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How to Deal With an IRS Filing Error This Tax Season

January 16, 2019

Receiving a tax filing error from the IRS in Denver is the last thing you want to deal with during the busy tax season this year. Although they may seem hard to prevent, there are many ways you can avoid these annoying errors while filing taxes. To learn more about what tax errors are and how you can prevent them this upcoming tax season, follow the guide below. 

What is a Tax Filing Error
A tax filing error is pretty self-explanatory, it happens when you accidentally file an error on your taxes, which can be anything from a misspelled name or misplaced digit. Although they may be annoying to deal with, they happen to a large percentage of tax filers every year. However, it certainly doesn’t mean it’s the end of the world. To fix the error, all you have to do is refile with the mistake remedied. Usually, this process only takes minutes to do. 

What to Do When a Tax Error Gets Reported

Look Over Your Taxes
When a tax error gets reported, the first thing you should do is look over your taxes. In case you’re unsure how or where the error occurred, it’s best to go straight to the source to identify the problem and fix it to refile. For most individuals, this process typically doesn’t take too long to do. However, keep in mind that your tax forms may be long, so identifying this error can take some time and effort if you’re doing this on your own.  

Try Fixing the Problem on Your Own
If you enjoy filing taxes on your own, the best person to fix the filed error is yourself. After all, you might remember accidentally misplacing a decimal or any other error that could have caused your taxes to be sent back. Also, fixing the tax filing error on your own is entirely free of charge, so why not try diagnosing your own issues first? However, if you are having a hard time finding the error or figuring out how to fix the problem, you should consult a tax professional in Denver for help. 

Consult a Professional to Fix the Problem
If you can’t fix the tax filing error on your own or just want someone else to handle the problem, you should consult a tax professional either in-person or online to remedy the issue. Fortunately, a tax filing specialist has plenty of knowledge and hands-on experience to fix the error on your taxes and swiftly get them back on their route to the IRS so that you can get your refund as soon as possible. Although tax professionals can cost quite a bit of money, they will ensure no other errors have been filed and can even offer you some tips for preventing the error in the future!   

How to Avoid Tax Errors in the Future
There are plenty of ways you can avoid tax errors in the future. By looking over your paperwork before filing, taking plenty of time to file correctly, and hire a tax preparer during tax season, you can avoid any problems during the upcoming tax season. However, since not every initiative is cost-free, you should consider your budget when filing taxes to see if you can hire a preparer or not. 

Look Over Your Taxes Before Filing Them
One of the easiest (and most affordable) ways to avoid tax errors in the future is to look over your taxes before filing them. Although this may seem obvious enough to do, most people are in a rush to get their refund they overlook the simplest of mistakes. However, you can avoid these mistakes from ever happening by looking over your taxes at least twice and having a trusted family member take a look at your information to ensure everything is correct.  

Take Plenty of Time to Do Your Taxes
Another way you can easily and affordably avoid tax errors in the future is to take plenty of time to do them. As mentioned before, many people are in such a rush to get their refund, so they rush through the filing process, which can lead to a variety of errors that could have easily been avoided if taken enough time. When filing your taxes, you should choose a day that you have a few things planned, such as a weekend, so you can sit down and carefully file your taxes. You typically shouldn’t try taking care of the filing process over a few days, since you can lose place of where you ended or began and potentially cause an error. 

Hire a Tax Preparer During Tax Season
If you have the budget and/or don’t want to file taxes on your own, you should consider hiring a tax preparer during the tax season to avoid errors. Often, it can feel pretty intimidating to file taxes entirely by yourself. By having a professional tax specialist on your side, you can ensure your taxes are filed properly without any errors. Plus, with fewer errors on your tax report, the quicker you can get your refund in your bank account. However, do keep in mind that tax preparers can cost a little bit of money, but they usually take their fee out of your refund, so you don’t need to worry very much about their charges. For most people, the $30 to $70 is worth the lack of mistakes and quicker filing process. 

