Libock & Associates LLC

Libock & Associates is the source and the solution for all your accounting and tax needs.

09/30/2024

You've probably heard of the term "cash flow" before but aren't certain what it means. By definition, cash flow is the total amount of cash and cash equivalents that move in and out of a business. Preparing cash flow statements and having an accountant analyze them is key to running a healthy business. If you're looking for help managing your finances, we're here to help. Set up an appointment with us today at (516) 908-9000.

5 Important Steps to Prepare for a Business Audit | www.financialhotspot.com 09/27/2024

Business financial audits don’t have to be scary! With careful planning and organizational preparation, the process will be smooth and successful. Remember – being proactive is your greatest asset!

5 Important Steps to Prepare for a Business Audit | www.financialhotspot.com Facing a business audit can be daunting, but the key to a successful outcome is meticulous preparation. Whether you're a seasoned entrepreneur or a small business owner, understanding the steps to prepare for an audit is essential. In this comprehensive guide, we'll walk you through five crucial ste...

09/25/2024

A will, trust, power of attorney, beneficiary designations, healthcare orders, and tax planning are all commonly included in estate planning. Contact us today at (516) 908-9000 for more information about our services.

09/24/2024

In colonial America, bookkeepers used waste books as part of the traditional bookkeeping method. It consisted of a daily diary of every transaction made in chronological order. It was intended for temporary use only and once the information in it was transferred to an account journal, the waste book was unneeded. Fortunately, today we no longer need waste books thanks to double-entry accounting! Let us help you with your books by giving us a call at (516) 908-9000.

09/23/2024

Let us help assist you with precisely preparing and filing your tax returns as enrolled agents, making sure you take advantage of all allowable credits and deductions while adhering to all applicable tax regulations. Give us a call at (516) 908-9000 to get started today.

How Repatriation Can Impact Your Business | www.financialhotspot.com 09/20/2024

Did you know that repatriating funds can significantly impact your business’ financial strategies, investments, and competitiveness in the global market? Its true! It is a critical aspect of operating international business and requires careful planning to ensure optimum globalized economic performance.

How Repatriation Can Impact Your Business | www.financialhotspot.com The decision to repatriate funds can have profound implications for businesses, influencing their financial strategies, investment decisions, and overall competitiveness in the global market. Tax repatriation, the tax that applies when bringing profits earned overseas back to the home country, is a....

09/18/2024

You probably won’t remember January’s expenses when you wrap up your yearly account in December and that’s okay! That is why we are here to help – give us a call at (516) 908-9000. Don’t make the mistake of some business owners who wait until the last minute to start thinking about your accounting. This often leads to financial troubles as a result. Take control of your finances by keeping up-to-date monthly bank reconciliations to prevent year-end scrambling.

09/17/2024

An examination audit is what people are really scared of, but less than 1% of Americans are audited in a given tax year. A face-to-face examination can take place in your home, your workplace, your lawyer's office, or at an IRS office. When the audit is completed, the auditor will determine what's required to rectify the situation. If you disagree with their assessment, there's an appeals process. Contact us at (516) 908-9000 today.

09/16/2024

If you have a new member of the family, it's important to check your withholding. Because you may be eligible for additional tax breaks, you may want to change your withholding depending on your needs. You can either increase what you receive on your paycheck or increase the tax returns you will receive later on. Give us a call at (516) 908-9000 so we can discuss your specific tax needs!

Smart Ways to Build a Vacation Fund | www.financialhotspot.com 09/13/2024

We all need a vacation now and again, and fortunately when you plan strategically, a travel fund isn’t that difficult to build. Following these simple finance steps will help you plan smart and have you on your dream getaway in no time!

Smart Ways to Build a Vacation Fund | www.financialhotspot.com Dreaming of a getaway but feeling strapped for cash? Whether you're yearning for a beach retreat, a cultural adventure, or simply a change of scenery, building a vacation fund doesn't have to feel like an impossible feat. With some strategic planning and a bit of discipline, you can turn your travel...

09/11/2024

In some states, putting your new home into a trust can protect your heirs from going through the probate process. Going through probate can incur extra costs, time, and hassle. Want to learn more about protecting your assets? Contact us at (516) 908-9000.

09/10/2024

There's a lot to consider when you start planning for retirement. One of the best ways to begin is to write down all of your concerns. If you’re stuck, we’ve listed some commonly asked retirement questions below. If you need more personalized assistance, look no further. We'll work with you to plan a financially secure retirement. Call (516) 908-9000 to set up your appointment today!

How to Shield Your Child From Your Financial Stress - NerdWallet 09/09/2024

Stress tends to be contagious. Even though you may try to protect your children from any money concerns you may be having, they will pick up on those emotions sooner or later. Transparency and honesty are the best ways to keep them in the loop without impacting their mental health. Check out the article below for tips on how to talk to your children about money. If you're looking for more personal finance tips, schedule an appointment with us today at (516) 908-9000!

