First things first. You need to gather all your financial information together and look it over. If you are married, do this with your spouse. You need to know what you have in order to determine what you need.

Do you have a living will? This allows you to decide what kind of care you want or don’t want should you suffer an illness or injury requiring extreme measures. In addition, you may also want a healthcare power of attorney, which legally designates someone to make decisions for you if you are not able to do so yourself.

Next, take a look at your life insurance policies, as well as annuities or any other policies that pay out after your death. Check out the beneficiaries listed on your policies. Do you need to make any changes or additions? Are the titles of your properties and other assets in proper order?

Do you have a will? Many people think a will is only necessary if you are wealthy. However, if you have a family, a home, even a savings account, you really should have a will. This document states your preferences for all of your assets, as well as your desires for your minor children, should they be left without a parent. Prepare a will to declare a guardian for your children, should disaster strike. You should designate an alternative guardian as well, in case circumstances change and prevent your first choice from carrying out your desires. Many people avoid drawing up a will because they worry about the expense. If cost is an issue, you can download the forms for your state from the Internet for a minimal amount, usually under $50.

These are just a few steps you can take to begin your estate planning. They are basic, but they are the most essential. Why not get started today?

One of the best features of Corona is that it is so easy to setup and use. It is written in easy to understand English and is extremely simple to use. The four main areas of the program are your bank account, invoicing to customers, purchases and a general ledger area for other entries. It also has payroll as an option, but for this article we’ll keep to the basics.

If you are looking for quick and simple accounting entry on a Mac, Corona is a great choice. Deposits, checks and bank fees or transfers are all entered through the bank entry screen. The one negative in this area is that the software does only allow for one bank account, so, simplicity does also mean limitations.

Purchases can be logged with multiple items and a variety of expense categories. The same is true for entering your billing invoices to clients; you can enter multiple items and assign them to different income accounts.

You can quickly pull up your basic reports: Balance sheet, Monthly or Year-to-Date Income Statement, Accounts Receivable and Accounts Payable Summaries. It also provides a month-to-month view of your income statement or balance sheet accounts. For those who are budget minded, this small program does allow for budgeting as well.

The program also allows the assigning of job numbers to invoices and purchases for job tracking and has another tracking feature called Folios which is even more versatile.

If you’re looking for ease of use and true simplicity, Corona provides a great option for Mac users at an affordable price of under $75.00.

Reverse mortgages allow a homeowner to access the equity in their homes so they can live longer in their own homes, without financial worry. You need to be at least 62 to take a reverse mortgage, but the idea was originally created with older seniors in mind. When you take a reverse mortgage, your lender provides either monthly payments or a lump sum, based on the equity in your home. However, the homeowner is still responsible for property taxes, homeowner’s insurance and maintenance on the home.

Problems are arising for many “younger” borrowers, however. Reverse mortgages may be the right answer for older seniors who run into financial emergencies and need to tap into a fairly large amount of cash quickly. However, as the 60-something set steps into the idea of a reverse mortgage for other reasons, troubles are growing.

People who take a reverse mortgage for the purpose of having enough money to live out their retirement years more comfortably are tapping into their retirement assets, without always realizing that their future could be in financial jeopardy. If a homeowner cannot meet their property tax obligation or they need to move out of their home for health or other reasons, they can quickly find that fees and interest eat up their equity, leaving them with no recourse in later years.

Younger borrowers also have a longer expected life span, which means they would get less money on the same amount of home equity as an older borrower. While the up-front costs are the same regardless of age, the payout varies greatly.

As boomers look at retirement without having a fully-funded retirement savings nest egg, they are considering the reverse mortgage as a way out. This could be the answer for some, but can open up a financial disaster for others. The procedure to determine the costs and payouts of a reverse mortgage are quite complicated. Everyone considering this type of borrowing should get the advice of a trusted financial professional before signing on the bottom line. If not, you could be placing your home at risk long before you are ready to stop living in it.

You have the right to a taxpayer advocate. This is an IRS official that has the power to stop the IRS from taking certain actions against you. For example, you can avoid having your property seized if you can show it would cause a significant hardship, such as leaving you homeless.

If you are required to meet with the IRS, you have the right to send a qualified representative, such as a lawyer, a CPA or an agent instead. You can stop an audit or a meeting with the IRS in order to meet with a professional –  much like the right to an attorney before being questioned by the police. Unlike the right to an attorney, however, the IRS is NOT obligated to provide you with representation. You cannot be forced to meet with the IRS at an inconvenient time or place. This stipulation is in place to avoid you having to close your business for an audit.

You have the right to request to pay your outstanding taxes in installments. The IRS is not obligated to accept your request, but they must give it fair consideration.

One of the first important tax payer rights to be aware of is the right to appeal. You can request an appeal of levies, liens or seizure because incorrect procedures were followed or there is a less drastic course of action that can be taken. Appeals are made to the IRS Appeals Office, which is separate from the collections department.

