Global Taxes & Accounting Ltd

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 (847) 376-8210.

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,...

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 (847) 376-8210 to schedule a consultation!

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 (847) 376-8210. We’d love to help you!

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 (847) 376-8210 to schedule a consultation!

Making errors on your tax return can be a worrying experience. Fortunately, the IRS has measures in place that may provide some relief from additional scrutiny or penalties – if you understand what process to follow for your unique business and taxes situation. Taking proactive steps now could save you time, money, and effort down the road!

To schedule a consultation, contact us at (847) 376-8210

How to Fix Mistakes on Your Business Tax Return | www.financialhotspot.com Filing taxes for your small business can be quite a challenge, especially if it’s your first time filing or your business has undergone significant growth. If you make mistakes on your business tax return, you may need to take action to correct them by filing an amended return. Failing to correct ...

Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (847) 376-8210. 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 (847) 376-8210 to schedule a consultation!

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 (847) 376-8210 about how our comprehensive service can benefit your business!

Are you an American living and working abroad? Don't be caught off guard - familiarize yourself with the IRS rules concerning foreign earnings. Get answers to some common questions related to taxes so that your finances remain compliant!

For all your tax-related questions, contact us at (847) 376-8210. We'd love to help you!

Answering the Top Tax Questions for Americans Working Abroad | www.financialhotspot.com For many Americans, the prospect of working abroad is as exciting as it is burdensome. While moving to a new country for work presents exciting new experiences and opportunities, it also presents new tax requirements. As a US citizen living and working outside the country, your earnings are subject....

Emergency funds can create financial buffers that will help keep you afloat during unforeseen expenses without having to rely on credit cards or high-interest loans. Emergency funds are particularly useful and important if you have debt because it helps you avoid accumulating more. If you have questions about how to set up your emergency fund, give us a call at (847) 376-8210!

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 (847) 376-8210 for more information about our services.

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 (847) 376-8210.

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 (847) 376-8210. 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...

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 (847) 376-8210.

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 (847) 376-8210 to talk about what your business exactly needs.

We're here to answer any and all questions you have! Stop being your own accountant. Talk to us today at (847) 376-8210 about how our comprehensive service can benefit your business!

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 (847) 376-8210 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 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 (847) 376-8210 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 (847) 376-8210.

Are you ready to take the first step towards a more secure financial future? A Roth IRA is an excellent way to start investing with after-tax dollars and reaping unique tax benefits. To lend a hand, check out this beginner's guide – packed full of helpful information about getting started on your journey of retirement savings success! With careful planning over at least five years, you can enjoy stress-free access to these exclusive rewards down the road.

Let's talk, call us at (847) 376-8210.

A Beginner’s Guide to Roth IRAs | www.financialhotspot.com Opening a retirement savings account is one of the most popular retirement planning strategies. The individual retirement account (IRA) is an account in which you contribute after-tax dollars. A Roth IRA is similar to a regular IRA but with different tax advantages. Your account must be active for a...

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 (847) 376-8210 today!

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 (847) 376-8210.

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 (847) 376-8210!

Knowing how to read and analyze your balance sheet is a crucial component of effectively managing the financial standing of your business. Use this guide for an easy-to-follow roadmap on making sense of all that financial lingo!

To schedule a consultation, contact us at (847) 376-8210.

Making Sense of Your Balance Sheet | www.financialhotspot.com A balance sheet is a financial statement that summarizes the financial status of your business for a particular time. Simply, a balance sheet indicates your business' assets, shareholder equity, and liabilities. Every transaction you make in your business affects the balance sheet in one way or anot...

We'll save you hours of confusion and stress - you can count on that! Contact us today at (847) 376-8210 for more information about our services.

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 (847) 376-8210 to speak to one of our finance professionals.

Reduce Taxable Income - Participate in an employer-sponsored retirement plan or an individual retirement account. For more information, contact us at (847) 376-8210.

With college costs skyrocketing, saving for tuition can be overwhelming. Fortunately, there is good news! A 529 plan offers an easy way to save with minimal impact on your financial aid eligibility. Learn more about why you should consider a 529 and what to expect when setting up this savings option today!

Need an accountant? Why wait? Call us today at (847) 376-8210 to schedule a consultation!

How a 529 Plan Can Help You Save for College | www.financialhotspot.com There are many ways to save money for college. For many people, a 529 plan is one of the best ways to save money for higher education. A 529 plan gives you tax benefits if you use the money to pay for qualified education expenses for a specific beneficiary. Using your 529 plan, you can

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 (847) 376-8210.

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 (847) 376-8210 to schedule a consultation.

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 (847) 376-8210.

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 (847) 376-8210 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...

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 (847) 376-8210 about how our comprehensive service can benefit your business!

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 (847) 376-8210.

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 (847) 376-8210.

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 (847) 376-8210 so we can help!

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 (847) 376-8210.

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...

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 (847) 376-8210.

🤔 Did you know that proper bookkeeping can save you time⏰ and money💰? Leave the number-crunching to us while you focus on growing your business. Our dedicated team is here to ensure your books are accurate and up to date! Do you have questions? We have the answers! Talk to us at (847) 376-8210.