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October 2022

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.

Contents

Still Time to Reduce any Tax Surprises!

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.


Ideas to Improve Your Personal Cash Flow

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 defined

Ideas to Improve Your Personal Cash Flow imageCash 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.

Create your cash flow snapshot

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:

  • Type each month across the top of the spreadsheet with an annual total.
  • Note all your revenue (cash inflows), then create a list of expenses (cash outflows) in the left-hand column.
  • Enter your income and bills by month. Create a monthly subtotal of all your inflows. Do the same for your cash outflows. Then subtract the expenses from income. Positive numbers? You have positive cash flow. Negative numbers? You have negative cash flow.
  • Create a cumulative total for the year under each month to see which months will need additional funds and which months will have excess funds.

Ideas to improve your cash flow


New Terms and Trends: Do You Know Them?

Annoying or Acceptable Modern Words and Their Meanings imageJust 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.


Ingredients of a Successful Business Partnership

Ingredients of a Successful Business Partnership imageLike 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:



Newsletter Archive

Please note: Some material may be time-sensitive and may no longer apply.
Please contact us with any questions.
  1. Posted on: 2022-09-06
  2. Posted on: 2022-08-02
  3. Posted on: 2022-07-05
  4. Posted on: 2022-05-31
  5. Posted on: 2022-05-03
  6. Posted on: 2022-04-05
  7. Posted on: 2022-03-01
  8. Posted on: 2022-02-01
  9. Posted on: 2022-01-04
  10. Posted on: 2021-11-30
  11. Posted on: 2021-11-02
  12. Posted on: 2021-10-05