
01/26/2023
A good process tells you precisely what you need to accomplish at every step along the way, and we're here to help make it smoother!
Berg Faircloth is built on a solid foundation of excellent client service and in-depth market knowledge.
Built on a solid foundation of excellent client service and in-depth market knowledge, Berg Faircloth strives to develop a relationship with each client to foster a greater understanding of your needs and objectives while maintaining the ethical standards We strive to develop a working relationship with each client to foster a greater understanding of your needs and objectives while maintaining th
e ethical standards of our profession. We provide tax and accounting services for individual and business clients.
Operating as usual
A good process tells you precisely what you need to accomplish at every step along the way, and we're here to help make it smoother!
The Earned Income Tax Credit has helped workers with low and moderate incomes get a tax break for decades, but it may be brand new to someone you know. Help spread the word about : http://irs.gov/eitc
If 2023 is the year in which you'd like to become a home owner or make a larger investment, this article is for you! Read below to find out more about affordability, risks, and how the market may impact your decision.
It's the end of the year, which means people are setting new financial goals. Before setting yours, here are a few questions you should ask.
If I use a payment card or pay through a third party settlement organization for a purchase, will I receive a Form 1099-K? No! Find more Form 1099-K Frequently Asked Questions here: http://ow.ly/Lsrv50Mj8cI
If you're just starting a new business, or have had one for a while, then you should know the importance of keeping your business and personal expenses seperate. Having separate bank accounts for both business and personal transactions can make filing taxes much easier!
Keeping thorough and accurate records throughout the year will ensure your tax return is correct. If said records are done incorrectly, you may be at risk for an audit. We're always happy to help with any tax related questions or concerns you may have. Contact us today!
The key to getting the most out of your credit card is to manage it with care. To avoid disrupting your financial stability, it’s important to use your credit card responsibly. Here are a few tips to help you out.
https://financialhotspot.com/2022/04/20/how-to-use-a-credit-card-responsibly/
A credit card can be a valuable financial tool that increases your purchasing power while giving you an opportunity to build your credit score. However, if not used carefully, credit cards can become a huge financial burden and cause lasting damage to your financial well-being. The key to getting th...
The IRS gets a copy of the 1099-MISC forms you receive so they can match the income you’ve reported against what they know you’ve received. It's highly important that your report to the IRS matches the amount of income reported in the 1099s you received.
If you’re interested in claiming a tax credit for purchasing a new electric vehicle, take a look at the updated guidelines. https://bit.ly/3vM2TKh
List of vehicles that are eligible for a 30D clean vehicle tax credit and the amount of the qualifying credit, if purchased between 2023 and 2032.
announces that beginning on Jan. 1, 2023, the standard mileage rate for business travel will be 65.5 cents per mile, up 3 cents from the midyear increase setting the rate for the second half of 2022. See: http://ow.ly/Am5450MeW5R
Business leaders and their accountants can support effective tax planning and minimize the company’s tax burden by asking the right questions. Some of the most important questions to answer during tax planning include:
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Business tax planning is essential for all companies, regardless of their size or industry. When done right, it can offer several benefits, including a clearer understanding of your firm's tax liabilities, the opportunity to take advantage of deductions and credits, and a reduced risk of errors and....
The difference between tax evasion and tax avoidance largely boils down to two elements: , view them below:
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Here's what usually constitutes tax evasion and tax avoidance, plus what the penalties are and what might warrant jail time.
Do you know what a CPA does?
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A certified public accountant (CPA) is a designation given to those who meet education and experience requirements and pass an exam.
If you recognize your own negative patterns and are ready to stop, there are solutions. We’ve put together a few tips to help you stop overspending and save instead.
https://financialhotspot.com/2022/07/13/tips-to-stop-overspending/
Overspending can hinder you from achieving the life of your dreams. Mindless purchases likely leave you with severe buyer's remorse and an empty bank account by the end of the month. Then you're left scrambling for money or using a credit card to cover your bad moves. If you recognize your own negat...
