Blog

Money Doesn’t Come Without Guidance ...

TAX Blogs

15 Best Blogs To Follow About Tax

If taxes drive you crazy more than anything else in the world, then know them better – for escaping them is not a solution. To get some help with the complex taxes, further your tax knowledge by checking out the following 15 tax blogs:

TaxAct Blog (blog.taxact.com)
Get rid of the complexities of taxes with some simple tips and solutions from tax experts. This blog will also help you manage your personal finances better in the long run.

Intuit TurboTax Blog (blog.turbotax.intuit.com)
TurboTax Blog from Intuit is a must-follow blog for those who always face difficulties while filing for taxes and getting the right tax refund. From tax news to useful tax tips, this blog provides it all.

Taxes For Expats (blog.taxesforexpats.com)
Taxes for Expats (TFX) is an excellent expat tax blog that helps expatriates and retirees get all the knowledge they need to manage their taxes in a hassle free way.

Community Tax – Tax Blog (communitytax.com/tax-blog)
Whether you have encountered some difficult situations with the Internal Revenue Service (IRS) and/or State Taxing Authorities, Community Tax Blog will provide you all the information required for tax resolution services across the nation.

TaxProf Blog (http://taxprof.typepad.com/taxprof_blog)
Designed specifically for those who want to know Amercian tax law better, the TaxProf Blog is one of the best web resources you will find on taxes.

21st Century Taxation (21stcenturytaxation.blogspot.com)
As the name suggests, this blog provides information about tax reforms and tax systems in the 21st century, with posts that mainly focus on federal, California and multistate matters.

A Taxing Matter (http://ataxingmatter.blogs.com/tax)
A Taxing Matter is run by Professor Linda M. Beale who shares her opinions about the U.S. tax policy in an enlightening manner.

Tax Policy Center (http://www.taxpolicycenter.org/taxvox)
Tax Policy Center is a blog by the Urban Institute and the Brookings Institution, which provides in-depth guides on U.S. tax policy. The information provided on this blog is helpful for not just the public but also the policymakers.

Don’t Mess With Taxes (http://dontmesswithtaxes.typepad.com)
A blog by Kay Bell, a professional journalist and tax author, Don’t Mess With Taxes is a platform that delivers excellent tax viewpoints, tips, and resources to prepare for taxes.

THE WANDERING TAX PRO (http://wanderingtaxpro.blogspot.in)
This blog by Robert D Flach, a veteran tax professional, provides current information and advice on taxes. One can even get some insights on tax policy and professional tax practice by reading this blog regularly.

The Tax Policy Blog (https://taxfoundation.org/blog)
The official blog of the Tax Foundation, the Tax Policy Blog provides taxpayers with brilliant analysis and information about tax policy at not just the federal and state levels but also at local levels.

Taxable Talk (http://www.taxabletalk.com)
Taxable Talk is a blog from Russ Fox, E.A., of Clayton Financial and Tax of Las Vegas, Nevada. The blog provides relevant information on tax reforms, the IRS, tax preparation, payroll taxes and much more.

Start Making Sense (http://danshaviro.blogspot.in)
If you want to make sense of the taxes you are liable to pay, just read this blog for advice and knowledge on tax as well as budget policy.

Tax Problem Attorney Blog (https://www.taxproblemattorneyblog.com)
Manage your taxes better with the help of useful tips and information shared on the Tax Problem Attorney Blog by the Brager Tax Law Group.

MauledAgain (http://mauledagain.blogspot.in)
While Prof. James Edward Maule shares his opinions on a number of subjects through this blog, the information that he provides on tax law makes the blog one of leading resources for tax knowledge.

Tax preparation

All you need to know about Year End Audits

Year-end brings with it not just excitement and celebrations, but also the responsibility to complete financial audits. Maintaining proper accounting records is a key aspect of any company’s financial reporting. So here’s a quick guide to help you understand all that you wanted to know about year-end audits.

