Finance and proper money management are essential on a personal and business level. You must successfully budget and manage your finances in all aspects of your life to maximize profitability, improve investment ROI, avoid expenses, prevent debt, and prepare for retirement.
Finance encompasses a wide swath of topics, and many of them can be confusing even for entrepreneurs or business managers. If it were simple, there wouldn’t be so many people and businesses in bankruptcy or in debt in the US, Europe, Canada, Australia, and around the world. Your money is simply not something to mess around with. Simply put, money matters and money talks. Greed is good when you are great at it in the fickle 2024 economic marketplace!
All of us, individuals and entrepreneurs, need to invest despite risk. Due to current inflation and economic volatility, it is risky not to invest. But you need to know what you are spending your money on, risks vs benefits, and the possible ROI. An ongoing financial education is paramount in today’s day and age. Fortune favors the bold, but it also favors the educated and patient!
That is why Everything Entrepreneur has you covered with insightful articles on all things finance to help you better manage your money. We have the financial fast facts you need to maximize your money. Enjoy our growing number of expertly crafted articles and resources from financial experts around the world:
Finance & Money Management Articles
Master Your Money Management!
The future of finance is fluid. How can you save more money, invest more money, make more money, and save on taxes? Those are the questions you must be asking yourself as an entrepreneur or business owner. I am sure you are aware that accurate estimates can help you avoid a large tax bill at the end of the year, But here is something to consider: Estimated taxes are not just about reflecting on the past. They should serve as a proactive tax planning tool. They should help you look into the future. And shape your business practices You should have a strategy to reach your goals. Of course, estimating tax liability on income you haven’t yet earned can be tricky. But we can help ensure your estimated taxes are as accurate as possible. Would you like a free tax assessment on your taxation requirements? An experienced CPA can show you potential areas in which you might be overpaying the IRS in 2024.
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If you have a business, look into these tax strategies to save money: Home office deduction Travel expenses Meals Hiring children and grandparents Maximizing depreciation (Sec 179, bonus depreciation, bifurcation) Health care strategies Fringe benefits Accountable plans Medical reimbursement plans Disaster relief Legal entity considerations Augusta strategy That is just a short list because there are hundreds more. If you want to delve deeper and make sure you maximize all you can, it might be more profitable to have professional tax planners go ahead and do your tax plan for you.
The Corporate Transparency Act was recently signed into law and took effect on January 1 in 2024. The Act introduces new reporting requirements for most business entities, including the obligation to disclose beneficial ownership information to the US Treasury’s Financial Crimes Enforcement Network (FinCEN). It is important for business owners to understand the implications of the Corporate Transparency Act and comply with the new reporting requirements. Failure to comply can result in fines of $500 per day and/or up to 2 years in prison as penalties.
Saving on taxes can be confusing but it is not your fault if you have been overpaying the IRS. After all, who can keep track of all the tax law changes? Well, actually that is our job as financial coaches. We try to simplify it for our clients as much as legally possible. Let’s take just one tax saving strategy, for example: depreciation. Depreciation can be a confusing topic. How much can you take? What type of depreciation is available? When is an asset even eligible? We can go over the basics with you. We can also go through more advanced themes like the difference between bonus depreciation and Section 179 expensing. The bottom line is you could be losing out on big tax savings by not taking advantage of depreciation. That is just one obvious topic when it comes to accounting and saving on your taxes.
There are many tax planning strategies that can save you money But what are some of the most BASIC ones? Well, usually basic strategies are used because they are easy, which means you are likely already aware that they can save you money on taxes (e.g., retirement plans, corporate restructurings, insurance plans). One of the more popular tax planning strategies that can provide a huge impact is retirement planning. A good tax plan should confirm that your retirement plan is the most appropriate one for your situation, whether it’s a 401(k), IRA, or SEP. If we analyze your situation more in-depth, we could find potential tax savings. If you have investments, for example, we want to make sure you are maximizing investment expenses and minimizing investment income tax. If you invest heavily in securities, we want to make sure you have the opportunity to take advantage of tax loss harvesting and 83(b) elections. There are also hundreds of more ADVANCED tax strategies that might fit your situation. In short, we are afraid if we don’t do any tax planning, you might overpay the IRS this year. That’s why top CPAs are offering you free tax assessments prior to Tax Day.
Financial Freedom Found
Finance must be a first-rate priority if you want to enjoy financial freedom forever! We will have more finance and money management articles coming soon from experts around the world, right here on Everything Entrepreneur! Fiscal fitness and financial freedom await!
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