Tax Attorney in Denver

Get Answers To Your Income Tax Questions in Colorado

Taxes are something that all average Americans must contend with on a yearly basis. When done right, they can provide much needed financial relief to you and your family. When done incorrectly, however, the penalties you could face from the IRS could be severe.  For example, if the IRS audits you or your business, and it finds manipulated tax records — whether intentional or unintentional — then you and your Colorado business will receive a harsh penalty in the form of sizable fines. If you are found guilty of intentionally manipulating your tax records, you could possibly face prison time. 

Consider working with a dedicated professional Denver tax attorney who can help make the necessary corrections, prepare and file all the necessary tax forms as well as help remedy your tax issues with the IRS.

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What Is Business Tax Planning?

Business owners must file taxes for the business (as well as for themselves, individually). This can be a rather involved and complicated process. In addition, it carries potentially severe consequences if done improperly. For this reason, it is advisable for business owners big and small to work with a skilled tax attorney in Denver, CO when structuring the form of his or her business. 

Having an effective business tax plan will maximize after-tax benefits from ordinary earnings (which minimize income taxes) and employee benefits (which minimize employment taxes).

What Is Business Succession Planning?

As a Colorao business owner, it is important to consider your “exit strategy” or succession plan. This is true whether a business is a new start-up or an ongoing business. Your succession plan may be to turn the company over to its employees, to one of several children or to a stranger.

Why Is Succession Planning Important?

Succession planning is an often overlooked aspect of a business organization. When a business owner fails to plan accordingly, his or her business could fall into the wrong hands or otherwise be mishandled upon his or her departure from that business. Proper planning not only simplifies the tax return preparation but also can reduce the federal and state tax burdens. 

Structuring a business so the owners can enjoy every possible benefit, as well as minimize the tax burdens after transfer of ownership, can be as much of an art as it is a science. Luckily, it is an artful science that all of our Denver tax advisors practice well. We can help businesses with tax preparation in Colorado.

Does Colorado Have State Income Tax?

Yes, Colorado does have state income tax at a rate of 4.55% across the board starting in 2020 following Proposition 116. In the event that an individual is only a part-time resident of Colorado, they still may be subjected to an income tax. According to state code Rule 39-22-109, “Colorado-source income” may refer to income that was acquired through property that is within the state, as well as businesses or contractors that operate in Colorado, amongst other possible sources. If you’re uncertain of what to file, give our team of Denver tax lawyers a call. 

What Are Common Types of Income Tax Preparation in Colorado?

Both individuals and businesses are responsible for filing taxes. This can get complicated, especially if you run a larger business with several employees or if you are an individual with several items to file. Our Denver tax advisors have the experience and knowledge to help with tax filings. We contend with tax issues big and small.

INDIVIDUAL FEDERAL AND STATE INCOME TAXES

These are the taxes that we all have to fill out every year. Any of the Denver, CO tax attorneys at our firm can actually prepare and electronically file tax returns for you. We can also prepare and file all federal and state forms. This is applicable in states that require state-specific forms, such as New York, Ohio etc.

BUSINESS FEDERAL AND STATE INCOME TAXES

It is always imperative to fill out your tax forms correctly. However, that goes even more so when filing business taxes. This is because improper filing could potentially affect not only you, but also your employees. One of the skilled Denver business tax lawyer from our Colorado office can ensure the legality of your filing. 

We can prepare and electronically file all federal, state and municipal income tax forms for your business. Do you run a franchise? Our income tax attorney can help you determine if you are in a state that requires state-specific franchise tax forms.

NON-TAX FORMS

In some cases, there may be other documents that you are required to file with your federal income taxes. The most common reason you may need to file a “non-tax revenue” form is the result of the Foreign Account Tax Compliance Act (FATCA), a 2010 United States federal law requiring all ‘U.S.-persons’ (U.S. residents and also to U.S. citizens and green card holders residing in other countries) to self-report their non-U.S. financial assets annually to the Internal Revenue Service (IRS) on form 8938, which is in addition to the older and further redundant requirement to self-report them annually to the Financial Crimes Enforcement Network (FinCEN) on form 114 (also known as ‘FBAR’). 

The professional Denver tax attorneys from our firm can also prepare and electronically file all forms required related to non-US trusts, non-US Bank accounts, non-US business holdings and other non-US investments.

Why Choose Wiegand Attorneys & Counselors, LLC?

Our tax lawyer in Devner, CO has a Master of Laws in Taxation (LLM) from the University of Denver. Since obtaining his LLM degree in 1977, founder Sonny Wiegand has been actively involved in the American Bar Association section on taxation. He also aggressively seeks out continuing legal education programs. Sonny and his legal team stay current on the continually changing state and federal tax laws in order to best serve our clients.

Our business tax lawyers in Denver, CO can assist businesses, individuals and estates and trusts with any and all of their tax needs. We offer tax services in Colorado that can help businesses and individuals.

Need Help With Your Taxes? Call Our Tax Law Firm in Denver, CO

Taxes are a necessary part of an American citizen’s life. While they can cause a headache, neither your business nor your personal taxes have to be difficult. The best way to ensure that your taxes are not headache (or penalty) inducing is to hire one of the experienced Denver tax advisors from Wiegand Attorneys & Counselors, LLC.

During a consultation, you will be able to sit down with one of our skilled Denver, CO tax lawyers to discuss the details of your taxes as well as discuss the best plan of action for you. Call today to see how our tax attorneys in Denver can help you.

Questions about your income taxes? Contact our local Colorado offices in either Denver or Breckenridge to schedule a consultation today.