Preparing for a Year-end Audit

A year-end accounting audit is a procedure of examining a company’s financial situation in its entirety. It’s done to ensure that the company complies with the pertaining laws and accounting standards. Preparing for year-end audit in advance will make sure that the process goes smoothly. Basic auditing can help you ensure a trouble-free year-end audit that can prevent an audit from the IRS as well as keep you safe from legal issues arising from faulty or fraudulent accounting information.

Information collection and retrieval

Every business must collect financial information reliably and store it in a secure manner. From bank statements to invoices and canceled checks, everything must be organized and kept in separate files and folders for quick retrieval, as and when needed. Care should be taken to keep relevant and related documents at the same place. This process also helps in resolving any issues or answering any queries of the shareholders or the IRS, if the need arises. It is also helpful in judging the financial situation of the business and improving it.

Keep a check on the company’s internal accounting controls

Securing the confidential accounting information is one of the most important aspects of auditing. With adequate internal accounting controls, protection against theft and fraud is assured. Keep accounting personnel separate and, if possible, assign different accounting duties to different employees. Keep the safes locked all the times and accounting systems password protected with restricted access. Another important internal control is to install surveillance cameras and systems for understanding who accessed what information and when.

Compare records regularly

A beneficial accounting practice is to compare internal records with external records to ensure their credibility. By doing so, you can assure that your company’s accounting records are accurate and this could ease the year-end audit tremendously. Any errors can be rectified in time and your company’s reputation could be saved.

Create an audit report

Once you have maintained proper records, an audit report must be prepared to summarize the financial position of the company, to assess the accounting system, and to highlight business departments that are performing well. This document will help a great deal for future use and can become handy in case the IRS audits your business.

Auditing your company’s financial statements should be a regular activity as it helps in ascertaining the profitability of the business and is one of the key requirements of lenders, investors and creditors. And when it comes to a year-end audit, it should never be looked at as an ordeal. There is no denying that a year-end audit involves a lot of hard work, but it is highly beneficial to understand your company’s past accounting procedures, improve them and plan ahead for better financial health. Just prepare for the audit all year round by following best practices and welcome the new year without any worries.

Is your company taxation strategy not effective. Well, we're here to help. Call us on +1 469 828 0829 to speak with our experts.

Tax services

Tips to add more Dollars to your Company Balance Sheets

Running a business is all about ensuring your profits grow along with the sales chart, validating the success of your business. But to ensure that your sales chart go up constantly is certainly not an easy task. With competing brands offering similar products at about the same prices, you need to implement better sales techniques to keep on adding more dollars to your company balance sheets. Explained below are some of the ways that you can implement to attain better sales and increase your business profit.

Offer Discounts One of the most important aspects of a product, according to customers, is its price. If a new customer has to choose between two similar products, they always pick the one which costs less.
Here are some discounts you can offer to attract new customers and to retain the existing ones:

Seasonal Discounts Consider decreasing the prices of certain products as seasonal discounts. Just like clothing brands clear their summer collections with high discounts before the winter stocks arrive, or when electronics and home furnishing stores offer great deals and discounts during the holiday season.

Combo Discounts Bundle up products that are used together and sell them at prices lower than what their combined separate prices would be. A good example here would be “value packs”, usually offered by FMCG brands.  

New Launch Discounts When launching a new product, a business can sell it for a lower price than similar products from competing brands. This attracts people and when they become loyal customers you can sell the product for the same price as the other brands without having a severely bad effect on your company’s sales.

Add Extra Services and Products Nothing attracts a customer like the word: “Free”. You can offer any additional service or product with your existing products to get more attention from the customers than your competition.

Free Products In a deal where you offer a free product with your existing product, ensure that the profit of the combined deal covers the free product’s price to add more dollars to your business accounts.

Free Service and Repairs Another interesting way to attract more customers is to offer free repair and service on your products. When you increase the customers’ trust in your products, they choose you for their next requirements as well. This also makes sure that your old buyers feel included and refer you to their friends and family.

Take Risks To make sure that your business keeps moving forward, you have to keep moving forward too. Come out of your comfort zone and take risks. You must experiment and take new steps that make you more apparent in the crowd of sellers. Some of the ways you can try this include:

  • Cross-company Collaboration You can collaborate with other companies and brands to sell products that will yield a mutual profit.

