We are almost upon tax season again, and yes, there are many changes that you should be aware of regarding tax law changes that could affect your tax liability in these years.  The changes impact everything from how much you pay for health care insurance, to how much you can deduct for attending college or buying classroom supplies.

The Affordable Health Care Act will impact next year’s return in many ways.

In regards to how the Obamacare tax subsidy will work and how the subsidy will be paid out and treated on an individual’s tax return is something new that we all need to be aware of.

Most taxpayers will receive the subsidy in the form of a direct government payment to their insurance company that lowers monthly premiums. This is called an Advanced (Premium) Tax Credit.

The alternative is for a taxpayer to pay the full monthly insurance premium charged by their insurance company every month during the year, and then claim the subsidy as a tax credit on the annual return. This entitles the taxpayer to a tax refund in the amount of the subsidy.

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Innovative Accounting was recently featured in a widely distributed press release for our services and excellence in customer service. Here's a preview of the release:

Innovative Accounting Solutions President Chris Russo has been recognized for showing dedication, leadership and excellence in accounting.

Innovative Accounting Solutions provides wealth management services and income tax preparation. The company also provides financial statement audits, bookkeeping, budgeting and consulting services.

Mr. Russo has 18 years of experience in the accounting and tax planning fields. In addition to tax planning, accounting and budgeting, his areas of expertise include account reconciliations, financial reporting, financial analysis and risk management. On a day-to-day basis, Mr. Russo works as a consultant for companies worth $2 million in revenue or more. Clients of the accounting firm include individuals and businesses. Prior to his role at Innovative Accounting Solutions, Mr. Russo served as CEO of Russo Innovative Financial and CFO of the Certified Financial Planner Board of Standards.

Read the full story here: http://www.24-7pressrelease.com/press-release/chris-russo-offers-innovation-in-crunching-the-numbers-392053.php

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For 3 years in a row now Innovative Accounting has received the Best of Broomfield Award for Accounting. We know this would not have been possible without our clients commitment to us and our commitment to them. Thank you to every one who voted for us and we're looking forward to meeting this high level of customer service in 2015 yet again. Click through to find some details about this year's award, our inclusion into the Broomfield Business Hall of Fame, and what it means to for us.

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Innovative Accounting was honored to receive this year's Best of Broomfield Award for Accounting. We know this would not have been possible without the amazing feedback from our clients and we continue to work hard to earn that positive feedback every day. Thank you to every one who voted for us and we're looking forward to meeting this high level of customer service in 2014 again. Below you'll find some details about the award and what it means to receive it.

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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:

• How should I adjust my expenses to account for possible increases in taxes?


• If the changes go into effect, does it look like I'll get a refund, or will I have to write a check for taxes in April 2014?


• Have I recognized any taxable capital gains this year?

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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

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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.

What your accountant can do for you

When most people think of accountants, the first things that may come to mind are Denver Taxes and how to minimize them each year. That is perfectly understandable and to be expected, especially with complicated and regularly changing tax codes at the state and federal levels. From strategizing to budgeting to sheltering and tax preparation, taxes are their main focus.
But your denver teacher also can identify big picture opportunities and strategies that will help you get — and stay — ahead of the competition. Your CPA will help ensure you are depreciating all the right assets in the most productive way. Is your business structure good for you now and in the long run? What about the fine print in the most recent tax regulations, and how do they affect you and your business? Your accountant should have a deep understanding of these issues, and experience with similar situations.

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