Tax forms, Tax Preparation, Uncategorized

Tax Planning for 2018

As 2018 is rapidly coming to a close we often begin to think about the expenditures over the past year and how these are going to affect our financial future. Tax planning is one of the more optimal ways to see how best you can lower your personal income taxes for 2018 it can help to give you insight on ways to mitigate your tax liability.

There are many changes to the new tax law most importantly of which is the elimination of the personal exemption deductions and the increase in the standard deduction amount.

Standard Deduction Amounts for 2018 Filing Statuses 

  • Single or Married Filing Separately                            $12,000
  • Married Filing Jointly or Qualifying Widow(er)      $24,000
  • Head of Household                                                         $18,000

These changes can affect your return in multiple ways, especially with the increased standard deduction and the reduced usage of itemized deductions, many of which have been eliminated all together. When Itemizing you can still deduct up to 7.5% of your Adjusted Gross Income (AGI) of your medical and dental expenses. State and Local income, sales and property taxes are limited to a total deduction of $10,000 and unreimbursed business and moving expense deductions have been eliminated. Good news is that charitable giving and cash contributions has increased from 50% to 60% of your AGI.

Other Important changes that may affect your tax liability is the increase from $1,000 to $2,000 for the Child Tax Credit and the maximum additional child tax credit increased to $1,400 for this year. To receive this credit it is now required that the child have a social security number not just a tax payer identification number to qualify.

A big misconception about the Shared Responsibility penalty relating to healthcare is that it is eliminated for 2018 filings, this change does not take affect until 2019. The Chart below clearly shows the differences in the change.

Fee amounts for 2018 (you’ll file taxes in April 2019)
Per person method Income percentage method Maximum amount
2017 amount plus any inflation adjustment to be determined 2.5% of yearly household income If per person method is higher: 2.5% of yearly household income

If income percentage method is higher: Total yearly premium for the national average price of a Bronze plan sold through the Marketplace

Fee amounts for 2019 and beyond (you’ll file taxes in April 2020 and beyond)
Per person method Income percentage method Maximum amount
The Shared Responsibility Payment no longer applies The Shared Responsibility Payment no longer applies The Shared Responsibility Payment no longer applies

If you have any questions on how these changes will affect you please give us a call today to schedule an appointment. 970-433-6796


Tax forms, Tax Preparation, Uncategorized

Extensions are due October 15th

Did you file an extension on your 2017 tax return this year? If so, Monday October 15th is fast approaching. As Summer winds to a busy end and kids are going back to school it’s the perfect time to get those tax issues taken care of and off your mind. We work on individual and small business returns and can even help with corporate filings. Our preparers undergo year round training to keep their skills and knowledge up to date.

We offer a convenient drop off service so that you can get on with your life while we prepare your return, when finished we just give you a call go over the return and answer any questions you might have.

Give us a call to schedule your drop off today!! 970.433.6796

Tax forms, Tax Preparation

There are how many days left to file my taxes??

The IRS tax filing deadline for the 2017 filing season is rapidly approaching in 25 days!! April 17, 2018 will be the last day to file or pay your taxes on time this year. Now is the time to be making your appointment with your local tax professional as they can become overwhelmed with clients at the end of the season. When you procrastinate too long your Tax Pro either will have to file an extension for you if they are not able to complete returns by the deadline or send you away all together as their client load is too much for the year. How can this affect you? well if you are due a refund that means even longer waiting for it if you have to file an extension, and if you owe you are accruing late fines and penalties everyday past the filing deadline along with the amount due.

At Andee’s Aspen Tax Service we ensure timely service for all of our clients and never turn customers away. We have two full time Tax Professionals waiting to serve your filing needs and can even help correct mistakes made when you filed online. Give us a call today to see how we can better serve you!

Tax forms, Tax Preparation

Tax Season is here!!

I know this is the time of the year most people dread. Tax season means dealing with the IRS, getting organized, finding all those tax information reporting documents that have been sent over the course of the last month, and being financially responsible, especially in our accounting for the last year. This is a period of high stress for people as they realize the tax laws change from year to year and keeping up to date on all those new regulations is very confusing. That’s why we’re here!

Being a tax preparer is one of those career paths that I hadn’t dreamed about growing up to do, but love doing as an adult! In the tax industry there’s always more to learn and as someone who enjoys being a life long learner I truly enjoy the constant availability of challenging knowledge and the opportunity to learn more.

Tax preparation begins with choosing the appropriate forms. For the individual return there are the 3 most common choices, 1040EZ, 1040A and the 1040. Depending on the complications of your tax situation and the deductions that you are eligible for will help determine which form is right for you.

You can File Form 1040EZ if:

  • Your filing status is single or married filing jointly.
  • You’re younger than 65. Your spouse also must meet the age requirements if you file a joint return. If you or your spouse’s 65th birthday is Jan. 1, then for filing purposes you are considered to have turned 65 last year and therefore cannot file this form.
  • You (or your spouse if filing jointly) were not legally blind during the last tax year.
  • You have no dependents.
  • Your interest income is less than $1,500.
  • Your income, or combined incomes for joint filers, is less than $100,000.