  • Keep Regulating Prices Increasing and decreasing your prices at regular times may up your profits significantly. While decreased prices attract more customers, a small increase in price, if done right, yields more profits without compromising on the sales.

  • Increase Market Area Increasing your sales area, especially to places untouched by your competitors, is a great risk. But if you are able to capture the blue ocean markets, you can enjoy uninterrupted leadership in that market for a long time.

These are just some of the ways through which you can add more dollars to your balance sheets. Find a strategy that suits your line of business the best and beat competition like a pro in this ever-changing and fiercely competitive market.

Is your company taxation strategy not effective. Well, we're here to help. Call us on +1 469 828 0829 to speak with our experts.

Tax services

Budget planning for the upcoming holiday season

The holiday season is almost here. Fun times are ahead with family and friends, along with a break from the hustle of work and the monotonous routine life, plus a lot of expenditure! Holidays call for buying gifts for your family and close friends, and of course, giving yourself a taste of that special treatment.

But, wait, are you dreading the empty wallet already? Don’t lose sleep over how you will manage the additional expenses. This article shares with you some smart tips to effectively plan your budget for the holidays and can tell you how to avoid spending too much.

Decide how much you can spend
Thanksgiving is around the corner, and by now you must have got a clear idea about how much can you afford to shell out for the holidays. Consider all probable expenses this year, your savings patterns and any cash requirements in the beginning of the next year before you fix on a budget. Keep it realistic. Too high and you will regret later, and too low budget will mean you don’t get any good gifts and end up spending more money in frustration.

After you have finalized a number, further split it to allocate a specific amount to different things. It is a smart idea to have a small fund reserve to be used just in case you overrun the decided budget. But, ensure that you don’t end up spending recklessly, thinking you have a special backup fund to splurge on.

Avoid spending too much on self-indulgence
It is indeed very difficult to control yourself from buying new clothes, shoes, or that brand new handbag, especially when the shops are offering attractive Thanksgiving or Christmas discount offers. You can somewhat neutralize the holiday expenses by restricting how much you spend on self-indulgence.

So, before you buy anything, ask yourself if you really need it. And this goes for all your lavish plans like weekend movie plans, massages, spa and hitting the bar every night. A photo with Santa Claus in the mall is an exception. But don’t send it to all your friends as a holiday postcard!

Make a Gift-List and stick to it
This might sound so trivial right now, but it will definitely be a life saver as Christmas comes closer. Since you still have a couple of weeks, decide in advance the people you want to buy gifts for and what would you like to get them. While some people make this list and allocate the budget accordingly, it should ideally be the other way round.

When you already set the maximum amount you can spend for each of your loved ones, you can easily decide upon the gifts you can afford to buy for them. Do not stress too much on buying expensive gifts for your family and friends. The idea is to share love and joy, not to win the “Most Expensive Gift Competition”.

Buy your gifts well in advance
Now that you have a gift list ready, you can start hunting for the perfect gifts well in advance. Many stores offer a pre-holiday discount during this time. Buying gifts online in bulk is also a great way to keep your expenses within the budget.

If you are keen on giving personalized gifts, you can look for affordable options online. The benefit of starting early is that you have enough time to find the best deal. Also, you won’t end up buying any random expensive gift in the end, just a day before Christmas.

Planning to set a monthly budget but not sure where to begin? Call us on +1 469 828 0829 to speak with our experts.

Tax services

5 Tax Saving Mistakes you should not make

You might think that your investments will help you save some good amount of money at the time of tax filing, but the truth is – knowingly or unknowingly, you might be committing some serious tax saving mistakes. Here are five such mistakes that you shouldn’t make at all.

Investing everything in stocks that will hold up your money for long
There is no denying that the stock market is a great place to invest your money – but only if you don’t need that money in a few months. It is essential to understand that investing in stocks that will keep your money parked for a long period is not a sensible decision.

You should always have some ready cash with you to meet exigencies if at all they arise. A portion of your savings should go into investment options that can be easily liquidated when needed. You can put some cash in your savings account or a certificate of deposit (CD).

