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ALL YOU NEED TO KNOW ABOUT THE STIMULUS CHECKS.

Posted on April 3, 2020 at 4:04 PM Comments comments ()


                   

stimuluschecks

   We are aware that these are unprecedented Times and there are a lot of challenges during these Period. We are encouraging you to rise above this Situation and remain confident, that you will come out Stronger, Bigger and Better off. 
 
   President Trump just signed off a $2 Trillion Relief Bill, which will come in form of Stimulus Checks to offer Assistance to Millions of American Household, affected by the Corona Virus Pandemic. We are aware that most of us have Questions  and we want to enlighten you more about, what in this for us.

   The Following are the Basic Things to know about the Stimulus Checks:

  •  Your Eligibility for the Stimulus Check is based on your 2019 Tax Returns as well as your Adjusted Gross Income. If you are yet to file your 2019 Taxes, the IRS will use the 2018 Taxes to determine your Eligibility. The IRS will only use your 2018 Tax Returns, if you have not filed your 2019 Tax Returns. 


  • You must have a Valid Social Security Number to be eligible for this Check. People with  ITIN Numbers and Tax ID Numbers will not be issued Checks.     


  • The Check Values are based on 3 Plans Income Qualification: 

  1. SINGLE TAX FILERS - The Adjusted Gross Income Qualification is $75,000 or Less. This Category will get a $1,200 Stimulus Check.     
  2. HEAD OF HOUSEHOLD FILERS - The Adjusted Gross Income Qualification is $112,500 or Less. This Category will get a $1,200 Stimulus Check.
  3. MARRIED FILING JOINTLY - The Adjusted Gross Income Qualification is $150,000 or Less. This Category will get a $2,400 Stimulus Check.        

       It is important to note that if the Income Exceeds the threshold, the Amount will be reduced on a Sliding Scale. 


  • For Each Dependent/Child, that is Under the Age of 17 Years and Below, you will get an Additional $500 Check, for each Child. Please Note, that this is as long, as the Child/Dependent was stated in the Tax Returns, at the time of Filing. 


  • If a Parent claims the Dependent/Child as a Dependent and this Child/Dependent files their own Taxes, the Parent will not get the Additional $500 Stimulus Check.       



  • The IRS will send the Payment to the Bank Account Information, that you have on File. 



  • If you did not indicate a Bank Account  nor used a Direct Deposit Method for your Tax Refunds, the IRS will mail the Check to the Address on File. 



  • In the Event, that you have moved from the Address on File, you need to File a Form 8822 with the IRS. This is a Change of Address Form to update your Address with the IRS.



  • The IRS will not withhold your Stimulus Check, if you are owing Taxes, the only clause is, if you are backed up on your Child Support Payment. You may have to call the Agency, in charge to make Payments and settlement, so that you are assured of getting your Full Stimulus Check Payment. 

  • The Earlier you file your Taxes, the Earlier you are assured of getting your Stimulus Check.      



        We are available to help you with all the Questions, that you may have , regarding the Stimulus Check as well as any other Question on the Stimulus Package. We are also available to assist you virtually. Call us on 202-422-4586 to set up an Appointment.

      It is always our Pleasure to Help you. 
  

BEWARE OF GIFT CARD SCAMS.

Posted on December 15, 2018 at 3:38 PM Comments comments ()



Holiday Season is here and it’s the Season of Giving. What Gift do you give, when you don’t know what to buy? Gift Cards, Of Course!!!

The Better Business Bureau (BBB) is warning us of a Gift Card Scam going on at this period. Gift Card Scams are very popular and occur because Gift Cards are left out on the racks unattended. 

So, What Can you do to protect you from this Scam? Read on for Tips to guard you against Gift Card Scams:
•  Buy Gift Cards from Reputable Stores/Companies that offer Guarantees.
•  Grab a Gift Card from the Middle or Back of the Display and not the Front Row. Some Thieves remove Gift Cards from a Display, record the Card Number and put it back on the Display, waiting for a Customer to buy the Card, while checking regularly online for a Dollar Balance to appear, for them to use the Card.
•  Inspect the Gift Card Packaging before Purchasing. This helps to avoid tampered peeling. Some Manufacturers have been adding special packaging or scratch off Pin Numbers to prevent thieves from being able to look at the cards and stealing the Numbers.
•  Check the Activation Receipt for Matching Numbers and Amounts.
•  Only Check the Balance on your Gift Card through the Site listed on the Back of the Card itself, and if there is none, Go to the Website of the Company and look for a link to the Gift Card Page.

Feel Free to Share and Spread the Message against Gift Card Scams. Enjoy your Holidays. 

Understanding Your Cashflow

Posted on July 2, 2014 at 1:55 AM Comments comments ()


 Welcome to the month of July. We are done with the first half of the year and started the countdown to the remaining half of the year.

Our Newsletter for this month is on an integral part of every business; an area that is generally misunderstood by most business owners, but interestingly plays an important role in every organization. Have you taken time to look at your Cash flow Statement? Can you tell where Funds are disbursed in your Business? Do you understand the effect of your Spendings? The art of struggling to understand and manage your cash flow can be a huge distraction to your business; in this series, we will be providing you with quick tips on the basic method of understanding your cash flow.

  Our Areas of Concentration will be on:

 - Definition of Cash Flow
 - Drivers of Cash Flow in a Business
 - Facts about Cash Flow
 - Quick Tips on Understanding your Cash flow and applying it to your Business.
 - Managing your Cash Flow effectively.

