Denver Tax Services | Bookkeeping | Net Prophet (720) 409-8227

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$299

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$109 paid monthly)

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Includes: Access to your Prophet Platform, and monthly bookkeeping, reconciliation, and financial statement preparation for up to 2 bank/credit card/Paypal accounts for a cumulative total of 50 transactions. Pricing does not include setup fees.

LINCOLN
PLATFORM

$199

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(Prepaid annually or
$219 paid monthly)

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Includes: Access to your Prophet Platform, and monthly bookkeeping, reconciliation, and financial statement preparation for up to 4 bank/credit card/Paypal accounts for a cumulative total of 100 transactions. Pricing does not include setup fees.

 

 

FRANKLIN
PLATFORM

$299

PER MONTH
(Prepaid annually or
$329 paid monthly)

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Includes: Access to your real-time financials through your Prophet Platform, and monthly bookkeeping, reconciliation, and financial statement preparation for up to 5 bank/credit card/Paypal accounts for a cumulative total of 125 transactions. Pricing does not include setup fees.

Call us about our addititonal services. 720-409-8227 or contact@netprophet.biz

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TESTIMONIALS

Recognizing IRS Email and Phone Scams

As longtime, successful Colorado accountants, at NetProphet, we hear from our clients, all the time, disturbing stories of scammers attempting to collect money from innocent taxpayers. It’s one thing to have to pay the Internal Revenue Service (IRS) money you owe. It’s another, criminal act, to be scammed into believing you owe money you don’t.  Yet, countless people, in and around the Colorado area, continue to pay millions of dollars annually through email and phone scams. Scammers go to great lengths to mimic the IRS, and, too often, are successful in their victimizing efforts, using a variety of approaches, including: the postal service your private or business phone your email account The number one thing to keep in mind is, the IRS will never contact taxpayers through email, text messages or social media. The IRS will also never threaten a taxpayer with a lawsuit or possible imprisonment or any other type of criminal punishment. One of the most common ways a scammer contacts an individual is through their phone, and they usually use the following means to intimidate the victim into immediately believing the caller is a legitimate IRS agent: Caller alters caller I.D., so communication appears legitimate Caller states that he, or she, works for the IRS Caller uses familiar ways to claim money is owed, as in mentioning your name and/or other personal information Caller attempts to intimidate, and/or make demands   Caller states that if money is not paid, victim will be arrested, deported and/or business license will be revoked Caller demands that money owed must be paid immediately through a pre-loaded debit card or wire transfer Caller usually speaks with urgency, or uses an overly authoritative tone and can even be hostile and/or insulting Some callers even use the tactic that you qualified for a refund, to get your personal information. Voicemails are commonplace, with an urgent message to return the call The IRS never works this way. Typically, the IRS will send a bill or other form of postal service communication to discuss your specific tax situation. In addition, keep in mind that tax scammers will also try to contact taxpayers through their email accounts, sometimes mimicking your tax software, or seeking information regarding your tax refund, or demand your PIN number, or other means to gain your personal information. The newest scam is to approach individuals with requirements to share Life Insurance or Annuity updates. Another scam involves requests for necessary information from your current tax form. What can you do? If you are approached through a phone call, hang up. If through an email, do not respond. If you have any questions, contact the IRS to make sure the request is legitimate. If it is not, report this to phishing@irs.gov or call (800) 366-4484. At Net Prophet, our accountants are here to help you resolve any IRS communication concerns you might have. In the Colorado area, contact us today at netprophet.biz or at (303) 396-5707.

