposited into your bank account. If you chose to have the monies deposited directly into your account electronically then the money should arrive sooner. A paper check takes a little longer to process in addition to the added time for travel through the postage service. Both the federal and state returns have this option available and knowing which was selected for your particular return will help when searching for a missing return. After deciding which option was selected upon filing, then you must also have the social security numbers associated with the return, filing status, and an exact amount. By utilizing this information any individual can access the online system provided by the Internal Revenue Service (IRS) and locate the stage in which a return is at while being processed. The “Where’s My Refund?” portal is an easy tool that allows anyone who has filed a return to find out the current status of their return. If your return has been completed and a check issued then knowing whether to look either in the mail or your bank account (determined by the refund option selected) is the next step. If after a few weeks your refund is still missing then taking the next step and contacting either your professional service or the IRS themselves may be the necessary step. This option is available for the federal return and many states are now offering a similar service for state return refunds. For residents or those who have filed a state return with the Department of Revenue in Colorado, an online system exists for determining the status of your refund. By accessing the online portal with the required information, anyone who is set to receive money back from their prior years’ taxes can quickly know the step their return is at during processing. Different returns take varying amounts of time but a typical timeframe for 2017 returns has been approximately two to four weeks for the federal return and anywhere from six to eight weeks for the state version. If these time frames have passed and you were entitled to a return then checking these resources should be considered. If you need assistance in locating your refund, the tax preparation and accounting experts at Bloch, Rothman, and Associates will be pleased to assist you. Our associates can help ensure you receive the best refund possible and understand the status of your return regardless of its current stage. Known for providing expert tax advice and assistance, they can also help with a variety of accounting, bookkeeping and payroll options on an individual or business level. Whether you need an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in potentially a variety of other various services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 11 Jul 2018 06:00:00 GMT http://denveraccountant.co/blog/16128/-Denver-Tax-Return-Refund-Missing--Find-Out-Why- http://denveraccountant.co/blog/15414/Tax-Specialist-Denver-Property-Appeals blog Taxes are not going anywhere but up for most of Americans across the country and have lived up to their billing as one of the only two certainties in life. Ben Franklin was well ahead of his time when coining the phrase comparing them to death and it was as meaningful then as it is now, despite all of the changes in the past 200-plus years.   From a piece of gum to a closed out estate following a productive life from any individual, taxes are going to be placed on any income or sale - Uncle Sam is going to benefit from the wealth of his occupants and the funds are hopefully used for the betterment of society but often are believed to be a pitfall instead of a solution.   Regardless, property taxes exist and are not going away. These levies are made to benefit the area and assessed within a variety of conditions. Managing these and understanding just why and what is being taxed can help to eliminate the potential for paying unnecessary or excessive funds to the municipalities responsible for such an action.   Denver property taxes are levied by the treasury division and can be paid in a variety of ways and methods. All first-half (of the year), second-half or full payments can be conducted online or mailed with a suitable check or money order. These options allow for a variety of residence the capabilities to ensure their part is paid on time.   An accurate declaration of Denver property taxes needs to be completed each year to aid in the process of payment. However, changes to a property type may have been administered over the course of a year leading to a change in how the taxes should be addressed for any given property.   Necessary steps must be taken to ensure that the appropriate amount is not only being paid but matches what should be sought from the municipality responsible for addressing such an issue. If there are discrepancies, then methods for contesting an associated value, penalty, or amount requested is necessary.   Appealing a property value assessment to the County Board of Equalization takes place through the assessor’s office and must be diligently handled to assure an accurate overview is administered. These steps can not only save taxpayers money but the associated savings added up throughout a given time period of ownership can substantiate to an enormous amount.   Any relegation to tax savings is important and should be administered to benefit the consumer. No one should attempt to deviate from what is required by the government, federal or local, but knowing you’re only paying an accurate amount is essential in the continued productivity of a civilization. If you need assistance with determining which property tax amounts are accurate and the best for your individual situation then the accounting experts at Bloch, Rothman, and Associates will be pleased to assist you. Our associates can help ensure you pay only what is owed and nothing more. Known for also providing expert tax advice and assistance throughout the calendar year, they can help with a variety of accounting, bookkeeping and any payroll options on an individual or business level. Whether you need of a property tax appeal, explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in potentially a variety of other various services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation Wed, 04 Jul 2018 06:00:00 GMT http://denveraccountant.co/blog/15414/Tax-Specialist-Denver-Property-Appeals http://denveraccountant.co/blog/15277/Denver-Accountant-Can-Ease-Any-Payroll-Issues blog Owning your own business can be one of the most rewarding of life experiences. Becoming your own boss and then reaping the benefits from being able to employ other individuals who provide for their own families can create quite the sense of accomplishment. However, these things are not easily ascertained and when achieved should be treated with respect and a diligence to maintain a level of success into the future. Much time and dedication is required in order to fulfill these responsibilities and as a business owner there will be numerous things on which to focus. Instead of allowing payroll to be a hindrance and weekly, bi-weekly, or monthly hassle, consider allowing a trained professional the opportunity to ease some of the burden and lift a few of the responsibilities off your plate. Doing so will create more ‘free time’ but as any business owner knows these extra hours will likely be put right back into the company. While it may not be on time figuring correct pay for employees, paying taxes, or deciding what withholdings should be administered, the saved moments can instead be put to use finding out ways for your company or organization to increase their profits. Payroll, depending on frequency and the number of employees, can create quite the headache for any owner but especially someone just starting out in the business world. By utilizing the help of a trained professional, many of the hiccups or shortfalls which could potentially occur can be avoided. Typically, a business owner is an expert in their field but knowing how to bake cakes, tie fishing flies, create promotional campaigns, or any other concept which can be at the foundation of a company doesn’t mean the individual understands all of the intricacies of taxes and payroll. Payroll taxes and employer responsibilities can be complicated but are vital to keeping employees happy and following the law. Making sure those for which you are responsible are properly taken care of and staying on the right side of the federal government and Internal Revenue Service (IRS) will be critical to creating a lasting business that is built for success now and well into the future. If you need assistance with calculations and all forms or returns associated with payroll then the accounting experts at Bloch, Rothman, and Associates will be pleased to assist you. Our associates can help ensure your company is properly distributing funds and following all federal requirements in terms of paying taxes and keeping withholdings from your employees. Known for also providing expert tax advice and assistance, they can help with a variety of accounting, bookkeeping and any of the previously mentioned payroll options on an individual or business level. Whether you need an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in potentially a variety of other various services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 20 Jun 2018 06:00:00 GMT http://denveraccountant.co/blog/15277/Denver-Accountant-Can-Ease-Any-Payroll-Issues http://denveraccountant.co/blog/15168/Self-Employed--Why-You-Need-to-Pay-Estimated-Quarterly-Taxes-from-your-Denver-Accountant blog Being your own boss is something many people dream of. The idea of no longer having to live according to someone else’s rule book and having the freedom to work when you want is a very appealing prospect. Taking the plunge into self-employment is something that is very attractive for those looking to venture out on their own and take their career into their own hands. But while this idea can be very romantic and alluring, it is important to keep in mind that there are different tax requirements for self-employed individuals, specifically in regards to paying estimated quarterly taxes. If you own your own business, here’s what you need to know about this from your Denver accountant. Who Has to Pay Estimated Taxes According to the IRS, all US Citizens, residents of Puerto Rico and all US territories, as well as nonresident aliens are required to pay quarterly taxes if you expect to owe at least $1,000 in taxes for the year after subtracted withholding and refundable credits. Individuals who expect their withholding and refundable credits to be less than the smaller of 90% of the tax shown on your 2018 tax return or 100% of the tax shown on your 2017 tax return. You are not required to pay estimated tax if you had no tax liability for 2017 or if your total tax was zero and you did not need to file a tax return. When are Estimated Quarterly Taxes Due Most individuals work for someone else, and as a result their taxes are automatically deducted from their paycheck every pay period. But as a self-employed individual, you will no longer have this luxury and will need to save a portion of every dollar you earn in order to be able to pay your tax bill. As a self-employed individual, you will be required to pay taxes every three months. The dates for which these taxes are due are April 15th for the first quarter, June 15th for the second quarter, September 15th for the third quarter, and January 15th of the next year for the fourth quarter. It is important to stay up to date on your tax responsibility as a self-employed individual, as the IRS may penalize individuals who do not fulfill their obligations on time. If your are thinking about filing your quarterly taxes in the Denver area, there is no better option than going with Bloch, Rothman, and Associates. Whether you are dealing with a large estate tax bill or are just looking to get the biggest possible tax return for you and your family, we are your preferred choice for tax accountants. We are a full service Denver and Aurora accounting firm that offers personal and affordable accounting and tax services for both individuals and businesses. We pride ourselves on providing the best possible customer service and advice to our clients in the industry. Contact us today and we will be happy to help you receive the highest return possible. Wed, 06 Jun 2018 06:00:00 GMT http://denveraccountant.co/blog/15168/Self-Employed--Why-You-Need-to-Pay-Estimated-Quarterly-Taxes-from-your-Denver-Accountant http://denveraccountant.co/blog/15102/Married-Filing-Separate-versus-Joint-Filing-Your-Denver-Tax-Return blog Many Americans are married and faced yearly with the determination to either file a tax return jointly or separately. Often couples will determine to file in a preceding fashion without taking into consideration the implications or benefits of filing in a particular method. While a majority of people elect to file jointly for the extended tax benefits, there do exists opportunities and reasons for filing separately that can have a positive impact on the return. Before determining which method will work best in your particular situation, first we must analyze the benefits of filing both a joint return and separately. These two methods have distinct differences between them as one combines the two individuals income and tax burden into one return and married, filing separately (MFS) individualizes the tax impact into each partner’s return specifically. MARRIED FILING JOINTLY The most common type of return and typically a more beneficial route, filing a joint return is often selected as the method of submission for couples. These married filing jointly returns become eligible when a couple has been married for at least one day in the preceding tax year. Internal Revenue Service (IRS) requirements observe married couples by the date of their wedding or legalization of a marriage. Even if the pair becomes official on December 31, then they are legally viewed as a married couple for that tax year and thus must file either a joint or separate return. Filing jointly allows taxpayers to recoup the benefits associated with a variety of credits and Social Security benefits. These factors often influence the decision and allow people to reap a better outcome on their taxes. MARRIED FILING SEPARATELY If choosing to complete a married filing separately return then individuals must be aware of these credits for which they will automatically be disqualified. “Filing separately can disqualify or limit your use of potentially valuable tax breaks, including (but not limited to): The child and dependent care tax credit The adoption credit The Earned Income Credit Tax-free exclusion of U.S. bond interest Tax-free exclusion of Social Security benefits The credit for the elderly and disabled The deduction for college tuition expenses The student loan interest deduction The American Opportunity Credit and Lifetime Learning Credit for higher education expenses The deduction of net capital losses Traditional IRA deductions Roth IRA contributions MFS taxpayers must both claim the standard deduction or must both itemize their deductions.” The two cannot be split even if filing separate returns, the qualified application for one will automatically apply on both returns. While there are a few benefits to filing separately, such as the separation of tax liability from a spouse, the main option could be administered to tax debt accumulated from a spouse. If one partner has a significant amount of tax burden or liability for which the spouse does not want to become also liable for then a separate return is necessary. Should the couple elect to file a joint return then the spouse assumes all liability previously responsible to the one. In most scenarios, filing a joint return will be more beneficial but both options should be viewed as viable since each can be administered on a yearly basis. If you need help deciding what method will work best for you, the tax preparation and accounting experts at Bloch, Rothman, and Associates will be pleased to assist you in filing a return. Our associates can help ensure you receive the best refund possible and file in a method most specific to your individual tax situation. Known for providing expert tax advice and assistance, they can also help with a variety of accounting, bookkeeping and payroll options on an individual or business level. Whether you need an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in potentially a variety of other various services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 23 May 2018 06:00:00 GMT http://denveraccountant.co/blog/15102/Married-Filing-Separate-versus-Joint-Filing-Your-Denver-Tax-Return http://denveraccountant.co/blog/15047/Denver-Tax-Specialist-On-Internal-Revenue-Service-Contacts blog Taxes themselves are enough to make even the average lawful American citizen a little bit nervous. While a majority of the people who are submitting their income tax forms annually do so with good intention and no known falsification, there are a number who attempt to cheat the system for their benefit. For this reason, the Internal Revenue Service (IRS) is always looking for any criminal action or even unintentional mistakes on every single tax return. For over the almost 300 million people submitting tax returns every year, this can be a daunting task but should those reviewers find a discrepancy how will they contact you? Unless you have previously made an attempt to communicate with a division of the IRS via phone call, leaving your name and number - the employees associated with the IRS will not initially contact you by phone and never demand an immediate payment. Instead, expect to receive a form letter in the mail addressed to how you would fill out a tax form and to the address associated with your respective account. These letters are likely to address a variety of different circumstances but understand that without a proper attempt by yourself to reach someone via a phone call, the IRS will not phone with any inquiry regarding a past or present tax issue, avoid the tax phone scam. Another relevant issue with this same incentive revolves around specific identification protection and privacy credentials. Do not fall victim to a fraudulent scam via someone attempting to extort funds from you via a phone call by someone impersonating the United States government or IRS. Often these type of attempts prey on the elderly or those who have had some type of tax issue in the past. Always notify a professional or the IRS themselves should you receive such a phone call so that attempts can be made at correcting any potential issue and notification can be sent to a targeted area in order to clear the air amid a potentially defunct situation. If you have received an official IRS notification via mail, then the accounting experts at Bloch, Rothman, and Associates will be pleased to assist you in determining your best possible course of action. In addition, their office can aid in filing a return or planning for future needs, including providing estimated payments. Our associates can help ensure that you not only receive the best refund possible but also are aware of the implications your type of earnings may have on a return. Further, they are willing and ready to assist in filing via the method most specific to your individual tax situation. Known for providing expert tax advice and assistance, the professional staff at Bloch, Rothman, and Associates can also help with a variety of accounting, bookkeeping and payroll options on an individual or business level. Whether you need an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in potentially a variety of other various services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 16 May 2018 06:00:00 GMT http://denveraccountant.co/blog/15047/Denver-Tax-Specialist-On-Internal-Revenue-Service-Contacts http://denveraccountant.co/blog/14992/What-to-Do-After-Filing-Your-Taxes-from-Your-Denver-Accountant blog You’ve just finished your taxes for the 2018 season, and now you can rest easy knowing you’ve completed your duty as a tax-paying citizen. Tax season can be a very stressful time for many individuals and companies, as the obligations and the overall bill can add up to be a difficult and harrowing experience. It’s usually not a pleasant experience, especially for those who are self-employed or have many source of untaxed income. It is a situation that will make a person thankful they’ve opted to go with a reliable, trustworthy accountant. After you’ve filled, here are a few things to do afterwards from your local Denver accountant. Track Your Return If you’re a person that needs to know the exact whereabouts of an incoming package or needs to know the exact dates for when something will be completed, tracking your tax return is just the tool for you. The IRS provides accurate tracking information for individuals who file both electronically and through paper returns. However, if you file electronically, you will be able to track the status of your return within 24 hours of submitting it. This differs greatly from those who decide to file their taxes the old-fashioned way on paper, as a paper return can take up to four weeks before being able to check the status of it. This further stresses the benefit of filing a return electronically. Use Your Return to Pay Down Debt Many people utilize tax season as a time to celebrate, to splurge on expenses that are normally not in their budget. Assuming they’ve received a nice return, it can be very alluring to use this time to buy a luxury that normally would not be within reach. While this can be an exciting and exilarating experience, it is not always the wisest decision. If you are lucky to have received a substantial amount of money from the IRS, a smart decision would be to utilize this chunk of money to pay down debts. Utilizing a return to buy something out of your budget is an especially bad decision if you have outstanding debts to take care of. Think of the amount of interest you will be paying over the course of a loan and recognize that it is a much smarter decision to eliminate the need to pay for this. If you find that you are in need of expert tax preparation, there is no better option than going with Bloch, Rothman, and Associates. Whether you are dealing with various nuanced tax situations or you are just looking to get the biggest tax return for you and your family, we are your preferred choice for tax accountants. We are a full service Denver and Aurora accounting firm that offers personal and affordable accounting and tax services for both individuals and businesses. We pride ourselves on providing the best possible customer service and advice to our clients in the industry. Contact us today and we will be happy to help you receive the highest return possible. Wed, 09 May 2018 06:00:00 GMT http://denveraccountant.co/blog/14992/What-to-Do-After-Filing-Your-Taxes-from-Your-Denver-Accountant http://denveraccountant.co/blog/14840/What-to-Know-about-the--Gift-and-Estate-Tax-Exemptions-From-A-Denver-Accountant blog When it comes to filing your taxes, you want to be able to take advantage of as many tax exemptions and credits as you possibly can in order to ensure you get maximum amount for your refund. Anything that will reduce your tax liability is something worth looking into as a way to lower your tax bill. There are a few different ways you can make sure that you are taking advantage of all possible credits. One such method is to look into the gift and estate tax exemptions from a Denver accountant. Gift Tax The tax you pay on a gift is due to the fact that you have transferred money or some property of value to another individual without receiving any type of financial compensation in return. There are limits in terms of the amount you can gift to another individual tax-free without having to be concerned with paying a tax on it. As always, it is a great idea to consult with your local Denver tax accountant in order to ensure you have made the transaction properly. For 2018, the annual exclusion for gifts has risen from $14,000 to $15,000 for the year. If you are thinking about giving a gift to a loved one, you now have the ability to increase this amount by a extra thousand dollars. This can apply to anything you are looking to gift, and can be used by both individuals and businesses alike, if it applies to you. Estate Tax The estate tax is a tax that you pay on the transfer of your property upon death. This can be to close family or friends, but it still applies. Your estate will be calculated for its total value, which will include all of your assets. This includes things such as your cash on hand, your securities, insurance, your stock portfolio, etc. If you decide to give all of your inheritance to an heir, you will want to ensure that you have accounted for all the factors that can increase their estate tax. The recent passage of the tax bill in congress has changed the amount a person can gift in their inheritance without having to deal with a tax bill. This amount changed from $5 million to $10 million, and will run from the years 2018 through 2025. If you are need of having your taxes done in the Denver area, there is no better option than going with Bloch, Rothman, and Associates. Whether you are dealing with a large estate tax bill or are just looking to get the biggest possible tax return for you and your family, we are your preferred choice for tax accountants. We are a full service Denver and Aurora accounting firm that offers personal and affordable accounting and tax services for both individuals and businesses. We pride ourselves on providing the best possible customer service and advice to our clients in the industry. Contact us today and we will be happy to help you receive the highest return possible. Wed, 25 Apr 2018 06:00:00 GMT http://denveraccountant.co/blog/14840/What-to-Know-about-the--Gift-and-Estate-Tax-Exemptions-From-A-Denver-Accountant http://denveraccountant.co/blog/14812/Form-8879-Details-From-A-Denver-Tax-Specialist blog Winter, Spring, Summer, and Fall - the four seasons that regardless of where you live, most enjoy throughout the year but the fact is many other seasons exist as the calendar continues to turn and time passes. For example, some enjoy football season, hunting seasons, or you may be involved in a particular type of show season but for every American, tax season has become a common time of the year for which everyone has developed an opinion. Depending on your most current and particular tax status or the monetary implications of an individual year, tax season can be a welcome sign of a potential windfall refund or a dreaded period for which you will pay the government monies owed from business or personal dealings occuring during the prior calendar year. Filing should, and often warrants the assistance of a professional and it is best to entrust the services of someone trained in tax preparation for completion of your individual or business income taxes. These experts can often help to alleviate any fears associated with filing and ensure an immediately accepted return, all while making certain your return is completed accurately. This also helps to decrease the potential for any ramifications from mistakenly filing an inappropriate or unaccepted return. When deciding to use a professional service and choosing to electronically file the return, Form 8879 is required to be signed by the individual or couple responsible for the filing. This one-page form allows the Electronic Return Originator (ERO) to file the completed return on behalf of the taxpayer electronically to the Internal Revenue Service (IRS) and more often than not, the states associated within a given return. This electronic filing method is the quickest way to ensure the IRS receives the information they need to process the return and get any potential refunds started. By choosing to electronically file, both the preparer and client receive notification of a return being accepted and can then track the process through completion without being unaware of the current status, which can occur if a return is paper filed. Depending on the settings chosen by the provider elected to file the return a client’s bank account information may be printed on the 8879 for verification and identity purposes. These forms are not submitted to the IRS, unless requested, but instead are kept by the preparer for a minimum of three years. The tax preparation and accounting experts at Bloch, Rothman, and Associates will be pleased to assist you in filing a return with in depth explanations for any of the questions you may have in addition to tracking all expected refunds at both the state and federal levels. While known for providing expert tax advice and assistance, they can also help with a variety of accounting, bookkeeping and payroll options on an individual or business level. Whether you need an explanation for a random tax form - such as the 8879, are potentially in need of appropriate representation in tax court, or could use help in potentially a variety of other various services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 18 Apr 2018 06:00:00 GMT http://denveraccountant.co/blog/14812/Form-8879-Details-From-A-Denver-Tax-Specialist http://denveraccountant.co/blog/14633/Denver-Tax-Return-Filing-Date-Changed-from-April-15 blog Depending on your personal tax situation filing can either be an enjoyable or begrudging process. Returns often leave individuals with positive feelings, knowing they will be receiving a monetary boost due to their withholdings allocated throughout the year but owing has an adverse effect. As a result, Tax Day, is a date for which all Americans are readily familiar with, and often dread, for those who are unprepared or procrastinated till the very end. The deadline for individual tax returns to be filed with the United States government often falls on April 15 but that is not the case this year. Employees typically receive their W-2 forms in the month of January from their employers revealing their income from the prior year. These amounts are then used to compile the tax return, along with potentially a number of other forms and figures. Two and one-half months in order to complete the process. As an individual, many citizens elect to complete their required returns in this timeframe but some will choose to file an extension, if needed. However, filing an extension should only be executed for a needed cause as the six month grace period only applies to the paperwork, not payment. Tax Day however, will not fall on April 15 this year as it is a weekend (Sunday). Normally moved to the following Monday when this occurs, another holiday extends the initial deadline for filing until Tuesday, April 17 this year. Emancipation Day is celebrated on the closest weekday to April 16 in Washington D.C. and now often has an effect on they typical filing deadline. For example, this year the holiday will be recognized on Monday and as a result pushes the filing date for individual tax returns back one day to the April 17 due date. Moving forward it will be a few years before the two circumstances, weekend and holiday, have an effect on Tax Day again. Including this year, it will be four years until the date has another effect on filing your individual taxes. If needed, enjoy the slight two-day extension this year because it won’t come around again until the 2022 calendar year. If all remains the same, Emancipation Day should be celebrated on April 15 that year and taxes will then be due on the following Monday, April 18 - beginning another few years of non-April 15 tax dates.   If you still need to file or register for an extension, the tax preparation and accounting experts at Bloch, Rothman, and Associates will be pleased to assist you in filing a return. Our associates can help ensure you receive the best refund possible or assist in lowering taxes owed, should that apply. Experienced and knowledgeable experts at Bloch Rothman, can provide expert tax advice and assistance, as well as help you with a variety of bookkeeping, accounting and payroll issues you may be experiencing. Need assistance for your unique financial or tax situation? Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 11 Apr 2018 06:00:00 GMT http://denveraccountant.co/blog/14633/Denver-Tax-Return-Filing-Date-Changed-from-April-15 http://denveraccountant.co/blog/14483/Filing-An-Extension-On-Your-Denver-Tax-Return blog Tax season is underway and with only about one month remaining before the federal due date of April 15, which happens to be April 17 this year due to the weekend and holiday, the time is now to determine if you need to file an extension. While most returns will be filed prior to the initial deadline, some individuals need extra time to finish calculating their taxes or completion may have been delayed for other reasons associated with their personal lives or the return itself. When these factors arise, then electing to file an extension can be beneficial to the taxpayer in terms of completing all of the required documentation but should not be considered unless absolutely certain that the extension is being filed for correct reasons. The actual process of filing an extension is not complicated. An individual must complete the Internal Revenue Service (IRS) form 4868, which is the application for fling the extension and is simply comprised of some demographic information in addition to payment information. Once processed, the taxpayer is granted a six-month addition and their tax forms are not due to the IRS until October 15 but may be filed at any time prior to the deadline. One important thing to note on the filing of an extension is that a granted grace period for the time to submit a tax return is NOT an extension on the time required to pay. If you owe taxes then that money remains due by the April 17 deadline and if not submitted will begin to accumulate penalties and interest, until all funds due have been submitted. For this reason, it is never a good idea to consider filing for an extension, simply because you may not have the money readily available to cover your tax debt. Extensions are normally filed for those who are waiting on vital information on which their return is reliant, such as K-1 information, 1099 forms, or other statements regarding the potential income or loss associated with varying stocks and bonds attributed to the taxpayer. When these forms are not in hand, then the figures required for a complete return are not available and thus a return would benefit from an extension. Even if these forms are available prior to the deadline, comprising the return completely may not be possible and if in question, a return extension is warranted. Other factors include travel or work and being unavailable during a majority of the tax season. Illness to either the taxpayer or spouse may keep things from getting completed in a timely manner or you may believe some of your paperwork needed for filing contains inaccurate information and must be corrected prior to completion. The tax preparation and accounting experts at Bloch, Rothman, and Associates can assist you with determining whether filing an extension is necessary based on the information you provide. They can also help with in depth explanations for any of the questions you may have in regards to your return, prior to tracking all expected refunds at both the state and federal levels. While known for providing expert tax advice and assistance, they can also help with a variety of accounting, bookkeeping and payroll options on either an individual or business level. Whether you need an explanation for a random tax form - such as the 4868, are potentially in need of appropriate representation in tax court, or could use help with any other various services, our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 28 Mar 2018 06:00:00 GMT http://denveraccountant.co/blog/14483/Filing-An-Extension-On-Your-Denver-Tax-Return http://denveraccountant.co/blog/14429/Important-Receipts-Needed-For-Denver-Tax-Preparation blog As tax season gets underway individuals everywhere are preparing their important tax related documents for individual and joint filing purposes. While most people are aware of the required W-2 forms and potentially 1099 papers, in addition to various amounts of interest from bank accounts and mortgages, not everyone is knowledgeable about just what receipts are needed in order to maximize their tax deductions. By implementing and analyzing these costs and figures an individual can sometimes lower their tax status and often be refunded variable amounts within their return for qualifying expenses. However, proof of the taken deductions must be readily available and often comes in the form of a receipt from the point of purchases made. While different for almost every individual, the following broad ranging expenses should be properly documented and receipts kept for each throughout the year. Also, instead of having to go back through drawers of receipts in order to find what it is needed, it can also be beneficial to keep these papers separated by each of the following categories. Medical Related Activities If electing to itemize your tax return, a surprising amount of medical deductions are available for qualifying individuals. These include many out-of-pocket expenses to doctors, dentists, and others plus some insurance premiums, and copays for prescription drugs. Childcare Related Activities Most individuals who pay an outside agency or person to provide care for their dependent during the workday or anytime are eligible to receive a credit for their expenses. This credit is available until the child or dependent reaches 13 years of age. Work Related Activities Whether self-employed, working for someone, or a company the tax deductions available are plenty. These receipts will be needed in addition to other information, such as who attended and what business was discussed or handled - especially when dealing with qualifying expenses associated with meals and entertainment. Self-employed tax deductions include big items like a home office down to potential magazine or radio subscriptions. Other employee types can benefit from expenses associated with work related activities that are not reimbursed by the employer but accurate records are a must. The experts at Bloch, Rothman, and Associates can help you determine which deductions will be most beneficial to you and what records are necessary in order to claim them. In addition to providing expert tax advice, we can also assist with a variety of bookkeeping and other payroll options. These associates at Bloch-Rothman can help analyze and compile data for your unique tax situation, along with finding resolutions for your issues and estate complications making certain you receive the most profitable deductions on your return. All of their excellent services can and will be completed in a timely manner in addition to accounting for any potential restrictions or tax deadlines. Whether you need an explanation for a random tax form, are in need of appropriate representation, or would like help in a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 21 Mar 2018 06:00:00 GMT http://denveraccountant.co/blog/14429/Important-Receipts-Needed-For-Denver-Tax-Preparation http://denveraccountant.co/blog/14358/When-To-Expect-Your-Denver-Tax-Return-Refund blog As tax season continues individuals across Colorado and the United States are filing returns every day. While some people dread tax time for fear they will owe either the state or government some amount of tax based on their earnings or other financial implications, some get excited about the potential to file - especially when they are expecting a sizeable refund. Once a return is filed with the Internal Revenue Service (IRS) or Colorado Department of Revenue, a number of steps remain to ensure the return is properly accepted, transmitted, and an appropriate refund or expectancy of funds for payment is decided. For these reasons, it takes a varying amount of time to receive a refund but typically there is a timeframe for when most individuals will receive their money. How fast can I expect my refund? One question that preparers all over America hear almost immediately after notifying a client they can expect to receive money back from either the state or federal government. The IRS website even has a section for refund frequently asked questions which highlights some topics to consider when attempting to figure out the timing of a refund as detailed below. Filing Method There are two main factors which contribute to the timing of both acceptance and refund disbursement when filing your tax return. The first is which filing method is chosen in order to send your return to either the IRS or Colorado Department of Revenue. Electronic filing is the preferred method and while some instances require a paper filing method, such as an amendment to a prior year return, electronic is the fastest and easiest form of submission. Almost within minutes, depending on the traffic and time of day, a preparer can assure a client that their return has been filed and accepted by the appropriate party. This not only makes the individual or couple feel confident in knowing they have filed a return but also starts the clock on receiving the refund. Refund Method The other factor associated with timing of a refund is whether or not you opt to receive a refund via direct deposit or paper check. Just as with the filing method, choosing an electronic option is faster than the original paper method used for dispersing refunds across America. By choosing to have your refund return direct deposited into a bank account the timing is usually much faster than having to wait on an actual paper check to be written, then mailed through the postal service, and finally received at your home. According to the timeframe set by the IRS most returns are distributed within 21 days of receiving a filed tax return. In most cases, the return will be received in less time, typically two weeks if both electronically filed and returned via direct deposit. If you have not received any notification or correspondence within 21 days of a successful electronic filing or six weeks following a paper return then you may want to consider attempting to locate the reason behind a potential delay. The IRS offers a “Where’s My Refund” options which can be administered 24 hours after electronic filing and four weeks from a mailed return. The experts at Bloch, Rothman, and Associates can help you file the appropriate return and track any expected refund. In addition to providing expert tax advice, we can also assist with a variety of bookkeeping and other payroll options. Whether you need an explanation for a random tax form, are in need of appropriate representation, or would like help in a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 14 Mar 2018 06:00:00 GMT http://denveraccountant.co/blog/14358/When-To-Expect-Your-Denver-Tax-Return-Refund http://denveraccountant.co/blog/14270/Denver-Tax-Preparation-Deadlines-Differ-Depending-on-Corporation-Type blog Most tax paying individuals are familiar with the typical April 15 deadline for filing tax returns. Even with the recent extensions due to Emancipation Day and Tax Day falling on a weekend over the past few years, mid-April is the time when everyone most associates their returns and correlating financial responsibilities being due to the Internal Revenue Service (IRS), should they be required. A less common factor, is the due date of corporate returns which has fluctuated in recent years. Those responsible for filing a corporate tax return have had to deal with an earlier filing date recently, but depending on your specific designation, the dates now differ. According to the IRS, two different types of corporations and filing dates have been formed. While all corporations begin as a C-Corp, the more preferred status, especially when dealing with taxation methods, is to be an S-Corp which has specific characteristics from which small businesses can especially benefit. The difference between a S-Corp and C-Corp revolves mainly around their taxation methods. C-Corp stockholders can be double-taxed based on year-end revenues whereas S-Corp individuals have their proceeds run through tax free and are then only required to pay taxes on their initial draw from the corporation. Another specific difference lies in the business tax deadline filing due date for each. Instead of being due with individual returns in mid-April, one is faced with an earlier deadline. The original deadline for S-Corporations is March 15, 2018 for the 2017 tax year. If in need of an extension, one can be filed for which then pushes the due date back six months to a September 17, 2018 final deadline for S-Corporation filings. Opposite, the C-Corporations maintain the same filing date with individual tax returns and are initially due on April 17, 2018 for the prior tax year. While each of these dates can vary, if the corporate fiscal calendar coincides with the regular yearly calendar then these guidelines apply. An extension is also available for C-Corporations which can be filed to prior the initial deadline, lengthening the time to file until October 15, 2018 - both six month increases in filing times. These can be extremely beneficial for larger companies that have numerous reports to collect and analyze as they prepare returns and make year-end adjustments to facilitate their return. Both varying corporation types have their distinct advantages but ensuring the required taxes are filed for each in a timely manner is of vital importance. Neither organization wishes to incur any potential penalties from the IRS should their taxes not be filed in a timely manner. The experts at Bloch, Rothman, and Associates can help you determine which corporation would most benefit you during an initial set-up and assist with any filing procedures. In addition to providing expert tax advice and filing the required returns, we can also assist with a variety of payroll or any other bookkeeping options. These associates at Bloch-Rothman are happy to help you look at corporate specific data as each and every tax situation is unique, along with finding resolutions for your issues. Further, estate complications can also be tricky and our experts will ensure you receive the most profitable deductions on your return and that all required paperwork is handled appropriately. All services can and will also be completed in a timely manner. Whether you need an explanation for an acquired tax form, are in need of representation, or would like help with a variety of other services then our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 28 Feb 2018 06:00:00 GMT http://denveraccountant.co/blog/14270/Denver-Tax-Preparation-Deadlines-Differ-Depending-on-Corporation-Type http://denveraccountant.co/blog/14221/Denver-Business-Tax-Preparation-Meal-Expenditure-Requirements blog Depending on your status and the impending circumstances some meals are deductible when compiling your tax return. While the details vary significantly and can be difficult to cycle through, there are essentially three main categories for deduction purposes. First, employees cannot deduct their expenditures if they are being reimbursed for them through their employer. Only non-reimbursed expenses may be accounted for and even then only a limited amount is deductible. The three main areas for potential deductions involve each of the following concepts: meals while traveling, meals for business purposes, and special events. Meals While Traveling When you are required to spend the night away from your home area or office then meals can be deducted but only at a 50-percent rate. The specifics involved are detailed and described by the Internal Revenue Service (IRS) through Publication 463 but essentially if an overnight or multiple nights stay is required then half of all meals are deductible. This includes food, drink, and any gratuity added to the final bill. Meals For Business Purposes Sometimes employees, owners, and corporations will use meals as a method of conducting business with potential clients or for specific business propositions. When these occur, then the same rate of 50-percent from the total bill may also be deducted. While still qualifying as a potential business meal while traveling, if applicable, these type deductions require more than one individual and some type of business related activity occurring either just prior, during, or following the conclusion of the meal in question. Special Events Meals conducted for the purposes of training or special events like holiday parties are 100-percent deductible. These are corporate functions and can either be open to the general public for purposes of conjuring up more business or even limited to employees with their spouses. At times, even the occasional break room coffee and donuts will apply. The most important aspect of any deduction is keeping a good track record of the anticipated meal expenses. There are a few general rules to consider as the IRS will not allow “extravagant” deductions and could also view an extremely high bar tab as an environment not conducive to business related activities. For these reasons, keeping the drinks to a minimum and always documenting who was present, the business discussed, and any results, if applicable, is vitally important. The experts at Bloch, Rothman, and Associates can help you examine records and determine which meals are applicable and what records will be necessary in order to claim them. In addition to providing expert tax advice, we can also assist with a variety of bookkeeping and other payroll options. These associates at Bloch-Rothman are happy to help view specific data as every tax situation is unique, along with finding resolutions for your issues and estate complications making certain you receive the most profitable deductions on your return. All services can and will be completed in a timely manner. Whether you need an explanation for an acquired tax form, are in need of representation, or would like help with a variety of other services then our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 21 Feb 2018 06:00:00 GMT http://denveraccountant.co/blog/14221/Denver-Business-Tax-Preparation-Meal-Expenditure-Requirements http://denveraccountant.co/blog/14147/Should-You-Take-the-Standard-Deduction-or-the-Itemized-Deduction-when-Filing-Your-Denver-Taxes blog If you are getting ready to file your taxes, it is good to be aware of the different ways an individual or organization can choose to prepare their taxes. There are two primary ways you can file your Denver taxes, as you can opt for either the standard deduction or choose to go with an itemized deduction. In deciding which way to file, there are a few factors to consider when making your decision, as you can only choose one way to file your taxes. Standard Deduction For those filing their taxes for 2018, the standard deduction has gone up to $6,500, up from $6,350 in 2017. For married couples the standard deduction is $13,000, which is up from 2017 when it was $12,700. If you decide to go with the standard deduction, you will simplify your tax filing process, as you won’t have to add up all expenses that could be tax-deductible, which is what you would do if you were choosing the itemized deduction. Choosing to file with the standard deduction may be the best option for you if you and/or your partner receive a single W2 from your place of employment. In most cases, the standard deduction will be the best option in this case, as you won’t have enough write offs to make it worth going for the itemized deduction. Obviously, it makes the most sense to go with the filing method that will give you the largest return when filing your Denver taxes. Itemized Deduction Choosing to go with an itemized deduction method can be the best option for your if you are self-employed, as you will have plenty of things to write off. If you work for yourself and you know you will be choosing the itemized deduction, it is a good idea to start collecting receipts and documenting your expenses to make tax filing time less of a headache. You may also benefit from the itemized deduction method if you have large, uninsured medical costs, if you were the victim of a large uninsured theft or casualty, such as a fire or flood. If you made large contributions to charities, had unreimbursed expenses as an employee, or had large miscellaneous expenses, it might make the most sense to choose the itemized filing. As always, it is best to choose the option that will give you more money, so if you think you can write off more things to give you a higher return, choose the itemized option. If you are need of having your taxes done in the Denver area, there is no better option than going with Bloch, Rothman, and Associates. Specializing in various accounting services such as tax litigation, IRS audits, and tax preparation (to name a few), we are a full service Denver and Aurora accounting firm that offers personal and affordable accounting and tax services for both individuals and businesses. Contact us today and we will be happy to help you receive the highest return possible. Wed, 14 Feb 2018 06:00:00 GMT http://denveraccountant.co/blog/14147/Should-You-Take-the-Standard-Deduction-or-the-Itemized-Deduction-when-Filing-Your-Denver-Taxes http://denveraccountant.co/blog/14038/Expecting-a-Refund--When-to-File-Your-Denver-Tax-Return blog Odds are 2018 will not be the first year you are filing a tax return for reported income to the Internal Revenue Service (IRS) for earnings made during the 2017 calendar year. However, with the brand new Tax Cuts and Jobs act that was recently passed, your return may or may not look different this year. Even with the changes taking place, if you or your household have received a refund, especially a sizable one on which you rely, then expectations are this year will not be much different without any major changes to your income levels or other factors that may influence your tax levels. If consistent refunds are the norm and one is anticipated again, then knowing when you can file in an effort to receive the refund as fast as possible is an important piece of information. Last year, the IRS began accepting tax returns on January 23 meaning individuals had essentially three months in order to file a return without asking for an extension. This year, especially with the recent changes, that date is expected to be delayed. While no official submission date has been released by the IRS, some anticipate it may be mid-February before acceptance and a firm date on when you can begin filing tax returns. If this is the case, then everyone will receive only approximately two months worth of time to file with acceptance. A key factor to consider is that filing and acceptance are two different issues. Employers must deliver W-2 Forms to their employees by the end of January and typically any 1099 employees will receive their needed paperwork by then as well. Once these and any other information needed for filing is collected, then an individual can technically file their taxes for the prior year although they may not officially be accepted and reviewed until the date set forth by the IRS. Regardless, the end date has been set for returns filed without any extension. This year, everyone must file or request an extension by Tuesday, April 17. The April deadline received a small bump forward due to a holiday celebrated in Washington D.C. giving taxpayers a little cushion for submission. The experts at Bloch, Rothman, and Associates will be happy to help you determine individual tax implications and filing status, assist you in determining which deduction would be right in your situation and answer any questions regarding individual or business income taxes. We can also assist with a variety of bookkeeping and other payroll options. It is recommended for those who are selected for an audit, that they enlist the services of a professional tax service before they begin engaging with the IRS auditor, especially before they submit any information. Included in the services offered at Bloch, Rothman is a fully detailed review of your individual or business tax situation, which will be completed with the unique and planned resolution to your issues and estate compilations. All services will be completed in a timely manner, depending on your restrictions and possible tax deadlines. Covered are simple and complex tax and financial situations; from random tax forms to more robust representation, our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 31 Jan 2018 06:00:00 GMT http://denveraccountant.co/blog/14038/Expecting-a-Refund--When-to-File-Your-Denver-Tax-Return http://denveraccountant.co/blog/13820/1099-MISC-Importance-in-Denver-Tax-Preparation blog Most employees across America will receive their W-2 forms and immediately begin preparations for filing their taxes prior to the April deadline. For some, this requires gathering numerous documents pertaining to retirement, savings, stocks, rental properties, etc. and for others the simple W-2 may be all that is required. Typically, an individual’s tax situation doesn’t fluctuate too much from year to year but picking up a second job, getting married, or a family addition can definitely impact the results. Especially when finding new employment or a way to earn extra spending money, an individual must consider the tax implications of their earnings. This is where a form 1099-MISC from the Internal Revenue Service (IRS) comes into consideration. Instead of a W-2, which is given from an employer to employees reporting their earnings during the prior tax year, the 1099-MISC must also be considered if applicable for a given situation. Companies issue 1099-MISC forms to those individuals who they have paid over $600 to in the prior year. These miscellaneous earnings then become the responsibility of the individual to report on their income tax. Individuals who should expect to receive 1099-MISC forms from others include: Lawn Care Providers, Farmers, Child Care Workers, Barbers, Hairdressers, Artists, and Freelance writers. These service occupations are typically performed for others and the individuals are either independent contractors or self-employed. While the limit for distribution of a 1099-MISC form may be limited to the $600 threshold, the IRS definitely expects any monies made under that mark to be reported by the individual. For example, if you are a child care provider who earned $550 over the past year through employment with an agency or family, the employer is not required to distribute a proper 1099-MISC form to you but this income should be shown when filing your taxes for the year. While tricky, the 1099-MISC form is a way for the IRS to track monies earned for services which may not have easily traceable income methods over a wide variety of individuals. For those receiving a 1099-MISC, remembering and accounting for the taxes that will be taken out on the money earned during the year is an important step to avoid any surprises when filing. The tax specialists at