Providence Financial Services, LLC

Providence Financial Services, LLC

Our goal is to exceed your expectations! We offer top of the line coverages, money saving products and education while providing great service!!

Our goal is to exceed your expectations! We offer top of the line coverages, money saving products and education while providing great service!!

Mission: To help EVERYONE; single, married, young or wiser to become financially-independent~

This can happen to you...

Nobody likes getting mail from the IRS - especially when it's something you weren't expecting. Watch the video to learn more to do next if you received an IRS deficiency notice.

This can happen to you....

Nobody likes getting mail from the IRS - especially when it's something you weren't expecting. Watch the video to learn more to do next if you received an IRS deficiency notice.

Show Your Love ~

Let us protect your present and future.

Tax Accounting Humor Friday

www.providencefin.com

The repeal of the age limit for traditional IRA contributions, coupled with the provision to make IRA-to-charity transfers (qualified charitable distributions), has caused Congress to adjust the non-taxability of charity transfers if a deductible traditional IRA contribution is made.

providencefin.com

Wednesday Wisdom

providencefin.com

Congress Removes IRA Contribution Age Restriction

Thanks to the last-minute changes tacked onto the Appropriations Act of 2020, you can now, beginning in 2020, make Traditional IRA contributions at any age and are no longer prevented from making contributions once you reach age 70 1/2. You are still required to have earned income, however.

providencefin.com In the past, unlike Roth IRAs, which have no age restriction associated with making a contribution, taxpayers were unable to make a traditional IRA contribution in and after the year they reached the age of 70½. This is primarily because a Roth IRA contribution is not tax deductible, while a tradit...

Tax Accounting Humor Friday

providencefin.com

Childbirth and Adoption Penalty Exception Added

If you took a retirement plan or IRA distribution after 2019 to help pay for the costs of childbirth or adoption, Congress has added an early distribution penalty exception that you may qualify for.

providencefin.com If you are looking for cash for a specific purpose, your retirement savings may be a tempting source. However, if you are under age 59½ and plan to withdraw money from a traditional IRA or qualified retirement account, then you will likely pay both income tax and a 10% early-distribution tax (also ...

Nobody likes getting mail from the IRS - especially when it's something you weren't expecting. Watch the video to learn more to do next if you received an IRS deficiency notice.

Wednesday Wisdom

providencefin.com

New Twist for Kiddie Tax with a Refund Opportunity

Congress has retroactively changed how some children's taxes are figured by reverting to the method used prior to 2018 and allowing 2018 returns to be amended for refund if the prior method produces a lower tax.

providencefin.com Your dependent child who worked during the year or had investment income, such as interest or dividends, may be required to file a tax return, depending upon the type and amount of the income. Years ago, to prevent parents from putting their investments in their children’s names to avoid or signif...

Tax Accounting Humor Friday

providencefin.com

Did You Pay Tax on Home Mortgage Debt Relief in 2018? You May Be Entitled to a Refund

If you paid taxes on home cancellation-of-debt income in 2018, you will be pleased to know that Congress has retroactively extended, back to 2018, a provision excluding that income from taxation and that you can file an amended return for a refund.

providencefin.com Whenever a taxpayer’s debt is forgiven, whether it is credit card debt, home mortgage debt, an auto loan, or other debt, that forgiven debt – referred to as cancellation-of-debt (COD) income – becomes taxable income to the taxpayer unless the debt was discharged in a bankruptcy proceeding or t...

At the end of 2019, Congress passed a series of tax extenders and retroactive tax provisions. Watch this video if it makes sense to amend your return.

Wednesday Wisdom

providencefin.com

The Home Energy Saving Tax Credit Is Back

Congress has retroactively restored the Home Energy Tax Credit back to 2018 and is allowing it in 2019 and 2020. You may have a $500 tax credit due to you, if you qualify.

providencefin.com The Residential Energy (Efficient) Property Credit was initially introduced in 2006. The credit’s name is somewhat misleading, and the credit is best described as an energy-saving credit since it applies to improvements to the taxpayer’s existing primary home to make it more energy efficient. Ov...

providencefin.com

Budget Tips for Covering A Surprise Tax Bill

If you end up with a large, unexpected tax bill after filing this season, don't panic. Take these steps to ensure the numbers are correct, and if they are, learn your options for paying it off.

providencefin.com If this tax season brings you a large, unexpected tax bill, these are the steps you should take to ensure you don’t get into further trouble with the IRS.

