Harry and Sally Jones asked for help analyzing their financial situation. The document constructs their balance sheet and cash flow statement based on provided financial information. It calculates various financial ratios to assess their well-being. The analysis finds their variable expenses are high at $16,200 annually. It recommends they focus on paying down debts and increasing emergency savings, as they currently do not have enough set aside if one loses their job. Their debt and debt service ratios also exceed recommended levels.
Onyx presents an introduction to the National Rental Affordability Scheme. Learn about the basics of NRAS, discover how you could earn over $100,000 in tax free income and find out where you can source NRAS properties.
Onyx is an Australia-wide property investment services company, assisting investors in sourcing properties and providing property strategy, mortgage finance and conveyancing services.
Lamar Van Dusen is explaining about the Co-Ownership of Property. He is an accounting professional at Phoenix Management and providing Accounting & Financial Services.
On October 5, 2017, NWM hosted a group of over 500 people at the Fairmont Hotel Vancouver to discuss the Finance Minister Bill Morneau and the Canadian government's proposal for tax reform impacting the majority of Canadian business owners.
NWM President, David Sung, opened the evening with an overview of the proposed tax changes. He provided some context and asked the audience to consider the political undertone of the Liberal government's tax proposal and the way in which they have handled the public push-back.
John Nicola, Chairman & CEO, an overview of what the government is proposing exactly and the impact it will have. He went on to discuss some planning options available to Canadian business owners.
Nicola Wealth Management - Proposed Tax Reform 2017: What Accountants Need to...Nicola Wealth Management
On September 28th, Nicola Wealth Management hosted over 120 accountants for a presentation on the Canadian government's proposed tax changes for incorporated individuals and small businesses.
Pre-tax retirement annuity contributions - the tax benefit that very few bene...Annemie Nieman CFP®
We take out retirement annuities for the various tax benefits they offer, however, the benefit of a tax deduction is often only enjoyed 18 months after the first contribution for the tax year had been made, i.e. when tax season opens. This, when the Income Tax Act allows for the benefit of a tax deduction to be enjoyed each month, when the contribution to the retirement annuity is made.
This tax benefit can be utilised to increase take-home pay (for those who do not want to increase their retirement savings) or the tax benefit can be added to the existing retirement annuity contribution. You will then get a tax deduction on the increased contribution as well. It is like a tax saving on top of a tax saving!
Are your clients enjoying the benefit of pre-tax RA contributions?
Onyx presents an introduction to the National Rental Affordability Scheme. Learn about the basics of NRAS, discover how you could earn over $100,000 in tax free income and find out where you can source NRAS properties.
Onyx is an Australia-wide property investment services company, assisting investors in sourcing properties and providing property strategy, mortgage finance and conveyancing services.
Lamar Van Dusen is explaining about the Co-Ownership of Property. He is an accounting professional at Phoenix Management and providing Accounting & Financial Services.
On October 5, 2017, NWM hosted a group of over 500 people at the Fairmont Hotel Vancouver to discuss the Finance Minister Bill Morneau and the Canadian government's proposal for tax reform impacting the majority of Canadian business owners.
NWM President, David Sung, opened the evening with an overview of the proposed tax changes. He provided some context and asked the audience to consider the political undertone of the Liberal government's tax proposal and the way in which they have handled the public push-back.
John Nicola, Chairman & CEO, an overview of what the government is proposing exactly and the impact it will have. He went on to discuss some planning options available to Canadian business owners.
Nicola Wealth Management - Proposed Tax Reform 2017: What Accountants Need to...Nicola Wealth Management
On September 28th, Nicola Wealth Management hosted over 120 accountants for a presentation on the Canadian government's proposed tax changes for incorporated individuals and small businesses.
Pre-tax retirement annuity contributions - the tax benefit that very few bene...Annemie Nieman CFP®
We take out retirement annuities for the various tax benefits they offer, however, the benefit of a tax deduction is often only enjoyed 18 months after the first contribution for the tax year had been made, i.e. when tax season opens. This, when the Income Tax Act allows for the benefit of a tax deduction to be enjoyed each month, when the contribution to the retirement annuity is made.