Bloch, Rothman, and Associates will be happy to help you determine your individual tax implications and filing status, assist you in determining which deduction would be right in your situation and answer any questions regarding individual or business income taxes. We can also assist with a variety of bookkeeping and other payroll options. It is recommended for those who are selected for an audit, that they enlist the services of a professional tax service before they begin engaging with the IRS auditor, especially before they submit any information. In addition, a fully detailed review of your tax situation can be completed alongside resolution to your issues and estate compilations. All services will be completed in a timely manner, depending on your restrictions and possible tax deadlines. Whether you need a simple explanation on a random tax form, are in need of representation, or would like help in a variety of other services our tax experts are ready and willing to assist. Contact us or call 303-321-7160 for your initial free no obligation consultation. Wed, 24 Jan 2018 06:00:00 GMT http://denveraccountant.co/blog/13820/1099-MISC-Importance-in-Denver-Tax-Preparation http://denveraccountant.co/blog/13747/Denver-Accounting-Firm-Breaks-Down-Your-W-2 blog Your Denver accounting firm can help with getting a head start on filing for our taxes. After every year, employers must gather the wages paid to their employees and report them for the purpose of tax benefits and requirements. Prior to January 31, these figures must be recorded on a form known as a W-2 and mailed or issued to each respective employee. These are then in turn, used by individuals and those filing as a household in an effort to summarize their tax implications from the prior year. Employees often receive these forms and pay little to no attention to their contents. These forms are sometimes even left unopened and instead just forwarded to a taxpayers accountant to deal with the results. Instead, employees should take time to ensure their forms are completed accurately as the withholdings included go a long way in determining the impact on a taxpayers responsibilities. According to the Internal Revenue Service (IRS) a W-2 Form must be issued by, “every employer engaged in a trade or business who pays remuneration, including non cash payments of $600 or more for the year (all amounts if any income, social security, or Medicare tax was withheld) for services performed by an employee must file a Form W-2 for each employee (even if there is a familial relationship between the employee and employer) from whom: Income, social security, or Medicare tax was withheld. Income tax would have been withheld if the employee had claimed no more than one withholding allowance or had not claimed exemption from withholding on Form W-4, Employee's Withholding Allowance Certificate.” These papers, of which you should receive three copies include a wealth of information for different purposes. Boxes corresponding to letters A-F include identifying information such as an employee’s social security number, name, and address in addition to identifying numbers, name, and address of the issuing business where identified employee works. Following are numbered boxes 1-20 which may or may not contain numerical figures and other identifying characteristics for tax purposes. Box 1: Total taxable wages or reported salary Box 2: Total amount withheld by the employer for federal income taxes Box 3:  Amount of wages subject to social security tax Box 4: Amount of social security tax withheld Box 5: Amount of wages subject to medicare tax Box 6: Amount of medicare tax withheld Box 7: Any tip income reported to your employer Box 8: Any tip income submitted by your employer Box 9: Should be empty. Originally used for advanced Earned Income Credit reporting Box 10: Reimbursed amount for dependent care (Taxable over $5,000) Box 11: Amounts distributed by non-qualified deferred compensation Box 12: Coded deferred compensation and benefits explained Box 13: If subject to being a statutory employee, retirement plan, third-party sick pay the corresponding box will be checked Box 14: Additional reported tax information Box 15: Employers state and identifying number Box 16: Taxable wages earned in the corresponding state Box 17: Corresponding state income tax withheld Box 18: Wages subject to other local taxes (i.e. city) Box 19: Taxes withheld by localities above Box 20: Description of entity being paid from local taxation The experts at Bloch, Rothman, and Associates will be happy to help analyze your W-2, individual tax implications and filing status, assist you in determining which deduction would be right in your situation and answer any questions regarding individual or business income taxes. We can also assist with a variety of bookkeeping and other payroll options. It is recommended for those who are selected for an audit, that they enlist the services of a professional tax service before they begin engaging with the IRS auditor, especially before they submit any information. Continuing further, associates at Bloch, Rothman can analyze and compile data for your unique tax situation, along with finding resolutions for your issues and estate complications. All services provided can and will be completed in a timely manner, and will account for any restrictions or tax deadlines. Whether you need a simple explanation on a random tax form, are in need of representation, or would like help in a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 17 Jan 2018 06:00:00 GMT http://denveraccountant.co/blog/13747/Denver-Accounting-Firm-Breaks-Down-Your-W-2 http://denveraccountant.co/blog/13656/Denver-Tax-Specialist-Filing-Changes-a-Plenty-for-2018 blog An election year and new President ushered in tax reform as one of his changes from the previous administration. After approximately a year in office, many of the changes go into effect immediately and will impact your tax returns for the upcoming year. While many are excited about the increased take home money from their paychecks with regards to the new taxes, some will be surprised to find out the lingering effects of a recently approved tax reform bill. While some are familiar with the changes, many will be surprising according to their most recent returns. Some will be ready for the changes and others will be impacted when they decide to file their returns. For the best results, relying on the professionalism of an expert to navigate the ever changing tax landscape is one of the best pieces of advice available. For example, significant changes have been made for mortgage interest, charitable contributions, and medical expenses. These 2018 tax changes include the following for an upcoming filing season and need to be noted for appropriate returns in the coming year. Mortgage Interest New deductions only apply to mortgages applied after December 15, 2017 as any other pre-existing mortgage will be grandfathered into the tax deduction principle. For new mortgages, the interest on home equity debt is no longer subject to deduction and the deduction can only be taken on those including $750,000 which is down from the prior years from $1 million. Charitable Contributions These donations have been raised from a cap of 50-percent of an individual or household income to 60-percent. This increase means individuals who donate more can deduct a larger portion, however there is also a significant change from prior years. Those taxpayers making charitable contributions to universities or colleges in exchange for athletic tickets are no longer allowed the monetary deduction. Medical Expenses Typically a beneficial deduction for those involved with making medical expense payments, the rate has decreased for the upcoming tax year. For 2017, the deduction has been reduced from 10-percent to seven and one-half percent of the adjusted gross income for the taxpayer. The reduction allows for individual’s to deduct a larger amount of their unreimbursed medical expenses. The experts at Bloch, Rothman, and Associates will be happy to help analyze your individual tax implications and filing status, assist you in determining which deduction would be right in your situation and answer any questions regarding individual or business income taxes. We can also assist with a variety of bookkeeping and other payroll options. It is recommended for those who are selected for an audit, that they enlist the services of a professional tax service before they begin engaging with the IRS auditor, especially before they submit any information. In addition, a fully detailed review of your tax situation can be completed alongside resolution to your issues and estate compilations. We understand that time is of the upmost importance to our clients, and all services provided will be completed, depending on your restriction and possible tax deadlines, with the utmost attention to time spent. Whether you need a simple explanation on a random tax form, are in need of representation, or would like help in a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 03 Jan 2018 06:00:00 GMT http://denveraccountant.co/blog/13656/Denver-Tax-Specialist-Filing-Changes-a-Plenty-for-2018 http://denveraccountant.co/blog/13556/Denver-Tax-Specialist-Explains-Federal-Withholdings blog A majority of individuals wake up, get ready, and go to work on a consistent basis. Wherever your place of employment, a number of hours are spent doing your job, returning home at the end of the day only to sleep and repeat the previous days activities all in an effort to earn money for the bills, necessities and potentially a little fun when all is said and done. Every week or two, perhaps twice a month or at the conclusion a small piece of paper is provided to you with numbers on it - your evidence of a job well done. This check has money provided to you from the employer and if given a close examination, some disappears before it ever reaches you. One part of this is the “Federal Withholding” which is composed of a few different things in order to provide various services both nationally and closer to home. Potentially comprised of social security, Medicare, income tax, unemployment, and workers compensation, these factors take regularly from your check and here is where that money goes. Social Security A federal program providing benefits to retired persons, the unemployed, and the disabled is contributed to by approximately 169 million Americans. Both the employer and employee are subject to Social Security based annually on a fixed percentile. The tax is also limited to a wage base at which point it will be removed for the remainder of the year. Medicare Similar to Social Security Medicare is a federal insurance program available to persons 65 or older with a few exceptions based on special circumstances. Unlike Social Security, the Medicare tax rate applies to every penny earned but is also contributed into by the employer and employee. Income Tax Determined by your W-4 form when hired, income taxes are the monies you select to be withheld from your paycheck based on an individual’s personal tax situation. These are the federal taxes which must be paid annually and are taken out each pay period, in addition to an annual filing. Unemployment This is a payroll tax typically footed by the employer on an employee's earnings up to the first $7,000 except in Alaska, New Jersey, and Pennsylvania. Workers Compensation Another program covering employees who are injured while performing job specific functions and is paid for by the employer. The experts at Bloch, Rothman, and Associates will be happy to help analyze your pay stub more in-depth, assist you in determining which deduction would be right in your situation and answer any questions regarding individual or business income taxes. We can also assist with a variety of bookkeeping and other payroll options. It is recommended for those who are selected for an audit, that they enlist the services of a professional tax service before they begin engaging with the IRS auditor, especially before they submit any information. A full detailed review of your tax situation can be completed in addition to resolution issues and estate compilations. All services will be completed in a timely manner, depending on your restrictions and possible tax deadlines. Whether you need a simple explanation on a random tax form, are in need of representation, or would like help in a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 20 Dec 2017 06:00:00 GMT http://denveraccountant.co/blog/13556/Denver-Tax-Specialist-Explains-Federal-Withholdings http://denveraccountant.co/blog/13462/Actual-Expense-vs--Standard-Mileage-in-Denver-Tax-Preparation blog One of the most common deductions associated within a tax return is the company and personal use vehicle. Many small business owners and thanks to new ridesharing apps and services like Uber and Lyft, vehicles are commonly being used for both individual personal functions with business related circumstances. Individuals who fall into this category often wonder what the tax implications are associated with their driving. Since they use the automobile for both work and play, how does it need to be addressed on the income tax return at the end of the year and what should they be keeping track of in order to prepare. There are two standard forms of answering each of these questions and any others associated with personal and business use vehicles. First, a taxpayer will be better off tracking both throughout the course of a calendar year and then determining which method will provide the better deduction at year’s end, instead of opting for one over the other. Since the two are somewhat related, some occurrences can be utilized in both cases, but one does provide an easier method of calculation than the other. These two methods used to determine the tax implications of a personal and business used automobile are the actual expense method and standard mileage deduction. Actual Expense This method involves keeping many receipts throughout the tax year associated with almost any and everything related to the automobile in question. Gas, insurance, oil changes, and tire replacement or repair payments must all be kept. While these are the main subjects in relation to actual expenses, other factors like car washes and any repair work can also be counted. If the vehicle is being leased, these payments may also be considered as well as depreciation for automobile owners. These amounts are then added and divided by the amount of time a car was in business use. For example, if the yearly operating expenses equal $12,000 and the vehicle was used half of the time for personal means and half for business, the total amount included for business expense purposes would be $6,000. While this method requires an inordinate amount of paperwork, it can be more beneficial depending on your vehicle use and driving style. Mileage The other method and arguably easier, or at least less time consuming, is to keep actual mileage tabs used for business purposes. Instead of having to keep up with tons of fuel receipts and maintenance bills, owners/operators use only the number of miles they have driven and multiply by the standard mileage rates for business administered by the Internal Revenue Service (IRS). Compared with the actual expense model above, this user would record their mileage at the beginning and end of the calendar year and then apply the percentage of business or work related miles to the total. Actual miles should be kept for an even more reliable and potentially beneficial record. If the vehicle moves 12,000 miles in a calendar year and half are associated with business, the calculation would be: 12,000 / 2 = 6,000 x IRS rate (0.54) = $3,240 for the standard mileage deduction. Thus, the above method with actual operating expenses would provide a bigger deduction for tax purposes if both scenarios are associated with the same automobile. Keeping tabs on both throughout the year will allow you to have the best results when filling out your taxes and preparing the return. The experts at Bloch, Rothman, and Associates will be happy to help you determine which deduction would be right in your situation and answer any questions regarding individual or business income taxes while assisting with a variety of bookkeeping options. In cases where the taxpayers are selected for an audit, it is recommended that they enlist the services of a professional tax service before any information is handed over to the IRS auditor. A full detailed review of your tax situation can be completed in addition to resolution issues and estate compilations. All services will be completed in a timely manner, depending on your restrictions and possible tax deadlines. Whether you need a simple explanation on a random tax form, are in need of representation, or would like help in a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 06 Dec 2017 06:00:00 GMT http://denveraccountant.co/blog/13462/Actual-Expense-vs--Standard-Mileage-in-Denver-Tax-Preparation http://denveraccountant.co/blog/13377/Denver-Business-Tax-Preparation-Specialist--Tips-to-Help-Your-Small-Business-Cut-Costs blog When it comes to your small business, every penny counts. This is why it is important for you to make sure everything you are doing is profitableâ€"which includes the day to day tasks of your business. For many small businesses, it takes years to achieve financial goals and the best way to get there is to be diligent about your expenditures both large and small. Learn about the importance of going electronic with files and paperwork, top changes you can make to your property, and go-to ways to work with your local vendors from your Denver business tax preparation specialist. Go Electronic One way to cut costs, in some cases by 50 percent, is through switching physical paperwork to an electronic system. To take it a step further, protecting your important documents in a cloud system that is not hosted on one machine that could be destroyed is an excellent way to protect your documents. It also makes it easier for you to access when off-site, and can be shareable with your tax preparer when tax season rolls around. You can use electronic systems for a wide variety of tasks, from taking payments to using e-signatures for forms and documents. Property Changes Whether your small business is out of your home, or in its own building, it is important to make sure you are doing everything you can to cut costs. First place to start is with your a/c and heat costs, install a programmable thermostat. You primarily need a comfortable temperature during your business hours. Do not waste dollars on running heating and cooling while you are not in the office, as well as any lights or appliances. You want to make sure everything is off or powered down at the end of the workday. Also, it is important to make sure the quality of your building is sound. Check for air coming through the window, leaks in your roof and more to ensure you do not have any openings that keep air flowing in.   Work with Vendors Do you know if you are getting the best pricing when it comes to the services you are using? It is important to periodically check the prices you pay compared to similar services in your area. You can often find premier vendors that cost less than other businesses. Do your research then also have conversations with your vendors to see where costs can be cut. In many cases, some small businesses use bartering when it comes to paying the bills. One of the ways to help cut costs is to utilize the help of an accountant in Denver. From finding ways to be more efficient in your day to day to assistance with taxes, Bloch, Rothman and Associates has you covered. While you work to make your small business more efficient, be sure to check out the four bookkeeping tips for small business owners from premier Denver accountants. To get started, contact Bloch, Rothman and Associates today. Wed, 29 Nov 2017 06:00:00 GMT http://denveraccountant.co/blog/13377/Denver-Business-Tax-Preparation-Specialist--Tips-to-Help-Your-Small-Business-Cut-Costs http://denveraccountant.co/blog/13336/Important-2018-Non-Extension-Dates-and-Deadlines-in-Denver-Tax-Preparation blog As the calendar prepares to turn from 2017 into 2018, a new tax year is on the horizon. While many individuals prepare for their year end reports and analysis, companies all over America will be preparing W-2 forms for their employees and reporting all income and information available to the Internal Revenue Service (IRS) in preparation for the tax season. While most people are familiar with the April 15 deadline for filing personal tax returns, the date is often different and can be affected by the calendar, depending on the day of the week. For 2018, April 15 falls on a Sunday but other factors also contribute to pushing the date forward for your Denver tax preparation. Emancipation Day, a Washington D.C. specific holiday moves the date for filing further into the workweek and is detailed below. Following is a review of the important dates for filing and deadlines subject to consideration by the IRS for the 2018 calendar year. JANUARY 31 W-2 forms are due to employees either by electronic form or mail. These are used for tax filing purposes and must be accessible by this date for the appropriate parties. MARCH 15 Both Partnerships (Form 1065) and S-Corporations (Form 1120S) tax returns are due by this date. Similar to personal tax returns, these business entities must file their corporate tax returns one month prior to the personal tax return filing deadline. APRIL 17 Due to the original April 15 falling on a weekend and holiday, the deadline for personal returns has been pushed to Tuesday for 2018, the 2017 tax year. Along with individual returns, Trusts and Estates (Form 1041), and C-Corporations (Form 1120) will also be due at this time. Further, the FBAR (FinCEN 114) filing date for foreign bank and financial accounts is extendable but originally scheduled for this date. MAY 15 All Tax Exempt Organizations (Form 990 Series) filing is due. According to the IRS, types of tax exempt organizations include a variety of charitable, social, agricultural, and labor organizations in addition to many other groups who fall under this category. JULY 31 Employee Benefit Plans (Form 5500 Series) are due for annual reporting. These satisfy the requirement set forth under the Employment Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code.   The experts at Bloch, Rothman, and Associates can answer any questions regarding individual or business income taxes and assist with a variety of bookkeeping options. In cases where the taxpayers are selected for an audit, it is recommended that they enlist the services of a professional tax service before any information is handed over to the IRS auditor. A full detailed review of your tax situation can be completed in addition to resolution issues and estate compilations. All services will be completed in a timely manner, depending on your restrictions and possible tax deadlines. Whether you need a simple explanation on a random tax form, are in need of representation, or would like help in a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 22 Nov 2017 06:00:00 GMT http://denveraccountant.co/blog/13336/Important-2018-Non-Extension-Dates-and-Deadlines-in-Denver-Tax-Preparation http://denveraccountant.co/blog/13220/Denver-Tax-Specialist-Reviews-the-Four-Types-of-IRS-Audits- blog Receiving notification from the Internal Revenue Service (IRS) of an audit against a recent tax return can be an intimidating feeling. Typically the audit request will come associated with a specific return within a one or two year period. The IRS will also notify the specified taxpayer with a letter in regards to the audit type and details, never a phone call. Do not fall victim to a scam by revealing any personal information over the telephone unless you have initiated the call with an IRS representative, as all IRS audits notification will be mail delivered. While an audit can initially be cause for concern, allowing a tax professional to assist you with the procedure is ultimately best for the taxpayer as many times deductions are disallowed and individuals could end up paying more in addition to penalties and interest. By investing in the help of a trained professional, these potential shortfalls can often be reduced or waived completely to minimize the effect of a detailed audit. Following are the four types of audits executed by the IRS and a brief description of what each entails. CORRESPONDENCE AUDIT The least invasive of audits most often these are performed through mail remittance in regards to a specific question levied by the IRS about a return. Usually the request will be made for specific backup in regards to a deduction or question the IRS may have about a return, dependent or claim being made. Normally, once verified through mail, fax, or a telephone conversation initiated by the taxpayer it is deemed closed if no further questions arise during the process. In most occurrences, no face to face interaction is needed to complete a correspondence audit. OFFICE AUDIT More invasive than a simple correspondence audit, the office audit will require an individual to enter an IRS office and bring with them the requested paperwork. Here the taxpayer will meet with an auditor and can answer any questions that may arise. While more serious than a simple correspondence, the office audit normally concludes within one day unless something is unresolved or more questions arise. FIELD AUDIT The most serious of audits will require an IRS representative visiting your home or office and interviewing you in regards to the return in question. These audits take an extended period of time as an entire return is often evaluated and the taxpayer may be asked to prove such items like an office in home deduction by physically showing the auditor around both. If notified of a field audit the IRS normally has specific questions in need of answering and will ask leading questions to dig into the reasons behind why a return was filed a specific way. These are detailed looks into an individual’s tax implications and could result in serious penalties and interest additions if the IRS is not satisfied with received answers. RANDOM AUDIT These type audits are not in search of any particular item nor have they been flagged for uncommon return figures but are solely the result of a random selection. While the entire return will be evaluated and potential questions asked for clarification or proof, the audits are initiated as described, at random. The experts at Bloch, Rothman, and Associates can answer any questions regarding individual or business income taxes and assist with a variety of bookkeeping options. It is recommended taxpayers selected for an audit enlist the services of a professional tax service prior to providing any information to the IRS auditor. A full detailed review of your tax situation can be completed in addition to resolution issues and estate compilations. All services will be completed in a timely manner, depending on your restrictions and possible tax deadlines. Whether you need a simple explanation on a random tax form, are in need of representation, or would like help in a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 08 Nov 2017 06:00:00 GMT http://denveraccountant.co/blog/13220/Denver-Tax-Specialist-Reviews-the-Four-Types-of-IRS-Audits- http://denveraccountant.co/blog/13187/Bookkeeping-Tips-for-Your-Small-Business--Denver-Tax-Preparation blog As a small business owner, tax preparation is a year-long feat. One of the best ways to handle this is to stay organized and strategically plan. When accomplishing these goals, you will make the upcoming tax season a breeze. Whether this is your first year as a small business owner, or 10th, there is always room to brush up. Learn more about how you can grow using a premier e-filing system, top ways to plan ahead for the future, and reasons to use a local accountant to help with your bookkeeping. Using an e-Filing System When tracking expenses for your small business, one of the best advancements you can make it moving to an electronic filing system for your documents. When saved in a cloud system, this will help protect your business in the event of an emergency. An electronic system is also a great way to keep track of all documents for quick reference as you turn in items to your accountant. An e-system is also space saving which is crucial for small offices. When using an electronic system, make sure you use keywords and naming conventions that are easy to find through search. Still unsure of making the switch? Small Business Chron shares the advantages of electronic document management system to help you see the pros. Planning Ahead for Future Expenses Being a small business owner, you can never be too careful for your future. Whether it is a financial crisis or a natural disaster, accidents can happen. To get started on your emergency plan, you need to take some time to look over your business’ plan for the year. What types of expenses will you need for upgrades for systems and equipment? How is the outlook of profits for your business? Do you foresee any events where you will need to pull additional funds or move them? What would you do in the event of a natural disaster? Throughout all the changes, it is important to stay on top of your day to day expenses and make sure everything is tracked. Reasons to Use an Accountant One of the best investments you can make for your small business is working with an accountant to assist with your bookkeeping. As a team, you can work with your accountant,  which allows you to provide an easy access to documents. From there, they can use these tools to help you with all your bookkeeping. In addition, a go-to accountant knows the ins and outs of tax codes. They will help you meet all of your deadlines for your quarterly tax payments and inform you of all of the tax deductions your business can qualify for. As you look for a quality accountant to help your small business grow, you can count on the expertise of the team at Bloch, Rothman and Associates. Be sure to review the four bookkeeping tips for small business owners from premier Denver accountants and let us help. Contact Bloch, Rothman and Associates today to set up your free initial consultation. Wed, 01 Nov 2017 06:00:00 GMT http://denveraccountant.co/blog/13187/Bookkeeping-Tips-for-Your-Small-Business--Denver-Tax-Preparation http://denveraccountant.co/blog/13114/Estimated-Tax-Implications-in-Denver-Tax-Preparation blog A majority of individuals work for an employer who withholds the necessary tax implications from their check each pay period. At times an individual may elect to have their employer keep additional money out of their check in order to cover their tax requirement necessitated by other means, such as alimony, interests, dividends, or capital gains. Opposite these individuals are those who work for themselves, partners in a business or members of an S corporation. This group of people typically need to make estimated tax payments to the United States Treasury in order to ensure they receive no penalties at the end of the year when organizing their personal tax preparation. Just as individuals earn money throughout the year, the United States government expects to receive their share in a timely manner. In an effort to avoid catching up all at once during the normal filing period and submitting required monies at one point, most commonly the April 15 deadline, taxes can, should and may be required for submission during the year. The IRS essentially computes an individual’s estimated earnings for the entire tax year and divides the amount into four equal payments made throughout the calendar year. Those paying estimated taxes then make a payment complete with a voucher for each quarter. The payment schedule is typically as follows. 1st Quarter - April 15 2nd Quarter - June 15 3rd Quarter - September 15 4th Quarter - January 15 If you have income subject to tax but not withheld the IRS provides a form to assist in computing your estimated taxes. The Form 1040-ES is available online providing step by step instructions for specific calculation. While accessible the computations and specific requirements in order to assure proper payments are made and received requires professional assistance. You do not want to avoid estimated tax payments believing a one-time lump sum can be made to “catch up” with the IRS at the end of the year. If incorrect or late, penalties may be levied. Not only will the penalties be enforced for payments not received during the year but interest may also be attributed depending on when the non-tax assessed income was received. For example, if you win money and forget about the tax implication, profits may be spent prior to settling with the IRS at the end of the year. If the sum was won in June, the estimated tax payment should be made in September - NOT the following April. Interest could be assessed for the lapsed time period if not properly handled. Come see the experts at Bloch, Rothman, and Associates who can help you determine your specific tax implications and if estimated payments apply to you. They will decide which deduction method is best and answer any other questions regarding individual or business income taxes while assisting with a variety of bookkeeping options. A full detailed review of your tax situation can be completed in addition to resolution issues and estate compilations. All services, including free of charge E-filing options will be completed in a timely manner, depending on your restrictions and possible tax deadlines. Whether you need a simple explanation on a random tax form or are in need of a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for a free, no obligation consultation. Wed, 25 Oct 2017 06:00:00 GMT http://denveraccountant.co/blog/13114/Estimated-Tax-Implications-in-Denver-Tax-Preparation http://denveraccountant.co/blog/12927/Denver-Tax-Specialist-Explains-Itemized-and-Standard-Deductions blog When filing your income taxes one of the most common questions for individuals involves itemizing or taking the Internal Revenue Service allowable standard deduction. Depending on your specific tax situation a wrong choice could have definite implications either costing you, especially in the pocketbook, or benefiting your return. Before deciding, knowing what the results of each possible scenario could be and making the correct decision will be extremely important. Also, just because you choose to take a standard deduction most of the time doesn’t mean itemizing couldn’t help, it all just depends on each individual situation and what has taken place in the prior year that could have a tax implication. Prior to making a decision, let’s look first at what each choice entails and when, most commonly, each is applied. Standard Deduction The IRS defines the standard deduction as, “a dollar amount that reduces the amount of income on which you are taxed and varies according to your filing status; there is also an additional standard deduction for individuals who are blind or age 65 or over.” Anyone who takes the standard deduction automatically becomes ineligible for itemizing and vice versa. For the 2017 tax year, applicable during the upcoming 2018 filing season, the standard deduction is as follows depending on your filing status: Single - $6,350 Married Filing Jointly and Surviving Spouse - $12,700 Married Filing Separately - $6,350 Head of Household - $9,350 Each of these amounts is increased over the 2016 tax year for all filing qualifications. Itemized Deduction Itemized deductions are monies spent which may equal more than the allowable standard deduction and can be utilized by individuals or couples if the tax implications are beneficial. For example, if a person filing single can show more than the standard deduction in various expenses then choosing to itemize could prove beneficial. Some of the expenditures which are allowable in an itemized return are: mortgage interest, real estate and personal property taxes, gifts to charities, theft losses and unreimbursed medical expenses. Only about one-third of filed tax returns are itemized because typically the standard deduction is enough to cover the tax implications in most cases. However, for those individuals or couples who fall into the one-third of needed itemization the capability to itemize a return can prove beneficial. Come see the experts at Bloch, Rothman, and Associates who can help you decide which deduction method is best for you and answer any other questions regarding individual or business income taxes while assisting with a variety of bookkeeping options. A full detailed review of your tax situation can be completed in addition to resolution issues and estate compilations. All services, including free of charge E-filing options will be completed in a timely manner, depending on your restrictions and possible tax deadlines. Whether you need a simple explanation on a random tax form or are in need of a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for a free, no obligation consultation. Wed, 11 Oct 2017 06:00:00 GMT http://denveraccountant.co/blog/12927/Denver-Tax-Specialist-Explains-Itemized-and-Standard-Deductions http://denveraccountant.co/blog/12900/Denver-Tax-Preparation-and-the-Benefits-of-Electronic-Filing blog Tax preparation and filing can often seem like a daunting task whether you’re filing for one, a family, or an entire company. Often a slow process involving increasing paperwork yearly, ensuring you have everything properly completed, together, and ready for submission to the Internal Revenue Service (IRS) can be a painstaking process. History of E-File Fortunately, the IRS helped to rectify this situation not too long ago and now almost every tax return can be electronically filed. Instead of rushing to the post office on April 15 in an effort to have your return postmarked and mailed before closing time, you can now opt to have returns filed electronically by licensed professionals. Electronic filing (E-file) dates back to the mid 1980’s, when the increasing amount of paperwork required to be kept on hand for both preparers and the IRS grew too large. Upkeep and cost to secure all of the required documentation was growing increasingly expensive and something needed to be done. For these reasons much of the information began to transition from hard copies to electronically stored information. At the time, servers and computers used to hold information were still considerably larger than they are today but much smaller than cumbersome boxes and file cabinets needed to house paperwork for every person and company in America. As a result, the ability to e-file returns was birthed and by 1990 the IRS rolled out the procedure nation wide. To date, over 1 billion returns have been electronically filed in addition to the IRS allowing refunds to be directly deposited into bank accounts, as opposed to waiting for a check in the mail. Eliminating the wait on both the filing and refund process to take place over the weeks and sometimes months time period associated with paper filing became an immediate draw to the program from both consumers and professionals. This aspect along with other benefits are why both the taxpayer and IRS benefit from electronic filing. Further, associates can provide evidence of a submission within minutes or hours instead of being left without proof of filing a return. The IRS will acknowledge receipt of all documentation filed electronically noting the date and time of file. If any errors are detected, a failed receipt will be displayed along with a notification for the error. Often the mistake can be immediately corrected and a successful submission entered within minutes. In the past, three or four days would pass before the error was noticed on paper, then the return would be sent back, corrections made and resent. A past process that took weeks can now be completed in mere minutes if needed. Come see the experts at Bloch, Rothman, and Associates who can E-file your return and answer any questions regarding individual or business income taxes while assisting with a variety of bookkeeping options. A full detailed review of your tax situation can be completed in addition to resolution issues and estate compilations. All services, including free of charge E-filing options will be completed in a timely manner, depending on your restrictions and possible tax deadlines. Whether you need a simple explanation on a random tax form or are in need of a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for a free, no obligation consultation. Wed, 04 Oct 2017 06:00:00 GMT http://denveraccountant.co/blog/12900/Denver-Tax-Preparation-and-the-Benefits-of-Electronic-Filing http://denveraccountant.co/blog/12715/Denver-Tax-Preparation-Titles-and-Qualifications blog A variety of different people can assist you with accounting and tax questions. Considering the advantages of professional tax preparation, you should look into your available tax assistance options. Friends and family often offer their advice, whether warranted or not. Even when seeking professional help the choices can be confusing to the average individual. According to the Merriam-Webster Dictionary, an accountant is someone who is skilled in the practice of accounting or who is in charge of public or private accounts. By this definition many individuals are skilled in the practice of accounting, but does it mean they are all accountants? Are you in charge of your own private bank account? Are you an accountant? Probably not, but when seeking professional assistance it is important to understand the titles associated with those you trust to either handle your finances or keep your business in good standing with both the federal and state governments. Especially when it comes time for tax filing and if or when the Internal Revenue Service (IRS) becomes involved in any situation. Expert help is key for tax preparation, filing, and any audits that may be ordered or taking place. Following are a few different labels often attached to accountants names and a brief description of each. Paid Preparer An individual who is a paid preparer is exactly that. Someone who is receiving payment in exchange for preparing and filing individual or business tax returns. These people have obtained a PTIN (Preparer Tax Identification Number) from the IRS and are authorized to prepare tax returns. Certified Public Accountant A CPA has been trained and tested, earning a state issued license to publicly practice accounting. While the requirements differ for each state, at minimum a CPA has passed the uniform Certified Public Accountants exam, 150 semester units of education, and one year of accounting related experience. While most CPA’s will also acquire their PTIN since they are often preparing tax returns for compensation, it is not required. Depending on their employment situation, some CPAs may be hired by businesses or other organizations specifically for handling the finances of the company. Those practicing in these circumstances solely return taxes and monies to the IRS and/or state governments for their employer and not compensation from the public. Enrolled Agent Those who have earned the title of Enrolled Agent have been federally authorized to practice taxes and accounting. These individuals have successfully passed the three-part Special Enrollment Examination focusing on individuals, businesses, and practices/procedures. These individuals can also represent clients in tax court upon completion of an additional exam. Come see the experts at Bloch, Rothman, and Associates who can answer any questions regarding individual or business income taxes and assist with a variety of bookkeeping options. A full detailed review of your tax situation can be completed in addition to resolution issues and estate compilations. All services will be completed in a timely manner, depending on your restrictions and possible tax deadlines. Whether you need a simple explanation on a random tax form or are in need of a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 27 Sep 2017 06:00:00 GMT http://denveraccountant.co/blog/12715/Denver-Tax-Preparation-Titles-and-Qualifications http://denveraccountant.co/blog/12569/Benefits-of-Professional-Bookkeeping-from-a-Denver-Accountant blog Starting and owning a business often comes with multiple headaches and unprecedented stress from a number of variable factors. Ensuring you hire the correct people, surrounding yourself with a knowledgeable staff and good working environment is key. Following the staffing of a business an owner/operator must also then ensure the company remains profitable while providing quality services or work, depending on the company type. Then comes paperwork and deadlines for payroll taxes, property taxes, licensing fees, and a number of other requirements in addition to focusing on production. Often the task can be overwhelming, especially in the beginning and can lead to failure or a loss of funding due to mistakes and a need to spend when original record keeping and set deadlines could have avoided these mistakes. Hiring a professional bookkeeping service can help alleviate these issues. In addition, having someone in your financial corner from the beginning can benefit both a company and the owner(s) in a variety of ways. Seamless Tax Preparation A lot of financial records need to be readily available for tax purposes. Instead of having to take precious time away from the business in order to gather all of the required information for complete tax preparation, the professional bookkeeping service provides a more streamlined transition. By keeping accurate records throughout the duration of the year, especially if it transpires with inception of the company, all required information for tax purposes can be quickly acquired, and then figures can be appropriately applied where needed. Fluid Record Keeping Using one individual or group to keep the records ensures all entries made are similar and recalling where monies were spent or used when needed becomes easier. Instead of having to decipher the work of another person, or your own transcriptions and paperwork when not accurately kept, a professional bookkeeping service can always immediately decipher what entries were keyed in, when and why for any occasion. Financial Advice Further, having someone who can assist when needing information on the tax implications of a business adjustment while keeping track of all business related expenses and fixed assets is extremely important. Immediate access to financial advice as opposed to searching for the answer or someone who can provide specific tax advice or financial determination is priceless. Focus Allowing someone else the responsibility gives the business owner time to focus on the other things important to maintaining a successful business. By not having to worry with constant tax payments, paperwork, bank statements, and the like productivity, procedures, and in turn, more profits become the focus. Read more about how having your focus can help and other benefits of professional accounting services. Cost Effective When needing tax advice, payroll, or an audit the price can increase significantly over time. Ensuring all of the company's records are kept in one place, by one organization can drastically reduce the amount of time spent either preparing a tax return, ledger list, or anything else needed from the business owner. In turn, while paying for professional services may initially seem to be an unnecessary expense, it quickly pays for itself in no time for the above reasons in addition to the reduced stress level when someone else is taking care of the finances for you. The experts at Bloch, Rothman, and Associates can answer any questions regarding individual or business income taxes and assist with a variety of bookkeeping options. A full detailed review of your tax situation can be completed in addition to resolution issues and estate compilations. All services will be completed in a timely manner, depending on your restrictions and possible tax deadlines. Whether you need a simple explanation on a random tax form or are in need of a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 13 Sep 2017 06:00:00 GMT http://denveraccountant.co/blog/12569/Benefits-of-Professional-Bookkeeping-from-a-Denver-Accountant http://denveraccountant.co/blog/12447/How-Student-Loans-Impact-Taxes-Explained-by-Your-Tax-Specialist-in-Denver- blog For a majority of American college students must take out student loans in order to pay for their education. In fact, the average amount of student loan debt a student graduates with is close to $40,000. For those who fear college because of debt, there are options. From browsing tuition rates to getting scholarships, there are ways to limit the amount of student loans to take out. Learn more about student loans, the Free Application for Federal Student Aid (FAFSA), types of student loans, and about paying them back from your local tax specialist in Denver. Intro to Student Loans and FAFSA Student loans are options for those who would like to go to college but do not have the financial capabilities to do so. To get started with the student loan process, students will fill out a FAFSA. This will determine the amount of money a student can receive for the upcoming school year. Prior to each school year, a new FAFSA will have to be filled out. To fill it out, students and applicable parents just need to have previous tax returns ready. The FAFSA will also let the student know if they qualified for any state or federal aidâ€"this is the best way to go as free money that does not have to be paid back! To get started with the FAFSA, visit the U.S. Department of Education’s page about applying for aid. Types of Student Loans When it comes to top types of student loans, there are two: federal and private. Federal loans are provided by the U.S. government, while private loans are by a lenderâ€"similar to if you were to get a loan at a bank. Ideally, many students opt for premier federal loans as they have more benefits such as fixed interest rates. Within federal loans, they can either be subsidized or unsubsidized. Subsidized loans are available to students to are able to provide financial need through filling out the FAFSA. With this type of loan, the government will pay the interest too as long as the student meets certain requirements. Anyone can get an unsubsidized loan and the school the student plans to attend will note how much is needed based off their tuition rates. Students are responsible for paying back the interest on these loans. Paying Back Students do not have to begin paying back their student loans until after they graduate. On average, there is a six-month grace period between graduating from college and having to pay back loans. This gives the student time to find a job. It is best to talk to the company the student loans are through to see what the grace period time is. Once you are paying loans back, it is crucial to pay them on time as late student loan payments can severely damage the quality of one’s credit. For students who experience a major life event and are unable to pay your loans, you can put in a request for deferment. If approved, you will temporarily stop making your payments. Whether you have questions about your student loans, or need to know what to do when tax season arrives, Bloch, Rothman and Associates if your premier accountant. As your go-to, we will help make sure you are set with your student loans when tax season comes around. Be sure to read more about filing your Denver tax return as a student and call us at 303-321-7160 to get started. Wed, 06 Sep 2017 06:00:00 GMT http://denveraccountant.co/blog/12447/How-Student-Loans-Impact-Taxes-Explained-by-Your-Tax-Specialist-in-Denver- http://denveraccountant.co/blog/12325/Common-Forms-Utilized-in-Denver-Tax-Preparation blog Every year individuals receive certain statements and paperwork vital to individual or business income tax preparation and unknowingly disregard the importance of such items. While the general public is familiar with the disbursement of W-2 forms for employee wages, their release typically coincides with the beginning of tax season. However, for small businesses and corporations the tax season is year long in regards to 941 and other forms specific to the state of the business or federal implications. Correctly monitoring these forms and clean record keeping are essential in making sure both your personal and business tax returns can and will be filed correctly. Following are some important forms coupled with a more detailed look into what each entails for filing purposes. Also of note are some supporting documents or records which can be easily monitored during the year in order for a smooth transition to the tax form when applicable. 1040 Series First, the actual tax form filled out by an individual or couple filing jointly is registered on one of a series of 1040 forms for the Internal Revenue Service (IRS). The regular 1040 is a long form typically used for more detailed returns or those individuals showing capital gains/losses or self-employment income. The 1040A is a shorter form requiring less detail and typically no capital gains/losses. A 1040EZ form can be completed if filing individually or jointly with no dependents with usually only a W-2 income verification. A few other 1040 tax forms exist in the series for non-resident aliens of the United States. W-2 Required by the IRS, employers must report all employees earnings and taxes withheld both for the applicable state and federal government. The W-2 form is used to complete this information and relay it to both the IRS and individual employees. 1099 Commonly referred to as informational returns the 1099 series is used to display income coming from various sources other than the primary employment. Whether an individual is an independent contractor, the beneficiary of dividends, or subject to interest income a 1099 form will be utilized. 