Financial Planning for New Parents: Budgeting for Baby Becoming a parent is one of life’s most rewarding experiences, but it also comes with a host of new responsibilities, including financial planning. From diapers and formula to education and healthcare, the costs associated with raising a child can add up quickly. Planning ahead can help alleviate…
In today’s fast-paced business landscape, entrepreneurs and small business owners face a multitude of challenges. From managing day-to-day operations to focusing on growth strategies, the demands can be overwhelming. Amidst this complexity, maintaining accurate and up-to-date financial records is essential for success. However, managing bookkeeping tasks in-house can often become a burden, consuming valuable time…
In the realm of business operations, few tasks are as crucial—and potentially complex—as payroll management. It’s not just about issuing paychecks; it’s about ensuring compliance with a myriad of legal regulations. From wage and hour laws to overtime pay and employee classifications, understanding and adhering to these requirements is essential for businesses of all sizes.…
In the realm of finance, nonprofit organizations stand as beacons of positive change, driven by a mission rather than profits. As these entities embark on their noble journeys, their bookkeeping practices take on a unique significance, demanding careful consideration of factors that distinguish them from their for-profit counterparts. Join us as we explore the specialized…
Running a successful business requires more than just a great product or service. It necessitates a keen understanding of your financial health and a proactive approach to managing your resources. One way to ensure your business stays on the right financial track is through regular financial checkups. In this blog post, we’ll explore why…
Personal bookkeeping is a vital skill for anyone looking to manage their finances effectively. However, it’s easy to make mistakes that can lead to financial disarray. By avoiding these pitfalls, you can maintain better control over your financial health. Neglecting Regular Updates One of the most common mistakes in personal bookkeeping is neglecting to…
Financial literacy is a critical life skill, and it’s never too early to start teaching children about money. By instilling good financial habits from a young age, you can set them on a path towards financial success and independence. In this blog, we’ll explore the importance of teaching kids and teens about personal finance and…
Maintaining accurate and organized financial records is essential for your personal and financial well-being. However, the process of bookkeeping can often feel overwhelming, especially when life gets busy. The good news is that with the right strategies, you can keep your bookkeeping simple and sustainable. In this blog, we’ll explore effective tips to help you…
In the journey towards financial stability and success, setting clear financial goals is crucial. However, merely having goals in mind is not enough; tracking your progress is equally important. One effective tool for monitoring your financial journey is bookkeeping. In this blog post, we will explore the significance of setting financial goals and how tracking…
In today’s uncertain world, having a robust emergency fund is crucial for financial security. An emergency fund acts as a safety net, providing a buffer in times of unexpected expenses, job loss, or other financial emergencies. In this blog post, we will explore the importance of building an emergency fund and discuss personal bookkeeping techniques…
In today’s fast-paced world, it’s easy to fall into bad financial habits that can have a negative impact on our financial well-being. However, by identifying these habits and taking corrective action, we can regain control over our finances and pave the way to a more secure future. In this blog post, we will explore seven…
Bookkeeping is an essential part of running a small business, but it can be a time-consuming and challenging task. Fortunately, there are many bookkeeping software solutions available on the market that can simplify the process and help you keep your finances organized. Here are the top 5 bookkeeping software options for small businesses: QuickBooks QuickBooks…
As a small business owner, it’s easy to get caught up in the day-to-day tasks of running your business. However, one crucial aspect that you shouldn’t neglect is bookkeeping. Accurate bookkeeping is vital for the success of your small business, and here’s why: Helps You Stay on Top of Your Finances Keeping accurate financial records…
Credit cards are a convenient and accessible tool to manage your expenses and build a credit history. However, if not used responsibly, they can quickly spiral into a cycle of debt and financial hardship. In this article, we’ll explore the basics of how to use credit cards responsibly and avoid debt. Firstly, it’s essential to…
Scammer’s favorite time of year is the holiday season. Whether it’s Christmas, Hannukah, Valentine’s Day, or any other holidays; if you are buyin gifts online, scammers will do everything they can to trick you. During these high buying seasons, online shopping is the go-to way to get gifts. Online scams are increasing by the day…
The past few years, refunds for tax season have been at an all time high. This year’s filing will look a little different due to some changes in the finance world. 1. No stimulus payments for 2022 There were no stimulus payments issued this year. In previous years, eligible Americans could claim unpaid funds on…
Over the last couple of years, Bitcoin has made a huge impact in the investing world. This past spring, it was announced that employers may now offer employees Bitcoin in their retirement plans. Many investors swear by this new currency and claim it will be the next up and coming currency. Fidelity said that “employers…
With the increase of cyber attacks happening everyday, cyber liability insurance is available to cover you in case of financial exposure. Your general or professional liability insurance probably has some basic coverage for cyber liabilities, but it doesn’t hurt to have a separate policy. Cyber insurance is pretty new so there aren’t policy standards like…
We all know grocery shopping can get quite expensive these days and the temptations at stores are real! We found an awesome podcast on tips to stick with your budget each month but still get your necessities. If you’d like to listen to the entire Frugal Friends podcast the link is HERE Some of our…
