Holly, Here Are Your Articles for Thursday, March 29, 2018
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  • Is This Your Situation: Upping Your Game as a QB Online User

    If you’ve been using QB Online for a long time, it’s good to step back and evaluate how you use your software. Do you follow any best practices? Click through to learn more about six QuickBooks Online tips that you can start using today.

    Saved on 03-29-2020 - Remove
  • The Top Financial Planning Mistakes

    Stay clear of economic difficulties by avoiding the most common financial mistakes individuals and families tend to make. Click through for an introduction to starting on the right financial path and staying there.

    Saved on 03-29-2020 - Remove
  • Is This Your Situation: Needing to Send Invoice Reminders via QuickBooks

    Have you ever wondered what to do when you send an invoice to a client but have not been paid after a few weeks? Click through to learn how to set up invoice reminders in QuickBooks Online.

    Saved on 03-28-2020 - Remove
  • Steps for Reconciling IRS Form 941 to Payroll

    Form 941 is a crucial tool for ensuring your payroll data is accurately reported to the government and for balancing payroll in general. Click through for insight into reconciling Form 941 with your payroll on a quarterly and a year-end basis.

    Saved on 03-28-2020 - Remove
  • What Is Probate -- and How You Can Avoid It

    The death of a close family member is traumatic enough, but the legal and accounting necessities that come with it -- especially probate -- can make it worse. Click through to learn the basics of probate and how to avoid it with trusts and other techniques.

    Saved on 03-28-2020 - Remove
  • Taking Over the Finances of an Elderly Person

    Physical health isn't the only thing at risk of deteriorating as we age: Mental health may decline as well, and along with it, the ability to manage money. Click through for tips on how to manage finances to protect your elderly loved one from missteps.

    Saved on 03-28-2020 - Remove
  • Know How to Handle Canceled Debt

    If your debt is forgiven for less than the full amount you owe, the debt is considered canceled, but you still owe taxes. The IRS wants its cut. Click through for a discussion of how this works and the available exceptions.

    Saved on 03-28-2020 - Remove
  • Do You Know Your Lookback Period for Payroll Taxes?

    Your lookback period dictates your federal payroll tax deposit schedule, so "lookback period" is terminology that you should know. Click through to learn more about how lookback periods work, and how they affect payroll tax deposits.

    Saved on 03-28-2020 - Remove
  • How Long Since You've Reviewed Your Estate Plan?

    An estate plan is not a one-time event. It's a living series of documents you must continue to address throughout your life. Click through for some guidance on what events may trigger a need for a change.

    Saved on 03-21-2020 - Remove
  • Which Employees Are Exempt From Tax Withholding?

    Most employees are subject to tax withholding. Those exempt from withholding are in the minority -- but you should still know who they are. Click through for a list of employees who are excluded from tax withholding -- and why.

    Saved on 03-21-2020 - Remove
  • Yes, Home Equity Loans May Still Be Deductible

    Interest on home equity loans and similar products still can be deducted under the new tax law, says the IRS, even though early readings of the law suggested otherwise. Click through to see how you may still be able to claim a deduction.

    Saved on 03-21-2020 - Remove
  • The ADA: How Does It Affect Your Business?

    The Americans with Disabilities Act is widely discussed and cited, but many employers don't know exactly what their responsibilities are. Click through for an introduction to this important and far-reaching legislation.

    Saved on 03-20-2020 - Remove
  • Know the FMLA Notice Requirements

    To receive FMLA-protected leave, eligible employees must provide adequate notice to their employers. If they don't, the leave could be delayed or denied. Click through for details on FMLA notice requirements.

    Saved on 03-20-2020 - Remove
  • The Latest Rules on Charitable Donations

    With a much larger standard deduction in play, and lower marginal tax rates, the charitable giving world has changed. Has anything else changed? Click through for the latest IRS guidance on charitable giving.

    Saved on 03-19-2020 - Remove
  • IRAs to Charity: A Useful Estate Planning Technique

    The basic goal of an IRA is to give you money to live on in your retirement years. But it can complicate your estate plan if you leave IRA funds for your family to inherit. Click through to learn about the advantages of leaving your IRA to charity instead.

    Saved on 03-19-2020 - Remove
  • 5 Tips for Grossing Up Severance Pay

    As a token of your appreciation to a separated employee, you may decide to pay for the taxes associated with his or her severance package. Click through for tips on this process, known as a "gross-up."

    Saved on 03-18-2020 - Remove
  • What Is Tax-Efficient Investing?

    Investing solely because of a focus on taxes can be counterproductive, but taxation still has to be an important part of making investment decisions. Click through to gauge the role of losses, timing and selection of investments.

