This blog is a culmination of financial management topics and strategies to get the most out of your finances and put you in a position to evaluate your own early retirement goals. From credit scoring to budgeting to travel hacking, each theme culminates in the overarching strategy of financial independence.
Perhaps the most common investment choice for retirement funds is mutual funds. These offer the ability to invest long-term with lower risk than many other investment options you will come across. These funds present a higher risk than other investments but are a good moderate risk investment for those who have little knowledge of how the market actually works. There is a fund manager that is in charge of making the actual investment decision for the collective pool of the fund and his or her job to decide where to put the money for which they have been entrusted. This leaves the critical decisions out of your hands and off your mind.
If mutual funds seem boring to you, and many investors fall into this sentiment, there are other higher risk investment opportunities in the form of individual stocks. I seriously recommend studying the market carefully and completely before making the leap into stock trading but many people seek short-term quick profit rushes. Be certain you are willing to risk your retirement investment for the sake of increasing your net worth before you let emotions run wild.
If you do choose to invest in the stock market please take the time to learn the proper procedures, the risks, and the process before diving in. If you have a financial planner (and you definitely should) then he or she may prove to be an exceptional resource when it comes to the practice of 'playing' the stock market. If you need a little more adrenaline pumping, heart clutching moments when it comes to you financial retirement and are willing to risk the need to work for the rest of your life in the process you may find that individual stock trading is just the boost for you. Securities are a very complicated process that many of us would feel better never needing to understand.
Be sure however, not to rest all of your hopes and dreams for retirement on the allure of securities trading as this is a very high risk field for those who do know what they are doing. For those who have little experience it can prove to be a financially fatal flaw. Learning the ins and outs of the investment process in addition to the options that are available to you through the course of your own financial retirement planning is like going to war with the proper weapons and armor rather than a slingshot and a rock. The problem is that while there are some financial Goliath's out there that are simply waiting to be tamed, most investment strategies present their own unique needs that should be understood and monitored.
End of the year accounting can be quite hectic. There are a lot of different balls to juggle and dropping any of them could result in heavy fines and penalties. Often individuals and business owners use a tax refund calculator to help them get an idea of what to expect after filing. The website linked above is incredibly helpful when estimating IRS tax liabilities and refunds so I encourage anyone just beginning the 2014-2015 tax planning process to take advantage of it. Here are some of the core things to keep in mind during your end of year accounting.
Contractors and employees need to fill out a 1099 form or a W2 form. Any contractor who you've paid more than $600 in the fiscal year needs to have a 1099. Dividend or Owners Draw It's common for businesses to pay out non-salary earnings to owners at the end of the year. There are different ways to do this, including through paying dividends or owner's draw. The exact method of payment depends on your corporate entity structure. There are also differences in how proceeds are taxed, depending on how you're paying the owners.
If you have bad debt, the end of the year is a good time to write them off. It won't cover the cost of your debt, but you'll at least save some money on your taxes.
Take inventory of the fixed assets you have in your business. Then talk to your accountant about depreciating your assets. Different kinds of assets are depreciated at different rates. Having an accurate count of your assets can help you maximize your depreciation deductions.
Your retained earnings as well as your Earnings Before Interest, Taxes, Depreciation and Amortization should be updated. These numbers are essential for both the IRS and for shareholders.
If you have accounts receivables and payables tracked in different accounting systems, now is the time to reconcile those systems. You need to have all your receivables and payables in one place in order to have an honest outlook on the cashflow position of your company.
The amount of capital you have tied up in inventory plays a significant role in your company's accounting and in asset values. If you haven't done an inventory check lately, you'll want to do a comprehensive check for your end of year accounting.
The IRS requires different kinds of paperwork for different corporate entities. LLCs and general partnerships require less paperwork, while C-corps and S-corps require more paperwork - especially if you have outside investors and shareholders. Generally you'll be expected to file at least a P&L statement, a cashflow statement, a balance sheet, a general ledger and an inventory valuation.
End of year tax season can be a little hectic. Working with a knowledgeable and experienced tax accountant can really help lighten the burden. Having a trustworthy bookkeeper throughout the year can also be a big help. And don't forget to to take advantages of free resources at: http://bestirstaxrefund.com/tax-refund-calculator-handy-tax-tool
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