We have the knowledge to get your Colorado state and federal taxes done right the first time.
Let IA take the hassle of your accounting off your plate so you can focus on your business.
We've helped hundreds of clients choose the right financial tools for them. Let us help you.
By year's end, Americans usually have a good idea of what the tax rules will look like in the new year and can plan accordingly. That's not the case this time around. With a huge chunk of the tax code set to expire Jan. 1, the 2013 tax forecast is, well, foggy.
"The problem is, if you wait to see what Washington does before you give this any real thought, it might be too late to take any meaningful action," says Dan McNamara, president of USAA Investments.
Instead, you have to know the current tax landscape and what could be coming in 2013 — and you have to understand what each could mean to you. That way, when Congress ultimately takes action — or doesn't — you'll be ready to act.
What to Ask For a better understanding of how these changes could affect your bottom line, speak with a USAA financial advisor or your tax counselor. Here are some questions to ask:
Chris Russo of Innovative Accounting Solutions has been prestigiously recognized as a Five Star Professional Wealth Manager. This recognition is only given out after a rigorous research process that included a regulatory and consumer complaint review, and an evaluation of objective criteria associated with wealth managers who provide quality services to their clients. The Five Star Professional Award is the largest and most widely published wealth manager award program in North America
Innovative Accounting Solutions is very honored to receive this award. We work hard for our clients every day and believe this recognition is a testament to that fact. As a first-time award recipient in 2012 we'll work even harder to ensure that we continue to receive this same honor year after year by always putting our clients first and working tirelessly to meet and exceed their financial goals.
Please call us today if you're looking for an outstanding Denver Accountant, Tax Professional, or Wealth Manager to help you with your personal and business finances or taxes.(303) 475-1807
Many business owners and individuals assume their certified public accountant (CPA) and financial planner have interchangeable roles when, in fact, the two complement each other and can very rarely do the entire job of the other person. This is a matter of education, experience, and certification, but is a topic your Denver Accountant can discuss with a high degree of confidence.
The year is halfway through, and if you haven’t got to grips with your Denver Taxes, what are you waiting for? A Denver Accountant can help you manage your finances, and year-end tax preparation, but nothing helps an individual or business succeed more than understanding common tax forms and how they should be filled out. Here is a brief rundown of these forms.
A certified public accountant (CPA) plays a key role in helping individuals and businesses get a clear picture of their finances, often through services like different types of accounting, estate planning, financial services, and consulting. If you’ve decided it’s in your best interests to hire a Denver Accountant, there are a number of questions you should feel comfortable in asking.
A Denver Accountant runs into problems all the time with owners of home-based businesses, who wonder if such-and-such an expense can be deducted, but not that one, and so forth. The problem is that many individuals and small business owners who work out of their homes erroneously assume – and hein and company haven’t figured out why – that any expense can be deducted on their income tax. The fact of the matter, and something that any denver cpa will tell you, is that the United States Internal Revenue Service has very specific laws at its disposal that regulate business expenses, and the penalties or legal action that can be taken against people who manipulate them. When preparing to file your income tax return, you need to carefully consider all of your options for the following reasons:
As of December 31, 2012, the Mortgage Debt Relief Act of 2007 expires and substantial tax consequences will apply if your main home is foreclosed or sold for less than what you owe. Therefore, it is imperative to analyze your current mortgage situation and make some tough financial decisions before this tax break expires.
The Mortgage Debt Relief Act of 2007 was enacted on December 20, 2007. The Act allows for the exclusion of income realized by the sale or foreclosure of your principal residence for less than the mortgage owed by the homeowner.
Normally debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable income. However, the Act allows you to exclude certain cancelled debt on your principal residence from income. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure qualifies for the relief.
The Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence or to refinance debt incurred for those purposes. In addition, the debt must be secured by the home. This is known as qualified principal indebtedness. The maximum amount you can treat as qualified principal residence indebtedness is $2 million or $1 million if married filing separately.
The Act does apply to debt used to refinance your home to the extent that the principal balance of the old mortgage, immediately before refinancing, would have qualified.
Therefore, if you are behind on your mortgage and considering a short-sale or foreclosure, you better act fast. After December 31, 2012, any mortgage debt forgiven will be taxable as income on your return. Consider this example:
A Denver Accountant can help you achieve many of your financial objectives, but none of them can be fully realized without an action plan. Hein and company is available to not only provide standard accounting services, but educate the public on how to take control of their personal finances this year and in the future.
A denver cpa would be happy to discuss these with you as each is an important component in running your business, planning your estate, or simply figuring out the best way to prepare denver taxes each year.
Step #1, Set Financial Goals. If you don’t know why you’re doing what you’re doing —making sacrifices, working long hours — then it becomes easy to fail. The alternative espoused by a denver teacher is to set goals that can help guide your decisions and keep you focused even when it’s tough. But for your goals to be achievable, they need to be personal. They’ll be easy to dismiss if they don’t mean something.
Step #2, your Denver, CO Accountant can help you track every dime you spend. It’s easy to lose track of “small” expenditures like donuts and coffee a few times a week, but if you track the numbers in a notebook or your smartphone, you’ll have a clear and sometimes sobering understanding of how quickly your money can disappear. And once you’ve found a tracking method, stick with it.
What makes the Roth IRA so attractive is that its earnings grow tax free. Here is why this is such an attractive investment opportunity:
Say you have $50,000 in a traditional IRA and you transfer it to a Roth IRA. You pay taxes on the transfer which is treated as an early distribution of retirement savings, which you also incur the 10% early withdrawal penalty. However, once this money is transferred to the Roth IRA, its earnings grow tax free for life and you can withdraw the money at any time, any age without penalty or taxes. So if you are due a tax refund, it makes sense to transfer money from your 401(k) or traditional IRA, pay the taxes and penalty now which will deplete the refund you are due, but in the future, you can earn tax free money and withdraw at any time.
As a CPA, I am recommending this to all my clients. It’s a “no-brainer” because you take a big one-time tax hit to get assets into a tax-free account and can withdraw at your necessity anytime in the future.
If you currently do not have an IRA or 401(k) amount, then it is a great idea to start contributing to a Roth IRA. Some eligible taxpayers can put up to $6,000 per individual or $12,000 per couple and the Roth IRA grows tax free throughout your lifetime and you can withdraw it anytime without absorbing the 10% early withdrawal penalty.
Withdrawals also don’t trigger higher Medicare premiums or taxes on Social Security payments, and there aren’t mandatory withdrawals at age 701/2.
For many people, whether as an individual or a business owner, choosing a certified professional accountant (CPA) is similar to choosing a healthcare provider. A Denver Accountant assures you of working with someone who’s an expert in your business area, can provide sufficient coverage for all your business needs (and future needs), provides prompt service when needed, and provides services at a rate you can afford. Here are key steps to following when choosing a denver accounting firm.
Innovative Accounting Solutions
10107 Hudson St.
Denver, CO 80229
We put our clients personal and professional finances first in everything we do. We will not rest until our clients economic goals are met or exceeded. At Innovative Accounting Solutions it is our privledge to help individuals and companies navigate these financial waters and we take that job very seriously.