Tax Accounting Humor Friday

providencefin.com

Mortgage Insurance Premium Deduction Retroactively Extended

The deduction for premiums for mortgage insurance on a qualified personal residence has been retroactively extended to 2018 and through 2020, and it provides the opportunity to amend the 2018 return for a refund.

providencefin.com For tax years 2007 through 2017, when taxpayers itemized deductions, they could deduct the cost of premiums for mortgage insurance on a qualified personal residence as home mortgage interest.

Now is a good time to review the various changes that impact 2019 tax returns. Watch this video for details.

Wednesday Wisdom

providencefin.com

Above-the-Line Education Tax Deduction Reinstated

The Appropriations Act of 2020 retroactively reinstated the above-the-line deduction for higher education tuition and expenses from 2018 to 2020, restoring an additional option for tax benefit claims.

providencefin.com Looking back a few years, a taxpayer who had higher education expenses could generally take advantage of four* possible tax benefits: an itemized deduction if the education was job-related, a higher education tuition and expenses tax credit using either the American Opportunity Tax Credit (AOTC) or....

[01/21/20]   The number-one threat to your business isn't an external factor at all. It's the people you've cofounded that business with. Watch the video to learn more.

[01/16/20]   Is 2020 YOUR year to start your OWN business?
Providence Financial provides you a comprehensive 9 steps towards your goal(s).
1. Write down a business plan
2. Get business Assistance and Training
3. Determine the Legal structure of your business
4. Register your business name with your state and locality (for your business name, tax and license purposes).
5. Contact the Internal Revenue Service for your Employer Identification Number
6. Finance Your Business
7. Understand employer responsibilities
8. Get business Insurance.
9. And/OR - Contact us directly and we can complete all of these tasks for you.
Give us a call today at 303-751-7112 ☺️😀

providencefin.com

Employer's Pension Startup Credit Substantially Increased

Beginning in 2020, Congress has substantially increased the tax credit for employers that incur certain administrative expenses when initially beginning a company pension plan.

providencefin.com If you are considering establishing a qualified pension plan for your business, you may be entitled to the Credit for Small Employer Pension Startup Costs. Eligible small employers that adopt a new plan, such as a 401(k), a SIMPLE plan, or a simplified employee pension plan (SEP), may claim a nonref...

providencefin.com

Will Independent Contractors Become Extinct?

Beginning in 2020, a new labor law in California means a great majority of workers who were previously treated as independent contractors are now employees, and there are substantial penalties for misclassification. Plus, other states are sure to follow.

providencefin.com The California legislature recently passed landmark labor legislation that essentially makes it very difficult, if not impossible, for a worker to be classified as an independent contractor (self-employed). Governor Newsom was quick to sign it into law, and it generally became effective on January 1...

Tax Accounting Humor Friday

providencefin.com

Congress Allowing Higher Medical Deductions for 2019 and 2020

To be deductible, medical expenses must exceed a percentage of a taxpayer's adjusted gross income (AGI). The Appropriations Act of 2020, passed late in December 2019, reduced that limitation from 10% of AGI to 7.5% of AGI, allowing more taxpayers to qualify for the deduction.

providencefin.com Medical expenses are deductible as an itemized deduction but only to the extent they exceed a percentage of a taxpayer’s adjusted gross income (AGI). For a long time, the percentage was 7.5%, which was then raised for under-age-65 taxpayers to 10% for 2013 through 2016 and then lowered back to 7.5...

Wednesday Wisdom

providencefin.com

2020 Standard Mileage Rates Announced

The Internal Revenue Service recently issued the 2020 optional standard cents-per-mile rates for business, medical and moving purposes. However, you may find it in your best interest to keep track of actual expenses for 2020.

providencefin.com The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a number of factors, to determine the standard mileage rates for the following year.

Tax Accounting Humor Friday

providencefin.com

Do I Have to File a Tax Return?

A frequent question asked by many taxpayers during this time of year is, "do I have to file a return"? That question is far more complicated than people believe since there are times when individuals are required to file a tax return, and then there are times when it is to the individuals' benefit to file a return even if they are not required to file.

providencefin.com This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that there are times when individuals are REQUIRED to file a tax return, and then there are times when it is to the individuals’ BE...