Filing taxes this upcoming tax season doesn’t have to be as complicated as it sounds. Even more so to avoid tax errors from the IRS in Denver this year. Hopefully, the guide above could offer you enough insight into tax avoidance and the benefits of hiring a tax preparer for the 2019 tax season. To start giving you a hand on your tax filing or help you correct any mistakes that you might have made, feel free to contact Advanced Tax Solutions at 303-753-6040. Our experienced team of tax experts is here to help you any way they can. 

How to Find Reputable Tax Help in Denver This Winter

January 9, 2019

Tax season is only a few months away, if this is the first time doing taxes, you might need more tax help in Denver than the average adult. However, that certainly isn’t a bad thing! Most adults require professionals to prepare their taxes for them or fix accidentally filed errors in their state or federal taxes every April. To help you find the best tax professionals in the Denver area, follow this guide during the 2019 tax season!

Know What You Can Afford

One of the most important things to keep in mind when finding local tax help is your budget. Even if you think you’re getting a significant refund back this year, you should keep in mind that tax professionals can charge quite a bit of money. When browsing the best tax accountants in Denver, you should know what your budget is and use that to refine your search. Fortunately, creating a budget is relatively easy to do on your own, but if you need help, you can always reach out to your local bank branch for assistance before tax season commences.

Search For Local Help in Your Area

To get a good idea of the variety of tax specialists in your local area, you should look up tax accountants or tax resolution specialists in Denver. Fortunately, all this typically requires is an easy Google or Yelp search, but you should also plan on taking full advantage of personal recommendations as well. After all, what’s better than using a referral discount to cut down on how much your accountant will take out of your tax refund this year? Plus, using recommendations can help build a lasting relationship with a local tax accountant for your annual tax needs. 

Figure Out What You Need Help With

To find the best tax help in Denver, you should figure out what kind of guidance you need. For example, do you need help preparing and filing your taxes or do you require assistance fixing an error you caused? No matter the problem, a tax accountant can help, but it’s often best to know what you need help with before contacting local tax specialists to set up an appointment to file or fix an error on your taxes for the new year. 

Get a Few Local Quotes

After you know what your budget is, know what you need help with, and have plenty of tax help options on the table, you should begin getting a few local quotes. Fortunately, many tax help providers allow you to obtain quotes directly from their website, but for some, you might have to call or email them to get an estimate. With these quotes, you should begin comparing them to see which are more affordable for your budget and start narrowing down your options based on the estimates you receive. With the remaining tax specialists that you’re considering, you should plan on booking consultations to help you figure out who you want to hire for tax help this year. After scheduling a few meetings, you'll be able to have all your questions answered and can start preparing for the 2019 tax season. 

Book Consultations with Local Tax Experts

If you still have a few tax specialists which you’re unsure who to hire over the other, booking consultations are a great idea to compare the few remaining options you have to determine who you want to hire to solve any of the tax problems you may have in 2019. Fortunately, most accountants won’t charge you a dime for a consultation, and they typically don’t last longer than twenty minutes. Following the few consultations you book, you should know exactly who you want to hire for tax help in Denver this year.

Set Up a Date to Do Taxes

Although taxes are due in April, you don’t necessarily want to wait until the last day to get them done, unless you want to get in trouble with the IRS. It’s essential you set up a date to do taxes sometime in February or March, which will give you plenty of time for you to get ready and book a date with a tax specialist since this is quite a busy season for them. Just remember, the earlier you book, the more availability you can take advantage of and the more affordable it will be for you. When comparing dates to choose to get your taxes taken care of, you should pick a date for the weekend, since preparing and filing your taxes can take quite some time to do. After all, this is not a process you typically want to rush and not one you want to use vacation time to do. 

Prepare for Getting Taxes Done in 2019

Once your tax filing date is set up, you should prepare for getting your taxes taken care of in 2019. You should do this by ensuring you have all the necessary tax paperwork from your employer, but keep in mind; you might not get this paperwork until late February. However, this entirely depends on your employer and how quickly HR operates at your workplace. Just keep in mind, if you have any questions about preparing your taxes this year, your tax specialist is only one call away.

