Wishing you and your family a very happy Hanukkah!🌟 We hope your eight days are filled with light, warmth, and joy!
Built on a solid foundation of excellent client service and in-depth market knowledge, Berg Faircloth
Berg Faircloth is built on a solid foundation of excellent client service and in-depth market knowledge. We strive to develop a working relationship with each client to foster a greater understanding of your needs and objectives while maintaining the ethical standards of our profession. We provide tax and accounting services for individual and business clients.
Wishing you and your family a very happy Hanukkah!🌟 We hope your eight days are filled with light, warmth, and joy!
A CPA is an accountant who takes care of all the math inside of your business dealing with financial planning, bookkeeping, tax returns, and more. Being a business owner is a lot as it is, especially when you add quarterly taxes and accounts receivable - tasks can start to pile up. No problem is too big, and no detail is too small. We are available to handle it all! Give us a call at (703) 821-1040.
Do not worry about your personal credit score being affected by a company-issued credit card. Consumer credit bureaus reports only affect individuals who personally guaranteed the debt on the business card. If you have more questions, don't hesitate to contact us at (703) 821-1040.
If you are fresh to the accounting world, here are a few easy tips to always remember. Keep as many documents as possible. The more, the better. Be sure to keep track of all expenses. Numbers don’t lie and it will keep you informed on how you are doing each quarter and where your money is going. Lastly, hire a qualified accountant like us so you can focus on what you do best. Give us a call at (703) 821-1040 to get started today.
Staying up to date on your business’ financial reports is essential for success. It requires accurate and timely reporting as it can provide a glimpse into the health of your business and guide decision making. When done accurately and properly, financial statements can fuel your business growth and promote business continuity.
Savvy business owners understand the importance of having a complete, up-to-date understanding of a business' financial status. One of the most effective ways to accomplish this is through timely and accurate financial reports. When produced efficiently, financial reports provide a snapshot of finan...
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.
A trial balance is a type of bookkeeping worksheet with two columns, one for debits and one for credits, that ensures a company’s bookkeeping is mathematically correct. The reason it is called a trial balance is because it provides a test of a fundamental aspect of a set of books but isn't a full audit of them. They're often the first step in an audit procedure as they allow auditors to make sure there are no mathematical errors in the bookkeeping system before moving on to more complex and detailed analyses. If the total debits equal the total credits, the trial balance is considered to be balanced, and there should be no mathematical errors in the ledgers. Got more questions? Contact us at (703) 821-1040.
It's important for parents to establish positive financial habits in their children at a young age. Build saving and budgeting skills by providing a weekly allowance as payment for completing chores. When children have to work for their money, they’ll learn to use it more carefully! Contact us at (703) 821-1040.
Accounting practices and solutions benefit your business by improving your efficiency and productivity. It allows your business to achieve its objectives quicker and returns in investments through creating happier customers and employees.
While running a business is often a rewarding endeavor, it involves many hectic processes. They include marketing, sales, product development, human resources, and management. Effective accounting methods allow your business to achieve its objectives faster by harmonizing these processes. Modern acc...
We’d like to wish our clients, business partners, associates, friends, and all of your families a happy Thanksgiving. We are grateful for your trust and loyalty! Thanks for being part of our family. 🦃🥧
Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (703) 821-1040.
It’s important to keep certain documents handy for business and tax purposes. Make digital copies and keep physical copies of your payroll documents, 1099 forms, tax returns, customer payments, sales receipts, customer invoices, cancelled checks, bank statements, and credit card statements. Searching for a skilled and professional accountant? Look no further! Contact us at (703) 821-1040 to schedule your consultation. We look forward to working together!
Life is rarely as linear as we expect it to be - sometimes it can take us a while to feel financially secure enough to begin saving for retirement. Whatever your circumstances are, it isn’t too late to start! Focus on what you can contribute to your retirement accounts as anything you can add now has the potential to grow over time. Remember to also consider when and where you want to retire, as this can also affect how much you'll need to save. Need an accountant? Why wait? Call us today at (703) 821-1040 to schedule a consultation!
Electric vehicles have many pros and cons, and a number of laws have been passed about them in recent years. For more information on its tax implications and any credits you might be entitled to, give us a call at (703) 821-1040.