How to Shield Your Child From Your Financial Stress - NerdWallet When parents are stressed about finances, they can pass on that concern to their children. Learn how to talk to your kids about money without worrying them.

7 Reasons to Consult a Tax Attorney | www.financialhotspot.com 09/06/2024

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.

7 Reasons to Consult a Tax Attorney | www.financialhotspot.com When it comes to navigating the complex landscape of tax laws, regulations, and financial responsibilities, consulting a tax attorney can be a strategic move that pays dividends in the long run. As a taxpayer, you may find yourself facing various situations where the expertise of a tax attorney beco...

09/04/2024

Maintaining proper documentation, time management skills, and automating daily tasks can significantly help your organization and success as a business owner. Maintain accurate records of your business finances through recording every transaction into the proper accounts on a weekly basis. Keep copies of all your invoices, cash receipts and cash payments as well for tax purposes. Need other business tips? Contact us at (516) 908-9000 – we’d love to help!

09/03/2024

If you want to claim parental tax breaks as soon as your child has been born, make sure to obtain a Social Security Number, an individual tax identification number, or an adoption tax identification number. The tax breaks you may be eligible for include the child tax credit and the tax credit for paying someone to take care of your child while you work. Want to learn more tax tips? Continue following our page or, better yet, contact us at (516) 908-9000.

5 Financial Mistakes to Avoid When You Are Self-Employed - NerdWallet 09/02/2024

While self-employment can bring you a sense of fulfillment, it can also lead you to costly mistakes if you're not careful. Improve your strategies and learn about common financial mistakes made by other entrepreneurs by checking out the article below! Contact us today at (516) 908-9000 for personalized assistance with your financial goals.

5 Financial Mistakes to Avoid When You Are Self-Employed - NerdWallet Self-employment can be used as a vehicle to launch your dreams and build wealth. Avoiding these financial mistakes may increase your chances of success.

What Is Market Research, and Why is it Important? | www.financialhotspot.com 08/30/2024

One of the fundamental parts of business strategy is market research. It includes the gathering and analyzing of information about a target market and all the industry trends and consumer preferences that are a part of it. This is vital for businesses to make informed decisions and stay competitive!

What Is Market Research, and Why is it Important? | www.financialhotspot.com Market research is a fundamental aspect of business strategy that involves gathering, analyzing, and interpreting information about a target market, industry trends, and consumer preferences. It plays a crucial role in helping businesses make informed decisions, identify opportunities, mitigate risk...

08/28/2024

Remember, if the IRS needs to contact you, they will by mail first. If you receive any emails, calls, text messages, or DMs claiming to be the IRS stating you have an overdue tax or information about your tax refund, these are warning signs of fraud. If you do receive mail from the IRS, search their website for information on understanding your letter to verify if it is authentic. Be wary of anyone showing up to your home or business claiming to be from the IRS as they ended all unannounced visits in 2023. Contact the IRS to report anything you think is suspicious. Call us at (516) 908-9000 for more tax information.

08/27/2024

We offer tailored business consulting services to address the difficulties you are facing through our extensive industry knowledge and experience. We'll support you at every turn and are dedicated to your success! Allow us to assist you in transforming your company for the better. Get real answers from a business consultant! Give us a call today at (516) 908-9000.

08/26/2024

People get a letter from the IRS and automatically freak out thinking it's an audit, but in many cases, it's just an adjustment letter. An adjustment letter from the IRS typically provides notice that you owe additional taxes or that they have adjusted your refund amount. If you owe additional tax, it’s important to either pay the tax by the deadline or, if you believe the tax liability is wrong, to respond following the instructions and timeline in the letter. Contact us at (516) 908-9000 for assistance.

Leaving an Inheritance: Important Considerations | www.financialhotspot.com 08/23/2024

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...

08/21/2024

Once you've pinpointed your income sources, the next step in retirement income planning is to determine what expenses you will be paying for throughout your retirement. Doing so will give you a clearer picture on how much money you will need to save for to live comfortably in retirement. If you're looking for any assistance with your retirement plan, we're here to help. Call us at (516) 908-9000 to schedule your appointment today.

08/20/2024

When you work with us, we’ll offer year-round tax planning guidance to help you reduce the tax obligations of your business. Running a business is hard, but taxes shouldn't be. Let our professional enrolled agents help you navigate the tax maze! Contact us at (516) 908-9000 to get started.

08/19/2024

We can’t exercise once a quarter and expect to be in great shape. Just like fitness, effective bookkeeping requires our attention and energy on a regular basis. Ideally, you should log expenses and payments received as they occur. If not applicable for you, set aside 20-60 minutes once a week to record transactions and review financial statements. Books behind? Get caught up by contacting us at (516) 908-9000 to discuss how we can help you!

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You probably won’t remember January’s expenses when you wrap up your yearly account in December and that’s okay! That is...
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Address


1225 Franklin Avenue #325
Garden City, NY
11530

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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K.K. Mehta CPA Associates PLLC K.K. Mehta CPA Associates PLLC
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