941 Small businesses file the 941 form quarterly as essentially one of four smaller tax returns during the year. These forms show wages, adjustments, and the amount of taxes paid for employees during the quarter. Some businesses file and submit these funds as payroll is completed or they can be settled when the 941 is due. The experts at Bloch, Rothman, and Associates can answer any questions regarding individual or business income taxes and assist with a variety of bookkeeping options. A full detailed review of your tax situation can be completed in addition to resolution issues and estate compilations. All services will be completed in a timely manner, depending on your restrictions and possible tax deadlines. Whether you need a simple explanation on a random tax form or are in need of a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 16 Aug 2017 06:00:00 GMT http://denveraccountant.co/blog/12325/Common-Forms-Utilized-in-Denver-Tax-Preparation http://denveraccountant.co/blog/12248/Tips-for-Avoiding-Identity-Theft-from-a-Denver-Tax-Specialist blog Suddenly your cell phone rings with an unidentifiable number or “No Caller ID” memo available. Curious you hesitantly answer, “Hello”. “Yes, this is John Doe with the Internal Revenue Service, badge number 123456789, trying to reach [enter your name here]. Immediately, your stomach feels queasy and all thoughts should be focused on a tax specialist who can assist you but instead you’re more worried about what comes next. The individual on the other end of the line goes on to list your physical address, social security number, birth date and other vitally important personal information. Then he or she discloses the reasoning behind the phone call - your latest tax return has been audited and you owe “X” amount to rectify the mistakes that were made. In order to avoid prosecution, jail time, a negative effect on your credit, and/or further legal action some monies must be paid immediately. These funds can be submitted by check or electronic funds transfer and the individual is more than willing to assist in processing the request. Unfortunately, this situation occurs far too often and many times elderly individuals are targeted. Those who may be more susceptible in falling for the false scheme and willing to hand over funds without further questioning. Do not let you or your loved ones fall victim to a similar scam. First, the Internal Revenue Service (IRS) will never contact you initially via telephone. If an actual audit or request for payment is going to occur it will first be instituted with a letter via the US Mail service. You may then contact the IRS leading to a subsequent conversations but the initial contact will never occur by phone. Further, individuals can take the following steps in order to combat identity theft as recommended by the U.S. government. “Secure your social security number (SSN). Don’t carry your social security card in your wallet or write your number on your checks. Only give out your SSN when absolutely necessary. Don’t respond to unsolicited requests for personal information (your name, birthdate, social security number, or bank account number) by phone, mail, or online. Watch out for “shoulder surfers.” Shield the keypad when typing your passwords on computers and at ATMs. Collect mail promptly. Ask the post office to put your mail on hold when you are away from home for several days. Pay attention to your billing cycles. If bills or financial statements are late, contact the sender. Review your receipts. Promptly compare receipts with account statements. Watch for unauthorized transactions. Shred receipts, credit offers, account statements, and expired cards, to prevent “dumpster divers” from getting your personal information. Store personal information in a safe place at home and at work. Install firewalls and virus-detection software on your home computer. Create complex passwords that identity thieves cannot guess easily. Change your passwords if a company that you do business with has a breach of its databases Order your credit report once a year and review to be certain that it doesn't include accounts that you have not opened. Check it more frequently if you suspect someone has gained access to your account information.” The experts at Bloch, Rothman, and Associates can answer any questions regarding taxes, possible IRS scams, and assist with a variety of bookkeeping options. A full detailed review of your tax situation can be completed in addition to resolution issues and estate compilations. All services will be completed in a timely manner, depending on your restrictions and possible tax deadlines. Whether you fear to be the victim of an IRS replica scam or are in need of a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation. Wed, 09 Aug 2017 06:00:00 GMT http://denveraccountant.co/blog/12248/Tips-for-Avoiding-Identity-Theft-from-a-Denver-Tax-Specialist http://denveraccountant.co/blog/12188/Major-Life-Changes-that-Affect-Taxes-for-Your-Accounting-in-Denver blog Did you know that certain life changing events in your life may affect your taxes and how you will need to handle your accounting in Denver? By working with a local accountant to help you with your taxes, they will help walk you through the specifics on all life changes. However, it is always best to be aware of the various areas so you know to expect changes when tax season comes around. From getting married and purchasing a new home, to a new baby or retirement, these are a few of the top major changes that will impact your taxes. Getting Married Upon getting married, your filing status for your taxes will change. More specifically, you will change from filing as single to either married filing jointly or married filing separately. In the IRS’ explanation on how getting married affects your taxes, when filing together, you will combine your income and deductions. The two of you are both responsible for the items you report on the taxes. For filing separately, it is a good conversation to have with your premier tax specialist to see if you fall in a category where this would benefit you. It’s primarily used if one spouse has a negative history with taxes to keep everything separate. While there are some instances that could save you money, in most cases, you both will pay more. Purchasing a Home When you buy a new home, you will be excited to learn that there a few benefits that come with this new life change. How? You are able to make a few additional deductions. For starters, you are able to deduct the interest that is charged from your mortgage. Next, you are also able to deduct your area’s property taxes that you have paid. In addition, if you make energy efficient additions to the home, discuss with your accountant how you could potentially take advantage of the energy tax credit that can be up to $500. A New Baby After you welcome a new child to your family, you will be able to claim dependents on your taxes. As a parent, you will be able to take advantage of the Child Tax Credit. In most cases, this will lead to $1,000 in savings. In addition, depending on your income and filing status, you may qualify for the Earned Income Tax Credit. As your child or children grow, you can also claim their medical expenses if they are over 10 percent of your adjusted gross income. There are also childcare tax breaks if you send your child to a daycare that you can discuss with your accountant. When it comes to handling your life changes for your taxes, you need a quality, go-to specialist that you can trust. You can rest assured that with Bloch, Rothman and Associates, we’ll help you every step of the way to maximize your return. In addition to these tips, be sure to read tax tips for retirees from an accountant in Denver. Whenever you have a life event that may change your taxes, be sure to call us at 303-321-7160. Wed, 02 Aug 2017 06:00:00 GMT http://denveraccountant.co/blog/12188/Major-Life-Changes-that-Affect-Taxes-for-Your-Accounting-in-Denver http://denveraccountant.co/blog/12043/How-a-Vacation-Home-Can-Be-Written-Off blog When you think of a vacation home, you think of the many benefits it will bring such as quality time with friends and family to having a place to get away from it all. But did you know this investment could also be a tax write-off? These deductions and write-offs that you can take advantage of as a property owner on a second property. Interested in learning more? Learn the basics about go-to tax write-offs when it comes to real estate, a deeper look into the top benefits of owning a vacation home and some of the ins and outs of vacation homes and Denver taxes. Basics of Tax Write-Offs Did you know that you could be saving hundreds or even thousands on your taxes each year through write-offs? This is something your local accountant can assist with. They can help look into the purchases you made and help you take advantage of these write-offs when it comes to tax season. So what are tax write-offs, exactly? These are expenses that per the Internal Revenue System (IRS), can be deducted from your taxable income. This can apply to both your personal and business tax returns. There are a wide variety of areas one can take advantage of with tax write-offs. Some of the several types of tax deductions listed by the IRS include charitable contributions, student loan interest, expenses for your employer, job-related moving expenses and contributions to retirement accounts. Inside Look of Vacation Home Benefits For those who enjoy traveling, have a family or are looking for a “place to get away,” a vacation home is a great investment. Many families purchase a vacation home to create a place to spend quality time with children as they grow up. Others enjoy having a place that families can share or come together on vacations. For others, a vacation home is a great place to get away. Some use it as a place to work, while others use it as a place to disconnect. Certain parts of owning a vacation home can also be lucrative. Many will rent out their property during the times of year where they will not be staying in it, creating a great source of additional income. Check out Airbnb to learn more about renting out your vacation home. Ins and Outs of Vacation Homes and Taxes If you do not plan on using your vacation home as a property rental, you will be able to deduct your mortgage on the home the same way you can for your primary residence. For some, the benefits of renting out the property when they do not plan on staying there is a better choice to bring in additional income. In fact, more than two weeks is the time period which you must report if you are renting out the property. You can also discuss with your accountant some of the best ways to be able to deduct any losses from the rental as well. If you choose to rent out the property, you will need to report that as income. If you are considering a vacation home, learn more about reigning in your money and monthly budgeting tips from your Denver accountant. To discuss how you can financially benefit from a vacation home, Bloch, Rothman and Associates can help. Contact Bloch, Rothman and Associates today to see how we can help show you the premier advantages! Wed, 19 Jul 2017 06:00:00 GMT http://denveraccountant.co/blog/12043/How-a-Vacation-Home-Can-Be-Written-Off http://denveraccountant.co/blog/11982/Business-Tips-for-Bookkeeping-and-Accounting-in-Denver blog Having a structured bookkeeping and filing system should be one of your top priorities for your local business. Why? By keeping an organized system for records, you will easily be able to find information and prepare your taxes each year with ease. Learn more tips below for getting your accounting in Denver started and managing taxes to reasons to get professional bookkeeping tip, you can use these tips to help your business grow. 1. Getting Started for New Businesses Keeping an organized system for all money coming in and out of your business is crucial for its growth and success. One of the most important things you or your team can do to stay on top of expenses is to review them each month. Because, this will help you to see both charges large and small. Also, it is important to... monitor your invoices if you send them to your customers. It is best to monitor them regularly and follow up with customers that are behind on their payments. While you are watching the cash flow in and out of your business, it is important to take this information and make financial business plans for your future. Consider this - the growing needs of your business, whether for supplies and software to employees needs or travel and training. Keep all of this in an organized fashion easily accessible. 2. Managing Taxes It is best to make taxes a priority for your business. You need to be putting your business’ tax funds aside to pay for your quarterly payroll tax deadlines. As a business owner, you are responsible for local, state and federal taxes. If you are new to owning a new business or are not as familiar with the tax side of your business...that’s okay! This is why you can use a premier tax and bookkeeping service to handle the tax side for you. Also, as a business owner, you can take advantage of tax breaks on your personal taxes when you have a small business. According to Investopedia’s Payroll Deductions Pay Off, you can take advantage of more for your 401K, increased savings in your flexible saving account and parking. 3. Reasons to Get Professional Bookkeeping Help When it comes to managing your business' bookkeeping, accounting and taxes, there is much to know. This is why it is important to utilize the help of a tax expert. They can work with you to provide the daily, weekly and monthly snapshots you need to know exactly what your business is bringing in and taking out. As tax specialists, they will also be able to teach you more about tax laws and what you can do to set aside enough money to meet your quarterly payments. For help finding an expert with your Denver accounting and tax services, Bloch, Rothman and Associates has you covered. We have a wide variety of expertise and you will love the quality of service you will receive. From full payroll processing and payroll taxes to filing your taxes and all other areas, we will help your business be successful. Contact Bloch, Rothman and Associates today to get started. Wed, 12 Jul 2017 06:00:00 GMT http://denveraccountant.co/blog/11982/Business-Tips-for-Bookkeeping-and-Accounting-in-Denver http://denveraccountant.co/blog/11918/How-a-Denver-Tax-Specialist-Can-Help-with-Tax-Litigation blog When it comes to dealing with taxes, there are many things along the way that can come up. This is especially true for the self-employed or contractors, but there can be follow-ups by the Internal Revenue Service (IRS) for anyone. Whenever there is a dispute on taxes for any reason, the IRS will want to investigate further. This is known as tax litigation. Learn more about what tax litigation is, reasons to get help from a Denver tax specialist and other common outcomes that happen:   What is Tax Litigation?   Whenever there is a dispute or discrepancy on taxes that is taken to court, whether it be for a person or business, this is what is known as tax litigation. It begins with an audit by the IRS of an individual or business. Once this occurs, additional documents and attention will be brought to a certain tax case. Tax litigation can occur both on a state or federal level. The IRS will want to take a fine comb over all your finances to look for various things such as gift taxes.   Reasons to Get Representation   When it comes to making sure your tax litigation case is resolved correctly and quickly, it is best to work with a tax specialist. They have all the go-to information to review your case and help you prepare everything you need when working with the IRS. They are your advocate that will help you along the way. A tax specialist will also help you create a case if you are unable to pay an amount the IRS is requiring, settling unpaid debts and more. For many, they believe everything the IRS says and does is the final solution. This is not always the case. This is way it is crucial to have a premier tax specialist on your side to walk you through the tax litigation process.   Common Outcomes   During tax litigation, there are four things that can happen. The first? Nothing. Your case will be reviewed and filed away. Another outcome that can occur is when you and the IRS come to an agreement on payment terms. Third, you and the IRS may come to a partial agreement where you will pay certain expenses. Last, you might completely agree with the IRS findings and pay a certain amount. To help make sure your case is fair, make sure you have a local tax specialist working with you on your tax litigation case.   Have you been contacted by the IRS? Are you trying to decipher how to handle a tax litigation case or IRS audit? Bloch, Rothman and Associates is here to help. When it comes to any of your tax litigation needs, from audits and appeals to collections or forensic accounting, we are your top tax agency. Our quality service will help you every step of the way to make the process as seamless as possible. If you have been contacted by the IRS, it is also important to know your taxpayer bill of rights explained by your Denver tax specialist. To get started, contact us at 303-321-7160. Wed, 05 Jul 2017 06:00:00 GMT http://denveraccountant.co/blog/11918/How-a-Denver-Tax-Specialist-Can-Help-with-Tax-Litigation http://denveraccountant.co/blog/11765/What-is-Consumer-Use-Tax--Overview-from-Your-Denver-Tax-Specialist blog Today, over 70 percent of Americans shop online. Often, purchases being made are outside of a person’s state. If you are included in the 70 percent, then you may be subject to consumer use tax. This is a type of tax different than sales taxes that a consumer is responsible for. It is also different than retail use tax. Learn more about use taxes, top differences from sales tax, and more about paying use taxes and using a go-to accountant that provides quality services to help you navigate through the process. Use Tax In some circumstances in a sale of goods or services, the person selling those goods or services does not charge sales tax. In these instances, this is where the consumer purchasing the goods or services is responsible for paying the taxes, also known as “use tax.” This commonly happens when transactions are made outside of the state, which is why it is common for online purchases. When a purchase is made and a buyer was not charged sales tax for the purchase, the buyer must report their purchase and fill out proper paperwork. Use tax, explained by Investopedia, notes that buyers who do not pay their use tax on purchases might be subject to paying interest or penalties. Differences from Sales Tax Sales tax is when tax is paid upon making a transaction. Many states across the country charge sales tax on the products and services they sell. For some states, it is a statewide tax but is not always the case. With sales tax, a seller of goods and services is responsible for handling all paperwork to make sure sales tax is paid for goods and services. Paying Use Taxes and Using an Accountant So, to recap paying use tax, if purchase a product and you are not charged the sales tax, you will owe the state you purchased it from sales tax. Use tax can get complicated and confusing. That is why it is best to work with a local accountant. They will work with you to help you file the proper tax return to the state you owe the use taxes in. For Colorado, the use tax is the same as the state’s sale tax rate. For consumers, the use tax is due annually when you file your tax return. It is helpful for you to save all records of items you had not paid taxes on throughout the year to work with your accountant on. From there, they can help you with the right forms you will need to include in your returns.   For help paying your use tax in Denver, the premier office of Bloch, Rothman and Associates has you covered. They will help you understand what you owe and will also assist you with filing taxes in Denver with multiple documents. In addition, we help with personal tax preparation, IRS audits, IRS collections and so much more. Let us help! Contact Bloch, Rothman and Associates today to set up your free initial consultation to review your tax situation. Wed, 21 Jun 2017 06:00:00 GMT http://denveraccountant.co/blog/11765/What-is-Consumer-Use-Tax--Overview-from-Your-Denver-Tax-Specialist http://denveraccountant.co/blog/11685/IRS-Collections-Explained-by-Your-Denver-Accountant blog Each year, millions of Americans owe taxes to the Internal Revenue Service (IRS). This can occur for a variety of reasons. For many, the amount is more than they can pay by the tax deadline. When failing to pay the IRS, the money you owe will be turned over to collections. When this happens, for some, it can be overwhelming. Even when you owe money to the IRS, help is available. Learn more about the reasons why you owe on your taxes, tips for working with the IRS and options to pay back taxes from your Denver accountant. Reasons You Owe on Your Taxes During tax season, you may have owed money on your taxes and were not able to pay the amount by the tax deadline. This could have occurred for a variety of reasons. For started, working as a freelance or self-contractor, you are responsible for taking out your own taxes as the employer will not. For others, when they sell a home at a higher price than it was purchased for, there is a chance you will need to pay more in taxes on that sale. Certain individuals also receive a large lump sum of money, whether it be through a gift, gambling winnings or inheritance, you will owe taxes on those dollars. Tips for Working with the IRS If taxes owed to the government are not paid on the annual deadline, those who have not paid will receive a bill from the IRS. In addition, you will also receive the taxpayer bill of rights. Know what your rights are by reading the IRS’ Taxpayer Bill of Rights. During this process, you can work with a local accountant to help you learn your rights and create a plan to pay back the funds. It is important to know the IRS’ word is the be-all, end-all. There are times where mistakes are made or you can work with them to pay back a lower amount. To help you pay, they can do things such as liquidating assets. Options to Pay Back Debts There are options to help you pay back your taxes to the IRS. First, you could use their time extension. This gives you an additional 120 days. You can also take advantage of an installment agreement to help you pay in smaller chunks in return of the funds being pulled straight from your bank account. There are options to make exchanges too, which is something you can discuss with your accountant. When paying back the IRS, you can pay through a credit card, bank transfer or check. This can be done in-person, online or over the phone.   Are you wondering what to do for your situation involving IRS collection information? Bloch, Rothman and Associates can help. We know all of the ins and outs to paying back taxes. By working with us, you will know and understand your rights, too. To get started, Contact Bloch, Rothman and Associates today to get started on your case and help you easily manage working with the IRS. Wed, 14 Jun 2017 06:00:00 GMT http://denveraccountant.co/blog/11685/IRS-Collections-Explained-by-Your-Denver-Accountant http://denveraccountant.co/blog/11604/Starting-a-new-business--Tips-for-Denver-Business-Tax-Preparation blog Starting your own business is an exciting feat! While challenging, you can be proud to know you are making a difference in your local community. There are several important tasks to do along the way, and putting a plan in place will be key to reaching your goals. From business and marketing plans to financial tips and Denver business tax preparation, learn the ins and outs on top things you should know. Business and Marketing Plans When creating goals to start your own business, you will need to have two plans in place: a business plan and a marketing plan. A business plan covers important details about how your business will run, all while laying out your master set of goals. This will show you the key details on how you will make money and is often required to supply to key people when choosing to get a loan for your business. Business plans look out into the future of your business and within it as you build the steps to your success. To learn more about business plans, visit Entrepreneur’s An Introduction to Business Plans. Next, a marketing plan helps you achieve the goals stated within your business plan. Through a marketing plan you will take a deeper dive into your target audience base and come up with key ways to market to that audience. Marketing is key to building audience engagement, sales leads and finally customers, and is extremely important to the success of your business. Financial Tips When it comes to managing the finances for your small business, it is best to always stay on top of your bookkeeping. Hiring experienced employees to help with this task will provide the best outcome. It is also beneficial to get as many deals as you can on the services you utilize. This will help to free up expenses in other areas. One way to save on funds is to run a paperless operation. While you may have to print some items, sticking to a goal to print less or not much at all will save on costs and will help your business be eco-friendly. It is also important to have a go-to plan in case of emergency. You need to have financial savings and plans in the event sales drop and how you will handle certain circumstances. Tax Preparation When starting your small business, you will want to keep records of everything in an organized fashion. This will help you immensely during tax season. To make things easier, an online archive of all items will help you find things more quickly. Another way to help you with finances and tax preparation is to work to automate various tasks. As you work to keep items organized, speak with an experienced accountant on what kind of tax breaks you are eligible for. They will work with you to let you know what documentation you will need.   As you work to build your small business, be sure to read Denver Business Tax Preparation: Ways Your Small Business Can Prepare for Next Year’s Tax Season. To get started, let Bloch, Rothman and Associates help. You will love the quality and attention you will receive from our team. Contact Bloch, Rothman and Associates today. Wed, 07 Jun 2017 06:00:00 GMT http://denveraccountant.co/blog/11604/Starting-a-new-business--Tips-for-Denver-Business-Tax-Preparation http://denveraccountant.co/blog/11440/How-Healthcare-Plays-a-Role-in-Your-Denver-Taxes blog Based on the Affordable Care Act (ACA), all Americans are required to have health insurance. If there is a period of time where an individual does not have health insurance, they will have to pay a penalty. All of this will occur during tax season. While things may change in the future under a different presidential administration, but unless something changes, you must abide by the laws under the ACA. Learn more about top basic ACA health insurance guidelines, a go-to look at paying a penalty and exemptions. Basic ACA Health Insurance Guidelines According to federal law, all Americans are required to have health insurance. By abiding by this law, you as a citizen can take advantage of free preventative care, insurance companies not denying you for pre-existing conditions and more. Insurance can be through your employer or separately, such as the Health Insurance Marketplace. If you have insurance, you will receive one of three forms: 1095-A, 1095-B or 1095C. The 1095-A will come from the Healthcare Insurance Marketplace, 1095-B is sent from those who have insurance not under their employer and the 1095-C is for those with insurance through their employer. Premium Tax Credit For some Americans, there is the Premium Tax Credit available to assist with paying premiums. In order to qualify, in the IRS’ The Premium Tax Credit, it says income must fall between 100 and 400 percent of the federal poverty line based on the size of your family. Next, unless there are certain extenuating circumstances, you cannot receive the credit if you file “Married Filing Separately.” They add that dependents cannot receive the tax credit, you must be covered through the Health Insurance Marketplace, are not eligible for other government programs and pay your premiums. Paying a Penalty Those who do not have health insurance have to pay a fine. You will be charged for the months that you and/or members of your family were not insured. You will have to pay your fine when you file your tax returns. According to HealthCare.gov’s The Fee for Not Having Health Insurance, you will pay the higher of the following two: 2.5 percent of household income (with a maximum  of total yearly premium for Bronze plan from the Marketplace) or $695 per adult and $347.50 for children under 18 (up to $2,085). Exemptions There are exemptions to paying the mandatory fine for not having health insurance. They include having insurance offered through an employer that is higher than you can afford, you are not a legal citizen or are in prison, or if you are in a healthcare sharing ministry. In addition, those who are impacted by a natural disaster, are homeless or other reasons are also exempt. You can speak with your local premier tax specialist to see if you are exempt from paying the fine. Understanding healthcare and tax laws can be difficultâ€"but Bloch, Rothman and Associates can help. Our quality one-on-one service will help you prepare for your next return and answer all questions you have about health insurance mandates and more. Learn about our personal tax preparation to see how we can best help you! Wed, 24 May 2017 06:00:00 GMT http://denveraccountant.co/blog/11440/How-Healthcare-Plays-a-Role-in-Your-Denver-Taxes http://denveraccountant.co/blog/11401/Taxpayer-Bill-of-Rights-Explained-by-your-Denver-Tax-Specialist blog As an American citizen, you are aware of the Bill of Rights. But did you know there is also a Taxpayer Bill of Rights? These cover the go-to reasons citizens and the Internal Revenue Service (IRS), would be in contact with one another. Learn what the Taxpayer Bill of Rights are, a quick overview of them and top tips to help you when dealing with the IRS. What Are the Taxpayer Bill of Rights? When interacting with the IRS, American citizens have a set of 10 rights. These consist of a variety of rights taxpayers have when working with the IRS like, the right to be informed, the right to finality and the right to privacy. It is also important for you as a citizen to receive all correspondence on an issue. It is best for you to know the Taxpayer Bill of Rights so you know if the IRS are taking incorrect measures or making mistakes when it comes to your taxes, so it is crucial for you to know your rights in the event you need to challenge the agency. Quick Overview The IRS dives into each “Bill of Right” in their article Taxpayer Bill of Rights. For a quick overview, you have the right to: Be Informed (explanations of everything relating to your situation) Quality Service Pay No More than the Correct Amount of Tax Challenge the IRS’s Position and Be Heard Appeal an IRS Decision Using an Independent Firm Finality Privacy Confidentiality Representation A Fair and Just Tax System In the event you are dealing with issues when corresponding and working with the IRS, in the Taxpayer Bill of Rights they explain that you can get help from the Taxpayer Advocate Service. This measure can be taken if you are having problems or the IRS. Given that there are so many ins and outs to tax law and the Taxpayer Bill of Rights, it can be helpful and beneficial to utilize the help of a representative that knows the details of your rights. Help Speaking to the IRS If you must work with the IRS for a tax audit post submitting your return, there are many things important to know. This is why it is important to work with a local tax specialist on your issue. After all, you may know what the Bill of Rights are, but may not know the details within each. Many citizens do not realize the IRS is handling matters incorrectly at all. Therefore, it is crucial for you to work with a quality specialist. Are you currently dealing with the IRS? Bloch, Rothman and Associates can help. As a premier tax specialist, you can count on us to handle corresponding with the IRS for you, stop enforced collections, release bank and wage levels, settle back taxes and unfiled returns, negotiations, getting you back into tax filing compliance and much more. To learn more, be sure to read about our tax resolution services in Denver. Be sure to contact Bloch, Rothman and Associates today to get started. Wed, 17 May 2017 06:00:00 GMT http://denveraccountant.co/blog/11401/Taxpayer-Bill-of-Rights-Explained-by-your-Denver-Tax-Specialist http://denveraccountant.co/blog/11322/Reigning-in-Your-Money--Monthly-Budgeting-Tips-from-Your-Denver-Accountant blog Do you feel as though you could be better with your money? Maybe even though you feel like you have a grasp on things, but seem to fall short of your goals? It is best to make sure you have a monthly budget that you stick to. From goal setting and money management tips to the importance of a savings, learn more about budgeting tips from your local Denver accountant. Setting Goals Many people have a budget, but there is nothing they are working towards. Create a list of things you would like to accomplish with a budget. For instance, if you are building up your savings, are planning for a trip, preparing for schooling for children or more. Label how much you need to set aside to accomplish those goals. When goal setting, make sure you think about short term and long term goals in mind. This will help you stick to the budget that you have put together. As you prepare to better manage your money, take the time to see how much money you have coming in each month and then what you have going out. Money Management and Budgeting Knowing exactly how much is coming in and going out is a top priority when reigning in your money. You can estimate, but you will never be sure until you know for sure. One way to do this is to balance a checkbook. You can do this manually or download an app to your smartphone, tablet or computer. From here, you can deduct your expenses. To make it easier, have a list of all your bills that you must pay each month and add them to a list. Also, make note of some of the other top expenses that you have monthly or weekly and subtract that from your income too. For instance, set aside how much you spend on groceries, gas, add to savings etc. This way, all your essential expenses are covered. From here, you can save or use the remainder of the money for spending. This will help you see what is coming in and what’s going out so you can see where you need to cut back. There are plenty of tools available to help you start planning your budget, such as this monthly budget planner. Savings How much do you have in your savings? Do you have a plan if an emergency happens or if someone in your household loses a job? This is what an emergency savings is for. Ideally, you should be able to have enough built up in savings that could hold you over if you did not have income coming in. This would include mortgage, rent, utilities, etc. At minimum, though, you should have a few hundred dollars available for quick pinches such as a car breaking down. Once you use that money, make it a top priority to build it back up. One of the important things to save for each year is for taxes. If you have owed money back on state or federal taxes, now is a great time to talk to a premier go-to tax specialist. At Bloch, Rothman and Associates, we can help guide you and create a quality strategy for your taxes. Contact Bloch, Rothman and Associates today to get started. Wed, 10 May 2017 06:00:00 GMT http://denveraccountant.co/blog/11322/Reigning-in-Your-Money--Monthly-Budgeting-Tips-from-Your-Denver-Accountant http://denveraccountant.co/blog/11204/Best-Ways-to-Invest-Your-Tax-Refund-from-Your-Tax-Specialist-in-Denver blog For many, having a couple thousand dollars back from taxes is the perfect opportunity to travel, purchase a new piece of furniture, have a night out, or treat yourself. However, others choose to use their refunds for long-term gains. Going this route is a great way to help secure the quality of your financial future. From paying off debt to planning for retirement, learn some of the best ways to invest your tax return from your local tax specialist in Denver. Paying Off Debt One of the top ways to invest a refund is to pay off debts. If you have any credit cards, especially high interest credit cards, it is important to create a plan to pay those off. The longer you have high interest credit card debt, especially when it is at a maxed out or close to maxed out limit, the more severe damage you can do to your credit rating. When you carry these balances for long time, it can make it harder for you to get credit in the future. Whether you need to just get started on paying off debt or if your refund will handle the entire balance, it is crucial to consider this option if you are carrying harmful or potentially harmful debt. In addition, you may have other forms of debt that require being paid off, such as student loans. Consider your tax return as “out of sight, out of mind” and immediately plan what to do with 100 percent of the refund once you receive it, so you are not tempted to use it in less responsible or beneficial ways. Create or Add to an Emergency Fund Are you prepared if something happens to your home, car or even you or a family member? This is why it is best to always have an emergency fund built up just to handle life’s surprises. When trying to come up with how much your emergency savings should be, you can consider your monthly expenses. If you became out of work tomorrow, could you afford to pay your mortgage or rent, keep the lights turned on, buy groceries, and fill the gas tank in your car? It’s important to plan for those things. For some, instances aren’t as drastic but when something might break on your car or house, you may have to contribute a couple thousand dollars to fix the issue. This is why it is important to build up an emergency savings to help you cope with the issues. Retirement, College Planning, HSA, Savings and More Another great way to spend your tax refund is to invest it in your future. Do you have a retirement fund? Invest! Avoid common misconceptions about modern retirement planning by reading Consumer Reports’ new rules of retirement planning. If you are a parent, consider creating a 529 plan, which is a plan to save for college. Or, if you have a health savings account, contributing more is a great way to take advantage of tax-free healthcare. Last, you can place your refund in a savings account. Even if you spend some for leisure over time, having a majority in savings can be a great long-term investment. For other ways to be smarter with your refund and finances, read these budgeting tips from your Denver accountant. For help with your finances, Bloch, Rothman and Associates is your go-to premier accounting and tax specialist that can help. We offer services for both individuals and businesses. Contact Bloch, Rothman and Associates today to get started. Wed, 26 Apr 2017 06:00:00 GMT http://denveraccountant.co/blog/11204/Best-Ways-to-Invest-Your-Tax-Refund-from-Your-Tax-Specialist-in-Denver http://denveraccountant.co/blog/11150/---Denver-Business-Tax-Preparation--Ways-Your-Small-Business-Can-Prepare-for-Next-Year---s-Tax-Season blog Hopefully you met the tax deadline this year on April 18. To prepare for next year, it is never too early to get started. One of the best things your small business can do is stay on top of things. This can potentially help you owe less, take advantage of tax opportunities and more. Use this year’s tax troubles as examples to use to make things better for this time 12 months from now. As you work towards this goal, being organized, learning about deductions and utilizing the help of a local Denver business tax preparation specialist will help. Create an Organized System Being organized is a go-to way to ensure an easier tax season. First, when it comes to receipts, invoices, etc., it is important to keep everything in an organized fashion. For paper files, place them in boxes that are clearly labeled with the month and year. Next, make sure all the contents within the boxes are organized by date. If you have to regularly refer to certain files, come up with a way to easily access those. For instances, categorizing your monthly box of expenses and arranging them in order of date. Another way to make this easier is to save everything electronically. Use file naming conventions that are consistent and easy to search. You can keep your hard copies in boxes in the event they are ever needed. Learn more ways to get organized for the tax year. Learn About Deductions As a small business owner, are you taking advantage of deductions as much as you could be? Deductions are certain expenses that you can take off your taxes. Now, while in the process of using deductions, you must make sure you hit all the parameters. As long as you do, there is no reason to skip out on them. If you run your small business out of your home, this is one of the areas you can see if you can qualify to deduct. This is applicable when your home, particularly an office or area, that is the primary place work is completed. You can also deduct expenses for mileage, rent, supplies, equipment, furniture, travel, ads, meals, certain utilities that go towards the small business and more. In order to use deductions, you will need the evidence to back it up. Keep that in mind and begin to store records that you can use for proof when taking advantage of deductions. Utilize the Help of a Tax Specialist When it comes to all of your small business tax needs, there is a lot to consider. Utilizing the help of a tax specialist can help you better prepare for the next year’s returns. They can pinpoint the deductions your small business qualifies for and the proper documentation you will need to provide. Plus, with tax laws changing often from year to year, you can relax knowing an expert will help guide you through tax seasons. This will allow you to spend more quality time on your business. As you work through this year’s tax season, consider these Denver business tax preparation tips for your small business in 2017. To make next tax year great, you can use the premier tax services of Bloch, Rothman and Associates for all your small business needs. Contact Bloch, Rothman and Associates today for a free initial consultation. Wed, 19 Apr 2017 06:00:00 GMT http://denveraccountant.co/blog/11150/---Denver-Business-Tax-Preparation--Ways-Your-Small-Business-Can-Prepare-for-Next-Year---s-Tax-Season http://denveraccountant.co/blog/11088/Important-Reminders-for-the-2017-Deadline-to-Submit-Denver-Taxes blog The deadline to file your 2016 taxes is rapidly approaching. Are you prepared? It is important that you do your best to file on time to avoid issues and fees with the IRS. Learn the basics on the upcoming standard deadlines, what local self-employed business owners should do and overall reasons why it is best to work with a service to help you file. Standard Deadlines The deadline to meet the 2017 deadline of filing 2016 taxes is April 18. Normally, taxes would be due on April 15 but it is different this year. According to When Are Taxes Due in 2017? This Year, It’s Not April 15, tax deadlines are to always be on a weekday or a non-holiday. In the event a deadline does fall on a weekend or holiday, it will be moved to the following Monday. They add that 2017 is a special case. Why? They note that April 16 is Easter Sunday, which since falls on a Sunday, will be observed on Monday, April 17. This is the reason why the tax deadline was pushed to Tuesday, April 18. If you are unable to meet the April 18 deadline, you can file for an extension. However, that doesn’t come for free. Those who apply for an extension are subject to pay a penalty and interest. You must apply for an extension by April 18, which will give you until October 16. Self Employed If you are self-employed, you are most likely on a quarterly schedule to pay your taxes. For the rest of the year, quarterly payment deadlines are April 18, June 15 and September 15. However, on top of these, you will need to file an annual return. For businesses that expense $5,000 or less in a year, they can use a Schedule C-EZ. However, anything higher will require a Schedule C to be filed. You can discuss the difference in these forms from your go-to tax specialist for help. Top Reasons to Utilize Help of Service Whether you are filing a return on your own, as a married couple or because you are a business owner, the best way to maximize your return is through a tax specialist. They are aware of all the ins and outs to help you the best way for your individual situation. It is especially beneficial if you hire a tax expert when you make over $150,000 per year, are self-employed or are an independent contractor or have made large donations. There are many other instances a tax specialist can help. If you are unsure, it is definitely a conversation worth having. With the upcoming tax deadline looming, you need a premier tax preparation specialist you can trust. This is where Bloch, Rothman & Associates has you covered for all of your needs. Our quality services will help make this tax season an easy one. Read more on Paying Back the IRS: Ins and Outs from Your Denver Accountant, and let us help. Contact Bloch, Rothman & Associates today to get started with your free initial consultation. Wed, 12 Apr 2017 06:00:00 GMT http://denveraccountant.co/blog/11088/Important-Reminders-for-the-2017-Deadline-to-Submit-Denver-Taxes http://denveraccountant.co/blog/10948/Paying-Back-the-IRS--Ins-and-Outs-from-Your-Denver-Accountant blog When tax time rolls around, for some, it is exciting to see how much they will be getting back. For others? The thought of having to pay back taxes can be intimidating. There are reasons as to why one would pay back, which can be done via check or electronically. From individuals and small businesses, to trying to figure out what to do if you can’t pay, use these tips from your local Denver accountant. Individuals One of the top reasons individuals owe on their taxes is by not having enough money withheld out of each paycheck for taxes. This amount stems from whatever you elected in your W-4 form that you filled out when you started your job. For others, you might have a high amount deducted from your employer but if you are a freelancer or contractor that filled out a W-9 form, it is on you to pay. This happens because the employer you are doing contract work for is not responsible to take out the taxes. You may also owe more if you once had dependents that have since moved off your tax information. When you owe on your taxes, you must have the money paid to the Internal Revenue Service (IRS) by the deadline. The deadline for 2017 is Tuesday, April 18. If you are unable to pay your taxes by this date, it is best to review the options noted below. Small Businesses or Self-Employed When you have your own small business or are self-employed, you are responsible for paying the taxes. As a small business owner, you can make quarterly payments to the IRS to help. According to the IRS’ “Self-Employed Individuals Tax Center,” anyone who carries on a trade or business as the sole proprietor or independent contractor, member of a partnership that carries trade or business or are in business with yourself must pay taxes on a quarterly basis. This process is known as “estimated tax.” This covers your Social Security and Medicare taxes. You will file your return annual as usual but will work with the IRS on the quarterly payment schedule. What to Do if You Can’t Pay Life happens and some people are unable to pay back their taxes by the IRS’ annual deadline. The IRS explains there are four options if you are unable to pay. They explain that your top priority is to make sure you file your return on time and pay as much as you possibly can. If there is a part or all you cannot pay, you can get a payment plan through them. The longer you stretch out your payments though, keep in mind that you will owe more in interest. They advise to consider getting a loan if it is possible as fees may be less than a loan through the IRS. On all circumstances, they advise to never ignore a tax bill. With the tax deadline approaching, be sure you are preparing to file your 2017 Denver tax return. If you need assistance or feel you might owe, Bloch, Rothman and Associates can help. We are your premier go-to tax specialists that can walk you through all your options. You’ll be happy with our quality service to make the process a breeze. To get started, call us at 303-321-7160. Mon, 27 Mar 2017 06:00:00 GMT http://denveraccountant.co/blog/10948/Paying-Back-the-IRS--Ins-and-Outs-from-Your-Denver-Accountant http://denveraccountant.co/blog/10851/Tips-for-Eliminating-Credit-Card-Debt-and-Financial-Advice-from-Your-Accountant-in-Denver blog It is more common than you would think for people to rack up credit card debt. While this can negatively impact your credit, there are options to get out of a situation. If you have thousands of dollars in credit card debt, it is best to make it a priority to create a plan to pay it down. By doing this, you will help your credit and increase your score. Learn the negative effects of having a large amount of credit card debt, a brief intro into credit and tips for paying down you large debts from your local accountant in Denver. Cons to Racking up Credit Card Debt Credit card debt can sneak up on you. Plus, if you have cards that have interest on them, it can expedite the process to increase the amount that is on them. Believe it or not, having a small balance on your cards it actually a good thing. It shows that you use credit and pay it off. It is when the amounts charged on them begin to creep up is when it can have a negative effect on your credit. One of the biggest cons is a high debt-to-income ratio. This occurs when you begin to exceed around 30 percent of your total credit card allowance. The more debt you accrue, the higher that debt-to-income ratio will be. The higher amount you have charged on cards, the less likely you will be to get credit in the future. Plus, when interest rates on your cards are high, it can make it difficult or time consuming to pay off. It can be done though! Don’t lose hope. Credit 101 You credit is something you should closely monitor, whether it is your own personal credit score or your business’. Having good credit it key for loans and other financials that deal with credit. One of the biggest things to keep in mind with credit is to keep your overall utilization at or under 30 percent. Anything higher will start to impact your score. Scores ranges from the low 300s to the upper 800s. Scores above 750 are in a good range. The normal or fair range typically is between 700 and 750. Once you get in the lower 600s, you are in a poor range. This can affect how you are given credit or loans and the types of interest rates on them. Make it a goal to have a low debt-to-income ratio and a high credit score. Learn more about scores from Credit Sesame’s “Guide: Credit Score Range for Experiean, TransUnion and Equifax.” Tips for Paying Down When it comes to paying off your debt, it can seem overwhelming. However, with a plan, you can accomplish it. If you have multiple credit cards, focus on one. Some sources say to tackle the one with the largest interest rate, while others advise to start with the ones with the lower amounts. Weigh the pros and cons and work out ways to tackle them card by card. This will really gain momentum as once you pay down one card; you will have more money freed up in monthly payments that you can save towards other cards. Keep in mind, the more you pay off, the better your quality of life will be without the stress of dealing with credit! Learn more on how to manage credit cards with these tips from Denver accountants on how to manage your credit card debt. For help with your accounting needs, Bloch, Rothman and Associates is your top, go-to accountant. Contact Bloch, Rothman and Associates today to take advantage of our premier services.   Mon, 20 Mar 2017 06:00:00 GMT http://denveraccountant.co/blog/10851/Tips-for-Eliminating-Credit-Card-Debt-and-Financial-Advice-from-Your-Accountant-in-Denver http://denveraccountant.co/blog/10762/Independent-Contractors--W-9s-and-What-It-Means-for-Your-Denver-Tax-Return blog There are a variety of types of forms for Americans to fill out their taxes. The 1040 form is one of the most familiar documents, but it's not the only one. At the end of the day the way you file your taxes depends on how you make your income, your assets, and a variety of other financial factors. Independent contractors have to do a great deal more leg work and organization that a traditionally employed individual. Learn more about filing your taxes as an independent contractor, the form that must be used and how your employment status will impact a Denver tax return.   Who are Independent Contractors Independent contractors are self-employed individuals that provide a service. They may work with others, one-on-one, or for another business or organization. There are a few things that separate independent contractors from a regular employee of a company. To start, the independent contractor works on their own and is responsible for their own supplies to get the job done, from computers to notebooks. Additionally, they are hired through a contract agreement which can be terminated at any time by either party in more flexible manner than at a traditional workplace. At the beginning of the work, the hiring party will supply a W-9 for the independent contractor to fill out. Another difference is that the independent contractor is responsible for their own taxes. When tax season begins, the person or business that hired an independent contractor will supply them with a 1099 for them to complete their taxes. The W-9 and 1099 Forms At the beginning of the working relationship, the person or business will provide the independent contractor with a W9. This form is the Request for Taxpayer Identification Number and Certification. It makes it clear that the individual is an independent contractor. According to the IRS’ Forms and Associated Taxes for Independent Contractors, the taxpayer identification number is typically a person’s social security number. Remember, it is best to keep a W-9 in your records for up to four years in case you are audited. During tax time, the person or business paying for services must distribute a 1099 form to the independent contractor by January 31 to give independent contractors plenty of time to do their taxes. Impacts to Tax Return When a person or business pays an independent contractor $600 or more, the independent contractor is required by law to report the income it on their taxes. It is the responsibility of the independent contractor to pay the taxes for the services they were paid to do. As an independent contractor it is wise to save money out of each paycheck to cover the money that will be owed to the IRS. Independent contractors are responsible for paying what is owed by the April 15 deadline. There are opportunities to file an extension if needed. Independent contractors are encouraged to pay taxes on a quarterly basis with payments in April, June, September and January. With tax season upon is, be sure to read up on preparing to file your 2017 Denver tax return.  For help with the independent contractor status, Bloch, Rothman and Associates is your premier go-to tax specialist. As your local resident expert, we will provide quality service to help you make it through tax time. Contact Bloch, Rothman and Associates today to set up your free initial consultation. Wed, 15 Mar 2017 06:00:00 GMT http://denveraccountant.co/blog/10762/Independent-Contractors--W-9s-and-What-It-Means-for-Your-Denver-Tax-Return http://denveraccountant.co/blog/9814/History-of-Paying-Taxes-from-Your-Denver-Tax-Specialist blog Paying taxes is a process that has been a part of American lives since the 1800s. Have you ever wondered how the process all began? You would be surprised to understand how everything came to be. Learn when taxes were introduced, how the income tax began and how the process has evolved from your local Denver tax specialist. When were taxes first introduced? Taxes were first introduced to Americans in the late 1700s, but it was on a much smaller scale than what we know today. Some of the early areas that were taxed included stamps, newspapers, imports, sugar, clothing, coffee and tea. However, major taxes were not introduced until the 1800s, which was a very different layout than what we know today in terms of taxation. Many of these taxes stemmed from The Revenue Act of 1862. According to the IRS, The Estate Tax: Ninety Years and Counting provided much of the federal budget. What is surprising is this was just the beginning of what we come to know as the tax system today that at the time, supplied so much of the budget. The IRS adds that the Revenue Tax Act had many other elements included within it. It introduced legacy taxes on personal property, estates, charities and more. How the income tax began While there were taxes in place prior to the income tax, the system we know today took in the early 1900s. Income taxes were not put into place within the American tax system in 1913. The idea was first generated in the late 1800s and it was ratified in 1913 with the 16th Amendment. This tax helped provide funding for World War I. During these early years of the income tax, the rich was the top class of people that had to pay. It wasn’t until the early 1940s when the income tax changed from a tax on the rich to a tax that everyone in America had to pay.   The need for accountants Accountants played a huge part of the transition of the tax system. Once taxes were introduced in the late 1800s, the need for accountants grew and the certified public accountant position was created. According to Investopedia’s Accounting Basics: History of Accounting, the American Association of Public Accountants was created in 1887 with 31 members. They added that standardized testing for these individuals was rolled out in 1896. The name of this group evolved into the American Institute of Certified Public Accountants in 1957. Over the years, more and more committees around the country.   Today, there is such a need for quality accountants thanks to the current tax laws. It can be a lot to manage on one’s own, whether it be your personal taxes or small business. Block, Rothman and Associates if your premier tax preparation and tax resolution specialist. For a help on your own, try some of these quality budgeting tips from your Denver accountant. For help with any of your tax questions, we can help! Call us at 303-321-7160 to get started. Wed, 01 Mar 2017 06:00:00 GMT http://denveraccountant.co/blog/9814/History-of-Paying-Taxes-from-Your-Denver-Tax-Specialist http://denveraccountant.co/blog/9697/Benefits-of-Filing-Your-2017-Tax-Return-Early-from-Your-Denver-Accountant blog Tax season is a big stressor in American homes. Once a year we must gather our finances and work with a local Denver accountant in hopes to get a great return. Depending on our withholdings and circumstances, some will owe. One of the best things you can do to make tax season easier is to file your tax return as soon as possible. From a larger return and preparing to pay to reducing stress, there are a variety of reasons to get it out of the way as soon as possible. Larger Return By filing your tax return as soon as you have been sent all your documents, you can actually get a larger return! How? Procrastinators typically go for the easiest route possible, meaning they take the standard deduction. However, according to The 5 Huge Benefits of Filing Your Taxes Early, those who give themselves plenty of time to file can review the different deductions and itemize them. The site also adds that taxpayers who file in February can see a higher return at an average of $450. Also, if you are a college student or have a child that is a student, filing early can help get more aid from the Free Application for Federal Student Aid (FAFSA). Prepare to Pay if You Owe Many Americans will have to owe on their taxes. When you file as soon as possible, you will know if you have to pay back on your taxes and how much. For some, they might owe over a thousand dollars. In these instances, filing early gives you plenty of time to save. Tax day this year is Tuesday, April 18, 2017 meaning you have to have your return filed by then. While there is an option to file for an extension, it does not change the fact that you owe and payments are still due on the April date. Not paying taxes on time can lead to penalties and fines. Reduce Stress Tax season is a stressful time for Americans. In Inc.’s article 5 Tips to Cope with Tax-Season Stress, 56 percent of Americans say they get stressed out with the entire tax process, and 18 percent define it as “very stressful.” It can lead to depression, poor sleep, health issues and engaging in unhealthy habits. By filing earlier, you can avoid some of the major stressors that affect so many in the country. Also, those who file their taxes early are at a lower risk of identity theft. While it sounds crazy, identify theft is on the rise towards the end of tax season. Filing early will help you get quality sleep at night! To help you make this tax season the best one possible, trust the experts at Bloch, Rothman and Associates. As your premier go-to Denver tax specialist, we can help make this tax season seamless and stress-free! To get started, begin preparing to file your 2017 Denver tax return. When ready, contact Bloch, Rothman and Associates and file your taxes early! Wed, 22 Feb 2017 06:00:00 GMT http://denveraccountant.co/blog/9697/Benefits-of-Filing-Your-2017-Tax-Return-Early-from-Your-Denver-Accountant http://denveraccountant.co/blog/9614/Married-Filing-Jointly-vs--Separately-Explained-by-Your-Denver-Tax-Specialist blog As April 15th approaches, many questions about filing taxes arise especially if you are newly married. During tax season, one of the go-to ways married couples file their taxes is jointly. However, this is not always the case. Sometimes there are circumstances where filing separately may be the preferred option by the couple for reasons outlined below. Learn more about filing jointly or filing separately, the circumstances that surround filing taxes separately and the pros and cons from your local Denver tax specialist. Can Married Couples File Separately? Of course, married couples can file their taxes separately. They have the option to file jointly or separately when filing their taxes. Filing together allows couples the opportunity to get the biggest tax return. Couples may also qualify for multiple tax credits  But, in certain circumstances, filing a tax return separately is a preferred option by some couples. When doing this, you will still have to note on your taxes that you are married. However, you will note in your return that you are filing separately. Circumstances When Filing Your Taxes One of the main reasons a married couple decides to file separately is so they are not responsible for each other’s tax returns. If one individual in the couple has circumstances occur that the other does not want to be associated or affiliated with these circumstances, the option to file separately is an option. For others, if one part of the couple in the relationship will owe money to the government, they can file separately so the other person does not lose their tax return and owe money to the government. This could include situations such as government loans that have gone unpaid. Another reason a couple may want to file separately is due to divorce. According to Investopedia’s married filing separately article, if two taxpayers divorce within the year, according to law they have to file separately. Pros and Cons When a married couple files a tax return separately or jointly, there are a few items you will not be able to claim. First, only one spouse can itemize deductions, while the other will not be able to because you can’t count a deduction twice. However, if one of the two in the marriage makes a significantly larger amount of money than the other person, there is a pro of filing a tax return separately. In most cases, filing together provides the best tax benefits, especially if the couple is in two different income ranges.   