Recommendation for expert accountant or CPA for personal income tax questions/solutions (Denver: credit)

['M']

I would like to consult with an accountant or CPA who knows personal taxes well enough to know how much income a person can make before it becomes unprofitable - due to going up into a higher tax bracket - to earn additional income during the year. If we overearn, the additional income taxes we pay could eat up the additional income we make during the year.

I also have some questions about the new Employers' Income Tax Withholding Tables for 2018. Recently, I have a new client who treats me like an employee and pays my taxes, and gives me a W-2 at the end of the year. This new client's withholding is way higher than any other employer I've had in the past 3 years...it's about 20-25% higher...which is a lot!! All of the other employees are concerned about it, too, because they have noticed how much higher their withholding taxes are with our client. Also realize that they probably use a computerized payroll system and there could be some errors in this system.

I have questions to ask an expert account who has attended the IRS forums on the new withholding tables. Of course, I am willing to pay for an appointment to get the education I need. I'm also wondering if this could be a sneaky way to increase the taxes we pay. Honestly? With the way our country is being run these days, anything underhanded like this would be possible, IMO.

Any recommendations for a good Denver, CO accounting firm, a private accountant, or a CPA who specializes in personal income taxes....and who is very up-to-date with the tax changes we have been told will occur in 2017-2018-2019?

Thank you!

[davebarnes]

I have used Barker Financial Services since 1981.
Tax expertise is what I sought.
Call them and speak with Kent Barker.

[BarryK123]

Originally Posted by 'M'

If we overearn, the additional income taxes we pay could eat up the additional income we make during the year.

It doesn't work that way. The tax rates are progressive. Just making up some numbers for illustration, if the tax rate is 10% on the first 20K of earnings, you pay $2000. If the tax rate is 20% on the next 20K, you pay 4K in taxes on that second 20K. The tax rate on the first 20K remains the same, so your total tax would be 2K+4K. An increase in income can never result in earning less.

You can control the amount of withholding by declaring the number of exemptions you declare on the W4 form you filed with your employer. you can change it at any time.

[Moonwalkr]

You always take the higher earning given our tax system is progressive (you don't pay marginal rate on your entire earning), plus there are phase-outs for lower earner benefits. If you are concerned about taxes, maximize your pre-tax deductions. There are very small tax breaks like child tax credits that could lower your actual earning by a few dollars if you hop across a certain MAGI but by the time you are making above that threshold you should not worry about that.

[COcheesehead]

Originally Posted by 'M'

I would like to consult with an accountant or CPA who knows personal taxes well enough to know how much income a person can make before it becomes unprofitable - due to going up into a higher tax bracket - to earn additional income during the year. If we overearn, the additional income taxes we pay could eat up the additional income we make during the year.

I also have some questions about the new Employers' Income Tax Withholding Tables for 2018. Recently, I have a new client who treats me like an employee and pays my taxes, and gives me a W-2 at the end of the year. This new client's withholding is way higher than any other employer I've had in the past 3 years...it's about 20-25% higher...which is a lot!! All of the other employees are concerned about it, too, because they have noticed how much higher their withholding taxes are with our client. Also realize that they probably use a computerized payroll system and there could be some errors in this system.

I have questions to ask an expert account who has attended the IRS forums on the new withholding tables. Of course, I am willing to pay for an appointment to get the education I need. I'm also wondering if this could be a sneaky way to increase the taxes we pay. Honestly? With the way our country is being run these days, anything underhanded like this would be possible, IMO.

Any recommendations for a good Denver, CO accounting firm, a private accountant, or a CPA who specializes in personal income taxes....and who is very up-to-date with the tax changes we have been told will occur in 2017-2018-2019?

Thank you!

Did you fill out a W4? You can control how much you have withheld.

['M']

Thanks for all your suggestions. Dave Barnes, a special thanks to you because you have been a wealth of information over the years.

Yes, I've filled out a W-4, as I always do. That was stated in my original post.

Since college graduation and entry into the working world, I've withheld -0-for the sole purpose of keeping any money owed to a minimum...not for the purpose of collecting a refund at the end of the year as most people assume. I prefer not to have a tax bill at the end of the year because my income will be almost double from last year. I still want to meet with a seasoned accountant face-to-face and discuss my personal tax picture.

Used to know a terrific CPA who had a small business specialty, but she has changed her focus. She didn't do my taxes. I have done my own taxes since college, even when I had a different type of business. My ex was also a CPA but he and I have no contact.

To be blunt: some of my friends' accountants seem to know little about taxes and give grossly misinformed answers that are simply inaccurate.

Are there any other recommendations for a professional, savvy, seasoned accountant who can answer my relatively simple income tax questions?

[BarryK123]

I don't mean this in a derogatory way, but based on your original questions, it appears you have little understanding of personal finance. In addition to finding an accountant to point you in the right direction, it may help to take an adult education course to gain an understanding of how the system works.

There's an old saying, "Give a man a fish, and you feed him for a day; show him how to catch fish, and you feed him for a lifetime."