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Testimonials Wednesday, March 10, 2010
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"This is the kind
of report you would
expect to see from a
Fortune 500 Company."
See a list of endorsements
on our Testimonials page.
of report you would
expect to see from a
Fortune 500 Company."
See a list of endorsements
on our Testimonials page.
"The projection is so
simple to use that we
can alter and update
the plan ourselves,
as needed."
simple to use that we
can alter and update
the plan ourselves,
as needed."
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available on the internet!
available on the internet!
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We have the best Business Tools
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Announcements
December, 2009:
We're adding a subscription option for our Projection Tools!
Our Financial modeling are going to be available as an online service. This way, you won't have to buy the product as a single user license any longer. You can just buy access to the program for a period of time.
The Spreadsheets are still avialable as a single-user license, but please note! The single user license does not give you the right to redistribute, repackage or resell our software in any way, shape or form! If anyone attempts to resell any portion of our software as thier own, we will impose a royalty of 60% on the gross proceeds of such a sale. It took us 1,000s of hours to develop our projections. Many of our copyrights date back to the late 80s.
November, 2009:
Taxes are Getting More Complicated:
There have been number of proposed changes for the 2009 tax year – Tax credits, a tax surcharge, and reductions in itemized deductions have been proposed; but few things are certain right now:
- Tax notices are on the increase, and the IRS is less likely to abate penalties and interest. A number of colleagues have complained about the increase in tax notices this year.
- Energy credits are back! I think there will be further changes; but for now I understand that (purchases qualifying for an energy credit) have to be certified as eligible. IE: an energy-efficient window doesn’t count unless you get a certificate of eligibility. Some also speculate that the credit for a refrigerator purchase will be taken away if you don’t turn your old refrigerator in.
- The 2009 standard mileage rate is still 55 cents per mile. Please refer to our chart for a complete listing of mileage rates for 2009 and many previous years as well. www.projectedfinancialstatements.com/pages/mileage.asp
Tax planning:
Attention Business Owners in Central Ohio:
Tax planning should be done before the end of the year. If you made significantly more (or less) than last year, if you have a C-Corporation, or if you are unsure about your 4th quarter estimate; then please contact us to schedule an appointment. We’ll be scheduling tax plans to start in the second week of November.
New Tools and Features Added this Summer & Fall:
We’ve been very busy developing new business tools and adding new features to our existing tools:
- The expense report was improved. Just enter odometer readings and mileage cost is calculated for you. The report also writes a
proposed journal entry to help you enter information in your accounting system.
- A loan refinancing analysis tool was added to one of the Loan Schedules. Get an objective look at whether a refinance deal is going to
save money for your unique situation.
- A Sample Chart of accounts was added. This chart is designed for a Corporation. We plan to add templates for LLCs and S-Corps before
the end of the year.
- Some changes were made to the entity planning guide.
- Tax planning tools were added. Single-owner companies can now do their own tax planning and tax estimate calculations using our tools
available online. (The same tools we use to prepare tax plans for S-Corps, C-Corps, and LLCs) have been developed into a user-friendly format
and made available for a very low fee.
- We added a Sales Tax Calculation Tool! The simple sales tax calculation is available, but we also included a second category with an
algorithm that segregates gross collections into two categories: Gross Sales and Sales Tax Collected. Some vendors don’t collect sales tax separately on their taxable
sales – especially at trade shows, etc.. The sales tax tool will be very helpful in cases like this!
- We added a few helpful features to our Projection Software!
I won’t elaborate on the details, but we haven’t made this many changes to our Projections since our first attempt to re-tool them as a do-it-yourself product! Feel free to check out our August Announcements if you would like more details. I may be biased, but I don’t think you’ll find a better financial modeling template anywhere!
October, 2009:
Featured Link - Outright Bookkeeping Software
We feature a sponsor from our links page each month.
We only endorse sponsors with a good reputation in the business community. Please let us know if you have a bad
experience with any sponsors. We will investigate your concerns and consider revoking our endorsement.
Outright
offers a concise, organized and user-friendly system for compiling and tracking revenue and expenses for contractors and sole-proprietors.
There are a number of other tools designed to help make bookkeeping and tax compliance less time-consuming.
