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ALL YOU NEED TO KNOW ABOUT THE STIMULUS CHECKS.

Posted on April 3, 2020 at 4:04 PM Comments comments (3)


                   

stimuluschecks

   We are aware that these are unprecedented Times and there are a lot of challenges during these Period. We are encouraging you to rise above this Situation and remain confident, that you will come out Stronger, Bigger and Better off. 
 
   President Trump just signed off a $2 Trillion Relief Bill, which will come in form of Stimulus Checks to offer Assistance to Millions of American Household, affected by the Corona Virus Pandemic. We are aware that most of us have Questions  and we want to enlighten you more about, what in this for us.

   The Following are the Basic Things to know about the Stimulus Checks:

  •  Your Eligibility for the Stimulus Check is based on your 2019 Tax Returns as well as your Adjusted Gross Income. If you are yet to file your 2019 Taxes, the IRS will use the 2018 Taxes to determine your Eligibility. The IRS will only use your 2018 Tax Returns, if you have not filed your 2019 Tax Returns. 


  • You must have a Valid Social Security Number to be eligible for this Check. People with  ITIN Numbers and Tax ID Numbers will not be issued Checks.     


  • The Check Values are based on 3 Plans Income Qualification: 

  1. SINGLE TAX FILERS - The Adjusted Gross Income Qualification is $75,000 or Less. This Category will get a $1,200 Stimulus Check.     
  2. HEAD OF HOUSEHOLD FILERS - The Adjusted Gross Income Qualification is $112,500 or Less. This Category will get a $1,200 Stimulus Check.
  3. MARRIED FILING JOINTLY - The Adjusted Gross Income Qualification is $150,000 or Less. This Category will get a $2,400 Stimulus Check.        

       It is important to note that if the Income Exceeds the threshold, the Amount will be reduced on a Sliding Scale. 


  • For Each Dependent/Child, that is Under the Age of 17 Years and Below, you will get an Additional $500 Check, for each Child. Please Note, that this is as long, as the Child/Dependent was stated in the Tax Returns, at the time of Filing. 


  • If a Parent claims the Dependent/Child as a Dependent and this Child/Dependent files their own Taxes, the Parent will not get the Additional $500 Stimulus Check.       



  • The IRS will send the Payment to the Bank Account Information, that you have on File. 



  • If you did not indicate a Bank Account  nor used a Direct Deposit Method for your Tax Refunds, the IRS will mail the Check to the Address on File. 



  • In the Event, that you have moved from the Address on File, you need to File a Form 8822 with the IRS. This is a Change of Address Form to update your Address with the IRS.



  • The IRS will not withhold your Stimulus Check, if you are owing Taxes, the only clause is, if you are backed up on your Child Support Payment. You may have to call the Agency, in charge to make Payments and settlement, so that you are assured of getting your Full Stimulus Check Payment. 

  • The Earlier you file your Taxes, the Earlier you are assured of getting your Stimulus Check.      



        We are available to help you with all the Questions, that you may have , regarding the Stimulus Check as well as any other Question on the Stimulus Package. We are also available to assist you virtually. Call us on 202-422-4586 to set up an Appointment.

      It is always our Pleasure to Help you. 
  

Turning your Passion into Business.

Posted on September 14, 2017 at 10:07 PM Comments comments (6)
We grow up in life, structured to believe that, after we go through the school system, we graduate to work for Organizations. We often fail to realize that, we can use our knowledge and experience to start up our own Businesses, especially when most companies rarely allow their employees to become Business Owners. As individuals, we need to harness our passion and recreate the relentless entrepreneurial spirit in us, to launch us to where we are meant to be. 
 
Everyone is born with a gift; each of us has a passion and something that we are all excited about. The idea is to turn this passion into an entrepreneurial opportunity, where you can turn your passion into a money making machine. Everyone has an innate entrepreneurial ability; it's how we harness this ability that determines how we make progress in life. 
 
The basic reason, why most of us fail to harness our entrepreneurial ability is because we feel safe in our jobs. We have become comfortable with our safe salary increases that will never get us where we need to be.  Do you know that you can use your free time, imagination and your creative skills to deliver value that nobody has ever delivered in the history of Mankind?
 
You need to step out of the prison imposed on you from the Organization; you work for and create an abundant life for yourself. Abundance only comes when you are moving along your passion. 
 
Below are some of the Skills needed to develop the entrepreneurial ability in you:
1) The Ability to have ideas.
2) The Ability to execute on the ideas.
3) The Ability to sell the Ideas.
4) The Persistence to keep learning as you fail.
5) The Ability to move onto the next Adventure. 
 