Depending on your unique tax situation as an expat, you might be required to fill out international tax reporting documents. The Foreign Account Tax Compliance Act (FATCA) or Foreign Bank and Financial Account Reporting (FBAR) are forms related to reporting foreign assets, investments, and income to the United States government. Both forms are important and key in avoiding problems with the IRS. Learning the differences in these forms can help you better prepare your financial documents accurately.
When it comes to international tax reporting, you’ll undoubtedly come across these two acronyms: FATCA and FBAR. While both FATCA (Foreign Account Tax Compliance Act) and FBAR (Foreign Bank and Financial Account Reporting) are forms related to reporting foreign assets, investments, accounts, and i...
Piggy banks are a great savings vehicle for younger children, but when they hit elementary school, consider opening a kid's account at a bank. It's a great way to start instilling the importance of gradually building up their balance as well as an introduction to the banking industry. Call us at (703) 821-1040.
Your business isn't bookkeeping, but it is ours. Let us take care of it for you! Contact us today at (703) 821-1040.
Retirement-specific saving accounts, such as 401ks, are a great way to build up your retirement nest egg. That said, there can also be drawbacks to these types of accounts. One common example is that before January 1, 2024, you typically can’t withdraw funds before age 59 ½ without incurring penalties or taxes. Whichever type of account you use, researching its advantages and disadvantages will help you make an informed decision. 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.
Intelligent investments are one of the best ways you can make your money work for you during volatile markets. Patience, research, and tips like these can make a world of difference when learning to develop a healthy investment strategy. Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (703) 821-1040.
Inflation is marching forward at a dizzying pace. In the last year, it's risen to an alarming 4.5% and higher, so that savings account you rely on for your financial security is constantly being outpaced. One important strategy to outrun inflation is putting your money to work through intelligent in...
Managing your finances is one of the most intimidating parts of adulthood, especially if you're lacking the necessary financial literacy and planning skills. We've compiled a list of the most common financial mistakes that often lead people to major economic hardship, which you can view below. Need help with your finances? Schedule an appointment with us today at (703) 821-1040!
Did you know that setting up and reviewing a budget is directly related to startup success? 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.
Even though online tax software and apps are relatively easy to use, hiring a tax professional ensures that you receive all the tax deductions that you're entitled to. Real interactions still matter, call us today at (703) 821-1040!
Millions of homeowners face the tax ramifications of homeownership caused by mortgages, property taxes, capital gains, and more. Navigating this complex process is necessary in order to avoid any penalties from the IRS. Buying a home can impact your tax preparation and filing process, and it is important to know how this purchase can have tax implications on your overall financial status.
Owning a home comes with many responsibilities, from regular maintenance to insurance and tax implications. Every year, millions of homeowners face the challenge of properly reporting all their deductions, credits, and taxable income from their properties when filing their returns. From mortgage int...
Once you’ve opened your retirement account, choosing how to invest the money in it your account is key. It’s a good rule of thumb to hold a mix of stocks, bonds and cash, but the allocation of these assets depends on your risk tolerance and your retirement goals. If you need help with your retirement plan, look no further. Schedule an appointment with us today at (703) 821-1040!
Keep an eye out for the zombie CPA and his pal, Account Dracula. Wishing you a happy and safe Halloween! Contact us, your trusted CPA, at (703) 821-1040 to schedule a consultation with us - don't worry, we won't cost you any limbs!
As children get older, they may want to try their hand at smaller gigs to help build their savings. It's important to encourage them, but make sure they're able to balance work, homework and extracurricular activities. Some part-time job ideas you can suggest are mowing lawns or walking the neighbor’s dog! If you have more questions, contact us at (703) 821-1040.
Expanding a business to have overseas operations often comes with tax-related challenges that can affect tax planning and compliance. Most multinational businesses must take these important topics into consideration with international expansion and success.
International expansion can present various tax-related challenges, such as double taxation, indirect taxes, exchange rate volatility, and confusing tax codes. Organizations with overseas operations also have to juggle tax compliance and tax planning. While the former helps your company conform to r...
Parents often worry that discussing their financial situation with their children will cause undue stress. In reality, being open and honest about your family’s finances can help improve their understanding of budgeting and spending responsibly. It will also help prepare your child for the ups and downs of their own financial future. Contact us today at (703) 821-1040.
