Starting A New Business

Are you thinking about starting your own business? Opening up a new business can be exciting, but it can also be incredibly stressful, especially if you don’t go about it in the right way. Begin by thinking about your reasons for opening a business and assessing your startup budget. It’s important to be realistic about whether or not opening a business is really the right choice for you and if doing so is financially feasible. You may wish to bring in an accountant in Naperville to look at your current finances and give you a “yes” or “no” on whether starting your business at a given time is a smart move. If you get a “no,” don’t take it as a never. Work with your accountant to discover what changes you will need to make or what kind of financing you will need in order for your business plan to work.

Once everything is set up and you’ve actually started running your business, don’t kick your accountant in Naperville to the curb just yet! You will need your accountant to help you determine what tax category your business falls under and to set you up with the correct forms. For most new business owners, filing as a sole proprietorship is the way to go. Under this category, you won’t have to deal with the IRS until you hire and pay employees. Of course, when you’re ready to take that major step, your accountant can help you with that as well.

Easy Way to Put Investment Services to Work for You

A lot of people like to sit back and let their Naperville investment services handle all of the work for them. This, however, is a bad idea since it takes you—the investor—out of the driver’s seat and puts someone else in control of your finances. Though that’s fine if you have a skilled Naperville investment advisor whom you can trust, it keeps you from learning and growing and from one day being able to make your own smart investment decisions. Why not trust yourself and take the reins by finding simple, easy ways to up your investment ante?

One suggestion is to simply increase the amount of money you are putting into your 401k. Take what you are currently contributing now and just add a few dollars to it or, if you really want to make a difference, try doubling it. This strategy is an even smarter move if your employer has agreed to match your contribution. If you don’t have the funds to increase your 401k contribution, talk to your Naperville investment services provider. They can often go through your finances and find ways in which you’re overspending. Once you’ve put an end to unnecessary spending, you’ll have more money to invest in your 401k and to use in other financially smart endeavors.

You might also want to consider making some small investments in very stable, trustworthy stocks. Well-known, long-lasting corporations, like McDonald’s or even Levi’s jeans, are usually a safe bet and can help you to accumulate money gradually over a long time period. If you’re unsure about the security of a particular stock investment, don’t hesitate to ask for advice from your investment advisor.

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Not a Math Genius? Get Help with Quickbooks

Did you know that mathematical errors are among the most common reasons why people get their personal or corporate tax forms sent back to them?  This makes sense when you think about it, since mathematical errors are so easy to make. Maybe you forgot to “carry the 1” or added when you should have subtracted, but no matter what the mistake is, it affects everything you do after the mistake has been made. Even one tiny error can throw off the entire process, cause endless frustration, and result in a lot of wasted time and energy.

If you’re doing your taxes or other accounting tasks the old-fashioned way—meaning by hand or even with the help of nothing but a calculator—the best thing you can do is to check and re-check your work several times over. If you don’t come up with the same figure every time, you’re obviously doing something wrong and will need to comb through your work to find where the mistake lies. Obviously, however, this can be very time consuming, and there’s really no reason to put yourself through that, not when the friendly professionals at Lewis CPA have Naperville QuickBooks expertise that can help you to simplify the process.

With Naperville QuickBooks software, the only thing you’re responsible for is putting the right numbers in the right places. From there, the software takes care of all of the math and figuring involved. Taking the time to learn how to use QuickBooks is well worth it, since it will end up saving you countless amounts of time (and frustrated head-banging!) later.

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How you Can Save Money

Did you know that the financial experts at Time advise the average person to save at least 15% of his or her income every year that he or she is employed? That’s a pretty large chunk of your earnings, and saving that much can seem impossible, especially if you’re struggling just to make ends meet. The good news, however, is that there are Naperville financial planning services, such as Platinum Financial Associates, that can help you to make the most out of the money you do save. Through Naperville investment services and other smart choices, you can put your savings to work for you. Of course, before you can do that, you have to cut back on your spending and find ways to get money from your wallet and into your savings account!

One surprising thing that many Naperville financial planning experts will advise is to cut back on your energy costs. The average American wastes a lot of unnecessary funds on heating, cooling, and general electricity costs. Taking smart, simple steps, like turning off lights when they’re not being used or unplugging appliances when you leave, can be extremely beneficial. Bigger moves, like adding insulation to your home or switching to energy efficient appliances, can also make a huge impact, though they do require an initial investment upfront.

Other money-saving tips that can help you to build up that nest egg include laying off of cable or subscription television in favor of online programming, going for a less-fancy cell phone and a lower cell phone bill, couponing for groceries and other necessities, and more.

