The end of the 2021 tax year is fast approaching. As you start preparing to close out the year and file your business tax returns , you still have a small window of opportunity to make some changes. Some tax laws changed recently, opening the door to tax advantages your business may not have had access to in the past. To help you take advantage of what's available for your small business, here are 5 yearend tax moves you might want to make....
This tax season you'll want to be prepared and informed about how to maximize your return and ensure that your tax documents are error free to avoid any audits. Getting started on your tax documents early offers you the benefit of being able to revisit your already completed tax paperwork near the end of the tax year prior to filing. Revisiting your taxes with a fresh eye can help you to notice any discrepancies you may or may not have missed, as well as helps you to apply knowledge about how to...
In March 2021, President Joe Biden signed the American Rescue Plan Act into law. In addition to providing stimulus checks of up to $1,400 for most adults, it also expanded the child tax credit. Eligible parents can receive up to $3,600 to help defray the cost of raising their sons or daughters. Let's take a closer look at what the child tax credit is and how to know if you're eligible to claim it.
When you first get into business for yourself, you’ll want to see what others are doing so that you can emulate that, and get ideas about what works. Before long, you may start to view the very people who you borrowed inspiration from as competition whom you should be wary of.
Maximizing your profits is a great way to ensure that you have enough money for retirement. The more money you make, the more money you should be able to save. Some retirement saving options can provide tax benefits. However, there are some taxes that you'll want to plan for when you set up your retirement budget.
Are you just starting out in the business world? Wondering what you can do to keep things running smoothly while continuing to increase profits over time? Here are a few good business practices to put in place.
At the end of the day, your business exists to make a profit. However, without the right goals and behaviors, your business may not be living up to its potential. You have what it takes to grow and succeed, so if you really want to bolster your business’s bottom line, then you need to pursue a few simple yet effective goals to make it happen this year.
Looking for money-making ideas but hate the idea of working a job you hate? Many hobbies can turn into extra cash when done correctly. This list includes 10 hobbies that might be your ticket to money-making success.
If you currently owe back taxes to the IRS, you are probably feeling the pinch. You might be wondering what alternatives you have at your disposal to remove the pressure of this debt. The good news is you don't have to panic. You do have ways you can settle your debt before the IRS starts coming after your paycheck, bank account, or assets.
Employment during 2020 was extremely unpredictable and many people lost jobs, were furloughed, were at work and then back at home. All these insane employment changes and several other financial factors impact how you file your taxes in 2021. There are some other changes in tax laws you may not know about and even be pleasantly surprised by as you begin the process of filing your taxes.
Taking care of your finances can be easier if you educate yourself, and stick to a clear plan. In fact, one of the smartest ways to save money is to cut expenses. A few ideas are to refinance student loans or your mortgage , use apps to receive cash back or find ways to save on insurance, among others. If you have trouble saving money for a rainy day or just need some extra cash, there are plenty of ways to drastically cut your expenses.
A 529 plan is an excellent way for you to begin saving for your children's college education early. Plans are accessible in all 50 states of the U.S., with plan administrators delegated to select investments that they believe are right for the state's program, potentially leading to a smoother investment process and reduced fees arranged thanks to community buy-ins.
Successful investing results in achieving financial goals and enjoying financial independence. The fight for financial freedom is something that most of us strive to win and cement a successful future. Apart from the typical paycheck, becoming an investor ensures a constant revenue stream to sustain your financial health.
Like it or not, tax time comes this time of year every year. Do you know what that means? That means it is time for you to start thinking about how you are going to file your tax returns by the April 15, 2021 deadline. As you contemplate filing your 2020 taxes this year, it would be a good time to also start thinking about your 2021 taxes. This would be the perfect opportunity for you to organize your taxes. Many mistakes are made in haste when you're in a rush to file taxes. With an eye on gett...
Financial independence is the goal of many people. The idea of being able to do what you love, living stress-free of money concerns, is appealing. Why is this goal elusive for so many? It is often because people ignore the basic principles that are the foundation to achieve financial independence. There are some common points that can help you reach the goal of financial independence. Once you reach financial independence, you will be able to make more choices on how you want to live.
Business credit is essential so that your business can grow and thrive. You can be assured that you’ll have funds to maintain and build your business when you have sufficient credit. Here’s how to build business credit in five simple steps.
2020 Put unprecedented stress on companies. Systems like the Profit First Formula help enterprises to plan for the future. Businesses first pay profit, taxes, personal then operating expenses and a rainy day fund.
As a business owner, you are busy making sure that all aspects of your company run well. As you go about your day, it's easy to let paperwork pile up into a cluttered mess. Once its time to spring clean, you must resist the temptation to toss it all in the trash. You need to keep some of this paperwork around to track your spending and protect your business. Here is a guide to know when to keep your receipts and when to throw them away.
Let’s face it, we live in a society of convenience. Most Americans want the microwave version of life rather than savoring the flavor of a life lived “slow-cooked” and deliberately. If you’re in the “microwave majority,” how is that working out for you…and your finances? Are you wondering where your paycheck went as you drive through the fast food restaurant on your way to pick up your coffee before you one-stop shop at the closest yet most expensive grocery store in town? If you’re ready to mak...
There are several ways in which a financial advisor can assist with your finances. Some of these will entail retirement planning, financial planning, and investing. Not everyone needs a financial advisor. However, when you have investable assets and you're thinking about your financial future, it's essential to work with a financial advisor. The guide below will walk you through what financial advisors do and their importance. It can help you examine whether you'll be well served if you opt to w...
Spring cleaning has always been the time to flip mattresses, clean windows, and get behind or under those appliances to see what's been growing during the winter. This is also a great time to purge old or unwanted items from your home. Personal files and financial documents also deserve some attention. Here are a few things to consider for this year's spring cleaning.
What’s the best way to determine your starting salary and still have your business make money at the same time? Just like with your personal finances, a budget for your business is the foundation for its economic success and growth.
Many people have the skills and talent to start good businesses, but they lack the accounting knowledge or passion to keep those businesses profitable. For instance, an enthusiastic lawn care company might create beautiful landscapes. Then they avoid things like tracking tax-deductible mileage to customers' homes and so crucial financial savings are lost.
If your business is like most, the 80-20 rule applies. That is, 80% of your profits come from 20% of your customers.
Most people believe they have to pay the taxes on gains from the sale of their home, but did you know there’s a good chance you may not have to?! Here are 8 tax facts to keep in mind if you’re selling your house this year
Are you like most people who have a “healthy respect” (aka nightmarish fear) of the IRS and have every receipt, every return, every writing implement ever used or needed for filing your last 35 years’ taxes? Has your filing system expanded from a drawer to a whole closet “just in case”? While that may be a little exaggerated, it’s not uncommon for people to still have boxes and boxes of papers they’re not sure if they should hold on to or alas…set free. If you fall into the category of wondering...
The start of a new year is more often than not the start of new plans for new habits. Most people “resolve” to get healthy physically, but in a recent Fidelity study one-third of Americans will vow to get healthy financially. Whether you find yourself wanting to save more, spend less or pay off debt, here are the top four ways you can lead by example and have winner’s bragging rights to go along with it....
All the gifts have been opened, the leftovers frozen, and normalcy is starting to settle back into your days — until you open the mailbox and get that first credit card bill (and then another) reminding you of just how much you spent on spreading that holiday cheer. Instead of carrying the dread and the debt with you into the new year, this season why not implement some understanding and strategy to paying off those credit cards as quickly as possible?
