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Blogging Beyond the Numbers

College graduate giving thumbs up
Posted by: Kent Collier 2 months ago
College is expensive. The latest figures from the University of Wisconsin–Madison show that the average annual cost of tuition and fees was over $11,000 for in-state students and almost $39,000 for out-of- state students. Additionally, these amounts do not include room and board, books, supplies, transportation, and other expenses that a student would likely incur. Two Tax Credits Fortunately, even...
Federal tax due dates
Posted by: Katy Mering 2 months ago
September 30: For calendar year-end trusts or estates that filed an extension, the 2018 Form 1041 is due October 1: Deadline for self-employed persons or small employers to establish a SIMPLE-IRA October 15: For calendar year C corporations that filed a six month extension, the 2018 Form 1120 is due along with any unpaid tax, interest and penalties.Final deadline to fund certain employer spo...
Posted by: Swati Jain 2 months ago
Are you a small employer and wondering if you can provide your employees with a standalone health reimbursement plan which is compliant with the Affordable Care Act (ACA)? A Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) may be the answer. What is a QSEHRA? A QSEHRA is a health reimbursement plan for businesses with less than 50 full-time equivalent employees.  Under a QSEHRA ...
Individual estimated tax deadline
Posted by: John Folsom 2 months ago
If you’re an owner of a Partnership, S-Corporation, or Sole Proprietorship and don’t have withholding from paychecks, or if you have a lot of income from investments or rental properties, you probably have to make estimated tax payments. These payments must be sent to the IRS and State governments on a quarterly basis. The third quarter 2019 estimated tax payment deadline for individuals is Monday, Sep...
Accounting for Non-Accountants
Posted by: Christin Biermeier 2 months ago
Starting out in the workforce with what may be your first real job is an exciting time. But before you get in over your head with new spending habits, you should first evaluate your financial situation. Watch as Abby and Emily provide you with 3 essential money management tips for young professionals. https://youtu.be/x7iM8Rdq1OQ ...
Posted by: Jamie Landsinger 3 months ago
As teachers head back for a new school year, they often pay for various classroom expenses for which they don’t receive reimbursement. Fortunately, teachers may be able to deduct these expenses on their tax returns. For 2019, qualifying educators can deduct some of their unreimbursed out-of-pocket classroom costs under the educator expense deduction. This is an “above-the-line” deduction, which m...
Posted by: Evan Thom 3 months ago
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! Before you celebrate, understand the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or office pool, you must report 100% of your winnings as taxable income. They’re reported on the “Other income” line on Schedule 1 of your 1040 tax return. To calculate yo...
IRS Email Scam
Posted by: Katy Mering 3 months ago
IRS warned today that they became aware of another email scam. The email subject line may say “Automatic Income Tax Reminder” or Electronic Tax Return Reminder”. Also included in the “fake” email are links and temporary passwords to access files to get a refund. Unfortunately these links provide the scammers access to malicious files. DO NOT CLICK ON ANYTHING IN THESE EMAILS. DELETE TH...
Functional expenses
Posted by: Marnee O'Meara 3 months ago
“100% of your contribution directly supports our program.”   Although it would be impressive to be able to make this claim as a charitable organization, it’s impossible.  The Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14, Not-for-Profit Entities (Topic 958) – Presentation of Financial Statements of Not-for-Profit Entities to make improveme...
Posted by: Katy Mering 3 months ago
The IRS announced that for 2018 tax returns already filed, the relief from the underpayment of estimated taxes would be automatically granted, even if the return as filed did not properly claim the relief. FACTS: In 2018 the withholding tables were changed due to the Tax Cuts and Jobs Act.  It was estimated that nearly 30 million taxpayers could be under withheld. To avoid an underpayment penalty...
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