L & L Accounting Services

Continuous accounting has completely revolutionized traditional accounting methods by offering more real-time approaches to the way a business manages its finances. It involves distributing and automating the financial process throughout the accounting period rather than focusing on them solely at the end of the period. https://bit.ly/3trriHh

📞: (516) 292-1983

Advantages of Continuous Accounting | www.financialhotspot.com Continuous accounting is revolutionizing traditional accounting practices, offering a more dynamic and real-time approach to financial management. In this blog post, we'll explore the numerous advantages that Continuous Accounting brings to the table, transforming the way businesses handle their fin...

The IRS knows we cheat, they even estimate by how much. Here is what you need to know.

Understanding the Tax Gap - Voluntary tax compliance is measured Ever wonder if the IRS thinks you are voluntarily following the rules? Well they spend a lot of time researching our behavior. Here is what they found.

Businesses can deduct “ordinary and necessary” expenses they incur in the course of operations. If your business claims higher-than-average deductions for your industry, it might be a red flag that triggers an IRS audit. You could have to prove that certain expenses are ordinary and necessary by providing invoices, receipts, contracts and other documentation. Organizing your expense records to stand up to IRS scrutiny doesn't have to be complicated. Let us handle your numbers so you can focus on what matters - running your business. Schedule an appointment with us today at (516) 292-1983.

Avoid a tax return filing delay by learning about tax information that's easy to miss. Also, how to plan amidst tax policy uncertainty, and how scammers are upping their game with AI.

Tax Time News: March 2025 With a tax code that’s now up to 6,871 pages, you may not be too shocked to learn that the IRS has more than 1,000 tax forms to help you report every conceivable type of income you may earn. With so many tax forms to keep track of, it’s easy to lose track of one every now and then. To le...

Reminder: Those who are blind or 65+ years of age are entitled to an additional standard deduction amount. The exact amount depends on your filing status and other personal details.🧾Not sure if you’re eligible? Don’t fret – we are here to help you out! Contact us at (516) 292-1983 to get started on your tax assistance today.

If you're making an IRA contribution - no matter the amount and timing - you're on the right track to boost your retirement savings. If you forgot to make a 2024 contribution by December 31, it may not be too late! You can make a 2024 contribution to a traditional or Roth IRA up until the tax filing deadline of April 15, 2025. For more guidance on IRAs, give us a call at (516) 292-1983.

Making tax mistakes can be costly for your business, not to mention stressful! Avoid these common tax mistakes by staying organized and tax-savvy through our professional guidance and tax advice. https://bit.ly/48t6Fe5

📞: (516) 292-1983

5 Common Business Tax Mistakes and How to Avoid Them | www.financialhotspot.com Running a business involves many responsibilities, and managing taxes is one of the most critical. Unfortunately, many business owners make common tax mistakes that can lead to costly penalties and stress. By understanding these mistakes and learning how to avoid them, you can ensure your business s...

IRS layoffs will impact everyone...including you! Here are things to consider.

The Impact of IRS Layoffs When six percent of a workforce is immediately terminated, it creates a tough environment for those left behind. This is what's happening at the IRS during this year's tax filing season.

As a business owner, it's important that you classify workers correctly as either employees or independent contractors because misclassifying them could trigger an IRS audit. If you treat workers as independent contractors but the IRS considers them to be employees, the tax agency may impose back taxes, interest and penalties. If you're looking for personalized, in-depth tax assistance when classifying workers, you've come to the right place. Contact us today at (516) 292-1983 to set up your first consultation.

Some gifts can be made tax-free without using up any of your $19,000 annual gift tax exclusion or $13.99 million lifetime exemption. Specifically, you can pay an unlimited amount for someone else’s tuition or medical expenses. To be tax-free, the payments must be made directly to the qualified educational institution or health care provider. Understanding the nuances of federal gift tax law can help keep taxes to a minimum - that's where we come in! Give us a call at (516) 292-1983 today.

In business, debt is a necessary part of the process. It can actually help you to grow and provide capital to seize new opportunities. However, it’s important to remember that not all debt is good. https://bit.ly/4edvKL2

📞: (516) 292-1983

Evaluating Good and Bad Business Debt | www.financialhotspot.com In the world of business, debt is often a necessary tool. It can fuel growth, enable expansion, and provide the capital needed to seize new opportunities. However, not all debt is created equal. As a business owner or manager, it's crucial to understand the difference between good and bad debt, and....

IRS ID theft. Here is what is happening now.

The New Problem with IRS Identity Theft - PLUS: Small Business FinCEN Update! If you are a victim of tax identity theft, there is more bad news.

Each year, the IRS and the Social Security Administration make adjustments that affect taxes, benefits and retirement contributions. If you have any questions, feel free to contact us at (516) 292-1983.

If in 2025 you give money or property worth more than the $19,000 annual gift tax exclusion to someone other than your spouse, you may have to pay gift tax. Your gift can still be tax-free if you haven’t used up your lifetime gift and estate tax exemption, which is $13.99 million for 2025. If gift tax is due, usually the giver is responsible for paying it rather than the recipient. Even though recipients aren’t subject to any immediate tax implications, they may have to pay capital gains tax if they sell their gifted property in the future. Need help? You came to the right place - (516) 292-1983.

It's advisable to begin saving money in a retirement account as soon as you can to increase your nest egg. The longer you put off saving, the less time your assets have to grow. Now may be a good time to discuss your retirement plans with a qualified financial advisor like us. We’d love to help you! Contact us today at (516) 292-1983.

Regardless of whether you have a sprawling mansion or not, estate plans are for everyone because we all have possessions worth protecting. Understanding just what assets matter in an estate plan is the first step in helping you to make informed decisions and cover all your bases. https://bit.ly/48uG9Ri

📞: (516) 292-1983

What Assets Matter in an Estate Plan? | www.financialhotspot.com Estate planning is a crucial aspect of financial management that ensures your assets are distributed according to your wishes after you pass away. While it's easy to assume that only the wealthy need estate plans, the truth is that everyone has assets worth protecting and distributing thoughtfully.....

Too many businesses deduct their business miles but then lose the deduction when reviewed by the IRS. Avoid this problem with these tips.

Does Your Mileage Log Travel the Distance? What you need to know to ensure your allowable business, charitable and medical miles are not dismissed during an audit.