Personal Tax Consultation and Financial Planning

Personal Tax Consultation and Financial Planning

When one assesses successful individuals against ordinary individuals there is often more than luck to be thanked for their success. Generally a successful person has a plan and sets both financial and personal goals for themselves.

Hiring a personal tax consultant or financial planner might be the best decision you can make for yourself and your family. Your personal financial planning must be structured in a way that takes external factors into account whilst maximising on what you can do to better your situation. Taking advantage of tax incentives, Investment planning and detailed budgeting can be important elements in maximising wealth and ensuring long-term financial stability.

A top tax consultant in Ireland recently stated that personal financial arrangements could be much better managed if you paralleled the functions to that of a country planning its economic activities. Managing your personal economy as a ‘small nation’ can be narrowed into 5 main themes namely

Capital Spending (‘Weekly Expenditure’ for individuals)
Foreign Borrowings (‘Financing & Debt Control’ for individuals)
Taxation (‘tax planning’ for individuals)
Savings Incentives (‘Retirement planning’ for individuals)
Government Bond Issue (‘investment decisions’ for individuals)

Managing only one aspect of the above would not result in great personal economy. For example: hiring a tax consultant that only focuses on legal compliance. The route to successful financial planning encompasses all of the above items and requires realistic but intuitive goal setting strategies. Ideally you would want to manage all the above at one service provider for an integrated approach. Of course choosing the right service provider comes with its own pitfalls.

Here are a couple of tips on how to choose a financial planning partner and avoid the common scams/pitfalls. Immediately cut off contact with financial sales consultants who press for immediate answers and cannot adequately simplify their service description into everyday language. Scam artists often bury their victims in jargon and put time limits response times from you.

Never judge an individual’s work ethic based on their appearance or mannerisms. Con artists are often polite and great with people. When choosing a financial planning expert they will quick often have to be registered with your country’s Financial Regulator. Ask for their registration details and do your research on the company both online and offline. Don’t be scared to ask for references either.

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Year End Business Financial Planning In 4 Easy Steps

Year End Business Financial Planning In 4 Easy Steps

Copyright (c) 2010 Kelly Totten

Fall has arrived and it’s the perfect time to do some business financial planning. At this time of year, we’re concerned with multiple things…finishing the year, taxes, and getting a jump start on the plan for next year. It can all become overwhelming pretty quickly. Here’s a 4 step process to keep you on track…

I. How has the year been going?

Before you can determine what you need to do in the 4th quarter and beyond, you have to know where you’re coming from. If you don’t have up to date financial reports, get them done NOW.  The end of the year will be here before you know it.  Generally speaking, surprises at tax time are not good surprises. This is also the first step to ending the year in a good place and planning for next year. Once you have your financial reports:

->Take a look at your profit and loss by month. 

This will help you see if anything is missing, particularly monthly or quarterly recurring payments.  It’s also a good way to find categorization errors.

->Review your budget/forecast/projections versus actual reports. 

Are you where you planned to be at this point in the year?  Are your sales on track with your forecasts? Are your cost of sales and expense in line with your plan? If not, why not? 

->Review your financial ratios. 

Are your key ratios in line with your goals? Are you hitting your gross margin target? Is your net profit where it needs to be? Is your days sales outstanding looking good?  How is your debt to equity?   

II. What do you need to do to finish the year strong?

Now that you can see where you’ve been this year, you can make a plan for the rest of the year.

->Forecast Revenue

Based on your year so far, historical numbers, and marketing plan, what revenue goals are achievable for the rest of the year? If you haven’t been doing well this year and you really need to bring your A game to 4th quarter, what are you going to do differently? In your review process, you should have pondered why your year hasn’t gone according to plan.  Use that information to inform your plans for the 4th quarter.  If you have been meeting your targets so far this year, review what is working for you and what you need to do to maintain the momentum.

->Adjust Spending

With your year to date information and your revenue plan for the 4th quarter, what changes need to be made to your spending plan?  Will you need increase labor spending to meet your 4th quarter goals?  Do you need to reduce labor costs to get your financial ratios where they need to be? Have you been spending your marketing dollars on things that aren’t working? Do you need to spend more on sales and marketing efforts that are working? 

->Collect Aggressively

If your business is like most businesses in the b2b service arena, the first quarter is known for clients paying slowly.  To keep your company running smoothly in the first quarter, you must collect aggressively in the 4th quarter. Be vigilant about getting deposits on your fourth quarter work and get December invoices out as early as possible.  Ensure your accounts receivable team is staying on top of collections and do your best to get everything possible collected before everyone heads out for the holidays.