    Saved on 03-18-2020 - Remove
  • Alternative Minimum Tax -- What's It Like Today?

    The controversial alternative minimum tax has been around for years, even though politicians argue about it. Has it changed recently? Click through to see how the AMT may apply to you as we approach the next tax season.

    Saved on 03-18-2020 - Remove
  • QuickBooks: Easy Tips for Solving Problems

    As with everything in life, there are shortcuts to increase efficiency. And QuickBooks is no exception. Click through to explore certain tips and tricks to writing checks and bank reconciliations.

    Saved on 03-18-2020 - Remove
  • Is Your Homeowners Insurance Up-to-Date?

    You bought homeowners insurance when you bought your home, but then you probably forgot about it except for the bills, and that's a mistake. Click through to learn why you should continually review your insurance.

    Saved on 03-16-2020 - Remove
  • QDIAs for Retirement Plans: Does Your Company Need Them?

    Having a qualified default investment alternative relieves you and plan fiduciaries of certain liabilities. Click through to enhance 401(k) plans by providing investments with potential for long-term growth regardless of how engaged employees are.

    Saved on 03-16-2020 - Remove
  • Is This Your Situation: Interpreting Your Financials

    Despite your best efforts, you do not understand what financials really say about your business. Click through to learn how QuickBooks can help you grasp your debits and credits and take charge of your data and financial reports.

    Saved on 03-16-2020 - Remove
  • DAFs and More: Charitable Strategies

    Taxpayers are still coming to terms with the new tax landscape, especially when it comes to philanthropy. The charitably minded may want to consider new strategies. Click through for some insights and advice into charitable giving.

    Saved on 03-16-2020 - Remove
  • How the New Tax Law Affects Housing

    Of the many changes in the new tax law, few are more controversial, or wide-ranging, than the provisions that modify the deductions available to homeowners. Click through for a sense of how these may affect you.

    Saved on 03-15-2020 - Remove
  • Handling a 'Wrong Information' Form From the IRS

    Have you ever received a CP2000 notice? It's an alert from the IRS that data received from banks, employers or other third parties doesn't match your tax return. Click through to find out how to handle this notice.

    Saved on 03-14-2020 - Remove
  • 35 Year Anniversary at EBK!

    EBK celebrates it's 35 years in business.

    Saved on 03-12-2020 - Remove
  • The Ins and Outs of Form 1099

    A 1099 tax form is a record that someone was paid non-salary income. It comes in multiple versions, and there's a good chance you'll be dealing with one or more of them each tax season. Click through for a rundown of how they work.

    Saved on 03-12-2020 - Remove
  • Internal Controls

    When proper, consistent procedures are not in place, employees can learn to manipulate the accounting system to their benefit. Whether they take money from the company or their mistakes are undiscovered, the end result can greatly impact your company's management discussions, financial reports and tax filings. Click through to find information on how you can implement proper internal controls to protect you and your business.

    Saved on 03-10-2020 - Remove
  • New Hire Reporting: Are You In Compliance?

    You've added a new member to the team or rehired an employee. You've done the onboarding and made sure the employee will receive all the necessary training. But have you performed new hire reporting? Click through for details on this essential step.

    Saved on 03-10-2020 - Remove
  • How You Can Use a Deferred Annuity

    It's a time-tested tool for retirement planning, but it's not for everyone. The key is knowing how a deferred annuity works, and whether it's right for you. Click through for an overview, and the inside scoop on how to choose.

    Saved on 03-10-2020 - Remove
  • How to Handle Disagreements with the IRS

    Even if you're mired in the tax audit process, the IRS doesn't have all the power. You have options when faced with disagreements with your IRS examiner. Click through for a look into the process and your options.

    Saved on 02-20-2020 - Remove
  • Employers: Know Your Tax Forms

    Employers must report their federal employment taxes to the IRS on the appropriate tax forms. It's important to know which forms apply to your business. Click through for a list of required forms.

    Saved on 02-18-2020 - Remove
  • Avoid These Top Trust Problems

    You want to feel secure that any property placed in a trust is held according to its terms and for the benefit of the named party. Click through to avoid mistakes that can interfere and invalidate that simple transfer of property.

    Saved on 02-17-2020 - Remove
  • The Final Responsibility: Being an Executor

    It's one of the most important tasks you can carry out for a friend or family member: carry out their last wishes after they're gone. But you don't have to do it alone. Click through for a review of what you need to do as an executor.

    Saved on 02-17-2020 - Remove
  • Special Report: Small-Business Hiring and Tax Credits

    In today's economy, you'll likely be pressured to offer higher wages and more benefits in order to attract and retain employees. Fortunately, there are some great tax credits to help you. Click through to learn which ones might be applicable to your business.

