Berg Faircloth & Company

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 (703) 821-1040 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 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 (703) 821-1040.

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 (703) 821-1040 to schedule a consultation!

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 (703) 821-1040 for more information about our services.

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 (703) 821-1040 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...

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 (703) 821-1040 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 (703) 821-1040. We’d love to help you!

Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (703) 821-1040. We can't wait to start working together!

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 (703) 821-1040.

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,...

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 (703) 821-1040!

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 (703) 821-1040 to schedule a consultation!

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 (703) 821-1040. 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...

We'll save you hours of confusion and stress - you can count on that! Contact us today at (703) 821-1040 for more information about our services.

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 (703) 821-1040 today!

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 (703) 821-1040 today!

Are you looking to make 2023 the year of your financial dreams? Then why not start by taking a few simple steps towards reaching your savings goals! It’s easier than it may seem — even tiny changes can add up over time. To get started on this journey, here are some helpful strategies for saving more money in the new year:

For more financial help, contact us today at (703) 821-1040.

Smart Strategies to Save More Money in 2023 | www.financialhotspot.com Saving money is one of the most common New Year’s resolutions, and by making a few changes to your financial routine, you may find it’s easier than you thought to reach your savings goals. Even small changes can add up over time to improve your finances. The following are a few smart strategies ...

We're here to answer any and all questions you have! Stop being your own accountant. Talk to us today at (703) 821-1040 about how our comprehensive service can benefit your business!

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 (703) 821-1040.

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 (703) 821-1040!

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 (703) 821-1040.

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...

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 (703) 821-1040 to talk about what your business exactly needs.

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 (703) 821-1040.

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 (703) 821-1040.

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 (703) 821-1040.

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...

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 (703) 821-1040 to speak to one of our finance professionals.

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 (703) 821-1040.

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 (703) 821-1040.

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 (703) 821-1040.

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...

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 (703) 821-1040 about how our comprehensive service can benefit your business!

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 (703) 821-1040.

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 (703) 821-1040 to schedule a consultation.

Without a solid tax plan, you may find your business facing tax compliance issues and financial penalties that threaten the health of its operations.

Get real answers from a tax professional! Give us a call at (703) 821-1040.

Important Tax Considerations for Your Growing Business | www.financialhotspot.com Paying taxes is an integral aspect of doing business. Your business’ tax obligations depend on various factors, including the size and geographic scope of your operations. As your business expands, chances are, your tax obligations will also increase. As you map out your business’ long-term grow...

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 (703) 821-1040 so we can help!

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 (703) 821-1040.

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 (703) 821-1040.

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 (703) 821-1040. 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

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 (703) 821-1040.

Reduce Taxable Income - Participate in an employer-sponsored retirement plan or an individual retirement account. For more information, contact us at (703) 821-1040.

Did you know that you can deduct the cost of business-related travel and transportation expenses? Keep track of your mileage, airfare, and other transportation costs to maximize your deductions. Get real answers from a professional! Give us a call at (703) 821-1040.