This tax benefit can be utilised to increase take-home pay (for those who do not want to increase their retirement savings) or the tax benefit can be added to the existing retirement annuity contribution. You will then get a tax deduction on the increased contribution as well. It is like a tax saving on top of a tax saving!
Are your clients enjoying the benefit of pre-tax RA contributions?
Canadian Tax Insights: How High Net Worth Investors Should Navigate Today’s T...Nicola Wealth
In this webinar, Nicola Wealth CEO, John Nicola will address timely taxation topics to help you understand the developments in Canadian tax policy in relation to the taxation of homes, wealth, capital gains, and marginal tax rates. John will further prepare you to navigate the current tax environment by reviewing several tax planning options available to you and how these strategies integrate with overall portfolio design.
Last year, the government proposed a series of wide ranging reforms to Australia’s superannuation system, representing the most significant changes to super in a decade. Although not all the proposals have been legislated, some significant ones have already.
We recognise that keeping up with the superannuation rules and regulations can be a minefield. It’s important to understand the changes and how they may affect your financial strategy. That’s where Bentleys and the Superannuation team can support you.
The IRS defines a home as any house, condominium, cooperative,
mobile home, boat, or similar property that
has sleeping space, toilet facilities, and cooking facilities.
Homeowners may qualify for the following deductions.
Who gets your percentage of the business when you retire, die or sell it? Your partner, a spouse, or your children? Are you doing the best to maximize tax advantages? What are you doing to protect your interest and assets? How are you positioning employee retention and loyalty?
Financial Insight and Considerations for IndividualsandSmall Business OwnersChris Kelley
Information or opinions expressed today are subject to
change without notice, are for general information only and are not intended
as an offer or solicitation with respect to the purchase or sale of any security or
offering of individual investment advice. Past performance does not guarantee
future results. Please consult a financial advisor to assess your individual
situation. Securities America and its representatives do not provide tax or legal
advice. Any tax or legal information provided here is merely a summary of our
understanding and interpretation of some of the current income tax
regulations and is not exhaustive. Tax-law is subject to frequent change;
therefore it is important to coordinate with your tax advisor. Securities offered
through Securities America, Inc., Member FINRA/SIPC, Advisory services
offered through KFG Wealth Management, LLC dba Korhorn Financial Group.
Mike Bernard Representatives. KFG Wealth
Management, LLC is not affiliated with the Securities America companies.
A security deposit is not included in rental income when
received if you plan to return it to the tenant at the end of the
lease. If any amount is kept during the year because the tenant
did not live up to the terms of the lease, include that amount
as rental income. If an amount called a security deposit is to
be used as a final payment of rent,
Canadian Tax Insights: How High Net Worth Investors Should Navigate Today’s T...Nicola Wealth
In this webinar, Nicola Wealth CEO, John Nicola will address timely taxation topics to help you understand the developments in Canadian tax policy in relation to the taxation of homes, wealth, capital gains, and marginal tax rates. John will further prepare you to navigate the current tax environment by reviewing several tax planning options available to you and how these strategies integrate with overall portfolio design.
Last year, the government proposed a series of wide ranging reforms to Australia’s superannuation system, representing the most significant changes to super in a decade. Although not all the proposals have been legislated, some significant ones have already.
We recognise that keeping up with the superannuation rules and regulations can be a minefield. It’s important to understand the changes and how they may affect your financial strategy. That’s where Bentleys and the Superannuation team can support you.
The IRS defines a home as any house, condominium, cooperative,
mobile home, boat, or similar property that
has sleeping space, toilet facilities, and cooking facilities.
Homeowners may qualify for the following deductions.
Who gets your percentage of the business when you retire, die or sell it? Your partner, a spouse, or your children? Are you doing the best to maximize tax advantages? What are you doing to protect your interest and assets? How are you positioning employee retention and loyalty?
