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Individual Tax Preparation and Planning
How confident are you that your return is accurate? Could you be missing potential deductions?
At Colorado Value Tax Service, I believe in honesty, integrity, effective communication, and attention to detail. I specialize in the timely and accurate preparation of Individual Federal and State tax returns at reasonable rates. Your complete satisfaction and peace of mind is my number one goal. This is achieved by:
- Thoroughly examining your specific tax situation and needs
- Finding ways to maximize your refund or reduce your tax liability through conscientious preparation and proper planning and review
- Staying current on all relevant tax laws and regulations
- Preparing estimated tax vouchers, as needed
- Reviewing prior year returns for missed opportunities and possible amendments
Effective Tax Planning is accomplished by acquiring an understanding of your unique financial circumstances. Examples of tax planning include:
- Maximizing retirement contributions
- Deferring income
- Implementing last minute tax deductions
- “Loss Harvesting”: the appropriate selling of stocks or other investments to offset other income
- Making sure that you have desirable amounts of withholdings from paychecks and IRA distributions
- Appropriate rollovers for IRAs and other retirement vehicles
Gift Tax Returns
A federal tax form must be filled out by any individual who gives a gift that exceeds the annual exclusion amount. The recipient of the gift is generally not responsible for paying tax on the gift. However…
If the donor does not pay the tax the person who receives the gift (donee) may have to.
For 2019 and 2020 an individual can give a gift of up to $15,000 without having to file a Gift Tax Return, Form 709 ($30,000 for MFJ). Any gifts that do not exceed this limit do not count towards a lifetime exclusion, currently at $11.58 million for an individual ($23.16 million for MFJ). The 2021 lifetime exclusion is $11.7 million. This lifetime exclusion also applies to estates.
In the event that taxes are due the donor may be required to provide:
- Copies of appraisals or settlement statements
- Copies of relevant documents regarding the transfer
- Documentation of any unusual items shown on the Federal Gift Tax Return
Partnership Returns
A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay tax on its income. Rather, income or loss are “passed through” to the partners. In addition to filing a Form 1065, partnerships are generally required to file and complete a Federal Schedule K-1. This form is sent to all partners and is utilized to complete their tax returns.
Tax Resolution Services
Colorado Value Tax provides tax resolution services for taxpayers with IRS or State tax problems. Get help with your tax debt today!
If you have received a notice from the IRS or a state agency, I can provide you with assistance in interpreting and responding to this notice. I will file any back taxes you may owe, assist wth correspondence with the IRS, and assist you in setting up a reasonable payment plan you can afford. In addition, if I signed your return, I can represent you before revenue agents, customer service representatives, and similar IRS employees, including the Taxpayer Advocate Service.
Don’t panic if you get a notice from the IRS! Many notices can be resolved quickly and efficiently. I will go the extra mile to ease your worry and get your taxes in order.
Mobile and Virtual Tax Service
Making tax preparation convenient for you is the goal of my mobile tax service. I will come to your home, office, or what ever other location suits you, to prepare your taxes. I will review and organize documents, prepare and e-file your taxes, and provide you with printed copy of your tax return. You can choose how to receive your refund or make payment, if taxes are due. Direct deposit and debit are the most convenient methods, but you can also elect to receive or send a check.
If you reside out of the area, or it is more convenient not to meet in person, you can upload your documents to my secure portal, and I will complete the return from my home office. We can communicate via secure email, phone, or fax as well. You will be provided with an electronic copy and a hard copy via U.S. mail.
Next Steps...Ready to Make an Appointment?
Don't wait... Get your tax needs taken care of now. Call us at (303) 322-3338 or email us we’ll give you options for coming in right away! We will NOT make dealing with a tax professional as painful as it’s been in the past!