For a limited time, Outright offers the following:
Free Bookkeeping; Free Web Address; and a Free Business Web Page!
The web address and web page are courtesy of Network Solutions: Free for 1 year.
We updated our Free Tools and Projections page:
The Free Tools page was made more user-friendly for frequent users. The main menu was condensed so it displays on a single frame. Hyperlinks were added to each menu item: The links take you directly to the specific tool you need. Some tools are not available to use free online: Those hyperlinks will take you to a demonstration or marketing page.
The Projections page was also updated to provide more information in the first frame. Hyperlinks take you to demo files or to more details about any items of interest.
Is it time to move to another State?
The link below shows you the tax rates of each state in this great country of ours!
Find out how your state compares with others.
State tax rates
IRS announced 2010 limits for retirement plans:
The new limits have been posted on 401ktest.com, but I can save you some time: The 2010 limits are the same as 2009. There wasn't much inflation in 2009, so the limits were not adjusted.
September, 2009:
We'll keep providing our free business tools as long as you keep using them!
Many of the tools we use in-house are available online at no charge. Feel free to use these tools as often as you like. If you find them useful, please also tell your associates about them. We recieve revenue from the ads along the outside columns, and Advertising revenue has been climbing steadily, so thank you!
Ad revenue is sufficient to keep our current tools available and free online! If popularity and revenue keeps increasing, we'll devote more time to development and improvement of these tools for your convenience.
Not all our tools are free, but they are all affordable! Please visit our Free Tools Page for a list of tools and tables provided as a service to the small business community.
Federal Quarterly Estimates are Due September 15th!
For those who pay quarterly estimates, I just wanted to alert you that an important deadline is looming. September 15th is the federal deadline for 3rd quarter estimates. State and City estimates may be a little later, depending on where you live.
We have a very affordable tool available to help you calculate estimates yourself. Here’s the link:
http://www.projectedfinancialstatements.com/pages/freetools.asp Click on ‘Tax Tools’ (or scroll down).
Details:
If you are a sole proprietor or a shareholder in an S-Corp or an LLC, you may have to pay quarterly estimates. You could also be required to pay estimates under a number of other circumstances: If you have investment activity – other than a retirement account. Do you make money as a contractor? IE: No tax was withheld. If you have rental property, or you rent rooms in your primary residence. This is not an exhaustive list!
Quarterly estimates are required for anyone who doesn’t have enough withheld from their paycheck, no matter what the reason. Federal, State and City governments would like you pay income taxes ‘as you go’, rather than at the end of the year. If you wait till the end of the year to pay your taxes, you could be penalized.
The underpayment penalty is generally assessed if you pay less than 100% of the previous year’s tax bill, or 80% of the current year’s taxes, whichever is greater! The government assumes your taxable income was earned evenly throughout the year. This assumption could work in your favor; but if it doesn’t, we can file a form to reduce or eliminate penalties based on actual activity (Form 2210 – Underpayment of estimated tax by Individuals, Estates and Trusts).
The estimate tools available online are the same tools we use in-house. We spent a great deal of time to make them user-friendly enough to be used by anyone.
Most CPAs prepare estimates for thier clients at the beginning of the year. These estimates are based on the previous year's tax return and will likely serve to (minimize or eliminate) the underpayment penalty.
Please contact us us if you need any more information or assistance preparing your federal quarterly estimates.
August, 2009:
We added a few helpful features to our Projection Software!
We made some changes in an effort to make the Projections even more user-friendly and interactive!
- A 'Cash-Basis' option was added to the Revenue Collection Formula!
You've always had the option of changing the collections formula to match your company's expected collections activity. Now you can over-ride the formula and treat collections as if they were Cash-Basis. This is helpful for certain industries, and for small companies who don't extend credit terms to their customers. We added an "I" to all page tabs that contain input cells.
Input page tabs have always been shaded yellow (input cells are also shaded yellow for convenience). We have recently become aware that some spreadsheet programs don't allow their page tabs to be shaded, so we added the (I) as further indication of where input cells are located. This should make the program that much easier to use, especially for those who are not using Excel. Depreciation and Interest Expense is rounded to the nearest thousands for years 2 and 3.
We had been rounding Interest and Depreciation up 4 decimal places in the second and third year, but we moved it down to 3. Our goal is to be accurate without reflecting an misleading level of precision.
