CPA

3 Often-Overlooked Things to Do After You’ve Moved to Hawaii

CPA in HawaiiMoving to Hawaii is many people’s dream come true. Sometimes people move for a job or to be with family, and sometimes people save for years and years to relocate to one of the world’s most beautiful locations. After the headache of a long-distance move, the last thing you want to do is fill your day with more unpleasant tasks when there are still boxes to be unpacked, but the sooner you do the important things, the more content you’ll be in your new home.

Find a CPA

Research options for a reliable CPA in Hawaii and hire an accountant to look over your finances today. After the expense of a move, you need an expert to help you manage your finances as you adjust to a new life with a new cost-of-living. A CPA will help you figure out how much of your moving expenses you can deduct on next year’s taxes and how much you can afford to spend on entertainment after you put money aside for savings and bills/debt.

Organize Your Paperwork

Your important paperwork is among the first things you should unpack. Keep a careful record of all of your moving expenses, as you’ll probably need them for taxes. Transfer your important information into a program like QuickBooks and work with a QuickBooks ProAdvisor if you need any assistance.

Plan for Retirement

Get all of the information on your former job’s 401(k) contributions (if applicable) so you can move the money into a new account with the help of your CPA as soon as possible. If you’ve moved to Hawaii in active retirement, plan to make your money last as long as possible.

If you need a reliable CPA in Hawaii, contact Michael J. Yuda’s office today to cross some financial tasks off of your to-do list. The sooner you get your finances in order, the more time you’ll have to focus on everything else Hawaii has to offer. Call or email for a consultation within the first few weeks of your move.

Cutting Credit Card Debt

Like many of the individuals seeking a Honolulu certified public accountant, you probably want to find a successful way out of credit card debt, and there are ways to do so that can help you achieve this goal. Digging out of this debt and lowering your credit card balances can be approached in a few simple ways.

Let’s explore these options in more detail:

Start by figuring out where you stand. You have to be honest with yourself in regard to how much debt you are in. For example, do not try to minimize it in your head to make it seem like it is not as bad as it truly is. Focus on the true amount and create a target dollar amount of which you would like to see. It’s best to write the amount of debt and the interest rate of each card to see it at face value and keep track of it easier.Honolulu certified public accountant

While you are tracking the amount of debt and the interest rates of each credit card, you will also want to try tracking your costs. Write down all of the expenses you incur on a monthly basis. These are expenses such as rent, mortgage, utilities, insurance, car payments, credit card payments, cable and Internet bills, phone bills and gym memberships, if applicable. This will give you a better sense of how much you spend every month. The results may be jarring!

Of course you will then want to create a strategy for paying this debt off. First, set a budget for yourself. Then, using that budget, you can begin to pay off the card with the highest interest. Once you are able to pay off that card, move on to the card with the next highest interest rate.

Once you get into the habit of tracking your spending and keeping tabs on your credit amounts, you will find that saving money and spending wiser will come as second nature to you. Paying off the debt and minimizing your credit will give you the motivation you need to continue this financial practice!

Contact a Honolulu certified public accountant today to help you learn how to diminish your debt – call Michael J. Yuda to learn more!

 

How a CPA Can Benefit Your Company: Part II

As mentioned in a previous post, knowing your company finances is important to making any decisions to keep your business positive and improving in revenue. If you are looking for more information about your company finances or a specific issue, consider contacting a financial advisor or a consultant for more information.CPA in Honolulu

  • Preparing for Tax Season – Instead of obtaining an accountant for your business, getting a CPA is a better route to take. A CPA is familiar with all of the tax laws in your state to ensure that your business is following everything necessary to be prepared for when tax season rolls around. Many CPAs continue their education by keeping up with tax courses to stay on track with any changes in the law that may affect your company during tax time. A CPA can also help your business during an audit, which will allow them to represent you if necessary to the IRS.

Obtaining a CPA for your business may not seem like a necessary task, but when it comes to your company’s finances, you shouldn’t leave such an important matter up to anyone. Michael J. Yuda is an experienced CPA in Honolulu, with the skills and education to help benefit your business in all money-related issues. Schedule an appointment to discuss your business finances immediately.

