Fong, Ko & Associates LLP

06/30/2025

Static budgets can quickly fall out of sync with reality in today’s volatile markets. Rolling forecasts offer a smarter, more flexible approach, updating your projections throughout the year to reflect real-time changes in your business, industry and market. They complement your annual budget and help you make better decisions, faster. Want to improve your forecasting and budgeting? Let’s talk. Call us at (650) 286-9966.

06/28/2025

Want to pay less in taxes and grow your savings? Tax-advantaged accounts like IRAs, HSAs, and 529 plans make it possible. Learn how to use them to your advantage! https://bit.ly/4jYBH2h

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Tax-advantaged accounts are powerful tools for growing your savings while reducing your tax burden. These accounts are designed to encourage saving for specific purposes, such as retirement, healthcare, or education, by offering tax benefits. Understanding how these accounts work and choosing the ri...

06/25/2025

Dealing with international taxes? Tax treaties can help you avoid double taxation, reduce tax rates, and simplify compliance. https://bit.ly/3ZtXK8G

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Tax treaties might seem complex, but understanding them can help you save money and avoid double taxation. Whether you're an expat, a business owner operating internationally, or just curious about how countries work together to simplify taxation, this guide is for you. Let's dive into what tax trea...

06/24/2025

Effective bookkeeping isn't just about tracking expenses, it's key to business growth! From smarter decisions to easier tax time and stronger cash flow, good records keep your business on track. https://bit.ly/4k92qt2

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As a business owner, managing your finances effectively is one of the most important aspects of running a successful operation. Bookkeeping, the process of recording and organizing financial transactions, provides the foundation for making informed decisions, maintaining compliance, and planning for...

06/23/2025

The GST tax is a key consideration for estate planning, especially for large estates. With a generous exemption of $13.99 million in 2025, many taxpayers may not be affected. However, for those with substantial wealth, strategic allocation of the GST tax exemption to a dynasty trust can help assets bypass multiple generations of taxation. Contact us at (650) 286-9966 to explore your options.

06/21/2025

Small business owners: Don’t leave money on the table! From tax credits to equipment deductions, there are several tax relief programs that can boost your bottom line. https://bit.ly/4kqC1GP

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Running a small business comes with a variety of challenges. From managing payroll to staying competitive in your market, the responsibilities can seem endless. One of the most pressing issues small business owners face is managing tax obligations. If you've ever felt overwhelmed by your tax burden,...

06/18/2025

Estate planning is an ongoing process that requires regular reviews and revisions to ensure it meets your goals. Family changes like marriages, divorces, births, adoptions and deaths, as well as significant health changes, warrant a review. Increased income or net worth may necessitate new wealth protection strategies. Moving to a new state or changes in tax laws can also impact your plan. Contact us at (650) 286-9966 for help achieving your estate planning goals! Ensuring your estate plan stays aligned with your goals means regular reviews and adjustments. Family events, health changes, financial growth, or even relocation can impact your plan. Stay proactive and let us help you achieve your estate planning goals! Contact us at (650) 286-9966 for expert guidance.

06/17/2025

Making your maximum 2025 IRA contribution earlier in the year provides some key benefits: Your money has more time to grow tax-deferred (or tax-free in the case of a Roth IRA), and you won't risk forgetting to contribute later. However, tying up funds too soon could limit cash available for other financial needs or investment opportunities. The best timing depends on your specific situation. Let's discuss the right strategy for you. Call us today at (650) 286-9966.

06/16/2025

Suppose you have a spouse with past-due child support or debts to federal or state tax agencies. You file a joint tax return, and the refund is seized or reduced due to your spouse's debts. But what if you aren't responsible for the debts? You may be eligible for "injured spouse" relief. (This differs from "innocent spouse" relief, which may be provided if one spouse understates taxes due on a joint tax return and the other spouse didn't know about the errors.) There are processes to follow for injured spouse relief that we can help with. Contact us at (650) 286-9966.

06/14/2025

Ready to take control of your money? Start with a realistic budget and implement these simple tips to help you spend smarter, save more, and hit your financial goals. https://bit.ly/43p0LIO

📞:(650) 286-9966

Creating a realistic budget is one of the most effective ways to take control of your finances. Whether you're saving for a major purchase, paying off debt, or building an emergency fund, a well-thought-out budget helps you make informed financial decisions. Here are five practical tips to help you....

06/11/2025

Attention! Did you know that if you have seriously delinquent tax debt, you could lose your passport? The IRS can "certify" unpaid federal tax debts over $64,000 to the U.S. State Department, which can then deny or revoke your passport. This means no new passport applications or renewals until your tax issues are resolved. If you're overseas, you might only get a limited-validity passport to return to the U.S. What's unpaid federal tax debt? It includes individual income taxes, trust fund recovery penalties, business taxes for which taxpayers are personally liable and other civil penalties. Questions? Contact us at (650) 286-9966.

06/10/2025

Changing jobs? Avoid the tax hit and possible early withdrawal penalties of a lump-sum distribution from your 401(k) or other employer-sponsored retirement plan. If your balance is at least $7,000, leaving it in your old plan is easy. But watch out for additional fees and limited investment options. Alternatively, rolling over the balance to your new employer’s plan simplifies retirement asset management. But investment choices may still be limited. If you don’t mind managing two plans, a rollover to an IRA may be your best option. An IRA offers nearly unlimited investment options. Need guidance? Contact us at (650) 286-9966.