You won't find a better financial modeling template anywhere!
Featured Link - House of the Rock Martial Arts Training Center
We feature a sponsor from our links page each month.
We only endorse sponsors with a good reputation in the business community. Please let us know if you have a bad
experience with any sponsors. We will investigate your concerns and consider revoking our endorsement.
House of the Rock Martial Arts Training Center
Family-oriented atmosphere. They teach discipline, coordination, and self defense.
The original Shotokan forms are taught to promote superior coordination skills,
and to honor the tradition of the art. Success in a martial arts program looks
very good on a resume and on college entrance applications. It's also a great
way to reduce stress. (614) 205-9737
June, 24 2009 - More growing pains!
Our credit card processing site was down for an hour this afternoon, but it's back up and running fine!.
While adding a Projected Income Statement to our product list, we found a problem with the "Projected Financial Statements" product: The online ordering page wasn't allowing customers to buy this product. We appologize for this problem, and would like to make it up to you:
Please contact us if you purchased a more expensive projection because you couldn't buy the basic one for $199. We want to give you a Tax Planning/Estimate tool, and a Loan Payment Schedule free of charge!
Don't forget! You can use the discount code 'summer' to get a 25% discount on all our products till August 31st!
June, 2009.
Our web-site was down for almost 2 hours Friday night, May 29th (from 8PM to 10:00PM). We had a 500% increase in activity over the previous week, and
it challenged the limits of our servers! We increased the server capacity and will monitor activity more closely to try and make sure this doesn't happen
again. We are sorry for the inconvenience.
Actually; I've noticed that no one works harder than the small business community. You guys give me hope for the future!
We just updated our expense report template.
A client asked me to alter the expense report to calculate mileage based on beginning and ending odometer readings. I like the suggestion so I decided to update the report available online also. It's a simple update, but it also saves time! At $4.00, this might be the best deal on the internet!
DO YOU THINK YOUR BOSS EXPECTS TOO MUCH OF YOU?
No matter how well you perform, they will always ask for more. But it's not their fault!
Have you ever been frustrated because you feel like you're doing most the work in your office? You may feel this way because you are actually doing most of the work in your office! There are a number of highly productive employees out there who find themselves doing everything! They feel like they are the only one who cares! The only one who gets anything done!
And what do most over-achievers get for their hard work? Their boss just keeps piling on more work. This can create stress, especially if you feel you're not getting recognition for your efforts.
If you have any of these problems, you may want to read on:
I consulted for a company a few years ago where the recurring topic of conversation was 'which is the best medication to help you sleep?'. Most of these employees were in their 20's! No one should have sleeping problems in their 20's! You should have plenty of natural melatonin to spare!
Why does your boss pick on you?
The bottom line is, your company has to get things done; and it's your boss's job to make sure that happens. If you do something quickly and accurately, you'll be given something else to do. That just makes sense, right?
This word problem may put this concept in perspective. This anecdote was passed around in the 90's, so you may recognize it:
You are in charge. How do you get everyone across in 20 minutes or less?
The answer to this problem is un-fair, but it's the only answer that works! Jan has to do all the work. She must escort each person across the bridge with the flashlight.
Everyone can cross the bridge with one minute to spare, but only if Jan does all the work! She'll be pretty tired when it's over because she will have traveled almost 2 miles in less than 20 minutes. And who knows what crisis will come up when this one is over!
Using this example, can you see how an office might find itself in a situation like this? Let's stay with this example and talk about possible long-term solutions and probable issues:
What's the long-term solution?
After this critical task is done, the boss should consider re-tooling the office, perhaps with Jan's help. Alternatively, Jan should go to her boss and openly discuss the fact that she is the only "go-to guy" in the office. She should offer help with getting office productivity under control.
If nothing is done (as is often the case in the real world), Jan will find herself doing all the work the next time something comes up.
How did the office get in this situation?
There are several important possibilities to consider:
The bottom line is; if you find that you are working too much, it's probably not your bosses fault. At some point you have to take responsibility for creating a more workable position for yourself, and a more healthy office for the company.
Just say no!
But do it nicely!