->Keep An Eye On Cash Flow

The first quarter collections slow down means you’ll have to be extra careful with your cash flow. Make sure you’re maintaining an adequate cash reserve to handle your critical bills and payroll during the first couple months of the new year.  If your historical trends show first quarter to be normal or strong for cash collections, you may want to pay forward some of your debt in 2010 to get the tax deduction this year (assuming you’re a cash basis payor). Also make sure you adjust your cash flow forecast to coincide with any revenue or spending adjustments.

III. What are the tax impacts?

Once you have accurate financial reports through the end of September and projections for the rest of 2010, get an appointment to see your tax preparer (or at least send them your QuickBooks file and projections).  The sooner the better.  Your preparer will be able to give you an estimate of how much you’ll owe, instructions for estimated payments you need to make to avoid penalties, and tips for reducing your tax bill.  After December 31st, it will be too late to strategize for savings.    

IV. What about next year?

After you’ve gone through the process for the 4th quarter, you can extend the process for next year.

->Forecast sales

Base your sales forecast on historical figures.  Estimate a percentage of increase in historical sales and make adjustments for one time windfalls. Add estimates for additional sales channels or products.

->Create a Budget

Use your sales forecast and historical spending to inform your projected profit and loss by month for the upcoming year. Make adjustments for new employees, equipment, and any other known changes that are needed to achieve your goals.

->Develop a Cash Forecast

Use your budget to inform your extended cash flow forecast. Make adjustments for when you expect revenue to hit your bank account and when your expenses will actually be paid. If the ending bank balance goes negative, you may have to adjust your budget.

Once you’ve completed this process, you’ll have a strong business financial plan in place. Regularly reviewing your plans with your actual results will ensure you have the information you need to make smart decisions.

Make a Financial Plan and Work the Plan!

Make a Financial Plan and Work the Plan!

In my 20 plus years of consulting small and medium size businesses it is rare that I find a business with a financial plan that is being monitored. Most financial plans are generated to obtain a bank loan and once that purpose is served the plan usually finds its way to the lower bottom draw of the owner’s desk to collect dust. The other day I had an occasion to check one of these plans out with a client whose business was in trouble and sure enough, most everything in the plan had been ignored. If only part of the plan had been followed and monitored the business would have been profitable and not in need of any outside help.

Usually when a financial plan or budget is first put together it is based on the business history, knowledge of the business and industry, and some valid assumptions about the business future. A flight plan is put together in much the same way, however as soon as the plane takes off and winds change, adjustments must be made in order for the plane to reach its destination. The same holds true for a financial plan. Once the business is put into operation, some things change either with the product or the marketplace, and adjustments must be made to achieve the profit objective. Therefore, a financial plan must be monitored to identify the variables as they present themselves.

In a business these variables usually present themselves when a Profit and Loss statement is compared to a financial plan. Unfortunately, since most small business owners do not value their financial plan there is no urgency to check it against a P…L statement that tells you what actually happened in the business for the particular period of the report. Since the plan is not being monitored it is very easy for the business to head off course and in the opposite direction of its profit objective.

Comparing each item in the Profit and Loss Statement (What is actually happening in a period) to the Financial Plan (What you want to happen) will identify the variables and help you identify where problem(s) exist in meeting your profit objectives. However, identifying the problem is only the first step in solving it. You must research further to find what is really causing the problem and then make the necessary adjustments. Various solutions should be considered before picking the best solution, and after implemented, the new solution should be monitored to see if it really solved the problem.

The importance of a Variance Report that compares a financial plan (budget) with a profit and loss statement cannot be overstated. These are two important management tools to control your business and reach your profit objectives. If you have a financial plan, start using it to control your business, and if you do not have one, create one, it could mean the difference between success and survival. Good Luck!

Copyright © Donald N. Lombardi

When designing a savings plan, it is wise to calculate a working budget for figuring out extra money to dedicate to the plan. Formulate a savings plan for short-term goals or retirement with tips from a financial planner in free personal-finance video. Expert: Julie Asti, CFP Bio: Julie Asti works as a financial planner for Asti Financial. Filmmaker: Bing Hu

Financial Planning – Is It Necessary?

Financial Planning – Is It Necessary?

Give me five `good reasons for doing financial planning.

