Marcus, Fairall, Bristol + Co., PLLC

A person's estate consists of their investments, automobiles, residences, money, and personal belongings at the time of their death. When a person dies, their estate is divided among his or her heirs. The assets must be divided according to the will's directions. This is known as estate planning, and it is critical for asset protection. Related Articles: What is Financial Planning? Why Estate Planning Is Important Setting up your estate is a tedious task, but it is necessary. Without estate planning, you won't be able to pick who gets your funds, investments, and other belongings. All beneficiaries are protected by an estate plan. If you don't choose who will inherit your values, the court will. It is crucial to the estate plan in order for it to be equitable to all heirs. If the lawsuit goes to court, it might take years and cost a lot of money to resolve. Creating an estate plan protects your heirs from inheritance-related tax issues. With an estate plan in place, it...

Scroll down for more information on the practice of accounting as it pertains to the medical profession. Why is accounting important in healthcare? In order to have a hassle-free healthcare practice, accounting is needed to achieve your financial goals. Accounting is important in the medical industry because every health facility depends on a prompt team of accountants to keep track of budgeting, taxes, expedite collections, and smooth over current accounts to ensure smooth operations. Here are some areas where accountants can help medical professionals: Medicines and other health-related services.  Accountants keep track of the services provided to the patients. They ensure that the cost is correctly calculated and no party is charged incorrectly. Insurance companies. Healthcare accounting is responsible for determining the amount to charge for services whether the amount can be covered or not by the patient insurance. Tax savings from medical equipment. When investing in medical ...

Accountants would be defined as follows: An accountant is a professional who performs accounting functions such as  audits or financial statement analysis  as well as prepares tax returns and helps those that need tax problems resolved.  As a fairly new specialty, Forensic accountants work with historical records to find answers to questions specified in the project's scope of work.  Typically, these engagements are legal in nature and often Forensic accountants are hired by attorneys. Accountants must  abide by the ethical standards  and guiding principles of the region where they practice, such as the International Financial Reporting Standards (IFRS) or  Generally Accepted Accounting Principles  (GAAP). The most common accounting designations are the  Certified Internal Auditor  (CIA),  Certified Management Accountant  (CMA),  Certified Public Accountant  (CPA), and  Certified in Financial Forensics ...

As a small business owner, you may realize the importance of accounting in your business. Accounting helps your business reach success by knowing the needed information regarding cost and earnings, profit and loss, liabilities and assets for decision making as well as the activities for planning and control measures within the business.  Accounting not only gives you a general understanding of your business’s financial status, but it may also make your clients value your business. How?  Related Articles What Does an Accountant Do? When to Hire a Forensic Accountant How Small Business Owners Can Manage Their Accounting Stable financial status When your business has stable finances, it will let you have an accurate view of how much money is coming and going, thus it will enable you to predict future revenues and expenses accurately allowing you to set aside enough cash to keep your business afloat in times of crisis.  Having a stable financial status in your business will a...

Financial planning is the process of documenting your current financial situation and setting future monetary goals. This process is utilized both by individuals and their families, and executives and their businesses. By considering financial assets, equity and liabilities one can get a clearer picture of both micro and macro activities necessary to achieve their goals. Why is financial planning important? Planning and logistics are essential to both businesses and individuals. Imagine driving to an event without a map or navigation tool… yeah it wouldn’t work out well. How do you expect to achieve your financial goals without any planning? By writing specific goals, with deadlines and actionable steps, companies and individuals can experience both survival and growth. It helps reduce the risk of various decisions and ensures the longevity of both an individual’s cash flow and a business’s revenue. Additionally, it can help the company adapt to changes in market trends that can be ove...

When running a small business, you should have a basic understanding of accounting. Knowing the basics will make you feel confident in the future of your business, and you’ll have better knowledge to plan for your long-term financial success. As a small business owner, accounting helps you track and manage your money effectively, especially if you’ve just launched your business recently.  Organize your books Start by establishing a regular practice of compiling bank statements, recording transactions such as purchases, sales, cash receipts, etc, and how to categorize them.  As a new business owner, you can manage your bookkeeping needs by using a simple spreadsheet that allows you to break them down into categories that will represent the different streams of income that your business has. However, using a spreadsheet may become confusing, time-consuming, and prone to manual errors. Additionally, as your business keeps growing, using a spreadsheet is no anymore advisable. Henc...

  The   Forms 1040EZ   no longer exists for use by taxpayers, but previous EZ filers may still qualify for a “simple return.” The IRS and Treasury Department attempted to simplify the basic Form 1040 document from a few pages to a “building blocks” system; the Form 1040 is now a single primary page with six new schedules to be completed and attached to your Form 1040 as needed. With the new system in place, the shorter Forms 1040EZ and 1040A became unnecessary, but the same type of filers may still qualify to file “simple returns.” What is a 1040-EZ? When it comes to taxes, most people want to keep it as simple as possible. The 1040-EZ form is the easiest of the three tax return forms (1040, 1040A, 1040-EZ) is a simple 2-page form that you can fill out. However, keep in mind you will not be able to itemize deductions and must meet various criteria such as having taxable income under $100,000 and both you and your spouse (if you file jointly) are under 65 on January 1st fo...