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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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The Tax World for Businesses

No Avoidance of the Taxing Authorities.No Avoidance of the Taxing Authorities.

If you believe that you know all of the taxes your business may be exposed to, you will probably be wrong. Is it 4, 5, more?

The best way to minimize the impact of taxes on your business is to develop an overall tax strategy plan. This plan will help you and your tax adviser to anticipate the tax or filing requirement before it comes up. Planning also allows you to plan to take advantage of every possible legal reduction of your taxes.
All Businesses will have Certain "Basic" Taxes.

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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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