Year-End Tips for Small Business

The end of the calendar year is an important time for businesses of all sizes. It is not only the main selling season for retailers with promotional holiday but also when a business needs to begin to organize the financial information for the tax season.

Although the April 15 filing deadline may be months away, your company must think of ways to make the period as easy as possible. We spoke with the business and financial experts on what small business owners should do now to prepare for tax season.
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“Trying to stay on top of tax rules and rates and then … completing and filing their tax returns on time is a confusing task, especially for small businesses that operate in multiple locations and conduct business across the country. The way taxes should be dealt with in modern times this technology is to automate the process. the earlier a business owner move towards automation, the less time they need to work in the tax season, which means more is left to focus on your business time. ”

“Get the tools you need … to get ahead of [hasty end of the year] so you do not play defense,” said Milam. “Identifying what the system needs to be updated, so when it comes time to close the book, the data is in place and it was clean Make sure it is checked and ready Audit -. In any business, you should review the costly disruption of your business expenses.

As any business owner knows, tax season means taking stock of income, expenses and deductions enterprises. To get ahead of this task, the business owner must do this throughout the year, thus ensuring a smooth ride when it comes time to file taxes.

“The biggest part of preparing taxes is what is supposed to do – that is, keeping track of all business expenses throughout the year,” said Steve Gibson, director of online form builder JotForm. “If everything [had] put into your accounting system in a timely manner, then the hardest part is done. If not, you need to set aside time to collect and enter everything correctly.”

Applying a good filing system, whether digital or paper, is the key to making sure you can easily find and organize all your business expenses. Learning that tax law changes will affect you

tax laws are constantly changing, and it is wise to remain vigilant and up-to-date on changes that may affect your business.

“In addition, although not affect the upcoming tax season, there are some changes to the filing deadline for the next tax season, and this will be a big change in thinking and planning for many small businesses,” said Odeh. “Calendar year partnership [those tax years ending on December 31 will be required to submit on March 15, which is one month earlier than they used to.”

If you are not sure about what went wrong this tax law reform could mean for your business, be sure to consult with a financial professional.
one of which accountants Goodyear AZ

Do you do your own taxes or hire a professional, expert resources we offer some additional tips to get you through the process.

Understanding cuts and requirements. “Many small businesses do not fully understand the reporting requirements for tax returns. Consultation with a tax before the end of the year will help them cleaning things, better utilizes cutting available, and hopefully lower the cost of [them]. For example, many owners may not realize that the tax code only allows a reduction of 50 percent for food and entertainment. However, there is a reduction allowed from 100 percent for certain foods, such as holiday parties, or when an employer provides meals for employees at work, for the convenience of the employer. Knowing how to track this item during the year will ensure the best cutting.

Think about how the plan will affect the future of next year. “Are you going to seek funding next year Talk to your accountant about reporting method you use -? .. Cash basis or accrual basis of this method will impact the P & L [profit and loss] When the lender is a loan guarantee, less profit can have effect on whether or not you are approved.

Saving for tax liabilities-to-day costs. “We have seen many situations where businesses pay fines steep and punishment simply because they do not set aside the money they would need to cover their tax obligations. The problem is that taxes are usually paid on a periodic basis, and in the meantime, business owners need every penny to cover their operating costs. [with] no cash to cover the tax liability, the consequences [are] fines and penalties that would have been recognized with proper planning and focus. our recommendation is to create a separate bank account. As the money comes in, take into account that … and when tax day comes, you have the cash on hand to cover your liabilities.

Know when to outsource. “Many small businesses are successful because of the approach of do-it-yourself to solve their problems. Taxes are sometimes best left to the professionals. With [hiring a professional], you make sure that they are done properly, and free yourself to continue to manage your primary business needs.

Goodyear AZ accountants ready to help you.

about accounting, small business tax preparation, and individual tax prep. People who need a great accountant in Goodyear AZ that they can trust, need to call Richard Steiman of bsfaz.com.

Public Adjuster – Becoming Licensed

In the field of adjusters, a public adjuster works as an insurance claims adjuster who is hired by the policyholder to assist them in the process of filing a claim with the insurance company. They help to protect the rights of a policyholder. These professionals will generally accept a percentage of the payout on the claim as their fee. Many policyholders will file a claim themselves but if the policyholder is afraid there will be a dispute on the claim or it is a complex claim it is best if you work with a public adjuster.