There is a lot you should know about finding the best tax help in Denver this winter, from knowing what you can afford and booking consultations with tax experts to preparing the appropriate paperwork for getting your taxes done in 2019. If you need help getting taxes prepared for the new year or worried about having issues during this year’s tax season, feel free to give Advanced Tax Solutions a call today at (303) 753-6040. Or, stop by their office today at 3801 East Florida Avenue in Denver, CO. Advanced Tax Solution's tax-exert staff will be more than happy to answer any financial question you have for your 2019 filing. Plus, their affordable rated and flexible availability is desirable for just about any new tax filer.


Who is Serving you?

By Todd Whalen - November 20, 2018

Who is Serving you?
A Certified Tax Resolution Specialist is the highest designation the American Society of Tax Problem Solvers offers when it comes to showing proficiency for fixing tax problems.  

A NAEA fellow is the highest designation the National Association of Enrolled Agents offers that shows competency for a licensed professional in dealing with IRS tax problems

Alex Petrosyan has been a Certified Tax Resolution Specialist for a couple of years now, but earlier this month completed all the prerequisite training and has earned his NAEA fellow designation!

Learning about and staying abreast of the always changing IRS rules and regulation is a lifetime journey.  Congrats Alex for your hard work and dedication to our company and the pursuit of fixing tax problems!  Alex’s hard work will pay off big dividends for our clients!

PS  We have 4, soon to be 5 Certified Tax Resolution Specialists on Staff,  3 of which are NAEA fellows! These are the professionals you will meet for our initial consultation. We are committed to offering advise based on the highest level of skill and care.  We offer real tax solutions, not high-pressure closing tactics.  Check our reputation and testimonials!


Understanding Self-Employment Tax and Social Security

By Todd Whalen - November 20, 2018

Tax Strategies, Understanding Self-Employment Tax

I’m frequently asked what self-employment taxes are.  Usually this question is in the context of opening a new business and trying to figure out the taxes that go along with the new adventure.
When referring to this tax it really is how self-employed people pay Social Security and Medicare taxes.
Social security is 6.2% of earnings up to a cap (called the Wage Base) on earnings of up to $132,900 as of the time of this writing.  Medicare is 1.45% but there is no cap, so it applies to all earnings.
If someone works as a employee for someone else there is a deduction on the paystub for Social Security and for Medicare.  Social Security is withheld at a rate of 6.2% and Medicare is withheld at 1.45%. Together they total 7.65%. What many people don’t know is that the employer also has to match the amount withheld and pays an additional 7.65%.  Therefore the IRS gets a total of 15.3%, which ½ is paid by the employee and ½ is paid by the employer.
If you are self-employed you are required to pay both the employer and employee side and thus the “Self-Employment Tax” is 15.3% of your self-employment earnings.  This is how self-employed people pay their Social Security and Medicare.  Unfortunately this is in addition to the normal Federal and State taxes.
It is calculated on schedule SE on your annual tax return.  You must file a form 1040 to pay it, so you automatically can no longer file a 1040EZ.

Small IRS Tax Problem?

By Todd Whalen - November 20, 2018

Too Small for a Consultation?

Most businesses that purport to help people with tax problems won’t even talk with you if you don’t owe more than $25,000 in taxes.  It does make sense as most of the time the cost involved to fix the tax problem could be as much as the amount you owe the IRS!   Because of this problem we have developed a small group consultation just for helping people with smaller IRS issues.  The goal in this presentation is to just help point you in the right direction to help you fix the problem yourself.  If you owe the IRS less than $25,000 this meeting is for you.  Todd Whalen, founder of Advanced Tax Solutions, will go over the necessary steps on how to fix your problem and explain how the IRS works.  At the end of the presentation Todd generally has time to answer a few questions as well.  Best of all, Todd does this as a community service… there is no charge.  Free IRS resolution advice is always good.  It’s possible that you may be able to fix your problem on your own!