I always advise recent college graduates entering the exciting world of professional services to consider themselves entrepreneurs on day 1.  You have to identify your passion and the specific area that you want to develop yourself in life; find other People within this field and learn from their expertise. Networking is also very crucial as well as connecting with others. Although they may not realize it now, the professional service industry is one of the few that allow employees to eventually become business owners. Even if they have no intention of becoming a partner or starting their own firm, it is important for young professionals to distinguish themselves by creating a personal brand and an entrepreneurial spirit within their profession. 
 
Below are some steps to Turning your Passion into Entrepreneurial Opportunities: 

Find Your Niche
Like most entrepreneurs, you need to find your niche - a specific area that you are passionate about. This could be anything from Handmade Jewelry, Accounting, wealth management services, or even insurance sales. Finding the right niche is the first step to building any entrepreneurial endeavor.

After realizing what area of your profession interests you, it is important to find others within it and learn from their expertise. Networking is crucial and connecting with others is a sure fire way to broaden your horizons. At the initial year of my Accounting and Bookkeeping Business, I had a mentor that coached me, taught me the nits and grits of the Business and molded my path in this Business line, and I give credit to him for this direction. I must say, that all that I learnt from him, is what has helped to mold me into what I have become today.

Develop Your Skills and Knowledge
For you to turn your passion into an entrepreneurial opportunity, you need to immerse yourself within everything that pertains to it, attend seminars, talk to future competitors and analyze barriers to entry. If you want to develop your skills you will need to train others, as this will eventually help to develop and strengthen your knowledge and perfect your skills.

Build Your Brand
Personal branding is a must for turning your passion to entrepreneurial opportunities, especially in an age when professional service is becoming a much needed commodity. In order to leverage in your industry, you need to set yourself apart by leveraging your personal brand.
The first step to building a personal brand is considering yourself and your "turned passion" as a product. You need to ask yourself many questions before building your personal brand:  What is your value proposition? Why should people buy your product?  What can you bring to the Table? Who are you trying to target?

Don’t Wait For Opportunity: Create It
Once you determine your personal brand, you have to go out and create your opportunity. The biggest stumbling block to launching your own Enterprise is waiting for opportunities instead of creating them. Allowing others to dictate your success in any specific profession is a sure fire way to guarantee disappointment. If you keep sitting and waiting for someone to hand you a promotion or give you that well deserved pay raise at your job; it is akin to doing the same thing over and over again and expecting different results – its insanity.

Summary
In conclusion, to make it ahead in a competitive world of services, we need to distinguish ourselves among our cohorts. Be an entrepreneur at work, Take Control of who you report to, what you do and what you create.  Deliver some value - any value - to somebody, anybody and watch your value compound into a career - Your Desires Entrepreneurial Opportunity. Following the simple steps above can make all the difference and create a huge impact your life. 

So, what are you waiting for? Go ahead and Turn your Passion into a Business and watch your Business Grow.

Understanding Your Cashflow

Posted on July 2, 2014 at 1:55 AM Comments comments (111)


 Welcome to the month of July. We are done with the first half of the year and started the countdown to the remaining half of the year.

Our Newsletter for this month is on an integral part of every business; an area that is generally misunderstood by most business owners, but interestingly plays an important role in every organization. Have you taken time to look at your Cash flow Statement? Can you tell where Funds are disbursed in your Business? Do you understand the effect of your Spendings? The art of struggling to understand and manage your cash flow can be a huge distraction to your business; in this series, we will be providing you with quick tips on the basic method of understanding your cash flow.

  Our Areas of Concentration will be on:

 - Definition of Cash Flow
 - Drivers of Cash Flow in a Business
 - Facts about Cash Flow
 - Quick Tips on Understanding your Cash flow and applying it to your Business.
 - Managing your Cash Flow effectively.

 What is Cash Flow?

 Cash Flowis the movement of money into or out of a business, project or financial product, and can be measured at any specified period of time.

  The Following are the drivers of Cash flow in a Business:

  • Accounts Receivables (These are money owed to a Business by its customer, as a result of services provided or goods sold).
  • Inventory.
  • Accounts Payables (These are Vendor Payments, owed to vendors, for goods bought/services received on credit).
  • Capital Expenditures(Purchase of Equipments)
  • Borrowings/Debt Servicing.

