Santos & Santos PC. Certified Public Accountants & Business Consultants

You already deal with enough daily stress, let us take care of your taxes for you. You deserve it! Contact us at (508) 999-6403 to set up a consultation today!

Many new business owners could be unaware of deductions for business expenses that are available to them, such as costs that are considered ordinary and necessary for the business. We want to ensure you get the best return possible! Contact us at (508) 999-6403 for a consultation.

Why first-time business owners shouldn’t do their own taxes Americans who became self-employed or started a business in 2022 should hire an accountant to do their taxes.

When the trustor passes away, the trustee’s job is to carry out the trust estate in accordance with the trust. This means taking care of the nitty-gritty details, such as paying medical expenses, contacting beneficiaries, covering funeral costs, and allocating assets. Have questions? Contact us today at (508) 999-6403.

When passing down assets, there are important tax implications to consider before gifting someone your estate. There are many differences that can affect your finances when gifting estates versus traditional estate inheritance. We want you to be informed on it all when you make your final decision about which path is right for you and your family!

Should I Start Gifting My Estate? | www.financialhotspot.com As you ponder the legacy you will leave behind, the question of whether to start gifting your estate may arise. Beyond the sentimental value of passing down assets, there are significant tax implications to consider. In this exploration of estate planning, we'll delve into the tax benefits and drawb...

Hiring a bookkeeper can help alleviate unnecessary mental overload, anxiety, and stress. It allows for a separation in your business so that you don’t have to worry about doing everything yourself. It also avoids errors while doing your own taxes, overpayments and underpayments, and avoiding issues with the IRS. It provides you with a partner to lean on when it comes to your books. Let us be that for you. Give us a call today at (508) 999-6403.

Did you know? A lot of different services fall under the personal finance category! Here are just a few common examples of personal financial services that are offered. Financial planning can be confusing but don't worry, we're here to help. Contact us today at (508) 999-6403!

Do you or your business frequently transport machinery, equipment, products, or other property transported over land? If so, you may be interested in checking out Inland Marine Insurance. To learn more, check out the article below!

It can be a difficult and confusing process to file your Foreign Bank and Financial Accounts Report (FBAR) accurately. Navigating the everchanging regulations can leave a U.S. taxpayer feeling overwhelmed – making your job less than stress free. Letting your accountant – like us – file your FBAR not only ensures that it is completed properly, but also is a convenient and strategic move on your part!

Why You Should Let an Accountant File Your FBAR | www.financialhotspot.com Filing your Foreign Bank and Financial Accounts Report (FBAR) can be a maze of regulations, requirements, and potential pitfalls. As a U.S. taxpayer with foreign financial interests, the intricacies of FBAR filing may leave you feeling overwhelmed. In this guide, we'll explore why entrusting this ta...

Having a strong business plan is the foundation to success, and we're here to help you build yours. Take advantage of our business consulting services today and schedule a call with us at (508) 999-6403!

Tax season is here, and the filing deadline is April 15, 2024. If, for any reason, you need to file an extension, October 15, 2024, is another date to remember. Don’t wait till the last minute! Give us a call today at (508) 999-6403.

When creating a monthly budget, one of the most important steps you need to take is categorizing your spending into categories of "wants" versus "needs." This step can be challenging for most people as determining what is a need vs a want varies from person to person. Sometimes it's possible to miscategorize a want as a need if you've become accustomed to it already. Below are some general examples of what constitues a "want" versus a "need." If you're looking for more help with setting up your budget, don't hesitate to call us at (508) 999-6403 today!

Risk management is an essential aspect for businesses and individuals as it helps identify impacts to your financial goals. Despite its popularity and importance, there are quite a lot of commonly made mistakes by organizations when it comes to risk management. Avoiding these mistakes can assist you in maintaining a robust and successful business strategy.

Common Risk Management Mistakes | www.financialhotspot.com Risk management is a critical aspect of sound financial decision-making for businesses and individuals alike. It involves identifying, assessing, and mitigating potential risks that could impact your financial goals. Despite its importance, there are common mistakes that individuals and organization...

An important step in estate planning involves the trustee, who is the one who will carry out the wishes as specified. It is smart to ask the potential trustees in advance if they want such a role, so that they are not caught off guard once they find out they have been chosen and named. Need help? Contact us at {%Phone) to schedule an appointment!

An Offer in Compromise is an agreement between a taxpayer and the IRS that allows the taxpayer to settle their debts for amounts less than what they owe. Be aware that this isn’t automatically granted, and you must quality through strict eligibility criteria. If you are eligible, this could offer you a lifeline in reducing your financial hardship.

What Is an Offer in Compromise? | www.financialhotspot.com Facing a substantial tax debt can be a daunting experience, leaving individuals searching for viable solutions to alleviate their financial burdens. One such option that the IRS offers is an Offer in Compromise. This mechanism provides taxpayers with a potential lifeline, allowing them to settle the...

Board games can help kids learn the importance of thriftiness while having fun! Games like Payday and Monopoly can teach your children valuable budgeting, investing, and money management skills. Find the right game for your family and try it out at your family's next board game night! Give us a call at (508) 999-6403.

