CRB Elite Bookkeeping

Depending on your unique tax situation as an expat, you might be required to fill out international tax reporting documents. The Foreign Account Tax Compliance Act (FATCA) or Foreign Bank and Financial Account Reporting (FBAR) are forms related to reporting foreign assets, investments, and income to the United States government. Both forms are important and key in avoiding problems with the IRS. Learning the differences in these forms can help you better prepare your financial documents accurately.

Understanding the Difference Between FBAR and FATCA | www.financialhotspot.com When it comes to international tax reporting, you’ll undoubtedly come across these two acronyms: FATCA and FBAR. While both FATCA (Foreign Account Tax Compliance Act) and FBAR (Foreign Bank and Financial Account Reporting) are forms related to reporting foreign assets, investments, accounts, and i...

It’s important to keep certain documents handy for business and tax purposes. Make digital copies and keep physical copies of your payroll documents, 1099 forms, tax returns, customer payments, sales receipts, customer invoices, cancelled checks, bank statements, and credit card statements. Searching for a skilled and professional accountant? Look no further! Contact us at (405) 309-7577 to schedule your consultation. We look forward to working together!

Did you know that setting up and reviewing a budget is directly related to startup success? We keep your finances in order so you can continue focusing on what you love! Call us at (405) 309-7577 to schedule a consultation.

Want to reach your short or long-term financial goals? Try using the SMART method! Standing for specific, measurable, achievable, relevant, and time-bound, following this framework will help make your financial dreams a reality and achievable within a reasonable timeframe. Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (405) 309-7577.

Knowing how to read and analyze your balance sheet is a crucial component of effectively managing the financial standing of your business. Use this guide for an easy-to-follow roadmap on making sense of all that financial lingo!

To schedule a consultation, contact us at (405) 309-7577.

Making Sense of Your Balance Sheet | www.financialhotspot.com A balance sheet is a financial statement that summarizes the financial status of your business for a particular time. Simply, a balance sheet indicates your business' assets, shareholder equity, and liabilities. Every transaction you make in your business affects the balance sheet in one way or anot...

It's important for parents to establish positive financial habits in their children at a young age. Build saving and budgeting skills by providing a weekly allowance as payment for completing chores. When children have to work for their money, they’ll learn to use it more carefully! Contact us at (405) 309-7577.

A budget helps ensure that your expenses meet your income and keep your finances in order. Not only can it help you in an emergency, but it also helps you fix any bad spending habits and take back control of your finances. Because a budget limits your spending, it guarantees that you only spend what you can afford, which reduces your financial stress and improves mental health! If you have questions about how to set up a budget that works for your financial situation, give us a call at (405) 309-7577!

Impulse purchases are a very common struggle that people deal with. The average person in the US spends $280 per month on things that they do not need. Most purchases are done online, which creates the temptation to overspend. Try deleting shopping apps on your phone and contemplating if you really need something before you buy. Do you have accounting questions? We have the answers! Talk to us at (405) 309-7577.

Maximizing your potential tax refund can be intimidating, but with the help of a professional, you can make sure to take advantage of all available deductions and credits. Here are four tips for students that could potentially lead to more money in your pocket:

Get real answers from a tax professional! Give us a call at (405) 309-7577.

Top Tax Tips for Students | www.financialhotspot.com As you begin your college education, you must start thinking about how to file your taxes. It can be challenging to navigate the complex US tax code while also balancing your course load, part-time job, and student loans. Although some colleges have a student center or office with professionals who....

Reviewing your finances can ensure that you're on track with your financial goals. Periodically review your budget, investments, and financial goals. Adjust your plans as needed to stay on track. Contact us at (405) 309-7577 to schedule a consultation!

Want to take your budgeting to the next level? Try the cash envelope system. It allows you to keep tabs on exactly where each cent is going and how much money you have available for the month to spend. Using credit and debit cards can be tough since there is always the urge to buy more. This method will help you stay on track. Get 8 envelopes and label them: groceries, restaurants, gas, medicine, car maintenance, personal, entertainment, and gifts. Look back at your records and find out how much you spend in each of those categories per month. Then put those amounts in the envelopes. The trick is to not spend more than what you’ve allotted for each category. It might feel weird to use only cash at first, but it will get easier with time. Cheers to self-discipline! Need an accountant? Why wait? Call us today (405) 309-7577 to schedule a consultation!

Getting everything on paper creates more space in your mind and less room for errors. Try making a budget worksheet. List all your income that you make each month. Next, write down all your expenses, then subtract the costs from your income. If you don’t hit zero after the last step, that means you have leftover money which is great! Keep track of all your transactions during the entire month so you can determine if you are overspending. Before the month ends, make a new worksheet for the next month. Keep your small business books in order with our bookkeeping services! Give us a call at (405) 309-7577 to get started today.

If you live and work in the United States, paying taxes in inevitable. For a majority of people, taxes can be large contributor to stress, but they don’t need to be! Tax planning can assist you in lowering your tax burdens and even help you find ways to save money. https://bit.ly/3QcyFvf

For all your tax-related questions, contact us at (405) 309-7577. We'd love to help you!

What Is Tax Planning, and Why Is It Important? | www.financialhotspot.com Everyone living and working in the United States must pay taxes. For most people, taxes can be a source of stress; however, they don't have to be. Implementing proper tax planning strategies can help to lower your tax burden or help you get a larger refund at the end of the year. Tax planning is

Back taxes is a term for taxes that were not completely paid when due. Typically, these are taxes that are owed from a previous year. Causes for back taxes include failure to pay taxes by the deadline, failure to correctly report one's income, or neglecting to file a tax return altogether. Stop being your own accountant. Talk to us today at (405) 309-7577 about how our comprehensive service can benefit your business!

