10 Dec 2023 by

Navigating Financial Success: The Crucial Role of Financial Literacy in Minneapolis and Suburbs

SEE: SynergyCollaborative.com

In the bustling metropolitan area of Minneapolis and its charming suburbs like Golden Valley, St. Louis Park, Brooklyn Park, Minnetonka, and Wayzata, the pursuit of financial success is a shared aspiration. However, achieving financial stability requires more than just earning a paycheck – it demands a fundamental understanding of financial literacy.

Body:

1. Defining Financial Literacy:

To embark on the journey to financial success, it’s essential to comprehend what financial literacy entails. Financial literacy encompasses the knowledge and skills required to make informed and effective decisions about money management. This includes budgeting, investing, understanding credit, and planning for the future.

2. Empowering Communities through Financial Knowledge:

Minneapolis and its suburbs are diverse communities with unique economic landscapes. Empowering individuals with financial knowledge not only fosters personal growth but also contributes to the economic well-being of the entire community. Financially literate individuals are better equipped to make sound financial decisions, creating a ripple effect that strengthens the local economy.

3. Tailoring Financial Education to Local Needs:

Addressing the specific needs of Minneapolis and its suburbs, financial education programs should be tailored to the unique challenges and opportunities present in these communities. This could include workshops, seminars, and online resources that address local housing markets, employment trends, and investment opportunities.

4. Navigating Real Estate Dynamics:

Given the prominence of real estate in Minneapolis and its suburbs, a key aspect of financial literacy is understanding the local real estate market. Whether it’s buying a home in Golden Valley or investing in properties in Wayzata, having a grasp of real estate dynamics is crucial for making sound financial decisions.

5. Building Credit Wisely:

Brooklyn Park, St. Louis Park, and beyond – understanding and managing credit is paramount. Financial literacy education should emphasize the importance of building and maintaining good credit scores, which opens doors to favorable interest rates on loans and mortgages.

6. Investing for the Future:

Minnetonka, known for its affluence, presents unique opportunities for wealth accumulation. Financial literacy should guide residents on smart investment strategies, helping them grow their wealth and secure a comfortable retirement.

7. The Role of Budgeting in Everyday Life:

In a metropolitan area like Minneapolis, where the cost of living varies, effective budgeting is a fundamental skill. Financial literacy education should emphasize practical budgeting strategies tailored to the lifestyle and expenses common in these communities.

Conclusion:

As Minneapolis and its suburbs continue to thrive, the importance of financial literacy cannot be overstated. By investing in financial education tailored to the local context, individuals in Golden Valley, St. Louis Park, Brooklyn Park, Minnetonka, Wayzata, and beyond can empower themselves to navigate the intricacies of their unique financial landscapes, ultimately paving the way for a more prosperous future.

FINANCIAL QUESTIONS ❓

Contact Imara Hixon on LinkedIn

Filed Under: -FINANCE, Budgeting, Investing, Money Management, Retirement Planning, Tax Preparation, Uncategorized
25 May 2019 by

Small Business Tax Deductions

92 Small Business Tax Deductions

  1. Accounting fees
  2. Advertising & marketing
  3. Amortization
  4. Bad debts that you cannot collect
  5. Banking fees
  6. Board meetings
  7. Building repairs and maintenance
  8. Business association membership dues
  9. Business travel (here’s what you need to know!)
  10. Cafeteria health-insurance plan (requires plan)
  11. Car expenses
  12. Charitable deductions made for a business purpose
  13. Charity or traveling to perform charitable services
  14. Cleaning/janitorial services
  15. Collection expenses
  16. Commissions to outside parties
  17. Computers and tech supplies
  18. Consulting fees
  19. Continuing education for yourself to maintain licensing and improve skills
  20. Contractors
  21. Conventions and trade shows
  22. Credit card convenience fees
  23. Depreciation
  24. Discounts to customers
  25. Eating out while you’re traveling for business
  26. Education and training for your employees
  27. Employee wages
  28. Employee benefits
  29. Entertainment for customers and clients
  30. Equipment
  31. Equipment repairs
  32. Exhibits for publicity
  33. Family members’ wages
  34. Franchise fees
  35. Freelancers
  36. Freight or shipping costs
  37. Furniture or fixtures
  38. Gifts for customers or employees ($25 deduction limit for each)
  39. Group insurance (if qualifying)
  40. Guard dog
  41. Gym for employees, located onsite
  42. Health insurance
  43. Home office (see our handy article)
  44. Insurance premiums for credit, liability, malpractice, worker’s comp, and other insurance
  45. Interest
  46. Internet hosting and services
  47. Inventory
  48. Investment advice and fees
  49. Legal fees
  50. License fees
  51. Management fees
  52. Materials
  53. Maintenance
  54. Medical expenses (with plan)
  55. Mortgage interest on business property
  56. Moving
  57. Newspapers and magazines
  58. Office supplies and expenses
  59. Outside services
  60. Payroll processing
  61. Payroll taxes for employees, including Social Security, Medicare taxes and unemployment taxes
  62. Parking and tolls
  63. Penalties and fines paid for late performance or nonperformance of contracts
  64. Pension plans
  65. Permits and fees
  66. Postage
  67. Profit sharing
  68. Publicity
  69. Prizes for contests
  70. Real estate-related expenses
  71. Rebates on sales
  72. Rent
  73. Research and development (we literally wrote the guide on this one!)
  74. Retirement plans
  75. Royalties
  76. Safe-deposit box
  77. Safe
  78. Service fees
  79. Software and online services
  80. Startup expenses
  81. Stereo equipment for playing background music at work
  82. Storage rental
  83. Subcontractors
  84. Taxes (amazingly, taxes incurred in running your business are deductible)
  85. Telephone
  86. Theft and loss
  87. Tips. Just because you didn’t get a receipt doesn’t mean you can’t deduct the cost, but you should document it just the same.
  88. Uniforms for your employees
  89. Utilities
  90. Waste removal
  91. Website design
  92. Workers’ compensation insurance