Saving less money for retirement
While we all love to have a good paycheck from our jobs, not assigning a significant amount of your salary towards your retirement contributions is a big mistake indeed. You might think that you will save money gradually, but what’s important is to save money now – when you could. So, increase your retirement contributions to have a good amount of money with you when you retire and also to save more money on tax.

Investing all funds in one place
Another common mistake that people make, either due to lack of time or lack of knowledge is to invest all their funds in one investment vehicle. Remember that the ideal investment portfolio is the one that has diversified investments. While it is not a sure shot way to protect you against losses, doing so will help you minimize the risk.

As the adage goes – don’t put all your eggs in one basket. Thus, if you or your tax advisor is putting all your money in one form of investment, then stop it at the earliest. You might end up losing everything.

Investing in haste
You want to save more on tax, and a particular investment option is said to be making huge returns. You don’t want to lose the game and end up putting a substantial amount of money hurriedly into it. Well, you know what? That’s one of the worst ways to save your taxes as you might end up losing more than what you could imagine. Just because an investment option works for you, it doesn’t necessarily mean that it will be good for everyone. Know your tax-saving needs and then find the most suitable options that help you meet them.

Investing in something that you don’t understand
Putting your money in stocks or investment options that are difficult for you to understand is a grave mistake. Just because their advisors assure them of great returns, many people often park their cash in complex investment vehicles that are difficult to understand and high on risk. What’s the result?

They end up making huge losses. Therefore, whenever you want to invest your money in some investment vehicles, always think them through and go ahead only when you fully understand their terms and modus operandi.  

Wondering how to avoid these mistakes? Simple. Call us on +1 469 828 0829 to speak with our experts.

 

Finacial

10 Tips for First Time Home Buyers

Planning to buy your first home? Congratulations! You are up for an exciting, yet equally challenging task. Buying a new home is a huge investment. And those who are buying a home for the first time, need to particularly careful about a few things. To help you make the most of your first home buying experience, here are some simple tips to follow:

Tip #1 – Fix your budget
You probably already know this one. But, do you really know that a lot of first time home buyers tend to exceed their budget, only to face financial difficulties later on? You definitely don’t want to be one of them. So, determine your affordability and stick to a fixed budget during house-hunting.

Tip #2 – Understand what you want
Before heading towards the home market, understand what is it that you really, really want. Whether you want to have a studio apartment, or a family home, narrowing down your search will help you speed up the home buying process.

Tip #3 – Consider your financing options
Do you have enough money to buy your dream home? Or, would you need a home mortgage? Assess your financial strengths and weaknesses, and consider the different financing options that are available for you. Choose the one that lessens your financial burden in the long run, rather than increasing it.

Tip #4 – Work on your credit score
If you need a mortgage to buy your new home, then you must start improving your credit score at least a couple of years in advance. A strong credit score will considerably increase your chances of obtaining the right mortgage deal without any hassles.  

Tip #5 – Look into the future
Remember that buying a home is a big decision. And so, you need to be careful while choosing the right one. See if you can continue living in your chosen home in the future. Is the place easily resalable? Can you live there with a family? Answer these questions before finalizing a home.

Tip #6 – Choose your neighborhood wisely
While looking for a friendly, beautiful place to live in, choose a neighborhood with low crime rate. After all, you don’t want to compromise on your or your family’s security! So, pick the right neighborhood out of the available options.

Tip #7 – Find a reliable realtor
A realtor can give you easy access to several homes in your preferred area. Plus, with the experience that a real estate agent carries, finding that perfect home of your dreams will be much easier for you.

Tip #8 – Explore a number of options
Do not set your heart on the first beautiful home you looked at. Always explore a number of options. You never know what you might miss out if you make a hasty home-buying decision.

Tip #9 – Get a professional home inspection
Once you have found the right home, don’t forget to get a professional home inspection done. It will help you find about the problems with the place, if any, and you will save yourself from surprises later on.

