Monday is the last day to file your taxes.
If you haven’t filed your taxes yet, Monday is your last opportunity to file an extension or your return on a timely basis. This does not mean you cannot claim a refund if you are entitled to one. You have three years from the due date you file your taxes and claim a refund. We may be able to help you with an extension if you walk into the Senior Center 8AM -11AM or Old Town Library 1PM – 4 PM. Remember an extension only provides you with more time to file. Any expected payment must be remitted April 15th to be considered timely.
Do you need to file an amendment, prior year(s) returns, or help with an IRS (CO) tax notice?
Our off season program begins in June. We assist with these and other tax needs by appointment only. To schedule an appointment, call (970)599-1765 and leave a message. We will return your call to see the best solution in your case. We are taking time off to recuperate after a busy tax season. We do not return calls before mid May. If you are seeking help with a Foreign Students and Scholars (1040NR) return, contact us at (970)652-9409 instead.
Colorado is taking longer than usual to process returns.
It is taking up to 30 days from submission to receipt acknowledgement of returns this year. Once the return has been acknowledged, processing time is an additional 7 – 10 days. You can check the status of your return by clicking on THIS LINK. You will need your social security number and the amount you expect refunded to complete this process.
We are trying to connect with all outstanding Neighbor to Neighbor clients.
If you dropped off documents at Neighbor to Neighbor earlier this tax season, your return is complete and ready for you to review it. We cannot e-file your return until you review it. Please walk-into the Old Town Library tax site on Monday or Thursday afternoons from 1PM – 4PM. We will review your tax return with you and provide you with a copy of it. Depending on how busy the site it, this process takes as little as 15 minutes. If you are unable to walk into the Old Town Library site before April 15th, please contact us (970)599-1765 so we can plan on an alternative pick up plan.
Is it time for you to consider filing an extension?
Tax Day is coming soon. If you do not think you will receive all of your tax documents in time, or if you are unable to get your taxes prepared, you may need to file an extension. Every taxpayer is granted an automatic extension to file taxes if they owe The IRS or Colorado no money. If you typically do not owe money, you do not need to file an extension, but still need to file a return within 3 years of the due date in order to claim your refund. If you do not file your Colorado return in a timely basis, you may be unable to claim the TABOR credit. If you typically owe The IRS or Colorado money, you should consider filing an extension and sending an estimated payment. Click here to view The IRS extension form. Click here to view the Colorado extension form. Remember an extension does not grant an extension of time to pay. It only grants an extension of time to file. Make sure you send a payment to The IRS and Colorado to avoid penalties and interest. If you send too much money, the difference will be refunded to you. We can typically help with extension questions on a walk-in basis at the Senior Center, Old Town Library and Windsor Library sites.
IRS revises and updates frequently asked questions about Form 1099-K
IR-2024-33, Feb. 6, 2024
WASHINGTON — In an effort to provide more resources for taxpayers during this filing season, the Internal Revenue Service today revised frequently asked questions (FAQs) for Form 1099-K, Payment Card and Third Party Network Transactions, in Fact Sheet 2024-03PDF. READ MORE
IRS Free File now available; free service through IRS.gov available for millions of taxpayers
IR-2024-10, Jan. 12, 2024
WASHINGTON — The Internal Revenue Service today announced that IRS Free File Guided Tax Software service is ready for taxpayers to use in advance of the opening of tax season later this month.
Marking its 22nd filing season, IRS Free File went live today, more than two weeks before the 2024 filing season start date. The IRS starts accepting and processing individual tax returns on Jan. 29. read more
IRS updates frequently asked questions for the New, Previously-Owned and Qualified Commercial Clean Vehicle Credit
IR-2023-251, Dec. 26, 2023
WASHINGTON — The Internal Revenue Service today updated frequently asked questions in Fact Sheet 2023-29PDF to provide guidance related to the critical mineral and battery component requirements for the New, Previously Owned, and Qualified Commercial Clean Vehicle Credits. read more
2024 tax filing season set for January 29; IRS continues to make improvements to help taxpayers
IR-2024-04, Jan. 8, 2024
WASHINGTON — The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns. read more
IRS provides tax inflation adjustments for tax year 2024
IR-2023-208, Nov. 9, 2023
WASHINGTON — The Internal Revenue Service today announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. read more
401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000
You have until 4/15/24 to make a 2023 IRA contribution. IR-2023-203, Nov. 1, 2023
WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023.