With tax season in full swing, be sure that you are preparing to file your 2017 Denver tax return. If you are in need of any help along the way, especially if you have questions about filing jointly or separately, Bloch, Rothman and Associates can help! As your top tax specialist, we provide quality service and will help you file your return the way that works out best for your family. Contact Bloch, Rothman and Associates to get started filing your tax return by filling out a free consultation form today! Wed, 15 Feb 2017 06:00:00 GMT http://denveraccountant.co/blog/9614/Married-Filing-Jointly-vs--Separately-Explained-by-Your-Denver-Tax-Specialist http://denveraccountant.co/blog/9459/---First-Time-Filing-Your-Taxes--Tips-from-Your-Denver-Tax-Specialist blog Welcome to the world of filing your taxes! This annual event is something everyone that receives income must do. Don’t worry though, it is not as intimidating as you would think. The forms for a simple new-timer are easy and you can always utilize the help of a local tax specialist, too. Here are some of the ins and outs as you prepare to file your taxes for the first time this year. Forms You Will Use When it comes to figuring out which tax form you will fill out, it all depends on your taxable income. Most first-time tax filers will use the 1040EZ tax form. If you earned less than $100,000 in 2016, are under 65, aren’t claiming dependents or adjustments, file jointly if married and are only claiming Earned Income Credit, you can use the 1040EZ. If you would like to take advantage of tax credits, you will use the 1040A. So, for instance, if you have student loans or a health savings account, you will use this form. To claim deductions and credits, you will use a 1040. Those using the 1040 can make over $100,000, can claim any type of income and use a variety of deductions and tax breaks. All About Deductions and Credits When filling out your taxes, there are deductions and credits you may be eligible to take advantage of. Deductions are ways to lower the amount of your taxable income and there are two types: standard and itemized. A tax specialist can help you determine which is best for you when it comes to standard or itemized. Standard deductions are like a flat rate deduction the government sets that you can take advantage of. Depending on your circumstances, an itemized deduction may be a better choice. If you have a mortgage, investments or a health savings account (HSA), pay property taxes on your home or vehicle, or have other health care costs, you may want to consider itemizing.What is a Tax Credit explains that this is money a person can subtract from what you owe to the IRS. These are available for circumstances such as having children. Return vs. Owe Tax season can be an exciting time for some, and one others dread. Really, it comes down to two things: will you get a refund or owe the IRS? The average taxpayer can get up to $2,000 back on their refund. However, there are many instances you would owe. One of the top reasons you owe depends on how much you agreed to withhold on your W-4. If you want to be sure to get a refund, you can elect to withhold a lot out of your check. The less you withhold, the more likely you are to owe. Talk to your tax expert on ways to make sure you get a refund. When it comes to filing your taxes, there are pros and cons to using tax software vs. a professional accountant. One of the best ways to ensure you fill out the right forms and get the biggest return you can is through a tax specialist. Bloch, Rothman and Associates is your go-to premier tax specialist. We will help you throughout the year during tax season with all your tax related needs. So, whether it’s your first-time filing or fifty-first, you will love the quality of service you receive with us. Call us today at 303-321-7160 to get started. Wed, 01 Feb 2017 06:00:00 GMT http://denveraccountant.co/blog/9459/---First-Time-Filing-Your-Taxes--Tips-from-Your-Denver-Tax-Specialist http://denveraccountant.co/blog/9243/Denver-Business-Tax-Preparation-Tips-for-Your-Small-Business-in-2017 blog Tax season has arrived. As you get ready for your Denver business tax preparation, there is a lot to consider. When beginning to prepare all documents to meet with your local accountant, it will help to gather everything you need before. There have also been changes this year to be aware of. Learn more about these tips and ways to make this tax season the best one yet! Items to Gather One of the best ways to make this tax season a smooth one is to be prepared. Some of the commonly thought of items include receipts and all records of sales of your business, your 1099, profit and loss documents and returns. What can get trickier is gathering all other expenses and income of your business or that your business generated. Use any financial documents to be able to show everything that went in and out. If you just started your small business, a rule of thumb is to save documents for six years. Did you use a vehicle for your small business? Be sure to have all expense documentation for that, too. If you worked out of your home, you can talk to your accountant on what items you can claim there. For instance, you can claim parts of your mortgage, supplies and other areas. New Changes There are a few changes in 2017 that small business owners will need to know for this tax season. According to Business News Daily, Small Business Taxes: What to Expect in 2017, the due date for C-Corporations will now be April 15. Partnerships and S-Corporations will now have a deadline of March 15. This depends on the form you use, which a quality accountant can assist with. The article also mentions something new for business owners to take advantage of: Bonus Depreciation. They explain this is a tax break enabling business owners to deduct 50 percent of costs on any new capital equipment. This will be available but will decrease 10 percent each year. Benefits of Using an Accountant With so many factors to take into consideration, it is best to trust an accountant to help you handle your business’ taxes and finances. This will ensure tax season goes smoothly and you have the support you need all year long. Plus, a tax preparation specialists will stay on top of the latest changes and areas to take advantage of. This will ensure your taxes are done right and you do not owe more than you need to. Given the amount that it takes with taxes, you can let someone do the heavy lifting so you can focus on your business. Read more about why your small business needs a Denver accountant. As your small business prepares for the 2017 tax season, Bloch, Rothman & Associates is your go-to tax preparation service. Our business tax preparation services will help you prepare your individual, partnerships, estate, trust, S-Corp, C-Corp ad nonprofit tax returnâ€"both federal and for the state. Call us today at 303-321-7160 to get a quote and started on your tax process for the new year.   Wed, 25 Jan 2017 06:00:00 GMT http://denveraccountant.co/blog/9243/Denver-Business-Tax-Preparation-Tips-for-Your-Small-Business-in-2017 http://denveraccountant.co/blog/9194/---Budgeting-Tips-from-Your-Denver-Accountant blog When it comes to your budget, how on top of things are you? Do you live paycheck to paycheck or do you make room for savings and future planning? No matter what your financial situation, there is also room for improvement! One of the best ways to handle this is to assess your certain situation and review where you would like to be. Utilize some of these tips from your local Denver accountant to transform your finances and get you back on track if you need it! Lay it all out on the table One of the top things you can do when making tweaks to your budget is to see how much you are spending. If you do not track each expense in a checkbook or online, set 30 minutes aside to find out what’s coming in and what’s going out. If you participate in online banking, this is an easy way to see what’s going in and out. Scroll through your entire month and document all your bills. Next, look at how much you are spending on groceries, entertainment, shopping etc. Assess your situation and see if there are any changes you can make or areas you can cut back to save? Ideally, you should have around $500 available for emergency savings. Tools Technology has made it easier to stay on top of your finances. Online banking allows you to pay attention to your bank account. Many banks even offer the ability to send all your payments automatically through your online checking account. Several bill sources will even provide discounts for those who choose to enroll in an auto-pay service. Regardless, it takes care of your bills for you and you never have to worry about a late payment. Just be sure to keep tabs on how much is in your account so you do not go into the red. Also, does your credit card work for you? Many credit cards offer rewards and cashback. If you primarily use a credit card, consider applying for one if you feel you have a chance to qualify. This will all factor on your credit score, debt-to-income ratio, how many places you have applied for and if you have been late on any bills. Last, check out apps that help you track all your spending. Creating a budget Taking all the above into consideration, it’s now time to create a budget! If you already budget and are just looking for a tune up, review all your finances and make changes. If you are new to budgeting, look into the 50-20-30 rule. Forbes’ explains in their New to Budgeting? Why You Should Try the 50-20-30 Rule, that 50 percent of your income should go towards your daily living expenses and necessities. This is your rent or mortgage, utilities, food, etc. Next, 20 percent of your income should go towards your financial goals. They explain this could be paying down debts from credit cards or loans, saving, etc. Last, 30 percent of your income can go towards anything else, whether it’s dinner out, seeing a movie or shopping for clothes. With tax season around the corner, be sure to check out these six smart ways to spend your Denver tax return. For any of your tax needs, Bloch, Rothman & Associates is your go-to agency. With the premier quality service you will receive from us, we will help you get the most out of your return. Contact us at 303-321-7160. Wed, 18 Jan 2017 06:00:00 GMT http://denveraccountant.co/blog/9194/---Budgeting-Tips-from-Your-Denver-Accountant http://denveraccountant.co/blog/8891/Preparing-to-File-Your-2017-Denver-Tax-Return blog It’s that time of year again. Tax Season. The holidays are over and the new year is here. By Tuesday, January 31, your employer (and any past employers) will have your W-2 out in the mail. Shortly after, you can file your taxes and learn how much your tax refund will be. You have by Tuesday, April 18, 2017 to file. Here are some tips to think about and best practices when filing your 2017 tax return. Income Files Needed When filing your taxes, you will need specific documents that disclose where your sources of income came from. One of the top forms needed to file taxes is the W-2.  This is the form employers must provide their employees that shows all wages earned and what taxes were withheld. Independent contractors will receive a W-9, which will also share all wages earned. The contractor is responsible for covering the taxes as the person or company they were contracted with do not withhold taxes. For individuals who are self-employed, you will need to turn in a 1099-MISC. In addition, gather up all receipts and other bills and documents of money spent for the business purposes. From here, you may have had sources of income from other sources, such as retirement, 401K, investments, health savings accounts (HSA), prizes or lotteries won sometime within the year or alimony post-divorce. There are tax forms that need to be filed for these methods of income. Have questions? Talk to your local tax specialist to see exactly you might need. Maximizing Your Refund There are a variety of ways to get the most out of your tax refund. Did you buy a new house? Did you move over 50 miles away for a new job? Did you make monetary and/or in-kind donations to charity? You can deduct these type of items from your taxes so it’s important to keep track. What about tools or office space for workâ€"did you purchase your own? That can be deducted too. What about supporting a friend or family member? In the International Business Times’ Get a Bigger Tax Refund By Claiming These Credits and Deductions, says if someone stays with you for at least a year and makes less than $4000 in that year can be claimed on taxes. If You Owe There could be a variety of reasons you might owe on your taxes. If you work for a company and receive a W-2, you may not have had enough money withheld to cover your taxes. For others, such as independent contractors, you will owe the taxes you made throughout the year. In other instances, errors filling out forms may lead you to owe. The deadline to pay the taxes back is April 18, so the sooner you file, the better to give you time to create a plan. If you are unable to make your tax payment by the deadline, there are options available. You can apply for an online payment agreement, whether you are an individual or business owner. It is important to create a plan and pay the money back as soon as you can to avoid penalties. When it comes to all your 2017 tax needs, Bloch, Rothman & Associates is your go-to tax preparation team in Denver. Be sure to factor in these energy efficient tax credits on your Denver tax return and let us help! Fill out our contact form or call us at 303-321-7160 to set up your free consultation for quality service and be on your way to a worry-free tax season. Wed, 04 Jan 2017 06:00:00 GMT http://denveraccountant.co/blog/8891/Preparing-to-File-Your-2017-Denver-Tax-Return http://denveraccountant.co/blog/8817/Filing-Your-Denver-Tax-Return-as-A-Student blog Many college students have jobs. The ones who don’t often have income in the form of stipends. It is important to know the different types of forms available to you, and which form will be best. When in doubt, consult a Denver accountant before filing your tax return. There are three major tax forms for people who have income: the 1040, 1040A, and the 1040EZ. Which of these forms should you use as a student? If you’re filing for the first time this year as a student, don’t file the same type of return as last year. File the 1040A. Here’s why:   It has a section for income, including - Employment/Wages Taxable Scholarships Fellowship Grants Dividends Stipends It has a slot for your student loan interest deduction The student loan interest deduction is for students who made payments on their student loans throughout the tax period. Space for a tuition and fees deduction Tuition and fees deductions are great, but one of the education credits may be more beneficial to you - seek professional advice if necessary. Plus the slot for the child and dependent care credit You can claim the child or dependent credit if you are responsible financially for the child or dependent (relative or spouse). TIP: If you are a student and you are self-employed, you cannot use the 1040A. You must file a regular 1040. Find an accountant to go over all of your options so you can claim the max credits and deductions on your 1040 like you could on your 1040A. The layout is different. If you had no income this year, you should determine if you qualify for one or more of the education credits available to students. If you qualify for any credits that are fully or partially refundable, you will get a refund, even if you had no income or did not pay any taxes for the taxable year. To learn more about the education credits and deductions available to students, please refer to our post Understanding Education Tax Credits and Deductions for Denver Students! This is a comprehensive list of all of the tax credits and deductions available to students attending college for their undergraduate studies. In order to claim your education credits, you need to attach the form 8863 and submit it along with your 1040A. If you look at the form, you will see that it makes it relatively simple to claim education credits and deductions. It has them broken down into categories, and is pretty easy to understand. Of course, if you have any problems, Bloch, Rothman, & Associates is here for you. We are experts at helping students file tax returns and help them get the best refund possible based on their income and their student status. Reach out to us as soon as you’re ready to get started on filing your taxes! Need a tax return amended? Forget a form? Call us as soon as you can at 303-321-7160 to get the correction process started! Wed, 21 Dec 2016 06:00:00 GMT http://denveraccountant.co/blog/8817/Filing-Your-Denver-Tax-Return-as-A-Student http://denveraccountant.co/blog/8686/Tips-from-Denver-Accountants-on-How-to-Manage-Your-Credit-Card-Debt blog Credit cards offer a convenient way to pay for items and services without worrying about having cash on hand, especially while you’re traveling. They can also help you keep track of your expenses while building good credit. One of the pitfalls of using credit cards is that revolving credit can lead you to spend beyond your means, and the fees can build up quickly as your balance and monthly minimum payments increases. If your credit card debt has spiraled out of your control, there are some immediate steps you can take to mitigate the problem. Besides offering tax and bookkeeping services, your local Denver accountants can also provide debt counselling to help you get back on track. 1. Make a list The first step is to write down everything you owe to all of your creditors. Seeing exactly how much you need to pay and to who makes the process easier to visualize and manage. Also make note of the interest rate for every card you have. 2. Organize your debts Figure out which debts have the highest priority and need to be paid off first. Credit cards with high APRs (annual percentage rates) should be dealt with immediately, as you’re getting charged more each month on what you owe. Focusing on aggressively paying down the top-priority cards, while continuing to make payments on the others, gives you a clear and attainable financial goal. Debt counselors can help you devise an effective action plan so you don’t feel overwhelmed. 3. Create a budget Tally up all of your expenses and compare it with your income. This will help you decide how much you can afford to repay on each credit card every month. Use the Bankrate credit card payoff calculator to calculate how long you think it will take until you’re debt-free to get a reasonable sense of your timeline. Paying attention to where your money goes on a weekly basis will show you where you can reduce spending to save money. Looking over your bank and credit card statement from the last year or so will give you an accurate feel for what your main expenses are.   4. Talk to your creditors Once you’re organized and know how much you can reasonably pay on your credit cards, contact each of them to explain your situation. It’s possible to negotiate a lower-interest-rate card or to decrease your current interest rate. Debt advisors can assist with this step to streamline the process. 5. Get advice from a professional There are several avenues you can take to resolve your credit cards debt, including bankruptcy, debt consolidation, and debt settlement. An accounting expert can walk you through each process and explain the benefits and disadvantages of each. Knowing and understanding all of your options will help you take the wisest course of action for your particular situation. Even just having a professional offer guidance and advice on how to manage your payments and create a budget is helpful. Contact Bloch, Rothman, and Associates at 303-321-7160 for a free initial consultation on how to begin resolving your credit card debt. Wed, 14 Dec 2016 06:00:00 GMT http://denveraccountant.co/blog/8686/Tips-from-Denver-Accountants-on-How-to-Manage-Your-Credit-Card-Debt http://denveraccountant.co/blog/8423/Denver-Tax-Professionals--Tips-for-Small-Business-Owners-Who-Use-Credit-Cards blog When someone applies for a loan and receives funding, it is the person’s obligation to repay the loan in monthly installments depending on the agreement. When small business owners use their credit cards to make purchases, there could be a temptation to ignore these monthly bills, but then the balance would pile up. In addition, the person’s credit could be adversely affected. It is advised that consumers treat their credit card as if it were a financed loan. If not, there may be a significant financial burden due to the interest and finance charges on the money owed. Pay Your Monthly Statement To ensure that you stick within a certain budget, you should assess your household and small business budget, figuring out how much money you are obligated to pay back to the financial institution prior to receiving your first monthly statement. When you get your bill, don’t just pay the minimum amount on the statement. Instead, if you can afford to, double the payments. In doing so, you will pay off the balance sooner and it will improve your credit score. Learn more about how to create and manage a budget. Don’t Overextend Yourself When you are applying for a loan, it is better to only take the exact amount that you need. The same is true when using a credit card. Use only the amount of money that you know that you can pay back. Don’t overextend yourself financially but paying for things you can’t afford. If at all possible, you should try to maintain a balance of less than thirty percent of the credit limit. Are You Reaching Your Credit Limit If you find that your balance is approaching close to your credit limit, then it is time to react. Why? Well, this is a warning sign to your creditors that you are strapped for cash. It can also reduce your credit score. Eventually, it would harm you financially when you get ready to apply for a business or personal loan. If you have to maintain a balance above thirty percent of your credit limit, you should at least make sure you pay an extra amount on your balance each month, in addition to the minimum. Balance Transfers Many Americans and business owners carry one or more credit card debt. Some people will use balance transfers to consolidate their debt. It is not uncommon to have balances transferred from one credit card to a low interest card or zero-percent interest card. This helps to save on interest charges and makes repaying your credit card much more convenient since you only make one payment each month on one credit card. Make sure that the transfer fee is no more than three percent. Secondly, you should ensure that the credit limit is sufficiently high to accommodate the entire balance. Business Credit Card Be aware that if you carry a business credit card and you want to get a second card for a staff member or partner, you may be charged an additional fee. Generally, both the cardholder and the business entity will be liable to pay the monthly bill. Now that you know how to use your credit card wisely, speak to one of our Denver tax professional at Bloch, Rothman, and Associates in order to prepare your business taxes or to utilize our payroll services. We have the tax professional to help you with all of your questions. Call us today at 303-321-7160. Wed, 30 Nov 2016 06:00:00 GMT http://denveraccountant.co/blog/8423/Denver-Tax-Professionals--Tips-for-Small-Business-Owners-Who-Use-Credit-Cards http://denveraccountant.co/blog/8368/Tips-For-Lowering-Your-Property-Tax-From-A-Denver-Tax-Specialist blog   No residential or commercial property owner looks forward to paying property taxes, especially because it sometimes feels like the amount you have to pay is completely out of your control. But, is it possible for you to lower your property taxes? Possibly, if you follow these tips provided by a Denver tax specialist: Do your research Do you even know why you’re paying what you pay every year in property tax? Probably not, so take the time to do a little research to get a better understanding. Visit your local town hall and ask for a copy of the property tax cards, which contain information that has been gathered on each property in the city. It is essential that you carefully review the information on your property’s card to ensure it is accurate. If the square footage of your home is really far off, or if the card lists special features that your home does not have, this could explain why you are paying so much in property taxes. Note any discrepancies you find and then contact the tax assessor right away to have your taxes adjusted. Look at your neighbors While you’re looking at property tax cards, you should also research your neighbor’s homes to determine how much they are paying in taxes. Try to find a comparable home, so choose one with approximately the same square footage and special features. If the two numbers are not close to each other, something may be wrong with one or both of the property assessments, so bring this issue to the tax assessor. Don’t make any changes Have you been thinking of installing a pool in your backyard for your kids? Or do you want to finally add more square footage by building a garage or other structure? If you want to keep your property taxes where they were last year, don’t make these changes. But, if you can’t hold off any longer, try to contact your city’s tax department to get an estimate of how much these changes will affect your property taxes. Once you have all of the information, you can make an educated decision on whether or not this is worth it. Do a walk-through with the assessor Instead of completely ignoring the assessor and letting him wander around your property aimlessly, do the walk-through with him. If you go with him, you can help him spot both the positives and the negatives about your home so the tax assessment is more accurate. Tax assessors tend to only notice the special features such as the pool, upgraded kitchen, and marble around the fireplace. They may fail to see the leaky plumbing or missing shingles on the roof that will lower the value of your home, and therefore lower your property taxes as well. Answer the question, “what does a county assessor do?” here.   Bloch, Rothman & Associates, Ltd. is a full service accounting firm offering personal and affordable Denver tax and accounting services for individuals and businesses. Contact Block, Rothman & Associates in Denver for a free initial consultation. Wed, 23 Nov 2016 06:00:00 GMT http://denveraccountant.co/blog/8368/Tips-For-Lowering-Your-Property-Tax-From-A-Denver-Tax-Specialist http://denveraccountant.co/blog/8271/The-Essential-Steps-to-Creating-Your-Payroll-System blog When you own a business, it is important to have a payroll system set up and it does not matter if you have one staff member or thirty. A payroll system streamlines the ability to remain current with all the regulatory and legal duty as an employer. It also saves time and allows you protection from the costly penalties that the Internal Revenue Service can charge. How do you set up your payroll system if you have a small business? Below are several suggestions that can help you. The EIN Number Your EIN or Employer Identification Number is important to your small business. This is easy to obtain from the IRS website and it is free. You must get this done prior to hiring any employees. The EIN is the same lingo as your Employer Tax ID number. It is essential to have one when it is time to report your taxes to the IRS or when you have to correspond with the IRS or any other state agencies. It is easy to apply for one online. Make sure to check your local government to see what else, if any, you need to file your business taxes. Every state is different. Employee or Independent Contractor It is also important to know the difference between hiring an independent contractor and hiring an employee. Sometimes, legally, it is not distinctly clear and may impact your withholding income taxes as well as how you are supposed to pay Medicare, Social Security and unemployment taxes. Employee Documents Be sure to handle employee paperwork efficiently, keeping them filed away and safe for recordkeeping. Your newly hired employees have to complete Form W-4, which is the Federal Income Tax Withholding form. This is important so you can accurately take out the right federal income tax from the salaries of your employees. The Pay Period You should make a decision on how you will structure the pay period for your employees. Make sure you choose a period that works for everyone. Most pay periods are weekly, bi-weekly and monthly. Whether your employee works the complete pay period or not, you still have to withhold their income tax as is required by law. Tracking Hours Although, this is not legally required, it would be to your advantage to set up a payroll system to include the compensation terms for each employee, tracking their hours, paid time off and determining how overtime is paid. Be sure to include business deductibles, premiums for health plan and retirement contributions. The Right Payroll System Select the right payroll system, which will require keen attention to detail as well as accuracy. Choose the method that allows you to do this. You can consider using an outsource payroll service or hiring in-house staff. No matter which option you select, as an employee, you are the person responsible for the paying and reporting of all of your payroll taxes. An accountant is one of the main professionals who can assist you in operating an efficient payroll system because of their knowledge, expertise and experiencing in choosing the right forms and record keeping. Bloch, Rothman and Associates offer Denver payroll services to locals. Contact them at 303-321-7160 for a free consultation. Wed, 16 Nov 2016 06:00:00 GMT http://denveraccountant.co/blog/8271/The-Essential-Steps-to-Creating-Your-Payroll-System http://denveraccountant.co/blog/8176/Tax-Tips-for-College-Students-From-A-Denver-Accountant blog A lot changes when you head off to college. This may be the first time you’re away from your family and financially supporting yourselfâ€"not to mention the first time you file taxes. Filing can be very confusing, especially if this is your first time. Before you have to file taxes next year, make sure you read through these tax tips for college students from a Denver accountant:   Understand Your Filing Status The first thing you need to do as a college student who is filing taxes for the first time is figure out whether you are a dependent or independent. Parents can claim their children as dependents until they are 24 if they are students, so talk to your parents about whether or not they are listing you as a dependent on their tax return. If you are a dependent, you won’t be able to take advantage of any credits or deductions that your parents are already claiming on their return.   Tuition Credits If you are paying your tuition or any other college-related expenses, you may qualify for a few different tax credits. The American Opportunity Credit is available to students in the first four years of their undergraduate studies as long as they have a modified adjusted gross income of under $90,000. If you qualify, you could receive a credit of up to $2,500, so this definitely one you should look into. The Lifetime Learning Credit is worth $2,000 per year, but you don’t have to be an undergraduate student to qualify. Learn more about the lifetime learning credit. If you don’t qualify for either one of these credits, talk to your accountant about whether you are able to deduct any tuition or college-related expenses you’ve had to pay out of pocket. Scholarships Were you awarded a scholarship? If the money you receive is used to pay for tuition, textbooks, and other school-related expenses, it is considered tax-free. However, if any amount of the scholarship money is used to pay for your living expenses, you will need to report it as income on your tax return. But, the full amount of the scholarship does not need to be reportedâ€"just the amount you used on living expenses. So, if you received a $10,000 scholarship and spent $9,000 on tuition and $1,000 on groceries and rent, only the $1,000 would need to be reported as income. Start Saving College is about learning new skills that will help you launch your career, so the last thing you’re probably thinking about is retirement. However, it’s never too early to put some money aside for the future, so every college student should consider saving a little bit every month in an IRA account. Anything you contribute to a traditional IRA is deductible, so you can save now while you save for the future.   Are you in college and about to file taxes for the first time? Get help from the professionals. Bloch, Rothman & Associates, Ltd. is a full service accounting firm offering personal and affordable Denver tax and accounting services for individuals and businesses. Contact Block, Rothman & Associates in Denver for a free initial consultation.   Wed, 02 Nov 2016 06:00:00 GMT http://denveraccountant.co/blog/8176/Tax-Tips-for-College-Students-From-A-Denver-Accountant http://denveraccountant.co/blog/7991/Tax-Tips-For-Retirees-From-An-Accountant-in-Denver blog Going from a full-time job to being a retiree can mean major financial changes. You will most likely have to cut back on everyday expenses and be more frugalâ€"but one expense you can’t escape is your taxes. Here are tax tips for retirees from an accountant in Denver: Understand What’s Taxable Many retirees are completely unaware what is taxable and what’s not, so it’s recommended that you meet with an accountant in Denver to go over your tax situation after you retire. Traditional IRAs and income from dividends or interest are all taxable, so if you use any of these sources to finance your retired life, make sure you realize you will have to pay taxes. However, some accounts, such as Roth IRAs, are not taxable because you paid into them using after-tax money. Understand the difference between a traditional IRA vs. Roth IRA. Deduct Medical Expenses It’s no secret: the older you get, the more medical expenses you will incur. But, did you know many of these expenses are tax deductible? If you are a retiree, don’t forget to deduct any expenses you have paid for in-office copays, prescription drugs, and Medicare premiums. But, these deductions don’t apply to all retirees. If you’re 65 and older, you can deduct these expenses if the total cost you paid is at least 7.5% of your adjusted gross income. Donate to Charity Money may be tight when you’re retired, so giving to charity may be the last thing on your mind. However, you don’t have to open your pocketbook in order to take advantage of charitable tax deductions. All you have to do is clean out your house and donate any items you don’t wantâ€"just make sure you get an itemized receipt as proof. This will help you save money on your taxes while also tidying up your home. Deduct Your Mortgage Interest If you’re a retiree who is still paying a mortgage, it’s important to deduct your interest payments from your taxes to save money. Even if you’re not paying a lot in interest because you have almost reached the end of your mortgage payments, every last dime helps, so don’t forget about this important deduction. Start Early If you have your eye on retirement, be sure to plan how you will pay your after-retirement taxes ahead of time. Begin putting money aside while you are still employed so you don’t have to panic to pay your annual tax bill. Although many advisers recommend thinking about retirement in your 20s and 30s, it’s ok if you don’t give it a second thought until you’re in your 50s. This still gives you plenty of time to put funds aside that will benefit you once you retire. Are you retired or thinking of retiring? Don’t file your taxes on your own. Bloch, Rothman & Associates, Ltd. is a full service accounting firm offering personal and affordable tax and accounting services in Denver for individuals and businesses. Contact Block, Rothman & Associates in Denver for a free initial consultation. Wed, 26 Oct 2016 06:00:00 GMT http://denveraccountant.co/blog/7991/Tax-Tips-For-Retirees-From-An-Accountant-in-Denver http://denveraccountant.co/blog/7924/Factor-In-These-Energy-Efficient-Tax-Credits-on-Your-Denver-Tax-Return blog When you prepare your Denver tax return, it’s important to work with a professional who can help you locate any tax credits that may apply to you. However, if you choose to prepare your return on your own, you need to be familiar with the various tax credits available to homeowners. For example, did you know you may qualify for credits if your home has energy efficient features? It’s true! Here are the three energy efficient credits you should know about: Non-Business Energy Property Credit Have you made any energy efficient upgrades in your Denver home over the last twelve months? If so, you may qualify for the non-business energy property credit. Homeowners can claim up to 10% of the cost of certain energy efficient upgrades including insulation, and energy efficient windows, roofs, and doors. In some circumstances, such as when you install a new, energy efficient water heater, you may be able to recoup the entire cost of the appliance. But, keep in mind there is a maximum limit of $500 on this credit, so don’t expect to claim higher than this amount. You should also be careful when deciding which appliances and energy efficient products to buy for your home. Not every product will count towards this credit, so be sure to do your research to make sure you are choosing one that will save you money. Learn more about how you can get credit for making your home energy efficient. Residential Energy Efficient Property Credit This credit was designed to encourage homeowners to use alternative energy sources, such as solar or wind power. If you have installed any equipment in your home such as a solar water heater or solar panels on your roof, you may qualify to receive up to 30% of the cost with the help of this credit. Unlike the previously mentioned tax credit, there is no limit on this one, so even if your credit comes out to more than you actually owe for your annual taxes, the balance will carry over to the next year. Energy Efficient New Homes For Home Builders Although this one won’t apply to as many people as the first two, it is still worth mentioning in this round-up of energy efficient tax credits. Home builders will qualify for a tax credit of up to $2,000 if the homes they are building meet certain standards. First, the homes must comply with Federal Manufactured Home Construction and Safety Standards. The homes also must meet certain energy saving requirements, meaning they have to be designed to reduce energy consumption. If the homes can reduce heating and cooling energy consumption by at least 50%, then the home builder qualifies for up to $2,000. However, if the home is built to only reduce heating and cooling costs by 30%, then the home builder may qualify for a credit of up to $1,000. Do you need help finding applicable tax credits? Bloch, Rothman & Associates, Ltd. is a full service accounting firm offering personal and affordable Denver tax and accounting services for individuals and businesses. Contact Block, Rothman & Associates in Denver for a free initial consultation. Wed, 19 Oct 2016 06:00:00 GMT http://denveraccountant.co/blog/7924/Factor-In-These-Energy-Efficient-Tax-Credits-on-Your-Denver-Tax-Return http://denveraccountant.co/blog/7725/Should-You-File-Your-Own-Personal-Taxes-or-Use-a-Professional-Accountant- blog Every year, some Americans prepare their own taxes using software applications without identifying and learning about the changes in specific IRS rules and guidelines. As the deadline to file taxes draw closer each year, many of these people try desperate measures to meet the deadline, sometimes not making the best decision of hiring an accountant instead of self preparation. Common Pitfalls There are several convenient and efficient options that an informed consumer needs to consider as it relates to the advantages and disadvantages of electronic filing. For many Americans, they think first about the cost of using a CPA or other tax professional because in some cases the tax preparation cost is more than the tax refund amount. However, this doesn’t happen often. If you decide to file your own taxes, you need to be aware of the common pitfalls. The Advantages There are benefits of filing your own tax return. The most evident benefit is saving money by not having to pay a tax professional. In addition, it helps you to get acquainted with your personal finances, forcing you to look at the money that you spent for the year in comparison to what you earn. In some cases, it can aid you in adopting wise budgetary practices. However, filing your own taxes does have some limitations. Yes, you may be able to categorize a simple lawn care service, but when it comes to categorizing open heart surgery, you may have to leave this to the professional. If you have an adjusted income of less than $57,000 annually and you have only one income stream, the IRS has low cost options that you can use. On the other hand, if you operate a business, you need all the deductions that you qualify for. In that case, you will benefit more to hire a professional tax preparer. Assessing the Detail A Denver accountant can help you to assess details of your return and get you the most deductions. Filing taxes on your own without knowledge of the tax code laws can be quite time consuming and challenging. In the end, the cost to hire a tax professional will be worth it. For example, if you were to pay a Denver tax specialist $500 to prepare a return and you are able to get a $2,000 tax refund, you would fare better than doing it yourself and only getting a back refund of $1,000. Modest Wages Even if you are a student or someone who works on a part time basis with modest wages, you would be surprised to know the extent to which a Denver tax professional can help you. There is always a chance that you will get a reasonable tax refund. The Dreaded Audit One thing that many people do not consider when filing their taxes is the IRS audit. If you are flagged by the IRs for high deductions, then you could get audited by the IRS. When this takes place, it can be quite challenging to find the related documents to build a persuasive case. However, if your taxes were filed by a Denver accountant, you will get the help you need for an audit-proof tax return. Bloch and Rothman can help you with your personal tax preparation. Let a financial professional with years of experience provide the tax help you need each year. Call us at 303-321-7160 to set up a confidential consultation where we will discuss your options. Wed, 05 Oct 2016 06:00:00 GMT http://denveraccountant.co/blog/7725/Should-You-File-Your-Own-Personal-Taxes-or-Use-a-Professional-Accountant- http://denveraccountant.co/blog/7676/Why-Your-Small-Business-Needs-a-Denver-Accountant- blog If you are a small business owner, it is possible that you may have made the assumption that the IRS doesn’t care about your tax liability. This is the wrong assumption to make. Many reports indicate that the IRS is in fact careful to audit small business owners in recent years. Of course, the government may not have an interest in your small business before you make a profit, but once you start enjoying a profit, you are fair game. The Early Stages For that reason, it is important to pay close attention to your tax obligations during the early formation stages of your business. Why? You want to get as many deductions as you are entitled to and you also want to avoid any liability issues that may result from taking unauthorized or unfamiliar deductions. There are several things that you should be aware of as it relates to your federal income taxes. Let’s take a closer look: Legal Entity and Tax Burden Not every small business has a similar tax burden. As a matter of fact, the legal entity that you have selected when forming your business has a huge impact on your tax liability. Therefore, you should think carefully about how you are going to legally structure your business. Seek the help of one of our friendly accountants in Denver if you are not sure. There are several small business structures to consider: Sole Proprietorship Limited Liability Corporation S Corporation Partnership Each one of these has their own restrictions and benefits. For instance, with an S Corporation, the small business owner pays taxes as a shareholder instead of as a corporation. However, you must have at least 100 shareholders to benefit. While, you may have more deductions, it is possible that you may have to compete with double taxation. Consult with a Denver accountant or Denver tax specialist to establish which legal entity will best suit you. The Expenses Most of your business expenses are legally deductible and most of your profit is taxable. You are given legal options as to when and to the extent in which you are able to claim specific deductions. You can claim an allowance for depreciation after purchasing equipment for your business, however, you may be eligible to deduct the entire equipment cost in the first year of purchase when it was used for service. If you used your personal vehicle for business, you may be qualified to deduct the actual cost or use the standard mileage rate. In order to do so, you have to maintain good written records of usage. Startup Expenses Many new business owners mistakenly think that their startup expenses are not deductible, but they are! There are a wide range of startup expenses that you can deduct, even before you start receiving customers. Don’t try to figure this out on your own. A reputable Denver accountant will be able to assist you. Some of these startup costs include: Business licensing Fees for incorporation Buying goods Attending seminars and trade shows Training staff Conducting market research Product analysis Self Employment Tax Yes, the IRS requires that all business owners pay their self-employment tax. You can ease your tax burden by deducting the employer-equivalent element of your self-employment tax. You can also claim fifty percent of the claim you make for your self-employment tax as income tax deduction. If you want to make sure that your business taxes are in good IRS standing, you should consider getting professional help from an accountant or tax advisor. We can help guide you to fully maximize your deductions. Bloch, Rothman and Associates offers Denver tax return services for small businesses. Contact us at 303-321-7160 for a free tax consultation! Wed, 28 Sep 2016 06:00:00 GMT http://denveraccountant.co/blog/7676/Why-Your-Small-Business-Needs-a-Denver-Accountant- http://denveraccountant.co/blog/7580/Is-Your-Small-Business-in-Denver-Financially-Healthy- blog It is rather easy to determine when your small business is doing well and when it is not. When you are operating from behind, you will know. When you are able to make your weekly employee payroll and easily take care of your monthly expenses, it puts a positive light on your financial state. However, are there perceptible levels or discernible distinctions to consistently suggest whether your small business is financially healthy or not? Or are there definitive ways to establish how well your business is doing away from the norm? The Signs There are several ways to do just that, some of which might be fitting to your business than others. When you think about this, you need to also consider the signs to look for that will indicate if your business is in good financial health or the opposite. Let’s take a look. Growing Revenue When you think about profit and loss statement in any small business, it is important to see a steady revenue increase each month and each year. You don’t need a huge profitability spike, but it should be a stable increase that exemplifies upward movement and a strong outlook financially. Flat Expenses In combination with the revenue increase, you also should have expenses remain flat. Your expenses may increase if you see a significant growth surge in your small business. However, generally, the expense increase should remain in line with the revenue increase. Let’s say you notice a revenue increase of three percent each year, your expenses should not increase more than three percent during the same period. Cash Balance Even though, your revenue may be increasing, if you invest that money back into your business, you may become cash poor and asset wealthy, which is not a balance to your financial health. A low cash balance or a stagnant cash balance may mean that your business is unsustainable. So, to combat this problem, keep a specific amount of cash in your local bank for business emergencies. This will prevent you from incurring more business debt from unexpected expenses. Low Debt Ratios Pay special attention to two of the most significant debt ratios, namely debt-to-equity and debt-to-asset. These are your solvency ratios as a Denver accountant may explain. These formulas or calculations are specific to measuring the amount of money your business owes in comparison to how much the business is actually worth. It is best to keep this number as low as possible. It will be more ideal to maintain good financial health for your business. Profitability Ratio When it comes to profitability ratio, you should use one that measures your sales returns and your investment returns. One of the ideal ratios for measuring profitability is your profit margin. This entails a calculation that divides the annual sales into the yearly net profits. Even when making sales, you must ensure that your profit margin remains low. It will depend on a lot of factors such as startup costs and pricing structure. When your profitability ratio is high, you can tell that your business is financially healthy. To simplify the process of measuring your business’s financial health, review the profit and loss statement and analyze various components of the business. In the end, it will be up to you to decide the importance of your financial health. Don’t wait until it gets bad. Contact the Bloch, Rothman, and Associates, an accounting firm in Denver with the experience and knowledge of determining the real financial health of your company. Call 303-321-7160 to schedule a free consultation. Wed, 21 Sep 2016 06:00:00 GMT http://denveraccountant.co/blog/7580/Is-Your-Small-Business-in-Denver-Financially-Healthy- http://denveraccountant.co/blog/7091/Seven-Reasons-for-Hiring-an-Accountant-to-do-your-Bookkeeping blog When you think about bookkeeping, you could compare it equally with a regular dentist visit. However, there are many people who neglect both, which can result in serious consequences. For the most part, business owners will consider hiring someone to do their bookkeeping so as not to have to deal with it until tax time comes around. There are several advantages to hiring a bookkeeper and we will now take a closer look at them. Time Management Many companies find that when bookkeeping operations are outsourced, it allows for a more efficient business. More business owners are choosing this option for the reasons discussed below. For one, the business owner gets more time to do other operational tasks. Functions in the backend office can result in heavy distractions each day. With in-house bookkeeping, there can be a conflict of interest in handling these distractions. Saving Money Use a Denver accountant to handle your bookkeeping and you will have the potential of saving money. Since you don’t have to hire in-house employees, you don’t have to pay full-time salaries or benefits. You can also save money on lost productivity. You pay the accountant only for the services needed. The Expertise A Denver bookkeeping specialist has the expertise, experience, and knowledge to get the job done. The bookkeeping expert will have an understanding of best practices in your industry and will know how to staff specific projects. Placing your bookkeeping into the hands of a highly qualified professional will only make your job easier and simpler. Staying Focused By getting rid of all the heavy distractions in the office, your employees will be more focused on their assigned tasks. Bookkeeping is a focused project, one that can result in a lot of errors, if there are too many distractions. This is especially true, if your in-house bookkeeper has other duties.  