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Watch On YouTube The general rule for record retention—the time you must keep records—is until the 'period of limitations' for that tax return runs out. The most common timeline is the 3-Year Rule: keep records for 3 years from the date you filed your return (or
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Watch On YouTube For many, the thought of creating a budget is stressful and restrictive. They view it as a cage that limits their freedom and creates financial tension. This either/or dilemma forces you to choose between spending freely or being overly restrictive. Our constitutional approach offers a both/
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Watch On YouTube The reason for implementing a robust recordkeeping system goes beyond mere compliance; it's about achieving peace of mind. The either/or dilemma is often between living with anxiety and fear of the IRS or building a confident, organized system. This method organizes the chaos of
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Watch On YouTube One of the most foundational decisions for a new business is choosing an accounting method, which determines when you report income and deduct expenses. The either/or dilemma is often between simplicity and compliance, especially if you have inventory. You must select a method when you file
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Watch On YouTube Starting a new business is exhilarating, but the initial decisions, like choosing your business structure, can feel daunting. Many entrepreneurs feel overwhelmed, fearing they'll make a wrong choice that will haunt them later. This foundational decision, however, doesn't have to be a source
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Watch On YouTube Bank reconciliation is an essential monthly ritual that ensures your records are accurate. The either/or dilemma is often between viewing the bank statement as the truth and viewing the checkbook as the truth. The solution is to adjust both to find the common truth. When you
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Watch On YouTube Embarking on a business venture with a partner can be an incredibly exciting prospect, combining strengths and resources for greater potential. However, many aspiring partners face anxiety about how shared responsibility translates into personal financial risk. The key is to understand that 'teaming up for success&
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Watch On YouTube When it comes to retirement planning, there is one resource that is irreplaceable and non-renewable: time. Many people feel they need to wait until they are an 'expert' or have a large sum of money to start. This either/or dilemma forces them to choose
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Watch On YouTube Retirement planning is often framed in a way that is immediately stressful and intimidating. We are shown complex charts, confusing spreadsheets, and told to focus on abstract numbers that make anyone feel like they're already behind. This complexity can turn a hopeful topic into a
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Watch On YouTube A Petty Cash Fund allows you to make small payments without having to write checks for trivial amounts. The either/or dilemma is often between taking cash without tracking (non-compliant) and writing a formal check for every small expense (annoying). When the cash runs low, you write
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Watch On YouTube While the general rule for record retention is 3 years, specific tax claims trigger much longer requirements. The either/or dilemma is often between relying on the general rule (easier) and complying with the specific, longer requirements (necessary). The retention rules are clear: Keep records for 7
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Watch On YouTube Every business must figure its taxable income based on an annual accounting period called a tax year. The either/or dilemma is often between using the standard Calendar Year (Jan 1 to Dec 31) or a different Fiscal Year. Choosing the wrong one can lead to unnecessary