Albaugh Tax Group LLC

02/04/2025

We have 5 more slots available for this week. Hurry and schedule to get your taxes prepared!

01/25/2024

The IRS has recently added a question about income received as digital assets to tax returns for trusts, partnerships, and corporations (both C and S). Reporting these assets is not always straight forward. We have been helping individuals navigate treating digital assets on their tax returns properly for several years, and we will continue to do so for businesses and partnerships, as well.

01/04/2024

2023 fourth quarter estimated taxes are due by January 15, 2024. If you need help estimating what you owe, contact us soon!

Download this photo by Kelly Sikkema on Unsplash

07/18/2023

Beware of trying to use the following frivolous claims on your tax returns (or lack of returns). The IRS has litigated these in the past and won, which means none of them will fly (so don't try to use them):
1. Income taxes are unconstitutional
2. Paying income taxes is voluntary
3. Bonuses don't count as taxable income
4. Since taxpayers are citizens of individual states, they are not subject to federal income tax
5. Claiming a religious, ethical, or moral exemption

The bottom line is file and pay your taxes. Not always the most fun thing in the world to do, but it needs to be done.

01/16/2023

Please be careful using some of these apps.

A team led by USC Viterbi researchers has discovered millions of “privacy leaks” on the mobile social payments app.

06/13/2022

A few things to consider for your personal tax strategy:

1) Take advantage of retirement planning (IRAs, 401Ks)

2) If you qualify, take advantage of HSAs

3) Use #1 and #2 to plan creatively for other credits and benfits

4) Always be thinking of the future

Let Albaugh Tax Group LLC help you with implementing these things into your tax plan!

06/07/2022

We have just been made aware that CO Department of Revenue is attempting to deny granting State Sales Tax Refunds to people who filed an extension despite their own literature that says you are still entitled to the money as long as you file by October 15. If this has happened to you, bring in your letter rejecting the refund and we will help you protest it.

06/06/2022

Now is always a good time to talk about your financial goals including short term, midterm, and retirement. Contact us to schedule an appointment to begin discussing how you can take control of your finances!



Photo by micheile dot com on Unsplash