The Motley Fool

JULY 13, 2024

That means not carrying credit card debt from month to month or financing a new boat, ATV, or vacation whenever the whim strikes. They take advantage of tax deductions Millionaires have learned that minimizing their tax liability is an overall strategy for protecting their personal finances.

Taxes 246

Taxes Debt Depreciation Financing 246

The Motley Fool

MAY 5, 2024

Image source: The Motley Fool/Upsplash The end of tax season is a good time to reflect on the value of professional tax help, especially for small business owners. I don't know why any small business owner would want to go through the hassle and stress of doing your own taxes.

Accounting 246

Accounting Taxes Legal Liabilities 246

The Motley Fool

APRIL 29, 2024

The money you contribute, up to the allowable limits set by the IRS, can serve the very important purpose of exempting some of your income from taxes, all the while giving you access to funds you can use later in life. Well, you just created a $10,000 tax liability for yourself -- meaning, the IRS gets to tax that $10,000 as income.

Taxes 246

Taxes Liabilities Financing Finance 246

The Motley Fool

OCTOBER 28, 2023

But another reason to do this is to save time and minimize stress during the upcoming tax season. 31, now is an ideal time to get your finances in order. If you struggle with keeping your business finances organized, small business accounting software can be helpful. As we approach Dec.

Taxes 246

Taxes Liabilities Financing Finance 246

The Motley Fool

MAY 5, 2024

Tracking your net worth can be a great way to stay on top of your finances and ensure you're making good progress toward building wealth. Here's the net worth that puts you in the top 5% The Federal Reserve regularly surveys American households, cataloging all sorts of financial variables, including assets and liabilities.

Liabilities 246

Liabilities Debt Education Assets 246

The Motley Fool

SEPTEMBER 13, 2024

Ramsey's approach can be a bit extreme, and in personal finance, balance is key. Instead of rushing to eliminate every ounce of debt, focus on the high-interest liabilities while allowing yourself to use low-interest debt to build long-term wealth. Finding a balance is essential for financial success.

Debt 243

Debt Financing Finance Liabilities 243

The Motley Fool

JULY 20, 2023

Plan for the tax bill Whether you take the $516.8 million lump sum or you annuitize the $1 billion, expect to pay a lot in taxes. Lottery agencies are required to withhold 24% of prizes above $5,000 for federal taxes. Again, consult with your financial professionals about tax strategies.

Taxes 246

Taxes Consulting Consultants Liabilities 246

The Motley Fool

DECEMBER 18, 2023

With that in mind, now is a great time to start tightening up some loose ends and assessing your personal finances for the new year. For most 401(k) plans, you have until the end of 2023 to contribute up to the limit, while IRA investors have until tax day of 2024 (April 15) to hit theirs.

Taxes 246

Taxes Debt Banks Accounting 246

The Motley Fool

JUNE 7, 2024

Then subtract all your liabilities, such as credit card debt and personal loans, from your assets to find out your net worth. This will give you a snapshot of where your finances stand right now. Many employers offer retirement plans like a 401(k) to help you save in a tax-advantaged way.

Exchange-Traded Funds 242

Exchange-Traded Funds Taxes Accounting Education 242

The Motley Fool

JULY 6, 2024

Map out your finances and set goals to help you stay on track. This separation not only protects your personal assets from business liabilities, but can also offer potential tax benefits. Market research: Look for gaps in the market that match your skills. The cost here is your time.

Legal 245

Legal Startups Banks Taxes 245

The Motley Fool

FEBRUARY 10, 2024

They're all particularly sensitive to interest rates because they're required to pay out at least 90% of their taxable income as dividends in exchange for the ability to pass the tax liability on to shareholders. When the Fed signaled it would quit raising rates, REITs rallied.

Liabilities 246

Liabilities Financing Finance Stakes 246

The Motley Fool

APRIL 16, 2024

Keeping your side hustle money separate from your usual personal finances can help make it easier to track your income and any tax-deductible business expenses.

Taxes 246

Taxes Legal Liabilities Financing 246

The Motley Fool

APRIL 8, 2024

Your net worth is calculated by adding up all of your assets -- cash savings, investments, home value, and other property -- and subtracting your liabilities -- your mortgage balance, student loans, credit card debt, and any other money you might owe. Note that's far lower than the arithmetic mean of $1.06

Debt 246

Debt Liabilities Accounting Taxes 246

The Motley Fool

FEBRUARY 1, 2024

This is a function of investors being concerned following a July report from The Wall Street Journal that alleged legacy telecom companies utilizing lead-sheathed cables could face large environmental/health liabilities, as well as replacement costs. Furthermore, any potential liabilities would likely be determined by the U.S.

