Picturing Your Financial World

Identifying 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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A Story to Grow From: But I have a Limited Liability Corporation

It was a fine summer Monday, and Randy was feeling good that his business was finally getting requests for new jobs, more in line with business before the downturn.

He knew what a struggle it had been to stay afloat through the last two years. He felt that he would soon be able to catch up on his past due bills to suppliers. Too much brain damage dealing with constant collection calls and no money to satisfy them.

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The IRS Wants More of Your Money!

The 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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