The weather is warmer around much of the country, and mostly everyone has received their tax return, so now comes the time for vacations and other expenses that you might just not be ready for. Has it been awhile since you’ve had a vacation with the family? Is the reason due to financial problems? Perhaps a lack of saved money for events and expenses like vacation planning? If you’re hoping to enjoy a summer get away this year or in future years, consider these helpful tips:
- Set up a separate savings account that isn’t related to your current savings. Having this account will help you pay more attention to your specific vacations savings and allow your everyday savings account to stay separate.
- Scale back on leisurely expenses. Do you truly need that triple macchiato every morning? Cutting back on eating out and other expenses that can be prevented will ensure you have money to add to your vacation savings.
- Do you have a lot of clutter that you don’t need? Consider having a yard sale to collect vacation money.
- Keep track of your finances with a savings or budget app.
- Plan a week’s worth of spending. This ensures you stay within a budget and can count on having a comfortable amount of money to spend on a vacation.
- Make weekly contributions to your vacation fund. By making a weekly contribution, you’re proving that your vacation is high priority in your financial life.
Do you need more in-depth help with saving money and having a more financial foundation? Consider seeking out the premier CPA in Hawaii, visit Michael J. Yuda CPA, LLC today!
Every year, the IRS reports on the most common mistakes that taxpayers make on their returns. Everything from missing Social Security numbers to name misspellings make the list. However, there are some mistakes that people make on their taxes every year that you might not be aware of. Here are a few common overlooked tax deductions that you might miss when filing your taxes.
- Dependent Parents: If you’re providing more than 50% of your parent’s financial support, and those expenses exceed 10% of your adjusted gross income, you may qualify for a very large deduction.
- Sales tax on a new car: Used cars don’t count, and there are a few restrictions, but if you purchased a new car, you might be able to deduct the sales tax.
- Continuing education deductions: If you itemize your deductions, you may be able to deduct various employee business expenses, including continuing education, professional publication subscriptions, professional association dues, and even tax preparation fees.
- Business meals and entertainment: If you’re a small business owner or work freelance, you can write off business and entertainment expenses.
- Home energy efficiency improvements: If you are or have made your home more energy efficient, you may be able to deduct up to $1,500 off your tax bill.
There are many more hidden deductions that are often overlooked. If you don’t want deductions to be overlooked, consider seeking the tax consulting service of Michael J. Yuda CPA, LCC today!
Having a positive relationship with your accountant is the best way to help your financial stability. Having regular contact with them is essential to ensure everything is in order. It’s important to try and maintain a good relationship with your accountant, as they can be a crucial component to your personal financial health, as well as the health of your business. The following tips will help you build and maintain a healthy relationship with your accountant:
- Keep agreed records and deadlines
- If there are any changes to your business or personal finances, make them known immediately
- Discuss major issues with your accountant, such as tax implications, salary, dividends, etc.
- Always pay your accountant on time
- Don’t be afraid to ask questions
- If your accountant isn’t adapting to the needs of your growing business, don’t be afraid to speak up
- Allow your accountant to focus their energy on helping you succeed, not avoiding IRS penalties. An accountant is there to help you stay on track and ensure you’re finances are in order
The major secret to maximizing the relationship with your accountant is to always keep open communication with them throughout the year. If you’re looking for a CPA in Hawaii, you can trust Michael J. Yuda, CPA, LLC.
When it comes to QuickBooks bookkeeping things can get rather complicated and tedious. However, with a few tricks and tips, you can save time when you’re doing your QuickBooks bookkeeping. QuickBooks is an extremely powerful tool, but like any other advanced programs, QuickBooks has its learning curves. If you manage to do your own QuickBooks bookkeeping, then follow these amazing tricks to help save time when you’re bookkeeping.
- Batch Invoicing: QuickBooks allows a user to invoice multiple customers at once for the same item. This simple trick can cut hours of time off every month.
- Customize your icon bar: Customizing our icon bar to include your most used features will make your bookkeeping easier and faster. I bet you wish you thought of that earlier!
- Price Changing: If you need to increase prices on a number of items on your list, don’t sit and change the number one-by-one. Using the change item prices tool to change selected items by a percentage will cut a large fraction of time off of your bookkeeping.
- Find: The find feature is no secret to accountants, but many people overlook this amazing feature. The find feature in QuickBooks can helps do a speedy search for transactions, accounts, check numbers, items and any other material you may need. Using find will have you flying through your books.
- Email your invoices: If you’re going the old fashioned route and still sending paper invoices, make the switch to Email today! Setting up Email invoices is quick and will save you hours per month.
QuickBooks is a great tool, but hard to conquer without proper guidance. If you’re still stuck, or feel that you’re wasting a lot of valuable time, consulting Yuda QuickBooks ProAdvisor Hawaii can help put you on the right path.