As children get older, they may want to try their hand at smaller gigs to help build their savings. It's important to encourage them, but make sure they're able to balance work, homework and extracurricular activities. Some part-time job ideas you can suggest are mowing lawns or walking the neighbor’s dog! If you have more questions, contact us at (508) 999-6403.

Continuous accounting has completely revolutionized traditional accounting methods by offering more real-time approaches to the way a business manages its finances. It involves distributing and automating the financial process throughout the accounting period rather than focusing on them solely at the end of the period.

Advantages of Continuous Accounting | www.financialhotspot.com Continuous accounting is revolutionizing traditional accounting practices, offering a more dynamic and real-time approach to financial management. In this blog post, we'll explore the numerous advantages that Continuous Accounting brings to the table, transforming the way businesses handle their fin...

As a taxpayer, it can be confusing to understand tax laws and regulations because they are constantly evolving. Knowledge of the current tax laws helps one make informed decisions that can maximize your tax benefits. It’s a good idea to stay updated on tax codes that frequently change. Get real answers from a tax professional! Give us a call at (508) 999-6403.

The Common Tax Law Changes You Should Look Out For | www.financialhotspot.com Tax laws are constantly evolving, and staying up-to-date with the latest changes is crucial for accurate tax planning and compliance. As a taxpayer, understanding the current tax laws and regulations can help you make informed decisions and maximize your tax benefits. In this blog post, we will expl...

Even though online tax software and apps are relatively easy to use, hiring a tax professional ensures that you receive all the tax deductions that you're entitled to. Real interactions still matter, call us today at (508) 999-6403!

Hiring a bookkeeping professional or accountant is important for peace of mind. When software is used, that leaves room for errors and mishaps since an experienced professional is not reviewing the paperwork. Research shows that business owners spend approximately 33 to 100 hours a year trying to keep track of their taxes and bookkeeping. Let us do the heavy lifting for you. Contact us today at (508) 999-6403.

Planning strategically and making informed decisions can help you to avoid accumulating tax debt and maintain financial stability. Making these smart money moves really can help you put your best foot forward to financial wellness all while approaching tax season with confidence.

Smart Moves to Help You Avoid Tax Debt | www.financialhotspot.com Tax season can be a stressful time for many individuals, and the fear of accumulating tax debt looms large. However, with strategic planning and informed decisions, you can navigate the complexities of taxation and reduce the risk of finding yourself in debt to tax authorities. In this blog post, we...

VAT, standing for value-added tax, plays a large role in several countries’ tax systems. It is important to consider when a business is looking to conduct and manage financial affairs abroad as it is employed by over 160 countries worldwide. To best navigate the VAT landscape, learn the principles of tax credits and VAT refunds.

What Is Value-Added Tax, and Can it Be Refunded? | www.financialhotspot.com Value-added tax (VAT) is a significant component of many countries' taxation systems, impacting businesses and consumers alike. Understanding the basics of VAT and exploring the possibility of VAT refunds can be crucial for businesses looking to manage their financial affairs efficiently. Understand...

The purpose of a cash receipt is to serve as a backup document for cash transactions. Where an invoice is not available, a cash receipt is required. A basic cash receipt must include the receipt number, the items purchased, the amount purchased for each item, and the total amount spent. If you have more bookkeeping questions, contact us at (508) 999-6403!

Have you been tracking your mileage this year for your 2023 taxes? For 2023, the IRS' standard mileage rates are $0.655 per mile for business, $0.22 per mile for medical or moving, and $0.14 per mile for charity. Read this article to familiarize yourself with the use requirements and how to make sure you are properly tracking miles to be ready for tax season. For all your tax-related questions, contact us at (508) 999-6403. We'd love to help you!

IRS Standard Mileage Rates for 2023-2024 - NerdWallet The 2024 IRS standard mileage rates are 67 cents per mile for every business mile driven, 14 cents per mile for charity and 21 cents per mile for moving or medical.

May your season be filled with the love and warmth of family and friends. Merry Christmas from our family to yours!🌟

Tinsel and lights, and all the holiday sights often come with increased spending. However, it’s possible to enjoy all the festivities while maintaining financial stability. Following these simple tips can help keep your holiday spending in check to stay money-wise throughout the season.

Tips to Manage Spending During Holidays | www.financialhotspot.com The holiday season is a time of joy, celebration, and, often, increased spending. As festivities bring the temptation to indulge, managing your expenses becomes crucial to maintaining financial stability. In this blog post, we'll explore practical tips to help you navigate holiday spending wisely an...

Electric vehicles have many pros and cons, and a number of laws have been passed about them in recent years. For more information on its tax implications and any credits you might be entitled to, give us a call at (508) 999-6403.

A CPA is an accountant who takes care of all the math inside of your business dealing with financial planning, bookkeeping, tax returns, and more. Being a business owner is a lot as it is, especially when you add quarterly taxes and accounts receivable - tasks can start to pile up. No problem is too big, and no detail is too small. We are available to handle it all! Give us a call at (508) 999-6403.