    Saved on 02-16-2020 - Remove
  • What to Know About Employer ID Numbers

    The Employer Identification Number is also known as a Federal Tax Identification Number and is used to identify a business entity. Click through to understand the often important details surrounding the EIN.

    Saved on 02-14-2020 - Remove
  • Is This Your Situation: Worried About Your Withholding

    The IRS has been sending out a stream of notices advising employees to check their tax withholding in the wake of the tax reform package passed late in 2017. Click through for some insights into what you should be doing.

    Saved on 02-13-2020 - Remove
  • 5 Things to Consider About Changing Payday

    Your current pay schedule isn't cutting it anymore, and you're leaning toward changing it. But the FLSA, state rules and other issues can complicate any decision. Click through for five things to consider before you make the switch.

    Saved on 02-13-2020 - Remove
  • Special Report: Exempt Versus Nonexempt Employees

    Special Report: Exempt Versus Nonexempt Employees

    Saved on 02-13-2020 - Remove
  • Is This Your Situation: Looking for Financial Reporting in QuickBooks Online

    Financial reports from QuickBooks can help you make important business decisions. Should I buy that building? Should I expand my product line? Click through to learn where some of the most common — and critical — reports are located in QuickBooks Online.

    Saved on 02-12-2020 - Remove
  • ACA Affordability Threshold to Rise in 2019

    One of the main requirements of the Affordable Care Act's employer mandate is that health coverage must be affordable, based on annual standards set by the IRS. Click through for the details on the 2019 increase for one of those standards.

    Saved on 02-12-2020 - Remove
  • Tax Credit Offsets Retirement Plan Costs

    Thinking of starting a pension plan for your small-business employees? The federal government may help with the costs for companies that meet certain criteria. Click through to learn how to claim a tax credit for the startup costs.

    Saved on 02-11-2020 - Remove
  • IRS Warnings About Payroll Scams

    Human resources and payroll departments lacking strong internal controls are vulnerable to cybercrimes. This is not just a tax-season problem. Click through for IRS warnings on HR and payroll tax scams even as the 2020 tax season is on the horizon.

    Saved on 02-11-2020 - Remove
  • Backup Withholding: Know the Story

    You may find that money you're owed is subject to substantial withholding if certain numbers aren't provided in a timely fashion. Click through to learn how to avoid this or get out of it if it's already happened.

    Saved on 02-11-2020 - Remove
  • What To Know About the Qualified Business Income Deduction

    It's a much-talked-about and misunderstood provision of the tax reform law passed in 2017, and business owners are still grappling with it. Click through to make sure you understand this beneficial but complex tax provision.

    Saved on 03-27-2020 - Remove
  • With Little Fanfare, IRS Releases Radically New Form W-4

    Although the new Form W-4 differs greatly from the previous version, it is almost the same as the draft version released earlier in 2019. Click through for a quick rundown of how the form works and where you can go for more details.

    Saved on 03-26-2020 - Remove
  • Converting a Regular 401(k) to a Roth 401(k)

    Many workers don't know that their employers offer a Roth 401(k) option. How can you take advantage of this and what are the benefits? Click through to learn how this type of account works, and whether it might be right for you.

    Saved on 03-26-2020 - Remove
  • Are Chatbots the Next Big Thing?

    Ten years ago, every company needed a website, and five years ago each one needed an app. What's the next big thing? Click through for details to help you decide whether to embrace messaging with artificial intelligence and chatbots.

    Saved on 03-26-2020 - Remove
  • How to Avoid the Top Estate Planning Errors

    Estate planning can get very complicated, and by the time you realize you've made a mistake, it's usually too late to correct it. Click through for the most common pitfalls, so you can make sure you avoid them.

    Saved on 03-25-2020 - Remove
  • Freelancing? Know the Tax Rules

    Many people make their living in the gig economy, getting most or all of their income from freelance assignments. Click through for an introduction to the tax provisions that apply to these independent workers.

    Saved on 03-24-2020 - Remove
  • Headcount Reporting: Why You Must Do It

    Headcount reports provide critical data on each of your employees, and they're essential for a variety of laws and regulations. Click through to see why headcount reporting is so important and how to perform the task.

    Saved on 03-23-2020 - Remove
  • Is a 1031 Exchange Right for You?

    A properly structured Section 1031 exchange allows an investor to sell a property, reinvest the proceeds in a new property and defer the tax on the potential gain from the sale. Click through to see the impact of tax reform on 1031 exchanges.

