Online funding management systems have made it popular and convenient for entrepreneurs to ask for and collect startup funds from family and friends. Hundreds of now successful young businesses got their early boost from benevolent relatives and friends. Whether startups choose to use sites like Kickstarter and GoFundMe, or whether owners approach family and friends in person, it’s become commonplace and even acceptable to solicit friends and families for money to bootstrap a business.
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Paying for college is one of the biggest financial challenges families face. Tuition costs just keep going up, making it increasingly important to plan ahead and explore all the different funding options. Fortunately, there are multiple ways to cover these expenses without putting an overwhelming strain on your finances. By combining different strategies, you can very likely find a manageable way to support your child’s education. Just remember that the earlier you start this preparation, the better—and easier—it will be.
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Spring cleaning isn’t just for your home—it’s also a great opportunity to tidy up your financial records. Whether you’re an a person who’s just looking to take a more organized approach to managing your own personal finances or you’re a business person charged with tracking financial records, maintaining organized records can help you prepare for tax season, identify financial opportunities and reduce the anxiety of not knowing what’s going on, money-wise. Here are some essential tips to help you declutter, organize and optimize your financial records.
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Life insurance is a critical component of financial planning, providing a safety net for loved ones in case of an unexpected loss. While purchasing a policy is an essential first step, it’s equally important to review your life insurance periodically. Life is dynamic and, as circumstances change, your coverage needs will naturally evolve.
Major Life Events
During a person’s lifetime, there will be major life events that warrant another look at life insurance policies. These include:
Marriage or Divorce
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As a responsible head of the family, you’re likely always on the lookout for ways to secure your family’s financial security. Estate planning is the foundation of endeavors such as this. By putting into place instruments like wills, trusts and other plans, you have the power to help ensure the stability and financial resources of your loved ones a long time after you’re no longer able to manage these things yourself.
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Running a business often means taking calculated risks, including extending credit to customers or offering loans to other businesses. While this can foster growth, it also comes with the possibility of nonpayment. When debts become uncollectible, they are classified as bad debts. Fortunately, the IRS provides some relief by allowing businesses to deduct certain bad debts from taxable income. Understanding the requirements and processes for these deductions is essential for compliance and to minimize tax liabilities.
Defining Bad Business Debt
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When it comes to small business ownership, retirement planning often takes a backseat to the daily grind of running the business. Between managing employees, overseeing operations, and focusing on growth, thinking about retirement might not seem urgent. However, the earlier retirement savings options are set up, the better it is for both business owners and their employees. Fortunately, there are a variety of retirement savings options that can be customized to fit the needs of a small business.
401(k) Plans
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One of the best New Year’s gifts you can give yourself is to get out of debt in 2025. It’s totally possible to achieve in a year’s time for many people. Here are some tips to help you spend less and pay down your debt faster.
Curtail Spending
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Did you know it’s possible to make your vacation time tax deductible? But before you drag down the suitcases from the attic and pack the family SUV, you should know the legalities of doing this to comply with the IRS. Never do anything that’s against the law, and if you have any questions or confusion about any deductions, consult with your CPA. Here are some tips for making vacation time tax deductible—legally.
Bring Family to Conventions
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One of the responsibilities that business owners have is to ensure compliance with tax laws. Thankfully, your CPA helps with this complex task, but there are some aspects of being a business owner that must be decided as an owner. One of those is compensation. While your CPA can help to guide you, you must determine how much to pay yourself and your employees. More importantly, determining reasonable compensation isn’t only an internal decision; it’s a crucial component of legal compliance.
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Understanding the differences between an independent contractor and an employee is essential for both businesses and its workers. This classification affects not only the nature of the working relationship but also legal rights, tax obligations and benefits entitlement. Misclassification can lead to unnecessary financial and legal repercussions.
Defining the Two Kinds of Roles
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Running a business involves a delicate balance of ambition, strategy, and financial management. While success stories often take center stage, the reality is that many businesses face financial challenges that can spiral into bankruptcy if left unchecked. By understanding the most common causes of business bankruptcy, business owners can recognize the warning signs early and take steps to safeguard their company’s future.
Insufficient Cash Flow
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Before you start lamenting your empty wallet, take a moment to consider this: you might be sitting on hidden cash without even realizing it. That’s right—your household or business could be a treasure trove of untapped resources just waiting to be discovered.
Check the Couch Cushions—Literally and Figuratively
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Have you ever gone to the store for a carton of milk and come home with a new air fryer, a potted plant, and a throw pillow you didn’t even need? If so, welcome to the club! Impulsive spending has an uncanny way of sneaking into our lives, charming us with shiny objects and limited-time sales. But while it can feel thrilling in the moment, it often comes with regret—or worse—a credit card statement that makes your jaw drop.
Why Do People Spend Impulsively?
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Running a home business isn’t without its own unique challenges. For all the conveniences that operating a business out of your home brings, there are some pitfalls that all small business owners have in common should strive to avoid. Ironically, the same admirable inclinations that gave you the tools to start and run your home business may be the very ones that prove to be your downfall. One crucial yet often overlooked resource is the expertise of a Certified Public Accountant (CPA). Could this professional be the missing link that elevates your home business to the next level?