Upon outsourcing your bookkeeping, you will also free up more time for your employees to focus on other aspects of the business. Team at Work Most accounting firms that offer bookkeeping service will tackle this task as a team. For that reason, there will be a number of individuals working on this at one time or the other. Your financial records will then go through a number of hands to ensure that mistakes are limited. When just one in-house staff is tackling such an intense and meticulous task, it leaves room for more mistakes because there are no checks and balances done by other staff members. Industry Tools and Resources In an accounting firm, you can expect that the staff will utilize all the necessary industry tools and resources in handling your bookkeeping. This is something you may have not been able to afford. Many programs used for bookkeeping are expensive and if you are a new business owner, this can put a big dent into your operating budget. Known as a Denver accounting firm with years of bookkeeping experience, Bloch, Rothman, and Associates may be the immediate option for you. If you are ready to outsource this service, contact the firm at 303-321-7160. Wed, 07 Sep 2016 06:00:00 GMT http://denveraccountant.co/blog/7091/Seven-Reasons-for-Hiring-an-Accountant-to-do-your-Bookkeeping http://denveraccountant.co/blog/6995/Getting-Ready-for-a-Financial-Review-or-Audit-for-Your-Small-Business blog Do you have a business loan, or are you looking for one in Denver? You may likely be required by the banking institution to produce yearly financial review or an audit done by an accounting firm. Like every tax audit done, the reason is to seek verification of what is being reported and to ensure that the information is correct. It can be quite a nerve-wracking experience when you have to get a financial review or audit done by an accounting firm. However, with a little planning, you may get through the process faster than you think, and also and be able to save some money while doing so. The Expectation You may not know what to expect from a financial review and financial audit. This may be the reason for your trepidation. Well, first, the staff at the accounting firm will evaluate the information that you have submitted to ensure that it is consistent and accurately completed. The staff will utilize an analytic process to make sure that the results make financial sense. If you are unable to explain the reason for change in balances, for example, the staff will do a thorough investigation to find the issue. You may also be asked to explain the change. The Assessment A financial review and audit are both similar in scope, but the accounting staff will still have an audit sample done. Specific transactions will be examined and supporting documentation requested. This is done so as to ensure that information is properly recorded. The staff will assess your operational procedure and the security standards used to store information. This is to ensure that data in the accounting process is authentic. Reducing Costs It can be expensive to have reviews and audits done, especially if your business has grown considerably. In fact, prices for audits can vary from $5,000 to $75,000, depending on the scope of the business. Reviews are half that cost. The cost is determined by the number of hours spent on correcting the financial details of your business. A good accounting firm will try to save money by assigning elementary tasks to entry-level staff. You could save thousands of dollars by making sure that your financial information is correct, thereby, reducing the time that accounting staff will spend on fixing errors. Early Preparation If you implemented good financial practice for your business throughout the year, then you will save time wasted on perusing through your financial documents. This is what would subsequently save you more money. You should be consistently reconciling your financial information on a frequent basis because if not, mistakes will compound and make it harder to locate the problem source. Most experts will recommend that you reconcile your bank accounts every month or every quarter. If you are going to be audited, be sure that all your profit and expenses are documented throughout the year. If you have to scramble to find documents, this could delay the audit. Get your paperwork ready and seek the service of a Denver accountant for a financial review and audit. Contact Bloch, Rothman, and Associates, a Denver accounting firm for a free consultation. Call 303-321-7160 also if you have questions and concerns. Wed, 24 Aug 2016 06:00:00 GMT http://denveraccountant.co/blog/6995/Getting-Ready-for-a-Financial-Review-or-Audit-for-Your-Small-Business http://denveraccountant.co/blog/6876/Is-Your-Small-Business-Financially-Healthy- blog It is rather easy to determine when your small business is doing well and when it is not. When you are operating from behind, you will know. When you are able to make your weekly employee payroll and easily take care of your monthly expenses, it puts a positive light on your financial state. However, are there perceptible levels or discernible distinctions to consistently suggest whether your small business is financially healthy or not? Or are there definitive ways to establish how well your business is doing away from the norm? The Signs There are several ways to do just that, some of which might be fitting to your business than others. When you think about this, you need to also consider the signs to look for that will indicate if your business is in good financial health or the opposite. Let’s take a look. Growing Revenue When you think about profit and loss statement in any small business, it is important to see a steady revenue increase each month and each year. You don’t need a huge profitability spike, but it should be a stable increase that exemplifies upward movement and a strong outlook financially. Flat Expenses In combination with the revenue increase, you also should have expenses remain flat. Your expenses may increase if you see a significant growth surge in your small business. However, generally, the expense increase should remain in line with the revenue increase. Let’s say you notice a revenue increase of three percent each year, your expenses should not increase more than three percent during the same period. Cash Balance Even though, your revenue may be increasing, if you invest that money back into your business, you may become cash poor and asset wealthy, which is not a balance to your financial health. A low cash balance or a stagnant cash balance may mean that your business is unsustainable. So, to combat this problem, keep a specific amount of cash in your local bank for business emergencies. This will prevent you from incurring more business debt from unexpected expenses. Low Debt Ratios Pay special attention to two of the most significant debt ratios, namely debt-to-equity and debt-to-asset. These are your solvency ratios as a Denver accountant may explain. These formulas or calculations are specific to measuring the amount of money your business owes in comparison to how much the business is actually worth. It is best to keep this number as low as possible. It will be more ideal to maintain good financial health for your business. Profitability Ratio When it comes to profitability ratio, you should use one that measures your sales returns and your investment returns. One of the ideal ratios for measuring profitability is your profit margin. This entails a calculation that divides the annual sales into the yearly net profits. Even when making sales, you must ensure that your profit margin remains low. It will depend on a lot of factors such as startup costs and pricing structure. When your profitability ratio is high, you can tell that your business is financially healthy. To simplify the process of measuring your business’s financial health, review the profit and loss statement and analyze various components of the business. In the end, it will be up to you to decide the importance of your financial health. Don’t wait until it gets bad. Contact the Bloch, Rothman, and Associates, an accounting firm in Denver with the experience and knowledge of determining the real financial health of your company. Call 303-321-7160 to schedule a free consultation. Wed, 10 Aug 2016 06:00:00 GMT http://denveraccountant.co/blog/6876/Is-Your-Small-Business-Financially-Healthy- http://denveraccountant.co/blog/6824/Strategic-Steps-in-Reducing-Your-Estate-Taxes- blog This year, not many Americans have to be concerned about their federal gift tax or estate tax. According to the new 2016 estate tax laws, deaths that occurred during this period allowed for exemptions of $5.45 million. This means that you can give or leave up to this amount for your loved ones without incurring federal taxes. Every year, the amount increases as an adjustment to inflation. Married couples are allowed to leave a combined amount, while still being able to avoid federal estate tax. However, check carefully because estate taxes could be imposed on smaller estates in some states. The Tax Bill If you think that you may owe estate taxes and want to reduce your tax bill or avoid it, then many accounting experts may recommend giving away as many properties owned while you are alive. And even if you don’t care about how much estate tax you have to pay, giving offers its own benefits because while you are alive, you will be able to see how those receiving your gifts will enjoy it. Cash Gifts In the year 2016, Americans can give away unrestricted amounts of $14,000 in cash or other property â€" without having to pay taxes on it. To make sure that you are entitled to these savings, bear in mind that no single cash recipient can get more than $14,000 in one year. There is a yearly exclusion to consider. The Yearly Exclusion The exception rule for giving $14,000 in one year to one individual is straightforward. For example, if you were to give $25,000 to one person, then $14,000 out of that amount is exempt because the federal government sees this as an amount that the law allows you to give. However, be aware that you would have to pay the gift tax on the remaining amount of $11,000. The federal government does factor in cost of living and inflation. Therefore, the amount will increase in increments of $1,000 each year. Married Couples For married couples, this rule allows them to double the amount that they can give. For married couples, the gift amount would be $28,000 for the first year. In the example above, the married couple would not owe any gift tax. According to the IRS Code § 2513, whether one person or other gives $28,000 in cash gift, it still counts as both consenting to the gift. Let’s say that Janet and Jeff are an older married couple and they decided to give their daughter and her husband some money for making a down payment on their first home. They can take advantage of the exemption rule for a married couple by giving their daughter and her husband $28,000 for the down payment instead of $14,000. As soon as the first year ends, they can give away an additional $56,000. The gifting rule for other recipients such as one spouse or child is intricate and may need to be explained by an accountant that knows the laws. For that reason, contact Bloch, Rothman and Associates at 303-321-7160 for a free consultation on estate tax or gift tax procedures allowed by the federal government. Wed, 03 Aug 2016 06:00:00 GMT http://denveraccountant.co/blog/6824/Strategic-Steps-in-Reducing-Your-Estate-Taxes- http://denveraccountant.co/blog/6764/Should-a-Small-Business-Owner-Secure-an-Accountant--- blog There are several reasons why a small business owner would hire the services of a tax accountant. This is especially essential as the small business goes through various stages of development. The small business owner may need help with business planning, bookkeeping, and tax audits. In comparison to the peace of mind that this provides, the extra expense to having a tax accountant is worth it in the long run. The Affordability Some business owners may shy away from using a tax accountant. It is possible that the expense may be their primary reason. However, it is important to have a tax accountant handy because you never know when you will need one. If you are working on a tight budget, you can hire a Denver accountant for a specific task as opposed to full time service. Many of them will work within your budget, providing the necessary services that will get you by. The Benefits However, when considering whether you should use the services of a tax specialist, you should bear in mind the value that you will receive. There are several benefits such as: The time you will save Peace of mind Work that is free of errors Other services that you can take advantage of Yes, some accountants offer more than just doing your taxes. You will save yourself a great deal because in business, a professional accountant is always a plus and not a negative. Other Services As mentioned, some accountants offer other services such as writing your business plan and doing your bookkeeping. These days, accounting software is used to accomplish the task of keeping your books accurate. You can ask for financial projections and estimated tax payments from your accountant. A business plan provides a blueprint to where you would like to see the growth of your business in future years. The estimated tax payments gives you an idea of how much taxes you will owe at any given period. Both of these services will save you time and money, both long term and short term. The Business Structure An accountant will assist you in choosing and filing the kind of structure you want for your business. This could include: Sole Proprietorship Limited Liability Corporation Partnership You will be guided as to which structure will benefit your particular business. You will get an explanation of the legalities involved in each of these business structures to reduce liability. Financial Direction If you took on your own business accounting, it could really get out of control, especially if you do not have the kind of extensive knowledge that is required. When it takes time to file your taxes, you may get into a panic of whether you are doing it the right way or not. In addition, the tax laws change every year and most accountants stay abreast of these things. When you give this responsibility to a tax accountant, it relieves you of the burden and it gives you more confidence. Your revenue will be monitored on a continuous basis so that you are aware of your financial standing at all times. If you are looking for a relief from handling your own taxes, it is time to consider a Denver tax specialist like Bloch, Rothman and Associates. Contact us at 303-321-7160 today. Wed, 27 Jul 2016 06:00:00 GMT http://denveraccountant.co/blog/6764/Should-a-Small-Business-Owner-Secure-an-Accountant--- http://denveraccountant.co/blog/6627/Understanding-Estate-and-Gift-Tax-Exemptions-for-Your-Denver-Taxes blog When it comes to tax planning, relatively few people know about, or need to know about, the federal estate tax and the federal gift tax. If you are fortunate enough to be able to give large monetary and property gifts over the course of your life, then these taxes can have an impact on your overall tax liability. Due to the American Taxpayer Relief Act (ATRA) of 2012, the estate tax is part of the Internal Revenue Code, which is the domestic federal tax law in the US. ATRA increased the amount of an estate’s estate and gift exemption to $5.45 million, meaning that an individual can give away that much in gifts throughout their lifetime without having to pay a federal tax. However, there are more nuances to the law than just the overall dollar amount donated, so you may need a local Denver accountant or tax professional to help you understand these taxes. Estate Tax The estate tax is a tax on the transfer of your property at death. Your gross estate is evaluated, in an accounting of everything you own or have interests in. This includes all of your assets, such as cash, securities, real estate, insurance, trusts, business interests, and so on. There are certain deductions made in the process of calculating your taxable estate, such as mortgages, other debts, and property that is given to heirs or charities. The net total is then federally taxed. There has recently been a fair amount of public debate over the estate tax and we highly recommend speaking with an estate planning or tax professional if the estate tax is something that may affect you or your loved ones in the future. Gift Tax The gift tax is a tax on the transfer of money or property from one individual to another, without receiving anything in return or accepting significantly less than what the property is worth. The donor usually has to file and pay for the tax, although exceptions can be made. There is often also a dollar amount limit on what can be gifted tax-free, so it is important to speak with a tax professional to plan ahead if you intend to keep your gift donations under the tax-free threshold. Annual Exclusion Currently, you can give $14,000, the annual exclusion amount, to as many individuals as you want without having to pay the estate or gift tax. Spouses can combine their annual exclusions and give $28,000 without having to pay taxesYou can donate to charities, to a spouse, or to a political organization; you can also pay for tuition at an educational institution or medical expenses at a medical facility in unlimited amounts, as long as you make payment directly to the institution or organization. Gifting stocks and real estate, either physical or percentages of ownership, are other gift options. Spouses can combine their annual exclusions and give $28,000 without having to pay taxes. This annual exclusion occurs on a yearly basis, so it’s important to time your donations accordingly. Your accountant can help you with important filing dates and deadlines. While crafting your estate plan, bear in mind the unified credit, which occurs when the federal gift tax and estate tax are integrated into one. This is the credit for the portion of estate tax due on taxable estates. If you exceed the annual gift tax exclusion amount, you can either pay the tax on the excess, or avoid paying the tax by using the unified credit. Donating your assets during your lifetime is beneficial for you and your loved ones, although filing these types of returns can be a complicated process. Schedule a free estate and gift tax return consultation with Bloch, Rothman, & Associates at 303-321-7160 to help determine your needs and for professional assistance with estate and gift tax filings and exemptions. Wed, 13 Jul 2016 06:00:00 GMT http://denveraccountant.co/blog/6627/Understanding-Estate-and-Gift-Tax-Exemptions-for-Your-Denver-Taxes http://denveraccountant.co/blog/6570/Tax-Hints-for-Denver-Landlords blog The inventory of homes in Denver is notoriously tight and property values remain high. There aren’t very many steals to be had in the real estate market these days so the profits of buying and flipping homes have come down. With the cost of rents soaring in Denver and all along the Front Range, many have entered into the rental market instead selling the homes. Buying and quickly selling a home requires the seller to pay a large sum in capital gains on any profits made as well. Renting on the other hand offers the landlord an array of tax deductions so that they can put more money in their wallet vs. sending it to Uncle Sam in April. Our Denver tax consultants are well versed in capital gains, depreciation, and can advise you about the advantages of possibly forming an LLC. Should You put Your Rental Properties into an LLC? As with anything, there are plusses and minuses of forming an LLC. Before making a decision one way or another, sit down with one of our tax advisors who will help you weigh the pros and cons of your particular situation. The main advantage of an LLC is asset protection. If your tenant, or one of their guests, decides to sue you, your personal assets are protected. This isn’t failsafe though. For instance, if you do form and LLC be sure to keep your assets separate from your personal funds or someone suing you may be able to claim that it is not a separate entity and you would lose your protection. The main tax advantage of forming and LLC is that you use what is called pass through taxation. This means that the business itself is not subject to tax but rather the owner will be taxed individually on their income. This avoids double taxation. One of the disadvantages of going the LLC route is that it is not free. There is usually a state fee of between $100-$200 and in some states there is an annual fee as well. Know the Difference between Repairs and Improvements Repairs are defined as anything that puts your property back into the same condition while improvements are anything that enhances the property. Repairs can be expensed in the year that they were done. Improvements, on the other hand must be capitalized and the tax advantages will come over time in the form of depreciation. The Cost of Doing Business Save those receipts. If you’ve got to drive to and from the property to collect rent, track your mileage, it’s deductible. Any supplies that you have to purchase to keep the property up are also deductible. This can include anything from weed and feed, to wasp spray, to caulk for the shower. If you speak to a lawyer or tax consultant about the property, their fees are deducible as well. These and many other deductions may save you money come tax time so don’t delay talking to a tax advisor. If you’ve recently entered the real estate investing game be sure to speak to one of our tax advisors. They can help you keep more of the money that you have worked so hard to make and keep you out of any pitfalls that you may not be aware of. Our tax planners can be reached at 303-321-7160. Wed, 06 Jul 2016 06:00:00 GMT http://denveraccountant.co/blog/6570/Tax-Hints-for-Denver-Landlords http://denveraccountant.co/blog/6300/What-Items-Can-Be-Seized-During-an-IRS-Collection- blog There are many taxpayers that have to solicit help from a Denver tax specialist after getting that ominous letter of threat from the Internal Revenue Service. Of course, fear will often set in, but don’t freeze up. You cannot ignore this letter, though. You have to deal with it, but not on your own. Some of the fears that you may encounter include: Losing your home Business closure Garnishing of wages Some of these fears are warranted because the IRS will probably garnish your wages first before going for your home or business. However, with loss of wages, your family will be affected in some way or the other. The Collection IRS collection is the power that the Internal Revenue Service has. They have a wide range of available tools and resources to bring tax delinquency into appropriate compliance. The tools and resources used by the IRS are tempered by restrictive rules of what the IRS can and cannot take from the taxpayer. So, there are things that are off limits to the IRS, believe it or not. Let’s look first at what is accessible to the IRS. The Notice A Denver accountant will tell you that law protects you from having any surprise action from the IRS. The IRS is required by law to send out a notice prior to enforcing any type of collections. Before the IRs can even confiscate any of your assets, go after your finances, or consider wage garnishment, the IRS has to follow specific Internal Revenue Code by sending out the CP 90 notice, which is known as the ‘Final Notice of Intent to Levy’ as well as a ‘Notice of Your Right to a Hearing.’ The Exceptions There are a few examples where the IRS does not have to give advanced notice to seize or levy. First is the instance where the IRS thinks that the government will be in jeopardy while collecting taxes and secondly, if it is a case of disqualified employment tax. In jeopardy levy, the taxpayer will often try to move assets out of the country. In some cases, the taxpayer will transfer assets to a third party or conceal the assets from the IRS. The IRS will levy first in these situations and send out the notice after. Employment taxes that are unpaid will cause the taxpayer to be subjected to a levy. If the taxpayer asked for a CDP hearing within a two year time frame while the levy is being served, the IRS does not have to send out a notice.   The Seizure Therefore, if you have received a notice from the IRS that you owe taxes, there is no immediate surprise threat to you as long as you follow the right protocol. It is highly recommended that when filing your taxes, you use a Denver tax preparation service. In doing so, you will have access to professionals that understand IRS audits. If you ignore it, the IRS can seize: Hard assets like homes, vehicles, and personal belongings Soft assets like retirement savings, bank accounts, and employment wages Off Limits If there are assets with no equity, the IRS cannot seize. For example, if you have a home, the equity has to be more than the mortgage balance and the cost to sell the home. Other items off limits to the government are: Essential clothing Trade tools Worker’s compensation Unemployment and veteran’s disability benefits SSI benefits Public assistance benefits Court ordered child support income Don’t carry the burden of an IRS notice when you can contact the experts at Bloch, Rothman and Associates. We will help you to construct a plan on how to handle your IRS audit. For a confidential consultation, call us at 303-321-7160. Wed, 29 Jun 2016 06:00:00 GMT http://denveraccountant.co/blog/6300/What-Items-Can-Be-Seized-During-an-IRS-Collection- http://denveraccountant.co/blog/5586/Filing-Your-Denver-Tax-Return-If-You---re-Self-Employed blog If you haven’t yet filed your tax return, it’s not too late to do so. Filing your tax return can seem daunting if you’re self-employed, particularly if you’re trying to figure out what you can write off, and if you can claim any other credits. If you had a company job where taxes were automatically deducted, plus you worked from home and received a 1099, things can be even more confusing. Luckily, you can consult a Denver tax specialist if you feel too overwhelmed. Here are some tips for filing taxes if you’re self-employed - even if you go to a professional accountant, you can make sure you have this information with you for your appointment to make things go more smoothly. W-2s and 1099s: This may seem obvious, but it is important to make sure that you attach all of your relevant documents to your tax return. The IRS won’t take your word for what you did and did not pay, and if you don’t attach all the documents for the income and taxes paid that you claim, they will send your return back or put it on hold until they receive these documents. Each document needs to be attached to the form you are submitting. Whether you have six 1099s or one, three W-2s or none, make sure you attach each one to your tax form with the correct tax form(s). Taxes Paid vs. Taxes Owed: If you had a W-2 where taxes were automatically deducted, you may not owe any taxes even if you were self-employed and are subject to self-employment tax. When filling out your 1040, make sure that you include your 1099 income, and calculate the amount of total tax you paid through your W-2 to figure out if you will get a refund or not. Even if you are still due a refund, make sure you fill out the correct form for self-employment tax and attach it to your 1040. If you skip this step, the IRS will place your refund on hold and send you a letter requesting the supporting document. Possible Deductions: You can write off different things that are relevant to your self-employment. The type of work you do as an independent contractor determines what costs you can and cannot write off. If you work from home primarily on your computer, you can write off the cost of a new computer, the cost of any required software for your job, and the cost of your antivirus software. Consult your accountant to see if you can write off other costs, such as computer repairs, if you had any. If you do a lot of traveling for your independent contractor position, you can write off the cost of gas, airline travel if relevant to your work, hotel costs if they were work-related, and other travel expenses. If you are a travel writer/blogger, where you rely on your laptop as well as need to travel, a professional will be able to determine how much of your costs you can write off. TIP: Be careful of writing off too many things if you make a lot of money working from home, because it can increase your chances of an audit, particularly if you file your own taxes. Read our blog post 4 Things to Know about IRS Audits and Your Denver Tax Return for more information on tax auditing. Claiming Other Credits: There are plenty of credits out there that you may be able to claim that may make your amount of taxes owed smaller. This would be especially useful if your only income is from independent contracting or other self-employment. Make sure if you are filing your own taxes that you are certain you are not breaking any rules when claiming credits. Carefully read the IRS instruction sheets for each credit as well as the instructions for filling out the appropriate tax form, like the 1040. Education Credits - There are several education credits available to full-time students. There are significant differences between them all, so make sure you choose the correct one, or the one that is most likely to get you a sizable deduction provided you meet the criteria for more than one. For example, one is dedicated to student loan interest, while others are based on cost of tuition. If financial aid is covering your school costs, make sure you read the fine print to see if you can claim the credit based on student loans vs. out of pocket costs. Earned Income Credit - The EIC is based on your total income. There is some extra math involved to figure out if you can claim this credit to get a deduction. Make sure you do the math correctly and come to an accurate deduction amount, because errors that the IRS has to fix will delay your refund. TIP: Save all the receipts for what you think may be relevant write-offs, even if you are unsure. If all of this information is making your head spin, contact us at Bloch, Rothman & Associates. We employ some of the top professional accountants in the area, all of which are certified experts in the field. We want to help you get a great refund, or at the least, make sure you’re not overpaying the IRS if you still owe some taxes at the end of the day. Call us at 303-321-7160 to see what we can do for you, and we’ll schedule you for an appointment at a time that works for you. Wed, 15 Jun 2016 06:00:00 GMT http://denveraccountant.co/blog/5586/Filing-Your-Denver-Tax-Return-If-You---re-Self-Employed http://denveraccountant.co/blog/5437/How-Denver-Accountants-can-Help-Your-Small-Business blog Denver is an amazing place for a startup to grow and prosper into a large-scale operation. Small business owners are used to wearing many hats from helping customers, to marketing, to billing and purchasing, to sweeping up at night. Many think that hiring a professional accountant or bookkeeper is only a corporation or large business would do. It’s true that there are many tasks that a software program like QuickBooks can help with, but a full fledged accountant can do so much more than get your taxes done on time, they can actually help your business grow at a more rapid rate. We're Number Geeks You may groan every time you have to sit down and figure out a profit and loss statement, but we don’t. Not just producing spending reports, but quantifying and extrapolating data are the thing that accountants thrive on. By bringing this data to life, we can help track spending trends, spot money saving opportunities, and possibly more efficient ways of doing things. You Need A Plan It is estimated that 8 out of 10 businesses fail and only about 50% of small businesses survive more than 4 or 5 years. Many businesses start with a solid idea, but end up failing in the end because they lack a plan for growth and sustainability. A good accountant will not just gather financial data, but use it to help you see the bigger picture and create financial forecasts, set goals, and budgets, creating a roadmap to success. They don’t Fear the Taxman Tax season for small businesses isn’t just in April; it’s a year-round endeavor. Payroll tax, sales tax, property tax, it’s a full time job in itself. You may be losing money every month by not taking advantage of deductions you don’t realize you’re eligible for. The tax code is several thousand pages and changes every year. It’s a reality that businesses do get audited, but we will make sure that your documentation will be well organized and we will be there to guide you through this stressful process. Once you’ve been through an audit and your business practices have been found to be sound, chances of being audited a second time will be drastically lower. Opportunities for Saving Money are Everywhere We have a wide breadth of experience in all types of industries. We have seen systems that may have worked well for others that may be just the thing to save you money and help your organization run smoother. We may also be able to offer supply chain suggestions or broker negotiations that will grow your bottom line. Often business owners just continue to do what works because they are too busy to look for better alternatives and take an, “if it ain’t broke, don’t fix it” approach. The benefit of looking at a P and L with a fresh perspective cannot be overstated. Another of the top reasons that businesses fail is that they lose touch with the needs and wants of their customers. By letting us take over the far reaching duties of bookkeeping and accounting you can get back to what you do best and what you likely got into your business for, taking care of your customers. Call us at 303-321-7160 and let’s start charting your plan for success today. Wed, 08 Jun 2016 06:00:00 GMT http://denveraccountant.co/blog/5437/How-Denver-Accountants-can-Help-Your-Small-Business http://denveraccountant.co/blog/5435/Denver-Tax-Specialists-Outline-Which-of-Your-Spring-Projects-May-be-Tax-Deductible blog The weather is warming up, which means it’s time for spring projects. If you’ve got a home improvement list a mile long, don’t forget to save your receipts. They may save you some money come tax time. Feel free to call our tax professionals before you get started on your project. They can give you some guidance on what may or may not be deductible. Financing As you probably already know, mortgage insurance and interest are tax deductible. Instead of using a credit card, or unsecured loan to finance your project, get a home equity line of credit, second mortgage, or refinance your first one. Some home improvement suppliers or services will try to lure you into using their financing by tempting you with a 0% introductory deal. Be aware that if you don’t pay the entire balance off by the end of the stated period, interest will be charged from the beginning of the loan. If you qualify for a zero-interest offer, secure a home equity line of credit first, take advantage of the zero interest period to pay off as much as possible, and then transfer to the home equity loan where all your interest will at least be tax deductible. Plan for the Long Run If you do any upgrades to your home such as, new bathroom, new deck, landscaping, or any electrical updating, you won’t get any tax deductions now but it could save you money down the road. If you decide to sell your home you must pay capital gains on any profits you make. Any expenses that you incur doing upgrades to your home, decreases your profit, thereby lowering the amount of taxes you will pay on your home profit. Save Money on Utilities and Taxes Too The government is offering all kinds of credits and deductions for home improvements that are kind to the earth. If you install any energy generating systems, such as solar panels, wind turbines, or fuel cells, you can receive a 30% credit for the cost of the system, including labor and installation. Improvements that add to energy efficiency, such as insulation, exterior doors, windows, and certain roofing items, may also be tax deductible. Saving energy with more efficient water heaters and furnaces not only takes a bite out of your energy bill, but your tax bill as well. Energy Star is a program started by the EPA that helps consumers identify which products are energy efficient. You can find a comprehensive list on their website. Work From Home and Deduct the Space If you add on a space to your home that is specifically dedicated to a work space, it is tax deductible. You can deduct the material costs as well as the labor. You can also depreciate this space annually. If you make any additions to an existing space to make it into a home office, this is also eligible for this deduction. For instance, if you add shelves and a work table to a spare bedroom, the improvement costs are deductible and the space is depreciable.   Let Uncle Sam foot some of the bill on your home improvement projects! Give us a call today at 303-321-7160 and we can help you get every dollar that you are entitled to. If you have any big changes coming up such as a marriage, a child starting college, you’re buying or selling a home, or if you’re doing a remodel, speak to one of our Denver tax planners first. Wed, 01 Jun 2016 06:00:00 GMT http://denveraccountant.co/blog/5435/Denver-Tax-Specialists-Outline-Which-of-Your-Spring-Projects-May-be-Tax-Deductible http://denveraccountant.co/blog/5133/Health-Related-Deductions-to-Discuss-With-Your-Denver-Tax-Specialist blog It seems that taxes go up every year, putting an even bigger squeeze on the taxpayer. Bloch, Rothman, and Associates tax specialists will do everything we can to lessen your burden, but you need to share as much information with them as you can about possible deductions. This kind of personalized service is the greatest advantage of using a professional accountant versus an online software aid. Many overlook health-related deductions because they have to be a large percentage of your income to qualify, but things can add up quickly if you know what to look for. IRS Section 502 is a comprehensive list of things that can be deducted from your taxes. These are some examples: Some are more obvious, such as out of pocket doctor visits and prescriptions. Did you quit smoking this year? If you did, congratulations! Money that you spent on tobacco cessation is deductible. This includes prescription pills, but not over the counter aids such as patches or nicotine gum. Support program fees can be deducted. Transportation expenses to the doctor or hospital are deductible. If you took a cab, train, or bus to get a flu shot or have a check-up, you can deduct that expense. This expense can also be deducted for a caregiver who transported a child or dependent to medical care. For those with mobility issues, wheelchairs, canes, or other mobility aids can be used as a tax deduction. If you have had to install any special features in your home, such as ramps, hand rails, or other specific mobility aids, these can also be deducted. Any expenses related to vision correction can be deducted. Eye exams, glasses, contacts, and vision correction surgery all fall into this category. Items such as contact lens solution can also be used as a deduction. Some alternative medical treatments may also be tax deductible. For instance chiropractic care and acupuncture treatments are both deductible. If you have had to purchase any medical equipment this year that uses electricity such as an oxygen concentrator, or a CPAP or BiPAP machine for sleep apnea, you can deduct the power usage. Be sure to bring an electric bill with you that shows how much you are being charged per kilowatt hour. You will also need to bring the manual of your device so that we can figure out how many kilowatts per hour it is estimated to use. If you were advised by a doctor to lose weight to treat a specific condition such as high blood pressure, hypertension, heart disease, or diabetes, you can deduct certain expenses of joining a weight loss program. Fees to support programs are deductible but special food is usually not deductible unless it is for the specific illness you have, ie no sodium for blood pressure etc. Gym fees are not deductible but if you participated in specific classes geared toward weight loss at the advice of your doctor, you can deduct those fees. If you purchased any items to monitor a condition such as a blood pressure cuff, blood sugar tester, or pulse oximeter, you can deduct the cost of the device as well as the batteries and supplies required to use them. These are just a few health related deductions to which you may be entitled. If you have other questions, please don’t hesitate to ask. The more information your tax preparer has, the more easily they can help you find every deduction to which you are entitled. Be sure to check out our Tax Preparation Checklist for 2015 Taxes for items that you should bring to your appointment. Call 303-321-7160 today! Wed, 18 May 2016 06:00:00 GMT http://denveraccountant.co/blog/5133/Health-Related-Deductions-to-Discuss-With-Your-Denver-Tax-Specialist http://denveraccountant.co/blog/5128/Denver-Tax-Preparation-and-Education-Expenses blog The price of college continues to skyrocket while wages have remained stagnate over the past several years. In 1976-1977 it is estimated that a student who worked full time during the 12 weeks of summer could afford to pay for 100% of their tuition, and in most schools have some left over for books and spending money. This is not the case today. It is estimated that a summer’s worth of full time work will cover less than 25% of tuition and fees at the average university. Most college students are forced to take out loans to cover that gap. It is estimated that the class of 2015 graduated with an average of more than $35,000 in student loan debt. If you are among those striving to pay back school debt or are still in school, consult a Denver tax specialist to be sure that you’re receiving all the tax credits and deductions to which you are entitled. Tax Tips for Current Students: Education expenses are eligible tax deductions. You can deduct expenses you pay for yourself or any person that you claim as a dependent. Students keep in mind that your deduction may be limited if your parents are still claiming you as a dependent. Schedule a conference to meet with a tax consultant to see which filing status would be most beneficial to your family. Also be sure to ask about the American Opportunity Credit. Expenses that qualify: Books Supplies Equipment Required for Coursework Tuition School Fees Expenses that do not qualify: Transportation Room and Board Living Expenses Insurance Medical Expenses Activity and Sport Fees Tips for Those Paying Off Student Loans Student loan interest can provide you with up to $2500 less taxable income. To qualify, you must be making less than $65,000 if filing single, or $130,000 if married and filing jointly. This deduction is available for the borrower who signed for the loan and is repaying it so it can be either the student or their parent. Look for an interest statement, or 1098-E from your loan servicer if you paid more than $600 in interest in the past tax year. To help ease the burden of large student loans there have been several programs set up to accelerate payback and arrange for some balance forgiveness. Some income-driven payback programs adjust your payments to your income and will forgive the balance of your loan after you have made payments for a specified amount of time, usually 20 or 25 years. These are great programs that will eliminate a lifelong payment burden, but do keep in mind that balance forgiveness could mean a larger tax bill for the year the balance is disbursed. The borrower must claim any forgiven balance income. There are many reasons to use Bloch, Rothman & Associates, LTD as your tax professional as opposed to online software. We have a better understanding of your situation and can help you develop a plan to minimize tax burden and maximize deductions. Call 303-321-7160 to consult with us today! Wed, 11 May 2016 06:00:00 GMT http://denveraccountant.co/blog/5128/Denver-Tax-Preparation-and-Education-Expenses http://denveraccountant.co/blog/5129/Filing-Taxes-in-Denver-with-Multiple-Documents blog It seems like every year, tax rules change. If you only have one job, one necessary document, and everything basically spelled out for you in your W-2, you can easily file your own 1040EZ document and send it in with few worries at all. However, if you have more than one job, or had multiple jobs throughout the year, things can be a little more tricky. There are a few things you need to make sure you attach to your 1040 tax return. If it seems overwhelming, you may want to consider getting an expert to do your Denver tax return. Each W-2 you received if you had or have multiple jobs throughout the tax year needs to be attached to your tax return. Make sure you add the correct numbers together to represent your overall income and amount of taxes paid. If you claim a deduction, make absolutely sure you provide the supporting documents that prove you deserve that tax deduction (e.g. if you claim the American Opportunity Tax Credit, make sure you have the document from your university that proves the payments you made on tuition). Carefully read the instructions for any deductions you may be able to claim. Do not try to claim a credit you are not 100% qualified for. If you have a 1099 for work performed from home, you need to make sure that you calculate the self-employment taxes owed, unless you paid taxes quarterly. You must attach each 1099 as proof of income, even if you also had one or more W-2s from the same year. (Note: If your refund due from your W-2 taxes paid is greater than the tax you owe, you will still get a refund. If not, you will owe money to the IRS.) Remember: You will only get a 1099 for work performed as an independent contractor if you made more than $600 from that company/client. Consult a local accountant if you are unsure how to add income for which you did not receive a 1099. Tip: Keep an Excel spreadsheet of all the income you made as an independent contractor so you know how much income to report. If you are not sure which types of income you are required to report, consult an accountant. Proof of year-long health insurance coverage is now something you may need to attach to your tax return. Your employer, your health insurance provider, or the state (if you receive Medicaid or some branch of it) is required to provide you with a document stating that you were covered for each month. If you were covered by multiple mediums, you will need to attach all the documents to prove you were covered the whole year. If you were not covered by health insurance the whole year, you will owe a tax for each month you were not covered. Consult an accountant if you are unsure. In general, you should keep a copy of all tax documents in the event you have made a mistake or end up being audited. These documents may include a copy of the tax return you filed, a copy of your W-2s and/or 1099s, a printed copy of any self-made spreadsheets, a copy of any supporting documents for your tax deductions, and copies of any receipts that are relevant to any deductions that you claimed. The IRS can audit you up to five years back, so keep these documents safe. Once the 5-year mark has passed for each document, make sure you shred the document in a shredder. Most of these documents contain your social security number, bank account information, and other sensitive information that could result in identity theft or unauthorized charges/withdrawals. If all of these rules seem a little overwhelming, we recommend you hire a professional accounting firm to handle your state and federal taxes. Not only can an accountant ensure you have all the necessary documents attached, they can also let you know what tax credits you can claim. At Bloch, Rothman & Associates, LTD, we can make sure you get all the deductions and prevent delays from mistakes or missing documents. We're your local go-to firm with expertise in personal tax preparation. Call us at 303.321.7160 to schedule an appointment and get a free consultation. Our tax experts will get started right away on your hassle-free road to a great refund. Wed, 04 May 2016 06:00:00 GMT http://denveraccountant.co/blog/5129/Filing-Taxes-in-Denver-with-Multiple-Documents http://denveraccountant.co/blog/5127/Submitting-an-Amended-Denver-Tax-Return blog Occasionally we all make a mistake on our taxes if we are accustomed to doing them ourselves. Sometimes our employment circumstances change, we make a typo on the return, we miscalculate something, we get confused by the directions, or we have to use a form we’ve never used before - basically, there are a ton of ways any one of us could make a mistake on our tax return. Generally the IRS simply fixes small mistakes for us, though it can take them quite some time. Other times, the IRS expects us to fix our mistakes ourselves, and we must file an amended tax return. Filing an amended tax return can be a tricky process, and some of us may not feel comfortable doing the paperwork ourselves and risk making another mistake. The best Denver tax specialists can help you filing an amended tax return. To get an idea of whether or not you would like to do it yourself, here are several steps and tips that you need to take in order to file an amended tax return: You need a form 1040X if you filed a 1040, 1040A, or 1040EZ. It is available for download on the IRS website. It can be modified on your computer and printed at home. If you download the tax return form and want to take a break while filling it out, do not close the document. Saving it to your computer only saves the blank document, not your changes. You cannot submit amended tax returns online, so you have to check for the address to send your return to according to where you live in your state. Make sure you send it to the correct address, or there will be a serious delay in getting your return. You generally do not need to file an amended tax return over a simple math error, because the IRS will fix them for you, even though it could result in requiring a little extra time to get your return. Check the status of your refund on the IRS website. If your error was that you forgot to attach your W-2, 1099, or other tax documents, you don’t have to rush to file an amended tax return. The IRS will contact you with a request for the documents and the address you can send it to. Make sure you write the year that you are filing the amended tax return form for, not the present year. You must do this within three years of filing or two years of paying a tax, whichever is later. If you are amending more than one tax return, you must fill out a separate 1040X for each year you are amending. You must mail these in separate envelopes. The 1040X instructions provide the list of addresses that you will need to mail your forms to depending on where you live. If the changes require another schedule or a different form, you must attach those to your 1040X before you mail them in. If you owe money on your taxes, make sure that you calculate how much you owe correctly. If possible, submit payment for any owed taxes with the 1040X. If you are unable to make the full payment, arrange a payment plan with the IRS so your taxes do not go into collections. You must pay the full amount by the due date unless you work out a different plan with an IRS agent. If in doubt about any part of the 1040X or submission process, consult an accountant or contact an IRS agent to make sure that you do everything correctly. If you decide to have a Denver accountant file an amended tax return for you, we suggest viewing the 1040X, identifying which parts need amending, and compiling everything together before your accounting visit. This will make the process much faster and smoother for your accountant. Bloch, Rothman & Associates will be able to get you back on track with the IRS in no time if you don’t feel confident in your own abilities. Contact us today! Wed, 20 Apr 2016 06:00:00 GMT http://denveraccountant.co/blog/5127/Submitting-an-Amended-Denver-Tax-Return http://denveraccountant.co/blog/5078/Understanding-Education-Tax-Credits-and-Deductions-for-Denver-Students blog Education tax credits are a great way to make sure that you get a tax refund as a student, whether or not you earned a lot of money last year while you were in school. Before you go to a Denver accountant, make sure that you understand the different tax credits and ask about each of them and whether or not they apply. A local accountant will understand all the ins and outs of how to use each credit, but it helps to understand the documentation you will need to provide to earn each credit before you go to your accounting appointment. The American Opportunity Tax Credit - This tax credit can be applied to education costs for four post-secondary education years, meaning it could be used all four years while you are pursuing your Bachelor’s Degree. It is available to all taxpayers who make $80,000 or less annually. Unlike other credits, it covers costs of attendance beyond tuition, including books and school supplies. This credit only applies to those who paid for expenses out of their own pocket, and is not applicable to students who used financial aid to cover all of their expenses. Additionally, if you claimed the Hope credit in previous years, those years count toward the 4 years you can claim the AOTC for. Lifetime Learning Credit - The Lifetime Learning Credit, unlike the AOTC, can be claimed each year the student is in school. This credit can reduce the tax you owe down to $0, but it will not earn you a refund. This credit, like the AOTC, can only be claimed if you paid for tuition and fees out of your own pocket, and is not applicable to years covered entirely by financial aid. You can, however, claim costs that were paid with a loan, rather than a grant or scholarship. This credit does not include books and other school costs like the AOTC does. Additionally, you cannot use the credit if you file a tuition and fees deduction the same year. Student Loan Interest Deduction - If you paid interest on your student loan in cash, and your income is less than $80,000 annually, you can deduct the dollar amount you paid in student loan interest. A student loan is a loan that is used solely for tuition, room and board, and fee expenses, with no allowance for personal spending. It includes required as well as voluntary payments on your student loan interest. This deduction applies to graduate and undergraduate students, like the Lifetime Learning Credit. You must keep track of exactly how much you paid in order to file this deduction, with documentation. Tuition and Fees Deduction - This deduction can be claimed for any year you paid tuition and fees, including tuition paid for by student loans rather than financial aid. This deduction is not applicable if you claimed the AOTC or Lifetime Learning Credit. This deduction reduces your taxable income, and you qualify only if you earned less than $80,000 the year you are filing taxes for. The definition of student loan in this case is the same as the Student Loan Interest deduction. Now that you are familiar with the most common credits and deductions you may apply for come tax time, consult your accountant or view this PDF on on Tax Benefits for Education on the IRS website so you can gather the necessary paperwork in preparation for your appointment with a Denver accountant. Mon, 11 Apr 2016 06:00:00 GMT http://denveraccountant.co/blog/5078/Understanding-Education-Tax-Credits-and-Deductions-for-Denver-Students http://denveraccountant.co/blog/4992/4-Bookkeeping-Tips-for-Small-Business-Owners-from-Premier-Denver-Accountants blog Handling records for your small business can be hectic. It is important to stay organized and maintain a plan. By utilizing a plan for your business’ accounting in Denver (whether it is you or someone in your company), you will be able to give various expenses the attention they need to maintain things for your company.  Below are five tips to utilize for your small business: Learn the Basics: It may seem simple to assume monetary expenses will all work out - or even out. However, if you have begun to run your own business, make it a top priority to understand proper bookkeeping skills or the steps necessary to implement them. Take some time to study your company’s expenses and begin to create a plan for the future. Also, invest in learning the basic skills to ensure your bookkeeping skills are on point. Whether you find an online course or perhaps find a program to take classes, it can only benefit you to get off on the right start if you don’t have a professional to manage it for you. Future Planning: Adding to the previous tip, you need to plan ahead. You should know your current state of affairs and be aware of possibilities for the future and create contingency plans. From there, you need to budget and save money from what comes into your business for the supplies, events, emergency situations and all other related expenses.   Track All Expenses: This tip may seem obvious. You may be thinking, “I do this already.” However, it is important to track everything from business dinners to running to the store for extra printer paper. Every detail for the business needs to be recorded. According to Entrepreneur, this will also help you obtain certain tax write-offs for your Denver business tax preparation. If you plan on using anything as a tax write-off, be sure to hold on to those records and have them prepped come tax time. Create a Schedule: When putting all of the bookkeeping puzzle pieces together, in order to keep with a plan, it is best to schedule time to handle the finances for you or your small business. Depending on your field, you may need to tend to certain financial matters bi-weekly, monthly, etc. Find a pattern that works within your schedule and makes sense. Be sure to review and update your records during those scheduled times and never put it off. Whether you are a seasoned bookkeeping pro or are new to this part of a business, Bloch, Rothman and Associates can help! Our premier Denver accountants can get you on the right track from programs to use to building a structure for all your local financial matters. From tracking expenses and what customers owe to cash flow projections and tax-related reports, our quality services have you covered. Need help with payroll? We can help you manage that as well and be sure your sales tax information is in place properly. As your go-to expert, we will relieve you of the burden and ensure you are in compliance with state and local laws. Learn about our bookkeeping services and fill out our form to initiate your free consultation. Wed, 06 Apr 2016 06:00:00 GMT http://denveraccountant.co/blog/4992/4-Bookkeeping-Tips-for-Small-Business-Owners-from-Premier-Denver-Accountants http://denveraccountant.co/blog/4950/6-Smart-Ways-to-Spend-Your-Denver-Tax-Return blog If your tax situation provides you with a refund, what do you plan on doing with it? If you do not have a plan for your Denver tax return, it is best to make one. It will enable you to spend some of it wisely, but definitely can be used to treat yourself too! Below are smart ways to handle your refund.   Build Your Emergency Savings: How much do you have in your savings? You never know what kind of emergencies will happen, so it is important to make it a top priority to have $1000 in savings at all time. If you do not have your savings built-up, it is a great idea to use your tax return to be prepared for the unknown. Pay off Debt: As fun as it is to go spending the money you receive, if you are in debt, consider spending a portion or all of your return towards that debt. Especially if it is on high interest credit cards. Lowering your debt-to-income ratio will help your credit and peace of mind.  Plus with credit cards, check with your bank or look for other credit cards or loans that offer low interest rates or even a zero percent interest rate for a balance transfer. Invest in Your Home: Often time projects at home get put aside due to costs. A tax check is the perfect way to spend money on those home projects that have been sitting on your to-do list for a year (or even a few years!) Even if your refund will not cover the entire project, choose things you can afford and invest in them. This will create the space that you want and will increase the value of your home as well. Big Ticket Purchases: Sometimes throughout the year when we would like a new TV, couch, computer, etc., we charge it. Instead, plan to use your tax check to fund those big purchases. That way, you are not charging on credit cards with interest and can say you own it right away! Out of Sight, Out of Mind Savings: When it comes to getting extra money, spending it may be your go-to, but sometimes it is easier to use the mentality “out of sight, out of mind.” So upon receiving your refund, consider investing it into your retirement savings. Another idea, if you have children, is to invest it in their 529 college savings plan. Buy in Bulk: If you have essentials that you use all year long, why not shop for some quality deals and buy in bulk? You can easily save hundreds of dollars by investing in some of the items you use each day or week that do not go back, such as paper towels, toilet paper, cleaning supplies, trash bags, coffee filters and more! Need a plan on bulk buys? The Simple Dollar has this Ultimate Guide to Buying in Bulk to help! If you are need of assistance to file your taxes, let us help you with your Denver taxes! As a premier tax specialist, Bloch, Rothman & Associates can help you with all of your local tax preparation and tax resolution needs. Give us a call at 303-321-7160 or fill out a contact form to get started! Wed, 23 Mar 2016 06:00:00 GMT http://denveraccountant.co/blog/4950/6-Smart-Ways-to-Spend-Your-Denver-Tax-Return http://denveraccountant.co/blog/4865/4-Things-to-Know-about-IRS-Audits-and-Your-Denver-Tax-Return blog The IRS conducts audits on taxpayers to ensure they are reporting information accurately, following laws and that information reported is correct. It can be an extremely stressful situation and roughly one percent of taxpayers are audited. So while this makes your chances of getting a letter from the IRS pretty low, it is still something to think about. Those who make millions and those who report very little are some of the most common to be audited. However, it is still important to be aware during your Denver tax preparation. Below are facts about IRS audits and what you can do to avoid it happening to you.   Contact Methods of Notification: The IRS will contact you through mail to let you know you are being audited. They may contact you via phone as well, but there is always a letter that will be sent in the mail to confirm the audit. You will absolutely under no circumstance be emailed about an audit, so be wary of that to avoid a scam. Types of Audits: Upon being contacted, there are three types of audits that can occur. You may simply be asked to further explain information that may have an amount to pay due to a calculation error. The next type of audit is via interview. This means you will have to go to an IRS office with receipts and documentation needed for the audit. The last method is a field audit where a person from the IRS will come to your home. This is more common for small businesses or those that work out of their home. Upon receiving notification, you can contact your local Denver tax specialist to help you every step of the way through the audit. Audit Selection: The IRS explains there are three ways people are selected for an audit. First is through random selection. In this instance, it is randomly selected through a computer and occasionally is pulled by a statistical formula. The second way is through document matching. When tax forms do not match information reported on your Denver tax return, which can flag you to be audited. The last way is through related examinations. The IRS explains this is when returns have issues or transactions with other taxpayers (i.e. investors or business partners), who have returns selected for an audit. Keeping Records: Audits typically are sent for the previous year or two years past. This is the top amount of time of audits sent. However, the IRS may audit an individual from the last six years. It is most likely up to three at most, but the IRS will not go over six years.   