 What is Cash Flow?

 Cash Flowis the movement of money into or out of a business, project or financial product, and can be measured at any specified period of time.

  The Following are the drivers of Cash flow in a Business:

  • Accounts Receivables (These are money owed to a Business by its customer, as a result of services provided or goods sold).
  • Inventory.
  • Accounts Payables (These are Vendor Payments, owed to vendors, for goods bought/services received on credit).
  • Capital Expenditures(Purchase of Equipments)
  • Borrowings/Debt Servicing.

  It is worthy to note that your Cash Flow originates from 3 Basic Operations:

 a) Cash Flow from Operations

 b) Cash Flow from Investing

 c) Cash flow from Financing

  Most Business Owners have problems with Understanding their Cash Flow because of the following facts: 

 a) A Profit or Loss in a Business does not equal Cash Flow.

 b) An Increase in Cash in your Business is not always good.

 c) A Decrease in Cash is not always bad. 

  Many Business Owners have problems understanding and interpreting their Cash flow, because of the technicalities involved; but I want to challenge you today, to take the simple test below, write down your answers and put it into practice, and watch your business grow; I bet you will be so thankful for this enlightenment:

  •   Focus on the TOP 3 changes in your Cash for the Month.
  •   Decide whether each change is good or bad.
  •   Write one line description of each change and look at the effect, it has on your Business.
  •   Once you are able to prove the effect of the change in your Business, hold on to the result and use it as a base, in your Decision making.

    By doing this exercise periodically, you will have a better grasp of your cash flow, and see its effect on your Business growth.  I will like you to try this exercise and forward your feedbacks. In my next article, I will be giving you tips on how to effectively manage your Cash flow in your Business.

    Please feel free to contact us, if you will need further help in understanding your Cash flow and producing your Cash Flow Report. We will love to help you.

   Remember: The best time to take control of your Cash Flow is RIGHT NOW.

   

 



 
 


 

 

How do you value your Finances?

Posted on June 19, 2013 at 2:07 AM Comments comments ()
 
Recently, I was discussing with a friend, who was competing with her sister in selling their hand made beads. The conversation was about raising her prices from ten cents to twenty five cents per bead. I asked her what she needed to achieve from the increase and what areas of her life, that she feels the increase will make an impact, hence asking her the five most important things that matters to her in life.
 
She thought about it, looked at me and said in this order: “First, My Family, then My House, Television, Candy and then Money”. Impressed that she had come up with exactly five items, I probed a little deeper.
 
“Mary, what do you need to get the candy that you love?’
 
“Money”, she said.
 
“And how about the TV, what do you need to get that?”
 
“Money”
 
“And how about your house?”
 
“Money”, she replied once again.
 
 And then I asked, “How about your family, what do you need to get them?”
 
Just as quickly, she replied, “Love”
 
“That’s right, “I said, but don’t you think that maybe you have to reorder your list? You see, if you need money to buy the candy, the house and the TV, then don’t you think money should be more important than what it can buy?
 
In that instance, she thought about it and said, I was right, and within that short period, I introduced her to the law of money, a law that serves as the foundation for wise spending.
 
THE LAW OF MONEY: PEOPLE FIRST.THEN MONEY.THEN THINGS
 
You see, most of us are just like Mary, we value things more than we value money. We care more about having what money can buy than we care about having money itself. When we follow the law of money, we will find out that, we are respectful of money, and if we follow it and keep what we have and spend, it will make us truly rich. We will analyze each category:
 
  •      PEOPLE FIRST: We should always prioritize everything that is created by love, which include our Family, Friends, Partners, Children and Ourselves. The saying that goes that Money can’t buy love is true, and a life without love –regardless of how much money one has-is a poor life indeed.
 
  •       THEN MONEY: Can you imagine going to someone’s  house and having them proudly show you a room filled with thousands of dollar bills and telling you the history of how all that money came to be? You will be amazed at all that vulgarity, but at the same time, you will think nothing of it, when you compare it to another person's home that is filled with beautiful decorations, What did it take to decorate the home? Money. Money exchanged for furniture, paintings, carpeting, lamps and so on.
 
The difference in your perception is the VALUE SYSTEM that you applied- A Room filled with things is okay, whereas a room full of money is not.
 
 
  •        THEN THINGS: When your financial priorities are in order; things come last.
 
     In conclusion, when we work hard for our money, maybe forty hours or more a week and then go shopping, buy food, clothes and stuff, we usually say that we don’t know where the money went. This is also applicable, when we pay for services, that we really need; but why don't you consider this- CHANGE your perspective now, if we valued money over things and over items it can buy, then we would know exactly where our finance is going.
 
We should change our money/thing ratio, so that we will have more money than things, this will also encourage us to take great pleasure in seeing our money and watching it grow. With this approach, we would always know when we can afford something that we need and will be more likely to be able to buy the things we TRULY WANT to make us happy.
 
So next time, you go out to spend money, always remember that you are not throwing the money away, but you are exchanging it for something that has a value to you.
 
Please feel free to give us a call today to get your finances organized, so that you can capture where your expenses are going and invariably increase the value you need for the important areas in your life.

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ROSYAN BOOKKEEPING SERVICES  |  5620 St. Barnabas Rd, Suite 318 Oxon Hill , MD , 20745 USA  |  Phone (202) 422-4586 (301) 485-8109

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