1. You need to work out a way to gather the wealth you want

2. You need some basic security for yourself and your family, which means know that you have a predictable income and a certain amount of emergency funds if your income should temporarily disappear for one reason or another

3. To give your children the best education possible: The best schools providing higher education are normally the most expensive.

4. Be able to do things or travel to places you always have dreamed of not only after you have retired (you may not live that long) but also when you are relatively young.

5. Be sure that you don’t use more money than you earn

These were just a few examples. I could find many other arguments for financial planning.

There is a good case for starting some financial retirement planning while you are still young. There has been a lot of news recently about pension funds going bust, and leaving their investors with nothing; so it is only natural that you should try and find another solution to your future retirement.

There are many people who can advise you, from bankers and brokers to independent financial planning advisors. Financial retirement planning is not like planning what you will do with all your free time: in fact, there is a lot less dreaming and a lot more financial planning work.

The first aspect of financial planning should be where you are now in terms of money. Do you owe a lot, or are you bothered by the amounts that seem to go adrift from your budget? Clear these up before you begin your financial retirement planning.

Most financial plans are bound up with the future, and you need to consider how much you think your costs will go up by each year, and adjust the amount you will need to fit in with this. For example something that is 20 years in the future may rise by as much as 300%. Take this into account when doing your financial planning, as otherwise you may end up short of your goals.

Start planning your goals as early as you can. Financial planning at the last minute is never going to work. Before you start planning, you should look at the financial retirement planning of others in a similar job and with a similar pay scale.

You should also be aware of what your benefits are, and what you could be offered. Remember, living costs will not diminish during retirement, so you will need to save as much for each year as you are currently spending.

A CD, or certificate of deposit, is bank issued; while annuities are issued by insurance companies. Discover the differences between certificates of deposit and annuities withtips from a registered financial consultant in this free financial planning video. Expert: Patrick Munro Contact: www.northstarnavigator.com Bio: Patrick Munro is a registered financial consultant (RFC) with outstanding sales volume of progressive financial products and solutions to the senior and boomer marketplace. Filmmaker: Reel Media LLC
Video Rating: 4 / 5

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You Need A Financial Plan

You Need A Financial Plan

The traditional “American Dream” that average citizens can better their lives, not worry about paying their monthly bills, give their children opportunities better than their own, and still be able to save towards a comfortable retirement has become harder to achieve and maintain. For many Americans this dream has been replaced by rising costs, debt, declining wages, and ultimately a downsizing of their dreams. Yet, while some Americans seem to be struggling financially, others are getting ahead. Why? For many, the answer to this question lies in having a plan – a financial plan customized to a family’s own unique dreams and goals.

While some financial planners deal mainly with investments, a good financial plan often needs to go beyond these strategies. The needs and goals of every family are unique. Therefore, a financial plan should be customized to a family’s individual needs and can include some or all of the following areas:

Retirement – Everyone I know has great dreams for what they want to do after they retire, but more and more retirees are finding themselves rejoining the workforce in order to make ends meet. Starting a retirement plan is most effective when started early in life, but this is the time people are least interested. They key to saving for your future is to start as soon as possible. Even if you are currently saving for retirement, get a retirement check-up. You want to make sure you have an adequate plan while you still have time to change it if necessary.

College Education – I was shocked when I heard that by the time my son and daughter go to college, 4 years at a state school could cost as much as 0,000 and a private school even more! You need to start saving when you children are young. Even a small amount saved consistently over time can make a big difference. There are two savings vehicles you can take advantage of that allow you possible tax benefits – a 529 college savings plan and a Coverdell Education Savings Account.

Life Insurance – Life insurance is almost a necessity – especially if you have children. Knowing that your family will be taken care of is definitely a source of great comfort. I know a lot of people who do not have life insurance, do not have enough life insurance, or do not have the right kind of life insurance. You need to make sure that the amount of coverage you have gives you and your family the protection you need.

Household budget – Creating a household budget is just deciding to spend your money on purpose before you actually spend it. For some, this may be as simple as deciding to spend 60% of their income on fixed expenses leaving 40% for saving and having fun. For others, a more comprehensive budget is needed to address their spending habits. The bottom line is that you need some type of budget to help you save towards your dreams and goals.

Saving for financial goals – A family’s financial goals can include anything from buying a new home to going on a family vacation. Whatever these goals are, the best way to achieve them is to start saving before you need the money. I have seen too many people who have gone into debt, or at best overextended themselves financially, to achieve their goals because they did not plan ahead and start saving now.