To be safe, it is best to keep your records. The IRS advises to keep records related to assets for the duration that you have that assetâ€"then three years after. For payroll records, keep those documents for at least four years. Learn more on the IRS’ website. In the event you are contacted for an IRS audit, your premier Denver tax preparation professions at Bloch, Rothman & Associates can help. With over 20 years of quality experience of representing clients through audits, we will be your go-to experts and you can rest assured we will get you through the experience. Fill out this form for a free consultation or call us at 303-321-7160 to get started. Tue, 15 Mar 2016 06:00:00 GMT http://denveraccountant.co/blog/4865/4-Things-to-Know-about-IRS-Audits-and-Your-Denver-Tax-Return http://denveraccountant.co/blog/4799/Thinking-of-Becoming-Self-Employed--4-Things-to-Know-for-you-Denver-Taxes blog Being your own boss has many benefits. Whether you want to start your own construction company or handle marketing for nearby business needs, being self-employed can be very rewarding. Self-employment has many responsibilities that come with it, including what to know for your Denver tax return.   Forms Used: When choosing to make the transition and become your own employer, each year when you file your taxes, you will need to use a Schedule C or a Schedule C-EZ. There are slight differences between the two. The IRS explains the Schedule C-EZ can be used when you are the only employee. You would also use this form if your total expenses were $5000 or less, you used cash, did not carry an inventory or have a net loss, did not claim your house for business use and did not experience depreciation on items used. If you did not meet the requirements for a Schedule C-EZ, then you would use a Schedule C. A Denver tax specialist can help you gather the proper information for your forms. Taxes to Pay: When self-employed, you will need to pay taxes. The self-employment tax covers Social Security and Medicare with a Schedule SE form. It consists of 15.3%, which the IRS breaks down as 12.4% for social security and 2.9% Medicare. In order to pay these you will need a social security number and individual taxpayer identification number. Read more about these taxes from the IRS website. Deductions: Depending on the type of company you are running, being self-employed has tax break benefits. There are many deductions you can make if you use them for your work and have the documentation to prove them as expenses for your business. A home office is one of the first deductions self-employed individuals make. You are able to include a variety of things from mortgage interest to utilities within these deductions. Again, just be sure to have the documentationâ€"which a Denver tax specialist can help with.  Your internet and phone bill is another deduction you can make, as well as traveling in a car or for the business, reading subscriptions and education. Check out these 10 tax deductions and benefits from Investopedia. Estimated Tax: As a self-employed individual, even though you will be submitting your tax return forms each year, you will need to pay your estimated taxes on a quarterly basis. To get started, you will need to find your net profit or net loss from your business. Paying estimated tax is necessary to cover Social Security and Medicare throughout the year. There are filing dates in April, June, September and January. If you are ready to become self-employed, Bloch, Rothman & Associates can help. We are Denver’s leader in tax preparation and tax resolution services. You can rely on us to take care of the work so you can focus on your business and customers. We’ll be there every step of the way! Give us a call at 303-321-7160 or fill out this form to schedule a free consultation to get started! Tue, 08 Mar 2016 06:00:00 GMT http://denveraccountant.co/blog/4799/Thinking-of-Becoming-Self-Employed--4-Things-to-Know-for-you-Denver-Taxes http://denveraccountant.co/blog/4638/6-Ways-to-Be-Prepared-for-your-Denver-Tax-Specialist blog It’s tax season! Whether you have a simple return or are self employed, it is important to be ready when it comes to your Denver tax preparation. It can be a stressful time but by gathering the right materials and having the right knowledge, you can have a good experience.   Income Forms: There are many different types of forms needed during tax time. When working for a company and/or have other sources of income, gather your W-2 and any other forms such as a 1099 (for income reporting separate from your workplace, such as freelance work), K-1 or stock option (shareholder forms).  If you receive money from other areas, whether it is from pension distributions or social security benefits, gather those forms. Remember, anything over $400 must be reported. Reductions: Did you know that some of your contributions or interest paid could help boost your refund? For instance you may be paying off your student loans or contribute to an IRA. Or, you may be contributing to a health savings account. Work with a tax specialist in Denver to review your situation and see what you can use to increase your refund. Deductions and Credits: Similar but different from each other, tax credits can change your tax return. Learn the differences of deductions and credits from the Tax Policy Center. This will help you decide if claiming the standard deduction or itemizing is right for you. Charity: Giving to causes that matter to you not only helps the cause can be a deduction. When preparing, gather documentation for anything you gave the prior year. Anything done by December 31 can be used for this year. Retirement Plan: If you are enrolled in a retirement plan such as a 401K, you can reduce your taxes by claiming your contributions. You can contribute up to $18,000 unless you are 50 or older in which you can contribute $24,000. No matter what your contribution is, gather this information for your Denver taxes. Self-Employment or Small Business Owners: Whether you are currently self-employed or will be soon, you can make quarterly payments for your Social Security, Medicare and income taxes. At the end of year, you will need a Schedule C to turn into the IRS. Then for small business owners, there is much to consider for your business and employees. This checklist will help you prepare everything you need from an employee identification number to employee forms. When it comes to any of your accounting needs, turn to Bloch, Rothman & Associates to ensure you are covered. Since 1983, we have been one of Denver’s most reputable and trustworthy firms that can work in your budget and will ensure you have a smooth process this tax season. Whether you are looking to get the most out of your return or know you will owe on local or federal taxes, they can help with it all. Contact us at 303-321-7160 or fill out this form to set up a free consultation. Mon, 29 Feb 2016 06:00:00 GMT http://denveraccountant.co/blog/4638/6-Ways-to-Be-Prepared-for-your-Denver-Tax-Specialist http://denveraccountant.co/blog/4597/Reduce-Your-Taxes-with-an-HSA blog For the past 10 years, Colorado has offered individuals a way to manage rising healthcare costs: health savings accounts. These accounts enable employer and employee to contribute pre-tax dollars into an account that can be used to pay for healthcare expenses. When the deductible for out-of-pocket expenses is meet, insurance then covers for 100 percent of healthcare costs. For Year 2016, the Internal Revenue Service announced new limits on contributions to health savings accounts and on the out-of-pocket deductibles to which they’re linked. Adjusting for inflation, the IRS set the following maximum rates for deductibles: Plan Type ACA Deductible HSA Deductible Individual $6,850 $6,550 Family $13,700 $13,100   Federal regulators established the new, embedded, out-of-pocket (OOP) spending limits with the goal of not penalizing individuals for purchasing family coverage. Group plans with cost sharing benefits are affected. Beginning in 2016, no one member of a family must incur the maximum family deductible before insurance kicks in; the deductible for that person will cap out at the individual rate. It should be noted that HAS and ACA deductibles differ, with ACA deductibles being higher. For many individuals the OOP deductibles are painful. Organizations are urged to set their deductible limits at the minimum level, but let’s be realistic. For years, employers have been shifting the burden of health care plan coverage onto employees. Healthcare plan coverage is expensive and eats into the all-important profit margin. Employees already struggling with wage stagnation must decide whether to pay for expensive insurance premiums with low deductibles or for less expensive premiums with high deductibles. HSAs typically go hand-in-hand with high deductible insurance plans. HSAs offer some relief to beleaguered employees in the form of progressive tax benefits. HSA accounts don’t suffer from the “use it or lose it” policies that govern flexible spending accounts. The deposited amounts can accrue year after year and earn tax deductible interest. Here’s where the tax advantages come into play. The funds deposited into the HSA are pre-tax, earn tax deductible interest, and, when withdrawn to pay eligible medical expenses, remain tax-free. Refer to IRS Publication 502 for a comprehensive list of qualified medical expenses, which includes long-term care.  There is a penalty for using HSA funds for non-qualified medical expenses. Doing that will result in the monies being taxed at your income tax rate plus 20 percent if you are under 65 years old. The federal government anticipates that you won’t have medical expenses reaching you deductible and set contribution limits accordingly. For an individual, the 2016 contribution limit is $3,350; for family coverage, it’s $6,750. Those amounts may not seem like much, but if you’re on the cusp between tax brackets, then shifting those funds to an HSA could bump you down to a lower tax bracket. It’s worth investigating. One might consider investing in an HSA while one is still young and healthy, because medical expenses have a way of increasing the older one gets. And when you’re ready to retire, you can roll the funds into a retirement account without penalty when you turn 65 years old. There are restrictions on HSA eligibility; however, if you already have an HSA account and are not eligible to contribute to it due to those restrictions, then you can still withdraw from it to pay for medical expenses. So, you’ve determined your eligible for and health savings account. What next? First you find a financial institution (most banks and many credit unions) that offer such accounts to set one up. Explore your options; some funds will offer better interest rates than others rather like the typical 401k retirement account. If you can arrange for your employer to deduct pre-tax income for deposit into the HSA account, that relieves you of one step. If not, you’ll have to declare the contributions on your annual tax filing to deduct the correct amount from your taxable income . When open season begins in November for health plan decisions, take a close look at your options. A high deductible health plan combined with a health savings account might work to your future tax advantage. Discuss the potential tax advantages of an HSA with the Denver tax professionals at Bloch, Rothman, & Associates, Ltd. Call (303) 321-7160 to schedule an appointment. Thu, 25 Feb 2016 06:00:00 GMT http://denveraccountant.co/blog/4597/Reduce-Your-Taxes-with-an-HSA http://denveraccountant.co/blog/4401/6-Ways-to-Avoid-a-Tax-Audit-in-Denver blog As you gear up for tax season, you may have the nagging concern: “What if I get audited?” While there can be an element of randomness in whom the IRS decides to audit, there are a few red-flag situations where an audit may be more likelyâ€"thus requiring the help of a Denver accountant. But don’t fret just yet. We’ve compiled a list of ways you can avoid a tax audit, or at least make it a little less likely: Report all income â€" It’s not just about your W-2. If you have Form 1099 income from freelancing or other contract work, stock dividends, or interest, you must report all of it. Remember that the IRS already knows what’s listed on your 1099s, so if you avoid reporting it, chances are likely they’ll figure it out. The same is true if you’re self-employed and want to hide income by claiming personal expenses as losses (called Schedule C losses). Do this one too many times and the IRS may wonder how your business is surviving…and may come knocking. Stay error-free â€" Simple math errors can put a spotlight on your tax return and cause the IRS to want to look deeper. And even if those errors were completely accidental in nature, even the most innocent mistake can be problematic. The best thing to do is to double- and triple-check every number, especially if you plan to do your own taxes. For peace of mind, we recommend that you work with a tax professional, if possible. Avoid estimations â€" If there are too many round numbers on your tax return (such as $100, $500, or $1,000), you could be trying to estimate instead of being precise. While it’s OK to round to the nearest dollarâ€"say, from $95.85 up to $96â€"it’s not OK to make that leap to $100. If that’s the case, the IRS could get suspicious. Take care with business and home office deductions â€" Often people are tempted to claim nearly everything as a business deduction, but the true question to ask is: was the expense absolutely necessary to your business or work duties? If not, it’s better to leave it alone. In the same vein, claiming your home office as a deduction isn’t a good idea if you don’t work or run a business from a dedicated space within your home. Answering occasional work-related emails from your laptop in your living room doesn’t qualify. Use common sense in charitable deductions â€" Once again, too much of anything is not a good thing where the IRS is concerned. And the same is true for charitable deductions. While giving to charity affords you the right to a tax write-off, most people who deduct for charity claim it as a very small percentage of their income. So don’t report false donations, especially if your income is $60,000 per year and you’re claiming $30,000 in charitable contributions.  For more on this topic, check out Forbes.com’s list of ways to invite an IRS audit.  Whether you need personal or business tax preparation, or in the event you find yourself facing an IRS audit, contact the Denver tax specialists at Bloch, Rothman & Associates. We can help you navigate the process and will communicate with the IRS on your behalf, so you can clear up any tax controversy and get on with your life. Call us today for a free consultation: 303-321-7160. Tue, 02 Feb 2016 06:00:00 GMT http://denveraccountant.co/blog/4401/6-Ways-to-Avoid-a-Tax-Audit-in-Denver http://denveraccountant.co/blog/4377/Understanding-Denver-Property-Tax blog If you own property in the Denver area, you may be curious about how property tax is determined. Property tax is a major source of income for states and the federal government, helping to fund our parks and recreation areas, libraries, schools, transportation, and emergency services. Arriving at a fair tax rate is a complex process that can often seem confusing to homeowners. The following provides a basic understanding around how property taxes are calculated and how properties are valued, as well as some general guidelines for paying your property taxes. How your property taxes are calculated To calculate property tax, two mechanisms are necessary: assessing the property value and using the mill levy. Your property’s value is assessed every year based on the local real estate market conditions which then determine the reasonable market value of your home (see “How your property is valued” below). A mill levy is the tax rate leviedâ€"or imposedâ€"on your property value. (The word “mill” refers to one-tenth of one cent. So for $1,000 of assessed property value, one mill is equal to one dollar, according to Investopedia.com). Mill levies are imposed by the city, county, and school district in any tax jurisdiction based on the amount of revenue they each need to run. The mill levies are calculated separately by each entity and then added together to arrive at a total mill levy for that region. How your property is valued An assessor values your property in three ways: The value of your property based on similar sales in the area (taking into consideration overpricing, underpricing, location, and the overall state of your property). How much it would cost to replace your property (by determining the amount of depreciation and how much the property would be worth if empty). How much income you’d make from the property if you rented it (including the cost to maintain and manage it, the amount of insurance and taxes, and the return you could reasonably expect to get from renting the property). The assessed value is determined by multiplying the actual value of your property by an assessment rate, which is a percentage below 100% that varies by tax jurisdiction. The assessed value is then multiplied by the mill levy, and that number is the amount of your property tax. For advice on how to lower your property tax, check out these property tax tips. Denver-specific property tax payment guideline When it’s time to make your property tax payments, keep the following in mind: You have the option to pay your property taxes in one full payment or in two installments. The first installment is due February 28 (or February 29 during a leap year); the second installment is due June 15; and the full payment is due April 30. Payment can be made via credit card or eCheck online. However, you should note that debit cards that require a PIN can’t be accepted online. You can also pay in person or via mail (see addresses in the link above). At Bloch, Rothman & Associates, we can work with you to accurately fill out the declaration of Denver property taxes as well as appeal property value on your behalf. Call us to schedule your free consultation at 303-321-7160. Thu, 28 Jan 2016 06:00:00 GMT http://denveraccountant.co/blog/4377/Understanding-Denver-Property-Tax http://denveraccountant.co/blog/4220/Tax-Extenders-and-What-They-Mean-for-You blog This month, congress voted to extend some expired tax breaks, or tax extenders under the Protecting Americans from Tax Hikes Act of 2015. Almost half of these tax provisions were extended permanently, while many more have been extended for at least one more year. The tax provisions include tax breaks for teachers, families, and even energy saving tax benefits. Below is a list of tax extenders that could potentially benefit you and your family: Tax Breaks Extended Permanently: Educator Expense Deduction: If you’re a teacher, this tax deduction can help you save money on supplies you have purchased for students. You can deduct up to $250, unless your spouse also teaches, then you can deduct up to $500. Enhanced Child Tax Credit: Dependents under 17 years old may be eligible for a tax credit up to $1,000. Before the permanence enhancement, the amount of money necessary to qualify for the law would increase in order to get partial or full credit. Tax-Free Retirement Accounts and Qualified Charitable Distributions: For people who are 70-1/2 or older, you may be able to exclude up to $100,00 from income distributions if paid to an IRA account or a qualified charity. This is a great benefit for retired people who have already paid off their homes and no longer have large deductions such as mortgage interest.   Temporary Tax Break Extenders through 2016: Tuition Deduction: Good news for students and parents with college tuition and fees. You are able to deduct up to $4,000 which includes books, supplies, and tuition. This applies to you even if you only take one class! New Qualified Fuel Cell Motor Vehicles Credit: If a vehicle you purchased runs on either hydrogen or oxygen, it creates electricity that is known as a fuel cell vehicle. If the vehicles weighs less than 8,500 pounds, you can receive a credit of up to $4,000. If your vehicle is heavier, you may be eligible for more credit. Mortgage Debt Exclusion: If for some reason your home goes into foreclosure, has a loan modification or short sale, you will be able to exclude the amount of debt forgiven. This is valid on your principle residence from your taxable income up to $2 million. Nonbusiness Energy Property Credit: If you are a homeowner and made home improvements that are energy efficient, you will still be able to claim the Residential Energy Property Credit. This is worth up to $500. With so many changes in tax deductions and credits, it’s hard to know what you are eligible for. That’s where your Denver tax specialists, Bloch, Rothman, and Associates come in. We can help you get through tax season stress-free and with a maximum return. Contact us today!  Wed, 30 Dec 2015 06:00:00 GMT http://denveraccountant.co/blog/4220/Tax-Extenders-and-What-They-Mean-for-You http://denveraccountant.co/blog/4113/It---s-Almost-a-New-Year---Reduce-Your-Taxable-Income-Before-2016- blog Even though December is almost over, it’s actually not too late to lower your taxable income and increase your tax benefits. Follow this year-end planning tips to help save money in the new year: 1.Max out your contributions: If you have a 401k, health savings account, or an IRA, right now is a great time to contribute as much money as you can before the end of the year. You will not only lower your taxable income, and you will be thankful of the benefits in the long run. Through your employer or on your own, contributing to a retirement fund is always a good plan. You can contribute up to $5,500 and up to $6,500 if you’re over the age of 50 annually.   2.Capital Investment Loss: It’s never an easy decision cutting ties with your poorly performing investments, but sometimes it can help to reduce your taxable income if you’re willing to incure the loss. However, if your losses outwgih your gains, you can use up to $3,000 to offset your regular taxable income.  Keep in mind that the IRS won’t let you claim the loss on your taxes if you buy back the stock within 30 days of taking the loss.   3.Increase Your Business Expenses: Another element of reducing your taxable income is purchasing anything that you might need for your business. Eliminating funds and creating new items to add as business deductions on your taxes is a great way to use what you have and make smart business choices at the same time.   4.Utilize the Time Remaining: You might feel like you are out of time to do anything before the tax season is over â€" but don’t worry, there are plenty of small things to do before the end of the year that will help immensely come next year’s tax season. Use the remaining days to get on track and keep everything in order. Also, use your tax consultants to know the latest tax laws and provisions.   Use your Denver accounting experts to help you understand how you can make the smartest choices for your business. Our team can review your documents and information and provide you with the best solution for your business. Even if you feel like you have run out of time this year, get yourself better prepared for next year and implement a tax plan. Contact Bloch, Rothman & Associates today at 303-321-7160 and set up your free consultation for the new year. Tue, 22 Dec 2015 06:00:00 GMT http://denveraccountant.co/blog/4113/It---s-Almost-a-New-Year---Reduce-Your-Taxable-Income-Before-2016- http://denveraccountant.co/blog/4074/Tax-Credits---Relief-for-Businesses-Affected-by-a-Natural-Disaster blog While it is unlikely that a natural disaster â€" such as an earthquake, drought, forest fire, heavy storm or hurricane â€" will affect you in your lifetime, over three quarters of a million people are affected in the US each year by these kinds of naturally occurring events. Gathering paperwork and receipts, and getting all your ducks in a row in time for the tax filing deadline can be stressful and time consuming even in the best of times. When a natural disaster strikes your business around the time of a natural disaster, paperwork is the last thing on your mind, but there are a few important things to know to help ease your mind should a disaster strike. The IRS helps business and home owners who have experienced a natural disaster with extended deadlines and tax credits, the most significant of which is the casualty loss deduction. The casualty loss deduction allows tax payers to receive an accelerated tax refund if they live in an area that has been declared a “federally declared disaster area” by the US President. Some of the details of the casualty loss deductions are: Tax Extensions: The IRS postpones deadlines for estimates tax payments, as well as for payroll taxes for businesses. Penalties and fees are also usually waived as long as the new post-disaster, extended dates are met. You can always check the IRS website for the most up to date disaster relief announcements. Tax-free Donation Relief: Those who have been affected by natural disasters are often in need of financial assistance both in the short term and the long term, and there are many organizations who step up to help. The last thing you or your employees need to worry about is the additional burden of paying taxes on money or donations they receive. The IRS has allowed organizations to provide tax-free assistance to employees affected by natural disasters.  Record Keeping with Disaster Tax Relief: We always recommend keeping an electronic back-up of all of your tax-related documents, in the event that the originals are lost to an unforeseen event. It is best to keep the back-up in a separate location that the original documents. You should also keep a record of any damage and repairs that are made to your property. Photos, videos and receipts can help establish property values and validate various claimed deductions. Documentation of payment received from insurance companies and federal agencies is also very important, as you will need this kind of paperwork to prove that these monies were not income and are not taxable as such. If your business has been affected by a natural disaster and you need advice on how to move forward, the professionals at Bloch Rothman and Associates will help you every step of the way. We are here to help make sure that your business recovers as quickly as possible and that you take advantage of all of the tax relief and benefits you are privileged to in your time of need. Mon, 21 Dec 2015 06:00:00 GMT http://denveraccountant.co/blog/4074/Tax-Credits---Relief-for-Businesses-Affected-by-a-Natural-Disaster http://denveraccountant.co/blog/3363/End-of-Year-Tax-Tips-for-Your-Denver-Tax-Return blog It’s never too early to put tax planning at the top of your mind. As the end of the year approaches, it’s a good time to start thinking about your 2016 tax refund and how to maximize your deductions. Check out the following expert Year-End Tax Tips to help you stay informed and proactive, and get the most out of your 2016 refund: Claim investment losses â€" If you had any realized investment losses this year, you can use those losses to offset your gains. If you sell a stock at a $2,000 profit and another stock at a $1,000 loss, then only the $1,000 in net investment profit is taxable. You can claim investment losses even if your losses exceed your gains or if you don't have any gains at allâ€"reducing your taxable income by the amount of your losses. You are able to claim up to $3,000 worth of net investment losses in any given year. Time your mutual fund buy-ins â€" Avoid buying into a mutual fund right before the fund pays out its annual dividends and capital gains, as the value of the shares drops by whatever the payout is to each investor, leaving you without a gain and also responsible for paying taxes on that payout. USA Today’s Selena Maranjian advises: “The smart move is to find out when, or if, the mutual fund will be making a significant distribution to shareholdersâ€"and to buy into the fund after that. These distributions often occur in December, and most major funds will publish the date of the distribution on their website.” Adjust your tax withholding status â€" When the federal government withholds money you are due, that money doesn’t earn interestâ€"which is like the government borrowing money from you for free. Use a tax withholding calculator to get an estimate of how much you might owe in federal taxes, including your tax liability for Social Security or Medicare. With that estimate, you can then make withholding adjustments to minimize what you owe, as well as minimize what the federal government can keep without paying you. Make year-end charitable gifts â€" Making charitable gifts before the December 31 cut-off is another wise deduction. Check or cash gifts are relatively easy to give at the last minute, but be careful if you plan to give away appreciated stock as a gift, as it generally takes longer than a simple cash gift and will require some advance planning on your part. Use your 401K â€" A great tax-reducing tool is your employer-sponsored 401K or similar retirement plan. You can contribute up to $18,000 of your salary in 2015 ($24,000 if you’re 50 or over). “If you contribute pre-tax contributions, then your taxable income would be reduced by the total amount of your contributions for the year,” explains USA Today’s Jason Hall.  So if your tax rate is 25% this year and you made the max $18,000 contribution, you can reduce your federal income taxes by $4,500, or by $6,000 if you’re 50 and over and contributed the max $24,000. A Denver tax specialist at Bloch, Rothman & Associates can help you with your tax planning and other accounting needs. Call 303-321-7160 to schedule an appointment. Wed, 11 Nov 2015 06:00:00 GMT http://denveraccountant.co/blog/3363/End-of-Year-Tax-Tips-for-Your-Denver-Tax-Return http://denveraccountant.co/blog/3469/Choosing-the-Right-Denver-Accountant-for-Your-Small-Business blog Small businesses owners tend to take on nearly all of the tasks behind running a successful business, from marketing and customer service, to inventory and accounting. However, as your small business grows, it won’t take long before you start to consider getting some outside help. Accountants can provide critical advice and guidance as you grow your business, as well as taking a large amount of time and worry off of your shoulders.   Because of the importance of a good accountant, you want to make sure you find the right one for your small business needs. Here are a few things to consider when choosing a Denver accountant.   Breadth of services. The first thing you need to establish is the type of services you need help with. Are you looking for someone to simply prepare and file your taxes and compile end-of-year financial statements? Or are you looking for someone who can help with more complex business aspects like financial planning, consulting, or budget analysis? Many small businesses benefit from someone who goes beyond basic tax preparation and acts as a financial advisor to the company.   Area of expertise. In addition to ensuring that the accountant you are considering has the proper certifications, it’s a good idea to make sure they are familiar with the industry you are working in. Ask them about their other clients to get a feel for whether they are comfortable with your industry and to determine how experienced they are with the type of services you are looking for. Also consider how many years of experience the accountant or firm has. A firm that has been in business for many years is more likely to be familiar with an array of unique situations or issues that could potentially impact your business.   Positive references. As you are searching for firms and accountants to add to your list of potential matches, always be sure to check their references. Take a look at their testimonials to get a better sense of what it’s like to work with them. Do they have a good number of positive testimonials on their site or is it strangely lacking any outside recognition? If other clients are quick to sing their praise, chances are good that you will have a positive experience with them as well.   Once you’ve found a potential match, set up an appointment and treat that meeting like an interview. Have your list of services and the level of expertise you feel you need. Be ready to explain where your business is, where you think you need help, and where you’d like to see your business go in the next five to ten years. This is also a great time to ask them how they would represent you in the case of an audit and if they have other references you can contact.   If you’re ready to get find the right Denver accountant for you, give Block, Rothman, and Associates a call. We’ll set up an appointment to go over the services we offer and how we can best help your small business succeed. Tue, 20 Oct 2015 06:00:00 GMT http://denveraccountant.co/blog/3469/Choosing-the-Right-Denver-Accountant-for-Your-Small-Business http://denveraccountant.co/blog/3468/Denver-Tax-Tips-for-Freelancers blog Tax season can be stressful enough, but if you’re new to freelancing it can feel all the more complicated. Now that you don’t have an employer deducting your taxes for you, you’ll need to keep track of all your income and expenses yourself. But don’t let that overwhelm you. With a little planning and a plenty of recordkeeping, paying taxes doesn’t have to cause you stress. Below are five straightforward Denver tax tips that will help put any freelancer’s mind at ease:   Keep Business and Personal Separate The first step you should take once you start freelancing regularly is to open a separate checking and savings account for your business. Not only will this make your taxes easier, it’s also easier to prove business expenses in the unlikely case of an audit.   Set Aside Money for Quarterly Taxes Now that you’re on your own, you’re going to need to cover 100% of the state and local taxes you owe. This could come with huge sticker shock at the end of the year if you don’t make estimated tax payments quarterly. The paychecks you used to get from your full-time employer had estimated taxes taken out before they got to you. Similarly, your best bet is to deduct 25-30% anytime you receive income from one of your clients and set it aside to pay these quarterly taxes. Out of sight, out of mind.   Know What’s Deductible Deductions are the silver lining to being responsible for 100% of your own state and local taxes. But how do you know what you can deduct? If it’s a required, typical expense associated with running your business, chances are it can be deducted. This includes any equipment you use, your office space, utilities and web hosting fees, office supplies, insurance, travel expenses, and much more. These deductions are filed using the IRS Schedule C form. It’s a smart idea to become familiar with them before you’re ready to file taxes.   Write Everything Down It may seem excessive, but keeping very thorough records will go a long way in not only helping your taxes run smoothly but also making sure you get every deduction you’ve got coming. Coffee with a client? Write it down in your expense log. Driving across town to meet with a client? Write down the miles in your travel log. Just cashed a check from a client? Add it to your income log. And don’t forget to file any and all receipts and bills. No one wants to be frantically searching their office for a missing receipt in order to file taxes.   Track Down Those 1099s Any time you make $600 or more from a single client, you’ll need to report this income. These clients should give you a 1099 form that lists how much they’ve paid you over the last year.   A little bit of planning goes a long way when it comes to making tax time headache-free. While it’s easy to feel overwhelmed, we’re here to help. Contact us about our Tax Planning Services. Not only can we can help you prepare before taxes become a hassle, but we can also help you keep more of the money you earned in your business. Fri, 16 Oct 2015 06:00:00 GMT http://denveraccountant.co/blog/3468/Denver-Tax-Tips-for-Freelancers http://denveraccountant.co/blog/3467/Top-5-Common-Denver-Tax-Mistakes blog With the increasing complexly of the tax code, it’s no wonder that taxpayers are getting confused and making mistakes. From misspellings to wrong numbers, filing mistakes are a common occurrence. Here are the top most common tax mistakes and how to make sure you don’t make them yourself: It may seem like the simplest part of filing your taxes, but people still forget to sign their tax returns. If your return isn’t signed, then it isn’t valid. Also make sure you have two signatures if you’re filing jointly. While many report their social security number correctly, they often enter them wrong for their children or other family members. Always double check these numbers to make sure that you won’t have your return sent back to you. According to the IRS, one of the most common tax mistakes is putting the wrong name on a tax form. This mistake comes up a lot when someone changes their name after marriage and the name on the return doesn’t match the name in the IRS’s system. Make sure that you change your name with the appropriate authorities, such as the Social Security Administration before filing your taxes. What often confuses people is if they should choose to be head of household or single in their filing status. This happens most commonly with divorced parents of children who are minors. It’s hard to know who is legally entitled to claim the kids. Your Denver tax service can help you figure out the correct status to choose. Taxpayers may also mistakenly claim deductions or credits that they aren’t qualified for. However, they also miss out on tax breaks when they do qualify for them. According to the IRS, the most abused/neglected credits are: Earned Income Tax Credit, the Child and Dependent Care Credit, and the standard deduction. Consult with your Denver tax service to find out what you do and don’t qualify for. Taxes are confusing, time consuming, and easy to make mistakes on. Don’t let your tax return stress you out. Call Bloch, Rothman, and Associates today to make sure you’re getting the most out of your return and that it’s filed accurately.  Thu, 01 Oct 2015 06:00:00 GMT http://denveraccountant.co/blog/3467/Top-5-Common-Denver-Tax-Mistakes http://denveraccountant.co/blog/3466/Improve-Your-Financial-Standing-by-the-End-of-the-Year blog Saving money and paying off debt is never fun, but is an important part of improving your financial future. Staying on top of things like paying off your credit card on time and putting a little money aside in savings each month can reduce stress and help you plan for the upcoming months and even next year. Our Denver accountants can offer a few useful tips on how to start getting on top of your finances and budgeting effectively: Reduce debt: Carrying around debt is stressful â€" reducing your outflow of money is key to cutting down your debt. If you’re having trouble saving money in certain categories such as entertainment or eating out, make a budget for them. Make a list of 10 things you can cut out of your spending each month without feeling deprived. Getting in control of your spending before the holidays will make sure that you won’t stress out about last minute gifts or unexpected expenses. Raise your credit score: There are a lot of factors that go into your credit score such as balances on revolving credit that are near limits, tax liens, bankruptcies, recent credit inquiries, and too few or too many accounts. It’s hard to keep track of your score, but luckily, there are financial tools such as Mint.com that can help you stay up-to-date on your score and multiple accounts. It reminds you when your balance is due and can even update you on your progress on saving towards a goal. Use a financial adviser to keep your investments on track: A financial advisor can help you keep track of your investments as well as provide helpful advice. Keep in mind it’s ok to ask for help when looking to invest â€" according to Intuit, 62% of working-age women consult a financial adviser when making investment decisions and less than half of men do the same. You can also get a jump start on reducing your taxes by clearing out your closet and donating unwanted goods to organizations and prepaying tax deductible expenses such as property taxes. Need help with getting in good financial shape by the end of the year? Don’t hesitate to contact your Denver tax specialists, Bloch, Rothman, and Associates for sound financial advice to get you through these next couple months.  Thu, 17 Sep 2015 06:00:00 GMT http://denveraccountant.co/blog/3466/Improve-Your-Financial-Standing-by-the-End-of-the-Year http://denveraccountant.co/blog/3465/New-Parents--How-to-Save-on-Your-Denver-Taxes blog Becoming a new parent can be expensive, so make sure to stay on top of things and keep these deductions and credits in mind when it comes to your taxes: Dependent Exemption: This is probably the most beneficial tax exemption if you have children. Basically, the reduction lowers your taxable income. Each year it changes, but for the new tax year, it is $4,000 per child. That’s $50 more than 2014. Child and Dependent Care Credit: If you’re going to pay for child care for your dependents because you’re going back to work or school, you can use this credit to claim up to 35% of expenses of $3,000 for one qualifying dependent. Child Tax Credit: You may be eligible for this credit which reduces your taxes dollar for dollar. It’s an additional $1,000 you may be able to claim for children under 17. Medical expenses: If your medical expenses are more than 10% of your adjusted gross income, you may be able to deduct them. Make sure to keep receipts for even a routine check-up. Open a 529 to manage your college fund: A 529 is a Qualified Tuition Program that is a tax-advantaged savings plan where distributions for college expense are not taxable if they are less than or equal to qualified education expenses. When expecting a little one, it’s a good idea to get a head start understanding what you can and can’t deduct as well as what credits you qualify for. As always, Bloch, Rothman, & Associates, your Denver Tax Service is here to advise you on this exciting time in your life! Thu, 10 Sep 2015 06:00:00 GMT http://denveraccountant.co/blog/3465/New-Parents--How-to-Save-on-Your-Denver-Taxes http://denveraccountant.co/blog/3464/Understanding-Deducting-Mortgage-Points-and-Your-Denver-Taxes- blog What are mortgage points and how do I deduct them on my taxes? A mortgage point is defined as 1% of your mortgage. If your home loan is $200,000, then a mortgage point is equal to $2,000. There are two types of points, origination points and discount points. Discount points are often deductible and are a type of prepaid interest. Origination points are income for the loan originator. How do mortgage point deductions work? In most cases, the IRS lets you deduct points for the full amount you pay for them.  They are considered an itemized deductions and are claimed on Schedule A of Form 1040. The IRS has the following requirements when deducting mortgage points: • The mortgage must be used to buy or build your primary residence • The amount of points paid must not be excessive for your area • You must use cash accounting on your taxes • The points must not be used for items that are typically stand-alone fees, such as property taxes • You cannot have borrowed the funds to pay for the points from the mortgage lender or broker • The amount you pay must be clearly itemized as points on your statement   It’s important to remember when purchasing a home, that mortgage points must be paid upfront along with your down payment and can have a huge effect on home affordability. Additionally, if you don’t follow the IRS rules exactly, you may not qualify for a tax deduction. Buying a home is exciting, make sure you make the most of it! Call your Denver accountant today to get the help and advice you need when it comes to mortgage points.  Fri, 04 Sep 2015 06:00:00 GMT http://denveraccountant.co/blog/3464/Understanding-Deducting-Mortgage-Points-and-Your-Denver-Taxes- http://denveraccountant.co/blog/3463/Are-Your-Student-Loans-Tax-Deductible--Tips-from-Your-Denver-Accountant- blog Paying back student loans is expensive and it’s natural to want to save as much money as possible. You may be wondering - are your payments tax deductible?  Unfortunately, you can’t deduct your entire payment, only the portion that covers your interest charges. It’s important to know the correct way to report the interest on your income taxes so it can reduce the amount of tax you pay at the end of the year. Here are some facts and tips to help navigate your student loan deductions: Married persons who file separately cannot claim a deduction for student loan interest. Interest deduction is available to you only if your modified adjusted gross income is below the annual limit. It was more than $80,000 or $160,000 if filing a joint return.  You can only claim the deduction for interest on parts of your student loan that actually funded educated related expenses.  You cannot claim the deduction if someone can claim you as a dependent on their tax return.  You cannot claim the deduction using Form 1040EZ  Tax returns can get complicated, that’s where your Denver tax service comes into play. Bloch, Rothman, and Associates will make sure that you get the most out of your tax return and your student loans. Sun, 30 Aug 2015 06:00:00 GMT http://denveraccountant.co/blog/3463/Are-Your-Student-Loans-Tax-Deductible--Tips-from-Your-Denver-Accountant- http://denveraccountant.co/blog/3462/Just-Got-Married--Here---s-How-to-Prepare-for-Next-Year---s-Taxes-In-Denver- blog Once you’re married, a lot of changes happen, both in your personal life and in your finances. As a couple, it’s important to stay on top of your taxes to make sure that you’re getting the most out of your combined income. Your Denver accountant can make sure you have considered all needed aspects of this change and provide sound advice for your financial status. Tax Liability The first thing to take into account is that your tax liability will change depending on your spouse’s income. Make sure to adjust your tax withholding with your employer to make sure that you don’t over or under pay your taxes. If you find out your tax liability is lower now that you’re married, you can increase your W-4 allowances, which allows you to have less income tax taken out of each paycheck. If your spouse’s income is higher or comparable to yours, your total tax liability may increase.  Make sure to check with your employer to change your holding allowance. Itemize Your Deductions When you’re married, it may make sense to itemize your deductions instead of using a standard deduction to save more money. When you itemize deductions, it can get a little more complicated and require more effort â€" it is smart to contact a tax specialist to get help with this. Decide to File Jointly or Separately After you’re married, you have the option to file jointly or separately and make sure that you’re getting the lowest tax liability. Keep in mind that when you file separately while married, you may lose some tax credits and deductions such as education tax benefits and earned income tax credit.   Many things change when you get married, including your finances and taxes. Make sure that you get the most out of it by contacting a tax preparer for expert advice on your tax status after marriage and what it means for your financial future.  Thu, 20 Aug 2015 06:00:00 GMT http://denveraccountant.co/blog/3462/Just-Got-Married--Here---s-How-to-Prepare-for-Next-Year---s-Taxes-In-Denver- http://denveraccountant.co/blog/3461/3-Tips-for-Claiming-Dependents-on-Your-Denver-Taxes blog Claiming your child as a dependent is an obvious measure. But did you know that you can claim exemptions for elderly parents or other relatives that qualify as dependents? For each dependent, you can deduct $4,000 from your federal taxable income. Here is how to tell if you can claim a dependency exemption: The person must be a relative or live in your household the entire year. The category of relatives is broad and includes people from a foster child to you’re a sister-in-law. Check out the IRS website for a complete list of who qualifies as a relative. The person’s taxable income must be less than $4,000 â€" keep in mind that this changes every year. Half of the support needed for a dependent must be paid for by you during the year. Filing people as dependents can be a confusing process. Luckily, Bloch, Rothman, and Associates are here to help you with your Denver tax return to make sure that you are getting the most out of your deductions and exemptions. Give us a call today for a free consultation!  Fri, 14 Aug 2015 06:00:00 GMT http://denveraccountant.co/blog/3461/3-Tips-for-Claiming-Dependents-on-Your-Denver-Taxes http://denveraccountant.co/blog/3460/3-Mistakes-Denver-Tax-Preparers-Should-Never-Make- blog Your Denver tax preparer doesn’t have a PTIN (Preparer Tax Identification Number) â€" It’s required that anyone who prepares tax returns for compensation must have a valid PTIN. One way to be sure that they have one is to search for them in the IRS’s online PTIN directory. If your tax preparer can’t provide you with one, then you are working with someone who is unlicensed.   They don’t return calls or emails â€" When it comes to taxes, regular communication is crucial. Although it’s assumed that an accountant has other clients and a life outside of the office, they should still answer your questions within a reasonable time frame. If you find yourself waiting for days to hear back from your tax preparer, it may be a sign that you need to find a new one.   Your fee depends on your refund amount â€" Reputable tax specialists charge a flat rate depending on the forms that need to be filled out instead of the size of your refund. If the case is more pay for a larger refund, your preparer may have incentive to falsify information on your return that can lead to an audit. It’s always better to go with a reputable company that charges a flat rate and provides accurate filings. Your Denver experts at Bloch, Rothman, and Associates, have decades of experience in preparing taxes. It is of upmost importance that your taxes are prepared with accuracy. Contact us for a free initial consultation â€" you can be assured of the best service and precision when it comes to preparing your taxes.  Wed, 05 Aug 2015 06:00:00 GMT http://denveraccountant.co/blog/3460/3-Mistakes-Denver-Tax-Preparers-Should-Never-Make- http://denveraccountant.co/blog/3459/Financial-Performance--Compilations-for-Your-Business blog No matter what size business you have, you will have to prepare reports on financial performance. When a financial statement audit is not necessary, these reports help with financial decisions, loans, and making operating decisions. What are compilations? A compilation refers to financial statements that were prepared or compiled by an organization’s outside accountant. The goal of this process is to gather unaudited financial information into financial statements, schedules, or reports based on the information a client provides.  However, in the end it’s up to the organization to determine the financial health of their business. When obtaining a compilation, your Denver accountant must go through measures to understand your business, accounting principles, and present financial information in the accepted form of proper financial statements. The accounting experts at Bloch, Rothman and Associates consult with clients to determine the real financial condition of their company. Please contact us at any time to schedule a free consultation. Measuring the financial health of your business is integral to your success. An accountant can oversee and advise the immensely important procedures to keep your business on track and on budget. Take the time to evaluate your options and get in touch with a tax professional today. Learn more about the financial state of your business and how you can take advantage of other options like outsourcing payroll services. Wed, 29 Jul 2015 06:00:00 GMT http://denveraccountant.co/blog/3459/Financial-Performance--Compilations-for-Your-Business http://denveraccountant.co/blog/3458/Understanding-Your-Provisions-----Tax-Extenders blog In previous years, taxpayers have had to wait until the end of the year for a tax extenders bill. However, this year, there has been some talk about a tax extender package â€" mid-year. Extenders are comprehensive group of tax deductions that have been extended from their expiration in the previous year. Sen. Hatch and Sen. Ron Wyden announced that the Senate Finance Committee will begin markup on a tax extenders bill tomorrow. They are hoping that the timely opportunity to act on extending expired provisions in the tax code will provide a greater certainty and predictability for the middle class and businesses. Some of the individual tax provisions in the tax extender bill are: Mortgage debt relief Deduction for state and local general sales taxes Tax-free distributions from individual retirement plan for charitable purposes Special rules for qualified small business stock Incentives for biodiesel and renewable diesel Credit for construction of new energy efficient homes Credit for alternative fuel vehicle refueling property There will be more information later in the year for additional tax deductions in the bill. Contact Bloch Rothman, the Denver Tax Specialists for personally customized information and advice about your 2015 taxes and deductions.  Mon, 20 Jul 2015 06:00:00 GMT http://denveraccountant.co/blog/3458/Understanding-Your-Provisions-----Tax-Extenders http://denveraccountant.co/blog/3457/Are-You-Paying-Too-Much-Property-Tax- blog Buying a home is a huge expense but what most people don’t take into consideration is the second biggest expense when buying a home. Did you know that 30-60% taxable property is being over-assessed? That means there’s a good chance that you’re paying more than your share. How do you lower this? Fewer than 5% of home owners appeal their assessment. Do you think that your home is over assessed? Do you think that they have the correct data? Sometimes, square footage, size of garage, or number of bathrooms is reported incorrectly. This means that there may be worth appealing your home may be a money saving opportunity for you. The burden of proof is on you, the homeowner, to provide the reasons why your property is worth more or less. However, you should be wary that your tax may go up with a property tax appeal if your house is actually worth more than you previously thought. Bloch, Rothman and Associates have been very successful in appealing Denver property values and have saved our clients thousands of dollars. Call your Denver tax experts today for a free consultation regarding your property tax payments.  Wed, 15 Jul 2015 06:00:00 GMT http://denveraccountant.co/blog/3457/Are-You-Paying-Too-Much-Property-Tax- http://denveraccountant.co/blog/3456/Denver-Tax-Audit-Tips blog When it comes to tax audits, it can be very stressful time for a tax payer. Almost always, it ends up with them owing more money or getting penalized. Did you know that an audit can last an average of 2 to 18 months? During this time, you will be waiting to hear back from the IRS and having to get records together in a panic.  There are three types of audits: Correspondence audit â€" This is the most common and least obtrusive audit. The IRS will send you a letter saying that there may be a mistake in your tax return and that you may need to pay more, or that you’re entitled to a larger refund. You might need to send additional documentation, but it’s fairly simple if you maintain records. Field Audit â€" This audit is for business and is fairly uncommon for individuals. The IRS will send a group of auditors to look through your business’s financial records and documentations. In-Office Audit â€" This audit is an in-office visit and will require individuals or businesses to take documentation to an IRS auto to authenticate their reported tax return information. These audits are difficult and stressful since the burden of proof lies on you. There are many reasons to hire a Denver tax service to handle these situations. IRS agents are trained to find extra income and try their best to disallow deductions. When you hire Bloch Rothman, you won’t have to deal with the IRS and they won’t have a chance to interrogate you. In most cases, they will deal directly with us to give you peace of mind and to take extra stress off your hands. With 20 years of experience representing clients, we can provide the best advice. Make sure to contact us to schedule a free consultation about an IRS audit.  Wed, 08 Jul 2015 06:00:00 GMT http://denveraccountant.co/blog/3456/Denver-Tax-Audit-Tips http://denveraccountant.co/blog/3455/Benefits-of-Electronic-Filing-of-Taxes-in-Denver blog When it comes to your tax return, everyone wants it as quickly as possible. Electronic filing, or e-filing involves your Denver tax preparer completing the preparation of your tax return and then submitting it to the IRS via the Internet. Did you know that if you file your tax return by mail, it can take up to eight weeks for it to be processed? By E-Filing with direct deposit, you can normally get your refund in days instead of several weeks. It’s also more comforting when you get electronic proof of when a return is E-filed instead of leaving it to the chance of getting lost in the mail. It also makes keeping records and tracking your taxes a lot easier. If there is ever a question about your taxes, or an amendment that has to be made, you won’t have to sift through mounds of paper which saves a lot of time and frustration. The Denver tax experts at Bloch, Rothman and Associates have been filing returns electronically since 1996. It is free to you â€" we do not charge additionally for this service. When E-Filing, our accountants in Denver get this information within hours and can then adjust the return and file it again right away. This can take months with a paper filed return. E-Filing can help avoid many problems down the road. Give the Denver accountants at Bloch, Rothman a call about E-Filing your tax return and learn more about the service and its benefits.  Thu, 02 Jul 2015 06:00:00 GMT http://denveraccountant.co/blog/3455/Benefits-of-Electronic-Filing-of-Taxes-in-Denver http://denveraccountant.co/blog/3454/Tax-Tips--IRS-Installation-Payment-Plans- blog Did you know that when financially unable to pay your tax debt immediately, you can make monthly payments through an installment agreement with the IRS? As long as you pay your full debt, you may be able to reduce fees and interest or avoid the fee with setting up the account. Who can apply for an installation plan online? Those who owe less than $50,000 or less in combined individual income tax, penalties, and interest can apply online Business who owe less than $25,000 in payroll taxes and have filed all required returns What should you bring to your Denver tax service when setting up an installation plan? An idea of what you can afford each month A copy of your tax returns A checking account number and routing number if you’re setting up automatic withdrawals Ask your tax professional about making an installment plan as we can usually negotiate a lower monthly payment that fits your budget. If you aren’t accepted for the IRS’s criteria for automatic acceptance of an installment agreement, it gets very complex â€" the help of a professional tax service is most likely required. Bloch, Rothman & Associates, Ltd. has been helping Denver clients with their IRS collection issues for over 20 years - contact us for more information on IRS collections.  