Built on a solid foundation of excellent client service and in-depth market knowledge, Berg Faircloth strives to develop a relationship with each client to foster a greater understanding of your needs and objectives while maintaining the ethical standards
Berg Faircloth is built on a solid foundation of excellent client service and in-depth market knowledge. We strive to develop a working relationship with each client to foster a greater understanding of your needs and objectives while maintaining the ethical standards of our profession. We provide tax and accounting services for individual and business clients.
Operating as usual
#IRS: All first and second Economic Impact Payments have been issued. If you didn't receive a payment or didn’t receive the full amount of a payment, you may be eligible to claim the Recovery Rebate Credit when you file a 2020 tax return. https://www.irs.gov/newsroom/as-required-by-law-all-first-and-second-economic-impact-payments-issued-eligible-people-can-claim-recovery-rebate-credit
irs.gov IR-2021-38, February 16, 2021 — The IRS announced today that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention to the 2021 filing season.
Have you always dreamed of being successful in everything you do? So don't go, these lines are written precisely for you. https://www.entrepreneur.com/article/366225
entrepreneur.com Have you always dreamed of being successful in everything you do? So don't go, these lines are written precisely for you.
Direct Deposit is simple, safe and secure and you can get your refund deposited into one, two or three different accounts, if you’d like. https://www.irs.gov/refunds/get-your-refund-faster-tell-irs-to-direct-deposit-your-refund-to-one-two-or-three-accounts
irs.gov Join the 8 out of 10 taxpayers who get their refunds via direct deposit. You can split your refund into one, two or three financial accounts and buy savings bonds too.
How long does it take to get your refund? https://www.bankrate.com/taxes/how-long-does-it-take-to-get-tax-refund/
bankrate.com Here’s what you need to know to predict how long you’ll wait for your refund.
A new credit card can be exciting to have but can easily be misused if you don’t take precautions. It’s a good idea to research before picking your credit card. https://financialhotspot.com/2021/02/05/what-you-should-know-before-applying-for-a-credit-card/
financialhotspot.com Credit cards can be a positive or negative influence on your financial health. Find out how!
Being prepared financially before and after a divorce is very crucial to rebuilding your new life. To avoid any rash decisions, consider seeking professional advice pertaining to your state. https://www.tiaa.org/public/learn/prepare-unexpected/how-to-prepare-financially-before-and-after-divorce
tiaa.org The top financial Qs to ask during divorce
Ready to start your 401(K) rollover? Follow these steps to make sure your money finds the right home. https://www.nerdwallet.com/article/investing/401k-rollover-ira-guide
nerdwallet.com A 401(k) rollover is a transfer of money from an old 401(k) to another 401(k) or an IRA. Here's how to do a 401(k) rollover in 4 steps without a tax bill.
New to investing? Read this article to know the difference between realized and unrealized capital gains. https://investor.vanguard.com/investing/taxes/realized-capital-gains
investor.vanguard.com Learn about the capital gains tax rates for long-term capital gains and short-term capital gains.
A friendly reminder to pay your taxes on time!
In this day and age, virtual accounting is becoming more commonplace. Learn more on how virtual accounting can help you today. https://financialhotspot.com/2020/12/04/what-you-should-know-about-virtual-accounting/
financialhotspot.com Modern technology can give you an edge over the competition, and virtual accounting is the key to making it happen.
Are you planning to buy a new car? Add an electric or hybrid vehicle to your options. Some states in the United States offer an incentive in a form of a tax rebate. https://www.tesla.com/support/incentives
tesla.com Several states and local utilities offer electric vehicle and solar incentives for customers, often taking the form of a rebate. Rebates can be claimed at or after purchase, while tax credits are claimed when filing income taxes. Find state and local-specific incentives available in your area.
Aside from conserving energy, your taxes can also benefit from going solar. Homeowners who recently purchase the system can earn a solar investment tax credit. https://www.energysage.com/solar/cost-benefit/solar-investment-tax-credit/
energysage.com Learn about the solar tax credit, a key federal energy tax credit that reduces the cost of your solar system by 26 percent.
Are you mailing your tax returns? Here are some tips from the USPS. https://www.usps.com/taxes/
usps.com Use the U.S. Postal Service® to mail your tax return, get proof that you mailed it, and track its arrival at the IRS.
Thinking of Medicare enrollment? Avoid these 3 mistakes. https://www.forbes.com/sites/dianeomdahl/2021/02/16/dont-make-these-3-mistakes-that-can-mess-up-your-medicare-enrollment/?sh=2760ab331eea
forbes.com If your time for Medicare enrollment is approaching, just imagine being shut out when you try.
13 Reasons the IRS May Audit You https://financialhotspot.com/2020/11/06/13-reasons-the-irs-may-audit-you/
financialhotspot.com Find out how to avoid an audit by understanding the actions that can trigger red flags.
Charitable giving can help people in more ways than one, especially with your estate, tax, and financial plan. Find out what charitable giving plan works for you https://www.forbes.com/sites/halseyschreier/2021/02/12/personal-finance-for-young-adults-charitable-planning/?sh=3d0c25e6d976
forbes.com Are there charitable causes you feel strongly about that you want to support? Do you want to integrate philanthropy into your family life? Do you wonder which method of charitable giving is right for you?
Finding the right tax professional can be confusing at first. Read further for tips and advice on how to find the right tax professional for you. https://www.forbes.com/sites/ambergray-fenner/2021/02/16/how-to-choose-a-tax-professional/?ss=taxes&sh=7032c7d51df5
forbes.com While you may want to wait a little longer to file your taxes if you are planning on hiring a paid preparer you should be finding one now unless you are willing to be on extension.
