BELLC Bookkeeping

Don't let record-keeping mistakes cost your business! Properly organized financial documents are the key to an effortless tax season. Make sure you have all your ducks in a row with these helpful tips for smoother preparation and accurate filings that won't get hit with hefty fines or penalties.

Get real answers from a tax professional! Give us a call at (443) 865-4056.

Record-Keeping Tips for Smoother Business Tax Prep | www.financialhotspot.com Every company, regardless of size, must pay taxes. While taxes are a fact of life for business leaders, they can quickly become a significant burden without complete and accurate financial records. Missing or erroneous documents can lead to tax errors that yield serious fines and penalties for your....

For some people, budgeting money comes naturally. For others, it’s a bit more challenging. Facts and figures aren’t their forte and constant monitoring is tedious. If you find yourself falling into the second category, don't worry! Try these four easy techniques for budgeting. If you're looking for more one-on-one guidance, please schedule a meeting with us at (443) 865-4056 today!

If you are getting married this year, you might be wondering how that will affect your Roth individual retirement account (Roth IRA) and that of your partner. The simple answer? Nothing will change with either of your accounts. The only time it will change is when your combined income is higher than the income limits set by the Internal Revenue Service (IRS) for Roth IRAs. Unfortunately, you can't prevent this outcome by either filing separately or contributing to your Roth IRA before your wedding day. The good news is we can help with other aspects of your retirement plans so it can offset these recent changes. Contact us today at (443) 865-4056!

What is considered an inactive account? A savings/current account is considered inactive if no transactions are made through it for more than 12 months. What is a dormant account? When you do not make any transactions in your bank account for 24 months, the bank classifies it as a dormant account. You've got questions and we've got experienced CPAs! Call us at (443) 865-4056.

Mistakes on your business tax return can have serious consequences, so it's important to understand when you should file an amended one. Common situations that require amendment include if the errors change what you owe in taxes or misrepresent details about your company's fiscal standing.

Get real answers from a tax professional! Give us a call at (443) 865-4056.

Do I Need to Amend My Business Tax Return? | www.financialhotspot.com Realizing you’ve made a mistake on your business tax return is a stressful situation. Fortunately, businesses can amend their tax returns within three years of the original filing date. This can help your company get ahead of potential tax problems, resolving issues long before they attract audits...

Account reconciliation is particularly useful for explaining any differences between two financial records or account balances. Some differences may be acceptable because of the timing of payments and deposits. However, unexplained or mysterious discrepancies may warn of fraud. Businesses and individuals may reconcile their records daily, monthly, quarterly, or annually. Do you have accounting questions? We have the answers! Talk to us at (443) 865-4056.

Reduce Taxable Income - Participate in an employer-sponsored retirement plan or an individual retirement account. For more information, contact us at (443) 865-4056.

Unfamiliar with IRS audits? Put your worries to rest! Learn the common questions that help you get a better handle on what information is needed and why. Why not arm yourself today by getting ahead of possible proceedings?

Get real answers from a tax professional! Give us a call at (443) 865-4056.

Answering the Most Common Questions About IRS Audits | www.financialhotspot.com Whenever you file your yearly taxes, there is a possibility that the Internal Revenue Service may audit your tax return. The IRS carries out standard procedures to detect discrepancies or errors among taxpayers. If you are faced with an audit, you will need detailed information to help you understan...

Making a list of all categories and subcategories for your financial documents can make it easier for you to locate what you need. It is also important to consider whether to keep things digitally or physically. If you're not sure what to keep, give us a call at (443) 865-4056 so we can help!

Sole proprietors may also be eligible for certain business tax deductions, including business expenses, health insurance deductions, and self-employment taxes. We can provide you with more personalized information when you call (443) 865-4056.

It can be convenient to use your credit card to pay for a purchase, but it's possible to become far too dependent on credit cards and increase the likelihood of creating a habit of overspending. Consider committing to spending money using cash, checks, or debit cards only as a means to curb your spending habits. Cash-only purchasing forces you to stick to your original buying plan and stop spending when the money runs out. At the end of the month, review your budget and purchases in comparison to previous months. Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (443) 865-4056.

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 (443) 865-4056.

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,...

Taxes can be tricky, especially when you are living abroad. If you are an American citizen working in a foreign country, you will need to continue to pay your taxes like other Americans currently living within the United States. You only become exempt from this if you renounce your citizenship which is one of the requirements in the expatriation tax provisions. You can also be exempt if you fill out Form I-407 to abandon your green card. Get real answers from a tax professional! Give us a call at (443) 865-4056.

