Wyckoff & Associates, P.C.

Keeping accurate and up-to-date records increases a small business’ chances of success and are especially important to have for tax time. Try creating a folder of all paper receipts based on expense type, vendor, or supplier. For more small business accounting tips, contact us today at (719) 633-8607!

Putting money in alternative investment funds provides a variety of compelling reasons. These funds frequently show the possibility for higher returns compared to traditional investments, owing to their display of unique and less correlated markets. We'll save you hours of confusion and stress - you can count on that! Contact us today at (719) 633-8607 for more information about our services.

The inheritance you leave your family can set the tone of your loved ones’ financial situation for generations to come. When planning your estate and administering a trust, there are complexities you must navigate through to ensure that your wishes are carried out as you intend. Careful planning and understanding your goals are key to a successful inheritance and legacy.

Leaving an Inheritance: Important Considerations | www.financialhotspot.com Leaving behind an inheritance is more than just a financial transaction; it's a legacy that can profoundly impact the lives of your loved ones for generations to come. Whether you're planning your estate or navigating the complexities of administering a trust, there are several crucial consideration...

As business consultants, we will work alongside our accountants to create financial predictions and budgets for you. Together as a team, we will set reasonable financial objectives, manage resources wisely, and compare actual results to the budget. Give us a call to get started today at (719) 633-8607.

1. Estate Taxes are Only Effective if the Estate Has a Greater Value than the Threshold.

2. Not All Estates are Subject to Federal Estate Taxes

3. The Normal Rate Paid for Estate Taxes is 18%

4. Asset Transfers to Living Spouses are Spared from the Estate Tax

5. Estate Taxes Are Different from Inheritance Taxes.

To schedule a consultation, contact us at (719) 633-8607.

Your business isn't bookkeeping, but it is ours. Let us take care of it for you! Contact us today at (719) 633-8607.

Because the world of tax laws, regulations, and financial responsibilities are difficult to navigate, the assistance of a tax attorney is an invaluable tool. Protecting your finances and ensuring that you are compliant with tax laws is essential if you have complex tax situations or if you are going through an IRS audit.

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A business’s cash flow indicates liquidity—how much money there is to immediately pay expenses, and having consistent cash flow is a key sign of a successful business. Small business owners can create a cash flow statement to gauge the timing of money coming in vs. going out. Some ways to improve cash flow include: building in margin of error in cash flow projections, creating cash reserves for when flow fluctuates, and adjusting customer or supplier payment terms. Looking for assistance with your business accounting? Give us a call today at (719) 633-8607

Each takes a different approach to budgeting, but all share the common goal of helping you reach your financial goals. Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (719) 633-8607.

2024 is the year of taking your business to the next level. We are here as your consultant to guide you along this path. Running a business is hard, but data shouldn’t be. Contact us at (719) 633-8607.

As a business owner, navigating tax debt and knowing your options for resolving it effectively is essential. By being proactive, the strategies you can take towards tax relief and relieving the burden of financial stress can be easy! Don’t let tax challenges overwhelm you and your business.

Options for Businesses Facing Tax Debt | www.financialhotspot.com Navigating tax debt can be a daunting challenge for any business owner. Whether you're struggling to meet your tax obligations due to unexpected financial setbacks or facing penalties for past non-compliance, it's essential to explore your options for resolving tax debt effectively. From negotiating...

Estate tax is a tax collected by the federal government upon the estate of a deceased person. The federal government allows for certain exclusions and deductions, then taxes a set level. In addition to the federal estate tax, several states have a state estate or inheritance tax. We keep your finances in order so you can continue focusing on what you love! Call us at (719) 633-8607 to schedule a consultation.

Books behind? Get caught up by contacting us at (719) 633-8607 to discuss how we can help you!

As a small business owner, it's important to periodically estimate your income taxes throughout the year based on your business' growth and projected pretax income. If you're a small business owner, including online business owners, may find yourself having to make quarterly estimated federal tax payments if you expect to owe more than $1,000 for the year. Need help with your business' taxes? Schedule an appointment with us today at (719) 633-8607!

Innocent Spouse Relief is provided by the IRS as a means of financial relief to a spouse who has found themselves unfairly held responsible for errors in income reporting on a joint tax return. Because both spouses are typically responsible for taxes owed on joint returns, the Innocent Spouse Relief allows one to be relieved of the tax, interest, and penalties. In order to be eligible for the assistance, you must meet specific requirements.

What Is Innocent Spouse Relief? | www.financialhotspot.com Tax matters can be complex, especially when joint financial responsibilities come into play for married couples. In situations where errors or discrepancies on a tax return unfairly hold one spouse accountable, Innocent Spouse Relief becomes a valuable tool. In this blog post, we'll explore the conc...