What does retirement look like? Have you started planning? https://www.navyfederal.org/makingcents/knowledge-center/retirement-savings/thinking-about-retirement/envisioning-your-retirement-goals.html
navyfederal.org How do you want your retirement to look? These segments will help guide you down the path to the retirement lifestyle you envision.
Where does your money go? Your pay stub has all the answers to your questions. https://www.privatebank.bankofamerica.com/financial-empowerment/paycheck.html
privatebank.bankofamerica.com If you’re earning a paycheck, you’ll quickly discover that the salary you’ve agreed to isn’t what you bring home. Taxes, benefits and other deductions are all taken out of your check before you even see it. Get a full understanding of how paychecks break down and learn more, here.
What to Consider When Choosing a Financial Advisor https://financialhotspot.com/2020/10/30/what-to-consider-when-choosing-a-financial-advisor/
financialhotspot.com If you need a financial advisor, don't skip the research. Here are some important things to check before making you final decision.
Is your family running a business? Learn these tips to point your family business in the right direction https://www.privatebank.bankofamerica.com/financial-empowerment/family-business.html
privatebank.bankofamerica.com Running a family business can be fulfilling but can be complex when trying to understand what your role is and the future of the business. Get tips on running a family business and planning for it's future.
Find out what qualifies as a tax-deductible from your refinancing expenses https://www.rocketmortgage.com/learn/refinance-tax-deductions
rocketmortgage.com You qualify for tax deductions if you’ve refinanced your mortgage. Learn how to claim these deductions on your next income tax application.
If you’ve recently earned dividends you may need to pay taxes. Learn more about it here: https://smartasset.com/taxes/dividend-tax-rate#q=dividends
smartasset.com Dividends are a great way to earn extra income, but you will need to pay taxes on them. We break down the tax rates on your dividends in 2019 and 2020.
Property taxes may vary across the country. Get an overview of how they work: https://www.taxpolicycenter.org/briefing-book/how-do-state-and-local-property-taxes-work
taxpolicycenter.org HOW MUCH REVENUE DO STATE AND LOCAL GOVERNMENTS RAISE FROM PROPERTY TAXES? While property taxes are a significant source of local government revenue, they are...
10 Business Tax Savings Strategies You Can Use Before the Year Ends https://financialhotspot.com/2020/10/23/10-business-tax-savings-strategies-you-can-use-before-the-year-ends/
financialhotspot.com Start planning now to take advantage of as many tax saving strategies as possible. The end of the year is almost here!
If your employer offers a 401(k) plan (or another type of employer-sponsored retirement savings program), you should consider contributing to it if you can afford to. Often, with 401(k) plans, your employer will contribute the same amount that you put toward your account up to a certain percent. This is often referred to as an "employer match." If your employer doesn't offer a retirement plan, consider an IRA.
Learning the basics of taxes is necessary for freelancers. Some of the things to consider are: What forms would you need? When are the deadlines? What documents should you keep?
Spread the word!
#IRS tips to tell employees about the #EITC:
• Place flyers in break rooms: https://go.usa.gov/xAFZ9
• Add a link on your internal site: http://irs.gov/eitc
• Include stuffers with your mailings: https://go.usa.gov/xAFZQ
The Covid Bankruptcies: Guitar Center to Youfit
bloomberg.com There are more than 340 companies now that have blamed the effects of Covid-19 in their decisions to file for bankruptcy in the U.S.
5 Areas You Might be Wasting Money Each Month https://financialhotspot.com/2020/10/16/5-areas-you-might-be-wasting-money-each-month/
financialhotspot.com When you are living on a fixed income each month it is important to continually look for ways to balance you budget. Here are some areas to consider trimming to meet your goals.
An important step to consider when trying to get ahead financially is budgeting. After all, how can you know where your money is going if you don't budget? How can you set spending and saving goals if you don't know where your money is going? You need to set up a budget whether you make thousands or hundreds of thousands of dollars a year.
IRS Announces Filing Season Open Date (It’s Later Than Expected)
forbes.com The Internal Revenue Service (IRS) has announced that tax season will open on Friday, February 12, 2021.
Treasury Signals Intention To Make Cryptocurrency Like Bitcoin Reportable On FBAR
forbes.com For years, Treasury has advised taxpayers that virtual currency is not required to be reported on the Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts, or what used to be called the FBAR.
New $300 Weekly Unemployment Benefit: When You Get It Depends On Where You Live
forbes.com Millions of jobless Americans are starting to see larger unemployment checks, as a result of the stimulus package passed late last month. But when you get the boost, and how big it is, can depend on what state you live in.
What is a W-9 and Who Needs One? https://financialhotspot.com/2020/10/08/what-is-a-w-9-and-who-needs-one/
financialhotspot.com If you are a self-employed individual, the company or client who hires you will require you to fill out the W-9 form.
For over 60 years Berg Faircloth & Company has enjoyed a reputation for highly personalized accounting services for business owners and individuals alike. We have passed-down a philosophy of superior client service and skill to each partner and member of our team. It is our mission to help clients enjoy better financial health and benefit from an organized tax and accounting strategy.
Our firm was founded by Eli Berg, who later promoted Oscar L. Faircloth to partner in 1963. Oscar’s son and daughter, Ricky L. Faircloth, PFS and Angela K. Wyrick, CPA, PFS were brought on and later made partners themselves in 1992 and 2001, respectively. Leadership in tax and accounting is a part of our family history and makes our firm truly unique. When you visit Berg Faircloth & Company, you can trust your finances will be handled by a team with a shared vision and passion for problem-solving and best-quality service.
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