Tip #10 – Be careful while sealing the deal
Finding the right home doesn’t mean that your work is over. Be extremely cautious while working out a deal with the seller. Complete all the paperwork with absolute focus, so that you don’t miss out any important point that’s worthy of your attention.

We know how much it means to purchase a home, and not dig a hole in your pocket. Well, get in touch here today at  +1 469 828 0829 to speak with our home buying experts.

Immigrants in the USA

5 Financial Tips for Immigrants in the USA

Moving to the USA is a big achievement for many, but to make a living in this land of opportunity is no easy feat either. In order to create a strong financial foothold in the USA, there are a few things that immigrants must keep in mind. This article lists five financial tips that you must know in case you have just relocated to the USA.


Tip #1: Read and learn
Loads of information is available these days when you wish to learn the ropes of achieving financial security in the USA. From web articles to books and even courses on financial skills, there is a lot that you can take help from to improve your knowledge about financial management when you have just started to live in the USA. You can even browse some special websites that provide relevant financial information to the newcomers in the country. Whether you wish to buy a home or want to know about selecting a retirement plan, a good website can offer all this information and much more.


Tip #2: Never ignore the importance of savings
There is no denying that every individual needs to have their focus on saving their hard-earned money, but this becomes all the more important when you relocate to a foreign land, especially the USA where the cost of living is significantly higher than most of the other countries. As much as you can, avoid taking debts as you never know what the future may bring. Living with some good amount of funds in reserve is a wise decision for every US immigrant.


Tip #3: Be careful while transferring funds overseas
When hiring international money transfer services, make sure that you rely on a reputable provider. This will provide you the peace of mind you deserve by transferring your money safely and securely.  Also, be aware of the exchange rate. It makes sense to check with a number of money transfer service providers to get the best exchange rate. Moreover, when you fix your expense budget every month, don’t forget to include the costs of money transfer.

Tip #4: Pay your taxes on time
You should never ever delay your tax filing process. Obtain your Individual Tax Identification Number (ITIN) and know about the IRS forms that you need to fill. Visit the official website of the Internal Revenue Service and you will find all the information you need to file your annual federal tax returns. Besides this, you also need to know about the deductions that you are entitled to. This will help you save several dollars when you pay taxes as a US immigrant.  

Tip #5: Find a reliable finance professional
The United States tax code could be really complex for new immigrants. So, find a reliable and experienced finance professional for proper financial consultation. Such a professional will be able to guide you about various aspects that will have an impact on your financial condition in the USA. From filing taxes to finding the right investment options for you, a good finance professional can help you with it all.


While the above tips are important to be financially secure in the USA, you need to have a good understanding about different frauds to get the much-needed protection against them, especially against those frauds that involve moving services. Thus, be well-informed to be financially safe in this country of dreams.

Our specialized taxation strategies for immigrants can help you save thousands of dollars without having to pay unnecessary amount in taxes. Call us on +1 469 828 0829 to speak with our experts.

Important Taxation Tips for Expats in the USA

Expat tax filing is a complex process. Millions of people live in the USA as expats. If you are one of those and dread the mere thought of filing taxes, then don’t worry, you are not alone. There are many who believe that tax filing should be simpler, but the world of taxes is complicated and it doesn’t work the way we want. So, how can you reduce the stress of taxes?

To get you started, Perfect Tax and Finance has collated seven brilliant taxation tips that you must know as you prepare for tax filing this season.

Register with the IRS – First things first, you need to obtain an SSN (a social security number) for yourself, your spouse and for all your dependent family members, and get registered with the IRS. If you couldn’t get an SSN, then applying for a TIN (taxpayer identification number) is important. In case you are an employer with at least one employee, or in case you pay the excise tax, then you will also need an EIN (employer identification number).

Keep your paperwork organized – All your financial documents must be well organized if you wish to file your taxes without any difficulty. From your bank statements to credit card statements, mortgage interest statements and investment related documents – everything should be kept in a folder and must be arranged date wise for easy retrieval. You might be surprised to know this but there are many people who take documentation quite seriously and keep their tax-related paperwork in a single place for years.