Financial accounting and managerial accounting are two of the four largest branches of the accounting discipline (e.g. tax accounting and auditing are others). Despite many similarities in approach and usage, there are significant differences between the financial and managerial accounting. These differences primarily center around compliance, accounting standards, and target audiences.
https://www.investopedia.com/ask/answers/041015/how-does-financial-accounting-differ-managerial-accounting.asp
There are a few big differences between financial accounting and managerial accounting, including why one is highly uniform and the other unique.
The tax year is the actual year where you earn income, pay income taxes, make charitable contributions, work side gigs, etc. The tax season is when you file, report and pay any taxes owed from the last year.
So, during the 2023 tax season, you file taxes for the 2022 tax year. Got it? Keep that in mind whenever we’re talking about the tax season or tax year. It’s important!
Below we’ll take a look at the basics of standard and itemized deductions and some pros and cons of each.
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The standard deduction and itemized deductions both lower your taxes, but the key is finding which one lowers your bill the most.
What is the difference between Bookkeeping and Accounting?
https://www.forbes.com/advisor/business/what-is-bookkeeping/
Bookkeeping is the practice of organizing, classifying and maintaining a business's financial records. It involves recording transactions and storing financial documentation to manage the overall financial health of an organization. Most businesses use an electronic method for their bookkeeping, whe
Are you eligible for the Retirement Savings Contributions Credit ?
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit
The Saver's Credit is a tax credit for eligible contributions to your IRA, employer-sponsored retirement plan or Achieving a Better Life Experience (ABLE) account.
Did you know that even if you have no other qualifying deductions or tax credits, the IRS lets you take the standard deduction on a no-questions-asked basis. The standard deduction reduces the amount of income you have to pay taxes on.
https://bit.ly/3W2TY2D
In 2022 the standard deduction is $12,950 for singles, $25,900 for joint filers, and $19,400 for heads of household. Here's how it works and when to take it.
Why you may want to consider a hybrid workplace:
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A hybrid workplace may give small businesses an advantage when it comes to recruiting new talent and retaining employees.
Do you know what the differences are between a bookkeeper and accountant?
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Bookkeepers are often involved in a business's day-to-day operations, while accountants take a higher-level view.
What are your chances of an audit?
https://bit.ly/3PxWY4m
What makes your return a target for an IRS audit? Math mistakes, missing income and questionable deductions are some big ones. See the rest here.
When searching for a business consulting firm to help you achieve your goals, there are multiple factors to consider. Read more below:
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Many businesses seek out professional consulting firms for their specialized knowledge and access to digital solutions. While some entrepreneurs are independent risk-takers, it's impossible to know everything there is to know about growing a business. Sometimes, it's wise to seek help from people wi...
The key benefits of considering a trust are included in this article, read more below:
https://financialhotspot.com/2022/06/29/why-would-i-need-a-trust/
Basic estate planning typically begins with a will, which outlines important decisions like who will inherit your property and care for minor dependents after you pass away. However, wills are not always the most efficient option to organize your estate, considering the legal proceedings that must h...
Below, we have rounded up the top business tax deductions that business owners should be aware of. But first, let’s understand what business tax deductions are.
https://bit.ly/3SyojE2
Running a business is a lot of work. From overseeing day-to-day business operations to hiring employees, attracting new customers, and directing long-term strategy, business owners have a lot on their plates. Accounting and taxes are among the most demanding functions that business leaders must mana...
Your business may enjoy a 100 % deduction for expenses paid for food or beverages provided by a restaurant. See the guidance at: http://go.usa.gov/xHgy8
IR-2021-79, April 8, 2021 — The Treasury Department and the Internal Revenue Service today issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020.