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Being married brings many advantages besides having someone to help fold the laundry or comfort you when you’re having a rough day. Tax benefits are another benefit, although people don’t get married to save on taxes, thankfully. But in the U.S., if you do happen to be married, you should know that there are a great number of tax benefits to be had. Your CPA can tell you all about it during your next appointment. In the meantime, here’s a closer look at the tax advantages of marriage and how they can benefit couples at various stages of life.
Filing Jointly vs. Filing Separately
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Preparing taxes isn’t most people’s idea of a good time. Usually, tax time is considered something of a downer, especially for anyone trying to do their own taxes. If you make the sound choice to hire a CPA, the entire process can be a lot easier, though. Here are more strategies, tools, and practices that can make tax preparation simpler and more efficient, helping you to avoid common mistakes and reduce the burden associated with tax season.
Understanding Your Tax Obligations
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Failing to file your taxes for several years can feel overwhelming. Whether you missed deadlines due to life circumstances, a misunderstanding of tax obligations, inability to pay your tax liability or simply procrastination, you may be worried about the consequences of not filing. You should be, because the IRS takes a dim view of tax evasion for any reason. But there’s good news, too. You don’t have to flee the country or look over your shoulder for the rest of your life. It’s always possible to resolve the issue and get back on track.
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Despite the changing economy, real estate remains one of the most reliable ways to build wealth. The downside to that is, the more wealth you build, the more taxes you usually have to pay. For many, finding legal ways to lower taxes is an ongoing hunt. Surprisingly, the government has actually given active real estate investors a very simple—and legal—way to defer capital gains tax on real estate transactions. Yet many seasoned investors don’t use it. Why not? For the most part, it may be because a lot of people aren’t aware of it.
What is the 1031 Exchange Tax Deferral?
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If your business has clients that are likely to want to pay with crypto, should you allow it? Since cryptocurrency first hit the currency market, it has caused excitement, disappointment and finally relegation. Even governments around the world are now adopting cryptocurrency as an official form of currency. But is it right for your business? After all, there are inherent volatilities in a currency that is non-regulated and controlled by an admittedly complex system that few truly understand.
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Being named as the executor of an estate is a great compliment and a serious responsibility. It signifies that the person who appointed you both trusts you and thinks highly of your abilities to carry out their wishes. However you came by this appointment, it’s very important that you fully understand your role and the steps involved. A CPA can help to guide your hand as you navigate through the financial and legal complexities involved in being an executor of an estate. Following is information about what your role means, and what your duties may entail.
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Running a home-based business comes with a ton of benefits, not the least of which is working for yourself. But just because you’ve successfully gotten rid of your morning commute doesn’t mean you lack other challenges specific to working from home. One of the most challenging aspects is managing finances. While you’re creating your service or product and marketing your wares, who’s watching the books? Most experts agree that a CPA is not only valuable but necessary for home-based business owners.
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One of the most common problems of small businesses is cash flow. A business can have all kinds of money coming in each month, but if it doesn’t come in at the right time, financial chaos can happen. Bills go unpaid, paychecks bounce, and business credit is ruined. Maintaining healthy cash flow is a combination of skill, experience and business savvy. Luckily, your CPA is a master of helping to ensure a good cash flow.
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Every year, millions of taxpayers in the U.S. dutifully submit their tax returns, along with whatever taxes they owe to the government. But there is also a large percentage of people who find themselves short and can’t pay their taxes. Many struggle to meet their daily financial needs, let alone come up with the money to give to Uncle Sam. But not paying taxes has serious repercussions, including severe penalties, wage garnishment or even imprisonment. If you find yourself in this situation, this is the time to talk to your CPA about your options.
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Successful business people and financial experts often say that you should run your household like a business. This is good advice, since it can keep your household activities and your finances in good order. But it’s not as simple as that sounds. When you have multiple family members, not everyone may have the same money skills or inclinations when it comes to spending. What one person calls a necessary expense, another may call an indulgence.
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Today, many workers are being offered the opportunity to work remotely instead of going into an office every day to work. This is seen as a benefit, and many workers do take advantage of it. But before you accept, it’s worth taking a closer look at both the pros and cons of this arrangement.
Autonomy
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As a loving parent, one of the best things you can do for your kids is to teach them about money. If you can give them the gift of financial literacy, you’ll be giving them something they can use their entire lives, and even pass on to their own children. Conversations about money are rarely easy, so here are some tips to help.
Start While They’re Young
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Creating a financial forecast for your small business is an essential step in ensuring long-term success and sustainability. A well-crafted financial forecast allows you to predict future revenue, manage cash flow, and make informed decisions. Yes, this important task is often ignored by business owners because they aren’t sure how to do it. Your CPA can help you to create a financial forecast. But in the meantime, here’s a guide to help you both understand its importance and what steps are needed.
Understanding Financial Forecasting
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When you think of a CPA, you might be like many people and view them through the lens of tax return preparation and tax compliance management. But the role and capabilities of Certified Public Accountants extends much further. These licensed financial professionals can be an indispensable business ally, fueling your company’s growth while you focus on overseeing its operations. Here are just some of the ways that CPAs add value to your business.
Financial Analysis and Reporting
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A business plan may facilitate your opening up a business banking account, get business credit and help you acquire investor financing. Your business plan provides lenders and other interested parties with a succinct overview of your company's operations. It also provides the owner with benefits. Business owners can look back to their business plan to verify that they’re staying true to the company's principles. A sound business plan can keep your business on track to meet your objectives for many years to come.
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