Understand the law of the land – This may be a no-brainer, but there are many who fail to adhere to the taxation rules for expats as stated by the US government. By just sparing a few minutes and reading the taxation procedure in the USA, you can save yourself from big troubles afterward.

Know your deductions – Who doesn’t want to save a few thousand dollars from their hard-earned money? Well, we all want to do that. So, when it comes to taxation, don’t forget to keep a check on the deductions that are available to you. You can save a lot of money with genuine tax deductions from your income.

Don’t forget the state and local tax – When it comes to paying taxes in the US, don’t forget that your tax may be due on more than just federal government level. You have to keep in mind the tax for the individual state that you live in, and at times, you may even have to pay local tax. Figure out the amounts for all these taxes to get a clear picture of your tax filing situation.

Always keep a track of the important dates – In addition to keeping a track of the important financial documents, you must also keep a track of the tax filing deadlines. This will help you avoid penalties and paying higher interest on your delayed tax payments.

Don’t skip the filing process – No matter how hard you may try to remember the important tax filing dates, there are chances that you may forget them. As a matter of fact, every year, there are many people who forget to file their US tax return, but it is never too late to pay what is due. Simply being late doesn’t give you the privilege to ignore the taxes completely. It is always better to be a late taxpayer rather than being a defaulter on purpose. So, as soon as you realize that you are behind your tax filing procedure, work and file your taxes. You will be glad you did that.

Confused about planning your taxation strategy in a foreign country? Well, we're here to help. Call us on +1 469 828 0829 to speak with our experts.

If this is something that you'd be interested in, please get in touch with our taxation experts. Drop in an inquiry here and we'll give you a call within 24 hours. 

Financial planning

Financial Planning Tips For The New Parents To Be

Whether you are a newlywed couple or parents-to-be, financial planning at a very early age has been mandatory, thanks to the current lifestyle. In addition to creating a personal financial plan, building and preserving a family wealth fund to utilize for emergencies and family goals requires a high-level of commitment.

At Perfect Tax and Finance, we provide personal financial planning advice - coupled with one-on-one guidance to develop a comprehensive that suits your personal and family needs. We’ve compiled a few tips for new parents-to-be to create a suitable financial plan that helps manage risk and emergencies, promote long-term savings and ensures the growth and longevity of your wealth.

Tip #1 Create a Distributed Savings Plan

It is a common human tendency to break down the savings plan whenever there is a need. As much as your personal savings should be helpful at times of emergency, it is also essential to set a limit as to how much of your escrow savings can you use up at such times.

If you are using a major part of your savings to procure luxuries, then you are on the wrong path. To overcome this tendency, make it a habit to distribute your savings towards different categories - child’s education, vacation plan, home purchase, four-wheeler purchase and others. When you do this, you know which specific part of your savings can be redeemed when needed.

Tip #2 Save first and Spend the rest

Parenting begins the moment you become pregnant so it is essential to start saving for the child’s future from the beginning with a well-defined plan in mind. Pregnancy and Childbirth, in addition to a lot of happiness, bring in a bunch of additional expenses such as medical charges, lifestyle expenses and much more. To be prepared for these expenses is the first step to saving for your little one.

Tip #3 Create an Emergency Fund

It is highly recommended that you set up a contingency fund keeping in mind the potential financial risks in case of any unavoidable death or disability in the family. Plans such as Health, Home, Life or Term Insurance and other long-term insurance payments that support your family during emergencies can be a great asset during times of crisis.

Tip #4 Choose your Priorities

As much as you wish to create an amazing life for your child, it is also essential to set your limits and choose your priorities. The biggest investment you can make for your child’s future is their education, hence it is essential to make it your first priority for savings. Create a child’s education fund and start investing since Day 1.

If you are unsure where to begin, Perfect Tax and Finance helps accurately estimate the amount of money you'll need, analyze your assets, review estimated shortfalls and consider general alternatives and strategies to help address these potential shortfalls; in order to develop an optimal savings plan given your financial situation and risk tolerance.

Planning to set a monthly budget but not sure where to begin? Call us on +1 469 828 0829 to speak with our experts.

Get Latest Updates