When hired by the policyholder you will look the insurance policy over in order to know what is covered and the coverage limits. The next step is to look at the situation for which the policyholder is filing a claim. The public adjuster will document the claim and packages it for the insurance company. When documenting the claim the adjuster will address key issues that could be used as grounds for a denial or dispute of the claim by the claim adjuster. If the payout is not what it should be then the adjuster will negotiate with the insurance company to get the best deal for the policyholder.

Before you can become a public adjuster you have to be licensed. In the United States what the requirements are to become licensed depends on the state. If you are a non-resident you could obtain a license there if both states will allow it. A common requirement is that you have to be at least eighteen years of age and pass a criminal background check. You also have to receive a passing score of at least eighty percent on the written public adjuster examination but the passing score can vary by state. All states have a licensing and application fee that you have to pay before you can get your license. Some states will require you to have a certain amount of experience adjusting claims that are first party. You may also be required to be supervised by a licensed adjuster for a certain length of time or have proof of employment.

Some states want their adjusters to continue their education. They have to follow all the laws that are set by their state or they can have their licenses revoked. Many public adjuster licenses expire after twenty-four months or it could be on the even years, depending on the state. Many states will send a notice when it is time to renew. If you miss the deadline to renew your license, some states that have a grace period while others make you retake the examination.

The Future of the Capital Market

Over the years, financial trading has undergone a transition and this has only enhanced the overall user experience. This transition could be traced with the change from manual to electronic and finally automated trading. These changes were brought about with the help of various algorithms that were modified in the last couple of decades. The increased use of technology has only helped in using electronic trading solutions in the easiest possible way. However, technology also has the tendency to disrupt trends and yet bring in exponential growth in the latest business segments that are created by the new capital markets. However, all these reflect changing trends in the capital market, so, let us take a closer look at the flow of the future trends.

• Open Source Technological Platforms – The fundamental fact is that technological platforms within the capital market have very similar functions leading to significant growth in the market. They have the ability to leverage off open source technologies and also develop technology solutions for the financial markets in the open source fashion. All this leads to lower cost involved in developing platforms, deploying as well as using the much needed financial services.

• The Rise of Electronic Trading Solutions – With the help of the electronic trading solutions, investors require less helping hand from brokers and traders. They will be more dependent on self-direct trading that is now possible with the easy use of technology. The developed western markets have noticed this trend already in the last decade. The emerging trends are thankfully moving towards a similar ratio which involves technology driven trading. All these changes in trends lead to web and hand based platforms.

• Device Interactivity Enhancements – Consumer trends reflect a pattern where more and more people tend to go mobile and use technology through cloud services and other computing devices. Cloud services and computing devices like tablets, mobiles and laptops always support the continuity of platform access and the boundaries between all these devices get blurred. This helps users to seamlessly pick any device from any location and yet have easy access to trade in any financial market and get information.

• Socially Driven Trading – Social networks play an important role in the trading lifecycle since the mode of information sharing process becomes faster. With the help of the social media, understanding the sentiments of investors also become easy through the various social media platforms like Facebook, Twitter, etc.

• Blurring Boundaries Between Capital Market Players – Changing trends reflect that there will be more competition across several financial services. Professional brokers continue to make exchanges that would make the trading platforms smoother. Institutional investors also get into the role of brokers and exchanges in order to avoid information leakage.

Leveraging the use of technologies helps considerably in reducing costs and makes the entire process extremely user-friendly for people dealing with finances in the capital market. Care needs to be taken that the changes in the capital markets are at par with the times ahead to keep the flow of work smooth.

Save Money – The Easiest Way To Save Money

We are consumers. We simply need things such as gas for our cars, insurance, phones, groceries, furniture and many other things. All of these things require money! Unfortunately, our economy is not good. Luckily, it’s slowly getting better. But even when our economy gets better, wouldn’t it be nice to save money on all the things we need? Wouldn’t it be nice to have an a few extra thousand dollars in our pockets each year? Well, you certainly can! The best part about it is it’s incredibly easy to do!

