Accounting Tax

Simple Ways to Increase Your Tax Refund

Everybody looks forward to a little change back from Uncle Sam each year. In fact, it can be a real boon to your bottom line to receive a tax refund. Are there ways to help increase that nifty chunk of change?

Here are ways to Boost Your Tax Refund:

1. Claim Less

The form you fill out when starting a job is a W-4 and helps your employer track how much federal income to withhold on your paycheck. When you claim allowances (head of household, spouse, dependents) it reduces the amount of income tax that is held back. Take a look at casinos ohne bonus. Claiming fewer allowances on your W-4 will ensure a heftier refund as the government gets to keep and use your extra dollars and cents throughout the year.

2. Claim More

The self-employed, working families and those with moderate to low income may be able to claim the earned income tax credit. In order to qualify you must meet certain conditions like being a U.S. citizen, having a valid social security number, having self-employment income or have a qualifying child between a certain age. Contact us to see if you’re eligible for the Tax Income Credit.

3. Credit for Care

In certain circumstances, expenses paid for a dependent or child may entitle you to earn the dependent care credit. Stipulations include a child under the age of 13, a dependent with physical or mental limitations preventing self-care as well as well as a spouse who cannot adequately care for themselves. Certain criteria must be met–like if married, a joint return must be filed.

4. Filing Status Check

Taking a look at your filing status can play a role in determining if you’re eligible for a refund. The statuses include: a joint marriage filing, separate marriage filing, single and head of household. Filing status determines eligible credits, the amount of tax owed and standard deductions.

Tax reform has changed some of the 2017 tax refund policies and we’re here to help guide you.

Please Contact Us Today!


Tax Uncategorized

Tax Dates, Deadlines and Tidbits for 2017

With February looming, it’s important to prepare for tax season in mid-April. What are some of the most important deadlines in 2017?

  • The IRS will open filing season on January 23, 2017
  • Taxes are due April 18, 2017 as the typical tax day April 15 falls on a Saturday in 2017 (Personal Federal Income Tax)
  • Need an extension? Filing form 4868 will give you a brief reprieve and allow you until October 17, 2017 to file your 2016 taxes
  • There will be a delay in 2017 returns due to holidays for Presidents’ Day on February 20th
  • The IRS paid refunds on nearly 75 percent of last year’s tax returns totaling 153 million returns with refunds averaging around $2500

Need help with your 2017 taxes? Our Longmont office of accountants will take the sting and stress out of this year’s 2017 tax season. Contact us today!

Accounting Income Tax Preparation Tax Uncategorized

Wedded Bliss = Tax Hell?

A new life partner entails a whole lot more than extra dishes and super-sized loads of laundry. Whatever your marital status as of December 31st, 2017, will determine your tax options for the entire previous year. After hearing those wedding bells, you’ve got two options: file jointly with the new Mr. or Mrs. or use married filing separate status for a separate return based on deductions and credits.

Most lovebirds file their taxes jointly for two main reasons–first, it’s a heck of a lot easier to file one 1040 form and second, it’s usually cheaper to file together as married filing separate status can negate valuable tax breaks for things like childcare and tuition. You need to know about casino ohne bonus. Two individual returns could add up to a larger sum than one joint return.

There are drawbacks to filing jointly–if your loved one was up to no good as in underpayments, penalties and owed interest, it may behoove you to not take on potential liability and to file separately.

But, if your spouse isn’t on the IRS Most Wanted list, there are many tax benefits to being married. Here are 3 that you may not have considered.

  1. A Married Duo Reaps Greater Charitable Contribution Deductions– having a spouse raises the limit on yearly charitable donation amounts.
  2. Buying a House Changes your Taxes– the interest paid on a mortgage is tax-deductible.
  3. Children are Tax Gold– with every child comes more exemptions and tax credits! Bring on diaper duty.

For more information on penalties and bonuses with regards to being married, check out the tax policy information HERE.

