CPA

Saving Money for Children

family savingsCreating a financial base for children at a young age is a great investment for their future! Putting money away for the child will help them greatly as they embark on their college career and further along into adulthood. As the child grows older, getting them involved in the saving process will educate them on the importance of good spending habits and savings practices. It teaches them valuable lessons about money and how money works. Here are some simple ways to kick-start a child’s finances:

  • Open a savings account with a bank or other financial institution on behalf of the child. If possible, start the account when the child is just a baby. As time goes on, and the child is old enough to understand the concept, encourage them to deposit birthday or holiday money, such as checks, into the account for safekeeping.
  • Implement a college savings plan. A 529 college savings plan allows parents to put money away tax-free for their children’s education. Savings in this type of account can be used at any accredited college in the United States for undergraduate or graduate studies.
  • Create a jar or piggy bank for storing any money the child wishes to save in their presence. Sometimes the child will want to watch the money accumulate or feel how heavy a piggy bank will become over time, driving them to want to save more and more.

If you want to help make a difference in a child’s life and are looking for the guidance of a professional, don’t forget about the best CPA in Hawaii.  Visit Michael J. Yuda CPA, LLC today!

Benefits of Filing Taxes Early

Tax Form with Fountain PenWe know tax season just ended, but the reality of tax season being here again is right around the corner. Did you know that there are numerous benefits that come with filing your taxes early? Here are a few reasons you should considering filing early this upcoming year:

  • Taxpayers who have children in college should get tax information early as it will impact the amount of financial aid the student may receive.
  • Filing taxes early can lessen the odds of becoming a victim of identity theft. The sooner a return is filed, the less likely someone else can file a return in your name.
  • When filing early, you have plenty of time to catch potential mistakes. Early planning prevents poor performance, and when you decide to file taxes early you’re not forced to stress out over missing paperwork or trying to meet a tight deadline.
  • Filing earlier gets you your refund much earlier!
  • This one might be a no-brainer, but filing early avoids one to have to file for an extension. People who wait to the last minute often have to go through the process of filing for an extension, which can lead to unneeded and preventable stress plus additional costs.

When tax season is here, seek out the tax consulting professionals in Hawaii at Michael J. Yuda, CPA, LLC.

4 Easy Steps to Develop Good Spending and Saving Habits

medical costNot everyone can easily save money and create a personal budget; this is of course why some seek out a CPA in Hawaii. However, there are 4 easy tricks that can help you start developing better spending and saving habits.

  1. Know your expenses! It’s important to spend time to assess where the bulk of your savings go. Expenses such as rent/mortgage, utilities, and other important payments should be factored into your budget first.  Things like entertainment should be a second thought.
  2. Save until it’s safe to splurge. The more cash you have stowed away, the quicker it is for you to recover once you succumb to a splurge. Never live beyond your means! It’s important to have a good savings foundation built before spending money on things that don’t exactly fit into your budget.
  3. Resist upgrades! This is not only reserved for the newest gadgets and gizmos, but for everything! Essentially, what we mean is, don’t spend money on any new version of something that you have that works fine.
  4. Calculate nominal costs! Get into the habit of calculating nominal costs of reoccurring expenses. Before you sign up for a subscription service, figure out how much that will actually cost over the year, maybe over the next 5 years, and so on. Not committing to these can actually save you a load of cash in the long-run.

Summer Special

92001457_scaled_154x210Here at Michael J. Yuda, CPA, LLC, we’re extremely excited to announce our Summer Special. What exactly does it all mean? For a limited time, we will be offering a FREE 30 minute consultation for new clients. This exciting special is just another way to heat up your summer and get yourself down the path to better financial health. Michael J. Yuda is a premier CPA in Hawaii and offers a slew of services to help you make wise financial decisions. Yuda is here to help you manage your tax, accounting, QuickBooks, and other bookkeeping matters.

If you’re interested in benefiting from a free 30 minute consultation, please contact us today to schedule an appointment. Our firm can help manage your business or personal finances with the necessary technical experience and expertise to succeed. When you choose Michael J. Yuda, CPA, LLC, you’re getting personal, reliable, professional and trustworthy service–guaranteed. Take advantage of our amazing summer special today, and get 30 minutes of free consulting from the premier CPA in Hawaii. We firmly believe that your success is our success, and are committed to helping you.

To learn more about our services and to schedule your free consultation visit our website today! We’re looking forward to help you handle your finances.