No more searching online for hours trying to find the best price for your purchase! The way to save an extraordinary amount of money is via saving money memberships! More specifically, lifetime saving money memberships! I am going to go over the 3 things you need to look for before getting any type membership like this!

1. Duration – You can get one that only last for a few months or years but if you’re looking to save thousands of dollars each year then your best bet is to find a one that offers a lifetime holding. Especially if you enjoy the benefits, it would be ideal to continue to enjoy it for the rest of your life. There are plenty of lifetime holding ones out there, however, if you can’t find one you like that offers that then at least look for one that has a long duration. A 10 year or even a 15 year saving money membership will do some great things in terms of adding more money into your wallet.

2. Do The Math – You have to look at the price! If you are looking to get a lifetime one, you may have to pay a decent chunk of money. But it’s important to remember that it’s a one-time payment. You also have to make sure you’ll be able to save more than you originally spent or else it kind of defeats the purpose. Doesn’t it? If a saving money membership with a lifetime holding requires a one-time $5,000 payment but you are able to save $2,000 each year, do the math! That’s a great saving money membership! You will be able to save more money then you originally spent after 3 years! After the 3 years you will be smooth sailing! Be sure to do the math before you freak out about the price!

3. Look At The Benefits – If you want to maximize your savings you’re going to have to look at the benefits! Look for a saving money membership that has a ton of benefits! If you get one for gasoline, you need to make sure you purchase a ton of gasoline each year! There are several out there that allow you to use it on almost anything! There’s no need to limit your savings! As I mentioned before, it would be nice to save on a wide variety of things and you certainly can!

So, if you are looking to save an extraordinary amount of money each and every year your best bet is to look into a saving money membership! However, don’t get one without looking into it first and getting some information! Make sure that it has a high duration (preferably lifetime), do the math and make sure that you are going to be able to save more money then it took to get the membership in the first place, and finally be sure to look at the benefits so you can maximize your savings with a wide variety of things!

Leaving An Enduring Financial Legacy

Dave Ramsey wrote a book called The Legacy Journey: A Radical View of Biblical Wealth and Generosity. I like this book because it discusses how money is from God, and we are therefore His stewards.

Some will try to convince you that money is inherently evil.

Your Financial Legacy Starts With Building A Strong Financial Foundation

Financially helping others is your end goal. But, you can’t do that if you are in financial trouble. Therefore, your first step is strengthening yourself money-wise so you can assist others. With a secure foundation, you can be a great benefit to people in need. For example, you must stand on higher ground before you can lift someone else.

Giving generously to charity is difficult at this point because you are focused on conquering your debt and mastering your spending habits.

Mastering your spending habits is often complex, but a simple idea and not always easy to employ is paying yourself first. Some attribute consistently saving a percentage of everything you make as the most important financial habit. A second critical practice Dave teaches living by a budget, and the rich are not left off the hook because they are not living paycheck to paycheck.

Beating debt requires discipline. For example often, financial discipline means looking at money and possessions differently. Furthermore, shopping cannot be your stress reliever. Similarly, if paying yourself first is the most important financial habit, the second greatest attitude is contentment.

Step Two: Create A Vision For Your Life And Family

Every family and individual need a vision. For instance, a clear and sharp vision will bridge the gap between where you are and where you need to arrive.

Many people are stressed out and can’t sleep because of crippling debt. Similarly, always fighting with your spouse over money problems is draining on a marriage. As a result, the constant stress and fighting blocks you from concentrating on your vision and dreams.

The Power of Giving

Dave strongly emphasizes paying tithing to your church.

Giving 10 percent of your income to your church changes you. It prepares and softens your heart and magnifies your power to give. Dave attributes the lavish Christmas parties he throws for his employees as a result of tithing. Tithing turned him into a generous giver.

He says giving to the kingdom of God is the greatest investment you will make. However, there are many ministries and charities you could donate to, but not all of them are worthy of your hard earned money. Therefore, he suggests you research them like you would any business deal. For example, many ministries and charities manage their money and resources horribly.

If you are wealthy should you give a mile wide or a mile deep?