The Value in Certified Public Accountants

When businesses require financial assistance, we immediately think they’re either using accountants, bookkeepers, or a mixture of both to ensure their financial documents and taxes are in order. However, many large financial institutions and businesses use certified public accountants who act as financial advisers. Hawaii CPA

For instance, a Hawaii CPA will work on a wide variety of financial matters, including business and personal financial planning and tax preparation. What makes a certified public accountant different than a regular accountant is the distinction that they have through their certifications.

Not only do certified public accountants need to go through rigorous testing but they must go through continued professional education in order to stay up to date on financial regulations and rulings.  CPAs are regulated by the government.

Do You Need A Certified Public Accountant?

It’s recommended that if you’re running a business of any size, you should hire a certified public accountant as it’s unlikely that you’ll have the time to spend crunching numbers or trying to understand complicated tax forms.

The Advantages of CPAs

In addition to having the confidence in knowing your taxes are done correctly each year, a certified public accountant can help you create a budget that adheres to both your current revenue and expenditure streams, and offer strategic financial planning so you understand exactly where your business stands financially. CPA’s can also help with preparing financial statements, and help you with payroll and financial software setup.

Are you Looking for a CPA in Hawaii?

Finding a quality CPA, regardless of where you live or where you’re from, can feel like an impossible feat. If you’re not a U.S. citizen, you may feel like qualified CPA’s from the U.S. aren’t going to be able to help you, but this isn’t true. Finding a qualified CPA to handle your personal or company’s financial needs or, whether your business is located here or in the U.S., is possible! CPA in Hawaii

Expanded Outreach

Although Michael J. Yuda is a Hawaii CPA, his expanded outreach helps those in need all over the world. With the ability to speak Japanese, Yuda has many Japanese clients, including an outstanding relationship with a foreign Japanese firm that refers clients who are visiting Hawaii to him.

Whether you’re running a business in Hawaii or simply visiting a property you own for pleasure, Yuda is there to help you with your financial needs.

Although Michael J. Yuda’s firm proudly serves Hawaii, he is also willing to expand his outreach to any clients in need of his assistance, which even expands to Australian clients who own property in Hawaii.

Personal and Business Assistance

It doesn’t matter if you need assistance with your personal finances or your business finances; neither of these areas should be dealt with by an inexperienced CPA.

Michael J. Yuda is not only experienced with Quickbooks, but he is a certified Quickbooks ProAdvisor. This means that your accounting needs will receive one-on-one attention all yearlong — not just when tax season rolls around. When April 15 does start approaching, if you’re from another country or own a foreign corporation, Yuda will ensure that you get the extra help you need to properly handle your tax needs while in Hawaii.

When you’re visiting your Hawaii property for business or pleasure, schedule an appointment with Michael J. Yuda for any of your financial needs.

Tax Consulting in Honolulu

83901064_scaled_153x180Tax season is here and at Michael J. Yuda, CPA, LLC in Honolulu, Hawaii, we offer tax consulting services for personal preparation as well as business income tax returns. This includes partnership, corporation, S-corporation, and LLC returns. When you choose Michael J. Yuda, you can rest assured that you’re getting the very best tax consulting imaginable. Michael J. Yuda has an extensive tax background that dates back to the years spent working for the Internal Revenue Service.

From tax planning to tax representation, we’re equipped to handle all of your tax needs. We take pride in helping our clients secure a financially healthy future, and look forward to working with you this tax season and beyond. Your success is our success, and we are committed to not only help you reach short term financial goals, but help foster a relationship to keep you financially stable and happy for years to come.

Michael J. Yuda, CPA, LLC not only prepares federal returns, but also prepares all required state tax returns, as well as multi-state returns for those who work in several states during the year. When you’re looking for a CPA in Hawaii to help you with your taxes, there’s only one choice. Choose Michael J. Yuda, CPA, LLC today.

Contact us  today to schedule an appointment to discuss your tax situation.

 

Common Misconceptions about Credit

credit-card-509326_640It’s no secret that a credit card is a great financial tool that if used wisely can help you learn better spending habits and financial responsibility. However, there is a sense of mystery surrounded by credit. Knowing the facts about credit cards can help you avoid significant pitfalls towards your financial health.