Did you know A.I. is making its way into the accounting world? The evolving capabilities of A.I. could bring new value to bookkeeping tools and the businesses they serve. While there may be some benefits of using this technology, remember that accounting is very, very precise. Generative A.I. is not. Get started with our bookkeeping service today by contacting us at (703) 821-1040. https://bit.ly/45vCHTW
Have you been tracking your mileage this year for your 2023 taxes? For 2023, the IRS' standard mileage rates are $0.655 per mile for business, $0.22 per mile for medical or moving, and $0.14 per mile for charity. Read this article to familiarize yourself with the use requirements and how to make sure you are properly tracking miles to be ready for tax season. For all your tax-related questions, contact us at (703) 821-1040. We'd love to help you!
The 2023 IRS standard mileage rates are 65.5 cents per mile for every business mile driven, 14 cents per mile for charity and 22 cents per mile for moving or medical.
Picking the right accountant for you and your business can sometimes be difficult when you don’t know the right questions to ask. These 9 questions can help guide you throughout the process to ensure that your business’ growth, profitability, and long-term objectives are top priority.
A professional accountant plays an essential role in helping your startup achieve its strategic objectives. However, picking the right fit for your business isn't always a straightforward affair. These questions will help you in the process of searching for a suitable business accountant: 1. What Ar...
Every parent knows what it’s like to be inundated with requests from their kid for the newest toy or video game. Younger children, in particular, don’t understand that there’s only so much money you have each month for discretionary purchases. Encouraging kids to pay half the cost of the toy they want will give them a better sense of what things cost and how to save money. Contact us today at (703) 821-1040!
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 (703) 821-1040 to get started today.
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 (703) 821-1040 to schedule a consultation!
Managing your credit score is a vital aspect of personal finance and can have multiple effects on your ability to borrow money. Unfortunately, some people struggle with maintaining a good credit score due to a variety of reasons such as excess spending habits or a lack of financial education. Following these tips can help boost your credit score and get you one step closer to financial freedom. No problem is too big and no detail is too small. We are available to handle it all! Give us a call at (703) 821-1040.
A good credit score gives you access to financing and positively impacts your ability to borrow money. It is also essential when seeking approval for a mortgage or rental and can affect your job opportunities. Unfortunately, some people struggle with maintaining a good credit score due to poor spend...
A budget helps ensure that your expenses meet your income and keep your finances in order. Not only can it help you in an emergency, but it also helps you fix any bad spending habits and take back control of your finances. Because a budget limits your spending, it guarantees that you only spend what you can afford, which reduces your financial stress and improves mental health! If you have questions about how to set up a budget that works for your financial situation, give us a call at (703) 821-1040!
Net income refers to the money you may have available after taxes and deductions are taken out of your paycheck. For a business, net income is the money that's left over after paying operating expenses, administrative costs, cost of goods sold, taxes, insurance and any other business expenses. Searching for a skilled and professional accountant? Look no further! Contact us at (703) 821-1040 to schedule your consultation. We look forward to working together!
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 (703) 821-1040 about how our comprehensive service can benefit your business!
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!
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!
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For over 60 years Berg Faircloth & Company has enjoyed a reputation for highly personalized accounting services for business owners and individuals alike. We have passed-down a philosophy of superior client service and skill to each partner and member of our team. It is our mission to help clients enjoy better financial health and benefit from an organized tax and accounting strategy.
Our firm was founded by Eli Berg, who later promoted Oscar L. Faircloth to partner in 1963. Oscar’s son and daughter, Ricky L. Faircloth, PFS and Angela K. Wyrick, CPA, PFS were brought on and later made partners themselves in 1992 and 2001, respectively. Leadership in tax and accounting is a part of our family history and makes our firm truly unique. When you visit Berg Faircloth & Company, you can trust your finances will be handled by a team with a shared vision and passion for problem-solving and best-quality service.
Whether you are a business owner looking for improved tax and accounting strategies, or you need assistance with multiple income channels, our team is here to help. Your first consultation includes a review of your last two years’ worth of tax returns. For business owners, we take partnership interests into account and make them a part of the accounting strategy as well.
During this meeting, we make it a point to determine where clients can save money, how their tax strategy can be improved, or what proactive steps can be taken to increase compliance and reduce risk. We ensure your visit with our professionals is efficient and that we make the most of the time you have set aside to speak with us.
You can find our Leesburg accounting firm directly across the street from the Lansdowne Woods (formerly Leisureworld) and close to Inova Hospital - Landsdowne Campus. We welcome you to read more about our team and services on our website or contact our office today for a consultation!