Debt management – Imagine what you life would be like without any credit card debt. This can be a reality, but for many people I know, being in debt has become a way of life. The average household debt and personal bankruptcies has been steadily increasing. You need to have a plan to aggressively get rid of your credit card debt. Only then will you be free to start saving towards other important dreams and goals.

There are several things to consider when developing a financial plan. While many parts of a financial plan you may decide to do yourself, eventually you will need a financial advisor to help you implement the plan and take care of all the details. Make sure that you are comfortable with the person you choose. For most people, their dreams, goals, and financial situation will change. You need to make sure that you can update your plan as often as necessary to account for these life changes and make sure your plan is working. Whatever you decide, the important thing to remember is that a good financial plan will help you achieve your dreams and goals. The sooner you start, the sooner you can start turning your dreams into realities.

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Financial Planning Services: Decorate Your Present and Protect Your Future

Financial Planning Services: Decorate Your Present and Protect Your Future

Life is all about working today and planning for tomorrow which sometimes we forget to do due to many issues. You would be working so hard for savings so that you can enjoy a good life and your children can avail best of education. But, do you keep track of your income and expenses. Have you ever planned that how much you need to earn in the coming 5 years? If your answer is negative then financial planning services may help you.

If you have a well thought out financial plan then you can have great benefits in the future. You can do it all by yourself or you can hire a professional financial planning services firm. A good financial plan can change your financial outlook and it can remove several financial bottlenecks. In fact, financial planning services are various financial tools which can provide you help while you need finance.

You can plan your business expansion or your children’s education or some family protection or your retirement, by utilizing these services. Financial planning services may provide you valuable advice about individual and corporate pension planning, group employee benefits plan, investment planning, insurance advices, tax planning, residential & commercial lending advices etc. These financial solutions are needed by every family for securing the future and for decorating the present.

Furthermore, financial planning services can help you to protect and grow your savings and investments in a tax efficient way because it is very difficult to save tax and at the same time plan for savings. Financial tools also protect dependents and it also increases the after-tax legacy you pass on to your beneficiaries. These and many more services make the life of your and your dependents easy.

These days it has become easy to enquire about various financial planning services over the Internet. You can check your requirement and budget and check about various services accordingly. So, for decorating your present and for securing your future use these secure services.

Financial Planning Services: You Can Manage Your Finance Well

Financial Planning Services: You Can Manage Your Finance Well

You might seek the genuine advice of a reliable friend regarding the matters of finance at any stage of your life. It is really important and most of the times beneficial also. You must manage your finances well so that you can enjoy its fruits and for that you can opt for the services of various financial planning services. These are financial planners who provide a full range of financial advisory and implementation services.

Financial planning services can provide financial advices regarding individual, family, business or corporate requirements. These finance planners help you to set various financial goals and assist you in meeting your goals through the right management of your finances. So, if you wish to save for your dream home or to finance the foreign education of your children or planning for your retirement, in any of these cases you can get help from these financial planners.

Generally, financial planning services. can help you choose the right financial strategies so that you can create wealth now and save wealth for the future. They provide relevant investment options and assist you to make the right investment decisions so that you may not loose huge savings in spite of gaining a fortune. They help in finding the right financial products to suit your needs and lifestyle and this is what you need most of times.

The range of services that financial planning services may provide is very useful. Some of these services are wealth protection and creation services, salary packaging advice, taxation planning, pension fund transfer plan, investment and retirement planning, asset protection and estate planning, personal and business requirement superannuation and many more.

So, you can get advice regarding any investment issues by these financial planning services firm and now contacting them has become so easy. You can check about various such services online also which is fast and reliable.

Find the best CD rates online by visiting the Web site of the brokerage, searching for independent Web sites that compare CDs and researching the prospectus of the potential CD. Understand that many Web sites will not offer full disclosure on a certificate of deposit with insight from a financial consultant in this free video on investments. Expert: Roger Groh Bio: Roger Groh is the founder of Groh Asset Management. Filmmaker: Bing Hu

Financial Planning Services: Lead a Debt-free Life

Financial Planning Services: Lead a Debt-free Life

A major part of our life is spent in studying and pursuing a career so that we can get a good job and give ourselves a good life. You also would have a family and it would be your most urgent requirement to give yourself and them a good life. Now, good life means a life without financial burden which is very difficult to get in today’s financial environment. But, don’t worry you can use some very efficient financial planning services firms to remove any kind of finance related doubt and at the same time to maximise returns on your investment.

