Tax Preparation

WARNING: IRS Audits Rapidly Increasing

How Confident Are You That Your Return is Accurate?
Could You be Missing Potential Deductions?

10 million taxpayers missed out on a chance to get a bigger refund last year simply because they neglected to fill out one line on their tax return. Will you miss a similar opportunity this year in your tax preparation?

Today’s tax laws are increasingly complicated and the rules for deductions and credits change year by year. Are you aware of all the deductions and credits that might be available to you this year, even on the most basic of tax returns? Perhaps you feel secure in your do-it-yourself tax preparation software, but let’s face it
 There is no substitute for an experienced tax preparation professional who can answer your questions and ask you the questions that might be key to saving you tax dollars.

With our tax return services you get:

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Assurance that your return has been checked and double-checked for mathematical accuracy and errors that are commonly flagged by the IRS, resulting in fewer chances for contact by the IRS.

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Tips for better managing your payroll withholding so that you can have the advantage of greater income all year long, rather than loaning that money to the government and waiting for it to come back in the form of your yearly tax return.

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A list of common deductions that may benefit you in the coming year, and tips for limiting your future tax liability.

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Electronic filing for a quicker refund.

Let Us Help:

Last Minute Tips for Colorado Springs Taxpayers to File By Extended Tax Day

Quick Answer: To meet the October 15 deadline, pull missing tax records directly from your IRS Online Account and verify your identity using your prior-year AGI or IP PIN. Submitting your e-file before midnight locks in your official timestamp and stops late-filing...

How Much Do Independent Contractors Pay In Taxes? Wilklow & Associates, CPA PC’s Tax Strategies for 1099 Contractors

Quick Answer: How much do independent contractors pay in taxes? Independent contractors typically pay between 25% and 35% of their net profit in total taxes, covering federal and state income brackets alongside the mandatory 15.3% self-employment tax. Because 1099...

What Order to Withdraw Retirement Funds For Colorado Springs Retirees

 Quick Answer: The baseline withdrawal order moves from taxable brokerage accounts to pre-tax IRAs/401(k)s, finishing with tax-free Roth accounts. However, an optimal strategy dynamically coordinates all income sources (wages ending, Social Security, Medicare...

Do You Have to Pay Taxes on PayPal, Venmo, or Cash App Payments For Your Colorado Springs Side Hustle?

Quick Answer: You have to pay income tax on any net profit earned through PayPal, Venmo, or Cash App, regardless of whether the platform issues you an official Form 1099-K. However, the IRS only taxes true financial gain, meaning personal bill splits, gift...

What’s the Best Time for Colorado Springs Retirees To Execute Retirement Planning Tax Strategies?

 Quick Answer: Retirees should execute retirement planning tax strategies during their gap years, which are the temporary low-income window after you stop full-time work but before Social Security benefits and Required Minimum Distributions (RMDs) begin....

What Are the IRS Rules on Claiming Dependents After Divorce For Colorado Springs Parents?

Quick Answer:  The IRS automatically gives the dependent tax claim to the parent the child slept under the same roof with for at least 183 nights. A noncustodial parent can only claim the child if the custodial parent officially signs IRS Form 8332 to pass over...

What Is the Tax Extension Date For Colorado Springs Extended Filers?

 Quick Answer: For individual taxpayers, the federal deadline to file your extended tax return (Form 1040) is October 15. Or September 15, if you're waiting on a business Schedule K-1. Just remember that an extension grants extra time to file your paperwork,...

How Does the SALT Deduction Work For Colorado Springs High Earners?

Quick Answer: In 2026, the State and Local Tax (SALT) deduction allows you to write off up to $40,400 on Schedule A, but a Modified Adjusted Gross Income (MAGI) over $505,000 triggers a 30% phaseout that reduces the cap down to a $10,000 floor. To legally bypass...

How 529 Plans Are Taxed for Colorado Springs Families

Quick Answer: Contributions to a 529 plan are made with post-tax dollars, allowing your investment to compound shielded from federal and state capital gains taxes during the growth phase. Withdrawals are 100% tax-free when used for qualified education expenses,...

How Does the Lifetime Learning Credit Work for Colorado Springs Students, Parents, and Professionals?

Quick Answer: The Lifetime Learning Credit (LLC) is a non-refundable federal tax credit worth up to $2,000 per tax return. It’s calculated as 20% of the first $10,000 in qualifying higher education tuition and fees, with no limit on the number of tax years it can...

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