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Watching summer transform into beautiful fall colors can be just as mesmerizing as tax planning. Similar to looking closely for gorgeous autumn scenery, with tax planning you’re meticulously on the lookout for opportunities to cut your 2022 taxes.
In this month’s newsletter, read about several planning strategies to consider as time is winding down to implement tax cutting measures for 2022.
Also read about ideas to improve your personal cash flow, modern words and their meanings that may be annoying (or not!), and the ingredients of a successful business partnership.
Please feel free to forward the information to someone who may be interested in a topic and call with any questions you may have.
Consider conducting a final tax planning review now to see if you can still take actions to minimize your taxes this year. Here are some ideas to get you started.
One of the most common reasons businesses fail is due to lack of proper cash flow. The same is often true in many households. Here's how this concept of cash flow applies to you along with some ideas to improve it.
Cash flow equals cash coming in (wages, interest, Social Security benefits) and cash going out in the bills you pay and money you spend. If more is coming in than going out, you have positive cash flow. If the opposite is true, you have negative cash flow. Unfortunately, calculating and forecasting cash flow can get complicated. Some bills are due weekly, others monthly. A few larger bills may need to be paid quarterly or annually.
Before improving your cash flow, you need to be able to visualize it. While there are software tools to generate a statement of cash flow, you can also take a snapshot of your cash flow by creating a simple monthly spreadsheet:
Just like clothing and fashion trends, new phrases and terms have a way of inserting themselves in every day language. For some, these phrases are overused and annoying. For others, these terms do an acceptable job of explaining a situation. Here are a few terms that are making an entrance. See if you recognize them, or perhaps you just want to stay on trend. Enjoy!
Understanding modern terms and trends can be very helpful. Even if you're not partial to some of these terms, don’t fret! They'll probably be replaced soon enough with the next up-and-coming phrase or trend.
Like a bundle of sticks, good business partners support each other and are less likely to crack under strain together than on their own. In fact, companies with multiple owners have a stronger chance of surviving their first five years than sole proprietorships, according to U.S. Small Business Administration data.
Yet sole proprietorships are more common than partnerships, making up more than 70 percent of all businesses. That's because while good partnerships are strong, they can be a challenge to successfully get off the ground. Here are some of the ingredients that good business partnerships require: