Source Team Tax & Accounting, Inc.

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 (815) 893-9975 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 (815) 893-9975. We’d love to help you!

Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (815) 893-9975. 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 (815) 893-9975 to schedule a consultation!

The Earned Income Tax Credit (EITC) is a refundable tax credit that can be beneficial for most low- or moderate-income families. It was created in 2020 as a work bonus plan to supplement certain taxpayers’ income. It reduces the amount of tax owed on a dollar-for-dollar basis and is adjusted for inflation each year. If you have questions about whether you quality, contact us today at (815) 893-9975!

Understanding the Earned Income Tax Credit | www.financialhotspot.com The Earned Income Tax Credit (EITC) is one of the most beneficial tax credits for families with low or moderate combined incomes. It puts an average of $2,043 back in the hands of eligible workers and families. About 31 million people applied for and received the credit in 2022, according to the IRS...

Back taxes is a term for taxes that were not completely paid when due. Typically, these are taxes that are owed from a previous year. Causes for back taxes include failure to pay taxes by the deadline, failure to correctly report one's income, or neglecting to file a tax return altogether. Stop being your own accountant. Talk to us today at (815) 893-9975 about how our comprehensive service can benefit your business!

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 (815) 893-9975 to get started today.

Too many deductions taken are the most common self-employed audit red flags. The IRS will examine whether you are running a legitimate business and making a profit or just making a bit of money from your hobby. Be sure to keep receipts and document all expenses. We'll save you hours of confusion and stress - you can count on that! Contact us today at (815) 893-9975 for more information about our services.

Attestation services are paramount for companies, financial institutions, and investors alike. But what exactly do these essential services accomplish? Let's dive deeper to find out!

To schedule a consultation, contact us at (815) 893-9975.

What Are Attestation Services and When Do You Need Them | www.financialhotspot.com Attestation services play a crucial role in accounting processes. The need for independent parties to give assurance over topics other than financial statements is required by laws, service clients, and even regulators. Attestation services are crucial in many scenarios and important for businesses,...

Impulse purchases are a very common struggle that people deal with. The average person in the US spends $280 per month on things that they do not need. Most purchases are done online, which creates the temptation to overspend. Try deleting shopping apps on your phone and contemplating if you really need something before you buy. Do you have accounting questions? We have the answers! Talk to us at (815) 893-9975.

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 (815) 893-9975 to schedule a consultation!

We're here to answer any and all questions you have! Stop being your own accountant. Talk to us today at (815) 893-9975 about how our comprehensive service can benefit your business!

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 (815) 893-9975.

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....

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 (815) 893-9975 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 (815) 893-9975.

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 (815) 893-9975.

Working in the gig economy is an exciting opportunity - but you'll want to ensure that your tax obligations are taken care of, too! Understanding how taxes apply to freelance work can be a tricky thing. Read on for helpful advice so you don't find yourself facing penalties from the IRS due to common errors and omissions.

Let's talk, call us at (815) 893-9975.

Avoiding Common Tax Problems for Gig Economy Workers | www.financialhotspot.com The gig economy refers to the jobs and workers that fall outside of the traditional long-term employment structure. Freelance professionals, contractors, and part-time workers for mobile service providers like Lyft, UberEats and Wag! are all a part of the gig economy. This form of work has become po...

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 (815) 893-9975!

We'll save you hours of confusion and stress - you can count on that! Contact us today at (815) 893-9975 for more information about our services.

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 (815) 893-9975 today!

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 (815) 893-9975.

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...

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 (815) 893-9975 to speak to one of our finance professionals.

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 (815) 893-9975.

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 (815) 893-9975 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,....

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 (815) 893-9975.

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 (815) 893-9975 to talk about what your business exactly needs.

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 (815) 893-9975 to schedule a consultation.

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 (815) 893-9975.

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...

Reduce Taxable Income - Participate in an employer-sponsored retirement plan or an individual retirement account. For more information, contact us at (815) 893-9975.

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 (815) 893-9975 about how our comprehensive service can benefit your business!

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 (815) 893-9975.

When it comes to foreign bank accounts, consulting with a financial expert is always your best bet. But there are key tax considerations you should be aware of when handling any money-related compliance issues – from assessing credit concerns and understanding taxation requirements to other potential risks.

Get real answers from a tax professional! Give us a call at (815) 893-9975.

Important Tax Considerations if You Have a Foreign Bank Account | www.financialhotspot.com As a U.S. resident, owning a foreign bank account isn't something you should take lightly. The IRS requires you to report your foreign bank account if your account balances exceed certain limits. As with any financial compliance issue, always make sure you consult with a skilled financial advisor or...

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 (815) 893-9975.

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 (815) 893-9975.

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 (815) 893-9975.

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 (815) 893-9975 so we can help!

Tax Relief can be a great way to settle or reduce your tax bill, but the amount of help you receive often depends on how much money is owed and other specific factors from your return. From payment plans to Offer in Compromise programs, here are some popular solutions for resolving high taxes:

For all your tax-related questions, contact us at (815) 893-9975. We'd love to help you!

Individual Tax Relief: What Are Your Options? | www.financialhotspot.com Individual tax relief refers to several programs and initiatives that aim to assist taxpayers in settling or reducing their tax bills. However, these resolutions depend on how much you owe the IRS, along with other factors surrounding your tax return. Here are the different types of tax resolution t...

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 (815) 893-9975.

📢 Attention, do you have a home office? Don't forget to take advantage of the home office deduction if you have a designated space in your home used exclusively for your real estate business. This deduction can help you reduce your taxable income. Consult with our accountants to ensure you're maximizing this tax benefit! 🏠 Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (815) 893-9975.