Tag: Simplified
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Quicken Budgeting Guide
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Getting Started with Creating a Budget When you open the Quicken program for the first time, it might be a bit overwhelming, but don’t be afraid to dive in and try setting up a budget. It’s a relatively simple process, and you can always go back and change aspects of…
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How to complete Form 8829
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The IRS Form 8829 is used by small business owners to calculate allowable expenses for the use of their home or apartment for business purposes, as well as the total amount of depreciation and allowable losses. The form is then added to Schedule C of the business owner as part…
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How to Avoid Guardianship
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After your death, someone needs to manage your affairs. For example, you may owe money to creditors, own property, or possess assets that need to be distributed to heirs. In many cases, these tasks are carried out under probate. Why You Should Avoid Probate Avoiding probate is a common goal,…
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SEP IRAs for Self-Employed Individuals and Small Business Owners
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Individual Retirement Accounts for Simplified Employee Pensions (SEP IRAs) are a type of retirement plan. They can be established by a self-employed person or a small business owner. Who can set up a SEP account? A high-income self-employed person without employees may consider setting up a SEP IRA account. It…
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Should a will always be documented?
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If you die and have a will, it is customary for your assets to be distributed under the supervision of a probate court. Probate is the legal process of settling a deceased person’s estate, including validating the will, identifying assets, paying debts, and distributing assets according to the person’s wishes.…
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5 Components of the Required Rate of Return for Bond Investors
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Understanding how rational investors evaluate cash flows Real Risk-Free Interest Rate This is the rate against which all investments are compared. It is the rate of return that an investor can achieve without any risks in a world where there is no inflation. Although it is not truly “risk-free,” government…
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What is the net after tax?
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How does net after tax work? The term “net after tax” refers to the amount you have left from your wages after taxes have been deducted. Net after tax is influenced by tax rates, which are determined by several factors, including income thresholds and filing status. Tax credits and deductions…
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What is the cost of inheritance?
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The costs of probate vary by state Court Fees The court fees are set by state law and can range from several hundred dollars to over a thousand dollars. This largely depends on the complexity of the estate and the number of different forms that must be filed. Complex estates…
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النموذج 4506 هو نموذج يستخدمه الأفراد أو الكيانات في الولايات المتحدة لطلب نسخة من السجلات الضريبية السابقة من مصلحة الضرائب الأمريكية (IRS). يتم استخدام هذا النموذج عادةً عندما يحتاج الناس إلى إثبات الدخل، مثل عند التقديم للحصول على قروض أو طلب إعانات حكومية. يمكن استخدامه للحصول على نسخة من الإقرارات الضريبية للفترة التي تصل إلى 3 سنوات مضت.
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The 4506 form is a “Request for a Copy of Tax Return.” The Internal Revenue Service (IRS) requires that you submit form 4506 or one of its versions if you wish to obtain a copy of your tax return for a prior year or a copy of your tax record.…
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What is a documentation judge?
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The notary judge is considered a judge in the civil court and a judicial officer in the state responsible for overseeing the cases presented in the notary court system. The Role of the Judge in Real Estate Notarization Procedures The notary judge supervises and makes decisions regarding the real estate…
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Distribution Return vs. Security Return: Which One Should You Use?
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What is the Distribution Yield? The distribution yield – also known as “trailing twelve months” or “TTM” – is calculated by comparing the distributions of the investment fund over the past 12 months to the net asset value of the fund at the end of that 12-month period. Variations in…
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Calculating Net Profit Margin
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The net profit margin account of a company reveals the amount of net profit after taxes that the company retains for every dollar it earns from revenue or sales. By calculating the net profit margin, you will find the ratio of profit the company obtains from the total amount it…
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IRA vs. 401(k): What is the difference?
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In this article, you will find information about the differences between an Individual Retirement Account (IRA) and a 401(k) account, which are two common types of retirement accounts that offer tax advantages when investing. The main difference between them is that an IRA is a type of retirement account that…
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What is a qualified joint venture?
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Definition and Example of Qualified Joint Venture How Qualified Joint Ventures Work Types of Qualified Joint Ventures Definition and Example of Qualified Joint Venture A qualified joint venture is a tax election in federal taxes for married couples who own a business and meet certain specified criteria. A qualified joint…
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Power of Attorney After the Principal’s Death
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The power of attorney becomes invalid after the death of the principal, but the law provides other options. Does the power of attorney continue after death? Your parent may have recently passed away, and you were designated as their agent in the power of attorney. You are the person they…
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Advantages and Disadvantages of Hiring Employees vs. Hiring Contractors
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Your Employees Share in Your Company and Culture Your company provides a vision for the security of employees’ futures, which makes them more likely to invest more of their time and personal energy into promoting your company’s goals and engaging in its projects. Those groups of people wearing company shirts…
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What is a bankruptcy manager?
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The bankruptcy trustee is a person responsible for managing the bankruptcy process and distributing the assets of the bankrupt individual or company. This article discusses the role and duties of the trustee during the bankruptcy process, depending on the type of bankruptcy. Types of Bankruptcy Trustees Here’s how trustees operate…
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How long does it take to execute a will?
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The duration of the probate process depends on many factors. Some estates can be settled or closed within a few months, or even a few weeks. While others can take a year or more. Number of Beneficiaries The process will take longer the more beneficiaries there are, especially if they…
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Types of Startup Costs
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In this article, we will discuss the types of startup business costs and explain the various expenses you should consider when starting your business. Before beginning your business venture, it is essential to fully understand the startup costs and be prepared to secure funding through loans, self-financing, or other methods.…
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Do I need earned income to contribute to a Roth IRA?
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Roth individual retirement accounts (IRAs) are more flexible than other retirement accounts in many respects, including early withdrawals. However, contributing to a Roth account requires earning income. Roth Accounts Require Earned Income You must have taxable earned compensation to contribute to a Roth account, just like a traditional retirement account.…
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Types of Accounts That Can Be Converted to a Roth IRA
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Roth Individual Retirement Accounts (IRAs) are retirement accounts that allow for tax-free growth of investments until retirement. Unlike other types of IRAs that are taxed on distributions, you must pay taxes on contributions to Roth IRAs in the year you make the contribution (or conversion). Other types of retirement accounts…
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What is cash management accounting?
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A cash management account is a cash account provided by a financial institution other than a bank or credit union, typically a brokerage firm. It is designed to manage cash, make payments, and earn interest. Definition and Example of a Cash Management Account A Cash Management Account (CMA) is a…
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How to Avoid Double Taxation for Mutual Funds
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How to Avoid Double Taxation on Mutual Funds Simplicity is one of the biggest advantages of mutual funds, except for taxes. But you can fully enjoy the benefits and reduce the anxiety about complexities if you know some tax rules and tactical tricks for investing in mutual funds. How Mutual…
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Do You Need to File a Tax Return if You Have No Income?
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Federal laws in the United States determine whether you are required to file a tax return if you had no income during the previous tax year. This may be true even if you earned some money, but your earnings were below the standard deduction amount for that tax year. Federal…
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How to Calculate After-Tax Cash Flow for Real Estate Investment
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The after-tax cash flow shows the total cash after expenses and taxes. When you start investing in real estate, it can be difficult to learn all the terminology. Moreover, it’s easy to feel overwhelmed by all the different calculations and analyses that seem important. Determining Net Income One of the…