Meet Jill Podehl and some of her financial advisor achievements: Don’t forget your taxes! Failing to pay your taxes can lead you into financial trouble. Consider making a financial calendar that reminds you when to pay and file your taxes. Here are some ways to save: Contribute to a tax-deferred retirement account. Tax-deferred accounts such as a 401(k) or a traditional IRA aren’t taxed until you withdraw funds. As a result, you’ll have years to compound interest on tax-free savings. Take matters into your own hands. If you’ve hired someone to do your taxes in the past, consider doing it yourself by using intuitive tax software. Interest rates are a part of almost any financial move you’ll make. Credit cards, student loans, mortgages and auto loans are just some of the financial accounts you may have that come with an interest rate. It’s a good idea to know the interest rates on these various types of accounts, because they may be causing you tospend more on your various debt commitments. Discover more info on https://www.linkedin.com/in/jillpodehl/.
It’s important to understand how income taxes work even before you get your first paycheck. When a company offers you a starting salary, you need to know how to calculate whether that salary will give you enough money after taxes to meet your financial obligations and, you hope, your goals. Fortunately, there are plenty of online calculators that have taken the dirty work out of determining your own payroll taxes, such as PaycheckCity.com.3 These calculators will show you your gross pay, how much goes to taxes, and how much you’ll be left with, which is also known as “net” or “take-home” pay. An annual salary of $35,000 in New York City, for example, would leave you with around $27,490 after federal taxes without exemptions for the 2020-2021 filing season—about $2,291 a month.4 Then you need to consider state and (for New York City) city taxes in addition. By the same token, if you’re considering leaving one job for another in search of a salary increase, you’ll need to understand how your marginal tax rate will affect your raise. A salary increase from $35,000 a year to $41,000 a year, for instance, won’t give you an extra $6,000 per year ($500 per month)—it will only give you an extra $4,227 (around $352 per month).4 The amount will vary depending on your state of residence and its potential tax bite, so take that into consideration if you’re considering a move. Finally, take the time to learn to do your own taxes. Unless you have a complicated financial situation, it’s not that hard to do, and you won’t have the expense of paying a tax professional for the work. Tax software makes the job much easier than it was when your parents were starting out and ensures you can file online.
Get to know Jill Podehl West Palm Beach, Florida and some of her financial advisor research: In the months or years since you first became a business owner, how many times have you been told you need bookkeeping services? If you’re like most business owners, the answer is probably, “A lot.” From the time you first opened your doors and collected your very first dollar, advisors, partners, and other well-meaning associates have undoubtedly weighed in and suggested a bookkeeping service to help keep your company’s books and finances on track.
Yup, taxes! Taxes are annoying, but they’re certainly not going away anytime soon. So make sure your long-term income projections include taxes. Not planning for taxes can impact your cash flow in a major way. In addition, you definitely want to look into tax savings investment options and stay up to speed on any relevant tax deductions you can apply to help you save money on tax payments. You can plan to sit with a tax accountant or financial planner to help ensure your plan for taxes is adequate. You should also check out our blog post on how to reduce your taxable income! Estate planning is not something a lot of people like to think about, but it’s essential! It allows you to determine exactly what happens to your assets after you are gone. It involves listing out all your assets, creating a will, and making it accessible to the people who need to have access to it. A financial planner or estate lawyer can help you set things up correctly. Discover even more information at Jill Podehl West Palm Beach, Florida.
When starting out, most small companies can get by with a simple bookkeeping service. As the business grows, however, you will quickly require a more sophisticated financial infrastructure that can evolve as you scale. For instance, a growing business should have: An accounting solution that meets your business requirements. A detailed and realistic financial model where you can visualize your monthly income, expenses and cash flow projections for the coming year. A key performance indicators dashboard. Basic internal controls, such as policies and procedures for accounts payable, accounts receivable and expense reimbursements. This will help you spot problems and deal with them before they spin out of control while providing your executive team with the insight it needs to make financially sound business decisions.
Jill Podehl West Palm Beach tricks on improving your firm financial situation: Organizing your business’ finances means ensuring that it won’t run out of money. In order to do this, it’s essential to plan for your expenses by establishing an emergency fund to cover them. By doing this, you have some money ready to pay your bills when they’re due and demandable. Indeed, it’s a challenging job to get your business finances organized. However, by following the tips mentioned above, there’s no doubt your company will reap many benefits. One of them is the creation of a stable financial future for you as a business owner, your employees, and partners.