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Stephen L. Nelson, CPA Profile and Articles
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1). Forecasting the Future Value of Your Roth-IRA or Roth-401(k)
Curious about how much money you'll accumulate in your Roth retirement account?
If you’ve got Microsoft Excel (or just about any other popular spreadsheet program) running on your computer, you can use its FV function to forecast the future value of your Roth IRA or Roth 401(k).
The FV function calculates the future value of an investment given its interest rate, the number of payments, the payment, the present value of the investment, and, optionally, the type-of-annuity switch.
2). Calculating Depreciation For Your Investments
Investing in real estate? Thinking about buying new equipment for your business? The depreciation you take on your tax return can turn into a significant tax benefit. But you need to make some complex calculations. Fortunately, Microsoft Excel can help.
Excel’s VDB function calculates declining balance depreciation for an asset given the cost, its.
3). Forecasting the Future Value of Your 401(k)
If you’ve got Microsoft Excel (or just about any other popular spreadsheet program) running on your computer, you can use its FV function to forecast the future value of your 401(k) account.
The FV function calculates the future value of an investment given its interest rate,
the number of payments, the payment, the present value of the investment, and,
optionally, the type-of-annuity switch.
4). Forecasting the Future Value of Your 403(b)
If you’ve got Microsoft Excel (or just about any other popular spreadsheet program) running on your computer, you can use its FV function to forecast the future value of your 403(b) account.
The FV function calculates the future value of an investment given its interest rate, the number of payments, the payment, the present value of the investment, and, optionally, the type-of-annuity switch.
5). Forecasting the Future Value of Your IRA
If you’ve got Microsoft Excel (or just about any other popular spreadsheet program) running on your computer, you can use its FV function to forecast the future value of your IRA account.
The FV function calculates the future value of an investment given its interest rate,
the number of payments, the payment, the present value of the investment, and,
optionally, the type-of-annuity switch.
6). Forming Your LLC in Nevada: Does it really work?
If you’ve done much web research about setting up a limited liability company, or llc, you’ve seen the advertisements that tout Nevada. The pitch is pretty simple. Because Nevada doesn’t levy an income tax on individuals or corporations, you should form your llc in Nevada. The implied promise is that you’ll save big on state income taxes.
Okay. Don’t get me wrong.
7). Four Dumbest S Corporation Setup Mistakes
I see and hear about a lot of dumb S corporation setup mistakes.
Some of the mistakes are made by entrepreneurs and investors trying to save money on accountants and attorney fees. And I guess that’s okay--albeit penny-wise and pound-foolish.
But you know what really irks me? Some of these mistakes—in fact, most of them—are made by attorneys and paralegal services… Professionals who should know better.
8). Paying Off Your Credit Card Balances: Running The Numbers
Ever thought about paying off your credit card balances? Maybe you would like to be debt free just to reduce your stress. Or perhaps you need to be debt free to retire.
If you have Microsoft Excel running on your computer at home or work, you can use Excel’s NPER function to calculate how quickly you can pay off a debt such as a credit card balance.
9). Paying Off Your Mortgage: How To Run The Numbers
If you have Microsoft Excel running on your computer at home or work, you can use Excel’s NPER function to calculate how quickly you can pay off a loan such as a mortgage.
The NPER function calculates the term, or number of regular payments, on a loan given its interest rate, payment amount, present loan balance, balloon payment (if any), and, optionally, the type-of-annuity switch.
10). Tax Tips for IT Consultants and Contractors
I live and work, quite literally, down the road from the main Microsoft campus. No surprise, then, that I’m commonly asked by freelance consultants for free advice about how these self-employed independent contractors can minimize their income taxes.
If I can, I try to weasel my way out of the discussion, offering up such basic tidbits as, “Well, be sure to look at the home office deduction.
11). Tax Tips for New Ecommerce Entrepreneurs
New ecommerce entrepreneurs can find them confused and confounded by the tax and accounting requirements of their venture. And that’s a shame: If someone’s spotted a great new category and successfully built a web presence, heck, that someone shouldn’t find themselves bogged down with the accounting minutia. The entrepreneur should focus on increasing traffic, expanding margins, and growing cash profits.
12). Tax Tips for Real Estate Investors Using IRA Funds
You’ve seen the advertisements and news articles. IRA funds can be used to make real estate investments. But before you jump on this bandwagon, make sure you understand some of the tax planning angles related to this opportunity.
Passive Loss Deductions
Almost always, an important component of your real estate profits comes from the tax savings associated with depreciation.
13). Tax Traps for New Real Estate Investors
Perhaps one shouldn’t be surprised that new real estate investors fall into the same tax traps again and again. Real estate burdens investors—especially new investors—with some tricky tax accounting.
But just because some other newbie makes these mistakes, that doesn’t mean you need to. You just need to know where the traps are so you avoid them. And here are the biggest real estate tax traps you don’t want to fall into:
Tax Trap 1: Passive Loss Limitation
On paper at least, real estate often loses money.
14). Three Dumbest LLC Formation Mistakes
I see a lot of dumb llc formation mistakes. Maybe more than most people because I occasionally teach a graduate tax class on LLC formation.
Some of the mistakes are made by entrepreneurs and investors trying to save money on accountants and attorney fees. And I guess that’s okay--albeit penny-wise and pound-foolish.
But you know what really irks me? Some of these mistakes—in fact, most of them—are made by attorneys and paralegal services… Professionals who should know better.
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