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The IRS Wants More of Your Money!

Trying to keep more of your moneyThe Ground Rules in Playing the Tax Game with IRS Have Been Changed

If you have a business with deductible expenses and you want to keep these deductions, you must have solid documentation of all business expenses.

Here is what is happened already:

  • Over the past several years the IRS has addedmany new forms to track your financial activities.
  • Many of these new forms, prepared by banks, brokerages, title companies, and other financial institutions, are filed electronically.
  • IRS computers cross-match the information from these forms to various income tax returns. A process made more efficient by electronically filed tax returns.
  • Computer capabilities have dramatically increased enabling the computers to process more return information to determine audit potential.

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What You Need to Know Before Starting a Business

new biz start upCritical Areas of Consideration

Creating A Business

Most people who want to start a business have the same question, what do I need to know to have a business that works? Building a successful business remains one of the great mysteries in our modern society. Is the secret luck, hard work, who you know, what you know, or unknowable? While there are many sources of information on each of the various parts of a business, none seem to be complete, because it is a very complex process.

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Picturing Your Financial World

Picturing Your Financial World is Not MagicIdentifying your financial assets and their relationships

One way to see your financial world and its many aspects is a “Playing Field Graphic.” This graphic shows all of the “players” in your financial world. “Players” are entities or activities that exist in your financial world. The “Players” tend to be accumulated but not necessarily planned.

Financial World “Playing Field Graphic”, a picture of your financial world

Your Financial World “Playing Field Graphic” is a pictorial representation of all of your financial assets in the form of players (entities and activities that make up your financial situation).

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