No one wants you to work yourself into the ground, but you are the only one who truly knows when you are being pushed too hard. So you have to develop two important skill sets. First; You have to communicate respectfully with everyone in the office - whether this takes the form of cross-training, giving work away, organizing your time and sharing your shedule with others, etc.. Secondly; you have to know when to say no.
Years ago; I had a real problem with this issue. Whether it was insecurity or whatever, I had a tough time saying no to my boss, and a tougher time deligating projects to others. Without going into too much detail, I finally realized I needed to take responsibility for my work-schedule. I also realized I would never be able to satisfy my boss. There would always be something else that needed to be done. IE: Ask any boss what they want from you and they will usually say "more". It's just the nature of things; as we discussed previously.
I finally started saying no to projects. The good news is, nothing bad happened. The boss noticed that things weren't flying off my desk like they used to and we discussed it. We delegated some of my responsibilities and things worked out very well for a while. I ended up working with the company for many years! This was the first job I ever worked for more than two years without quitting in frustration!
Years after my paradigm shift, I had an employee who was suffering with the same problems. I couldn’t have asked for a better worker, but she ended up quitting.
Her resume indicated that she changed jobs every 2 to 4 years. Our initial interview went something like this:
We hired her and she did more than we asked. She was eager to take on more responsibility and before long; she was doing 3 times the work performed by the previous employee. Then it hit me: She’s never going to say no! I’m going to become her future / former boss if I don’t help get her work life under control. I recognized her problem because I used to have it! She settled into a 45 hour work week and spent more time at home with her children. She was one of the best employees I ever had! We ended up working together for 3 years.
Ultimately; I left the position for “greener pastures”. But on my way out, I warned the new CFO that she would burn herself out if he let her. He did let her, and she quit within 6 months!
What was her problem (and mine)?
Insecurity, inability to say “no”, and poor communication skills.
Whether you are the boss who finds yourself taking advantage of this type of person, or whether you find yourself carrying the whole office on your shoulders, I hope these insights provided you with some practical steps for digging your way out of this trap. It may not feel like it, but you are more responsible for your work-schedule than your boss.
Quick tax tip:
If you have an S-Corporation, your Health Insurance Premiums should be FULLY TAX DEDUCTIBLE for FICA, Medicare and Income Taxes. This has been true since early 2008, but many accountants are still operating under the old rules. Please contact us if you need any more information.
March, 2009.
Traditional vs. Roth. Which is better?
We just published a tool to help you decide. And it's free online!
The new Roth v. Traditional tool is one of over a dozen free tools offered for your convenience. Most of these tools have been used by our in-house staff for years. The Roth v Traditional tool was created last fall to help demonstrate the difference between the pre-tax and after tax retirement options.
Feel free to use this tool as often as you like. You can also purchase a single-user license for next to nothing if you'd like to download it to your PC.
Featured Link - ShareASale.com
We feature a sponsor from our links page each month.
We only endorse sponsors with a good reputation in the business community. Please let us know if you have a bad
experience with any sponsors. We will investigate your concerns and consider revoking our endorsement.
ShareaSale provides an objective sales tracking and commission payment service for web-sites that market their products online. There are over 2,500 merchants currently using ShareaSale to find affiliates and track commission for them. This service is free for affiliates and reasonable for merchants.
IE: You don't have to undergo an independant audit in order to ensure the accuracy of your commission tracking system. If this was the sole reason for your annual audit, then Merchants can save $20,000 a year by joining ShareaSale!
How much is it worth to give your affiliates 100% confidence that all commissions are being tracked and paid accurately?
February, 2009.
Our Payroll Calculation tool has been updated for changes made by the Econimic Stimulus bill!
The Economic Stimulus package included a "Making Work Pay Credit", which essentially raises the income limits for the lower tax brackets. Our Payroll Calculator
has been updated with the new withholding tables that reflect this new provision.
The Payroll calculation tool is available free as an online tool!
You can also for next to nothing if you'd like to download it to your PC.
We added a few more Financial Tools to our site!
In addition, most of the spreadsheet-based tools are now available for purchase as a single-user license! The prices are kept low enough to be affordable by anyone. IE: You don't have to go online to use the tool, and you can populate it with your data, alter it, study it.... whatever you want. Keep in mind; it's a single-user license, so you can't duplicate it and distribute it to others!
