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
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.
Pack a lunch! The average person could save $100 by bringing lunch to work.
Slow startups are new organizations that are typically self-funded that don’t need to meet rapid financial goals. https://bit.ly/2UtG1vM
entrepreneur.com Even if you're in the second half of your life and worried about getting your business started quickly, we'll tell you why taking it slow is your best bet.
Staying current on your bills is a huge boost to your score - see if you can set up autopay for the majority of your monthly bills so you don't have to worry about missing a payment.
Accounting in your small business doesn't just involve keeping the books for tax purposes, but it is an important device for saving money and identifying waste, fraud, and theft. Here are some common accounting mistakes that can hurt small businesses: https://bit.ly/36etulp
thebalancesmb.com Learn about common accounting mistakes that can inhibit business success and growth as well as jeopardize legal tax filings and regulatory problems.
Debt consolidation is pretty simple in theory. You take out one large loan to pay off several smaller debts in full - but it's not always the best option. Here are some of the things you should consider when evaluating whether a debt consolidation loan is right for you. https://bit.ly/2zKjUuC
financialhotspot.com Taking out a debt consolidation loan makes sense, but only under certain conditions. Find out if this is a good option for you.
What is informal learning and how can it help your organization? https://bit.ly/2XdhxtV
forbes.com While formal education has its place in any long-range strategic plan, an atmosphere of informal learning can help motivate employees to explore new ways of approaching challenges.
When your business grows, your needs change. See why you may want to take advantage of a different strategy to enhance your business - and remember - if you have questions, we're here to help! https://bit.ly/2WIiPMY
thebalancesmb.com Here are areas of concern when assessing whether or not your company has outgrown its current accounting management strategy.
Credit cards can be both a financial liability or an asset - it all depends on how you use them. Here are some things to keep in mind during difficult times: https://bit.ly/3cpBFwW
nerdwallet.com A loss of income can make it difficult to afford your credit card bills. Give yourself some flexibility with these short-term strategies.
Don't rely on willpower to cut unnecessary spending - remove temptation. Unsubscribing from retail newsletters can help curb impulse purchases.
Regardless of whether or not we make a plan for retirement, we will inevitably arrive at that age. The question is, will we be prepared, or not? https://bit.ly/2QyLyjP
financialhotspot.com Creating and contributing to a retirement plan has never been more critical and here are some tips to get started.
The U.S. Chamber of Commerce has created a useful guide to the new Employee Retention Tax Credit to walk employers through how the ERTC works. You can find answers to important questions and get a better understanding of tax credits and which companies can receive them. https://bit.ly/2yUCUq0
uschamber.com The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the government’s $2 trillion stimulus bill, includes a new tax credit for businesses impacted by the COVID-19 crisis.
As parts of the country look to start relaxing their lockdown measures, small business owners need to think about what's next and how they will adapt and move forward safely and sustainably. https://bit.ly/36lxdxx
uschamber.com A guide to helping businesses of all types and in all regions navigate the complex process of reopening and evolving post-coronavirus pandemic.
Without an actionable plan combined with determination and self-discipline, dreams are just that – dreams. Here are 5 simple tips that can help make sure you are on the right track. https://bit.ly/2JGn3NC
financialhotspot.com Wealth management doesn't have to be stressful, here are some great tips to help you get started and stay on track.
If you didn't purchase health insurance coverage for the last year, there will no longer be a penalty when you file your Federal tax. It will be different though when it comes to your state tax, some states still require health insurance coverage.
A new year means a whole new set of tax laws to follow. Thankfully, these four changes are all positive ones that can put more money in your pocket in 2020. http://bit.ly/2vaqOaC
fool.com Tax updates aren't always bad news. Here are a few helpful changes for the new year.
The space to be home, think and re-evaluate career paths, is unprecedented and could create space for new business ideas. So what do you do if you’ve taken this time to decide that you’d rather start a business than go back to a job? https://bit.ly/2WHGPjh
forbes.com With unemployment at an all time high - people, some for the first time, are finding themselves without a job. So what do you do if you’ve taken this time to decide that you’d rather start a business than go back to a job?
The IRS increases tax brackets from year to year to account for inflation and reduce “bracket creep”.
Under Section 139, payments for personal, family, living, or funeral expenses incurred as a result of the COVID-19 pandemic are both tax-free to the individual recipients and tax-deductible expenses for the business. https://www.forbes.com/sites/allbusiness/2020/05/14/tax-free-financial-assistance-to-employees/#1491783f6f21
forbes.com Businesses large and small may be able to implement a financial assistance plan to help their hardest hit workers from the COVID-19 pandemic.
Many consider tapping into their retirement accounts during an economic downturn. Here's a helpful Q&A resource from the IRS about the CARES Act coronavirus-related relief for retirement plans and Individual Retirement Accounts. https://bit.ly/3bJIuc2
forbes.com Got questions about taking money out of your retirement accounts in the COVID-19-related economic downturn? Should you take a loan or distribution? Here are some answers.
