“Am I Required To File An FBAR?”
Say you are a United States person who owns or has signature authority over financial accounts outside the United States, and the aggregate amount in those foreign accounts exceeds a reporting threshold amount during any day of the calendar year. In such cases, you are required to report these foreign accounts to the office of […]
Operating Your S Corporation
After your business is allowed to be treated as an S Corporation by the IRS for tax purposes, it is important for you to observe certain corporate formalities and meet specific reporting requirements. This is for you to maintain your S corporation status in good standing and continue to receive the asset protection and tax […]
Home Office Deduction Basics
Many self-employed individuals and small business owners use part of their home to conduct business. Just as a business with an offsite office is allowed to deduct operating expenses related to such office as a business expense, IRS allows a taxpayer, who uses a portion of his/her home regularly and exclusively for business purposes, to […]
6 Things To Consider While Selecting A Small Business CPA Firm
For most small businesses, it is more cost-effective to outsource their bookkeeping, payroll, accounting, and tax service needs, to an outside accounting firm than it is to hire the required in-house staff for the same. The key is to find the right accounting firm. Here are some of the things to consider while selecting a […]
Financial Planning Basics
Securing your financial future is a serious matter. Having a vision and a plan for your financial future brings the order and discipline you need, and ultimately the control and peace of mind you desire, in your financial life. Financial planning can help you define, pursue, and achieve your financial goals. Here are some basics […]
5 Benefits Of Financial Planning
Financial planning is a systematic approach towards pursuing your financial goals. It involves making the right financial decisions today for better financial results in the future. Financial planning adds clarity and inspires discipline to your financial life, which gives you a sense of control, assurance, and peace of mind regarding your financial future. Following are […]
8 Common Misconceptions About Financial Planning
Most people understand the basics of financial planning and the benefits it offers. Yet, many of them also have some misconceptions about financial planning. While there can be a variety of reasons why many people don’t plan for their financial future, part of it can be explained by some common misconceptions they may have about […]
5 Things To Consider While Selecting A Financial Advisor
The term “financial advisor” is a generic term that anyone can use to describe themselves regardless of their educational background, professional experience, and subject matter expertise. Moreover, not all financial advisors are required to be impartial and act in their clients’ best interests. This creates confusion for consumers who may be searching for a well-qualified […]
Common Excuses People Use To Avoid Financial Planning
While most of us have dreams and aspirations about the financial future we want for ourselves and for our family, only a few of us have a plan to achieve them. Financial planning is the most systematic and efficient way of pursuing our financial goals. Despite knowing the benefits of financial planning and how financial planning may help you realize […]
Retirement Planning 101
Retirement planning is about planning to accumulate your retirement nest egg during your working life and distribute it wisely during your retirement years, so that it lasts your entire retirement. It is about thinking ahead and planning to realize the life you want to live in retirement. Here is a brief overview of the steps […]
