Frequently Asked Questions
About Bennett CPA
At Bennett CPA, our top priority is to make sure that your business and personal taxes are filed efficiently and correctly. Our goal is always to maximize your credits while minimizing your tax liability. Preparing and filing your taxes can be an overwhelming task.
I offer tax planning, tax preparation and tax consultation services so that I am able to serve the residents and business owners of Colorado Springs as efficiently as possible. Whether you need help organizing all of your company’s financial documents, or you are interested in learning more about my tax planning subscription service, I am here to help you.
As one of the top personal accountants in Colorado Springs, I make sure to continuously research current tax changes so that I am always updated on the most recent tax laws. In an effort to make your taxes as simple as possible, I write blogs and have created financial guides to help you ensure that you are on track for tax season. If you still have questions regarding your taxes, please contact my office and I can walk you through whatever tax situation you are facing.
Personal Accountant FAQ
How do I file a tax return for someone who has passed away?
If you have to file a tax return for a loved one who has passed away, Bennett CPA is here to help you. Whether you are a surviving spouse or a legal representative, there are crucial steps to follow with a unique tax return such as this. I will walk you through the entire process to ensure that the tax return is filed correctly.
Am I able to receive a copy of my tax return?
If you would like to receive an electronic copy of your tax return, you can request the documents on the Colorado Department of Revenue’s Revenue Online page.
If I am in a common-law marriage, are me and my partner able to file jointly?
You are eligible to file jointly if you filed jointly on your federal tax return. You can find more information on requirements of being recognized as a common-law marriage here.
How do I know which filing status to use on my tax return?
Your Colorado income tax return filing status will be the same as your federal return filing status.
Is the federal tax return and income tax return the same?
No, these are two separate tax returns. In Colorado, you need to prepare your federal return before completing your Colorado tax return.
What is the income tax rate for Colorado?
Beginning in 2020, the income tax rate increased from 4.50% to 4.55%.
How do I file a tax return?
You have many options to file your tax return. You will have to take into consideration your taxable income and the complexity of your tax return to decide which option is best for you. Some of the tax return options include:
- IRS E-File
- Online Tax Filing
- Tax Professional
When will I receive my tax refund?
If you are eligible for a tax refund and you electronically filed and chose to have your refund directly deposited, then you will most likely receive your tax refund within 21 days. If you filed a hard-copy of your tax return, it can take up to six weeks to receive your tax refund. If you are interested in checking the status of your tax refund, the IRS provides an online tracking system for your convenience.
Are my kids allowed to contribute to a Roth IRA?
Yes! Many people are aware that there is no age requirement for children contributing to a Roth IRA. The most important eligibility requirement is that the child has to have earned income. According to the IRS, earned income includes more traditional W-2 jobs as well as self-employment jobs such as dog walking and house sitting. If you are interested in learning more about how a Roth IRA account can help your child grow their savings, Bennett CPA is here to answer all of your questions.
What is the difference between a tax credit and a tax deduction?
While both tax credits and tax deductions decrease the amount of money you owe on taxes, they have a very crucial difference. Tax credits is a dollar-for-dollar amount reduction in the amount of your tax liability. On the other hand, tax deductions reduce the amount of taxable income you have, therefore minimizing your tax liability.
Do I have dependents?
Claiming a dependent on your taxes means that you are financially supporting that individual. Having a dependent also means that you may be eligible for certain tax credits, such as the child tax credit. If you are unsure if you are eligible to claim a dependent, I am here to help you figure it out.
How do I know if I have to file a tax return?
If you meet certain requirements, then you will need to file a tax return. Some of these factors include:
- Gross Income
- Filing Status
- Resident Status
- If Someone Claims You As A Dependent
- Self-Employment Earnings Are At Least $400
- You Received Distributions From A Health Savings Account
If you are ever unsure of whether or not you are required to file taxes, the IRS has a simple online questionnaire to help you.
Bennett CPA Is Here To Help You Simplify Your Taxes
Tax season can be a daunting time for business owners and individuals. Whether you need help preparing your taxes, or you are not sure what documentation is required for your tax return, I am here to help you throughout the entire process. I work diligently to make sure that your tax credits are maximized while reducing your tax liability. If you are ready to experience how simple and stress free taxes can be, contact my office today!