Financial Insight and Considerations for IndividualsandSmall Business OwnersChris Kelley
Information or opinions expressed today are subject to
change without notice, are for general information only and are not intended
as an offer or solicitation with respect to the purchase or sale of any security or
offering of individual investment advice. Past performance does not guarantee
future results. Please consult a financial advisor to assess your individual
situation. Securities America and its representatives do not provide tax or legal
advice. Any tax or legal information provided here is merely a summary of our
understanding and interpretation of some of the current income tax
regulations and is not exhaustive. Tax-law is subject to frequent change;
therefore it is important to coordinate with your tax advisor. Securities offered
through Securities America, Inc., Member FINRA/SIPC, Advisory services
offered through KFG Wealth Management, LLC dba Korhorn Financial Group.
Mike Bernard Representatives. KFG Wealth
Management, LLC is not affiliated with the Securities America companies.
A security deposit is not included in rental income when
received if you plan to return it to the tenant at the end of the
lease. If any amount is kept during the year because the tenant
did not live up to the terms of the lease, include that amount
as rental income. If an amount called a security deposit is to
be used as a final payment of rent,
How to Form an Angel or Venture Fund: Legal, Business and Tax Strategiesideatoipo
While large amounts of pooled capital continue to be invested in startups, the legal, tax and regulatory environment continues to evolve. Many entrepreneurs and investors pool their capital into vehicles designed to invest in startups. Others form funds to manage investments by other passive investors.
Join us as we discuss the complex web of legal, tax and regulatory requirements for forming and operating a fund.
Veteran Silicon Valley venture capital attorney Roger Royse will discuss the nuts and bolts of forming an angel or venture fund, including:
1) Types of investment funds designed to invest in startups
2) Typical investment fund terms
3) Various ways of structuring the distribution waterfall
4) Special tax rules applicable to fund managers (and some related tax issues on the investors side)
5) The federal and state registration requirements for fund managers
6) Securities law issues for funds
7) Special considerations for foreign investors in funds
8) CFIUS considerations for funds with foreign investors
and more!
Albion Financial Group Senior Wealth Advisors Sarah Bird, CFP and Liz Bernhard, CFP, MBA work with clients to ensure their financial concerns are addressed in an integrated fashion, that pieces of their overall plan are working in concert, and that tactical changes to investment portfolios are made to stay on track toward each client’s goals.
Financial Statements are sometimes difficult for business owners to understand. This presentation is to help business owners get a basic understanding of the different statements.
How to Form an Angel or Venture Fund: Legal, Business and Tax Strategiesideatoipo
While large amounts of pooled capital continue to be invested in startups, the legal, tax and regulatory environment continues to evolve. Many entrepreneurs and investors pool their capital into vehicles designed to invest in startups. Others form funds to manage investments by other passive investors.
Join us as we discuss the complex web of legal, tax and regulatory requirements for forming and operating a fund.
Two Silicon Valley attorneys will discuss the nuts and bolts of forming an angel or venture fund, including:
1) Types of investment funds designed to invest in startups
2) Typical investment fund terms
3) Various ways of structuring the distribution waterfall
3) Special tax rules applicable to fund managers (and some related tax issues on the investors side)
4) The federal and state registration requirements for fund managers;
Securities law issues for funds
5) Special considerations for foreign investors in funds
6) CFIUS considerations for funds with foreign investors
and more!
ACC 291 GENIUS NEW Education for Service--acc291genius.comkopiko55
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1. The term “receivables” refers to cash to be paid to debtors. merchandise to be collected from individuals or companies. cash to be paid to creditors. amounts due from
How International Startups Can Move to Silicon Valleyideatoipo
Silicon Valley contains the greatest concentration of wealth in the world, housing companies representing trillions of dollars of market capitalization on a short stretch of land between San Francisco and San Jose, California.
Companies from around the world come to Silicon Valley for access to markets, financing and talent. Many of the most successful companies have started in other countries and moved to Silicon Valley.
This presentation covers how international startups can move to Silicon Valley. The speakers will discuss the legal, business and practical aspects of moving your company, funding your startup and tips on how to comply with legal, tax and regulatory requirements.
1. Project 2A: Financial Statements and Ratios
Harry and Sally Jones heard that you were taking the PFI/PFP 3301
courseat Texas Tech University. Due to their limited knowledge in
personal finance they are in a desperate need of your help! They want to
know how well they are doing financially and how could they improve
their situation.