  • Did you know that regularly applying for new credit cards can actually hurt your credit score? Only apply for a new line of credit when you actually need a new line of credit.
  • If you don’t make at least the minimum payment on the card, the payment will count as missed. Some people believe that if you pay at least something, you won’t be affected by a negative credit score.
  • If you manage your credit cards wisely, a high credit limit is a very positive thing. Some people believe a high credit limit can lead to financial crisis quite quickly, but as long as you’re responsible and have a repayment strategy in mind, a high limit can actually be advantageous.
  • People think that having more than one credit card can lead to a higher credit score. You don’t need to stick to having just one card, but opening credit cards too frequently can actually negatively impact your credit score.

These basic facts should help you gain more knowledge of credit cards, as well as clear any misconceptions. Whether you need guidance or more tools on managing your credit and maintaining a strong credit history, visit Michael J. Yuda CPA, LLC today.  Michael J. Yuda is the premier CPA in Hawaii and can help keep you financially healthy.

Paying Off Credit Card Debt Fast

money-trap1-771882-mThe holidays have come and gone, and for many, a cloud of credit card debit hangs overhead. However, you can pay off the debt quickly by utilizing the following strategies. The secret to paying off debt fast is to develop a plan and stick to it.

  • Concentrate on one credit card at a time. Of course if you have multiple cards it’s important to pay at least the minimum on them, and concentrate on paying more on one card at a time. Make sure to check the interest of each card, and concentrate on paying the card with the highest interest first. Of course, you can also pay off the card with the smallest balance first.
  • Always try to pay more than the minimum! Pay a bit extra each month. Every time you go over the minimum payment, the money will go toward the balance, which will lower the balance, and result in less interest being paid.
  • If you feel as if you’re in a considerable amount of debt with multiple cards and bills piling up, consider consolidating your debt.
  • Start categorizing and organizing your monthly spending. Look for areas where you can cut back on monthly spending, and use the money that you’ve freed up to apply to your debt.

If you find yourself completely overwhelmed with debt, consider seeking out a CPA in Hawaii. Visit Michael J. Yuda CPA, LLC today.

Money School – Teaching Kids to Manage Finances

Father training the son to the financeMoney management skills are vital to success in life. The best time to cultivate these skills is during childhood and adolescence, but (unremarkably so) public schools are virtually void of personal finance classes. This means that it is up to parents and guardians to instill this knowledge in future generations.

 

As your CPA in Hawaii, we suggest you take charge of your child’s knowledge by making continued efforts that support the principles of money management. To start, think of ways you can demonstrate and allow your little savers to experience:

 

  1. Waiting for things they want
  2. Making decisions on what they can have
  3. Saving for the things they want
  4. Spending based on the funds they have

 

Learning to wait for what we want and how to choose what is most important are the foundation of savings. The child who learns these lessons early, perhaps picking out a toy and saving for it, is better equipped to handle more difficult financial decisions in the future.

 

Piggy banks are a classic tool for teaching money management. Today, these tools have plugs in the bottom, so you don’t have to break them to get money out. That sounds like a lesson credit card companies want kids to learn—just taking it when you want it.

 

Don’t let your children lose sight of what is most important. Instead of one, set up two banks. Label the first savings and the second one spending. When your little financier or adolescent investor earns income, help them divide it into the two banks. Then, let them manage both, making decisions, learning to wait, and effectively manage their hard money.

Is Saving for Retirement Important?

Jar of coinsWhile skimming through financial articles, we ran across the Fifth Annual Wells Fargo Middle-Class Retirement Study. Most of the statistics this study shows are more or less expected. It reports that, of those surveyed:

 

  1. 34% are not saving for retirement
  2. 19% have no retirement savings
  3. 68% find saving for retirement harder than expected
  4. 61% say they are not making sacrifices to save for retirement

 

Though we advise and want people to retire securely, we understand the difficulties. What really caught our eyes though was this statistic: 22% would prefer to die early than run out of money. As your dedicated CPA in Hawaii, this hit us hard. Traveling through retirement comfortably is important, but it isn’t as important as living. Moreover, you can do both.

 

If you have yet to start your retirement plan, start it. You can start small and work your way up. The important thing is that you start a plan. The earlier you begin, the easier it will be. If you are worried, rest assured you are not alone. According to the study, 48% of non-retirees surveyed are not confident their savings are enough to retire.

 

Do what you can now to remove or further remove yourself from the negative portion of these statistics. Call an expert when you need help. If you would like to discuss this issue any further, please let us know.