Overspending can really hinder your ability to achieve your financial goals and leave you scrambling to cover your bad money moves. By understanding your spending habits and triggers, you can better prevent mindless purchases. Take a close look at the "why" behind your spending to identify any psychological and emotional reasons that cause you to overspend. Keep a spending diary to help you identify such triggers by including your feelings before and after purchasing as well as how much you spent. This can help you limit how often you give in to the urge to impulse buy. We keep your finances in order so you can continue focusing on what you love! Call us at (443) 865-4056 to schedule a consultation.

Attestation services play a significant role in the accounting process and are important for businesses, financial institutions and investors alike. Reviews, financial statement audits, and compilations performed by us are considered attestation services. During the process, we will examine the accuracy and completeness of financial data, regulatory compliance, internal accounting procedures, and organizational governance. Businesses require these services for different purposes, but the most common is to apply for bank loans, assuring investors of finances, or selling the business. For any assistance you may require regarding attestation services, please give us a call at (443) 865-4056.

No one enjoys tax season, but getting a head start on your filing can make the process much smoother. Tax planning months in advance is an effective way to ensure you are prepared for when it's time to file! Here are some helpful tips that can help simplify things come next year:

For all your tax-related questions, contact us at (443) 865-4056. We'd love to help you!

3 Ways to Simplify Next Year’s Tax Prep | www.financialhotspot.com You've got plenty of tax time to file next year's taxes, but will you be ready when tax season rolls around? When it comes to tax planning, it's never too early to get started. Taxes can be complicated, but they don't have to be. There are several steps you can take throughout the year to

Impulse buying often leads to feelings of regret and buyer’s remorse later. To avoid impulse purchases and save money, set a dollar amount, such as $50 or $100, and impose a 72-hour rule on purchases exceeding that amount. This gives you time to really consider whether the item is necessary. If after 72 hours and the item is still important to you, go ahead and make the purchase. Stop being your own accountant. Talk to us today at (443) 865-4056 about how our comprehensive service can benefit your business!

To prevent future audits from the IRS and maintain a well-organized business, it is essential to consistently ensure compliance with tax laws and regulations. If you have more questions, don't hesitate to give us a call at (443) 865-4056.

Keep all of your financial records organized throughout the year to make tax season less stressful. Set up a system that works for you and stick to it. No problem is too big and no detail is too small. We are available to handle it all! Give us a call at (443) 865-4056.

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 (443) 865-4056.

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...

The contributions you make to a 401K are tax-deferred, which means you won't pay taxes on that money until you withdraw it during retirement. This can be a significant tax benefit for many people. Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (443) 865-4056.

Bookkeepers are not only experts in managing finances, but they can also provide valuable insights into your business's financial health. By analyzing your income and expenses, a bookkeeper can help you make better decisions and set your business up for success. To schedule a consultation, contact us at (443) 865-4056.

🧾 Are receipts and invoices taking over your workspace? Let us help you streamline your financial paperwork and keep your records in order. Say goodbye to the clutter and hello to a tidy, efficient workspace! 🌟🧹 No problem is too big and no detail is too small. We are available to handle it all! Give us a call at (443) 865-4056.

Are you an American living and working abroad? Don't be caught off guard - familiarize yourself with the IRS rules concerning foreign earnings. Get answers to some common questions related to taxes so that your finances remain compliant!

For all your tax-related questions, contact us at (443) 865-4056. We'd love to help you!

Answering the Top Tax Questions for Americans Working Abroad | www.financialhotspot.com For many Americans, the prospect of working abroad is as exciting as it is burdensome. While moving to a new country for work presents exciting new experiences and opportunities, it also presents new tax requirements. As a US citizen living and working outside the country, your earnings are subject....

reminder: People with low- and moderate-incomes may be able to save for retirement with the help of special tax break. See: http://irs.gov/saverscredit Do you have accounting questions? We have the answers! Talk to us at (443) 865-4056.

Did you know that you can deduct the cost of business-related travel and transportation expenses? Keep track of your mileage, airfare, and other transportation costs to maximize your deductions. Get real answers from a professional! Give us a call at (443) 865-4056.

How do you know if an accountant is a superhero? They wear a cape-cash flow statement! 🦸‍♂️
To schedule a consultation, contact us at (443) 865-4056.

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.

Let's talk, call us at (443) 865-4056.

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...

Tip of the day for small business owners: Consider utilizing a retirement plan, such as a Simplified Employee Pension (SEP) IRA or a Solo 401(k). Not only do these plans help you save for the future, but they also provide potential tax advantages for your business! You've got questions and we've got answers! Call us at (443) 865-4056.