We never know when an emergency will strike. It pays to have a plan in place that can help get you and your loved ones through a crisis - the good news is, it's not too late to start. https://bit.ly/2yafw7w
investopedia.com It's helpful to have an emergency plan in place, whether it's for a personal emergency, a hurricane, or a pandemic. Find out what you should do to prepare.
Federal agencies like the IRS, Federal Trade Commission, Social Security Administration and FBI have warned consumers and business owners in recent weeks to be vigilant as fraudsters try to take advantage of them during the coronavirus pandemic. Here are some red flags to look out for: https://cnet.co/2AdkZuY
cnet.com COVID-19 fears are fertile ground for malicious actors. Here's how to stay safe online.
As states begin setting timelines for lifting their COVID-19 stay-at-home orders, businesses across America are contemplating what that might mean for their operations. https://bit.ly/3bkMgss
uschamber.com Businesses that have been shut down or operating at limited capacity are thinking ahead to what their post-coronavirus reality might look like.
Estate tax exemption increases due to inflation. For tax year 2018 it was $11.18 million, rising to $11.40 million for 2019 and now $11.80 million for 2020.
As part of your basic tax planning for 2020 you should keep these key 3 numbers in mind. Do you know what they are? https://bit.ly/391wYbL
forbes.com Key tax numbers have been inflation-adjusted for 2020. Many of these are important for employees, their paychecks, and their basic tax planning for 2020.
If your stimulus payment was issued for the wrong amount (or sent to the wrong place), there may be ways to remedy the situation. Here are a few common stimulus check errors, and some insight on how they might be able to be fixed. https://bit.ly/3fGGaWq
forbes.com Issuing millions of stimulus checks means there are bound to be a few glitches. Find out how to handle them.
Ready to file your taxes with the IRS? Double check and make sure you have all your documents to avoid delays. https://bit.ly/3dYFaw1
irs.gov Tax Tip 2020-18, February 12, 2020
About 30 million American small businesses are feeling the effects of the pandemic... if your business is one of them, you'll want to make sure you are getting the help you need. Here's a list of the government agencies, private companies and nonprofit organizations that are extending support to small businesses by state. https://www.zenefits.com/workest/the-big-list-of-covid-19-financial-assistance-programs-for-small-businesses-by-state/
zenefits.com A regularly updated list of financial assistance programs for small businesses hurt by the outbreak of COVID-19 sorted by state and county.
Federal Tax Update -Threshold for medical expenses deductions increased to 10% of adjusted gross income from 7.5%. Threshold may be different from your state taxes.
The Powell Doctrine lays out five keys to achieve decisive and successful ongoing results. The same approach works for business owners rebooting after COVID-19: https://bit.ly/35tmAsd
forbes.com 1) Ground truth. 2) Decisive objective. 3) Concentrate decisive force. 4) Prepare troops. 5) Be personally present.
You may have plenty to worry about without considering your taxes, but you shouldn't wait to consider your options. Here are 11 tax-related tips to help you sort it out. Give us a call to learn more about your options! https://bit.ly/3b5Wk8h
forbes.com The amount that you can receive varies by state but typically works out to about half of your prior income for 39 weeks (pre-CARES Act, it was usually 26 weeks in most states).
The "FFCRA" program provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave related to COVID-19. Here's an in depth look at FAQ's about the policy: https://bit.ly/2KWw6KZ
irs.gov The Families First Coronavirus Response Act (the "FFCRA"), signed by President Trump on March 18, 2020, provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave related....
The terms of an unforgiven PPP loan are still generous--1 percent interest, paid back over two years, with no other borrower or prepayment fees. But why pay more than you need to? Follow these four steps to ensure PPP loan forgiveness. https://bit.ly/2KU8wP7
inc.com There are many rules around Paycheck Protection Program loans, particularly when it comes to loan forgiveness. Here's what you need to know.
Thinking longterm for any business is a must, here are some great tips on how a start up can be successful. https://bit.ly/2V9lcpJ
forbes.com Studies show that opportunity recognition and innovation in tough economic periods are stronger determinants of startup success than in periods of economic prosperity. Here are three key imperatives that startups should follow to drive long-term success in turbulent times.
If you want to alter your life, whether in big or small ways, you first have to adapt your mindset. https://bit.ly/2xOtHi9
entrepreneur.com Success is all about the right mindset, as these tips will hopefully prove.
Whatever type of business you run or industry you are in, payroll management is something you will want to get right. Here are several tips which can help you to improve your small business payroll management. https://bit.ly/2Xc0Cb6
financialhotspot.com Effective payroll management is essential for successful business growth. Use these tips to evaluate your payroll system and add suggested improvements.
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!
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Fellows Financial Group reliably provides clients with practical financial planning, insurance and investment advice.
A financial advisory practice of Ameriprise Financial Services, Inc.
DIYFastTax makes filing your taxes easy. Prepare simple and complex tax returns in minutes. Come visit us today! www.DIYFastTax.com
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