An important step in getting ready for tax filing season is taking a look at your recordkeeping. For tips on how to organize your records, see these tips from the : http://ow.ly/uFCr50LQhxk
If you owe any taxes, you’ll need to make the payment by the April filing deadline to avoid penalties and interests. If you cannot pay the full balance due, you should still file your tax return to avoid a failure-to-file penalty. Find out more here:
https://bit.ly/3hem4J2
Federal tax returns are usually due on April 15 each year. If the 15th falls on a weekend or holiday, they're due on the first business day after that. However, the IRS grants you an automatic extension to file your taxes each year as long as you complete Form 4868. Some common reasons for requestin...
If you are presenting a business plan or business loan request to a lender, they will most likely ask for a personal financial statement. You may be required to provide a personal guarantee for part of the loan, or you may need to pledge some of your personal assets to guarantee the loan. If you need to pledge your assets, the personal financial statement will be required so the lender can assess if you have enough assets to cover the loan. It is important to be entirely honest on personal financial statements as lying can result in hefty criminal penalties.
A sole proprietorship is one of the most common small business structures. Under this structure, a sole proprietor runs the business as an individual and reports profits or losses on their individual tax return.
For many small business owners, business debit cards and business credit cards can be go-to options. However, there are important differences to consider and circumstances when one type of card could be a better choice than the other.
https://www.americanexpress.com/en-us/business/blueprint/resource-center/manage/business-debit-vs-business-credit-card/
For many business owners, business debit cards and business credit cards can be go-to options. However, there are important differences to consider.
The concept of continuous accounting is grounded on the following fundamental principles:
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Continuous accounting is an approach to accounting cycle management that embraces advancements in information technology and streamlines financial processes within the broader corporate structure. It's a new alternative to traditional accounting methods, in which the largest amount of work is done a...
The benefits of hiring a bookkeeper extend to almost every aspect of your business! As bookkeepers, we are bringing you expertise with efficiencies and systems that will save you time and allot for you to place your focus on growing your business! Gain confidence in your numbers by reducing errors and keeping your stress levels down. Not only will it save you money, but it can also help build your profit so you can continue doing what you do best: running your business and enjoying your life!
A financial plan is the most important plan to create when starting a business. Without the funds to launch and maintain your business, it is likely that your business will sputter and die when it runs out of financial fuel. Keep in mind that it takes most new businesses months or even years to begin to make a profit. Therefore, it is essential to have your financial bases covered until you’re able to create a healthy cash flow.
A marketing plan helps you to attract customers to your business and begin to create a revenue stream. You can have multiple marketing plans: one to promote business, one to introduce new products, and one to develop new customer outreach. The initial start-up marketing plan is what you will use to promote your new business. Take time to think through the details of how you’ll track the successes and failures of various marketing tactics to make wiser decisions in future marketing campaigns.
Your business plan doesn’t need to be a massively long document that you never look at again. A functional business plan is a working document that can take many forms and acts more as a flexible action-planning tool than a structured concrete document. At minimum, you’ll need a streamlined plan that focuses on vision, mission statement, objectives, strategies, startup capital, expenses, and projected income. By focusing only on the essential items, you can get down to figuring out your business more productively and determine how to get from Point A to Point B.
Researching the different types of credit cards and their benefits can help you make an informed and confident decision. Credit card comparison websites are an excellent resource for this. You can also read reviews of different credit cards to see what other consumers have to say.
Here are a few tips to make it a little easier to choose a credit card:
https://bit.ly/3OjjUnq
Credit cards are a popular way to build your credit score and gain increased financial flexibility. However, it can be hard to decide which card is best for you. You have many choices when it comes to choosing the right credit card, with each option offering a different set of benefits. From rewards...
Challenge yourself to 7 days of saving money! Here are a few tips you can follow to save money on a daily basis.
EAs and CPAs can both be tax experts, and the work they do is often similar, but there are some differences between an EA vs CPA. Here are some basic differences between the two!
44135 Woodridge Pkwy Suite 200
Leesburg, VA
20176
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Tuesday | 9am - 5pm |
Wednesday | 9am - 5pm |
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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!
Loudoun Estate Planning Council
Scholar PlazaVG CPA PC- Certified Public Accountant
Maynard Square, Ashburn