Debt 246

Debt Investing Liabilities Private Companies 246

The Motley Fool

JUNE 23, 2024

Form an LLC or other business entity for (nearly) free You might not want to commit to taking this step right away, but if you're serious about making money with your small business idea -- especially if your business might go from a side hustle to a full-time income -- you should form an LLC (limited liability company) or other corporate entity.

Startups 233

Startups Banks Legal Liabilities 233

The Motley Fool

MAY 3, 2024

But it could be the most important move you ever make for your business and personal finances. This can include forming a limited liability company (LLC) or incorporating your business as an S Corporation or C Corporation. Creditors or plaintiffs' lawyers could still try to go after your personal assets if a judge agrees.

Legal 130

Legal Liabilities Taxes Banks 130

The Motley Fool

MAY 8, 2024

But if you're starting to make serious money from your side hustle, forming a limited liability company (LLC) or other legal business entity could be a good move. Setting up an LLC for your side hustle can help you in a few big ways: It keeps your business income (and identity) separate from your personal finances.

Legal 244

Legal Consulting Consultants Liabilities 244

The Motley Fool

DECEMBER 3, 2023

Take the baseline Ford F-150, which is about $15,000 cheaper than the electric Ford Lightning base model (before tax credits). Assumed vehicle financing (instead of lease or purchase). Results: Progressive quoted me 98% and 24% more for EV comprehensive and collision auto insurance, but 5% less for liability insurance.

Liabilities 195

Liabilities Taxes Financing Finance 195

The Motley Fool

SEPTEMBER 13, 2024

Image source: The Motley Fool/Upsplash Your 50s are a time when finances really come front and center for a lot of people. It's not always easy to find the time to take a hard look at your finances, but it's helpful to assess where you're at periodically. First, net worth is simply a measure of your assets minus your liabilities.

Liabilities 130

Liabilities Debt Financing Finance 130

The Motley Fool

JULY 6, 2023

These include retirement age, cash-flow needs, income sources, tax liabilities, and inflation. Other households can reduce interest expenses on healthier debt, such as mortgages and automobile loans, through financing. Set measurable goals There are a lot of variables that determine your required retirement savings.

Liabilities 246

Liabilities Debt Banks Taxes 246

The Motley Fool

DECEMBER 5, 2023

The intimation is that the replacement of these cables, along with potential health-related liabilities, could be quite costly for telecom companies. It also fails to consider that any liability costs (if there are any) would be determined in the U.S. This means they're paying above-market rates for the financing they can secure.

Debt 246

Debt Liabilities Assets Capital 246

The Motley Fool

NOVEMBER 5, 2024

The fact that your contributions are tax-free could make them easier on you financially during the period when you're trying to build up retirement wealth. Not only will your withdrawal be taxed during retirement, but at some point, you'll be forced to take required minimum distributions , or RMDs. But the impact can go beyond that.

Taxes 130

Taxes Liabilities Accounting Financing 130

The Motley Fool

AUGUST 24, 2024

There are several reasons for this -- first, it lets those sweet tax-deferred accounts to keep growing tax free. Pulling from your taxable accounts can also lower your current taxes, since withdrawals usually result in capital gains taxes that tend to be less than income tax.

Taxes 130

Taxes Liabilities Accounting Capital 130

The Motley Fool

NOVEMBER 3, 2024

Cashing out is generally not a great idea as you'll pay taxes and penalties -- and decimate your retirement savings!) A taxable event is any financial transaction, like selling an asset or withdrawing funds, that triggers a tax liability, meaning you'll have to pay taxes on growth. What tools and resources are available?

Liabilities 130

Liabilities Taxes Education Consulting 130

The Motley Fool

NOVEMBER 23, 2024

According to the Fed's Survey of Consumer Finances, the average American between the ages 35 and 44 had $141,520 in retirement savings in 2022 (when the most recent numbers were released). About 10 years ago, I became interested in personal finance. This puts us well above the average for our age range. Ready to open your own IRA?