I think the best strategy is to give a lot to one or a few so you can make a greater difference. However, if you are rich, spreading your money out to many is tempting. Additionally, even the financially free do not have an unlimited stash of charity cash to give away.

Holding on to Our Money

Why is it so hard to manage money and hold on to it? How can we save more and spend less? It has become an issue to make and save money.

The world is geared in such a way that it’s difficult to hold on to our money…

Everyone is after money – our money, their money, everybody’s money – because of greed and because they never have enough. They spend years in higher education, in colleges and universities, to master the art of finding ways to get our money with such ease. They have become experts in their field and their field is to find more ways for our money to escape from our wallets faster and faster.

The funny thing is, there is a collaboration between the financial institutions and the commercial world to create more wants than needs. People, in general, are innocent and ordinary. The majority work hard to try to have a life without paying too much attention to the details… and that is when it happens…

I remember when banks were not so greedy. They made it easy and a pleasure to bank with them. Now it’s all about them making more and more billions in profits every year. They charge for every little detail, and we are not done yet, because they have their geniuses looking for ways to get every hard-earned dollar from our bank accounts into theirs-the latest being that, with every transaction at the teller, if you want a receipt, there is a charge of one dollar.

The government raises taxes, and if you don’t have a good accountant, you are doomed. There is a well-organized plan to find ways for our money to fly into someone else’s nest. Therefore, people will never get out of debt unless they get smart, spend less, and save more. As the saying goes, “A penny saved is a penny earned.”

How about our young ones? Do you think there is more we can do to educate them about money matters, to help them manage their resources, money, time, and so on? I don’t think we do enough to prepare our young people for life and its money challenges!

We teach them history, the arts, geography, economics, and so on. Please, don’t get me wrong, these subjects are important, but I feel it’s more important to teach them practical and smart ways to deal with their personal finances, starting from when they’re young and into their teen years.

It would make such a huge difference in their lives. It would determine how successful they are going to be… or not.

But here is the question: Who is responsible for this task-the school system or the parents? Why do we as parents depend on others, such as schools, to ready our children for life? Isn’t it our duty to make this happen?

Here is my opinion: Parents care more for their children than anyone else does; therefore, they are responsible for teaching their children about personal finances if the school doesn’t do it. Remember, economics is not the same as personal finance. We have to teach young people to spend less than what they make, a lesson that can prove to be as valuable as gold if it’s put into action! It’s a very simple lesson but a very important one.

I wish I knew more about money management. I wish someone had told me early in life about money and how very important it is to save more and spend less… to pay myself first and then spend the rest with no guilt. Life will never be without its bills and expenses. It is what it is, and nothing is free… well, I’m trying to think what things are free-not too many! The air we breathe is still free, but I don’t know for how much longer!

3 Things You Must Overcome in Order to Make More Money

The number one thing to know is this: More and more Americans are rightfully concerned about wage and income disparity but few see that government has any real solution to this concern. This is a step in the right direction because although many members of low-income households work heroically and waveringly at very low wages the “Census Bureau data shows that for every hour worked by those in a low-income household, those in a wealthy household toil 5 hours.”(I) Furthermore, “6 out of 10 households have no one working at all.”(ii)

Secondly, according to the latest Quantitative Analysis of Investor Behavior (QAIB) “The average investor in a blend of equities and fixed-income mutual funds has garnered only a 2.6% annualized rate of return for the 10-year time period ending December 31, 2013. The same average investor hasn’t fared any better over longer time frames. The 20-year annualized return comes in at 2.5% while the 30-year annualized rate is just 1.9%.”(iii)

Thirdly, checking the market performance as of the date of this writing, December 10, 2015, CNN Money reports that the S&P 500 Index is trading 0.56% higher than it closed yesterday. The year-to-date change is -0.12% and the 1 year change is currently -1.59%.

So here are the 3 things you must overcome in order to make more money:

1. You will need to overcome by working harder or longer, maybe both.

2. You will need to overcome by depending more on guarantees, less on market returns.

3. You will need to overcome by avoiding market volatility in order to keep more of what you make.

The first of these is easy enough to overcome. There are literally thousands of things that you can do, if you are willing, that will create more income for you. Saving at least 10% of that income will put you on track to becoming wealthier regardless of where you are today on the income scale. This isn’t rocket science. It is called work ethic. Being willing and ready to trade your skills, knowledge and time for money so that you can set aside money that can begin to work for you, instead of you always having to trade your time for money, is the most important thing in making more money.