Why You Need An Accountant For Your Business

CPA - Golden Key.It should seem like a no-brainer that when beginning a new business venture you also need the expertise of an accountant and lawyer to ensure you are doing things properly. Legalese is like a foreign language and ensuring you pay your taxes and stay out of trouble should top your list of priorities.

However, aside from those obvious reasons, there are many more circumstances in which you will need the assistance of an accountant. As you become more experienced, you’ll find that your accountant and attorney will overlap a bit in their services and expertise. That being said, here are a few examples of services your accountant should provide:

*Help you decide what type of entity (such as S-Corp or LLC) and ownership structure to have when you first get started; your accountant may work with your attorney on this.

*Design and set up your accounting system so that year-end financial reporting will be easier.

*Ensure that you pay the correct types of taxes in the correct amounts.

*Ensure that you send out W2 and 1099 forms to the proper people at the proper times, and also make sure that if you send out 1099s, the IRS will agree with you that those individuals are independent contractors and not employees.

*Advise you on deductions and how to separate your personal and business expenses.

*Advise and guide you through an audit if you ever have one.

*Advise you on specific transactions, such as whether it’s better to lease or buy.

*Compile your financial records for the past period.

*Help you understand your financial statements. You should use your accountant’s expertise to help you analyze your financial statements.

*Knowing what kinds of business expenses are deductible.

It’s best to ask your accountant’s advice before you take any kind of financial action regarding your company. If you’re looking for a CPA in Hawaii to help guide you in your new or existing business ventures, visit Michael J. Yuda CPA, LLC today!

Why Choose Michael J. Yuda?

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Are you looking for financial stability and guidance? Michael J. Yuda, CPA, LLC in Honolulu, Hawaii can handle your personal or business day-to-day accounting! Why should you choose Michael J. Yuda to help with your finances? Consider these reasons when seeking  a CPA in Hawaii:

  • Michael J. Yuda is a Certified QuickBooks ProAdvisor.
  • Michael J. Yuda is a Certified QuickBooks Online ProAdvisor.
  • With 2 certifications in QuickBooks, Michael J. Yuda is a proven professional at bookkeeping services and can help create a personalized service that is unique to your specific and unique business.
  • Michael J. Yuda has a proven track record in accounting and taxes. He began his career working for the IRS before starting his own Accountancy Corporation in 1983.
  • Michael J. Yuda is a licensed CPA in both Hawaii and California.
  • Michael J. Yuda is a member of the Hawaii Society of Certified Public Accountants, the California Society of Certified Public Accountants, and the American Institute of Certified Public Accountants.
  • At Michael J. Yuda, CPA, LLC, we offer tax consulting services that include the preparation of all personal and business income tax returns. We also prepare all required state tax returns, as well as multi-state returns.

If you’re looking for a CPA that you can trust, choose the best CPA in Hawaii, choose Michael Yuda today!

Achieving Financial Wellness

Its raining money

What does financial wellness mean to you? Does it mean not living paycheck to paycheck? Does it mean having a little extra cash each month to spend on dinners out, the newest fashion and weekly Friday night happy hour? Or does it mean having the luxury to vacation annually anywhere in the world?

Financial wellness means something different to everyone, but the one key factor that applies to everyone is the need to manage our money so that we can live life without overspending and overextending our financial means. It’s never too late to take a step back, reevaluate your spending and living costs and come up with a plan that will lead you to financial stability.

Here are tips you can easily incorporate into your life that will allow you to achieve the financial wellness you desire!

1) Create a budget – The very first step to achieve financial wellness is to develop a budget that contains your monthly income and living expenses.

2) Automate your savings – Before you spend a single cent of your earnings, have your savings auto drafted to an account. If possible, set aside at least 10% of your income. If 10% is too much, don’t sweat it. Put as much as you can in, but do it every paycheck, automatically. It’s also a good idea to put any extra income – like bonuses or income tax refunds – into this account too!

3) Cut unnecessary expenses – Limit your surplus spending. Eating and drinking out is often the main culprit. How about that daily coffee that costs $5? That’s $150 per month in unnecessary spending. Do you need all those cable channels? Or how about that gym membership? If you’re only going once per month anyway, it makes sense to pay by the visit and save the difference.

4) Carry cash – Pay in cash when possible. Swiping plastic does not have the same realization as to what you are spending as handing over cash.