You have the right to confidentiality. The IRS cannot share your tax and financial information, other than with agencies responsible for the administration of your taxes in other states.

These are some of the rights you have as a tax payer. The IRS is obligated to send you a copy of the full Taxpayer Bill of Rights if you are being audited or otherwise required to meet with an agent.

Keeping accurate customer records is extremely important in your business. If your accounts are not correct, you may miss out on billing or you may overcharge your customers. Either one is a mistake. You want your record keeping and accounting practices to be streamlined, accurate and professional. Let’s take a look at the information you should retain on each customer account.

• Obviously, the first thing you record is the customer’s name. Make sure you have both the business name and the name of the owner, as well as the person who handles the finances, if that is a separate individual.
• For each transaction, document what type of payment was used. Cash, check, money order? Keep clear records of what type of currency was used for every sale, that way if anything comes into question, you have the full story at your fingertips. In addition, record the check number or reference number on every single transaction. Don’t cut corners here –  you need to be able to call up any individual transaction in case of a problem.
• Record the date billed, the terms of credit, if any, and the date the account was paid. Note if the payment was in full or a partial payment. If an account is payable in XX number of days, clearly state that on the original bill, or state that the bill is payable upon receipt. Use a single policy for all of your customers to avoid confusion. When payments come in, record the payment received as well as the balance outstanding.

Making sure the basics are covered when billing your customer accounts saves both time and money. Establishing a simple, yet complete procedure allows you to quickly gather necessary data. Having complete and accurate data helps you avoid wrong addressing, duplicated mailings and errors in personalization of your mailings. Check your database regularly to keep things current.

Several individual tax benefits expiried at the end of 2011. The major benefits that will no longer apply after the 2011 tax year include the higher alternative minimum tax exemptions that have been in place. These will be reverting back to their former limits, which were very low.

One tax break you have likely noticed is in your paycheck. In late 2010, Congress enacted a 2% reduction in the Social Security tax applied to payroll checks. This reduction was extended into 2012, but only for wages paid through February 29, 2012. If any employer over-withheld during January, corrections must be included in payroll checks no later than March 31, 2012.

Another tax break many will no longer be able to take advantage of concerns charity donations for seniors. 2011 is the last year that seniors can contribute to charities directly from their IRA without paying taxes on the withdrawal. This tax break applied to donations up to $100,000, but will no longer continue.

There will be some significant tax breaks ending in 2012, that will affect families and students, as well.

Families will feel the change when the child credit reduces from $1000 to $500 per child. In addition the childcare credit will reduce back to $2400 from the temporary increase of $3000.

There will be an end to the deduction for tuition and related fees. There  are still tax credits available to help with higher education expenses, but you need to check carefully to make sure you can save the maximum amount possible.

The wealthy will also face some changes in tax breaks. The $5 million gift and estate tax exclusion is expiring at the end of 2012, along with several other Bush-era tax breaks for the wealthiest Americans.

This is the year to consult a tax professional to get the latest information on expiring tax breaks, no matter what your income level. Being prepared for next year’s taxes could be more important than ever before.

If you hire an accounting firm to handle your taxes, you will find that they probably offer bookkeeping and payroll services as well. The bookkeeping department can make the life of a business owner more efficient and less stressful in a number of ways, some of which we will enumerate here.

1. I Don’t Wanna – For some business proprietors the task of bookkeeping to be onerous and therefore they do a terrible job of it. A bad job on the books can have serious repercussions when it’s time for tax preparation. If you hire a bookkeeper you will be getting someone who keeps books for a living, someone who actually thrives on the detail work.
2. Time – What might take you four or more hours in a week to do poorly, your bookkeeper can get done in half the time, and get it done right.
3. Where’s That Darn Receipt? – If you have an equipment breakdown and need proof-of-purchase to get a tool or machine fixed if it’s under warranty, or replaced if it isn’t, you want to be able to find that paperwork immediately. If all your receipts for the year are stuffed helter-skelter in shoe boxes and paper bags, you won’t be a happy camper.
4. Audits – Having your books in order can help if you are ever audited. It makes it easier to prove your documentation if you are able to produce it in a timely manner.
5. Response Time – You may have to make snap decisions on purchases, inventory and selling prices; having figures at the ready will help you make better decisions more quickly.
6. Direction – If your books are well organized you will be able to spot some trends even before your accountant is able to give you a more complete reckoning.
7. Employee Hours – You will be able to tell if you are using your manpower wisely if you can keep a running tab on how much you are spending on labor compared to the amount of revenue you are generating.
8. Accounting – Your accountant will organize your books if it is necessary, but this takes additional time, and usually at a much greater cost.

Larger companies have separate bookkeeping and accounting departments, and they do so because it helps them to better track their business. It also enables them to make better plans and adjustments for the future. You can get the same kinds of results if you take advantage of an accounting firm that also offers quality bookkeeping.

