Colorado Value Tax Service

Tax Preparation and Planning since 2011

Tax preparation (show on map)

Colorado Value Tax Service offers individual tax preparation, gift tax returns, partnership returns, tax resolution services, and mobile/virtual tax service with a focus on maximizing refunds and reducing liabilities.

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About

Colorado Value Tax Service, established in 2011, provides comprehensive tax preparation and planning services tailored to individuals, partnerships, and taxpayers facing IRS or state tax issues. The firm emphasizes maximizing refunds and minimizing liabilities through meticulous preparation, up-to-date knowledge of tax laws, and personalized attention.

Services include individual tax returns, gift tax filings, partnership information returns, tax resolution for IRS or state notices, and flexible mobile/virtual tax preparation options. The team, led by Tim Wood, leverages extensive experience in investments, sole proprietorships, rental income, retirement planning, vehicle expenses, and specific deductions to ensure clients receive the best possible outcomes.

Personalized attention and integrity

Comprehensive service range from individual to partnership returns

Tax resolution expertise for IRS and state issues

Mobile and virtual tax preparation options

Services

Individual Tax Preparation and Planning

Timely and accurate preparation of Individual Federal and State tax returns, maximizing refunds and reducing liabilities through thorough examination and effective planning.

Thorough examination of tax situation Maximization of deductions and credits Review of prior year returns for missed opportunities Preparation of estimated tax vouchers Effective tax planning for retirement contributions, income deferral, and investment strategies

Gift Tax Returns

Filing of federal Gift Tax Returns (Form 709) for gifts exceeding the annual exclusion amount, ensuring compliance with lifetime exclusion limits.

Compliance with annual exclusion ($15,000 per recipient in 2019-2020) Management of lifetime exclusion ($11.58 million individual in 2019) Preparation of necessary documentation for tax due Guidance on appraisals and transfer documentation

Partnership Returns

Annual information returns for partnerships, including preparation of Schedule K-1 for partners.

Compliance with IRS Form 1065 requirements Accurate reporting of income, deductions, and losses Preparation of Schedule K-1 for each partner Coordination with partner tax returns

Tax Resolution Services

Assistance with IRS or state tax problems, including interpretation of notices, filing back taxes, and setting up payment plans.

Interpretation of IRS and state notices Filing of back taxes and related documentation Negotiation of payment plans Representation before IRS agents and customer service Resolution of specific tax debt scenarios

Mobile and Virtual Tax Service

Convenient tax preparation services delivered in-person or remotely, including document upload, secure portal processing, and flexible refund/payment options.

In-person tax preparation at client's location Remote preparation via secure document upload Electronic and printed return delivery Flexible refund receipt and payment methods Secure communication channels (email, phone, fax)

Credentials & Certifications

IRS Continuing Education and Tax Exam Completion

Since 2011

Frequently Asked Questions

Do I have to file taxes? +

Whether or not you have to file taxes depends on your income level, age, filing status, and type of income. It may be beneficial to file even if not required, especially if you are entitled to a refund or qualify for the Earned Income Tax Credit (EITC).

Under what circumstances am I allowed to claim another person as my dependent? +

A taxpayer can claim another person as a dependent if they meet seven specific tests: relationship, age, residency, support, dependency (taxpayer), married filing jointly, and citizenship or residency. If both parents qualify, Tie-Breaker Rules apply.

Can I file as Head of Household? +

To file as Head of Household, you must be unmarried or considered unmarried, have paid for the cost of keeping up the home, and have a qualifying person. This status often provides a higher standard deduction and better tax rates than Single or Married Filing Separately.

Do I qualify for the Earned Income Credit? +

Qualification for the Earned Income Credit requires earned income, citizenship, a taxpayer identification number, and appropriate filing status. Specific tests must be met, and further consultation is recommended for detailed application.

Is my Social Security income taxable? +

Social Security benefits are generally not taxable if they are your only source of income. However, if you have significant other income, up to 85% of your benefits may be taxable.

Are my disability benefits taxable? +

Most Social Security Disability Income (SSDI) is not taxable. However, if you or your spouse have substantial additional income, some SSDI benefits may be taxed at your marginal rate. Supplemental Security Income (SSI) is not taxable by the IRS or Colorado.