Thu, 25 Jun 2015 06:00:00 GMT http://denveraccountant.co/blog/3454/Tax-Tips--IRS-Installation-Payment-Plans- http://denveraccountant.co/blog/3453/Unusual-but-Legitimate-Denver-Tax-Deductions blog Getting the most out of your tax refund can be a little confusing at points. With the long list of deductions the IRS provides, it’s time consuming finding those ones that could apply to you. Here is a list of possible deductions you can make that may surprise you: You can deduct medical expenses that exceed 7.5% of your adjusted gross income. This can also apply to quitting smoking and deducting expenses for smoking cessation programs such as nicotine patches Out of pocket car expenses when using a car for medical reasons, including parking, tolls, and fuel Cost of meals at a hospital if the principal reason of you being there is to get medical care If you have moved because of a new job, you may be entitled to a moving expense deduction if you meet the distance guideline stated by the IRS. This even includes expenses for moving your pet too as it is considered a possession If the weather in Denver has negatively affected you this year, you may be entitled to a casualty-loss deduction on your loss The cost of pregnancy test kits are also deductible and is specifically listed in the tax code Transportation to donating an organ: An organ donor can deduct both the medical expenses as well as travel expenses associated with the donation Lead based paint removal. If you have lead paint in poor repair in a house that is in reach of a child, the removal is tax deductible. However, make sure you don’t classify this as a medical expense Regular physical examinations and diagnosis. You do not have to be ill at the time of the appointment. Consult your Denver tax service to ensure you maximize the refund of your hard earned money. Wed, 17 Jun 2015 06:00:00 GMT http://denveraccountant.co/blog/3453/Unusual-but-Legitimate-Denver-Tax-Deductions http://denveraccountant.co/blog/3452/How-to-Make-the-Most-of-Your-Charitable-Contributions blog Charitable donations are a great way to help lower your tax bill while helping others. However, it’s imperative that you know the basics of charitable donations to ensure you get a fair tax deduction for them. Here are a few guidelines to keep in mind when making a decision to contribute and how to compile them for your Denver tax planning service: Verify the organization is a qualified According to the IRS, this means that an organization must be “Organized and operated only for charitable, religious, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals.” Keep in mind this does not include individuals, political parties, or organizations like sports leagues.   Keep records of your donations To claim a deduction, you must have a bank record, receipt, or payroll deduction. If you are making a contribution of more than $250, make sure you have a written acknowledgement from the organization as well. Understand the value of your contributions When donating clothing or other items, the IRS states that the items must be in at least “good used condition.” The amount you get to deduct is the amount that it would sell for in a second hand store, not the amount you paid originally. Make sure to get a receipt from the organization when you make a donation and hang on to it until it’s time to file your taxes. The same goes for donating a car. You can only deduct the amount the organization sells the car’s parts for. However, if the organization uses the car as is, you can deduct the fair market value.  Making sure that you’re getting the best deductions for your contributions can be tricky, that’s why it’s important to rely on Denver tax resources for maximizing your return.  Wed, 10 Jun 2015 06:00:00 GMT http://denveraccountant.co/blog/3452/How-to-Make-the-Most-of-Your-Charitable-Contributions http://denveraccountant.co/blog/3451/Prepare-Your-Denver-Business-for-Next-Year-s-Taxes-Today blog If you are looking to save the most money on your taxes, make sure to begin protecting your business during the start of the fiscal season. Here are some of the Denver tax planning steps that you can take in order to protect your hard earned revenues. Start organizing your records now A great way of protecting your revenues and business from audits is to retain a pattern of records. If you don’t have records of your payouts, then you may end up paying much more in taxes than ever. Understand the new laws of investment, losses, and depreciation so you can take advantage of all deductions due to you There are always new laws every tax year about the deductions that you can take, and it is not easy to review them all. Tax litigation services may be able to help you do this in an efficient way. Either way, do not overlook tax law in any year - the details could save you lots of money. Set up your organization so that you can receive benefits The way in which your business is set up is the only thing that is keeping you from profitability after taxes. If you do not know the differences between the types of companies that you can own, then consult with a tax pro. Preparing for your financial future starts today, and sometimes you may need a bit of help. The right Denver bookkeeping services will give you the ability to maximize all deductions without taking your time away from focusing on your business. It’s easy to start your preparation today with the right help.   Fri, 05 Jun 2015 06:00:00 GMT http://denveraccountant.co/blog/3451/Prepare-Your-Denver-Business-for-Next-Year-s-Taxes-Today http://denveraccountant.co/blog/3450/Denver-Tax-Planning-For-Business-Professionals blog Individuals and small businesses have various needs when it comes to tax planning and preparation. There are different considerations when preventing unexpected tax bills and avoid fees or penalties from the Internal Revenue Service. In addition, tax planning requires an organized and methodical system as well as a solid understanding of all tax guidelines and regulations.  A certified tax professional can assist individuals and businesses with their tax needs in several ways:  Organize items such as payroll and invoice documents Identify potential audit flags Request tax filing extension when needed The best Denver tax resources will include a personal consultation. Business professionals and individual taxpayers often have changes to their situation throughout the year that could have an impact on their personal or business income tax requirements. While it is important for tax professionals to understand the law as it pertains to tax preparation, there is also a personal element that should not be overlooked.  Speaking to clients often uncovers unspoken needs and information that could enhance the business relationship as well as the potential tax refund. Changes in a family situation or the number of employees in a small business can make a big difference in the type of services provided for a particular customer, and experienced tax professionals know how to interpret the given information.  Sometimes, difficult tax scenarios arise and customers need additional support to make the best of an unpleasant situation. This requires the expertise of an experienced and diligent accounting professional that is able to thoroughly review all relevant information and minimize damage whenever possible.  Whether a new business is growing and needs to add people to payroll, or an individual is completing a tax return for the first time, a certified tax professional can make the task at hand easy and efficient.    Fri, 29 May 2015 06:00:00 GMT http://denveraccountant.co/blog/3450/Denver-Tax-Planning-For-Business-Professionals http://denveraccountant.co/blog/3449/Properly-Outsourcing-Denver-Payroll-to-Increase-Internal-Productivity blog Running a successful business in a high traffic, metropolitan areas such as Denver requires a great deal of focus. The notion of the small business person wearing X number of hats at once is a great way to run a business into the ground. Having the business tax preparation Denver trusts on your side is a great way to begin focusing your efforts in improving your productivity. The Advantages of Outsourcing Payroll Services Proper tax planning includes keeping proper records on your payroll. Outsourcing this function of your business to a reputable accountant increases your business productivity in a number of ways. First of all, you will definitely improve morale in the office with your employees. Imagine how much better your employees will feel when they know that their paychecks are being handled by proper bookkeeping experts. Secondly, imagine how much better you will feel when the recurring hassle of making sure that everyone gets paid on time is no longer your direct responsibility. Think of the time that you will be able to put into other efforts actually growing your business so that you will have the money to pay people. Lastly, using your resources in this way will help to speed up your tax refund and minimize the amount of pressure that you will receive from federal and state tax agencies. You will have solid records to show any financial body that wishes to audit you. However, this advantage of solid record-keeping does not limit itself to government. If you are looking to expand or otherwise attract investors to your business, you will need to have these books as well. If you pick the right accountant, then you will also have tax litigation services on top of all of the added features and reduced stress. Outsource properly, and you give yourself an advantage over every competitor in your industry! Mon, 25 May 2015 06:00:00 GMT http://denveraccountant.co/blog/3449/Properly-Outsourcing-Denver-Payroll-to-Increase-Internal-Productivity http://denveraccountant.co/blog/3448/Reliable-Professional-Accounting-Services-in-Denver blog Financial management and tax preparation is essential for individuals and businesses in Denver. Getting help from a local accounting expert is a great way to learn about retirement planning and taxation issues. A Denver accountant is the ideal professional for tax preparation, bookkeeping and payroll services. Denver Tax Planning  Quality resources are available for year-round support. Using a consultative approach, accountants have the expertise to properly advise area residents and business owners too. Convenient tax planning solutions are extended for anyone who needs tax litigation services as well as affordable business tax preparation.  Knowledgeable professionals are able to provide objective advice that coincides with ethical strategies for tax planning. Prompt assistance is given to every local client. For quicker access to capital, individual and business filers may inquire about a fast tax refund. Accounting Services for Small Businesses in Denver Professional accounting services are available for small business owners in Denver. Maintaining a variety of important financial records is essential to growing a small business. Reliable Denver bookkeeping services are highly recommended for local business owners. Periodic financial reviews could ensure that certain checks and balances are in place for continued operating success. Support is available for business owners who require payroll assistance. High quality payroll services may be outsourced for greater accuracy. While internal employees could generate pay stubs and other payroll records, a professional accountant can verify that various procedures are practiced in accordance with industry-recognized standards.  Considerations Licensed accountants are trusted to provide honest financial services. Selecting a local expert for income tax advice or information about retirement planning is a wise idea. For professional bookkeeping services, payroll services or for a faster tax refund, local residents and business owners may contact Bloch Rothman for more information.  Fri, 15 May 2015 06:00:00 GMT http://denveraccountant.co/blog/3448/Reliable-Professional-Accounting-Services-in-Denver http://denveraccountant.co/blog/3447/Benefits-of-a-Roth-IRA blog Too many people overlook the importance of saving now for retirement. What they don’t realize is that compounded interest makes the most difference when you start now, and that could mean having your wealth grow by millions. Denver accounting services can assist in identifying the key areas where you could be saving and investing to maximize your wealth. A Roth IRA is an Individual Retirement Account where contributions grow tax-free, and depending on your circumstances this could mean a substantial increase in retirement funds! The account can contain investments in stocks, bonds and/or mutual funds. The primary difference between a Roth and traditional IRA is that Roth IRAs are not tax deductible. For a withdrawal to be made without penalty, the owner must be at least 59 ½ years of age. With a Roth IRA, money that is withdrawn is tax free after that age limit is met, or up to $10,000 can be withdrawn penalty-free if the money is being used for a first-time home purchase. Traditional IRA funds can be converted to a Roth IRA if income tax is paid on the amount being transferred. The maximum amount that can be contributed to a Roth IRA per year is $5,500 if under the age of 49, and $6,500 if older than 50. The amount can be reduced based on modified adjusted gross income. You are also not able to contribute more than the amount of income earned in that year. There are seemingly limitless amounts of details when it comes to tax and retirement planning. We can provide information and advice on how best to manage your funds to maximize your savings. Contact a Denver accountant and let us handle the finances so you don’t have to worry! Thu, 07 May 2015 06:00:00 GMT http://denveraccountant.co/blog/3447/Benefits-of-a-Roth-IRA http://denveraccountant.co/blog/3446/How-to-Claim-Tips-on-Income-Tax blog Many people do not know that they can claim tips on their end of the year income taxes. Some businesses allow their employees to report their own tips when the time comes while others make their employees to report their tips on a daily basis and add them to the income reported on their W-2s. However, it is important to learn how to claim tips on income taxes so that you do not end up having problems with the IRS. You can avoid such problems by hiring Denver bookkeeping services with extensive experience in tax planning. Instructions • Maintain a record of all unreported tips of the year. This includes all tips that remain unreported to your employer at the end of your shift.  • Fill out the federal tax form appropriately and with accurate information including your name and other personal information.  • Look at the section titled “income” on the federal tax form. Enter all your income under this section. If you are not sure, consult a Denver tax resources specialist to help you fill out your federal tax form. • Your tip money should be entered under the “wages, tips and salaries” section. Fill out this section only if your employer is honest enough and does not want to withhold taxes from your income.  • Fill out Form 4137 to report tips that were not reported to your employer for social security and Medicare withholding. Form 4137 is usually filled with the federal income tax return.  Form 4070-A This is used to track and account for employees daily tally of tips in cash and credit. The tips are calculated and added to Form 4070-A and a monthly report is sent to the IRS with the employees’ names, addresses and Social Security numbers.  Tips are easy to track and account for when they are added to a credit card. However, employers often have to rely on the honesty of their employees when the tips are in cash. Denver tax planning services can help you and your business not become overburdened by complicated tax concerns.  Fri, 01 May 2015 06:00:00 GMT http://denveraccountant.co/blog/3446/How-to-Claim-Tips-on-Income-Tax http://denveraccountant.co/blog/3445/Should-You-Amend-Your-Tax-Return- blog Perhaps you were caught up in the mess of getting all of your tax information together and made some mistakes when filing. Not to worry, there are options available so that you can fix any errors you may have made â€" and could even save you some money! Amending a tax return isn’t a difficult process so long as you have all of the necessary documentation. A Denver accountant can assist in identifying any errors in your return and provide you the correct forms to make changes to your previously filed taxes.   A 1040X form will enable you to make the necessary changes to file an amended return. The form will have three columns that will include the original return, any changes being made and the corrected amount. This form cannot be filed electronically, it has to be done on paper and mailed. This form must be submitted within three years from the filing date of the original return, or two years from when the tax was paid â€" whichever is later. It typically takes about 8 to 12 weeks for the amended return to process.   There are specific circumstances that don’t require you to amend your tax return. For example, math errors will be fixed by the IRS. Any forms you may have forgotten to attach will alert the IRS to notify you and request these documents. You cannot amend errors that will favor your refund; you must fix all errors that correlate with your tax liability ranging from marital status to the amounts of dependents you are attempting to claim.   The enormous amount of rules and regulations can be daunting, but we can provide Denver tax resources that will save you more money or grant you a larger tax return. Fri, 24 Apr 2015 06:00:00 GMT http://denveraccountant.co/blog/3445/Should-You-Amend-Your-Tax-Return- http://denveraccountant.co/blog/3444/5-Benefits-of-Outsourcing-Denver-Payroll-Services blog Having a Denver accountant to manage your business payroll is part of smart and strategic organizational administration. Payrolls take much time to prepare and will often distract you from the core function of your enterprise. Business managers must be sure that payrolls are error-free and that they conform to the local rules of tax preparation.  Outsourcing the business’s financial operations to a payroll services company ensures that your tax reporting information is accurate and never attracts penalties from the IRS. 40% of business establishments pay IRS tax penalties because of mismanaging the payrolls. The payroll preparation experts also minimizes the possibility of a negative audit by the government tax authorities. An automated payroll preparation system will minimize errors that may lead to the violation of IRS tax rules. You need not panic when if you fail to pay the taxes you owe. Your Denver accounting services provider can negotiate with the IRS or the Denver Department of Revenue for installment remission of delayed taxes. Your business may qualify for tax refunds from the local or federal authorities, but you do not know how to get the benefits. Accountants can facilitate the fast tax refund business owners or individuals could be seeking. Payroll services may include payroll preparation software and information about how to earn tax credits. As a business owner, you can get quality advice to help you benefit from the Colorado State Rehabilitation Tax Credit or Federal Historic Preservation Income Tax Credit. The local tax department in Denver gives tax credits to people who rehabilitate buildings or preserve historic buildings. You can go to a Denver payroll company for guidance on how to gain from the tax incentives.  Payroll means much more than paying your employees. Modern payroll functionalities give you the opportunity to improve human capital management and easier tax compliance. Modern payroll administration enables you to comply with health care regulations. The payroll management provider may even link the system to electronic cards. Fri, 17 Apr 2015 06:00:00 GMT http://denveraccountant.co/blog/3444/5-Benefits-of-Outsourcing-Denver-Payroll-Services http://denveraccountant.co/blog/3443/Last-Minute-Tax-Tips blog Tax day is almost here and if you haven’t already filed your return, make sure to follow our tips below so that your return is error-free and is accepted by the IRS: 1- Check your work! Even if you have had a tax professional prepare your return for you, it is important to take the time to read through your return and understand the numbers. Even pros sometimes make mistakes, so make sure everything looks right too you 2- E-file: E-filing is quick and easy and you receive confirmation of receipt right away. When you mail your return, it takes time and there is always the concern with whether or not the return made it to the IRS safely 3- Make sure your bank account and routing number are correct: This sounds like a simple one, but one wrong number could hold up your refund for weeks 4- Sign & Date: The IRS does not accept returns that are not signed. Even though everything is done, the final step is to sign the return 5- Make a Copy for Your Records: Keep all of your important financial documents together and include a copy of your annual tax return. If you ever get audited or just notice an error in your filing, this will be important to have on hand. 6- File an Extension: If you just don’t have the time before April 15th, file an extension. This will give you time to actually file the return and will prevent late filing penalties. If you need help with your Denver taxes, give us a ring today.  Fri, 10 Apr 2015 06:00:00 GMT http://denveraccountant.co/blog/3443/Last-Minute-Tax-Tips http://denveraccountant.co/blog/3442/5-Ways-You-Save-When-You-Hire-an-Accountant-in-Denver blog Hiring an accountant in Denver can save you money by assuring that you qualify for every deduction to which you are legally entitled. You want to pay the minimum tax that you legally can. An accountant will enable you to do that without you having to take any unnecessary chances with the law. An additional benefit of hiring a tax service in Denver is that they already know how to fill out the forms correctly, so you do not have to take time away from earning money to figure them out yourself. An accountant can help you plan personal or business expenses in ways that save you money. They can inform you that certain purchases or assets are deductible, and by purchasing them you can write off part or all of the cost either immediately or over a few years. This type of tax planning enables you to maximize your savings from the beginning instead of waiting until the last minute to call someone to prepare your taxes and only then find out the tax ramifications of your actions for the past year. Taxes are a major consideration both in business planning and in saving you money on your personal income taxes. Audits are not only a hassle but they cost money because they pull you away from more productive work that you could be doing. The expertise that a Denver accountant brings to you will reduce your chances for an audit because the IRS will be receiving professionally filled out tax forms that only claim legitimate deductions. Also, in the event an audit is inevitable, you will save yourself a lot of fear and uncertainly by knowing you have tax professionals on your side. You save money and you save yourself or your business the legal hassle by knowing you have complied with tax laws correctly. Delegating specific tasks to those with the knowledge and expertise to handle them well is part of the secret to the efficient use of your time and resources. Contact a Denver tax professional today and start enjoying all the ways they can save you money. Mon, 06 Apr 2015 06:00:00 GMT http://denveraccountant.co/blog/3442/5-Ways-You-Save-When-You-Hire-an-Accountant-in-Denver http://denveraccountant.co/blog/3441/Tax-Deductions---Tips-For-Small-Business-Owners blog Many small businesses manage their own books throughout the year and enlist a tax professional to assist them with filing their taxes only on an annual basis to help with year-end tax prep. Every small business is different and if you are a small business owner it is important to carve out some time to meet with your accountant to address any tax related issues that are specific to your industry or your particular circumstances. Regardless of industry, many small businesses are eligible for tax deductions (keep your receipts!) including: Use of a home office Purchase of office supplies Mileage and use of your personal car for business purposes Depreciation of various assets such as furniture and computer equipment Software purchases Business travel, meals and entertainment expenses And more! Also keep in mind that many small businesses should make estimated tax payments on a quarterly basis, and your Denver tax professional can assist you with coming up with these estimates to make sure you are exercising all of your eligible deductions while remaining compliant year-round. There are 19 days left until the April 15th deadline â€" Call us now for help with your Denver taxes.  Fri, 27 Mar 2015 06:00:00 GMT http://denveraccountant.co/blog/3441/Tax-Deductions---Tips-For-Small-Business-Owners http://denveraccountant.co/blog/3440/3-Tips-for-Tax-Day-2015 blog 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.  Mon, 23 Mar 2015 06:00:00 GMT http://denveraccountant.co/blog/3440/3-Tips-for-Tax-Day-2015 http://denveraccountant.co/blog/3439/Contribute-To-Your-IRA-For-2014 blog 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.  Tue, 17 Mar 2015 06:00:00 GMT http://denveraccountant.co/blog/3439/Contribute-To-Your-IRA-For-2014 http://denveraccountant.co/blog/3438/Avoiding-Unnecessary-Tax-Errors blog 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 â€" 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 â€" 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. Fri, 06 Mar 2015 06:00:00 GMT http://denveraccountant.co/blog/3438/Avoiding-Unnecessary-Tax-Errors http://denveraccountant.co/blog/3437/Medical-Expenses-----Should-You-Deduct- blog 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. Thu, 26 Feb 2015 06:00:00 GMT http://denveraccountant.co/blog/3437/Medical-Expenses-----Should-You-Deduct- http://denveraccountant.co/blog/3436/Tax-Deductions-to-Remember-from-Your-Denver-Accountant blog 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. Sat, 21 Feb 2015 06:00:00 GMT http://denveraccountant.co/blog/3436/Tax-Deductions-to-Remember-from-Your-Denver-Accountant http://denveraccountant.co/blog/3435/3-Reasons-to-Use-an-Accountant-This-Tax-Season blog 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: 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. 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. 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. Mon, 16 Feb 2015 06:00:00 GMT http://denveraccountant.co/blog/3435/3-Reasons-to-Use-an-Accountant-This-Tax-Season http://denveraccountant.co/blog/3434/Earned-Income-Tax-Credit-Information-and-Awareness blog This year, the Earned Income Tax Credit (EITC) Awareness day was January 30th, 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. Thu, 05 Feb 2015 06:00:00 GMT http://denveraccountant.co/blog/3434/Earned-Income-Tax-Credit-Information-and-Awareness http://denveraccountant.co/blog/3433/Due-Dates-for-Property-Taxes blog 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 â€" 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 28th â€" The first portion (half) of your property tax payment is due June 15th â€" The remainder of your amount is due April 30th â€" 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) â€" 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. Fri, 30 Jan 2015 06:00:00 GMT http://denveraccountant.co/blog/3433/Due-Dates-for-Property-Taxes http://denveraccountant.co/blog/3432/The-Affordable-Care-Act-and-Your-Taxes blog 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 â€" 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 â€" 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) â€" 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. Mon, 26 Jan 2015 06:00:00 GMT http://denveraccountant.co/blog/3432/The-Affordable-Care-Act-and-Your-Taxes http://denveraccountant.co/blog/3431/Important-Tax-Deadlines-for-the-2015-Filing-Season blog 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.   Fri, 16 Jan 2015 06:00:00 GMT http://denveraccountant.co/blog/3431/Important-Tax-Deadlines-for-the-2015-Filing-Season http://denveraccountant.co/blog/3430/The-2015-Tax-Season-Is-Nearly-Underway blog Now that the holidays have past and everyone is back to work, it is time to think about one of the certainties in life - Taxes! The IRS has announced that it will begin accepting both e-file and paper returns on January 20, 2015. E-filing is generally the easiest way to file, and is the fastest way to get a refund. The corporate tax deadline is Monday March 16th (because the 15th falls on a Sunday) and the individual filing deadline is Wednesday April15th, so now is the perfect time to get all of your paperwork together and speak with one of our Denver accountants so that we can prepare your return in an accurate and timely manner. Give us a call to schedule an appointment with one of our tax professionals today! Sun, 11 Jan 2015 06:00:00 GMT http://denveraccountant.co/blog/3430/The-2015-Tax-Season-Is-Nearly-Underway http://denveraccountant.co/blog/3429/Happy-New-Year-From-Bloch-Rothman---Associates- blog We want to wish all of our clients a very happy and safe New Year! Thank you for your business this past year and we look forward to serving you for all of your tax and accounting needs in the coming year. Don't forget - April 15th is less than four months away! Tue, 30 Dec 2014 06:00:00 GMT http://denveraccountant.co/blog/3429/Happy-New-Year-From-Bloch-Rothman---Associates- http://denveraccountant.co/blog/3428/Happy-Holidays- blog We would like to wish everyone a happy and safe holiday. Thank you for your continued business and please don't hesitate to contact us for all of your Denver tax needs. Happy Holidays!   Tue, 23 Dec 2014 06:00:00 GMT http://denveraccountant.co/blog/3428/Happy-Holidays- http://denveraccountant.co/blog/3427/Tax-Increase-Prevention-Act-of-2014---How-It-Affects-You blog On December 16, 2014 Congress passed the Tax Increase Prevention Act of 2014, which retroactively extends a handful (around 50) of previously expired individual, corporate and energy tax breaks through the end of the year. The potential effects are far-reaching and could benefit corporations both big and small, as well as individuals, homeowners and those that live in a state without state income tax. Whether these tax breaks will be extended past the end of the year, or addressed and modified in a more comprehensive set of tax reforms has not yet been determined. Our team of tax professionals and CPAs are here to help with all of your tax-related and year-end questions. Our Denver accounting office is conveniently located in the Congress Park neighborhood, so please feel free to give us a call or schedule an appointment to learn more about the new Act and see if it impacts you or your business.  Fri, 19 Dec 2014 06:00:00 GMT http://denveraccountant.co/blog/3427/Tax-Increase-Prevention-Act-of-2014---How-It-Affects-You http://denveraccountant.co/blog/3426/Getting-Ahead-for-2015--Tax-Tips-for-December---First-Quarter-2015 blog We have been frequently featuring tips on getting ahead for next year's taxes, called Getting Ahead for 2015. Continuing with that series, we have some good tips to share with you for the current month of December and for the quickly approaching first quarter of 2015. December: This month's theme should be to pay and give. It is the last opportunity to make any charitable contributions that could assist in lowering your tax bill. We would also advise to consider paying any major bills you have, as well as state and/or property taxes. December is also a good time to go ahead and dig out last year's return, watch for any final pay stubs or bonus income from your employer, just to make sure you are ready to prep for your taxes as the first quarter of 2015 quickly approaches.  January: Get organized. April is coming up quick. Start gathering and compiling all of your tax docs, including W2s, 1099s, interest income, and any business receipts.  If you're self-employed, it's time for your fourth-quarter 2014 estimated tax payments, which are due on January 15th. Questions or concerns on any of the above? Please give us a call at Bloch, Rothman & Associates, LTD. As experienced Denver tax professionals, we are here to assist you with your tax and accounting needs. Call today: (303) 321-7160. Fri, 12 Dec 2014 06:00:00 GMT http://denveraccountant.co/blog/3426/Getting-Ahead-for-2015--Tax-Tips-for-December---First-Quarter-2015 http://denveraccountant.co/blog/3425/Have-a-Safe---Happy-Thanksgiving blog Tue, 25 Nov 2014 06:00:00 GMT http://denveraccountant.co/blog/3425/Have-a-Safe---Happy-Thanksgiving http://denveraccountant.co/blog/3424/Stay-Aware---IRS-Warns-of-Scam-Phone-Calls blog A couple of weeks ago, the IRS released a YouTube video warning about an aggresive telephone scam that is happening across the US. We have included the video at the bottom of this blog post. Over the past few weeks, individuals posing as IRS tax agency representatives have been making calls demanding money or say you have a refund due, trying to trick you into sharing your private and personal information. Often times the caller-ID is "spoofed" - to make it look like it is actually the IRS calling you. The callers utilize fake names and fake IRS ID #s. If you don't answer, they will often times leave a voicemail saying it is urgent that you call them back. Be aware of these scams / fraudulent calls. If they call to demand immediate payment, but you have never received a bill from the IRS, it is most defintiely a scam.  If you get one of these calls, call the IRS immediately at 1 (800) 829-1040 to confirm you in fact owe tax or to report the incident of a fraudulent caller.  Fri, 14 Nov 2014 06:00:00 GMT http://denveraccountant.co/blog/3424/Stay-Aware---IRS-Warns-of-Scam-Phone-Calls http://denveraccountant.co/blog/3423/End-of-Year-Financial-To-Dos---Get-Out-and-Vote- blog Happy Election Day to all of our website visitors! Election Day reminds us that the end of the year is creeping closer and closer. Before you know it, you'll be eating Turkey, sharing gifts around the tree (if you celebrate Christmas), and spending time with friends and family.  The first few weeks before Thanksgiving approaches are great weeks to get your finances in order before the end of the year. We grabbed some tips on Novemeber financial to-dos from one of the financial planning blogs we often follow for how-tos, tips, and advice, LearnVest. End-of-year financial & money to-dos: 1. Check your credit score: Recent changes in FICO's scoring system in August could put you in a better position when it comes to debts that went to collections that you paid off, or medical debts affecting your credit score. 2. Budget for the holiday season: Make sure you create and stay within a budget this holiday season. Gift giving can often get a little out of control. See if there are any gifts that can be DIY, or perhaps decide you are going to set a monetary limit for each family member's gift.  3. Plan any charitable donations: Now is the time to make any charitable contributions if you have budgeted to do so in 2014.  4. Look into financial aid options: FAFSA (Free Application for Federal Student Aid) applications can begin to be submitted on January 1st.  5. Discuss money with family: The holidays (while maybe not at Thanksgiving dinner) are a good time to discuss the basic principles of budgeting or managing money. Providing positive advice for younger family members can help pave the way for them to make smarter money moves as they grow financially. If you have any questions or concerns when it comes to tax advice, tax prep, or bookkeeping as the year nears its end, please give us a call at Bloch, Rothman & Associates, LTD at (303) 321-7060 and get out and vote!   Tue, 04 Nov 2014 06:00:00 GMT http://denveraccountant.co/blog/3423/End-of-Year-Financial-To-Dos---Get-Out-and-Vote- http://denveraccountant.co/blog/3057/Getting-Ahead-for-2015--Tax-Tips-for-November---The-Fourth-Quarter blog Continuing on with the series we have been blogging about for most of the year, Getting Ahead for 2015. We have some additional tips for the upcoming month of November and the rest of the Fourth Quarter as the end of the year is approaching very quickly - only a couple months left until 2015! As Novemeber is fast approaching, the month is truly about Thanksgiving and spending some time with those close to you. That being said, year end gift-giving may be on the mind. November is a great time to make any monetary gifts you have been desiring to make to charities or family members. Make sure to do this before the end of the year. The annual gift exclusion for 2014 is $14,000. This is the maximum amount of money you can give to another person without having to pay a gift tax.  As we mentioned in our Getting Ahead Tips for October, these last few months of the year in the Fourth Quarter can be a great time to do some research on taxes, as their may be chagnes in 2015 deduction limits or retirement contributions. As the year-end approaches, if you have any concerns or needs regarding tax preparation, tax resolution services, bookkeeping, or tax advice, please give us a call as your trusted Denver accountant at Bloch, Rothman & Associates LTD. (303) 321.7160. Wed, 29 Oct 2014 06:00:00 GMT http://denveraccountant.co/blog/3057/Getting-Ahead-for-2015--Tax-Tips-for-November---The-Fourth-Quarter http://denveraccountant.co/blog/3422/Getting-Ahead-for-2015--Tax-Tips-for-November---The-Fourth-Quarter blog Continuing on with the series we have been blogging about for most of the year, Getting Ahead for 2015. We have some additional tips for the upcoming month of November and the rest of the Fourth Quarter as the end of the year is approaching very quickly - only a couple months left until 2015! As Novemeber is fast approaching, the month is truly about Thanksgiving and spending some time with those close to you. That being said, year end gift-giving may be on the mind. November is a great time to make any monetary gifts you have been desiring to make to charities or family members. Make sure to do this before the end of the year. The annual gift exclusion for 2014 is $14,000. This is the maximum amount of money you can give to another person without having to pay a gift tax.  As we mentioned in our Getting Ahead Tips for October, these last few months of the year in the Fourth Quarter can be a great time to do some research on taxes, as their may be chagnes in 2015 deduction limits or retirement contributions. As the year-end approaches, if you have any concerns or needs regarding tax preparation, tax resolution services, bookkeeping, or tax advice, please give us a call as your trusted Denver accountant at Bloch, Rothman & Associates LTD. (303) 321.7160. Wed, 29 Oct 2014 06:00:00 GMT http://denveraccountant.co/blog/3422/Getting-Ahead-for-2015--Tax-Tips-for-November---The-Fourth-Quarter http://denveraccountant.co/blog/3421/Record-Number-of-Taxes-Collected-for-Fiscal-Year-2014 blog The October 15th tax extension deadline has come and gone as we enter further into the fourth quarter. We hope everyone has taken the appropriate steps to file their taxes with the IRS.  The federal government, in a report released Wednesday from the Treasury Department, reported that it collected a record amount of taxes for fiscal year 2014. The $3 trillion dollars in revenue that was collected assisted in dropping the deficit to its lowest level under Barack Obama's presidency.  According to the US Treasury, individual taxes increased 6% and coprorate income taxes increased 17%.  To read more on the matter, visit the full article in The Washington Times here, and be sure to call us at Bloch, Rothman & Associates, LTD in Denver for tax prep, tax resolution, bookkeeping, and tax advice. (303) 321.7160 Fri, 17 Oct 2014 06:00:00 GMT http://denveraccountant.co/blog/3421/Record-Number-of-Taxes-Collected-for-Fiscal-Year-2014 http://denveraccountant.co/blog/3420/October-15th-Extension-Deadline-is-Fast-Approaching blog We would like to give our website visitors another friendly reminder about the tax-filing and payment extension deadline of Wednesday, October 15th - it is fast approaching! The IRS is urging tax payers who have filed an extension to double-check their returns for often-overlooked tax benefits and then file electronically using the IRS' e-file of Free File system. IRS e-file is available through October 15th.  According to the IRS, 13 million taxpayers requested an automatic 6 month extension, and more than a quarter of those taxpayers still have yet to file.  Members of the military and others serving our country overseas typically have at least 180 days after they leave the combat zone to both file returns and pay any taxes they have due.  Some of those often overlooked and under-utilized tax benefits the IRS is encouraging taxpayers to look over before filing on the 15th are: Earned Income Tax Credit American Opportunity Tax Credit Benefits for same-sex couples that were legally married in jurisdictions that recnognize their marriage And as always, if you have any questions about the filing and payment extension of October 15th, please contact us at Bloch, Rothman & Associates LTD in Denver, Colorado at (303) 321.7160. Mon, 06 Oct 2014 06:00:00 GMT http://denveraccountant.co/blog/3420/October-15th-Extension-Deadline-is-Fast-Approaching http://denveraccountant.co/blog/3419/Getting-Ahead-for-2015--Tax-Tips-for-October---The-Fourth-Quarter blog Continuing with our Getting Ahead for 2015 series, we have tax tips for October and the Fourth Quarter.  Aside from April 15th, October 15th is one of the most important tax dates to know. As we mentioned in our last post, October 15th is the tax extension filing deadline.  Additionally, around mid-October, open health insurance enrollment begins at many companies and larger corporations. This is a good time to re-assess your current benefits and find potentional tax savings. If it is offered, it may be a good idea to participate in a Flexible Spending Account (FSA), or other benefit programs they offer that will result in tax breaks. FSA accounts, however, have to be utilized within a specific period, so you will want to make sure to contribute an amount that you will actually use throughout the year. An HSA, Healh Savings Account, does not require that, so be sure to participate in this option if you are a part of a high-deductible health plan with your employer. October is also a great time to do a bit of research or contact us as your professional Denver accountant about any changes in the 2015 deducation limits or retirement contributions. Call us today at Bloch, Rothman & Associates, LTD. as 2015 fast approaches. (303) 321.7160. Thu, 25 Sep 2014 06:00:00 GMT http://denveraccountant.co/blog/3419/Getting-Ahead-for-2015--Tax-Tips-for-October---The-Fourth-Quarter http://denveraccountant.co/blog/3418/Tax-Extension-Filing-Deadline-is-October-15th- blog Thousands of Americans file a tax extension every year, which allows six additional months from the filing date of April 15th to get your taxes in order and file with the government. There are many reasons for filing a tax extension, most often due to lack of time to prepare, or having a particularly complicated tax return that was not completed in time for the April deadline. Filing a tax extension does not lower, or raise, your taxes in any way, but simply allows you more time in which to appropriately file. Please note that you must actually submit a tax extension form to the government to be eligible for this 6 month grace period, if you do not file an extension but wait until October 15th to file your taxes you may be subject to late payment penalty fines. As October 15th is fast approaching, we have a few tips to make filing easy and simple: Gather and keep all your financial information in one place â€" whether it be a shoe box, file cabinet or dresser drawer, keeping these items in one place will help make it easier to locate need information when it comes time to prepare your taxes Make sure you have your W2 (sent to you by your employer to show taxes withheld), form 1099-INT (for interest earned on a bank account) and Form 1098 (mortgage interest statement) Don’t forget to double check that your social security number has been input correctly and to sign and date your return! If you need help with your taxes, or with deciphering any of your tax documents, give Bloch Rothman and Associates a call, we are here to help. Fri, 19 Sep 2014 06:00:00 GMT http://denveraccountant.co/blog/3418/Tax-Extension-Filing-Deadline-is-October-15th- http://denveraccountant.co/blog/3417/The-Most-Common-Tax-Forms---Their-Meaning blog The most commonly used tax forms can often be confusing - W4, 1040, W9, W2, 1099 - with a slew of letters and numbers, we are often asked as Denver tax preparers how one is ever supposed to fully understand the difference between these forms, when to use them, and what they mean. We thought no better opportunity than a post to our website about these forms and how to differentiate between them. W4: The form you fill out upon starting a new employment venture/job - it tells your employer how much to withhold from your paycheck for taxes. You can always fill out a new W4 at anytime if you want to change/adjust your withholding amount. W9: If you are self-employed and/or a freelancer and contractor, this form is one that clients or companies you work for may ask you to fill out - it contains your basic contact information and social security number. W2: This form is recevied at the end of the year from your current employer by Mid-February. It shows how much you earned and paid in both fedral and state income taxes and Social Security. It will also detail your 401K amounts you paid, if applicable. 1099: Yet another form that will be sent to you at the end of the year from companies or clients who hired you as a contractor. It summarizes the amount of money the company or client paid you, which you then have to pay taxes on.  1040: The most basic tax form everyone fills out in order to give the IRS the whole gist of your tax situation. There are 3 different kinds of 1040 forms, tailored to your tax situation. Consult a Denver tax expert and professional, such as us here at Bloch, Rothman & Associates, LTD. for more clarification on which 1040 form you should be using.    Fri, 12 Sep 2014 06:00:00 GMT http://denveraccountant.co/blog/3417/The-Most-Common-Tax-Forms---Their-Meaning http://denveraccountant.co/blog/3416/How-long-should-you-keep-those-financial-records- blog We receive tons of financial and accounting related questions here at Bloch, Rothman & Associates, LTD in Denver, Colorado. These questions become great material and advice for us to share with you on our website.  We recently received this question: How long should I obtain/keep financial records and documents? The answer: It all depends on the type of document. There are certain documents you always want to keep for financial purposes. These would be records of assets you own, investment account financial statements, bank statements, and credit card statements if they have a record of any tax-deductible items you have purchased.  Once you file your taxes, the IRS has up to 3 years to audit you. However, if the IRS discovers that you have underreported your income by 25% or more, this gives them the authority to audit you up to six years back. Seven years back if you claim a loss for bad debt, and if fraud is suspected, there are no time limits for the IRS. So while it's personal preference, we advise to keep any tax and expense records for seven years or more. FInancial documents you can safely shred: any credit card statements that are over a month old and contain no deductible items, utility and phone bills over a month old unless you can deduct them on your taxes, reciepts and ATM deposit slips once you have reconciled them, and additionally any paperwork that is just a mirror copy of something that is archived and accessibe online at any time. We hope this helps you to "de-clutter" your financial life a bit, and please do not hestitate to contact us at Bloch, Rothman & Associates, LTD in Denver, Colorado for expert tax preparation and Denver accounting services: (303) 321.7160. Wed, 27 Aug 2014 06:00:00 GMT http://denveraccountant.co/blog/3416/How-long-should-you-keep-those-financial-records- http://denveraccountant.co/blog/3415/Getting-Ahead-for-2015--Tax-Tips-for-September blog Continuing with our series on how to get ahead for your 2015 taxes, we've got some more great tips for the upcoming month of September. September: September is a great month to take that continuing-ed course you've been thinking about or hone-in on professional skills. It's a great time to sign up for a class at a local community college, as you could be eligible to receive a tax credit on your tuition and/or fees. If you're self-employed, September is the time for your 3rd quarter estimated tax payment for 2014. That must be in to the IRS by September 15th. Use the month of September to also rethink your tax help. If you have been unsatisfied with past returns, then please call us at Bloch, Rothman & Associates and we would be happy to provide our services for your upcoming return. We are experienced Denver tax preparers and accountants, and would be honored to have your business! Call us today: 303.321.7160.   Fri, 22 Aug 2014 06:00:00 GMT http://denveraccountant.co/blog/3415/Getting-Ahead-for-2015--Tax-Tips-for-September http://denveraccountant.co/blog/3414/Financial---Accounting-Terms-Everyone-Should-Know blog At Bloch Rothman & Associates, LTD in Denver, Colorado, we often recieve questions on commonly-used financial and accounting terms and what they mean when it comes to your taxes, bookkeeping, and finances. We wanted to take this time to pinpoint a few of these terms and their exact definition to better assist you when it comes to managing your money. Amortization - Process of paying off debt in regular installments over a fixed period of time.  AGI - Adjusted Gross Income. Gross income minus deductions. This is used to calculate your taxable income on Form 1040 when preparing your taxes. Bonds - Also known as fixed-income securities. Bonds are basically intestments in debt - you are lending money to an entity (usually the government or a corporation) for a period of time at a fixed interest rate. You receive the interest payments over time and get the loaned amount back at the maturity date of the bond.  Dependent - An individual who is financially dependent on your income, which you can receive a tax credit or exemption for. FICO Score - This is used by banks and lenders to measure your credit worthiness. The acronym stands for Fair Isaac Corporation. Scores can range from 300-850. Net Worth - This is the difference between your assets and liabilities. Stock Options - A benefit to employees that gives them the option to buy their employer's stock at a preset price. This is often used as a management incentive.  Standard Deduction - An amount based upon your tax filing status that is determined by the government and is used to reduce your taxable income if you decide not to itemize your deductions. Thu, 14 Aug 2014 06:00:00 GMT http://denveraccountant.co/blog/3414/Financial---Accounting-Terms-Everyone-Should-Know http://denveraccountant.co/blog/3413/Filing-Status--What-s-Yours- blog Choosing your filing status for your taxes ultimately determines the deductions and credits you can take. So, what's your best bet? As a single individual, you don't have much choice, but as someone who is legally married, you have two options: married filing jointly, and married filing separately. These decisions for married couples can be complex to make. Filing together/jointly means you file one return together, and married filing separately means you and your spouse file your own returns and your incomes and expenses are considered separate.  Filing together as a married couple is a great idea if your income and finances are straightfoward - similar salaries, no large deductions, no plan to itemize. To see if filing separately is for you and your spouse, you shhould both consult an experienced Denver accountant to help you with this major decision. Often times, married filing separately is a good idea if: You have a large amount of deductions You're planning on getting a divorce If your spouse owes the federal government money A lot was earned by either spouse in capital gains and dividends You have unearned income You want to protect yourself legally These are just some of the reasons why you may want to file separately instead of jointly as a married couple. Regardless, the best rule of thumb is to seek out the help of a Denver tax professional who can assist you in making this complex decision. We specialize in this type of assistance at Bloch, Rothman and Associates in Denver. Call us today and get ahead for your 2015 taxes. Start making complex decisons now so you can be stress-free come tax time. (303) 321-7160. Thu, 07 Aug 2014 06:00:00 GMT http://denveraccountant.co/blog/3413/Filing-Status--What-s-Yours- http://denveraccountant.co/blog/3412/Don-t-Be-Embarrassed-to-Ask-Tax-Questions blog We ran across an article in an online finance blog/website we subscribe to entitled "11 Things You're Embarrassed to Ask About Taxes" - while we thought the questions were not so embarrassing at all (we get them all the time as experienced Denver accountants), we wanted to take this opportunity to share some of the more common ones we saw in the article and that we hear from clients and potentional clients. The advice from the responder in the article was pretty spot-on, but here's our quick take... Is there a benefit to filing your taxes early? How do I know if I need an accountant? Since I'm a freelancer, none of my taxes are being withheld, so what do I do? These three questions above are extremely common ones, and yes, there is a benefit to filing your taxes early - you get your refund sooner. Most people can benefit from having a trusted Denver accountant such as us here at Bloch, Rothman & Associates. Especially if you own your own business, are an independent contractor, have stock options and investments, or itemize your deductions. And if you are an independent contractor/freelancer and don't know what to do, definitely seek out an accountant, because you need to withhold a good amount of your income to avoid having to pay the IRS a huge hefty sum with fees and interest at the end of the year. Contact us today with any "embarrassing" tax questions you may have. We would be happy to lend our Denver accounting and tax expertise. (303) 321-7160. Thu, 31 Jul 2014 06:00:00 GMT http://denveraccountant.co/blog/3412/Don-t-Be-Embarrassed-to-Ask-Tax-Questions http://denveraccountant.co/blog/3411/Getting-Ahead-for-2015--Tax-Tips-for-August blog Continuing with our series on how to get ahead for your 2015 taxes, we've got some more great tips for the third quarter and month of August. For the month of August: You may be busy on summer vacations and soaking up those wonderful rays as we approach the final month of fun in the sun, but if you asked for a tax-filing extension from the IRS, your deadline is fast approaching! Spend the month of August gathering the appropriate forms and any outstanding documents and reciepts that you may need in order to file by the October 15 deadline. Call us today and get ahead for your taxes for 2015: (303) 321-7160 Fri, 25 Jul 2014 06:00:00 GMT http://denveraccountant.co/blog/3411/Getting-Ahead-for-2015--Tax-Tips-for-August http://denveraccountant.co/blog/3410/What-you-need-to-know-about-the-Alternative-Minimum-Tax--AMT- blog Ever heard of the Alternative Minimum Tax (AMT)? If not, that's most likely because you have never had to pay the tax. The original intent of this tax was to keep those who earn high incomes from using loopholes in the tax laws in order to avoid paying their fair share of taxes through the use of manuy write-offs and deductions.  Basically, the tax requires tax payers to calculate their income under the regular tax system and under the AMT rules and then pay whichever tax owed that is higher.  Over the years, the tax has started to hit the upper middle class since the AMT rules have not adjusted with inflation like the rest of the tax code. Recently, Congress has passed temporary legislation to increase the income threshold for the AMT.  So, with all of that being said...who pays it? You may be subject to the AMT if your income falls between $150K and $750K per year. But- there are criteria that increase your chances of being subject to the tax: High gross income relative to taxable income Large number of dependents You exercise and/or hold incentive stock options You realize significant long-term capital gains You have large deductions on schedule A If you're not sure if the AMT applies to you, work with an experienced Denver tax preparer and Denver accountant - Bloch, Rothman & Associates. We will help you navigatve through the often times confusing aspects of this tax and can assist in helping you strategize ways to minimize your exposure with the AMT. Depending on your income, there is an AMT exemption and even an AMT credit. Just another reason why working with an experienced Denver accountant can benefit you in this particular matter.  