Based on information they provided to you:
1. Constructtheir Balance Sheetand their CashFlow Statement.
2. Calculate their financial well-being through the use of Ratios.
3. Provide any recommendations if necessary.
Harry's Salary $ 24,000
Sally's Salary $ 24,000
Home value $ 200,000
Mortgage payment $ 12,000
2010 Lexus fair market value $ 38,000
Checking Account balance $ 900
Groceries $ 6,000
Investment Account balance (that holds mutual funds) $ 500
2010 Lexus loan payment $ 6,000
Past Due Utility Bill $ 200
Utilities $ 1,200
Credit Card balance $ 1,000
Entertainment $ 2,400
2010 Lexus loan balance $ 25,000
Stamp Collection $ 1,900
Gas $ 3,600
Mortgage balance $ 180,000
Credit Card payments $ 2,400
Jewelry $ 100
Savings set aside each year towards a new car $ 600
Tax Refund $ 1,000
Money Market Account balance $ 2,000
401(k) Account balance $ 500
Cash $ 100
Auto Insurance payments $ 960
2. Cash Flow Statement
(also known as Income Statement)
Harry and Sally Jones
January 1, 2014 - December 31, 2014
CASH INFLOWS
Income Annual Amount
Harry’s salary 24,000
Sally’s salary 24,000
Tax Refund 1000
Total Cash Inflows 49000
CASH OUTFLOWS
LIVING EXPENSES
Fixed Expenses Annual Amount
Mortgage payment 12000
2010 Lexus loan payment 6000
Auto Insurance payments 960
Total Fixed Expenses 18960
Variable Expenses
Groceries 6000
Utilities 1200
Entertainment 2400
Gas 3600
Credit Card payments 2400
Savings set aside each year towards a new car 600
Total Variable Expenses 16200
Total Living Expenses 35160
NET DISCRETIONARY CASH FLOW 13840
3. Harry and Sally Jones
Balance Sheet as of December 31, 2014
ASSETS LIABILITIES & NET WORTH
Monetary Assets Amount Current Liabilities Amount
Cash 100 Credit Card balance 1000
Checking Account balance 900 Past Due Utility Bill 200
Money Market Account balance 2000
Total Current Liabilities 1200
Total Monetary Assets 3000
Long-Term Liabilities
Investment Assets Mortgage balance 180000
2010 Lexus loan balance 25000
Investment Account balance (that holds mutual funds) 500
Total Investment Assets 500 Total Noncurrent Liabilities 205000
Retirement Assets
401(k) Account balance 500 Total Liabilities 206200
Total Retirement Assets 500
Net Worth 37800
Housing
Home value 200000
Total Housing 200000
Automobiles and Personal Property
2010 Lexus fair market value 38000
Jewelry 100
Stamp Collection 1900
Total Automobiles and Personal Property 40000
Total Assets 244000 Total Liabilities and Net Worth 244000
4. Based on your Financial Well-BeingAnalysis,howwell isHarry and Sally managing theirfinances?Explain.
On a scale from one to ten there managing skills are at a 4. Their variable expenses total out to 16,200 a year, the couple can make a few life changes to
bring that amount down.
Do you see any areas of concern? Ifyes, provide recommendationsonhow can they improve.
Yes there are some areas of concern. Harry and Sally currently do not have enough savings set aside in case one of them gets terminated or injured. The
couple should focus on paying off their current liabilities and begin setting money aside for an unexpected event.
Financial Well-Being Analysis
Harry and Sally Jones
RATIOS
Area Calculation Ratio Recommended
Living Expenses Covered Ratio Monetary Assets / Monthly Living Expenses 1.02 3 to 6 months
Debt Ratio Total Liabilities / Total Assets .84 less than 1
Debt Service to Income Ratio Annual Debt Payments / Gross Annual Income 38.69 less than 36%
Saving Ratio Annual Savings / Annual Living Expenses 8.53 10% or more
Investment Assets to Total Assets Ratio (Investment Assets + Retirement Assets) / Total Assets .409 10% or more