    Saved on 03-22-2020 - Remove
  • When Employees Cross State Lines

    Even small companies can find themselves with employees who have to commute across state borders to work. This can make payroll difficult. Click through for an introduction to the complex tax rules.

    Saved on 02-11-2020 - Remove
  • The IRS and Major Annual Adjustments

    The IRS makes annual adjustments to a variety of plan limits and other key numbers. Click through for a chart listing the most important numbers for 2018 and 2019, so you can see what's changed -- and what hasn't.

    Saved on 02-10-2020 - Remove
  • How to Face Your Life Insurance Choices

    There's no such thing as simple life insurance. To protect your loved ones, you have to sort through a bewildering array of choices. Click through for some insights into what's available, and what might be right for you.

    Saved on 02-10-2020 - Remove
  • Pass-Through Entities and the 20 Percent Tax Break

    Much talk has been made of the new 20 percent tax deduction for pass-through entities but, as with most tax laws, it can get very complicated very quickly. Click through to learn more, and find out if you're entitled to the break!

    Saved on 02-10-2020 - Remove
  • New Rules for the Individual AMT

    The alternative minimum tax has long been a confusing thorn in the side of many taxpayers. Many hoped the tax reform law would end it, but it's still with us, although the provisions have changed. Click through to see how the AMT might affect you.

    Saved on 02-10-2020 - Remove
  • How to Hold Real Estate in Your IRA

    Traditionally, IRAs contain funds or individual securities, but it's possible to put other kinds of investments into these accounts, including real estate. Click through for some insights into the rewards and dangers of this strategy.

    Saved on 02-10-2020 - Remove
  • Can You Challenge Your Property Taxes?

    From coast to coast, it can be one of the most contentious local issues: your property tax bill. Often, homeowners believe it's etched in stone, but you may have some recourse. Click through for some help in challenging your property tax bill.

    Saved on 02-10-2020 - Remove
  • Is This Your Situation: You Don't Know How to Figure Out Your Breakeven Point

    As a business owner, it is essential to know how much you need to sell to cover all of your costs. Click through to learn how to perform this important task using QuickBooks.

    Saved on 02-08-2020 - Remove
  • Gifts to Charity: Six Facts About Written Acknowledgments

    You contribute money or gifts to qualified organizations that are eligible to receive tax-deductible charitable contributions. Click through if you plan to claim a charitable deduction on your tax return.

    Saved on 02-08-2020 - Remove
  • Give Your Taxes Your Attention 365 Days a Year

    Giving your taxes your full attention just once a year isn’t the best business strategy -- especially with so many changes in the past year. Click through to learn the best ways to evaluate the impact of taxes throughout the year.

    Saved on 02-08-2020 - Remove
  • Max Out Your Retirement Plan Contributions

    How much can you contribute to IRA and 401(k) plans? The answer is "it depends." Click through to understand retirement plan limits and the special "catch-up" provisions that can help older contributors.

    Saved on 02-08-2020 - Remove
  • What Is Head of Household Filing?

    The head of household tax filing status is one of the most advantageous to the tax filer, but you have to meet stringent requirements. Click through to learn the details on this oft-misunderstood filing status.

    Saved on 02-08-2020 - Remove
  • The Finances and Taxes of Car Leasing

    A car is typically second only to a home as the biggest purchase you will ever make. And yet, many car owners don't take into account the financial implications. Click through for an analysis of leasing versus buying a car.

    Saved on 03-06-2020 - Remove
  • Tax Deductions: What's New?

    Tax law changes in the Tax Cuts and Jobs Act affect itemized deductions because the standard deduction was nearly doubled for most taxpayers. Click through to see if you should consider itemizing anyway.

    Saved on 03-05-2020 - Remove
  • The IRS Looks Into Executive Compliance

    The IRS is taking a special look at the tax situation surrounding executive compensation. This may sound simple, but there are a lot of complexities you need to know about. Click through for an introduction to the key issues.

    Saved on 03-01-2020 - Remove
  • How to Handle Bad Debt and Taxes

    It's a problem almost every business has to face at some point: how to handle bad debt. Fortunately, the IRS may be able to give you a break. Click through for some help in taking care of this.

    Saved on 02-27-2020 - Remove
  • When Is a Child Truly a Dependent?

    When is your child a child, at least in the eyes of the IRS? To claim your child as your dependent, your child must meet either of two tests. Click through to learn what the tests are and whether you meet them.

    Saved on 02-23-2020 - Remove
Erickson, Brown & Kloster, P.C.
Erickson, Brown & Kloster P.C.
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Phone: (719) 531-0445
info@ebkcpa.com
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4565 Hilton Parkway Suite 101
Colorado Springs, CO 80907
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