  It is worthy to note that your Cash Flow originates from 3 Basic Operations:

 a) Cash Flow from Operations

 b) Cash Flow from Investing

 c) Cash flow from Financing

  Most Business Owners have problems with Understanding their Cash Flow because of the following facts: 

 a) A Profit or Loss in a Business does not equal Cash Flow.

 b) An Increase in Cash in your Business is not always good.

 c) A Decrease in Cash is not always bad. 

  Many Business Owners have problems understanding and interpreting their Cash flow, because of the technicalities involved; but I want to challenge you today, to take the simple test below, write down your answers and put it into practice, and watch your business grow; I bet you will be so thankful for this enlightenment:

  •   Focus on the TOP 3 changes in your Cash for the Month.
  •   Decide whether each change is good or bad.
  •   Write one line description of each change and look at the effect, it has on your Business.
  •   Once you are able to prove the effect of the change in your Business, hold on to the result and use it as a base, in your Decision making.

    By doing this exercise periodically, you will have a better grasp of your cash flow, and see its effect on your Business growth.  I will like you to try this exercise and forward your feedbacks. In my next article, I will be giving you tips on how to effectively manage your Cash flow in your Business.

    Please feel free to contact us, if you will need further help in understanding your Cash flow and producing your Cash Flow Report. We will love to help you.

   Remember: The best time to take control of your Cash Flow is RIGHT NOW.

   

 



 
 


 

 

How do you value your Finances?

Posted on June 19, 2013 at 2:07 AM Comments comments (2)
 
Recently, I was discussing with a friend, who was competing with her sister in selling their hand made beads. The conversation was about raising her prices from ten cents to twenty five cents per bead. I asked her what she needed to achieve from the increase and what areas of her life, that she feels the increase will make an impact, hence asking her the five most important things that matters to her in life.
 
She thought about it, looked at me and said in this order: “First, My Family, then My House, Television, Candy and then Money”. Impressed that she had come up with exactly five items, I probed a little deeper.
 
“Mary, what do you need to get the candy that you love?’
 
“Money”, she said.
 
“And how about the TV, what do you need to get that?”
 
“Money”
 
“And how about your house?”
 
“Money”, she replied once again.
 
 And then I asked, “How about your family, what do you need to get them?”
 
Just as quickly, she replied, “Love”
 
“That’s right, “I said, but don’t you think that maybe you have to reorder your list? You see, if you need money to buy the candy, the house and the TV, then don’t you think money should be more important than what it can buy?
 
In that instance, she thought about it and said, I was right, and within that short period, I introduced her to the law of money, a law that serves as the foundation for wise spending.
 
THE LAW OF MONEY: PEOPLE FIRST.THEN MONEY.THEN THINGS
 
You see, most of us are just like Mary, we value things more than we value money. We care more about having what money can buy than we care about having money itself. When we follow the law of money, we will find out that, we are respectful of money, and if we follow it and keep what we have and spend, it will make us truly rich. We will analyze each category:
 
  •      PEOPLE FIRST: We should always prioritize everything that is created by love, which include our Family, Friends, Partners, Children and Ourselves. The saying that goes that Money can’t buy love is true, and a life without love –regardless of how much money one has-is a poor life indeed.
 
  •       THEN MONEY: Can you imagine going to someone’s  house and having them proudly show you a room filled with thousands of dollar bills and telling you the history of how all that money came to be? You will be amazed at all that vulgarity, but at the same time, you will think nothing of it, when you compare it to another person's home that is filled with beautiful decorations, What did it take to decorate the home? Money. Money exchanged for furniture, paintings, carpeting, lamps and so on.
 
The difference in your perception is the VALUE SYSTEM that you applied- A Room filled with things is okay, whereas a room full of money is not.
 
 
  •        THEN THINGS: When your financial priorities are in order; things come last.
 
     In conclusion, when we work hard for our money, maybe forty hours or more a week and then go shopping, buy food, clothes and stuff, we usually say that we don’t know where the money went. This is also applicable, when we pay for services, that we really need; but why don't you consider this- CHANGE your perspective now, if we valued money over things and over items it can buy, then we would know exactly where our finance is going.
 
We should change our money/thing ratio, so that we will have more money than things, this will also encourage us to take great pleasure in seeing our money and watching it grow. With this approach, we would always know when we can afford something that we need and will be more likely to be able to buy the things we TRULY WANT to make us happy.
 
So next time, you go out to spend money, always remember that you are not throwing the money away, but you are exchanging it for something that has a value to you.
 
Please feel free to give us a call today to get your finances organized, so that you can capture where your expenses are going and invariably increase the value you need for the important areas in your life.