To figure out your tax benefits and deductions for 2017, contact us today for more information. We provide Northern Colorado, Boulder County and the whole Front Range exemplary tax services.

Accounting Tax

Gold Rush: Olympic Medals and Tax Penalties

The Cost of Winning an Olympic Medal = Big Bucks

For those who are victorious at this year’s summer 2016 Olympic games, there is a lot to celebrate. From sudden stardom to endorsements and publicity, those like Michael Phelps and Simone Biles are sure to have financial freedom in their future. But what about those medals? Does the IRS take a cut?

Athletes in Rio who win medals are awarded with cash prizes and this means they owe money to the government. For cash prizes, much like the lottery or gaming wins, there is a taxation rate of 39%. Monetary bonuses mean that Phelps and company could take home much more than $25,000 per gold medal. Have more fun with spinia casino erfahrungen. The USA Swimming Foundation and other groups offer stipends and extra cash for medals.

Members of Congress are arguing against a “victory tax” but others are arguing that winnings are simply akin to getting a bonus at work and should be taxed accordingly. After all, athletes already deduct travel, training and other expenses, so they might have to suffer a little financial hit from winning big in Rio.

Accounting Income Tax Preparation Tax

Ditch the Dread! Tax Time Help is Here

Many people rely on outsourcing these days to enhance productivity. Whether you’ve hired a maid service, lawn care company or tech troubleshooter to ease stress and tackle tasks you’ve got no time to manage or not enough know-how, there’s always good reasons behind delegating work away. Get more information about online casino mit oder ohne bonus. At Gebauer and Company, we’re here to ease the burdens of tax time. We often see clients who have lost money by taking their returns to other outlets, only to be left disappointed or defeated. We are diligent about reviewing clients financial statements, past returns and taking into account life changes like marriage and retirement.

We are a family owned and operated team of two certified public accountants with backgrounds in business and finance. We specialize in helping people during the most busy and stressful time of year. If you’re scrambling this tax season to prepare your return, worry not, our CPAs can tackle the most challenging and complicated cases. Whether you’re self-employed, own a business with employees or just need a personal tax return filed, we’re here to help.We service Erie, Longmont, Boulder, Lafayette, Louisville, Fort Collins, Colorado and the surrounding areas. We offer free consultations.

Contact us ASAP!


Accounting Income Tax Preparation Tax

Tax Time is Near in Longmont: Helpful Hints to Survive April 18th 2016

With tax time fast approaching, now is the time for many people to panic or scramble to file their taxes on time. As the old saying goes, you can always count on two things in life: death and taxes.

Over the years, our Longmont tax team has learned a few valuable lessons. Here are some of our favorite tax time helpful hints:

1. Don’t Wait Until the Last Minute
Postponing a plan for your tax situation will only add stress and distress down the line. Don’t fret if you’ve stalled or procrastinated on prepping your financial statements, receipts and transactions. At Gebauer and Company, our helpful CPA team can get you on the right track.

2. Shortcuts are Silly
Hiring a friend or long lost relative with some “loose” tax experience might seem like a great idea as well as a way to save money, in truth, qualified tax preparers won’t make mistakes that can cost serious scratch. Hiring CPAs will behoove your financial future and your peace of mind.

3. Self-Employed Take Note
The self-employed often miss insurance write offs, home office deductions and travel expenses. If you’re self-employed, it’s highly beneficial to hire a qualifed CPA to advise on your tax situation.

Our qualified accountants will help you wade through tax time with ease.

Contact Us Today!

Accounting Income Tax Preparation Tax

Married Couples: Reasons Why You Might File Taxes Separately

While the vast majority, nearly 95% of married couples file a joint tax return, there are a few good reasons why this isn’t always the best option. While it may be cheaper to file together, splitting up returns might be a more prudent strategy. Here are a few times when it could behoove you and your spouse to file tax returns separately.

