Financial Freedom

The Easiest Way To Do Taxes With Online Income

accounting

I went over this same product awhile ago when I talked about how I used it for my personal budget. At that point I was using it for the wrong purpose, this time I’m going to talk about how to use it for you online business.

Outright.com is the best, easiest, and most automated online accounting program I’ve ever used. It will automatically categorize your expenses based on where the purchase was made. It also gives you the chance to re-categorize either just that one expense or all of the expenses that match. And of course you can create your own categories.

It’s so easy to get everything organized.

When you first login to look over your expenditures it shows you a graph of the last 3 months expenditures and if you’re in the red or not. I love that, I can tell if I’m spending too much as soon as I get there.

On the left side it has 3 spots, 1 for your accounts, 1 for the money you need to collect, and 1 for the money you owe. It’s really a great overview of your business and it’s all on the first page.

Honestly, the best part about the whole program is that it automatically does the calculations for how much your quarterly taxes are, as well as yearly. Sweet! It even breaks down all of your expenses to make filing taxes a breeze.

It’s so simple and has a very clean interface. I highly recommend it for anyone with an online business that wants to make figuring out your taxes so much easier.

It used to be free but they just recently switched over to a monthly payment. Luckily I’m grandfathered in so I don’t have to start paying until next year (It’s good to be a grandfather :) ).

Anyways, it’s still well worth the $9.95 a month and I will pay that as soon as it’s my time.

They even offer a free 30 day trial so that you can see what it’s all about.

I couldn’t recommend it any more highly. It’s such a great product and I’d probably pay $25 a month for it, so it’s a steal.

Try Outright for Free

Ps I do get a couple of bucks for you signing up but I’d recommend it either way. This is just a plus :)

Have you used Outright before? What did you think of it?

What program do you use to keep track of your accounting?

 

Money Management

Where To Find Wealth Management Online

Finding personal wealth management online is easy to find. But you’re going to want the best finance management software to make sure that you stay on top of your wealth and grow it exponentially.

The most important part of your personal wealth is knowing where your wealth is and what you have.

I stumbled across Personal Capital and their free software that does just that. You can see all of your accounts in one place, make better decisions with your wealth, and get objective financial advice from some of the best financial advisers in the industry. This is all free at Personal Capital.

Go try it out now

Money Management

Life’s Little Surprises

While a budget can help you keep track of daily expenditures and monthly expenses, it can do little to prepare you for the many surprises that life always seems to bring. At some point, the car will break down, a job will be lost, illness will strike or some other surprise will rear its financially devastating head. Since you don’t know what surprises your life will bring, it can be hard to plan. Here are a few tips to help you prepare and handle these financial surprises when they do strike.

Get Out of Debt

Probably the most common theme on all personal finance sites is the great need to get out of debt. If you aren’t spending your monthly income on debt, you will be better able to handle unplanned and unexpected expenses. Start paying down your debts today. When trouble does come, it will be easier to borrow money if necessary if you aren’t already buried in debt. Additionally, you will have more money to save each month if you aren’t spending it on interest and fees. Make a plan and stick to it and start working on eliminating debt.

Make Sure You Have Enough Insurance

You can avoid some major financial disasters by simply having enough insurance. Make sure that your insurance policies are up to date. Also make sure that you have enough coverage. Insurance costs a little each month, but is a lot easier to pay than one huge expense down the road. If you want to protect yourself from surprises later, get health, life, car and home (or renter’s) insurance today.

Stock Up

You also need to build a reserves whenever possible. Have a little extra money in your bank account, a little extra cash in your house and some extra food in your cupboards. If you have a little more than you need now, it can help sustain you when times get tough.

Plan for the Future

Life is uncertain. However, you can plan and minimize your risks. What would you do if you were to lose your job? Do you have a backup plan? What skills could you learn now to help you in the future? If you can learn to do a job on the side or get a little more education, you may be better qualified for future positions later. Come up with a backup plan and have ideas in mind if your situation should change.

Surprises will happen; plan for them. These ideas will help you prepare for the many financial surprises that wait in your future. Remember if you don’t plan ahead, you are just asking for trouble.

What ways do you prepare for life’s little surprises?

 

Business

Allow me to explain

Legal terms and notions can be difficult to understand if not working in this particular field and dealing with them on a daily basis. That’s why is it useful to do some research in order to understand what you have to resolve and what’s the best way to do so. 

The first term I’d like to discuss is professional negligence. This is closely related to the duty of care between professionals and their clients. Normally, one expects to be treated equitably by others, especially when assistance with legal matters is needed. The situation in which such professionals fail to provide top quality services leads to professional negligence for which they can be held responsible for. The worst case scenario when thinking about neglect is related to medical personnel and doctors. When they do things the wrong way, another person’s life is endangered and that it should not be left unpunished. Nonetheless, when a bank employee miscalculates the rates one has to pay, the financial situation will clearly be affected. But that cannot be compared with being healthy. 

Second in line is interest rate swap miss selling. This occurs when a client or a smaller company aims to borrow a certain amount of money from the bank in order to improve the financial situation and afterwards return the sum within a set period of time. The highest risk when it comes to such loans refers to terms, rates and conditions you are agreeing to when signing the contract. The person working for the bank might fail to provide all the necessary information regarding rate which can be excessively high leading to the client end paying double or even three times more than they originally needed to. Reading everything before signing and agreeing to anything is crucial in order to avoid such errors. When one is involved in such a case, legal action should be taken as soon as possible. 

Proceeding legally means that the client takes the case to court, suing solicitors and attempts to gain compensation for the loss he has suffered due to the mistakes done by employees. The case is then observed and researched by the judge who then decides if it is fair to provide the person pressing charges with certain amounts of money which help recover the financial loss.

Money Management

3 Tips For Couples To Make A Budget

CoupleHaving a budget as a couple is not an easy thing. Me and my girlfriend have one and I’ll be the first to tell you it takes a lot of adjustments. I have definitely learned a lot going through that. Here’s some tips to get you through it.

Be Open

Talk about how you feel about a budget. If you’re both not ready for one then it’s not going to work. Go over the whole budget together and talk about each category. Make sure that you agree on how much you are going to spend on the categories. The important thing is to talk about it and make sure that you let your feelings out. If you have a problem let it be known. If you don’t let the other person know about it, then they won’t know why you can’t stay in budget.

Compromise

Doing a budget with two people can end horribly if there is no compromise. The process of give and take in a relationship applies to a budget as well. With me and my girlfriend (Beth), she’s more of a spender. In order to accommodate that I have to save a little less but her spending gets put under control with the budget. So it’s give and take.

Know Each Other

This goes somewhat with compromise but know if each other are spenders or savers. I’m a saver but she’s a spender. I know she likes to buy things, so there’s a place in the budget to spend. I like to stay in but she likes to go out, so there’s a little more in the entertainment category. It’s easy for me as a saver to say “Why don’t we just save our money instead of going out”. But It’s just as easy for her to say “Why don’t we just go out and enjoy life instead of stay cooped up all night”. So we adjusted the budget to be able to go out a little and save a little.

I used to get upset when we would spend more than we budgeted for but after talking it over with her I decided to increase the amount we could spend on certain categories. Just having that extra breathing room decreased my stress level and we actually ended up not spending as much as we budgeted for and saved more money than I planned.

In the end, the important thing is that you are both happy. Life is too short to be upset at every little thing and be stubborn. If you can create a budget together, you have a great future ahead of yourselves.

Have you had any issues making a budget with your significant other? What did you do to get through it?