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Tax Guides
Find below useful information covering all aspects of taxes and business accounting.
Financial Planning Guide
College Financial Planning
Personal Financial Planning
Steps to manage income and expenses include the
• Identify monthly outflows as living expenses, savings,
and discretionary. Eliminate unnecessary expenses
from the discretionary category. If further cuts need
to be made, reduce living expenses by obtaining a less
expensive auto or home. Reduce savings as a last resort.
Track income and expenses monthly and review
every six months.
• Establish an emergency fund equal to six months of
income saved.
• Save on private mortgage insurance by putting at
least 20% down on a home mortgage.
Individuals who want to attend college but cannot afford
the costs outright must find alternative funding
through various types of financial aid. Many factors affect
eligibility for federal financial aid; therefore, all students
should apply for financial aid every year even if
they think they do not otherwise qualify.
FAFSA. The Free Application for Federal Student Aid
(FAFSA) is the first step in the financial aid process. Students
use the FAFSA to apply for federal student aid,
such as grants, loans, and work-study.
Business Management Tips
www.sba.gov. The U.S. Small Business Administration
(SBA) provides programs for businesses in the areas of
technical assistance, training and counseling, financial
assistance, assistance with government contracting, disaster
assistance recovery, advocacy laws and regulations,
civil rights compliance, and special interests, such
as women, veterans, Native Americans, and young entrepreneurs.
The website provides links to numerous
information resources.
Capital Gains and Losses
Capital Assets
Most property an individual owns and uses for personal
or investment purposes is a capital asset. For example,
a house, furniture, car, stocks, and bonds are capital
Noncapital Assets
A capital asset is any property held by an individual except
the following.
• Stock in trade or other property included in inventory
or held mainly for sale to customers.
• Accounts or notes receivable acquired in the ordinary
course of a trade or business for services rendered or
from the sale of stock in trade or other property held
mainly for sale to customers.