VVV CPA PC

Legacy planning is a complex process, and individuals may find themselves wondering which route to take. Consider the two main options: creating an estate or placing assets in a trust - both of which offer their own unique benefits depending on one's particular needs and objectives. To aid you in selecting your plan, here are some key insights into each option.

To schedule a consultation, contact us at (732) 283-4700.

What’s the Difference Between a Trust and an Estate? | www.financialhotspot.com Long-term financial planning includes leaving a legacy for your loved ones. The simple part is knowing you want to provide for those you care about. The more complicated part of the process is figuring out how to best do so. Common choices for legacy planning include a trust or an estate, each with....

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 (732) 283-4700. We’d love to help you!

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 (732) 283-4700 to schedule a consultation!

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 (732) 283-4700.

If you’re a parent, you may want to teach your children personal finance skills but not know where to begin. How can you get your kids started down the path toward financial independence? Here are some tips to help you get started:

You've got questions and we've got answers! Call us at (732) 283-4700.

Tips for Teaching Kids About Personal Finance | www.financialhotspot.com It’s never too early to start teaching your kids about personal finance. Teaching children money management skills at a young age allows them to build a solid foundation of financial literacy. When children master concepts like budgeting, saving, and debt while the stakes are still relatively low,...

We're here to answer any and all questions you have! Stop being your own accountant. Talk to us today at (732) 283-4700 about how our comprehensive service can benefit your business!

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 (732) 283-4700!

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 (732) 283-4700 to speak to one of our finance professionals.

Don't let record-keeping mistakes cost your business! Properly organized financial documents are the key to an effortless tax season. Make sure you have all your ducks in a row with these helpful tips for smoother preparation and accurate filings that won't get hit with hefty fines or penalties.

Get real answers from a tax professional! Give us a call at (732) 283-4700.

Record-Keeping Tips for Smoother Business Tax Prep | www.financialhotspot.com Every company, regardless of size, must pay taxes. While taxes are a fact of life for business leaders, they can quickly become a significant burden without complete and accurate financial records. Missing or erroneous documents can lead to tax errors that yield serious fines and penalties for your....

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 (732) 283-4700 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 (732) 283-4700.

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 (732) 283-4700.

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 (732) 283-4700.

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...

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 (732) 283-4700.

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 (732) 283-4700 today!

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 (732) 283-4700 to talk about what your business exactly needs.

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 (732) 283-4700.

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...

We'll save you hours of confusion and stress - you can count on that! Contact us today at (732) 283-4700 for more information about our services.

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 (732) 283-4700 about how our comprehensive service can benefit your business!

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 (732) 283-4700.

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,...

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 (732) 283-4700.

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 (732) 283-4700.

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 (732) 283-4700 so we can help!

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 (732) 283-4700.

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...

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 (732) 283-4700.

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 (732) 283-4700.

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 (732) 283-4700.

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 (732) 283-4700 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,....

Reduce Taxable Income - Participate in an employer-sponsored retirement plan or an individual retirement account. For more information, contact us at (732) 283-4700.

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 (732) 283-4700 to schedule a consultation.

Keep all of your financial records organized throughout the year to make tax season less stressful. Set up a system that works for you and stick to it. No problem is too big and no detail is too small. We are available to handle it all! Give us a call at (732) 283-4700.

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 (732) 283-4700.

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...

🤔 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 (732) 283-4700.

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 (732) 283-4700.

How do you know if an accountant is a superhero? They wear a cape-cash flow statement! 🦸‍♂️
To schedule a consultation, contact us at (732) 283-4700.

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 (732) 283-4700. 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....

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 (732) 283-4700.

Did you know that a well-planned budget can help you achieve your long-term financial goals? Whether it's saving for a dream home or planning for retirement, our experienced accountants will help you create a budget that prioritizes your objectives and sets you up for financial success. 💼💰 Looking for a reliable and experienced expert? Contact us today (732) 283-4700.

Tip of the day for small business owners: Consider utilizing a retirement plan, such as a Simplified Employee Pension (SEP) IRA or a Solo 401(k). Not only do these plans help you save for the future, but they also provide potential tax advantages for your business! You've got questions and we've got answers! Call us at (732) 283-4700.