Estate contains what an individual possesses from their real estate and vehicles to their bank accounts and stocks. If an individual dies, their estate could be subject to an estate tax - often called a "death tax." The IRS calls it a tax on your right to pass on your property at your death. You've got questions and we've got experience! Call us at (719) 633-8607.

You Can Expect Extraordinary and Personalized Service from Us. Don't Wait! Contact Us Today at (719) 633-8607!

If you're a first-time business owner, we recommend setting up a separate business bank account to avoid mixing your personal funds and business transactions. Doing so will help with organization and decrease the chance of legal liability from business debts. We also recommend getting a separate business credit card for business expenses. Using one can help with establishing a business credit score while ensuring that your personal credit score is not affected by your business’s finances. Have questions about how to set your business finances up for success? Contact us today at (719) 633-8607.

Part of securing your family’s financial future is estate planning. As a married couple, this step not only manages your assets, but also ensures that your loved one are properly taken care of reflecting your shared financial goals. Remember it is a collective effort that involved thoughtful consideration of future aspirations.

Estate Planning Tips for Married Couples | www.financialhotspot.com Embarking on the journey of estate planning as a married couple is a pivotal step toward securing your family's financial future. It's not just about managing assets; it's about creating a legacy that ensures your loved ones are taken care of. In this blog post, we'll explore essential estate planni...

What do you have on your Personal Finance Checklist? Let us know if the comments below! Searching for a skilled and professional accountant? Look no further! Contact us at (719) 633-8607 to schedule your consultation. We look forward to working together!

When starting your business, you'll have to choose one of two different accounting methods: cash or accrual. Cash-based accounting is typically used for small, first-time businesses where sales and expenses are recorded only at the time of payment. Accrual accounting is more complicated to cash-based accounting. Sales or expenses are recorded when they're incurred, even though the payments will begin at a later date. The accrual method encompasses a longer-term view of the business across multiple periods, and it’s the standard among larger companies and financial institutions. Take a moment to determine what you think will be fit your business, and if you need additional help with your businesses accounting - don't hesitate to call us today at (719) 633-8607!

Planning and implementing a proper emergency fund should be at the top of your priority list. It’s the key to healthy finances and helps you to stay out of debt in the state of an emergency. Saving may be overwhelming, but just adding a little bit of money to your fund every month can go a long way. Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (719) 633-8607.

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For self-employed business owners, claiming a home office tax deduction is an advantageous strategy; however, the IRS sets very specific requirements in order to be eligible to qualify for the deduction. Having a detailed record-keeping process is essential in ensuring a smooth home office deduction claim.

Who Can Claim a Home Office Tax Deduction? | www.financialhotspot.com As a self-employed business owner, the prospect of claiming a home office tax deduction can significantly impact your bottom line. Understanding the criteria for eligibility is crucial for optimizing this deduction and reducing your taxable income. In this blog post, we'll explore who can claim a ho...

Accounts receivable from customers are an asset, and an important part of bookkeeping. It is considered incoming payments, and it represents revenue. Like accounts receivable, notes receivable are balances due to you. Customers sign a note as verification of their debts that they will pay in the future to your business. Your business isn’t bookkeeping, but it is ours. Let us take care of it for you! Contact us today at (719) 633-8607.

If you inherit or bequeath something, watch out for capital gains tax. Capital gains taxes are paid when you sell an asset, such as stocks or bonds, for profit. Investments such as stocks, bonds, cryptocurrency, real estate, cars, boats and other tangible items are subject to capital gains taxes when they are sold. Call us at (719) 633-8607 for any questions regarding these taxes.

It is easy to have stuff pile up at home that we never actually use. Rather than putting those things in your storage, garage, or closet, take the time to sort through those belongings. You can sell them online, have a yard sale, or take them to a thrift store. Get rid of it and stock up that extra cash. We keep your finances in order so you can continue focusing on what you love! Call us at (719) 633-8607 for more information about our services.

If your records are disorganized, you have inaccurate financial reports, cash flow problems, and issues with tax compliance, your bookkeeping system is likely failing you. Healthy bookkeeping is essential for your business success. Take the proactive steps to organize your records effectively to avoid devastating professional mistakes to ensure the long-term financial health of your company.

5 Signs Your Bookkeeping Is Failing | www.financialhotspot.com Bookkeeping is the backbone of any successful business. It's the process of recording, organizing, and managing financial transactions. When done right, it provides valuable insights into your company's financial health and helps you make informed decisions. However, if your bookkeeping is failing,....

Having the ability to recognize and understand positive cash flow characteristics is essential for your business' long-term growth. Operating, investing and financing cash flows are all necessary qualities for any profitable company. Spend more time focusing on your business and let us handle the rest! Call us at (719) 633-8607 to speak to one of our financial professionals.