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Important Tax Preparation Tips

Naperville tax preparation is, to put it plainly and simply, not a fun process. There’s nothing worse, however, than having to repeat the process more than once because you’ve made a careless error. One of the most common mistakes people make is simply not filing their taxes on time. There are deadlines for different types of tax forms, and you need to know what those are and abide by them. If you don’t, you may be forced to pay hefty penalties for late filing, potentially causing you to lose a huge chunk of your return or to have to pay even more than you bargained for.

Another common error is so simple that it might surprise you. Many people forget to include their social security numbers on their tax forms or include an incorrect social security number. Some tax filers simply don’t have their social security cards handy and plan to fill in the numbers later, when they have them available. What often happens, however, is that later never comes and people forget this important step in the process. Others will think they have their social security numbers memorized and will write them on their forms during the Naperville tax preparation process, only to find out later that they didn’t know that number quite as well as they thought.

These are just two examples of literally thousands of small errors that can delay the tax process and mean more work for you. The simplest way to avoid these errors is to seek assistance from a Naperville tax advisor as you fill out your tax forms.

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What You Should Consider During Retirement Planning

If you’re in your 20s, 30s, or 40s, retirement probably isn’t something that you put a lot of thought into. Once people reach their 50s, however, they tend to start panicking and planning for retirement as best as they can. The truth is, though, that you really should start thinking about and working toward retirement as soon as possible. This means finding and keeping a stable job with good benefits, but it also means being aware of the expenses you are likely to incur during retirement and coming up with a realistic estimate of how much money you will require to take care of those expenses.

One thing you should think about in the Naperville retirement planning process is the cost of medical care and/or long-term care. The average American is going to need some type of medical or long-term care after the age of 65, if not before, and this type of care can be extremely expensive. You should visit with professionals in the Naperville financial services industry to come up with an estimate of long-term care and other medical costs you are likely to incur in your later years.

Also remember that things aren’t always going to cost the same as they do now. Inflation is the term for this gradual rise in prices over time, and it’s something you need to consider. While no one can know for sure how much more things will cost in the coming years, a Naperville retirement planning expert can give you a pretty good idea of what to expect, which in turn, helps you to better prepare for your future.

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With the Help of a CPA

Have you recently received a tax assessment that you believe to be wrong? Or maybe you’re sure that you’re being charged more than you should by the IRS. When you feel the IRS has made a mistake, remember that it’s important to trust your instincts. Yes, standing up against the IRS and fighting for what you know to be right can be scary, but if it ends with a more just outcome, then it’s well worth it. However, you shouldn’t fight your tax battles alone. You have a much better chance of making yourself heard and of speaking the IRS’ language if you’re backed by a reputable Naperville CPA.

When you encounter what you believe to be a tax error, you should contact your Naperville CPA before you attempt to communicate with the IRS. Your accountant will comb through your findings and records to make sure that an error actually has occurred and, if so, where that error occurred and who is at fault. While the IRS is imperfect and does occasionally make mistakes, most tax related errors are actually due to errors in reporting or documentation on the part of the taxpayer.

If your accountant does find that the IRS has genuinely made a mistake, then he or she will have the inside knowledge on who to contact, how, and what to say. Not only does this equal less stress for you, but it also ensures a quicker resolution to your problem. For accountants that have years of experience dealing with tax errors and with the IRS, choose Lewis CPA.

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Understanding Assets

Many people mistakenly believe that they do not have any assets to their name. They think of assets as something owned only by the wealthy. The truth is, however, that most people do have assets. While not all of them are the kind of assets that would be included in an investment portfolio, they are still valuable and could be better handled through Naperville asset management and assistance, as provided by Platinum Financial Associates. Asset management is simply about determining what your assets are, how they can benefit you, and what things you can do to put your assets to work for you.

Did you know, for example, that your checking and/or saving accounts are assets? Even if they aren’t overflowing with money, the very fact that you have them at all is a major plus. If you have a certificate of deposit, commonly known in the financial world as a CD, that too is an asset. Because CDs are a lot more likely to accrue interest, and more of it, than savings accounts, they are even more valuable to you and would likely be included in your investment portfolio.

As you can see, there are a lot of different assets out there, and as such, it can be difficult to know what possessions, goods, or investments of yours are considered assets and, if they are, whether or not they’re worthy of being a part of your investment portfolio. Why not take the guesswork out of it by working with a Naperville asset management firm? Chances are that, when you do, you’ll find you have even more assets than you realized.

