Afshar CPA PC

You might be aware that bookkeeping is the backbone to owning a business – so having and maintaining an effective system is crucial to your success. Not only does it keep your finances in order, but it also helps you to build a solid financial foundation for your company for years to come to achieve all your entrepreneurial goals!

7 Benefits of Effective Bookkeeping | www.financialhotspot.com Effective bookkeeping is the backbone of any successful business. It involves systematically recording, organizing, and managing your financial transactions to ensure accuracy and compliance. While it may seem like a mundane task, effective bookkeeping offers numerous benefits that can significantly...

A company's financial statement preparation is governed by its accounting policies. Accounting principles are a set of guidelines that a business should follow. Nevertheless, the framework is quite adaptable and the business' management team can select particular practices that improve the company's financial reporting. A company's specific rules are crucial because accounting standards can be lax. Examining a company's accounting practices may determine whether the business is aggressive or conservative when reporting profits. 📞: (949) 275-2884

The IRS is supposed to focus on audits of corporations and high-income and wealthy taxpayers. But who’s really under the agency’s microscope? This article sheds some light on who is most likely to be audited and the IRS audit process. If you’re concerned about making a mistake on your return, call us at (949) 275-2884 for guidance.

Who Does the IRS Audit the Most? A new report raises questions about how much the IRS is auditing wealthy and high-income individuals and corporations.

Did you know that as a profession, bookkeeping has been around since the 15th century? Thanks to Italian mathematician Frater Luca Pacioli – the father of modern accounting – we have detailed accounting systems and tools that are still used today! One of his methods is double-entry bookkeeping. Who knew?! For all your accounting and bookkeeping needs today, contact us at (949) 275-2884.

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...

For Social Security benefits, full retirement age is 67 for those born in 1960 or later. If you wait until full retirement age, you will receive your full benefits. However, should you start receiving your Social Security benefits early, your benefits will be reduced. For example, if you start taking benefits at 62 - the youngest aged allowed - your benefits will be reduced by 30%. Need help with your retirement plan? Schedule an appointment at (949) 275-2884 with us today!

There are many different areas of accounting that focus on specific services and industries. Depending on your circumstances, you may need one of these specialties to help you reach the financial goals. If you need help getting your finances in order, you've come to the right place. Schedule your first consultation with us today at (949) 275-2884.

For the tax year 2024, a nonrefundable clean vehicle (CV) tax credit of up to $7,500 is available for buying certain new fully electric, plug-in hybrid and fuel-cell electric vehicles. Alternatively, a credit of up to $4,000 is available to taxpayers purchasing eligible used vehicles. Vehicle eligibility and the size of the credit depend on factors such as the cost of the vehicle whether it satisfies certain manufacturing requirements and the taxpayer’s annual income.

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...

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 (949) 275-2884.

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 (949) 275-2884.

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...

Payroll reporting involves calculating, managing, recording, and analyzing employees' compensation. You also may have to deal with employee benefits, wage garnishments and a variety of other issues related to employee wages. Focus on your business while we handle your payroll. Call us today at (949) 275-2884!

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 (949) 275-2884.

To grow your business, you must manage your finances effectively. Hiring an accountant or bookkeeper like us is a great way to ensure your success. Contact us at (949) 275-2884 for an initial consultation.

Working in a foreign country comes with its own set of challenges and tax implications. Before jet-setting across the globe, there are some important factors you should consider regarding your international tax responsibilities.

6 Things to Know Before Applying to Work in a Foreign Country | www.financialhotspot.com Embarking on a journey to work in a foreign country is an exciting and rewarding opportunity, but it comes with its own set of challenges and considerations, especially when it comes to international tax implications. Before you pack your bags and head overseas for work, here are several important t...

Finding ways to supplement or increase your retirement income is helpful should your retirement income not cover all of your expenses. Whichever method you choose, it can assist you in building a bigger nest egg! For more guidance with your retirement plan, contact us today at (949) 275-2884.