How Much Money Did My S Corporation Make

When business owners set up an S Corporation and creates a business entity, it is usually an accountant or bookkeeper (or both) that crank out the profit and loss statements for an S Corporation owner.   What can be confusing at the end of the year, because an S Corporation owner has multiple methods to receive cash through the business, is to actually figure out what you made in the business.   Taxes in many cases can be even more confusing to the S Corporation business owner.   Here’s a ‘your smart money moves’ breakdown to figure out just how much you made in your business. Salary- When you own an S Corporation, the IRS has salary guidelines on how much you should be paying yourself.  The IRS has created an outline of what’s called “reasonable compensation” that should be paid to the owner.    There are a myriad number of factors including industry averages, number of hours worked, and what is being paid ...

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VIDEO | Why Do You Think 1 Million Dollars Is A Lot Of Money?

Published on Sep 28, 2012 When it comes to life insurance, most people use some magical rule of thumb like buying 2 to 3 times their salary. (Full Story Here –http://bit.ly/Sm5l0J) Even worse, since insurance is not most enjoyable financial planning topic, they come up with the notion that they will just pick up $250,000 or $500,000 and their partner will be alright if something should happen to them. I’m here to tell you that when it comes to life insurance, $1,000,000 just isn’t a lot of money.   ...

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VIDEO | 5 Financial Moves to Make When You Change Jobs

Published on Sep 6, 2012 Whether you leave your employer or your employer leaves you, changing jobs can be one of those transitional phases where you can reassess what is happening with your overall financial plan. SEE THE FULL STORY HERE – http://bit.ly/Uusmig – Many people who make a job change for a better salary don’t often take the time to assess the benefits package from their new employer. This makes a ton of sense as typically the first three to six months in a new position you are immersed with the learning curve of a new role at a new company. It doesn’t leave time to review the details of the benefits package you receive. This is why having a Private CFO® or aC by your side can be a valuable resource to make these important decisions. Here are five financial moves to make when you change jobs.   ...

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Life Insurance: Why Do You Think 1 Million Dollars Is A Lot Of Money?

I’m excited to take part in the life insurance movement with Good Financial Cents.  Having been a practitioner involved with life insurance over the past 21 years, I have unfortunately had to deliver my fair share of insurance checks.   When I met people who have lost a loved one and now have to build them a financial plan, never once did I hear them say, “Boy, I’m so angry my life insurance agent sold me too much insurance!”    Rather, I hear horror stories from widows who cannot understand why their husband didn’t take out more life insurance.   Or, they assured their spouse that they would be ‘well taken care of’ if anything happened to them.   This is the story for many families across America. In the last six months, I’ve seen both friends and family who are in the 40 to 45 year old range dealing with major medical issues.   I’m 42 and when people told me about 10 years ...

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Personal Finance 101: Generation X Series – What Kind Of Term Insurance To Buy?

Generation X is classically defined at people born between the years 1965 and 1979.    Pretty much those of you in your early 30’s to the mid 40’s.  However, having given personal financial advice to thousands of people, I can tell you that many of you who were born 1960 to 1964 fit within the Generation X type of financial and personal attitude.   Since I am 42 and have had a good deal of financial success, I’ve noticed some big mistakes that I see my generation making with their money and how they think about money.    This week I wanted to discuss what kind of term insurance to buy. One of the questions I’m getting a lot from Gen X’ers as of late (especially those recently married in their late 30’s/early 40’s is around buying term life insurance.   Many people seem to be confused around their options and how they can buy the protection.   Before you purchase life insurance, make sure ...

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Personal Finance 101- Generation X Series- You Won’t Make Hay Forever

Generation X is classically defined at people born between the years 1965 and 1979.    Pretty much those of you in your early 30’s to the mid 40’s.  However, having given personal financial advice to thousands of people, I can tell you that many of you who were born 1960 to 1964 fit within the Generation X type of financial and personal attitude.   In week two, I wanted to share with you the attitude you need to have as the CEO of your family finances called  – you won’t make hay forever. Since many of you either just celebrated your 20 year college reunion or your 20 year high school reunion, it is always a life moment that gives you a chance to pause and reflect.   Could you remember those days in high school or college where you didn’t have any money, and worked just hard enough to afford some beer money for the weekend or a tank of gas for ...

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Pay Off Credit Cards Or Save For Retirement?

You just turned 30 years old, and are still have credit card debt hanging over your head.   While you were out partying and paying off student loans during your 20’s, you realize that you haven’t saved a nickel for retirement.   The debate begins in your head.   Do I pay off the $10,000 of credit card debt or do I save the maximum I can in my 401(k)? The Dave Ramsey’s of the world would always say to pay off debt first before saving in a 401(k).  These are the personal finance situations where I don’t agree with a Dave Ramsey because it really does depend on your personal situation. The first thing I would look at is whether your company offers a 401(k) plan that has a match.  For example, if you put away 6% of your salary and your company matches 3% it would be an instant 50% return on your money if you stay with your company long ...

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