If you are searching for financial help for your small business, start by checking out the SBA. The U S Small Business Administration (SBA) is a great source of information, including free one-on-one counseling from experienced small business owners on things like financing your business and even bidding on contracts for the government. Don’t overlook this great resource, available online at www.SBA.gov.

You’ll find a handy questionnaire type tool that can help you locate loans and even free grants to help you start up your own home-based business. While start-up funds are a little tricky to find, this is a great resource for certain niche businesses and is well-worth your time.

The site also includes counseling and training to help you succeed in your business.

Minority-owned businesses can find additional help and resources at The Minority Business Development Agency.  This comprehensive site is filled with valuable information and research to help socially disadvantaged minority business owners get started in their ventures.

Don’t forget to look to your local college and university network for help, including free financial advice for your new business. Some colleges even choose local business to use as a teaching tool for their students, providing you with fresh, creative ideas from professors and students, while teaching the classes the ins and outs of a real business venture.

Many communities have support groups for small businesses that can offer some of the best free advice available. By bringing your questions to a local group, you can get real advice about what works- and what doesn’t- in your specific community. This is also a great source of information about local financing options that may not be readily available to non-members.

While it always takes time and money to get a new business started, taking advantage of some of these free options will help you cut your costs- and quite possible your learning curve as well.

It sounds like the beginning of a joke, but it isn’t. More and more over-the-road truckers, whether they own and operate more than one truck or even if they are company drivers, are turning to professional accountants to help them navigate the miles of paperwork that they’re faced with throughout the year.  An accountant can not only simplify life for a driver, but also protect the driver from making costly financial errors.

1. Monthly Statements – Your accountant will be able to provide monthly financial statements and save copies of your receipts.
2. Expenses – All your expenses will be properly categorized and placed into the correct accounts.
3. Figures – You can see what your net income per mile works out to after all expenses and revenues have been factored in.
4. Security – Your records and receipts won’t get lost, saving you potentially big lost-deduction headaches.
5. Taxes – Your taxes will be filed correctly and on time, which means you are more likely to receive all your qualified deductions, and much less likely to have to fork over money for late-penalties and interest.
6. Budget – Life on the road can get expensive, especially if you aren’t aware of how much you are actually spending. Your accountant can help you set yourself a budget, and fill you in on receipts to keep. A few of the items that can be legitimate deductions include air fresheners, Armorall, showers and WD-40. The list of potential deductions is lengthy, and even the little things add up.

With today’s technology, whether you’re in the trucking business or most any other business, you don’t need to take your accountant out to lunch or even meet in their office, everything can be handled remotely. That’s our specialty, here at IAC Professionals. We have all the technology in place to service our clients remotely. That saves you time, and saving time always saves money.

Before you even get to “buy versus lease”, however, you need to ascertain your precise vehicle needs. Do you need something fancy to entertain clients, or are you looking for simple and dependable delivery transportation, or maybe a combination of the two. Remember, however you handle your vehicle requirements, it will be an expensive proposition, so careful planning is mandatory.

Fortunately, buying or leasing business “fleet” vehicles from a dealer has become more financially  attractive recently, with vehicle agencies offering more perks and making it easier to qualify for a Fleet Identification Number (FIN). Having an FIN, depending on the state or municipality where you register your vehicles, can not only allow you to gain access to dealer discounts and service options, but may also simplify inspections and licensing.

If your eyes have already started to glaze over, and you’ve just about decided to do everything on a bicycle, take heart, because help is available. This is a good time to enlist the aid of a competent accountant, someone to help guide you through the winding process. The following are a few of the situations where an accountant will become an important ally.

1. Actual Costs – Depending on your needs, a dealer may be trying to get rid of some vehicles that have been sitting on the lot for too long. You may work out a purchase price that ends up being better than a lease arrangement. Get all offers on paper and take the time to work the numbers with your accountant before you make a decision.
2.Insurance – Often, if you buy vehicles, you can find better insurance rates than you will through dealer leasing. This is because, when you purchase vehicles, it’s your insurance; if you lease those same vehicles, it’s the dealer’s insurance.
3. The Books – There is considerable paperwork to maintain with any size fleet as you track mileage, operating expenses and repairs. Keeping this organized from the get-go is a must.
4. Taxes – Most states have sales taxes that need to be paid immediately, and then there will be decisions to make about how you handle your fleet with regards to the IRS. Your accountant will understand the intricacies of business use vehicles and depreciation.
5. Mileage – How far your vehicles will be expected to travel each year is a major factor in choosing between lease and purchase. It won’t do to lease vehicles and then find you have exceeded your yearly mileage limits in July.
6. Compare – Different dealers, even within a brand, will have different inventories and prices. Make sure the dealer you choose can meet your needs and do so with competitive pricing, features and service.

Also, bear in mind that some dealers can get you an FIN even if you contract for fewer than 10 vehicles, which is the usual threshold. Do consult with your accountant, and get everything from the dealer in writing.