Next, forget about putting your hard earned money into the market in hopes of it making you more money. Statistics document, as the QAIB research above proves, that this model of saving hardly keeps pace with inflation. That means you could save all your money in things like 401(k)s, IRAs, Roths, Mutual Funds, Securities and Bonds and end up with less value down the road than what you started with initially.

Finally, overcoming or avoiding market volatility is critical if you are planning on keeping more of the money that you and your money can create for you. Consider this based on the CNN Money report above. If you had entered the market this morning you would be making slightly over ½ of a percent on your position. Of course, you would have to pay the fees to make the trade either to enter, exit or both and that means you would have lost money today in the S&P 500. But let’s say you entered the market on the opening bell the first day of trading this year. That means you would have lost the trading fees plus you would have lost another 1/12th of a percent just because of market volatility. And if you had entered the market 1 year ago today then your losses would include all the fees plus an additional -1.59%.

Logic tells us that saving in places that provides guaranteed returns and opportunity to participate in market returns without assuming the risk that is inherent in the volatile market place while having complete access without fees or penalties to the capital saved is more reliable than what the average investor is accomplishing with their money today. That is why The Perpetual Wealth Code™ is based on overcoming these 3 things that most investors are plagued with in their portfolio. Guaranteed, Available, Manageable Equity is the GAME that you need to win in order to make and keep more money.

(I) NewsMax: Stephen Moore: No President Obama, Poor People Don’t’ Work as Hard as Rich, Dan Weil, June, 9, 2015

(ii) Ibid

(iii) Forbes; Why The Average Investor’s Investment Return Is So Low, Sean Hanlon, April 24, 2014

At Life Benefits we help you play the GAME to win.

A New Year’s Resolution for Your Finances

It’s shortly after New Year’s, and that means resolutions. And it’s not too late to set a New Year’s Resolution for your finances. The goals that are most successfully accomplished are those that are manageable, not too overwhelming. So let’s look at one financial goal that is manageable enough to be accomplished this year.

Pay a little bit extra on your mortgage every month. Make it small enough that you can manage it every month, but not so much that it is stressful. Start with a small success and then build on it.

Let’s see how paying just a little more on your mortgage could really benefit your finances in the long run.

For example, if you have a 30-year mortgage for $150,000 at an interest rate of three percent, paying an additional $100 each month would save you a total of $17,214 and you would pay it off six years early. If you were only able to increase the amount to an extra $50 per month, you would still save $9,719 and pay it off three years and four months early.

If you have a 20 year for $100,000 at 4% interest, and added $50 a month to your payment, your loan would be shortened by 26 months, saving you a total of $5,563. If the same loan had an extra $100 paid on it each month, that would be $9,883 saved and it would be paid of three years and eleven months early.

So making a small sacrifice each month to pay a little bit extra on your mortgage can save you a significant amount of money in the future.

Now for the question of where to get an extra $50-$100 each month. One recommendation would be to make this extra amount automatic. Have it taken out of your paycheck or bank account automatically. If you never see it, it’s a small enough amount that hopefully you won’t feel it too much. For example, if you are paying an extra $50 per month and get paid weekly, that’s only $10 or $12.50 out of the paycheck (depending on how many weeks are in the month).

Here are a few suggestions to help you with that extra money you need each month. Don’t buy lottery tickets. Take a lunch to work and eat out a few less times each month. Make your own coffee instead of stopping to buy some on your way to work.

Tips for ATM Safety

ATMs and debit cards offer quick access to your money when you’re on the go. Most of us have come to rely on the convenience they provide, but it’s important to use caution to keep ourselves and our finances safe. To protect your identity and ensure your personal safety, it makes sense to exercise caution when using an ATM. The tips below are meant to make you aware that although rare, ATM crime can happen.

Follow these tips to help keep you and your money safe!

