Denver Professional Tax Group

Denver Professional Tax Group

Are you wondering what a Denver professional tax group does? If yes, you’re in the right place as we discuss what your tax professional does before, during, and after tax preparations. Denver Tax Group provides professional tax preparation services for businesses and individuals. We help you prepare for years ahead on your taxes.

What your Denver professional tax group does

There is one thing that people are sure of with regards to tax professionals. They prepare your taxes for you. Your tax professional helps you prepare your taxes but what they do goes beyond that. Here are some of the things that your tax professional does before, during, and after your tax preparation.

A Denver professional tax group will help you organize your documents and prepare you for tax season, but can also help you plan for your future. Here are some of the things that your tax professional does before, during, and after your tax preparation.

Before your tax preparation

Your tax professional does not come to life only during tax preparation. They should be actively participating in your tax planning and making sure that you get more from your taxes. Your tax professional will help you identify your tax deductions and they will help you keep track of your eligible deductions. They also set strategies in place to minimize your tax liabilities. An expert Denver tax professional group will help you keep as much income as possible for yourself or your business.

Your Denver professional tax group may also assist you in understanding changes to the tax law that could affect your financial situation. By staying abreast of current federal and state tax regulations and updates, they ensure that your tax planning remains optimized and compliant with the latest standards. Additionally, they may provide guidance on structuring your financial transactions to maximize tax efficiency and minimize the risks of audits.

During tax preparation

Your tax professional prepares your business tax return and/or your personal tax return. If your tax professional does both for you, they can coordinate your tax savings with both returns. With their up-to-date knowledge of the tax code, they calculate accurate figures in your tax returns. They make sure that all bases are covered, avoiding problems with the IRS.

In addition to accurate preparation, your Denver professional tax group may conduct a thorough review of your financial documents to identify any potential discrepancies or areas of concern that could trigger an IRS audit. By addressing these issues proactively, they mitigate the risk of encountering challenges during the filing process and help ensure compliance with tax regulations.

After your tax preparation

After you have filed your tax return, your tax professional can still help you. In the case of an IRS tax audit, your tax professional will be the one to help you out. They can easily resolve any issues. They can also represent you with the IRS.

Furthermore, beyond audit representation, your tax professional can offer ongoing support and advice to help you adjust your financial strategies in response to changing circumstances or new opportunities. Whether it’s planning for retirement, optimizing investment portfolios, or addressing changes in your personal or business situation, your Denver professional tax group serves as a trusted advisor, guiding you toward continued financial success.

Your tax professional can help you prepare for years ahead, making sure you have peace of mind with your taxes. The Denver Tax Group does all of these and more.

 At Denver Tax Group, we prioritize comprehensive tax planning and preparation to ensure our client’s long-term financial growth and security. Our commitment to clear communication, accurate preparation, and proactive tax advice sets us apart, helping you and your family navigate the complexities of the tax landscape with confidence. 

Denver Professional Tax Group Services

Tax preparation is just one of the services that our team can provide. In fact, the Denver Professional Tax Group has a full list of services that they can provide. 

1. Force File Resolution

Forced filing is when the IRS believes that you should have filed a tax return, but you didn’t. In such cases, the IRS might file a substitute return for you based on the information they have, which could result in you owing more taxes than if you had filed yourself. It’s generally a good idea to file your taxes yourself to ensure accuracy and to claim any deductions or credits you’re eligible for. If you have specific questions about your taxes, it’s always best to consult with a tax professional.

2. Offer in Compromise (OIC)

An Offer in Compromise (OIC) is a program administered by the Internal Revenue Service that allows qualifying taxpayers with outstanding tax liabilities to settle their tax debts for less than the full amount owed. This program is designed to help individuals who are unable to pay their taxes in full due to financial hardship or other circumstances.

In order to qualify for an offer in compromise, taxpayers must meet certain criteria set by the IRS, including demonstrating an inability to pay the full amount owed through assets, income, and expenses. Additionally, taxpayers must be current with all filing and payment requirements.

Applications can be complex, Dener professional tax group is experienced in dealing with the IRS and OIC process. They can help ensure that the application is properly prepared and increase the chances of a successful outcome.

3. Delinquent Tax Return

If you failed to file your tax return by the deadline or pay the taxes owed by the due date, your return is considered delinquent. Here’s what typically happens with a delinquent tax return:

  • Notice from the IRS
  • Penalties and interest
  • Collection actions
  • Legal Consequences

You should know that the penalty for a late filing is 5% of the unpaid taxes for each month or part of a month that a return is late, up to a maximum of 25% of the unpaid taxes. The penalty for paying late is typically 0.5% of the unpaid taxes for each month or part of a month that the taxes remain unpaid, also up to a maximum of 25% of the unpaid taxes. 

Additionally, interest accrues on the unpaid taxes and penalties from the due date until the full amount is paid. These can really add up, so if this has happened to you, contact our Denver professional tax group to help you. 

4. IRS Payment Plans

There are a few options for repayment plans that the IRS offers. To request a payment plan, taxpayers typically need to submit Form 9465, Installment Agreement Request, along with their tax return or separately. You may need to provide financial information to demonstrate your inability to pay the full amount owed. We can provide guidance on the best payment plan option based on individual circumstances including:

  • Short-term
  • Long-term
  • Offer in compromise
  • Partial Payment Installment Agreement

Read what our clients are saying about us.

“Chadwick was great to work with, friendly, punctual, professional, and all details of the work were handled with care.  He helped me make sense out of my chaotic mess of records and I really appreciated that.” – Lorenzo Vidali

“Could not be more grateful for our experience with Chad and Leah at Denver Tax Group. Genuinely kind humans who take the time to get to know you and help any way they can.” – Sophia Greer

“I had a quick question in regards to a 401(k) distribution based on a QDRO and couldn’t find the answer on line.

I have searched for a very long time and with Just one quick call and I was able to get my answer.  A Huge Thank you!” – Roger Alcantar

Denver Tax Group focuses on our client’s long-term growth while providing a wide array of services for your taxes. We believe a strong foundation is the key to financial freedom. Clear communication between the client and the tax professional, accurate preparation that we stand behind, and tax advice that will place you and your family on track for a strong financial future! We offer different services to prepare you for years ahead. Learn more about our services or contact us now to schedule your appointment at 303-333-0363.

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