Sample Budget List of Expenses
When creating a budget, you need to separate your expenditures into required or optional categories. This article contains a sample list of mandatory and discretionary expenses.
Creating a Budget
Creating a budget should allow you to see precisely where your money is spent each month. The basic steps include recording all of your income, and then divide your expenses into mandatory and discretionary. For more guidance on creating a budget, read this C.P.A. Insight.
Should My Small Business Be a Sole Proprietorship?
About 75% of the businesses in our country are structured as sole proprietorships, unincorporated businesses that consist of one individual owner. This business structure is the simplest and least expensive to form and dissolve; however, it opens the owner to unlimited personal liability and debts of the business are debts of the owner. For more information on sole proprietorships, read this C.P.A. Insight.
Capital Gains
Capital gains can have a serious impact on your tax situation. It is advisable to plan ahead, as present law provides different tax rates for different types of property with rules provided by a complex tax code. For more information on capital gains and their treatment, read this C.P.A. Insight.
When to Take Capital Gains and Losses
Purchasing stocks as investments is often easier than selling because of most investors’ fears of capital gains. However there are several circumstances where it is beneficial to sell a stock and recognize the capital gain. For more information on when to take capital gains and losses, read this Financial Tip.
First-Time Homebuyer Credit Extended and a New Credit for Long-Time Residents
You may not be thinking of buying a house during the holidays, but as the new year rolls around, your home purchase may still qualify for the first-time homebuyer tax credit. This credit was recently extended, and not only first-time buyers qualify. For more information on the new qualifications for this tax credit, read this C.P.A. Insight.
Top Ten Reasons Why Small Businesses Fail
The staggering statistic is that most small businesses fail within the first four years. A successful business is continuously growing and adapting to the current business environment and not resting on its laurels. For the top 10 avenues of potential failure and how to avoid some of the pitfalls associated with them, read this C.P.A. Insight.
Tax Credit for Golf Carts?
When you hire a tax adviser, you are paying for more than the preparation and filing of your returns. A tax adviser’s job is to be creative enough to structure your financial situation to take advantage of as many deductions as possible. For more information on how to work with a tax adviser and what your responsibilities are, read this C.P.A. Insight.
Tax Planning—Getting the Most Bang for Your Buck
When you hire a tax adviser, you are paying for more than the preparation and filing of your returns. A tax adviser’s job is to be creative enough to structure your financial situation to take advantage of as many deductions as possible. For more information on how to work with a tax adviser and what your responsibilities are, read this C.P.A. Insight.
Holiday Gift Giving to Customers
It may be before Halloween, but now is the time many companies begin to think about holiday gift giving for their important clients. It may be the thought that counts, but the IRS has limits on how much a gift can cost and still be considered a business tax deduction. For more information on business gift giving, read this C.P.A. Insight.