Smart Tax

Working in the gig economy is an exciting opportunity - but you'll want to ensure that your tax obligations are taken care of, too! Understanding how taxes apply to freelance work can be a tricky thing. Read on for helpful advice so you don't find yourself facing penalties from the IRS due to common errors and omissions.

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Avoiding Common Tax Problems for Gig Economy Workers | www.financialhotspot.com The gig economy refers to the jobs and workers that fall outside of the traditional long-term employment structure. Freelance professionals, contractors, and part-time workers for mobile service providers like Lyft, UberEats and Wag! are all a part of the gig economy. This form of work has become po...

Are you preparing to sell your business? One of the most important steps is reviewing your books with us to make sure your financials are in order and appropriate adjustments should be made. We're here to help you every step of the way! To schedule a consultation, contact us at (718) 222-0006.

Tips for preparing to sell your business | PropertyCasualty360 Before selling your business, it is important to gauge its attractiveness to potential buyers and your readiness to hand over the reins.

Don’t think you earn enough to save for retirement? You may be eligible to save and get an tax credit. The lower a person’s income, the higher the credit available. Learn more at http://irs.gov/saverscredit

Creating and reaching your financial goals helps you create the future you truly dream of. Contact us today for assistance with your finances! To schedule a consultation, contact us at (718) 222-0006.

Here are a few tips to help you develop a scalable accounting strategy that supports your business growth.

Do you have accounting questions? We have the answers! Talk to us at (718) 222-0006.

Creating a Scalable Accounting Strategy for Your Business | www.financialhotspot.com Growth is a great thing for every business, big and small. When your business grows, you have the opportunity to expand your team, open new offices, and cater to more customers. Although seeing real progress for your business will leave you feeling great, handling your technical accounting responsib...

Do you know the difference between SEP IRAs and Roth IRAs? Both SEP IRAs and Roth IRAs require that some sort of contribution is made into the account and both are eligible for tax-free rollovers when switching retirement plans. To schedule a consultation, contact us at (718) 222-0006.

SEP IRA vs. Roth IRA: Which Retirement Account Is Right for You? While working folk may have an IRA in place, here's the difference between a SEP IRA vs. a Roth IRA. It's important to know the difference.

Individual or a business, filing your taxes on time is vital to staying in good financial standing! Contact us today for assistance with filing your taxes . To schedule a consultation, contact us at (718) 222-0006.

If you're a fellow business owner, we know you have a lot on your plate. We're here to help you manage your finances efficiently, and comply with all legal tax regulations which your business requires. To schedule a consultation, contact us at (718) 222-0006.

Legacy planning is a complex process, and individuals may find themselves wondering which route to take. Consider the two main options: creating an estate or placing assets in a trust - both of which offer their own unique benefits depending on one's particular needs and objectives. To aid you in selecting your plan, here are some key insights into each option.

To schedule a consultation, contact us at (718) 222-0006.

What’s the Difference Between a Trust and an Estate? | www.financialhotspot.com Long-term financial planning includes leaving a legacy for your loved ones. The simple part is knowing you want to provide for those you care about. The more complicated part of the process is figuring out how to best do so. Common choices for legacy planning include a trust or an estate, each with....

As a taxpayer, it is important to know your responsibilities. This includes if you’re required to file a tax return or not. Generally speaking, most American citizens and permanent residents who work in the United States need to file a tax return if they earn more than a certain amount of income for the year. You could face a penalty if you are required to file a tax return but fail to do so. If you are unsure if you need to file a tax return or need assistance with the tax filing process, give us a call at (718) 222-0006 – we would be happy to help you!

You don't get into a good financial position overnight. It takes time, hard work, and persistence to develop strong money management skills. So don't get discouraged! Take every day one step at a time, and soon you'll be the money management expert you aim to be. Contact us at (718) 222-0006

Large purchases should never be made on an impulse. Avoid financial commitments without a well-thought-out plan by considering the pros and cons of big purchases for at least 24 hours before buying. We'll save you hours of confusion and stress - you can count on that! Contact us today at (718) 222-0006 for more information about our services.

If you’re a parent, you may want to teach your children personal finance skills but not know where to begin. How can you get your kids started down the path toward financial independence? Here are some tips to help you get started:

You've got questions and we've got answers! Call us at (718) 222-0006.

Tips for Teaching Kids About Personal Finance | www.financialhotspot.com It’s never too early to start teaching your kids about personal finance. Teaching children money management skills at a young age allows them to build a solid foundation of financial literacy. When children master concepts like budgeting, saving, and debt while the stakes are still relatively low,...

Here’s a fun bookkeeping fact that you probably didn’t know! Bookkeeping and all words that derive from it are the only words in the English language that have 3 consecutive sets of double letters. If you would like more information about our bookkeeping services, give us a call at (718) 222-0006.

Today’s business tip is to create a profit and loss statement. A profit and loss statement is one of the best ways to gain a top-down view of your business’ overall financial health. Compare staffing, supplies, and operational costs with total income to see where you stand. Keep this record updated and it will go a long way in providing you a guide of where your business should be headed. Do you have accounting questions? We have the answers! Talk to us at (718) 222-0006.