Wednesday Wisdom

providencefin.com

Divorced, Separated, Married or Widowed This Year? Unpleasant Surprises May Await You at Tax Time

Taxpayers are frequently blindsided when their filing status changes because of a life event such as marriage, divorce, separation or the death of a spouse. These occasions can be stressful or ecstatic times, and the last thing most people will be thinking about are the tax ramifications. But the ramifications are real and need to be considered to avoid unpleasant surprises.

providencefin.com Taxpayers are frequently blindsided when their filing status changes because of a life event such as marriage, divorce, separation or the death of a spouse. These occasions can be stressful or ecstatic times, and the last thing most people will be thinking about are the tax ramifications. But the ra...

[12/27/19]   ‘Tis the season to set goals and vision for 2020....but before you do? Ask these 6 questions and apply these 2 reminders.

6 Questions to ask:
1. Is my desire for 2020 God’s desire?

2. What is my motivation for my goals and vision?

3. Are my vision and goals for my personal growth or are they for the purpose of my ego and to improve how others see me? Personal growth must be the motivation.

4. Are my goals and vision because I’m moving towards something or because I’m running away from something? If you are running away from something that means you don’t have a destination to move towards.

5. Do my goals and vision for 2020 stretch me to trust God more or am just I relying on my own strengths?

6. Is the purpose of any of my goals and vision for 2020 for me to be able to serve others better? If not then you have just discovered something about yourself.

Reminders:
1. Remember the journey is many times just as or even more important than the final destination. So stay humble and teachable along the way.

2. Remember God speaks along the way! Don’t reject His leading in the process just because it doesn’t make sense to the original plan or because you are afraid of what people will think if you change the plan.

Tax Accounting Humor Friday

providencefin.com

Don't Be Duped by Clever Scammers

As tax season approaches, scammers are plotting to take advantage of your fear of the IRS to steal your identity or your tax refund, or even to dupe you into sending them money to pay for made-up tax liabilities. Don't be a victim of these scams. Stop and think before being sucked into the scammers' webs.

providencefin.com You may think we harp on you a lot about protecting yourself against identity theft and tax scams. You are right… but we do it because having your identity stolen becomes an absolute financial nightmare, sometimes taking years to straighten out. Identity thieves are clever and relentless, and they...

Wednesday Wisdom

providencefin.com

How Can I Prove Financial Hardship to the IRS If I Can't Pay My Taxes?

There are both "soft" and "hard" options for declaring your taxes uncollectible if you're truly unable to pay your tax bill. Learn more about proving financial hardship below.

providencefin.com Unable to pay your tax bill? Don’t panic. Here are the steps you need to take as well as

providencefin.com

Congress Passes Last-Minute Tax Changes

Congress's last-minute tax changes will affect just about everyone, and in many instances, the changes are retroactive and will open the door to filing amended returns for tax refunds. Everyone should review the numerous provisions to see where they might benefit.

providencefin.com Congress, at almost the last minute, has passed a large number of tax changes, including retirement plan issues that will become effective in 2020, as well as extensions through 2020 of a number of tax provisions that had expired or were about to end. The list of changes is quite large, so we have o...

Tax Accounting Humor Friday

providencefin.com

Repairing Your Business’s Bad Credit Score

Do you know what your business credit score is? This is the main way third parties - like lenders, creditors, and trade partners - can measure your company's financial health. Learn more about building solid business credit in today's blog.

providencefin.com Your business credit score is the main way third parties can measure your company’s financial health. Here’s how to keep a solid handle on it.

providencefin.com

Understanding Tax Lingo

Virtually everyone is subject to income tax and should know the basic terms associated with taxes, such as filing status, head of household, dependents, exemptions, itemized deductions, adjusted gross income, modified adjusted gross income, credits, marginal tax rate, tax bracket, alternative minimum tax, earned income tax credit, and more.

providencefin.com When discussing taxes, reading tax related articles or interpreting instructions, one needs to understand the lingo and acronyms used by tax professionals and authors to be able to grasp what they are saying. It can be difficult to understand tax strategies if you are not familiar with the basic ter...

Wednesday Wisdom

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10200 E Girard Ave, Unit A-208
Denver, CO
80231

Opening Hours

Monday 10:00 - 19:00
Tuesday 09:00 - 19:00
Wednesday 09:00 - 17:00
Thursday 09:00 - 17:00
Friday 09:00 - 16:00
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