You can file Form 1040A if:

  • Your taxable income, or combined incomes, is below $100,000.
  • You have capital gain distributions, but no other capital gains or losses.
  • You do not itemize deductions.

You should File Form 1040 if:

  • Your income, or combined incomes for joint filers, is more than $100,000.
  • You itemize deductions.
  • You have self-employment income.
  • You received income from the sale of property.


All of this can be very confusing and these are just some very basic examples of how to determine what forms and schedules are necessary in the preparation of your personal tax return and the information you are responsible for reporting. Don’t panic! This is what we do! We specialize in making certain all of your reporting is correct but also in maximizing the deductions you are eligible for and reducing your overall tax liability.

Come in today and see how we can help simplify your tax situation and make a tax time a happy time! We do free estimates and offer a 10% discount off whatever fees you paid last year (excluding returns filed online). We also can review previous years returns to determine if there is a mistake or additional deductions that can reduce your tax liability and increase your refund! Give us a call today! 970.433.6796


Tax Preparation

IRS Begins Funding February 22!!

Your long-awaited refund should be deposited today for all early filers! The Internal Revenue Service makes regular funding dumps starting February 22, 2018, this funding typically happens around the 15th of February. This was delayed by the lack of funding until the PATH act was extended for the government budget which authorized funding through March 23, 2018.

This is great news for the majority of Americans waiting for this once a year financial stimulation. It means we now have the opportunity to spend on either the things we need or the ones we love. As a tax professional one of the things I recommend clients do with a portion of their refund is to start thinking about and planning for the future. This can be done a number of ways. You can start a 529 College savings plan for the education costs for that little ones college tuition or a 401k for you and your spouse. Whatever your decision is I suggest consulting with your tax professional at Andee’s Aspen Tax Service as to what will best serve in your financial health in the long run!

If you have any questions please feel free to give us a call!

Tax Preparation

I Filed my Return now Where’s My Refund?

Have you electronically filed your return and now you are impatiently awaiting the deposit of that anticipated refund? Well according to the website you may be waiting til after February 17 regardless of when you filed. Generally the IRS will fund refunds within 21 days of the filing date but for early filers this time will generally extend til after February 17. For those who claimed the Earned Income Credit or Child Tax Credit this could be extended as late as February 27, 2018.

The following information is from the website: 

Taxpayers who claim the Earned Income Tax Credit or the Additional Child Tax Credit may experience a refund hold. According to the Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue these refunds before mid-February. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or debit cards starting February 27, 2018, if these taxpayers chose direct deposit and there are no other issues with their tax return.

Where’s My Refund? ‎on and the IRS2Go mobile app will be updated February 17 for the vast majority of early filers who claimed the Earned Income Tax Credit or the Additional Child Tax Credit. These taxpayers will not see a refund date on Where’s My Refund? or through their software packages until then. The IRS, tax preparers and tax software will not have additional information on refund dates, so Where’s My Refund? remains the best way to check the status of a refund. Where’s My Refund? is only updated once daily, usually overnight, so checking it more often will not produce new or different results.

Why is my refund being held?

If you claim the EITC or ACTC on your tax return, the IRS cannot issue your refund before mid-February. The law requires the IRS to hold the entire refund — even the portion not associated with the EITC or ACTC. Like previous years, some tax refunds may be held if there are questions about the tax return or the IRS needs more information.

When will I get my refund?

The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or debit cards starting February 27, 2018, if these taxpayers chose direct deposit and there are no other issues with their tax return.

Why does it take so long for the funds to show up in my account?

It takes additional time for refunds to be processed after leaving the IRS, and for financial institutions to accept and deposit them to bank accounts and products like debit cards. Also many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers. For EITC and ACTC filers, the three-day holiday weekend involving President’s Day affects their refund timing.

How do I check the status of my refund?

Where’s My Refund ‎on and the IRS2Go mobile app remains the best way to check the status of a refund. Where’s My Refund will be updated with projected deposit dates for most early EITC and ACTC refund filers on February 17 so those filers will not see a refund date on Where’s My Refund ‎or through their software packages until then. The IRS, tax preparers and tax software will not have additional information on refund dates, so these filers should not contact or call about refunds before the end of February.



The 2018 TAX Season Begins

As this TAX season begins I am reminded of my own journey into understanding Taxes and the importance of having someone knowledgeable guide you through your tax situation. The laws are ever changing and money is left unclaimed each year.

In today’s self-help age we have access to many different options when it comes to preparing our State and Federal taxes so what are the advantages to hiring a tax professional? First and foremost is knowledge. At Andee’s Aspen Tax & Business Services we engage in year round continuing education to remain informed and up to date on the changing tax laws and expiring provisions so that we may better serve our clients in all their tax and business needs. This not only helps to optimize your return for the current year so that you pay the lowest tax liability possible but also helps in Tax Planning for the future.

With a local tax preparation professional you receive year round support from our staff in resolving any issues that may arise with the IRS both current and in the past.  We guarantee all of our returns for 100% accuracy. Our staff will aid in any way possible to help our clients with all of their individual and business tax situations that may arise throughout the year.

Good company in a journey makes the way seem shorter. — Izaak Waltoncropped-tax-time.jpg

Continue reading “The 2018 TAX Season Begins”