Charitable Donations: 5 Things to Know

Thinking about donating money to charity? Consider this: Winston Churchill once said, “We make a living by what we get. We make a living by what we give.” And, a study from the  Harvard Business School finds that people are happier when they give. In order for the giver to also benefit from a donation, there are certain things to remember, in and around the Denver area: Charitable contributions can reduce your tax bill – this is true, however, in on order to reduce your tax bill through charitable donations, you must itemize your deductions. Most people use the standard deduction, yet, by working with a qualified bookkeeper, like Net Prophet—who has worked with nearly every type of charitable donation, you might be surprised by all the deductions available, including charitable ones. Donations must be made to a qualified organization – yes, donations must be made to a qualified organization. Donations are also not allowed for certain individuals, political candidates or political parties. Net Prophet can help clarify which organizations and individuals qualify for this deduction. Important to keep in mind is that, should you receive a benefit from your contribution, only the amount that exceeds the fair market value of the benefit can be deducted. For example, if you received tickets to a sporting event in exchange for a donation, only the amount that exceeds the fair market value of the tickets can be claimed. To deduct clothing, clothes must be in good condition. The same can be said for household items. And, there are restrictions on vehicle donations, as well. But all these deductions are easily managed with the help of an expert bookkeeper.   Different types of donations – most people think in terms of monetary donations, but there are many other types of contributions acceptable by the IRS: goods and personal property, vehicles, art, jewelry, stocks, real estate. Let a qualified bookkeeper, like Net Prophet, help you get the maximum deduction you deserve. Keep good records – to claim a deduction, clear and concise records must be kept. Should the donation be made to a certain organization, the name, date of the contribution and the amount must be recorded on that organization’s letterhead. For donations over $250, a bank record must be kept. For payroll donations, some type of track record, like a payroll stub, must be recorded to claim the deduction. Make sure the organization you contribute to is reputable - a well-run charitable organization spends approximately 75 percent of their budget on services and programs. The other 25 percent goes toward administrative costs. Make sure to know the spending ratio for each organization you donate to. There are several websites on the internet that can help you determine if the one you want to contribute to is credible. At Net Prophet, we know charities and we know deductions. Year after year, we help countless Denver clients get the most out of their tax deductions to minimize taxes owed. Let us help you today. Contact Net Prophet by calling (720) 409-8227.

Estate Taxes in Trump’s Administration

When wealthy people die in Denver, or anywhere in the country, they must pay estate and gift taxes or pass their wealth onto their posterity. During the Obama administration, estate taxes owed by the wealthy increased. However, wealthy taxpayers were also provided substantial room to determine how much their estate was worth--possibly even at a diminished rate, in hopes of paying less taxes. This is an interesting tax that only Denver CPAs, like those with Net Prophet truly understands. If President Trump has his way, this estate tax law will not go into effect. Trump is trying to rescind or modify this law, although this would take a vote in Congress. How does this law impact the citizens of Denver? As CPAs who works with estate taxes, the good news is, this law applies to only a tiny percentage of Americans. So much so that this law hardly even matters. Consider this fact: only 0.18 percent of those who pass away qualify for this tax law. According to the Census Bureau, out of the 2.7 million people who will die this year, only 11,000 will qualify for this tax, with only 5,200 actually paying this estate tax. As part of the effort to eliminate this tax, there is a proposal to eliminate the “stepped-up basis” on unrealized capital gains, as well. "Basis" is the purchase price of a property. The basis is used to determine the gain, or loss, which is the taxable portion of the property, should that property ever be sold. In other words, the higher the property value, the higher the tax when sold.   It used to be that the “basis,” or purchase price, of an inherited property was stepped up or down according to the value of the property at the time of death. This allowed the property to be transferred without the receiver ever having to pay income tax on any increase in value. This was because it was felt that no one should have to pay both an estate tax and an income tax should the property ever be sold.   Should a repeal of the estate tax take place, the receiver will either acquire a step-up basis to the death date value or the basis will carry over, like what happens when a lifetime gift is passed along, meaning the basis does not change from the value it carried at the time it belonged to the giver. If this is the case, the amount of gain, and income tax, could increase if the property is sold. All in all, this is a complicated process for any Denver resident, with lots of intricate details, however, it is most wise to remember that this tax only impacts the wealthy. No American with less than five million dollars in assets qualifies for this tax. A well-informed CPA, like Net Prophet understands this complicated tax. Should you have any questions about this tax, or any other tax questions, give Net Prophet a call today at