Many people are wary of hiring a Honolulu CPA because they don’t think that the expense is worth it. In reality, hiring a reputable CPA to help you do your taxes or manage your accounting often saves you a substantial amount of money. Get the most out of your relationship with your CPA with the following tips.
Stick with the same CPA
Once you’ve found a CPA that you like, continue to hire the same individual year after year. Having a CPA who is familiar with your financial situation increases the odds of him quickly spotting major changes or large discrepancies.
Most CPAs charge by the hour. Doing some of the legwork ahead of time can save you quite a bit on the CPA bill. For example, if you make a large number of charitable donations each year, provide your CPA with a basic spreadsheet that lists the donations alongside more detailed documentation.
Don’t make assumptions
For example; maybe you gift your grandchildren money at the holidays each year. For the past five years, the amount that you’ve chosen hasn’t triggered a gift tax. Don’t assume that you can increase the gift amount to compensate for inflation without triggering the gift tax. Consult with your CPA to get the most up to date information.
Talk to your CPA before making major purchases
CPAs are familiar with tax credits and other breaks that you may be able to get by purchasing certain items. Sometimes buying one model over another similar model (i.e. hybrid car) or waiting to make a large purchase until the next calendar year comes with significant savings.
Follow your CPA’s financial advice
A strong accountant will help you establish and maintain sound financial practices so that you maximize your non-taxable income and pay the least amount of tax through legal methods. Adhere to their suggestions to make the most of your earnings.
Finally, remember that the best CPA-client relationships are built on trust. Lying to your CPA only hurts your chances of getting money back on a tax return or ending the fiscal year with savings. A CPA will never share your information. Being forthcoming, even about sensitive details such as gambling losses or embarrassing medical procedures will help your CPA figure out the best way to claim expenses and report earnings.
Photo credit: www.mindingthecampus.org
The decision on whether to choose a checking account or credit card for your child before they head off to college is a difficult one. To help you decide, take a look at this breakdown of the pros and cons for each financing option below.
A checking account allows you to write checks and deposit or withdraw money through a bank.
- More preparation for money management – With a checking account, college kids are forced to learn essential skills early in order not to run out of money. As the college terms roll by, the importance of keeping an eye on the bank balance and budgeting responsibly becomes more apparent.
- Lesser likelihood to get into debt – Having a limit on the amount of money that can be withdrawn means there is no risk of debt or bad credit. Parents will particularly be drawn to this benefit, as seeing their kids go to college for the first time is worrying enough without the prospect of them getting into debt.
- Less flexibility with finances– A checking account is more restricted than a credit card account, which means users will not have the security of being able to overdraw in emergency situations. These include paying for medical expenses or getting the car repaired.
- No credit history – While parents can sleep easy knowing their child is not getting into debt, not having a credit history can limit a college student’s future options. A sound credit history will go a long way when your child is ready to make major investments in life, such as buying a condo or a house. Banks or other lending institutions will for sure check credit histories when making a mortgage loans.
A credit card allows users to purchase services and goods using credit.
- Life is easier for parents – Parents can rest easy knowing their child has financial security with a credit card. Rather than having to deal with emergencies that require extra funding, college kids can access the necessary funds to solve their problems themselves.
- Can build a credit history early – College students using a credit card responsibly have the opportunity to build their credit rating at an early age by co-signing with a parent. This also allows parents to monitor transactions.
- Financial maturity – Having a credit card can prepare the college student in using money as an adult, making the transition that much easier.
- Irresponsible Habits – With the option to overdraw, some students with a credit card may learn irresponsible habits when it comes to money. Picking up tabs for friends, impulse buying and spending more than what is required may become the norm.
- Less prepared for managing money – Students who’ve used a credit card before college are more likely to be less prepared for managing finances in college, according to a recent survey.
- The risk of bad credit – Getting into debt in college and not being able to pay it off can damage a student’s credit rating before they’ve even stepped out into the real world.
There are many times when the workers compensation claim for a normal worker is not handled well. The people who are managing the workers comp at the job site for the employee may not understand the program, and it is possible that worker will be out of work while their employee is not paying. The worker needs assistance or an advocate to make sure that they are getting the money they need to go on with their life or get back to work from the injury.
The Work Time
The worker has to work with their advocate to make sure that they can prove that they were on the clock when they were hurt. Most people do not realize that they need to be on the clock because their employer can say that they were not working when they were hurt. The advocate can find these records, and the advocate can make sure these records are used to make the case.
The medical bills and short term leave that are needed to make the case are all very important. The bills must be shown to prove that the worker has sought out medical help. This medical help is what workers comp is supposed to pay for, but the worker must show that they incurred expenses.
They can use these bills to get remunerated for the visits, and they can show that they have suffered. The doctor may also submit a memo saying that the worker is not able to go to work. This same doctor is the person who will allow the worker to go back to work. The goal of the worker should be to go back to work, but the employer must hold up their end of the bargain.
The best way for workers to get all the money they need to get back to health is to work with someone who is going to advocate for them and their worker’s comp claim. There are many times when the advocate can get these claims to go through so that the worker will be able to get back to work and life.
photo fr. the net