L & L Accounting Services

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 (516) 292-1983. 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

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 (516) 292-1983 to schedule a consultation!

Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (516) 292-1983. We can't wait to start working together!

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 (516) 292-1983 to schedule a consultation!

Money management is a useful tool for young professionals looking to springboard their long-term financial and career success. Solid understanding of money management principles and goals can set the groundwork for a lifetime of good financial health, especially for those at the beginning of their careers. We keep your finances in order so you can continue focusing on what you love! Call us at (516) 292-1983 to schedule a consultation.

Personal Finance Tips for Young Professionals | www.financialhotspot.com Money management and financial planning topics don’t always get the attention they deserve. Many people regard personal finance as a sensitive subject best avoided in day-to-day conversations. However, it’s a crucial topic that significantly impacts everyone’s long-term success story. As a you...

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 (516) 292-1983. We’d love to help you!

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 (516) 292-1983 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 (516) 292-1983 to schedule your consultation. We look forward to working together!

It's natural to be apprehensive when you want investors to back your business. A winning pitch, however, is essential for promoting your ideas and inspiring confidence in them. The key? Follow these seven tips that can help transform a standard presentation into one that will truly wow potential funders!

Need an accountant? Why wait? Call us today at (516) 292-1983 to schedule a consultation!

How to Craft a Better Business Pitch | www.financialhotspot.com Creating a business pitch can be one of the most challenging parts of the early business development process. You want to introduce potential investors to your business idea and show them why they should put their hard-earned money into your company. As such, you need a persuasive business pitch tha...

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 (516) 292-1983 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 (516) 292-1983 to get started today.

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 (516) 292-1983.

Effective payroll management is an essential aspect of any successful company. It is crucial to retain respected and satisfied employees, protect your company’s image, and maintain tax compliance. Here are some of the most common payroll mistakes you’ll want to avoid:

Get started with our payroll service today by contacting us at (516) 292-1983.

5 Common Payroll Mistakes to Avoid | www.financialhotspot.com Effective payroll management is an essential aspect of any successful company. It is crucial to retain respected and satisfied employees, protect your company's image, and maintain tax compliance. Nonetheless, payroll is a complex task, and even the most minor payroll management error can jeopardize...

A lack of organization can harm your finances just as much as being short on cash. Try these six tips if you feel like your organizational skills are lacking when it comes to your finances. To schedule an appointment, contact us today at (516) 292-1983.

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 (516) 292-1983 today!

We'll save you hours of confusion and stress - you can count on that! Contact us today at (516) 292-1983 for more information about our services.

When it comes to your business's bottom line, having a qualified and knowledgeable CPA is essential. Choosing the right one will pay off in dividends over time—helping you save both money and stress. Consider these tips when searching for an accountant that's just right for you:

Searching for a skilled and professional accountant? Look no further! Contact us at (516) 292-1983 to schedule your consultation. We look forward to working together!

Finding the Right CPA for Your Business | www.financialhotspot.com As your business grows, you may need to hire a certified public accountant (CPA) to handle your accounting processes. You must do this carefully, and there are some things that you should consider first. You'll need to think carefully about important issues such as where your accountant is located,....

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 (516) 292-1983.

Ever wonder what questions to ask so you know what expenses you can deduct? Keep questions like these in mind. "Do I qualify for a home office deduction? How do I deduct car expenses for my business? How will I know if I have business assets that qualify? Which classification should I put my employees in?" We keep your finances in order so you can continue focusing on what you love! Call us at (516) 292-1983 to talk about what your business exactly needs.

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 (516) 292-1983.

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....

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 (516) 292-1983 to speak to one of our finance professionals.

What exactly is hedging? In finance, a hedge is a strategy that seeks to limit risk exposures in financial assets. It is mainly done by taking offsetting positions in derivatives that correspond to an existing position. This strategy is usually utilized as a type of "insurance policy" on an investment or portfolio. Have any additional questions? Ask them in the comment section below, and if you're looking for additional help with your finances, please give us a call at (516) 292-1983 today!

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 (516) 292-1983.

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 (516) 292-1983. 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

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 (516) 292-1983!

We're here to answer any and all questions you have! Stop being your own accountant. Talk to us today at (516) 292-1983 about how our comprehensive service can benefit your business!

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 (516) 292-1983 to schedule a consultation.

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 (516) 292-1983.

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...

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 (516) 292-1983.

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 (516) 292-1983.

Reduce Taxable Income - Participate in an employer-sponsored retirement plan or an individual retirement account. For more information, contact us at (516) 292-1983.

As a savvy business owner, you already know some great ways to reduce your tax bill. But have you heard about the 'hidden gems' of deductions? Read on for these lesser-known ideas that can give valuable relief and put more money back in your pocket!

For all your tax-related questions, contact us at (516) 292-1983. We'd love to help you!

Commonly Overlooked Business Tax Deductions | www.financialhotspot.com When you operate a business, whether a startup or an established company, you may overlook potential deductions that can save you money during tax time. As a business owner, you are probably familiar with some commonly used deductions, but other lesser-known deductions can reduce your tax bill even....

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 (516) 292-1983.

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 (516) 292-1983 about how our comprehensive service can benefit your business!

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 (516) 292-1983 so we can help!

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:

Need help? Let's talk, call us at (516) 292-1983.

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...

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 (516) 292-1983.

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 (516) 292-1983.

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 (516) 292-1983.