Taxes 130

Taxes Accounting Liabilities Financing 130

The Motley Fool

MAY 8, 2024

Forming an LLC or other legal business entity If you want to make your business "official" in the eyes of the law, you need to form a limited liability company (LLC), S Corporation, or other legal business entity. It lets you get an Employer ID Number (tax identification number, like a Social Security number for your business).

Legal 130

Legal Banks Taxes Professional Services 130

The Motley Fool

JULY 10, 2024

For example, if you own a home repair company with a partner, you may want the liability protection of an LLC, while a solo graphic designer might choose a sole proprietorship. Finally, an LLC, or limited liability company, creates a separate legal entity for your business. This could mean opening a company checking account.

Legal 130

Legal Liabilities Consulting Consultants 130

The Motley Fool

FEBRUARY 21, 2024

I would now like to turn the conference over to Steve Bakke, senior vice president of corporate finance. Of our $2 billion initial investment volume forecast, approximately half is expected to come in the form of development financing, the vast majority of which is already identified. Please go ahead, sir. This is Jonathan.

Mergers and Acquisitions 246

Mergers and Acquisitions Debt Capital Assets 246

The Motley Fool

OCTOBER 18, 2024

We have outstanding franchises in dealer financial services, Ally Bank, and corporate finance. At the bank, deposits are contributing more margin than at any point in the company's history, and corporate finance is on pace for its highest annual earnings ever. includes significant tax credits within the period.

Taxes 130

Taxes Financing Finance Collateral 130

The Motley Fool

NOVEMBER 28, 2023

Consumer group revenue growth reflects a strong finish to the tax extension season. We remain focused on transforming the assisted consumer and business tax categories with TurboTax Live. Our innovation in tax has accelerated in several areas. We believe this is Intuit's most exciting era yet. Third, QuickBooks.

Taxes 246

Taxes Accounting Best Practices Banks 246

The Motley Fool

SEPTEMBER 27, 2024

Image source: Getty Images One of the biggest mistakes new small business owners make is that they commingle their personal and business finances and credit. Only corporations and limited liability companies (LLCs) are. The problem with that is that real businesses, professional businesses, are run separate and apart from the owner.

Legal 130

Legal Banks Liabilities Accounting 130

The Motley Fool

MAY 15, 2024

Not having the correct tax withholdings In my first salaried job, I worried about getting my tax withholdings right. Knowing how much to withhold and what might affect your tax liabilities can be challenging, and I didn't know where to start. How to avoid it: The IRS has a convenient tax withholding estimator.

Taxes 130

Taxes Accounting Liabilities Assets 130

The Motley Fool

FEBRUARY 8, 2024

Unknown speaker Operating Executive, Head of Accounting and Finance, Masao Kawaguchi. Masao Kawaguchi -- Head of Accounting and Finance Thank you. Masao Kawaguchi -- Head of Accounting and Finance Let me begin. Next, a change in profit before income tax for nine months and compared to the same period last fiscal year.

Taxes 245

Taxes Financing Finance Capital 245

The Motley Fool

OCTOBER 18, 2023

As regards to our pricing strategy, in addition to what we have shared before, I want to elaborate that most car buying happens with one or other form of financing. Mercedes is accepting legal liability for when it's Level 3 autonomous driving system drive pilot is active. Is Tesla planning to accept legal liability for FSD?

Liabilities 246

Liabilities Banks Legal Taxes 246

The Motley Fool

APRIL 29, 2024

As an operating business, we are able to use cash flows, as well as proceeds from equity and debt financing, to accumulate bitcoin, which serves as our primary treasury reserve asset. Debt financing. Our two recent convertible note financings were both upsized and well-received by the market. Equity issuances. We've issued $3.2

Leveraging 246

Leveraging Debt Assets Capital 246

The Motley Fool

JULY 24, 2024

billion of operating pre-tax income, and $2.43 Our 4% revenue growth at constant currency combined with greater than 200 basis points of operating pre-tax margin expansion drove 17% operating pre-tax income growth and 11% operating diluted earnings-per-share growth, highlighting our strong execution. billion in revenue, $2.8

Consulting 243

Consulting Consultants Leveraging Taxes 243

The Motley Fool

NOVEMBER 2, 2024

But over time, they can quickly turn from an asset to a liability. Any successful settlement could be taxed as income. That said, if you know that having an extra card open is going to have a negative impact on your finances, canceling it may be the right call. In fact, 9.1%

Debt 130

Debt Consulting Consultants Liabilities 130