The true key to building wealth lies in building assets. Regardless of how much money you make, you can start converting your income into assets using tax strategies. The system is set up to go after income instead of wealth. The tax code offers incentives for asset building and your tax professional can advise you on the tax efficient strategies available.
As the end of 2018 quickly approaches, many small business owners are reviewing records in preparation for filing tax returns. The tax reform bill, known as the Tax Cuts and Jobs Act, enacted sweeping changes to the Internal Revenue Code that will apply to 2018 returns. It is important that year-end planning address these changes.
The end of the year is always a busy time for business owners. While juggling holiday planning, you also have to take care of some important business duties so you will have a successful year when the calendar flips over. Solid year-end tax planning helps you know where you stand in 2018 and how to prepare for 2019.
Investing in rental properties can help you reach your financial goals. But, being a good landlord takes practice, and no matter how much you read, there really isn’t a substitute for experience. That’s why many successful real estate investors and landlords depend on their property management companies. They say that a competent property manager can add significant value to the investment. Here are some of the benefits of skilled property management services:
The last quarter of any year is a busy one for anyone who wants to get a jump on tax planning and preparation. With holidays and shopping competing for your attention it’s easy to lose your focus on long-range financial planning. However, for those who can set aside time to review their finances, the advantages gained are many.
At some point, every small business owner will need to make an important decision: should they use cash or accrual budgeting for their company? Businesses use both the cash basis and full accrual basis of accounting and budgeting in their operations. There are advantages and disadvantages to both of these options, and you should consider talking with an accountant to learn about how these methods will impact your business.
Think you want to invest in rental properties? Are you considering buying residential property for rentals? Experts advise people who invest in real estate for building future wealth to make a long term commitment. Here’s how:
A church needs to be financially healthy to carry out its planned mission. A budget is a necessary tool for achieving the congregation's goals. It can serve as a roadmap for planning and decision-making. Here's why:
Today young workers are encouraged to start savings and asset building strategies as early as possible. A valuable asset to most individuals is their retirement account. A common question is whether to choose a traditional (tax-deferred) or a Roth option.
Cash flow management can make-or-break a company, and if you aren't properly managing the flow of your money, then you are setting your business up for failure. If you want to achieve long-term success with your company, then you need to make sure that you have cash available at all times.