    • Protect your ATM card as if it were cash. Report lost or stolen cards immediately.
    • Safeguard your Personal Identification Number (PIN). Don’t give your number to anyone; don’t write your PIN on your card, avoid using numbers that are easily identified (birth date, etc.).
    • Try to use ATMs with which you are familiar. Choose well-lit, well-placed ATMs where you feel comfortable. If you need to use an ATM late at night, ask a friend to accompany you.
    • Before approaching the ATM, scan the surrounding area. Avoid the ATM altogether if it is too dark to see, isolated or looks unsafe. If there are bystanders loitering in the area, go to another machine or come back later.
    • Be prepared to conduct your business as soon as you reach the machine. Have your ATM card ready in your hand. Do not dig through a purse, bag or wallet in front of an ATM or while you are in line. Secure your money immediately after the transaction. Count your money later, not at the ATM.
    • Use your body to shield the screen and keypad before entering your PIN. Make sure other individuals in line stay a reasonable distance from you while you’re performing your transaction.
    • Do not allow anyone to distract you while you are at the ATM. Be cautious if strangers approach you or try talking to you – even if your card is stuck or you’re having trouble with your transaction. If someone takes interest in your transaction, leave the area and report the suspicious behavior to the police.
    • Never leave your receipt in the ATM. Discarded ATM receipts are a primary source of identity theft and account fraud. Shred receipts before discarding them.
    • If you are using the ATM at night make sure there is nothing compromising your personal safety like overgrown bushes or poor lighting.
  • Be wary of an ATM scam called “skimming, where thieves attach electronic devices to the ATM that are designed to capture your card information and PIN. If an ATM card reader appears unusual compared to other ATMs, use another ATM.

Remember, if your ATM card is lost or stolen; contact your credit union immediately. They will take the proper steps to ensure your finances are safe and assist you in getting a new card.

You can never be too careful, too prepared or too aware. Share this information with family and friends.

Modern Financial Advising For Beginners

The Internet is a testament to the fact that there are DIY approaches to practically every need for which one might have traditionally requested another’s assistance. Financial planning is no exception. Those looking to start investing in careers often tend to believe they are capable of creating their own success. While individual success is not completely unheard of, it is rare. Services to expand financial gain are no longer exclusively for the wealthy. In fact, according to many experts, hiring help could drastically improve one’s chances of coming out on top financially in the long run. Still, many find it difficult to initiate the process. Here are some tips from a seasoned financial advisor for beginners.

Admitting It Is The First Step

Like with any significant self-improvement, determining whether or not you need assistance is the key to financial success. Unless you are a natural at portfolio management, you probably could benefit from the help of an expert. Deciding to allow someone to help create your monetary triumph is crucial. There is no shame in needing their expertise, especially when it has become so easy to do so affordably. Many modern companies have significantly lower minimum account requirements than previously held by traditional firms. Financial advisors have never been more accessible to new investors.

Decide to Invest

According to a seasoned financial advisor, the heart of financial planning can be summed up pretty simply: “You either have a plan, or you don’t.” Those without a specific approach often fail. After recruiting assistance, dedication to investment is crucial. Realize that attention to the status of your current portfolio is an investment into the status of your future portfolio. Decide that you are going to take a guided, methodical path to a more comfortable financial end. Sporadic, overly passive investment approaches are common pitfalls of individual investors who fail when attempting to go it alone. A solid strategist will encourage your desires by motivating you to remain dedicated to your plan. Remember-the sooner you begin planning, the longer your plan has to succeed.

Focus On The Future; Be Aware of The Present

The end goal of investment is the future increase. Trends in finance are constantly changing. A financial advisor can be of great assistance in this area, being more knowledgeable of these changes in a way that will increase the probability of multiplying your returns. Vigilant monitoring of the current climate is vital. Be sure that you have enlisted the assistance of someone who is dedicated to such surveillance. While your strategy might not necessarily always be comfortable, keep in mind that your future will be.

With the widened availability of financial advisors, it is more realistic than ever to begin investing. Regardless of the account size bracket into which you fall, there is undoubtedly a service for you. Realize that hiring a partner and having a plan are ways of presently managing your future. In the wise words of an experienced CFP, “The first step in planning is deciding to have one.”