Applying for financial aid and loans pretty much go hand in hand when figuring out all the details when preparing to go to college. It is first and foremost important to know the difference between federal loans & private loans to decide which will be best for you. Federal student loans and federal parent loans:…
Our cell phones aren’t just phones anymore, they are like mini comupters. We all know that there are links and apps your should and sometimes shouldn’t click or download due to things like viruses. We found a great checklist you can go through and make sure the apps you have along with their permissions are…
We all know scam calls have been around for years. Whether its a computer voice recording, or sometimes a real person, we have all had them. Unfortunately over the past several years, these scams and phishing have been on the rise with computer and phone use at an all time high for business and personal…
The work industry has really changed over the last several years, and with that new tools have become available to help with the everyday work flow. Zoom has been a huge addition to many companies, big and small. We have a few tips and tricks that may help you prepare for important meetings and feel…
If you are anything like us, every year as the weather gets warmer we get into spring cleaning mode! Between tidying up the house and our bookkeeping organization, it is always a busy spring season. Kim Komando, writer for LNP news articles, had a great take on helping spruce up your digital presence with her…
With tax season among us, it is never too late to start back at the basics to make sure your books are in order! Here are the top four steps to bookkeeping to make everyone’s live easier. 1) Analyzing financial transactions and assigning them to specific accounts 2) Writing original journal entries that credit and…
It’s no secret, every business (big or small) wants to streamline their bookkeeping & analysis records. It can be difficult to fiigure out the best strategy to make everything more organized and fool proof. Even with the smallest of businesses, records can get a bit confusing if organization falls through. We have some helpful basic…
With the New Year finally hear, we are all ready to start our New Year’s resolutions! If your resolution is to get organized with your business books or find someone to help you manage it all. You’ve come to the right place! The Kael Compnay Inc. would love to chat and see what we can…
Everyone knows that as soon as holiday decoration come out, there is a mad rush of family and friend gatherings, shopping, and more. The holiday season can be so crazy especially for small businesses. We wanted to give you some helpful tips that may help you with your bookkeeping around the holiday rush. Start Now…
Running a business is hectic enough with various day to day activities. Organizing accounts and bookkeeping should be the least of your worries. A study showed 40 percent of small business owners who said they spend over 80 hours a year. Think of how much you could get done in that time! The Kael Company…
The word budgeting seems to scare a lot of people in to avoiding it at all costs. It doesn’t have to be such a scary or intimidating thing despite some horror stories you may have heard! The first step in breaking down the stigma of budgeting is to properly and clearly define what it means…
Don’t overlook these shocking tax deductions for the next tax season. No one wants to watch money go down the drain unnecessarily. Here are 5 of the most surprising tax deductions to keep in mind for next year. Out-of-pocket Charitable Donations Everyone writes off the large sums of money & donations for charitable events, but…
The new deadline for student loan relief is now January 31st, 2022. Due to the events of last year and the Cares Act, federal student loans payments were suspended to help those having difficulty making ends meet amidst the pandemic. The original end date was supposed to be September 30th and now has been extended…
If you thought calling the IRS and getting someone on the phone was difficult, the online account system has many challenges as well. Along with the difficulty of creating the account and getting verified, there are many glitches that need to be worked out. According to Michelle Singletary from the Washington Post, “You might end…
For young adults, it is extremely important to start their 401(k) early to build up that savings for later on in life. Saving a million dollars sounds like close to impossible, but in reality it is more attainable than we originally thought. There are 4 major questions everyone must answer, especially when starting a 401(k).…
National Tax Day is quickly approaching, and many Americans are not surprised by that inevitable taxes they pay each year to the IRS. For those who owe money but can’t afford to pay, deciding how to handle the debt could settle your nerves or put you on a very expensive and anxious path. This weeks…
Identity thieves and scams are increasing as desperation and financial struggles continue. Having billions of dollars in relief money sent out to Americans makes them a target for these corona-virus related scams. Being aware of what these fraudulent messages look like and knowing how to report them is key for all individuals and businesses. The…
Throughout the last year, it was pretty much close to impossible to spend an exorbitant amount of money on personal wants such as shopping retail stores, restaurants, and other social activities. Although the economy has much recovering to do, the effects of the pandemic resulted in an increase in Americans saving. Without the temptations due…
2020 has been a very unpredictable year for all of us, especially those running businesses. With tax season among us, it is very important to consider these guidelines before filing. Unemployment Compensation Millions of people, many for the first time, have experienced receiving taxable unemployment compensation. This compensation is taxable and must be included as…
With the hopes of a second stimulus in the air for months, we are finally seeing progress. Congress passed the $900 billion pandemic relief bill which will provide a second stimulus payment of $600 to individuals earning less than $75,000 and $1200 for couples filing jointly earning $150,000 or less. Families with children under the…