Generally saying, financial planning services firms strive to provide financial advices to individuals, professional advisors and corporate clients. It is their aim to provide financial services tailored to each of your financial needs. These firms may consist of chartered financial planners covering a range of specialist areas like investment, retirement/pensions, UK expatriates, ethical investments, personal banking solutions etc. You can seek advices regarding any of your financial doubt from these firms.

These days many companies and individual are fighting with debt problems. Now, financial planning services firms offer a full spectrum of rescue and financial plans on behalf of companies, partnerships and individuals who find the viability of their business in question. This is true that confronting financial difficulties in any business involves significant management strength and self-awareness. And any good business man would like to neglect or deny the problem but a bad commercial judgement can desert even the most experienced of business professionals.

However, not all distress financial situations lead to liquidation. Financial Planning Services firms may help in this situation by identifying real trouble. If you also are facing such a situation then you can seek help from these firms. They can provide advices so that you can enter into informal agreements with your creditors which can avert a crisis and you can return your company or business to profitability.

Therefore, if you are in a debt-problem then don’t panic rather consult a financial planning services firm and get ready to be relieved.

Starting a foundation involves considering if it’s going to be public or private, how long the foundation will be around, administrative time for managing the foundation and setting up bylaws. Build a foundation like a trust fund, family or lump-sum distribution from corporation with tips from a financial planner in free personal-finance video. Expert: Julie Asti, CFP Bio: Julie Asti works as a financial planner for Asti Financial. Filmmaker: Bing Hu

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Financial Planning Services: for Beneficial Wealth Decisions

Financial Planning Services: for Beneficial Wealth Decisions

Financial world offers myriads of opportunities for people who want to make their money grow. Not only for growth but also for savings of money a financial plan is necessary and it is necessary that you take good financial decisions regarding your investment and savings. Sometimes you may get confused by seeing different types of investment solutions and you may fail to choose one or two plans for yourself. In that case you can opt for a financial planning services firm which provide assistance so that you can choose best monetary plans for yourself and your family.

It is true that a concrete investment plan is necessary but it is not as easy as it sounds. You need to know small details of the financial world. You must understand where the market is going to move, what is the latest investment trend, how stock market is working and like these many issues. These days people are choosing a financial planning services firm as an one stop solution for any financial issue. The firm studies aspects of your financial condition like financial objectives and goals and current financial position. Then it devises a finance roadmap to help you to achieve those goals and objectives.

Also, estate planning is an issue which disturbs many individuals with big families. Now these firms can provide best advices so that anyone can get a proper estate planning strategy. You can choose a Financial Planning Services firm to ensure that your family and your estate are financially secure and protected for the long term. While opting for such firm make sure that it can help you regarding pension fund transfer, retirement planning, taxation planning, superannuation for business requirements etc.

Furthermore, having a sound financial plan is also a way to protect you and your family in times of financial adversity. You never know what future hides for you. In fact, an accident, a job loss or a natural calamity can happen at any moment and it can change your life heavily. You must be prepared for these kind of situations and for this you can take services of a financial planning services firm. So, be prepared, act smart and choose a good money plan.

Financial Planning Services: Give New Direction to Money

Financial Planning Services: Give New Direction to Money

Many issues of finance are very important which need good knowledge and expertise in these matters. But most of the times many financial terms are not more than jargons for us although they are very beneficial. Now, you can opt for financial planning services firms to understand benefits of different financial facilities like so many investments and savings options. It is necessary to keep an eye on the income and expenses and these firms can help in that also.

This is true that if you lack clear plans regarding your income and expenses then it can lead to difficult situations. You may fail to achieve some important financial goals and objectives, sometimes you may invest huge money in wrong direction or you may be ignoring one or two financial aspects. You can avoid all these not so beneficial situations by choosing a reliable and genuine financial planning services firm. It can provide great help to avoid such situations as it builds and protects your wealth by suggesting concrete financial plans.

A typical financial planner designs a guide that helps to manage your money and spending habits. A well thought out financial plan offers great benefits to you and it can make a lot of difference in your monetary insight. Although a well though-out financial plan is difficult to make but this is what Financial Planning Services firms do efficiently. They transform your financial outlook and help to manage your wealth efficiently. You can seek education regarding wealth strategies and asset management, funds, bonds, equities etc. and through them you also can choose better banking solutions for a good financial management.

Therefore, for any issue like investment, tax-efficient investments, retirement planning, pension plans, estate planning, life insurance, inheritance tax, health protection etc. opt for financial planning services firms. And keep your finances on the right track by utilizing them.

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