11 Deductions to Avoid All Together

  1. A small business loan—but you can deduct whatever you purchase with the loan
  2. Business attire that you can wear outside of work (ie, non-uniforms)
  3. Contributing your time to charity
  4. Membership dues, even to a professional organization
  5. Federal income tax payments
  6. Your life and disability insurance premiums if you’re a sole prop., partnership, or S Corporation
  7. Lobbyists
  8. Penalties and fines you pay as the result of breaking the law
  9. Political contributions
  10. Professional accreditation fees
  11. Your own salary if you’re a sole proprietor
Filed Under: -FINANCE, Accounting, Bookkeeping, Business, Tax Preparation
8 Feb 2018 by

Tax Planning – How can you become a Tax Preparer?

Learning about Tax Planning is important in business, but not a focus point.

It is important to know about the tax planning advantages that are available to you.

WATCH VIDEO

Tax planning all throughout the tax class people keep harping on creating value for your client. Also showing value to your client. You are gaining value by using my expertise. Make sure they qualify for the benefit. Be on the look out for tax strategy. There is a certain element where you can identify certain types of tax preparers. You may say I am going to let you know about three tax deductions that are overlooked. Number one student loan interest. This deduction was easy to find. The company will say you pay a couple hundred dollars for your attacks interest. However companies started posting the 1098 E form and they will not send a piece of paper to the text payers house. You need to ask are you paying back any student loans?

 Maddie Brown the Consious CPA and Virtual CFO

Filed Under: -FINANCE, Tax Preparation
12 Apr 2014 by

TaxBot APP – One Touch Tax Relief for Entrepreneurs

As an entrepreneur, how do you find tax relief in your business?

The strategy of tax relief is legal and smart business.

Learn about the Taxbot. The mobile app for small business owners that will help you lower your taxes and ensure that your records are bulletproof against an IRS audit. Also get tax tips from Sandy Botkin.

Paying taxes are a patriotic obligation, however our country was built not only off patriotism, but also capitalism, and when we are blessed with tax deductible business expenses and these deductions are within the tax laws, then it is not only legal but also smart business.

These are some of the advantages of being self-employed.

I’m not a tax professional nor do I claim to be. This is why I delegate the complex project of tax preparation to my accountant.

As always, if you have questions or need clarification on any of the information you see here in the Synergy Lifestyle Academy, please feel free to contact me.

 

FINANCE Top 10 Missed Tax Deductions for Business

Filed Under: -FINANCE, Accounting, Bookkeeping, Tax Preparation
14 Mar 2014 by

Top 10 Missed Tax Deductions for Business

What are the Tax Deductions for Business ventures?

Did you know if you miss or ignore certain Tax Deductions for Business you could be spending money that you really do not need to. LEGALLY.

Helping people start their own businesses by being a Business Coach & Motivational Teacher. Specializes in legal and tax requirements for forming Profit Organizations, Sole Proprietors, LLC’s and Non for Profit Organizations as well as Small Business, Self Employed & Direct Sales business development, management and tax planning! Also enjoys helping new businesses manage, develop and create systems to maximize their profits and discover who they are created to reach in the marketplace! The preferred Accountant for many high level business owners.

Below are the Top 10 most missed tax deductions.

10 – Cell Phone
9 – Business Start-Up Costs
8 – Bank and Credit Card Processing Fees
7 – Interest on Credit Cards and Business Loans
6 – Vehicle Mileage
5 – Postage and Shipping
4 – Self-Employed Health Insurance
3 – Sales Tax on Items that are Given Away for Free
2 – Section 179 Expanses
1 – S-Type Election

 

One of the simplest ways to reduce your income tax bill is to ensure you’re claiming all of the tax deductions available to your small business. Below you’ll find a comprehensive list of income tax deductions commonly available to sole proprietors, and businesses that are organized as partnerships or limited liability companies (LLCs). Use the links on the left to jump directly to each deduction to learn if it’s relevant to your business, and detailed instructions on how to claim it. And remember, some of the deductions in this list may not be available to your small business. Consult with your tax advisor or CPA before claiming a deduction on your tax return.

 

MORE: Maddie Brown the Conscious Business CPA and Virtual CFO

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Filed Under: -FINANCE, Tax Preparation