5) Plan for major purchases – Sticking to your budget means not splurging on a new flat screen TV or laptop on a whim. If you intend to buy something expensive, add it to your budget plan and save. This way you’ll be able to purchase it without using credit (and paying additional finance charges).

6) Plan for your retirement – It’s never too early – or too late for that matter – to start planning for your retirement. There are many options, including money market accounts that can exponentially increase your contributions. Seek out advice on how to best meet your future needs.

7) Get tax advice – Finally, if you’re not good with numbers and finances but you want to learn how to achieve financial wellness and you’re looking for a CPA in Hawaii, Michael J. Yuda CPA, LLC can help!

Hawaii Tax Consulting

money-256301_640 (1)Hiring a Certified Public Accountant to help with your taxes is well worth the money spent. If you’re in need of strategic tax planning, which is important for small business owners or individuals with complex returns, someone who pays high income taxes, or have unusual circumstances that warrant the guidance of a professional, then choosing a CPA over another enrolled agent or general tax preparer is highly recommended.

CPAs help provide guidance related to the grey areas of your taxes, whereas anyone can deal with the black and white of filing tax returns. The guidance and strategies provided by a CPA in terms of tax preparation of consulting are based on their interpretation of IRS rulings and past experiences.  Michael Yuda previously worked for the IRS as a revenue agent and has unparalleled experience in handling tax preparation.

When you’re in need of tax consulting in Honolulu, Hawaii, choose Michael J. Yuda, CPA, LLC. The tax consulting services with Michael J. Yuda include the preparation of all personal and business income tax returns. This includes and is not limited to partnership, corporation, S-corporation, and limited liability company returns. We also prepare state tax returns, as well as multi-state returns, such as required for entertainment individuals and professional athletes, who work in several states during a calendar year.

Get Out Of Debt in 2014

iStock_000013409257SmallIf you are regularly finding yourself in financial trouble, perhaps it’s time to make some changes. Many people sadly live paycheck to paycheck, and find themselves in a never ending cycle of debt each and every month, with no relief in sight. If you find yourself buried beneath credit card bills and other monthly bills, and see your paychecks dwindle before you even see them, consider trying the following:

  • List your income, and average expenses. It’s crucial to ensure you’re actually making enough money to cover your expenses while also being able to comfortably afford necessities. If you find yourself in an uncomfortable position, consider cutting costs if possible. Do you really need that expensive cable package? Should you cancel a monthly subscription that you don’t really need?
  • Create a realistic monthly budget. This will help you control where your money is going.
  • Track your spending, so you can assess any trouble areas. If you find yourself splurging on any certain item, tracking your spending will help you figure this out. Many smart phone apps exist that will help you track your finances.
  • Sell items you don’t really use. The extra cash can help you catch up on your bills, and pull you out of debt.
  • Consider possibly taking a part time job on the weekends.

The most important step in taking control of your finances is to stay disciplined. As 2014 progresses, following these steps can help ensure a financially sound and fiscally responsible year! If you need the guidance of a professional, don’t forget about the best CPA in Hawaii, visit Michael J. Yuda CPA, LLC today!

Preparing for Tax Season 101: What You’ll Need to Bring

Tax Preperation

With tax season springing upon us, the time to collect your important documents is not too far off. If you want to make the most out of your meeting with your CPA, it’s important to bring all needed documents. When you’re getting ready to meet with your CPA, make sure you bring the following documents:

  • W-2s from your employer(s).
  • 1099-MISC forms.
  • 1099-INT (interest) and 1099-DIV (dividends) forms.
  • 1099 B forms if you’ve brokered or traded stocks and bonds during the year.
  • K-1 forms for income from a partnership, trust or S Corporation.
  • 1099-SSA forms if you are receiving Social Security.
  • Documents that show additional income not reported on a W-2 or 1099 form.
  • Canceled checks, receipts, spreadsheets that show any tax-related expenses.
  • College expense records and 1098-T forms.
  • Proof of charitable donations.
  • If you paid estimated taxes, be sure to bring a summary of your federal and state estimated payments.
  • If you are starting with a new CPA, bring a complete copy of the prior year federal and state tax returns.

If you’re still unsure of what to bring to your CPA during tax time, consider asking your CPA before your meeting. If you’re looking for a CPA in Hawaii to help you get the most out of your taxes, and keep your personal finances in order, make Michael J. Yuda CPA, LLC your only choice!