Income Tax Specialists

PH: 303-451-7784

We specialize in income tax preparation for Individuals, S Corporations, Partnerships, LLC and Trusts. We also offer tax consulting and support services for small businesses including QuickBooks support, bookkeeping and payroll preparation.

  • How Do I Find Out About My Federal Refund?

    go to: www.irs.gov

    and use search for "where is my refund"

    Telephone number for the IRS (800)829-1040

  • How Do I Find Out About My Colorado Refund?

    Go to: www.revenue.state.co.us

    and use search for "where is my refund"

    Telephone to check on my Colorado refund (303)238-7378

  • How Do I Make an Appointment?

    Contact Us

    Include the date and time range that you are wanting and we will respond ASAP. Or by telephone @ 303-451-7784. If we are busy serving another client leave a message with phone number and the date and time range that you would like schdeduled

  • What if I Don't Have Time for an Appointment?!

    You may scan and e mail your tax docuements (include a phone number so when we are working on the return we may contract you for info if needed). You may drop off your information during normal business hours; or you may mail all of your information for us to complete your return.

  • How Do I File a Renewal with the Secretary of State?

    Annual renewals of Corporations, LLC's etc:

     

    The Secretary of State quit sending out the postcard reminder to do your annual renewal of your enitity. We suggest that you sign up for e mail notification. Some of you have our office renew for you and have been sending us the postcard notification for filing. If you have been doing this and wish us to sign up for the email notification directly please let us know so we may take the appropriate steps. Web link is:

    http://www.sos.state.co.us/biz/FileDoc.do

Current Items

2017 Vehicle Mileage Log

  •                                       Click Here For Highlights of the 2018 Tax Cuts and Jobs Act
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  • - Although the tax rate schedules were adjusted as a result of the 2018 tax bill, the wage withholding tables        also changed to follow suit, meaning anyone on a W2 should have seen an adjustment to their federal                withholdings at the beginning of the year resulting in more take home pay.
  • - Capital Gains breaking points were adjusted and no longer follow the individual tax bracket rates but are          now based on total taxable income.  Please see page three in the Highlights link above for specifics.
    • - Standard deductions in 2018:  Single/MFS: $ 12,000  -  MFJ/QW: $ 24,000  -  HOH: $ 18,000
    • - The $ 4,050.00 deduction for personal exemptions no longer exists.
    • - Changes to Itemized Deduction:
    •      * There is no longer an income level phase out for itemized deductions.
  •      * The deduction for medical expenses will have a 7.5% AGI floor for 2018 but will increase to 10% for all               ages beginning in 2019.
  •      * Beginning in 2018 the taxes paid deductions which include state income tax withholding, general sales             tax, real estate taxes and personal property taxes has a $ 10,000 cap.  Anything over the cap will be                   disallowed.
  •      * Home mortgage interest deduction is now limited to $ 750,000 on acquisition debt for any property                   aquired after December 15, 2017.  The limit for property aquired prior to December 15, 2017 will stay at             $1,000,000.
  •      * Charitable contributions must now have written acknowledgements for any contribution of $ 250.00 or             more.
    •      * Deductions for Casualty and Theft losses are no longer deductable unless the loss it attributable to a                 Federally Declared Disaster Area.
  •      * Miscellanenous Itemized Deduction falling under the 2% AGI limitation are no longer deductable.  This               includes deductions such as unreimbursed business expenses, auto mileage (for W2 employees), tax                   preparation fees, attorney and investment advisory fees, safe deposit box fees, union dues, etc.
  • - HSA Contribution Limits for 2018:    Single: $3,450    -    Family: $ 6,900
    • - Auto Mileage Reimbursement Rates for 2018:  Business: $ .545 - Medical: $ .18  - Charitable: $ .14
    • - Social Security recipients under full retirement age may earn W-2 wages of $17,040 in 2018.
    •      * Earnings over that you will repay $1 for each $2 of social security over the limit.
    •      * After year of full retirement (typically 66) there is no earnings limit to trigger repayment.
    • - Although the individual penalty for not having health insurance was repealed in the new tax bill, it does not      take effect until January 1, 2019.  The penalty for 2018 is still in place if you have more than a 60 day lapse      in health care coverage.
  • - Announced increase in Social Security for 2018 will be 2%.
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  • - Minimum Wage: Effective 1/1/2018 - $ 10.20 for non tip employees and $ 7.18 for tip employees.
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  • - IRA Contributions:  2018 Max IRA contribution until age 50 is $5500. Those age 50 and over can make an          additional catch-up contribution of $1,000 for a total contribution of $6500.00.
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  • - Maximum taxable Social Security wages are $ 128,400 for 2018. Medicare continues on all W-2 and SE              earnings.
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Income Tax Specialists

PH: 303-451-7784