As the increasing cases of the coronavirus keeps appearing in the news, many families have turned to purchasing gifts for loved ones online. We all know people love to give gifts, and sometimes spending can get away from the best of us. We suggest creating a budget for what you can comfortably spend while maintaining…
There has been discussions since the first stimulus about a potential second stimulus in the works. Even though the IRS is continually distributing pandemic relief funds, that does not include a second stimulus at this time. Scammers are now trying to steal financial information and / or money by emailing and texting fraudulent messages. The…
During the pandemic, everyone is working hard at making ends meet and find jobs if they can / haven’t already. It’s no secret that many people have been laid off or furloughed since back in March and many of those people still haven’t received the stimulus amount or unemployment. That being said, people are turning…
The Coronavirus has turned everyone’s world upside down since the beginning of the year. One thing financial experts have started looking into is how the effects of COVID-19 will effect the 2020 tax season. Some of the foreseeable tax issues include teleworking, home office deductions, and payroll tax. Teleworking may create a problem for those…
This tax season has been quite an unusual one. With the deadline extended, and money being deposited constantly, delays with receiving refunds from the IRS have been increasing for some. Due to the events of the coronavirus and worry of spreading disease, the mail in option for submitting taxes was put to a halt. As…
Preparation, budgeting, and saving; these are all terms we have heard to help get our finances in order not just for today but for tomorrow. Many people ask, “Why do I need to prepare and save? Go on vacation while you can and have some extra money!” While going on adventures and vacations are fun,…
Budgeting plays a crucial role in our personal and professional lives. Whether you have student loans, business rent, or just groceries and necessities for everyday life; every can benefit from creating and sticking with a solid budget to prosper. Having money is different than know how to use money. Here are our top five reasons…
Now is the perfect time to sit down and organize your finances, receipts, and all other office work. We are happy to help you stay organized while practicing safe social distancing with over the phone consultations. Don’t know where to start? We have a few helpful tips for you! 1. Separate Your Business and Personal…
Congratulations! You got your PPP Loan! Now what? Here are some points, summarized from research courtesy of Brown Shultz Sheridan and Fritz – a respected local PA Firm. Please note these points are as of April 29, 2020. The Cares Act is being clarified and refined daily. Forgivable Expenses fall in to two…
The information available for relief from COVID – 19 for small businesses is staggering. Add to that that the information changes daily, it is no wonder the business owner is left reeling. Below, I will outline three of the most talked about programs with information aimed at the business of less than 100 employees; and…
Take action with The Kael Company Inc. to start organizing your books so applying for assistance is a breeze. There are several ways you can seek help not only for your business needs, but also for personal needs as well. From housing and rent to insurance and debt, many companies and organizations are finding ways…
In addition to a message of hope and courage to face these unprecedented times, we add gratitude. We are grateful The Kael Company’s purpose has been deemed Life – Sustaining! The Kael Company, Inc. is following CDC guidelines and beyond to ensure the safety of our staff, families, and community. We are grateful for our…
Our hearts go out to us all over the current climate of uncertainty. We especially feel for those who have had to close storefronts and physical locations, thus limiting, or eliminating, services provided. We at the Kael Company are very fortunate to be able to continue to work with our clients remotely. We are here…
Let’s talk about taxes. More specifically, YOUR taxes. No matter how simple they try to make it, filing your businesses taxes is rarely easy! Besides the usual confusion behind specifics, the government sometimes makes changes to the tax laws, too. Many Americans have voiced their frustrations with recent deduction law changes and updates issued to…
Does My Business Really Need a Budget? If you’ve ever watched a minute of archery shooting, you’d see the archer drawback their bow, pauses, lines up their shot, and breathes out before shooting. Everyone knows that the archer’s goal is to hit the bullseye on the target, and those moments of hesitation and aim makes…
Our clients get the emails/mailings from different companies saying that you must buy government forms/labor law posters from private companies. Most of the forms and posters you need are available FREE on government websites. This also includes the revised version of the Form I-9 (www.uscis.gov/i-9). The U.S. Department of Labor’s Poster Advisor site, www.dol.gov/elaws/posters.htm will…
Are you aware that you may have unclaimed money out there? Most people don’t realize that financial institutions, businesses and government agencies are legally bound to return unclaimed money to any person to whom they owe. Unclaimed property laws, which are administered through each state allow for individuals to make claims on these funds. …
In December of 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law, marking one of the biggest changes to tax law since 1986. The year 2018 has come and will soon be going, and now it’s time to start worrying about how the new law is going to affect us. We know…
All right ladies and gentlemen! Winter is fast approaching and according to this little guy we found outside of the Kael office, it’s going to be a big one! According to the Farmer’s Almanac, the woolly bear caterpillar is known for its ability to predict the upcoming winter weather. The more black on the caterpillar,…
My name is Maddy Traynor and I am an intern for the Kael Company. As an intern for the Kael Company, I have helped a lot with bookkeeping, payroll, and filing (so much filing). Surprisingly, I’ve only been on one coffee run so far! As far as internships go, this one has been pretty fun,…