To ensure your safety against identity theft, monitor your credit report on a regular basis. This will protect you from any suspicious activity as well as keep you informed on your spending habits! We'll save you hours of confusion and stress - you can count on that! Contact us today at (718) 222-0006 for more information about our services.

Making errors on your tax return can be a worrying experience. Fortunately, the IRS has measures in place that may provide some relief from additional scrutiny or penalties – if you understand what process to follow for your unique business and taxes situation. Taking proactive steps now could save you time, money, and effort down the road!

To schedule a consultation, contact us at (718) 222-0006

How to Fix Mistakes on Your Business Tax Return | www.financialhotspot.com Filing taxes for your small business can be quite a challenge, especially if it’s your first time filing or your business has undergone significant growth. If you make mistakes on your business tax return, you may need to take action to correct them by filing an amended return. Failing to correct ...

Are you working towards financial freedom? It is never too late to begin today! Contact us today at (718) 222-0006 to schedule a consultation.

Did you know that bookkeeping dates back as far as 4000 BC? Clay tablets were discovered in Babylon and Assyria that recorded business and communal contracts. There is even evidence suggesting that non-written forms of bookkeeping can be traced as far as 8000 BC. With such a long history of bookkeeping, it’s a wonder why some people still aren’t using this helpful service! Give us a call at (718) 222-0006 for any questions you may have regarding how we can help you and your business.

It is easy to overspend when you are not paying close attention to your finances. By tracking your spending, you can stay on top of it and have a clearer idea of where your money is going. It doesn’t need to be a complicated recordkeeping system; even writing it down on a small piece of paper kept in your wallet will do! To schedule a consultation, contact us at (718) 222-0006.

Are you looking to make 2023 the year of your financial dreams? Then why not start by taking a few simple steps towards reaching your savings goals! It’s easier than it may seem — even tiny changes can add up over time. To get started on this journey, here are some helpful strategies for saving more money in the new year:

For more financial help, contact us today at (718) 222-0006.

Smart Strategies to Save More Money in 2023 | www.financialhotspot.com Saving money is one of the most common New Year’s resolutions, and by making a few changes to your financial routine, you may find it’s easier than you thought to reach your savings goals. Even small changes can add up over time to improve your finances. The following are a few smart strategies ...

Saving for retirement is much easier if you start sooner! A little tip to remember is that time in the market is more valuable to you than trying to time the market. If you don’t start saving early, you may end up needing to work much longer to catch up on your savings for retirement. To schedule a consultation, contact us at (718) 222-0006.

Money management isn't just about getting your math right, it's also about adjusting your mindset. Figure out what are your strengths and weaknesses when it comes to your finances. Are you good at sticking to a budget, but still find yourself living paycheck to paycheck? Determining where you stand with your finances can help you figure out what saving methods would work best for you! Contact us at (718) 222-0006

Have you paid expenses for day care, preschool or another form of caregiving? If so, you may be eligible for the child and dependent care credit (CDCC). To learn more about what it is, how it differs from the child tax credit, and who qualifies for it, read more below! If you need help with your taxes, don't hesitate to call us today at (718) 222-0006

Child and Dependent Care Credit: Definition, How to Claim - NerdWallet The child and dependent care tax credit is a tax break for working people with qualifying dependents. It can help to offset the costs of caregiving expenses.

Don't be taken by surprise at how quickly the daily little expenses can add up! Start tracking your spending today to ensure you break any poor habits before they spiral into unmanageable debt.

Do you have accounting questions? We have the answers! Talk to us at (718) 222-0006.

Helpful Tips for Tracking Expenses | www.financialhotspot.com Many people don't realize how much money they actually spend each month until they begin to document everything. If you've not been tracking your expenses meticulously, you might be surprised at how much the seemingly small purchases can add up. By tracking your expenses, you can easily identify poo...

Start building your financial literacy vocabulary today! Below we explain the definition of bankruptcy, which is something you've certainly heard of before. Need help with your finances? We've got you covered. Schedule an appointment with us today at (718) 222-0006!

Money management is more than just spending less than you make. A true sign of financial prowess is saving enough to live comfortably in the long term as well as the short term. This can be done by putting money away into an emergency fund or contributing to a 401k. Contact us at (718) 222-0006

Start saving for retirement as soon as possible! If you are able, sign up for your employer’s retirement plan and start contributing to it right away. If you aren’t able to sign up, then open an IRA and start an automatic contribution. It is wise not to procrastinate on this. Do you have accounting questions? We have the answers! Talk to us at (718) 222-0006.

Attestation services are paramount for companies, financial institutions, and investors alike. But what exactly do these essential services accomplish? Let's dive deeper to find out!

To schedule a consultation, contact us at (718) 222-0006.

What Are Attestation Services and When Do You Need Them | www.financialhotspot.com Attestation services play a crucial role in accounting processes. The need for independent parties to give assurance over topics other than financial statements is required by laws, service clients, and even regulators. Attestation services are crucial in many scenarios and important for businesses,...

When creating a budget, it is important to remember to revise it! Life changes and so do your finances. When your expenses change, take the time to adjust your budget so that you can continue to meet your long-term goals!