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Simple Tips to Keep in Mind When Working with an Accountant

No matter who you are or what you do, if you’re earning a wage in the United States, then taxes are inescapable. Since you can’t escape taxes and other financial responsibilities, you might as well embrace them. Fortunately, you can do just that by choosing to work with an accountant in Naperville. As you work with your accountant, however, there are a few things that you should keep in mind.

Tip #1: Change is a Good Thing

If you do things the way you’ve always done them, you’ll always get what you’ve always gotten. That old saying couldn’t be more true than when you apply it to your taxes. Don’t be afraid if your accountant advises using a different tax form or claiming different exceptions than you usually do. Change can be scary, but it can also be a good thing, so embrace it. As long as your accountant in Naperville is trustworthy and experienced, you can trust him or her to make the right choices for you, even if they aren’t the choices you’re used to making.

Tip #2 Be Honest

This second tip might sound overly simplistic, but you’d be surprised just how many people lie and cheat on their taxes. Most people don’t tell big, outright lies, but they are still dishonest in small ways. Maybe they underreport their earnings for the year or claim exemptions that aren’t rightfully theirs. Know that any dishonesty will eventually come back to bite you, so be honest, even if it means you have to pay a little more on your taxes than you would like. Only work with accountants who uphold this same standard of honesty and integrity.

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Naperville Investment Services and Purchasing Stocks

Are you new to buying stocks? Or maybe you’ve bought stocks before but haven’t gotten the results you wanted. In either case, it’s important to understand that the stock market is challenging and complex. Unless you have a great deal of financial and investment experience, it’s not wise to go it alone, especially not when there are Naperville investment services, such as Platinum Financial Associates Inc., that would love to help you make smart stock choices. These firms can also help you to look beyond stocks and to invest your money in multiple other ways as well.

When you do buy stocks, be wary of those that represent expensive products. While such stocks can sometimes pay off, many overly priced items, especially those that are “trendy,” have a short shelf life in terms of their value. Naperville investment professionals are good at helping investors decide which stocks are the most likely to have some real staying power.

You’ve probably heard the question, “If everybody else jumped off a cliff, would you do it too?” The answer is, quite obviously, always a resounding “no,” and the same rule applies in the stock market. Just because other people have jumped on board with a particular stock and have been successful with it doesn’t mean that you have to or that you should. In fact, if everybody is raving about a particular stock, that probably means you’ve come into the game too late to make maximum earnings off of it and that you should look elsewhere for your next investment.

Naperville Quickbooks Support

Many small business owners, individuals, and commercial accountants rely on Quickbooks to help them keep track of information needed for filing taxes each year. Indeed, this program—providing you know how to use it properly—can make entering and maintaining tax-related information very simple.  Whether it’s basic bookkeeping tasks or highly individualized information that you need help handling, Quickbooks can take care of the hard stuff for you. Of course, before the program can do that, you have to get everything set up and running correctly. That part can be a little challenging if you’re not used to working with Quickbooks, which is why many people call on Naperville Quickbooks support.

Naperville Quickbooks support is offered by accounting firms, including the renowned Lewis CPA firm. Whether you need help setting up your Quickbooks program, troubleshooting certain errors or problems you have run into, or training others how to use the program, you can find the help and support you need through this accounting firm. Experienced, friendly professionals are happy to provide real, hands-on help when you need it most.

Even if you are already successfully using Quickbooks, you never know when you might encounter an issue or when you might have a question or need advice. You need to have someone whom you can call upon when those kinds of issues come up. That way, you’ll get the information you need right away, instead of having to scramble around to find someone and wasting valuable time and money in the process.

Naperville Financial Planning Tips

In today’s troubled economy, it’s more important than ever before for you to make smart choices with your money and to plan for the future. You probably already know that it’s important to stay on top of changes happening in the financial world and to read relevant news regularly. What you might not know, however, is that not all information is created equally. While some stories or “breaking news” can provide you with useful information for your financial endeavors, others are unreliable or overblown. Knowing which news to trust and act upon and which news to ignore can be challenging, which is why you’re encouraged to work with a Naperville financial planning firm. Skilled financial planners have inside knowledge on which financial moves are smart and which aren’t, and that knowledge is based on years of study and experience, not just on heeding the latest “big story.” That’s the kind of expertise you need working for you.

Another big tip is to diversify your portfolio. Most people feel so good about investing in one area, particularly when their investments pay off, that they just stick to what they know. It’s important, for your financial security and in order for you to receive maximum pay-offs, that you have a rich, diverse portfolio with different kinds of investments, including equities and more. For help understanding where and how to invest and for an assessment of the current state of your portfolio, put your trust in Naperville financial planning services.