The IRS today also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2024. read more
Colorado specific tax updates may be viewed from this link
Student Loan Forgiveness
The US Supreme Court has ruled against the current student loan forgiveness executive order issued by President Biden. Currently, Congress and the President are working on various paths towards student loan debts and college affordability. There may be some options to ease back into the resumption of student loan payments which are scheduled to resume in October. To read more from a trusted source, please visit the Department of Education Debt Relief Page.
Interest rates increase for the fourth quarter 2023
IR-2023-154, Aug. 25, 2023
WASHINGTON — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Oct.1, 2023.
For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily. Here is a complete list of the new rates:
- 8% for overpayments (payments made in excess of the amount owed), 7% for corporations.
- 5.5% for the portion of a corporate overpayment exceeding $10,000.
- 8% for underpayments (taxes owed but not fully paid).
- 10% for large corporate underpayments. read more
Did you receive unemployment compensation in 2020?
Tax court ruled against the State of Colorado regarding the addback of unemployment compensation on 2020 tax returns filed in 2021. If you have a positive number on Page 2, line 9 on the 2020 Colorado 104, and received unemployment compensation, you may be entitled to a refund. The amount you are entitled to depends on how much the adjustment changed your Colorado taxable income with the maximum being over $450. If you need amending your Colorado return, please contact us by phone or email.
IRS Tax Withholding Estimator helps people get ready for the 2024 filing season; make sure withholding is right on 2023 paychecks
IR-2023-87, April 18, 2023
WASHINGTON — The Internal Revenue Service today suggested taxpayers who filed or are about to file their 2022 tax return use the IRS Tax Withholding Estimator to help update the amount of tax to have taken out of their 2023 pay.
The IRS says now is a good time to use this online tool. The Tax Withholding Estimator, also available in Spanish, can help people adjust how much is withheld and could put more cash in their pocket or help them avoid a tax bill for 2023.
The Tax Withholding Estimator offers workers, retirees and the self-employed a step-by-step guide to effectively tailor the amount of income tax they have withheld from wages, pension and other income. It’s especially useful after a major life change such as marriage, divorce, home purchase, the birth or adoption of a child or a big change in income. read more
IRS, DOL and HHS issue frequently asked questions about upcoming changes to COVID-19 coverage and payment requirements
IR-2023-86, April 18, 2023
WASHINGTON — The Internal Revenue Service, Departments of Labor and Health and Human Services have jointly issued Frequently asked questions about the Affordable Care Act Implementation, Families First Coronavirus Response Act, Coronavirus Aid, Relief, and Economic Security Act, and Health Insurance Portability and Accountability Act Implementation Part 58 and Affordable Care Act and Coronavirus Aid, Relief, and Economic Security Act Implementation Part 59 to clarify how the COVID-19 coverage and payment requirements under the Families First Coronavirus Response Act (FFCRA), the Coronavirus Aid, Relief and Economic Security Act (CARES Act) will change when the Public Health Emergency (PHE) ends.
Based on current COVID-19 trends, the Department of Health and Human Services is planning for the federal PHE for COVID-19 to end on May 11, 2023. Once the PHE ends, the coverage and payment requirements will change.
Under the FFCRA and the CARES Act, plans and issuers are not required to provide coverage for items and services related to diagnostic testing for COVID-19 that are furnished after the end of the PHE. If they provide such coverage, they may impose cost-sharing requirements, prior authorization or other medical management requirements for the items and services.
Previously issued FAQs are available on the Center for Medicare and Medicaid Fact Sheets & Frequently Asked Questions (FAQs) webpage.
IRS introduces new service industry tip reporting program
IR-2023-19, Feb. 6, 2023
WASHINGTON — The Treasury Department and Internal Revenue Service today issued Notice 2023-13, which contains a proposed revenue procedure that would establish the Service Industry Tip Compliance Agreement (SITCA) program, a voluntary tip reporting program between the IRS and employers in various service industries. The IRS is issuing this guidance in proposed form to provide an opportunity for public comment. read more