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

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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.

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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.

 

 

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TESTIMONIALS

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

Thinking about Cashing Out Your 401k? Think Again

Denver is no different from any other area in the country when it comes to cashing out a 401(k). This tax-deferred, employer-sponsored benefit involves having your employer withdraw a predetermined amount of pre-taxed money from your paycheck, and have this money placed in a retirement investment account for your future retirement. This being the case, why would anyone choose to withdraw this sacred money, designated for their own retirement? In this case, Peter is not robbing Paul, but Peter is robbing Peter. As an accountant in the Denver area, typically, the reasons why this type of withdrawal takes place is because the employee:
  • Is facing some type of hardship
  • Has left the company and chooses to cash out their 401(k) rather than roll this over into a new retirement program (half of all employees do this)
  • Has decided it’s time for a much-needed vacation
  • Has chosen to do a home remodel
  • Has a child getting married
The reasons are endless for why employees choose to cash out their 401(k). But, when it comes to cashing out your 401(k), what looks like roses might turn out to be thorns.     Following are the damaging effects from cashing out your 401(k):
  • Instead of your savings growing, your savings is now penalized - typically, if your 401(k) is cashed out before you turn 591/2, your cash will be taxed and incur a 10% penalty, not counting the 20% the federal government will take, meaning for every $1000 you cash out, you will receive about $800.
  • Your money is virtually gone - once you withdraw from this savings account, the money is no longer there. Studies have shown that those who take out money from their 401(k) are less likely to replace this money, which means you have just robbed yourself of your own future
  • You lose more money than you withdraw – because of the compounding effect of a 401(k)—where the interest collected builds on itself and creates more money, this whole financially advantageous process for your future is lost
  • Your paycheck will be less – if your cash out involves a loan against your 401(k), you will now have to pay a certain amount on this loan, in addition to the amount you already owe on your original 410(k) plan
  • Money in a 401(k) is protected – should you face a financial hardship that might involve a future bankruptcy, a 401(k) is protected against creditors and bankruptcy.
  Just like every other area in the country, in Denver, most people consider their 401(k) to be “their own money that they can do what they want with.” However, as an accountant that sees the big picture, what isn’t understood is that this money should never be a part of your current situation. It is intended to be part of your future life, to sustain you, at a time when income might be harder to come by and yet expenses will keep rolling in. For more information on a 401(k), your future savings and stabilizing your current financial situation, contact a Denver accountant at Net Prophet at or call us at 720.409.8227.