#1.) Income-Based Student Loan Payments

#2.) Major Medical Expenses

#3.) IRS-owing Marital Partner

#4.) High Earning Spouse

#5.) Residence in a Non-Community Property State

At Gebauer and Company in Longmont, Colorado we can advise you on the best way to file your tax return, whether as a unit or separately. Our qualified CPAs are here to help you save money and achieve the most prosperous financial state possible. Our accounting professionals will make sure your tax returns are filed with your future in mind.

Please feel free to contact us to setup a time for a free consultation.

Accounting Business Income Tax Preparation Tax

Tax Changes You Must Know for 2016 in Longmont, Colorado

Planning on filing your taxes this year the same way as you did in 2015? Not so fast. If you’re busy preparing your tax return for 2016 and planning on replicating or echoing last year’s tax return exactly, you’ll find a few problems with this strategy.

Congress has made a few changes and those could affect your taxes this year.

One major tax change this year? In 2016, tax payers will have an additional 3 days to file their taxes as April 15th falls on Emancipation Day. Taxpayers can breathe a sigh of relief as they have an extra three days to file. The new deadline? April 18th.

Other changes that might impact your taxes in 2016?
*The Penalty for Not Having Health Insurance Has Gone Up
*Personal Exemptions Have Risen
*A Few Temporary Tax Breaks Have Become Permanent
*The Tax Benefit for Cancellation of Debt on a Primary Residence Has Been Extended

In addition, any personal changes such as marriage, divorce, buying a new home, having a child or a death can ultimately change your taxes. Any lifestyle change can affect your tax situation. We’re here to help you with your unique tax challenges.

The best bet when it comes to managing your taxes? Hiring a professional! Our CPA team in Longmont, Colorado realizes your time is valuable and so is your money. Why make yourself vulnerable to an IRS audit? We can ensure that your taxes are filed properly and timely. By hiring a professional, you’ll know if your eligible for deductions or credits. Tax guidance can make all the difference.

Our accounting team in Longmont is here to guide you! Contact us ASAP!

Accounting Tax

How to File Your Taxes in Longmont

While there are many free online tools and programs that offer tax advice or information for filing, most are very complicated, stressful and confusing to use. Filing taxes using online software can result in errors and subsequent audits. At A.F. Gebauer and Company, we’re here to help answer all your tax related questions and make the process of filing your taxes stress-free.

Common Mistakes Made When Filing Your Own Taxes:

1.) Math Matters
We often find that when people file their own taxes in April, they fail to compute things correctly. The IRS will look for discrepancies and incorrect math entries can lead to having to having the IRS refigure your taxes for you.

2.) Additional Income
If you worked part-time, took on side gigs or did any contracting work, you’ll have extra earnings which will require additional tax payments. Many times, people fail to correctly owe taxes on additional employment income; this can result in IRS examiners discovering oversights in your tax returns and result in penalties.

3.) Charitable Contributions
Any type of donation from clothing to cars can result in valuable tax deductions. When giving to a qualified organization, there are many donation deductions.

Accounting Income Tax Preparation Tax

Seeking New Clients Just in Time for Tax Season 2016

At A.F. and Gebauer and Company, we’re always excited about meeting new potential clients and helping them wade through their tax questions and queries. We specialize in businesses and personal tax returns and are also able to help with property taxes, bookkeeping, payroll and financial and retirement planning. We serve Boulder, Weld and Adams County residents. Enjoy yourself with willkommensbonus online justspin casino. If you’re in Niwot, Erie, Mead, Fort Collins, Brighton, Longmont, Louisville or Boulder and you’re in need of tax services or a tax preparer, we’re here to help!

If you’re concerned about filing your taxes this year, let us do the work for you! An accountant can be a great asset to those who are self-employed, transitioning into retirement or those are just confused about how to file their taxes. We’re also specialists in finding deductions and exemptions that may have otherwise gone unnoticed or unconsidered.

Contact us today to enjoy a stress-free 2016 tax season! Contact Us HERE