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 When it comes to owning a small business, maintaining accurate and detailed recordkeeping is critical for understanding your business and meeting your tax obligations. There are a few recordkeeping requirements every small business should follow.
For most small businesses, basic recordkeeping involves recording income and expenses in a checkbook. The checkbook is used as a starting point for totaling the business’s income and expenses.
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By: Robert D. Cavanaugh, CLU
Given the fact that most seniors are interested in a secure income, reducing risk and lowering taxes, here is a planning technique to consider if you are trying to increase your income.
Maybe you have a CD that is coming up for renewal and you discover the rate is going to be lower. You could have some stocks or mutual funds that were invested for growth and are thinking about selling some off and re-investing in something that would pay you an income. The only reason you haven't sold them is that you don't want to pay the capital gain.
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Almost all of us are fond of overspending! We buy things we don't really need. Once we see something that catches our eyes, we automatically buy it - often without even thinking if we still have money or not.
People usually do this in order to please themselves. And lots of them have their own credit cards as a reserve once they run out of cash. They tend to spend a large amount of money in order to serve their caprices or to make them feel better about themselves. Unfortunately, this never really works, and it causes more damage than it cures.
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