Being an entrepreneur like Luke Skywalker (or Count Dooku — rest in peace, Mr. Lee) working for yourself can bring a whole host of benefits – better well-being, better business hours, and being happy in what you do are the positive sides to entrepreneurship along with wielding your trusty light saber. But what usually comes with working for yourself and running your own business are the financial reports and data that most of us just don’t like to decipher, leading us to financial peril.

Profit & Loss

Profit and loss are a given in business, yet there are many entrepreneurs out there who don’t even look atP&L statements Yoda their statements, thinking a Jedi mind trick would, well, do the trick. Understanding the language of P&L statements is actually quite straightforward even from a business bookkeeping aspect:

Sales – Costs = Profit

There are sometimes different versions of these words, but the formula is still the same. Sales, revenue, or income will be at the top of your statement; cost or expense, somewhere in the middle; and profit, or net income, will be the final profit sum at the end of your statement.

Working Out Subtotals

You may see columns in your P&L statement such as a breakdown as to where your costs and sales come from. For example, if you own a car rental business, you may have three separate sales statements; one each for small cars, family cars, and SUVs.

Costs may also be broken down in similar ways. In the case of a car rental company, you may wish to breakdown your costs for car hire, maintenance, and staff or building upkeep. It doesn’t matter how you break down your sales and costs, because these always add up to total sales and total costs. A breakdown of these can help you to analyze where you gain the most or least profit, so that you can then fix or maximize that particular product, cost or service.

A Mathematician, You Do Not Have to Be

So says Yoda. Once you take a section of your P&L statement and look further into what it really means, profit and loss statements need not be so complicated. Just remember that sales, minus cost, equals profit. The more sales you create, the larger your profit. The more cost you incur, the more likely you will make less profit. Now may the Force be with you.

Sick of State Personal or Business Income Tax? Fear Not.

Posted by wpadmin | Posted in Finances, Taxes | Posted on 12-01-2016

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Many aren’t even aware that there are some places in the U.S. where you don’t have to pay out some of your hard-earned money just because you’ve earned money. It’s no secret — nobody likes the whole personal income tax or business income tax at all. You’re basically being asked to pay up for getting paid. Seems a bit counter-productive from a certain point of view. But, nevertheless, taxes are taxes. However….

Eliminating the Personal and Business Income Tax Off Your Plate’s Actuallyincome tax-1 Quite Easy!

All it takes is living in a certain state. You simply need to sign up with the Income Tax Planning Network and mention to the specialist about where you live. Or perhaps you’re in the market to relocate to a new home, or rent-to-own home — or maybe you’re looking for some help as a home renter and want to save some on your taxes. Whatever the case may be, here are the nine states where you’ll have no trouble facing personal income or business income tax at all.

  • Alaska (Personal)
  • Florida (Personal)
  • Nevada (Personal and Business)
  • South Dakota (Personal and Business)
  • New Hampshire (Personal)
  • Tennessee (Personal)
  • Washington State (Personal)
  • Texas (Personal and Business)
  • Wyoming (Personal and Business)

This is just one way to maximize your taxes — and you might already see the benefits! There’s just one thing left to do.

Sign Up With the Income Tax Planning Network Immediately

And definitely take advantage of the tax benefits with a 2-hour tax return. Additionally, you’ll get some inside info about what to do about corporate tax write-offs here, and divorce issues here. For more information about other tax shelters to expand that refund even more, click this link and be in the know!

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