Additionally, the IRS has a tool to help you find out before tax time if you can expect to pay the AMT. You can check it out here. Thu, 17 Jul 2014 06:00:00 GMT http://denveraccountant.co/blog/3410/What-you-need-to-know-about-the-Alternative-Minimum-Tax--AMT- http://denveraccountant.co/blog/3409/Retirement-Income blog We recently read an article in Accounting Today that stated 74% (nearly three-quarters) of Americans are worried about having enough money for retirement. On top of that worry, the article goes on to state that a recent survey found 3/10 Americans are not saving for retirement. Of those surveyed, however, 69 percent said planning for retirement was a top priority. The article delves deeper into statisical information of those surveyed by generation and what they are saving for. 46 percent of unretired U.S. adults say they live paycheck to paycheck and can't afford to put money in savings. Among those who are saving, the top goals are rainy-day funds for unexpected costs (65 percent) and retirement (52 percent), according to Accounting Today. You can read the full article from Accounting Today here. If you are an avid saver for your retirement, whether it be through a Roth 401k, an IRA, or a Roth IRA, at Bloch, Rothman & Associates, we can assist in helping find you the best tax deductions and credits when preparing your return. Call us today: 303.321.7160 Fri, 11 Jul 2014 06:00:00 GMT http://denveraccountant.co/blog/3409/Retirement-Income http://denveraccountant.co/blog/3408/Getting-Ahead-for-2015--Tax-Tips-for-July blog Continuing with our series on how to get ahead for your 2015 taxes, we've got great tips for July as the third quarter approaches. For the month of July: July is a great time to consider a mid-year review of all of your investments and savings. Also spend some time rebalancing and taking a look at your investment portfolio if you need to. This will help you to see where you stand in regard to capital gains by year end. If you need some more information on capital gains and if they apply to you, please read our last post - What Are Capital Gains? July is also a great time to go ahead and make an appointment with us, professional Denver accountants, Bloch, Rothman & Associates, LTD. As Denver tax experts, we often provide reports to our clients at mid-year for review. This helps to aid in conversations with our clients about where they stand for next year's tax bill.  Call us today and get ahead for 2015: (303) 321-7160. Fri, 27 Jun 2014 06:00:00 GMT http://denveraccountant.co/blog/3408/Getting-Ahead-for-2015--Tax-Tips-for-July http://denveraccountant.co/blog/3407/What-Are-Capital-Gains-- blog Often times our Denver tax and Denver accounting clients assume capital gains are a tax that only apply to those that are wealthy.  But truthfully, anytime you invest in anything beyond your 401K plan or IRA, you have the potentional to realize capital gains.  Capital gains simply refer to the earnings on an investment that an investor receives when he or she sells it at a greater value than what was paid for it. Meaning, you don't need to be wealthy to realize a capital gain. You could sell a home for $200,000 but you had purchased the home for $175,000. You have realized capital gains of $25,000. There are short-term and long-term capital gains, and they are both taxable. The rate at which you are taxed all depends on when you sell your item - whether it be a home, stock, or bond, for example. If you buy something and then sell it within a year, that is considered a short-term capital gain. This is taxed at your normal income tax rate. If you wait longer than a year to sell that stock, bond, or home, it is considered a long-term capital gain, and the rate at which you will be taxed is determined on where you fall in the tax bracket. You must consider both state and federal taxes on capital gains. Often times at the state level, capital gains are taxed as normal income.  Keep in mind that investment growth within your 401K plan or IRA grows tax-deferred until you start withdrawing money. And if you own a home, each tax payer receives an exemption on the first $250,000 gains on a primary residence.  For additional information on capital gains, you can check out the IRS' "Ten Important Facts About Capital Gains and Losses". And please call us, experienced Denver accountants, at Bloch, Rothman & Associates, LTD if you have any questions on how capital gains pertain to your tax bill. Fri, 20 Jun 2014 06:00:00 GMT http://denveraccountant.co/blog/3407/What-Are-Capital-Gains-- http://denveraccountant.co/blog/3406/Happy-Father-s-Day blog Have a wonderful Father's Day weekend from all of our Denver accounting staff at Bloch, Rothman & Associates, LTD. We look forward to serving you for all of your Denver tax, Denver accounting, and Denver bookkeeping needs.   Fri, 13 Jun 2014 06:00:00 GMT http://denveraccountant.co/blog/3406/Happy-Father-s-Day http://denveraccountant.co/blog/3405/IRS-May-Delay-Refunds-for-Delinquent-Taxpayers blog We recently read an article in Accounting Today about a new program the IRS may expand. Under this program, the IRS would delay tax refunds for up to 6 months for delinquent payers, based on advice provided to the agency in a report from TIGTA (the Treasury Inspector General for Tax Administration).  The IRS claims that holding the refund encourages taxpayers to resolve their delinquent filing issues from any earlier tax year.  In their report, TIGTA said that it believed the expansion of this particular program is important in order to increase taxpayer filing compliance and taxpayer revenue at a lower cost then other traditional collection programs implemented by the IRS. Read all the details on the report and about this program at Acounting Today. And please call experienced Denver accountants Bloch, Rothman & Associates, LTD if you have become delquinent on past years' taxes or have any questions about the refund process for those who owe prior years' tax.  Call in Denver: (303) 321.7160   Sat, 07 Jun 2014 06:00:00 GMT http://denveraccountant.co/blog/3405/IRS-May-Delay-Refunds-for-Delinquent-Taxpayers http://denveraccountant.co/blog/3404/Getting-Ahead-for-2015--Tax-Tips-for-June blog Continuing with our series on how to get ahead for your 2015 taxes, we've got great tips for June to minimize the stress and hassle. For the month of June: June is a great month to consider going through your home and garage to find gently used items you can donate to charity. Be sure to pick up a receipt from that charity for your taxes. If they don't provide itemized receipts, take photos of the items you donate for proper documentation.  If you're self-employed, your 2nd quarter estimated taxes are due to the IRS by June 16. June can also be a great month to sign up for a continuing-ed course if you've been thinking about it. You could easily be eligible to receive a tax credit on tuition and fees. Contact Bloch, Rothman & Associates - professional Denver accountants - for any expert Denver tax advice and assistance. (303) 321-7160 Fri, 30 May 2014 06:00:00 GMT http://denveraccountant.co/blog/3404/Getting-Ahead-for-2015--Tax-Tips-for-June http://denveraccountant.co/blog/3403/Happy-Upcoming-Memorial-Day-Weekend-from-Bloch--Rothman---Associates blog Bloch, Rothman & Associates, Accountants in Denver, Colorado, would like to wish everyone a safe and happy upcoming Memorial Day Weekend. To the members of the United States Armed Services, past and present, we thank you kindly for your service. “The cost of freedom is always high, but Americans have always paid it. And one path we shall never choose, and that is the path of surrender, or submission.” John Fitzgerald Kennedy Mon, 19 May 2014 06:00:00 GMT http://denveraccountant.co/blog/3403/Happy-Upcoming-Memorial-Day-Weekend-from-Bloch--Rothman---Associates http://denveraccountant.co/blog/3402/Think-Like-a-CPA blog According a recent opinion piece we read in The New York Times, more Americans should start thinking like CPAs. You can read the full article here at the New York Times. We felt like this was worth sharing with our website visitors.  The author of the article argues that very few Americans are knowledage about finance, basic accounting, or even know what a balance sheet is. He goes on to speak of double-entry accounting as a tool to help average citizens understand the "nuts and bolts" of finance. The author speaks about those in history, such as the Italians, Dutch, and even Benjamin Franklin, who used accounting for their income and expenditures.  His argument ends that if our population was more well-versed in accounting, it could help solve financial crises and issues we often face, as well as increase accountability - the word from which "accounting" was derived. Whether you know basic accounting or not, At Bloch, Rothman & Associates, LTD. in Denver, we believe there should be importance placed on the understanding of your finances and keeping track of basic income and expenditures. However, we understand often times these issues can become complex, complicated, and confusing. That's why we're here to help with any of those questions. Call a professional Denver accountant today at (303) 321-7160.  Fri, 09 May 2014 06:00:00 GMT http://denveraccountant.co/blog/3402/Think-Like-a-CPA http://denveraccountant.co/blog/3401/Getting-Ahead-for-2015--Tax-Tips-for-May blog We wanted to share with our website visitors some steps you can take each month to get ahead on next year's taxes to minimize the stress and hassle. For the month of May: You've probably received your tax refund by now if you learned you were receiving one. Based upon your refund amount (or lack thereof), it's a not bad idea to spend a bit of time in May deciding whether or not you need to adjust your withholding. Our advice at Bloch, Rothman & Associates - experienced Denver accountants - is to make sure you pay in just enough. If you received a large refund, that means you have withheld too much from your paycheck. You are basically giving the IRS a tax-free loan. The goal should alaways be as close to a zero refund if at all possible. If your refund was $1,000 or less - you are on the right track with your withholding.  May is also a great month to catch up on some of your record keeping. Make sure to keep copies of the previous year's W2s and any pertinent information from the previous filing year to make filing next year even easier. And as alyways, we know your personal situations are unique. That's why we are here as seasoned Denver tax experts and accountants to help you every step of the way. Call us today at Bloch, Rothman and Associates in Denver, Colorado.  Tue, 29 Apr 2014 06:00:00 GMT http://denveraccountant.co/blog/3401/Getting-Ahead-for-2015--Tax-Tips-for-May http://denveraccountant.co/blog/3400/Tax-Preparation-and-Bookkeeping-in-Denver blog Even if you filed an extension for your taxes and have until October 15th to file, it's never too early to get to work and get your tax refund! Our Denver accountants, tax preparers and bookkeepers will get to work to make sure your taxes are properly prepared and that you get the largest refund possible. Give us a call today with any of your tax related questions, we look forward to working with you. Fri, 25 Apr 2014 06:00:00 GMT http://denveraccountant.co/blog/3400/Tax-Preparation-and-Bookkeeping-in-Denver http://denveraccountant.co/blog/3399/Tax-Day-2014 blog Tax day always seems to creep up on the best of us. If you haven't filed yet, please be sure to run by a Denver area post office before closing time tonight to ensure your mail return for 2013 is postmarked by today, or e-file by midnight tonight. Additionally, today is the last day to fund your traditional or Roth IRA accounts and have those funds count toward your 2013 return. If you aren't ready to file your return, you should consider filing an extension using Form 4868, which you can go ahead and download from the IRS here. And remember: an extension only gives you more time to file, not more time to pay if you owe taxes. Please don't hestiate to call us at Bloch, Rothman & Associates for assistance with your 2013 return if you haven't already. It's never too late to get help with your tax issues Stay tuned for our tax tips for 2014. Tue, 15 Apr 2014 06:00:00 GMT http://denveraccountant.co/blog/3399/Tax-Day-2014 http://denveraccountant.co/blog/3398/Get-Up-to-Date-Information-Through-IRS-Social-Media-Tools blog As the IRS deadline fast approaches next week Tuesday April 15th, the IRS has a number of social media tools available to all taxpayers to help keep everyone informed on day-to-day changes. These tools include the IRS2Go application for smartphones, as well as YouTube, Twitter, Facebook and Tumblr. Of course, keeping up with the IRS on your own is challenging, and you want to make sure your Denver tax return is prepared correctly. Navigating your taxes can be daunting and time consuming, and there is a real possibility that you could lose out on serious money if they are not prepared correctly. Our Denver accountants and Denver tax preparers will help you navigate the tax preparation process and make sure you have crossed all your T’s and dotted all your I’s!  Call us today for help with your Denver tax preparation or Denver tax extension needs. Fri, 11 Apr 2014 06:00:00 GMT http://denveraccountant.co/blog/3398/Get-Up-to-Date-Information-Through-IRS-Social-Media-Tools http://denveraccountant.co/blog/3397/The-Tax-Filing-Deadline-Is-Two-Weeks-Away blog April 15th is two weeks from today!  If you haven't thought about doing your taxes yet, don't fret.  Our experienced and professional tax accountants will prepare and file your taxes on time. If your return is complicated or you feel you need more time to get your paperwork in order, we are happy to file an extension on your behalf, but remember, tax filing extensions must also be filed by April 15th!! This is a fairly simple process and once an individial tax extension is filed, you have until October 15, 2014 to file your return with the IRS. Let us help you with your Denver taxes or tax extension today, our tax prepapers are fired up and ready to get to work on your return!   Wed, 02 Apr 2014 06:00:00 GMT http://denveraccountant.co/blog/3397/The-Tax-Filing-Deadline-Is-Two-Weeks-Away http://denveraccountant.co/blog/3396/The-IRS-Audit---Three-Words-No-Taxpayer-Wants-To-Hear- blog Tax season is in full swing and it is important to think about what can happen if your taxes are filed incorrectly.  Even though the IRS audits only a small percentage of tax filers every year â€" as low as 1% according to some sources â€" the thought of IRS agents showing up at your doorstep is anxiety-inducing.  Historically, those in a higher income bracket are more likely to get audited, with some industry professionals speculating that the IRS would rather go after a few bigger fish than a bunch of smaller ones.  That being said, anyone can be audited!   Whether you are dealing with a more basic math error letter or a full-blown audit investigation by the IRS, going through the audit process is unpleasant and can be intimidating.  Two good pieces of advice are to never ignore a letter from the IRS and to try and keep accurate records throughout the year.  If you are unsure whether or not your taxes have been filed correctly, or know that you will need help to file your tax return this year, the tax accountants and tax preparers at Bloch, Rothman and Associates are here to help.  Our Denver tax preparation company wants to help make sure that your taxes are filed on time and correctly, in order to help you avoid any hassle down the road.  Please contact us today at (303) 321-7160. Fri, 28 Mar 2014 06:00:00 GMT http://denveraccountant.co/blog/3396/The-IRS-Audit---Three-Words-No-Taxpayer-Wants-To-Hear- http://denveraccountant.co/blog/3395/IRS-Free-File---Other-Tax-Updates blog The IRS is reporting that over 27 million taxpayers have already filed their returns from home computers so far this year. This is an increase of nearly 6 percent from last year's filing season according to the IRS. At Bloch Rothman and Associates, we would like to remind you that if you made $58,000 or less in 2013, you can always utilize the IRS' free e-filing service called Free File at IRS.gov. The IRS has partnered with leading tax software providers to help you. 70% of taxpayers currently qualify for this service. According to a recent IRS article, the total number of individual income tax returns e-filed so far this year is 62.2 million. E-file includes both returns filed from home computers and returns e-filed by professional tax return preparers, such as ourselves here at Bloch Rothman and Associates. If you are are not comfortable filing your own return via the IRS' free services, we urge you to seek out our services at Bloch Rothman and Associates, LTD. as experienced Denver accountants and tax preparers. We have over 20 years of experience preparing individual and corporate returns for Denver area residents and businesses. To read more on the IRS' free e-filing service, read this article here and give us a call today at Bloch Rothman and Associates - Accountants in Denver, Colorado. Tue, 18 Mar 2014 06:00:00 GMT http://denveraccountant.co/blog/3395/IRS-Free-File---Other-Tax-Updates http://denveraccountant.co/blog/3394/File-Your-Taxes-With-Bloch--Rothman---Associates blog While not every taxpayer will receive a refund, a good many can reduce their tax burden and perhaps increase their potential refund with the help of a qualified tax preparer. The tax accountants and professionals at Bloch, Rothman & Associates are here to help maximize your tax refund and make sure your taxes are done right! According to the IRS, in the first four weeks of tax season, the IRS has paid out more than 48 million refunds, at an average of $3,034 per person. This number reflects about a 3% increase from the average refund paid during the same time period last year.  Let our Denver tax preparers assist you with all of your tax and bookkeeping needs so you can make the most of your tax refund! Thu, 06 Mar 2014 06:00:00 GMT http://denveraccountant.co/blog/3394/File-Your-Taxes-With-Bloch--Rothman---Associates http://denveraccountant.co/blog/3393/Use-the-IRS-Mobile-App-to-Track-your-Refund blog If you recently filed your tax return with us at Bloch Rothman and Associates, and are interested in tracking your refund, you can always use the IRS' app for iPhone and Android. The IRS launched "IRS2Go" to let taxpayers check on the status of their tax refund and to obtain any tax information they may need. So if you are looking for a convenient way to track your refund status, search "IRS2Go" in the app store on your mobile device and contact us today at Bloch, Rothman & Associates LTD if you have questions or concerns regarding your return. We are experienced Denver accountants here to help. Call 303.321.7160 Fri, 28 Feb 2014 06:00:00 GMT http://denveraccountant.co/blog/3393/Use-the-IRS-Mobile-App-to-Track-your-Refund http://denveraccountant.co/blog/3392/Higher-Refunds-Issued-as-2014-Filing-Season-Continues blog Yesterday, the IRS released some statistics for this year's filing season, showing that 15% more refunds have been issued so far this year as compared to the 2013 filing season.  Additionally, the IRS also released statistics showing that the average federal refund totaled $3,211, which is an increase of $190 from the 2013 filing season.  The statisics released yesterday by the IRS covered the 2014 filing season through Februrary 14th.  You can always check on the status of your refund by using the IRS' Where's My Refund? Tool. If you have questions or concerns about the filing season or your refund, please give us a call at Bloch Rothman & Associates today. We are experienced Denver accountants here to assist you with the often times overwhelming tax process. Call (303) 321-7160 Fri, 21 Feb 2014 06:00:00 GMT http://denveraccountant.co/blog/3392/Higher-Refunds-Issued-as-2014-Filing-Season-Continues http://denveraccountant.co/blog/3391/The-Denver-Tax-Accountants-at-Bloch--Rothman---Associates-Will-Help-Maximize-Your-Tax-Refund- blog Tax season is off to a strong start with the IRS, with no known issues or major problems so far!  For many taxpayers who have already filed their return, waiting on a refund can be frustrating. Here’s the good news:  at this time the IRS is issuing 9 out of 10 refunds to taxpayers in less than 3 weeks (21 days) after the IRS receives the return.  Of course some refunds will take longer to process, if there are any questions regarding fraud, identity theft or other errors in the return.  Generally speaking, the earlier a taxpayer submits their return, the more quickly a return will be processed. As tax season continues and the closer we get to the April 15 filing deadline, the busier the IRS gets and the longer it can take to process returns and issue tax refunds. Due to the three-day weekend, the upcoming President’s Day weekend typically marks one of the busiest weeks of the tax filing season for the IRS phone lines. If you need help with your tax return or have questions about how to maximize your potential tax refund, come see the professional tax accountants at Bloch, Rothman & Associates in Denver. We will help you with all of your Denver tax needs and get you your refund as quickly as possible. We look forward to serving you this 2014 Denver tax season.  Fri, 14 Feb 2014 06:00:00 GMT http://denveraccountant.co/blog/3391/The-Denver-Tax-Accountants-at-Bloch--Rothman---Associates-Will-Help-Maximize-Your-Tax-Refund- http://denveraccountant.co/blog/3025/2013-Tax-Season-is-in-Full-Force blog The IRS began accepting 2013 individual tax returns on Friday, January 31st, officially kicking off the tax season. As you may have read in some of our earlier posts, the IRS had postponted this date due to the two-week federal government shut down. The IRS is kicking off this tax season with a new Commisoner in office, John Koskinen, who was recently just approved by Congress. Among many other items, the new IRS commisioner has been focusing on budget cuts. Due to some of these cuts, the IRS is not offering taxpayers the option to file their returns at a walk-in taxpayer assistance center for 2013 tax season. The IRS is instead encouraging individuals to take advantage of VITA, also known as the Volunteer Income Tax Assistance program, which is staffed nationwide by volunteers and accounting students. In addition to a new IRS Commissoner, the IRS has a new feature this year for 2013 tax season. It is the ability for those making less than $58,000 a year to select from one of 14 partners the IRS has teamed up with for the Free File prgoram. You can learn more about the 2013 tax season and the IRS' Free File program on their website, at IRS.gov. Please call us at Bloch, Rothman & Associates, LTD. today for any questions or concerns about your 2013 taxes. We are experienced Denver accountants here to help. Call 303.321.7160   Thu, 06 Feb 2014 06:00:00 GMT http://denveraccountant.co/blog/3025/2013-Tax-Season-is-in-Full-Force http://denveraccountant.co/blog/3390/2013-Tax-Season-is-in-Full-Force blog The IRS began accepting 2013 individual tax returns on Friday, January 31st, officially kicking off the tax season. As you may have read in some of our earlier posts, the IRS had postponted this date due to the two-week federal government shut down. The IRS is kicking off this tax season with a new Commisoner in office, John Koskinen, who was recently just approved by Congress. Among many other items, the new IRS commisioner has been focusing on budget cuts. Due to some of these cuts, the IRS is not offering taxpayers the option to file their returns at a walk-in taxpayer assistance center for 2013 tax season. The IRS is instead encouraging individuals to take advantage of VITA, also known as the Volunteer Income Tax Assistance program, which is staffed nationwide by volunteers and accounting students. In addition to a new IRS Commissoner, the IRS has a new feature this year for 2013 tax season. It is the ability for those making less than $58,000 a year to select from one of 14 partners the IRS has teamed up with for the Free File prgoram. You can learn more about the 2013 tax season and the IRS' Free File program on their website, at IRS.gov. Please call us at Bloch, Rothman & Associates, LTD. today for any questions or concerns about your 2013 taxes. We are experienced Denver accountants here to help. Call 303.321.7160   Thu, 06 Feb 2014 06:00:00 GMT http://denveraccountant.co/blog/3390/2013-Tax-Season-is-in-Full-Force http://denveraccountant.co/blog/3389/Tips-For-Tax-Season- blog As tax season approaches and you begin to think about getting to work on your return, the Internal Revenue Service has issued a warning for all tax payers to beware of tax scams! Schemes vary from email refund scams to phone calls from people soliciting sensitive information posing as IRS agents and more. The IRS will never contact you for personal or sensitive tax or financial information via email, so make sure to be diligent with that kind of information.  Some basic tips to stay on top of tax season and avoid tax-related scams are: Don’t carry your Social Security card on you Secure personal information that you keep in your home Protect information on your computer with regular password changes and by using firewalls and anti-virus software Don’t give out your personal information unless you are sure of the person you are dealing with Conduct regular credit checks by getting an annual credit report And, of course, contact your local Denver accountants at Bloch Rothman and Associates for all tax assistance. Whether you are new to filing your taxes or consider yourself a seasoned veteran, our team of tax professionals in Denver will guide you through the process and make it easy and efficient. Call our office today to speak with one of our tax preparers at (303) 321.7160. We look forward to working with you! Fri, 31 Jan 2014 06:00:00 GMT http://denveraccountant.co/blog/3389/Tips-For-Tax-Season- http://denveraccountant.co/blog/3388/2014-is-here---Have-you-planned-for-your-taxes- blog While December 31st, 2013 is generally regarded as the last date for year-end tax planning, we want to let our clients know that there's still time and actions that can be taken in 2014 for your 2013 tax preparation. Please call us today at Bloch Rothman & Associates, LTD. to disucss these options. We would be happy to schedule an appointment or speak to you about how you can be retroactive in your tax planning as April comes near. Call (303) 321-7160 today to schedule your Denver tax planning appointment. Fri, 24 Jan 2014 06:00:00 GMT http://denveraccountant.co/blog/3388/2014-is-here---Have-you-planned-for-your-taxes- http://denveraccountant.co/blog/3387/The-IRS-Tax-Payer-Advocate-Service--TAS- blog The Internal Revenue Service's Tax Payer Advocate Service, or the TAS, is an independent office located within the IRS and exists to help serve you - the taxpayer. The TAS helps to assist taxpayers who are experiencing economic hardship or harm, who are seeking help in resolving tax problems, or who believe that an IRS system or procedure is not functioning as it should. The TAS is a great resource for consumers and one we use for our clients here at Bloch, Rothman & Associates, Ltd. The service is free and confidential and each state has a tax payer advocate. If you are interested in learning more about the IRS' Tax Payer Advocate Service, please contact Denver accountant Bloch, Rothman & Associates Ltd. today. We would be happy to discuss your options with you. Call: 303.321.7160 today. To learn more about the IRS TAS online, you can visit the website at http://www.irs.gov/Advocate. Wed, 08 Jan 2014 06:00:00 GMT http://denveraccountant.co/blog/3387/The-IRS-Tax-Payer-Advocate-Service--TAS- http://denveraccountant.co/blog/3386/Happy-Holidays-From-Bloch--Rothman---Associates blog We would like to wish everyone a very happy and safe holiday this week. Thank you for your business in 2013 and we look forward to helping you with all of your Denver accounting and bookkeeping needs.  Mon, 23 Dec 2013 06:00:00 GMT http://denveraccountant.co/blog/3386/Happy-Holidays-From-Bloch--Rothman---Associates http://denveraccountant.co/blog/3385/Denver-Accountant---Year-End-Tax-Planning blog With the rush of holiday parties and shopping and the fast approaching arrival of family and loved ones travelling in from out of town, spare time may seem in short supply these days. Make sure to take the time to implement a few easy and effective steps in order to reduce your 2013 tax burden before December 31st.  Some of the tips we give our clients include accelerating or deferring income, accelerating or deferring expenses and of course taking advantage of any tax provisions available to you that are set to expire at the end of the year. Each client's tax and financial situation is unique and personal and our professional Denver accountants will work with you every step of the way to tailor a meaningful and effective tax plan for you. Call us today at 303.321.7160 for a consultation. Fri, 13 Dec 2013 06:00:00 GMT http://denveraccountant.co/blog/3385/Denver-Accountant---Year-End-Tax-Planning http://denveraccountant.co/blog/3384/There-s-still-time-to-tax-plan blog We sent a newsletter a couple weeks ago about December being the time to tax plan. You can read the full newsletter on our website here. We would like to take this opportunity to remind our clients and prospective clients that there's still time to tax plan. As 2013 comes to a close, please do not hestitate to give us a call at Bloch, Rothman & Associates to plan how you can pay the lowest possible amount in taxes this year.  With the new 2013 tax laws, single individuals who make more than $400,000 per year and those filing jointly who make more than $450,000 a year will see in increase in the taxes they owe.  Scheduling a tax planning consultation with us is an opportunity to plan your future accordingly. We would be happy to answer any questions or concerns you may have about filing your 2013 taxes.  Book your tax planning session today by calling Bloch, Rothman & Associates Ltd. at 303-321-7160 before Jauuary 1st. We would be happy to assist you in all of your Denver tax needs. Sat, 07 Dec 2013 06:00:00 GMT http://denveraccountant.co/blog/3384/There-s-still-time-to-tax-plan http://denveraccountant.co/blog/3383/Happy-Thanksgiving-from-Our-Business-to-You- blog Our group of Denver tax professionals wants to wish everyone a very happy and safe Thanksgiving and Thanksgiving weekend. We hope everyone has the opportunity to enjoy time with their loved ones and feast on some tasty food! After the holiday, let us help you with all of your Denver tax and accounting needs.  Happy Thanksgiving! Tue, 26 Nov 2013 06:00:00 GMT http://denveraccountant.co/blog/3383/Happy-Thanksgiving-from-Our-Business-to-You- http://denveraccountant.co/blog/3382/Denver---s-leader-in-tax-preparation blog Bloch, Rothman & Associates, LTD. in Denver, Colorado is Denver's leading accounting firm, providing expert tax preperation and assistance to the Denver Metro area and beyond.  At Bloch Rothman, we like to help our clients, who are primarily small business owners, save money on their taxes.  To learn more about what you can do as a small business owner to pay less taxes, sign up for our email list on our homepage to obtain free tax information and tax advice and call us today at Bloch, Rothman and Associates in Denver for a free Denver tax consultation. Tue, 12 Nov 2013 06:00:00 GMT http://denveraccountant.co/blog/3382/Denver---s-leader-in-tax-preparation http://denveraccountant.co/blog/3381/The-Beginning---End-of-an-IRS-Audit blog I recently spent one of my mornings with an IRS agent. We were representing yet another client at Bloch, Rothman & Associates who is being audited for their business and personal tax returns for 2010 and 2011. Our client had already received the final report from the IRS and owed lots of money.  However, they hired us, experienced Denver accountants Bloch, Rothman & Associates, to make the situation better. Interesting enough, I received a call from the IRS agent the day after they went back to work after the government shutdown. I then set up an appointment with the IRS agent.  I think the agent was ready to end the case because it has been open now for around one year.  We looked at all the numbers. I looked at all the receipts, and it appears the agent was giving them more than a fair shake on their income and expenses.   We had a disagreement as to the amount of taxes that were charged for the client's salary. The agent wanted to charge all of the profit as salary and to make them pay Social Security and Medicare tax on a much larger number.  This amounts to thousands of dollars for our client. It all ended with the agent and I shaking hands on an agreement that I thought my client would approve of and he thought his manager would approve of.  This will save my client many thousands of dollars. I had never met this particular IRS agent before, but he somewhat knew me before he came here.  I have worked numerous times with numerous cases with his manager.  This also means that I've worked many cases with many of his coworkers as well.  The agent knew what I was going to argue before he showed up, and came here ready to compromise. Don't trust your IRS audit with somebody who does it occasionally and doesn't know the process.  Besides helping clients through audits for more than 25 years, the of CEO Bloch Rothman and Associates, Richard Rothman, received his specialty in tax controversies from the National Center for Professional Education, Inc. in 2011.   Even if your IRS audit is already going on and you’re currently being represented by another Denver accountant, we can answer any questions you might have. We offer totally free IRS audit consultations. Call an experienced Denver accountant who can help. Call Bloch, Rothman & Associates today at (303) 321-7160. Thu, 31 Oct 2013 06:00:00 GMT http://denveraccountant.co/blog/3381/The-Beginning---End-of-an-IRS-Audit http://denveraccountant.co/blog/3380/The-End-of-an-IRS-Audit blog Recently I ended up in an audit that had been going on for over a year and a half. I would say that the average time it takes to complete an audit is probably a year, so this was an unusally long audit. I have another one that I think will settle soon and it's been going on only about seven or eight months. A little about this particular audit... It began by looking at my clients S Corporation, then went into the C Corporation and personal tax returns for three years. This was the open statute of limitation for the IRS or they would've looked longer. I think the IRS could make a case that the client would've owed hundreds of thousands of dollars over these three years, but, in part of how we handled the case at Bloch Rothman, he ended up owing less than $100,000. Some of this is due to the fact that we're able to abate the IRS penalties from the case. The penalties are figured at 20% of the amount owed so we were able to reduce the amount significantly for our client. We will now help the client enter into a payment agreement with the IRS and I expect that the payments will be about $2000 a month over a 5 year period. If you find yourself selected for an audit by the IRS, please don't do it alone. Have experts on your side that have been handling IRS audits for over 20 years and know what the IRS is going to do.  Not getting the help you need could be one of the most costly mistakes of your life. Call Bloch Rothman today for a free Denver IRS Audit consultation. We're here to help. (303) 321-7160 Thu, 24 Oct 2013 06:00:00 GMT http://denveraccountant.co/blog/3380/The-End-of-an-IRS-Audit http://denveraccountant.co/blog/3379/Professional-Denver-Tax-Preparation blog Bloch, Rothman & Associates located in Congress Park in Denver, Colorado provides expert tax prep for the Denver Metro area. If you are currently looking for an experienced Denver accountant to assist you in the often sometimes daunting process of preparing your taxes, give us a call today for your free Denver tax preperation consultation. At Bloch, Rothman & Associates, we have over 20 years experience in preparing Denver's taxes.  Speak with a knowledgable Denver accountant today. Personal and business Denver tax preparation. Call (303) 321.7160 Fri, 18 Oct 2013 06:00:00 GMT http://denveraccountant.co/blog/3379/Professional-Denver-Tax-Preparation http://denveraccountant.co/blog/3378/Denver-Accountant---Bloch--Rothman---Associates-is-Hiring- blog JOB TITLE:                          ACCOUNTANT   JOB DESCRIPTION:                       Prepare annual and quarterly individual, corporate and partnership federal and state income tax returns using current computer technology, including ATX tax software, QuickBooks software, and other professional software.  Ability to analyze financial information, prepare financial reports to determine and maintain record of assets and financial transactions for clients; develop, implement, and improve recordkeeping, accounting and payroll managing systems for business clients; analyze and reconcile bank statements, financial statements or other financial reports to access accuracy, completeness and conformance to reporting and procedural standards;  provide internal and external auditing services including updating and preparing trial balance, profit-and-loss statements and balance sheets; communicate and advise clients in areas such as compensation, the design of accounting data processing systems, and tax preparation plans; and liaise with the IRS as well as the local tax authority to solve client’s varying tax issues.   JOB REQUIREMENT(S):              Masters Degree in Business Administration, Accounting and Taxation   JOB LOCATION:                           Denver, CO Wed, 09 Oct 2013 06:00:00 GMT http://denveraccountant.co/blog/3378/Denver-Accountant---Bloch--Rothman---Associates-is-Hiring- http://denveraccountant.co/blog/3377/Denver-Accountant---IRS-Payment-Plans-Under--50-000 blog In this Denver accounting and tax services blog, we will discuss the topic of establishing a payment plan with the IRS when you owe less than $50,000 in taxes. All prior year or delinquent tax returns must be filed and processed before you can enter into an Installment Agreement with the IRS.  Establshing a payment plan is by far the easiest and quickest way to alleviate the presence and stress of having the IRS in your life. If you owe under $50,000, a payment plan can even be organized online.  This is called an Online Payment Agreement and below is the IRS link: https://sa1.www4.irs.gov/irfof/lang/en/eiaTPstatus.jsp Payment plans can also be set up over the phone or on Form 9465. The IRS charges a fee of up to $105 for granting an Installment Agreement. The conditions of the Installment Agreement are that the Payer must pay the full dollar amount that they owe, including penalties and interest, within 5 years.  The Payer must also remain current and continue to file their taxes on time during the period of repayment.  Current is defined as filing all of your tax returns on time, and making on-time payments to the IRS, including estimated payments. The Payer must also agree to forfeit any potential tax refunds from the IRS until the full delinquent amount has been paid. Failure to comply with any of these conditions may cause the IRS to send a letter that comprises the Installment Agreement.  In this case the IRS may place a lien on you which allows them to begin levying your bank accounts and garnishing your wages. Having a lien filed against you can also make it very difficult to acquire a loan. While Installment Agreements under $50,000 can be set up by taxpayers themselves, if you would like a trained Denver accountant and tax  professional to guide you through the process please give Bloch, Rothman and Associates a call for a free Denver tax service consultation. Wed, 02 Oct 2013 06:00:00 GMT http://denveraccountant.co/blog/3377/Denver-Accountant---IRS-Payment-Plans-Under--50-000 http://denveraccountant.co/blog/3376/A-New-Tax-Law-For-Same-Sex-Couples blog While the question of war with Syria looms, the Supreme Court has been busy and has recently decided on a ruling that effects same-sex couples. The Internal Revenue Service will now allow same-sex couples who are legally married to use the status of Married Filing Jointly or Married Filing Separately when filing their tax return. Until now same-sex couples could only file as Single or Head of Household. For some same-sex couples where both partners work this could mean an increase in taxes.  For same-sex couples where only one person works, the ruling could offer significant tax savings. The primary stipulation is that the parties must be legally married in a state that allows same-sex marriage. The ruling also allows same-sex couples to amend tax returns for prior tax years, up to three years in the past.     If you have any questions about the new law and how it might affect you please contact Bloch Rothman and Associates, your local Denver Accountant. We can help you navigate these complicated and meaningful changes.   Thu, 26 Sep 2013 06:00:00 GMT http://denveraccountant.co/blog/3376/A-New-Tax-Law-For-Same-Sex-Couples http://denveraccountant.co/blog/3375/IRS-Uncollectible-Status---Denver-Accountant-Bloch-Rothman-Can-Help blog The last thing we can do for Denver tax client who is unable to set up a payment plan with the IRS and unable to qualify for an offer in compromise, is to make them uncollectible. In some ways, having an uncollectible status with the IRS is good because you don't have to pay them any money and they are not trying to collect from you. The bad thing about having an uncollectible status with the IRS is that they've probably already filed a lien on you, you don't know when the next time the IRS will decide if you're still uncollectible, and becoming uncollectible with the IRS is a decision that must come from them, not us here at Bloch Rothman in Denver, Colorado. Once a Denver taxpayer is labeled as uncollectible, ACS or the collection branch of the IRS, will check things out to determine whether the particular Denver taxpayer is now collectible. Once that has happened, the taxpayer now needs to enter into an installment agreement wiht the IRS or into an offer in compromise to protect him or herself from collection action. Generally, being uncollectible is a temporary condition. The exception to this is a Denver tax client who has filed all their tax returns, and is able to stay uncollectible during the 10 years for the statute of limitations for the IRS to collect taxes. Bloch, Rothman and Associates Ltd., your Denver accountant, has helped Denver taxpayers with IRS collection problems for over two decades and we can help you too! Please give us a call for a free Denver tax consultation. (303) 321.7160 Thu, 12 Sep 2013 06:00:00 GMT http://denveraccountant.co/blog/3375/IRS-Uncollectible-Status---Denver-Accountant-Bloch-Rothman-Can-Help http://denveraccountant.co/blog/3374/A-True-IRS-Story blog This story was told to me by the person who taught my specialty in tax controversy certificate course. He later went on to write the manual for the IRS on how to audit people. He joined the IRS in the 1960s and one of his first jobs was to be part of a sting operation. If I remember correctly, this took place in the 1960s when the IRS was much different. He told us that he was stationed outside a theater that was showing a championship boxing match on the screen. Sunny Liston may have been one of the fighters. The other fighter was from another country and he had vowed not pay taxes to the Internal Revenue Service. The Internal Revenue Service was not happy with this decision. As soon as the fight began, the Internal Revenue Service took over all the box offices at the theaters and took their share of the revenue first. This took place in multiple places throughout America wherever this boxing match was being shown. I don't know if the IRS would do that today, but they would secure their stake some other way. If you're currently dealing with the IRS now, and are ready to fix it, please give us a call for a free Denver tax consultation. At Bloch Rothman & Associates in Denver, Colorado, we are skilled Denver accountants, handling everything from Denver tax preperation to IRS audit assistance.  Call today: (30) 321.7160 Wed, 04 Sep 2013 06:00:00 GMT http://denveraccountant.co/blog/3374/A-True-IRS-Story http://denveraccountant.co/blog/3373/Offer-in-Compromise-with-the-IRS blog Also known as how to settle with the IRS for pennies on the dollar, The Internal Revenue Service’s Offer in Compromise Program is for taxpayers who have no chance of ever repaying their debt. This sounds like it's a great thing for the taxpayer, and it is. It is an even better deal for the Internal Revenue Service and that's why it is offered.   The reason why an offer in compromise is such a great deal for the IRS is that it gets people back into the system, and allows them get current. This is exactly what the IRS wants. When a person owes a considerable amount of money to the IRS with no way to pay it back, he/she is generally someone who has been out of the system for a long time and they owe back taxes for many, many years.   The offer in compromise is a program designed for taxpayers who owe tens of thousands of dollars or more to the IRS, and who have little ability to pay these taxes. The process for the offer in compromise takes a minimum of six months and generally takes closer to a year to accomplish. There is an application fee of $150 and the taxpayer must either make monthly payments during the application process, or pay 20% of the amount offer up front.   The reason why I think it takes so long to get this process completed is because the IRS intentionally understaffes this department. Even though it is a great program for the IRS to get people in the system, I don't think they always think so, and that is why the staffing levels are so low.   Bloch, Rothman and Associates Ltd. in Denver offers experienced Denver tax preparation and has been helping people successfully complete offers in compromise for the last 20 years. We can help you too. Please call us for a free Denver tax consultation today. Thu, 29 Aug 2013 06:00:00 GMT http://denveraccountant.co/blog/3373/Offer-in-Compromise-with-the-IRS http://denveraccountant.co/blog/3372/Reasons-why-people-get-behind-with-the-IRS blog There are many reasons why people owe money to the IRS. The main theme in all of them seems to be a change in one's life. That may be going from boyhood to adulthood, a death, a disability, a serious illness, or debt. How you got into it doesn't matter, what does matter is that our experienced Denver tax professionals at Bloch Rothman and Associates can help you get out of it. We have helped many Denver area residents before you, and we will continue to help people in the future with IRS debt. Over the next series of blogs, I will be talking about the four strategies to help people with IRS collection problems. They are payment plans under $50,000 owed, payment plans over $50,000 owed, offer in compromises, and uncollectible status. If you are behind with the IRS, do not hestitate to call Bloch Rothman and Associates today - we are professional Denver accountants who are here to help you. Thu, 22 Aug 2013 06:00:00 GMT http://denveraccountant.co/blog/3372/Reasons-why-people-get-behind-with-the-IRS http://denveraccountant.co/blog/3371/Interpreting-Letters-from-the-IRS---Other-Taxing-Authorities blog Today I went to the Colorado Department of Revenue to help a client who has received letters stating that they owe money to the state for the past 3 years. I went down there because I thought it would give me some understanding and closure regarding the case. There seemed to be many other invididuals equally confused at the Colorado Department of Revenue.   In regards to my client’s case, the state of Colorado claimed that my client only made 3 of the 4 required payments to the state and penalized them for nonpayment, even though my client and I sent the state a copy of their missing payment about a year ago. As it turns out, the state applied my client's estimated payment to 2009, instead of where it belonged in 2010.  The state should have realized this, as the final payment was an odd amount of money identical to the other 3 payments they had accepted for 2010, and was submitted on time. Instead, the state of Colorado sent my client a check back because they did not owe money for 2009, and my client cashed it without letting me know.   My trip to the Colorado Department of Revenue was successful because I explained to my client exactly what had happened and what we needed to do to fix it. Many Denver taxpayers receive a letter from the IRS or other taxing authority (the IRS sends out millions every year) and have no idea what it says, except that they owe money. Many of these people pay the money because they don’t know what else to do.    One of the Denver accounting services that Bloch, Rothman and Associates, Ltd. provides to clients is the correct handling of this type of IRS or tax authority correspondence.  Our Denver accountants have been handling these types of letters for decades and can figure out exactly what they mean and what has to be done to lower or eliminate your bill with them.  The IRS reports that about 30% â€" 40% of these initial letters are wrong, yet many people pay them, simply to keep the authorities away from them.   If you receive one of these letters from the IRS or other tax authority, our Denver accountants at Bloch, Rothman and Associates, Ltd. can help you interpet it. Please call us for a free consultation; we will let you know what the letter is about, along with the best and cheapest way to handle it. Wed, 14 Aug 2013 06:00:00 GMT http://denveraccountant.co/blog/3371/Interpreting-Letters-from-the-IRS---Other-Taxing-Authorities http://denveraccountant.co/blog/3005/Denver-Accounting-Firm-Bloch-Rothman-Provides-IRS-Audits blog IRS Audits from Denver Accountant Bloch Rothman and Associates I’m currently in the process of closing two audits with the IRS.  This may be the place where I can add the most amount of value for my Denver tax services.  A little history up to this point: One of these audits involves a small business and has been going on for almost 17 months since the client was first contacted by the IRS.  The second also involves a small businesses and has been going on for almost 8 months.   I expect both clients owing thousands and thousands of dollars when the dust clears.  The main reason is due to bad records and poor bookkeeping. Our Denver accounting firm up until now has done a great job with both audits by only supplying the necessary information that the IRS has requested and never letting the IRS agent talk to our client.  By doing this, we minimize the taxpayer's exposure to owing more money.  We also minimize what the IRS looks at, which means the audit is over sooner. I’m expecting to get ending reports from the IRS in the next couple of weeks on both audits.  After receiving the reports, our work here at Bloch Rothman and Associates begins.  We go through every line item and check to make sure there are no errors in your audit.  When there are, we go back to the agent and/or manager and work with them to remove these items from the report.  When the report is correct, we then try to abate penalties.  One of the common penalties is a 20% accuracy penalty.   If you owe $100,000, this penalty is $20,000.  The thing that amazes me is almost every time we try to abate the penalties, the IRS agent tells us that no one has ever asked to have the penalties abated.  We always do, and many times we are successful. If you are currently going through an audit where things don’t seem to be going well, please give us a call at Bloch Rothman and Associates.  We offer free Denver tax consultations and can help to answer questions that you may have about the IRS auditing process. Fri, 09 Aug 2013 06:00:00 GMT http://denveraccountant.co/blog/3005/Denver-Accounting-Firm-Bloch-Rothman-Provides-IRS-Audits http://denveraccountant.co/blog/3370/Denver-Accounting-Firm-Bloch-Rothman-Provides-IRS-Audits blog IRS Audits from Denver Accountant Bloch Rothman and Associates I’m currently in the process of closing two audits with the IRS.  This may be the place where I can add the most amount of value for my Denver tax services.  A little history up to this point: One of these audits involves a small business and has been going on for almost 17 months since the client was first contacted by the IRS.  The second also involves a small businesses and has been going on for almost 8 months.   I expect both clients owing thousands and thousands of dollars when the dust clears.  The main reason is due to bad records and poor bookkeeping. Our Denver accounting firm up until now has done a great job with both audits by only supplying the necessary information that the IRS has requested and never letting the IRS agent talk to our client.  By doing this, we minimize the taxpayer's exposure to owing more money.  We also minimize what the IRS looks at, which means the audit is over sooner. I’m expecting to get ending reports from the IRS in the next couple of weeks on both audits.  After receiving the reports, our work here at Bloch Rothman and Associates begins.  We go through every line item and check to make sure there are no errors in your audit.  When there are, we go back to the agent and/or manager and work with them to remove these items from the report.  When the report is correct, we then try to abate penalties.  One of the common penalties is a 20% accuracy penalty.   If you owe $100,000, this penalty is $20,000.  The thing that amazes me is almost every time we try to abate the penalties, the IRS agent tells us that no one has ever asked to have the penalties abated.  We always do, and many times we are successful. If you are currently going through an audit where things don’t seem to be going well, please give us a call at Bloch Rothman and Associates.  We offer free Denver tax consultations and can help to answer questions that you may have about the IRS auditing process. Fri, 09 Aug 2013 06:00:00 GMT http://denveraccountant.co/blog/3370/Denver-Accounting-Firm-Bloch-Rothman-Provides-IRS-Audits http://denveraccountant.co/blog/3004/Filing-Denver-Taxes-for-Love blog I had a somewhat interesting client in my office in Denver, CO last week.  He was a tax protestor who had not filed his taxes in more than two decades.  He had always worked underground so neither the IRS or state of Colorado was after him.  He came into my Denver office and wanted to file his tax returns for the past three years.  I asked him why and his reply was that he was in love with a woman from a foreign country and wanted to bring her into this country to marry her.  His attorney said he would need to have his taxes filed and paid for the past three years and show that he could afford to take care of his fiancé.   Bloch, Rothman and Associates not only can help you file your taxes for love, but we can help you file them for whatever reason you may have to file. Call us today for a free Denver tax consultation. Thu, 08 Aug 2013 06:00:00 GMT http://denveraccountant.co/blog/3004/Filing-Denver-Taxes-for-Love http://denveraccountant.co/blog/3368/A-Lesson-in-IRS-Audits-from-Breaking-Bad blog “I want my life back. How big does this pile have to be?” â€"Skyler, Breaking Bad As I notice that the final season of Breaking Bad is airing soon, I’m reminded of what had happened with the IRS in the series with Skyler paying the IRS hundreds of thousands of dollars for her ex-boss.  Did she really have to do this to protect herself?  Probably not.  When someone is audited by the IRS, it normally ends with the IRS giving you a form to sign saying that you agree with the changes and that you owe the amount plus any penalty and interest that will be added.  The IRS agent will try to collect all money due, but that is not really their job.  Their job is find additional taxes you may owe and assess you that amount of money, not collect.  Collection is the job of the IRS Revenue Agent.  Revenue Agents work for the collection department of the IRS known as ACS or Automated Collection Service.  Generally if the IRS Auditor does not find fraud during the audit, it is not up to the IRS Revenue Agents to find criminal charges when the case is handed over to them.  Once Skyler’s boss agreed to the charges and signed the report, fraud was not an issue anymore for the IRS and Skyler did not need to bail out her former boss.  This would have changed the financial position for the White’s and maybe would have changed other outcomes in the series if it had been properly represented. The final season of Breaking Bad airs Sunday, August 7th.  If you are involved in an IRS audit or collection, Please give us a call at Bloch Rothman & Associates today to recieve Denver tax assistance from a local Denver accounting firm you can get to know and trust. We are experienced Denver accountants specializing in IRS Audits, Collections, Tax Resolution services and more. 303.321.7160 Tue, 06 Aug 2013 06:00:00 GMT http://denveraccountant.co/blog/3368/A-Lesson-in-IRS-Audits-from-Breaking-Bad http://denveraccountant.co/blog/3367/Denver-Tax-Topics--The-IRS-Collection-Process---Step-1 blog Denver Tax Topics: IRS Collectionsâ€"Step 1 in the Collection Process April 15, 2013 may very well have come and gone, but if you are involved in a tax collection situation, you certainly haven't forgot about your taxes or the Internal Revenue Service. At Bloch Rothman & Associates, your Denver Accountant, we are here to help guide you through the often times confusing and misunderstood IRS collection process.  We want to take this time to share a series of Denver tax topics, our first series featuring steps in the IRS Collection process. This series will touch on topics like what to know and do when you are unable to pay the full amount you owe with your tax return and the steps that follow to maintain good standing with the IRS.  We'll begin our series with a hypothetical scenario: You filed your 2012 tax return on time but you were unable to pay the full amount you owed with your return.  So, what's next? Since you did not pay the full amount due with your tax return, the IRS will begin what is known as their collection process. This collection process begins with a written notice of the amount you owe that is mailed to you. This is also known as an official bill from the IRS.  Your bill will demand payment in full for your 2012 tax. But wait - what if you still can't pay the full amount of tax due? Stay tuned for Step 2 in our Denver Tax Topics in IRS Collections. At Bloch Rothman & Associates, we are here to help assist you in this type of tax collection process. We handle everything from IRS Audits & Collections, to Denver tax preparation and Denver bookkeeping and payroll services.  Call Today: 303.321.7160 Mon, 29 Jul 2013 06:00:00 GMT http://denveraccountant.co/blog/3367/Denver-Tax-Topics--The-IRS-Collection-Process---Step-1 http://denveraccountant.co/blog/3366/Just-Launched--DenverAccountant-co blog Welcome to the brand new website for Bloch, Rothman & Associates, ltd., your Denver accountants for over 20 years! We are a small, local firm that guarantee personalized, professional accounting services in Denver. Bloch Rothman also handles other financial services, such as tax preparation, audit services, bookkeeping and payroll! Our Denver accountants strive to help you with all of your financial questions or problems, so give us a call today to see how we can help. Thu, 18 Jul 2013 06:00:00 GMT http://denveraccountant.co/blog/3366/Just-Launched--DenverAccountant-co http://denveraccountant.co/blog/3365/New-Denver-Accountant-Website---Bloch--Rothman---Associates--LTD- blog Welcome to the new website for Bloch, Rothman, & Associates, LTD. Located in the Congress Park area of Denver, Colorado, we provide accounting services such as tax preparation, payroll, bookkeeping and audit assistance to our Denver customers. If you are in need of a Denver accountant, call us today. 303-321-7160. Fri, 12 Jul 2013 06:00:00 GMT http://denveraccountant.co/blog/3365/New-Denver-Accountant-Website---Bloch--Rothman---Associates--LTD-