Emergency funds can create financial buffers that will help keep you afloat during unforeseen expenses without having to rely on credit cards or high-interest loans. Emergency funds are particularly useful and important if you have debt because it helps you avoid accumulating more. If you have questions about how to set up your emergency fund, give us a call at (405) 309-7577!

Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (405) 309-7577. We can't wait to start working together!

Managing your credit score is a vital aspect of personal finance and can have multiple effects on your ability to borrow money. Unfortunately, some people struggle with maintaining a good credit score due to a variety of reasons such as excess spending habits or a lack of financial education. Following these tips can help boost your credit score and get you one step closer to financial freedom. No problem is too big and no detail is too small. We are available to handle it all! Give us a call at (405) 309-7577.

5 Tips to Increase Your Credit Score | www.financialhotspot.com A good credit score gives you access to financing and positively impacts your ability to borrow money. It is also essential when seeking approval for a mortgage or rental and can affect your job opportunities. Unfortunately, some people struggle with maintaining a good credit score due to poor spend...

Too many deductions taken are the most common self-employed audit red flags. The IRS will examine whether you are running a legitimate business and making a profit or just making a bit of money from your hobby. Be sure to keep receipts and document all expenses. We'll save you hours of confusion and stress - you can count on that! Contact us today at (405) 309-7577 for more information about our services.

Having a personal budget and living within your means can help you achieve financial well-being. Avoid overspending and accumulating unnecessary debt. Stick to your budget and avoid making impulsive purchases. Contact us at (405) 309-7577 to schedule a consultation!

Net income refers to the money you may have available after taxes and deductions are taken out of your paycheck. For a business, net income is the money that's left over after paying operating expenses, administrative costs, cost of goods sold, taxes, insurance and any other business expenses. Searching for a skilled and professional accountant? Look no further! Contact us at (405) 309-7577 to schedule your consultation. We look forward to working together!

Standing out among the competition is a challenge that all brands face. Crafting a successful, unique brand requires creative strategy -- fortunately, there are plenty of resources available to help! Here's some great advice for beginning your journey toward success:

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Top 6 Strategies to Raise Brand Awareness | www.financialhotspot.com Brand awareness refers to consumers' level of familiarity with your company, products, or services. By prioritizing brand awareness, organizations big and small can reach out to new audiences and maximize their marketing efforts. With today's stiff marketplace competition, brands must find strategic...

Allocating a monthly amount for your debts can help you resolve outstanding high-interest debts. Prioritize paying off high-interest debts like credit cards. High-interest debt can quickly accumulate and become a financial burden. Contact us at (405) 309-7577 to schedule a consultation!

Take control of your business by categorizing your costs into direct expenses and indirect expenses. Direct expenses (aka the cost of goods sold) are supplies and anything pertaining to the making of your product or service. Indirect expenses (aka overhead costs) are things used to keep your business running smoothly such as office supplies, marketing, and rent. Keeping these two categories separate will create a streamlined process for your bookkeeping and taxes. Have questions? Contact us at (405) 309-7577. We’d love to help you!

We're here to answer any and all questions you have! Stop being your own accountant. Talk to us today at (405) 309-7577 about how our comprehensive service can benefit your business!

Protecting your hard-earned assets can help safeguard you from the unexpected. Smart strategies to consider include homeowner's insurance for physical property, long-term care insurance for health needs, and additional coverage when taking on occupations with a heightened risk level.

To schedule a consultation, contact us at (405) 309-7577.

What Are the Advantages of Asset Protection? | www.financialhotspot.com Asset protection strategies are the measures you take to shield your wealth from potential lawsuits, creditor actions, or unforeseen personal challenges. When executed properly, these strategies are legally sound and can be highly beneficial to anyone with wealth they wish to preserve. Many asset pr...

We'll save you hours of confusion and stress - you can count on that! Contact us today at (405) 309-7577 for more information about our services.

Saving money is very important for security and retirement. Consider opening a business account to keep your personal and business finances separate. Hire an accountant like us to handle the details for you; that way, you can focus entirely on your business. Maintain an additional budget for situations that may come up unexpectedly on a rainy day. Do you have accounting questions? We have the answers! Talk to us at (405) 309-7577.

When it comes to foreign bank accounts, consulting with a financial expert is always your best bet. But there are key tax considerations you should be aware of when handling any money-related compliance issues – from assessing credit concerns and understanding taxation requirements to other potential risks.

Get real answers from a tax professional! Give us a call at (405) 309-7577.

Important Tax Considerations if You Have a Foreign Bank Account | www.financialhotspot.com As a U.S. resident, owning a foreign bank account isn't something you should take lightly. The IRS requires you to report your foreign bank account if your account balances exceed certain limits. As with any financial compliance issue, always make sure you consult with a skilled financial advisor or...

Bookkeeping is not for the faint of heart. We get that it can be tempting to bury old receipts and records until tax season is here, but don’t make that mistake! Waiting can prevent you from claiming all the correct deductions that you may qualify for. By paying attention to your records throughout the year, it will help you stay prepared and have all your papers ready. Spend more time focusing on your business and let us handle the rest! Call us at (405) 309-7577 to speak to one of our finance professionals.