We are happy to make these tools available to the Small Business Community!
We're adding new tools to the site all the time.
Let us know if there's something you'd like us to add!
We are posting a few ads from an affiliate network called Project Wonderful.
Odd name, but a good marketing tool!
We have no control over the Project Wonderful Ads. We wanted to let you know this so you will understand that we can make no assurances regarding the companies listed via the Project Wonderful ads. We are able stipulate that "all ad content must be child-friendly", but this assurance is basically self-policed by the maker of the ad, so there is little comfort in this.
- Why are we using Project Wonderful?
- We can target ads to thousands of customers - We're advertising on their site as well as allowing ad space on our sites.
- The ads are based on a daily auction, rather than pay-per-click. If someone really wants to advertize on a certain site (on a certain day), they only have to out-bid the competition.
- There is a large network of companies affiliated with them.
- There's no initiation fee or large deposit requirement to advertize with them. That make is easy on the budget!
January, 2008.
Featured Link -
InkPlusToner.com
We feature a sponsor from our links page each month.
We only endorse sponsors with a good reputation in the business community. Please let us know if you have a bad
experience with any sponsors. We will investigate your concerns and consider revoking our endorsement.
InkPlusToner.com's prices are better than local brick and mortar stores.
If your office goes thru a lot of ink and toner (like ours), give them a try.
Excess 401k Distributions are no longer taxable in the previous year!
There's no need to (wait till 401k testing is done) to prepare your 1040!
In recent years, officers and directors have faced the possibility of amending prior year returns if their 401k failed anti-discrimination testing. Thanks to new provisions in PPA 2006, this has changed for the better!
Here is a brief summary of the new rules regarding excess distributions:
- Distributions are taxable in the year made. Distributions are now on the cash-basis like most taxpayers, which makes things simpler.
- If the plan fails and a company makes the correction prior to March 15th, there’s no penalty on the distribution!
Plan failures are expensive enough due to the extra administrative work required to address them. The penalty has
always been salt in the wound.
Point of fact: The excess distribution penalty is paid by the company, not the employees. Premature distribution penalties are paid by employees. - If your company has automatic enrollment / automatic contribution provisions, you have till June 30th to make the distributions without threat of a 10% penalty. This gives you additional time to re-test the plan! I’m not a big fan of Auto-enrollment plans, this new provision notwithstanding. Hopefully, this later deadline will apply to all 401k plans in the future.
Why the change? Sometimes it's best not to ask that question, but this law change may be helpful under the circumstances our country is in:
Many Companies have abandoned their safe-harbor provisions due to economic concerns, so the IRS is expecting a large number of plan failures this year and next year. This law change will stem the tide of amended 1040s that would have resulted from the plan failures.
December, 2008.
Merry Christmas Everyone!
Thank you for making 2008 a great year for ProjectedFinancialStatements.com! This was the first year we offered our financial modeling template for sale online, and it was very well received: Prior to 2008, we used it as a template for buisiness plans, Projections and Budgets for the small business community.
We are committed to serving the small business community for many years to come!
projectedfinancialstatements and Projected Financial Statements.com wish you all the best for 2009!
Should GM get a bailout?
We just can't keep our opinions to ourselves!
Here's an editorial about the bailout being contemplated by congress. The writer picked on GM, but the argument applies to the big 3 as a whole.
November, 2008.
Are times getting bad?
We wanted to share this editorial written by an associate at Gruber & Company.
The IRS released the standard mileage rates for 2009. The rumor is true - The standard rate went down!
We thought about publishing the mileage rates by year, but we ultimately decided the information wouldn't be useful enough to warrant the effort. Let us know if you'd like to have access to this information. If we get enough feedback we'll reconsider it. This web-site was created for you!
I found this antecdote on the internet this week (therefore it must be true, right?). It rings more true than the account I heard in high school and college:
The Real Story Behind Thanksgiving
William Bradford was the governor of the original Pilgrim colony, founded at Plymouth in 1621. The colony was first organized on a communal basis, as their financiers required. Land was owned in common. The Pilgrims farmed communally, too, following the "from each according to his abilities, to each according to his needs" precept.
The results were disastrous…………. By 1623, the colony had suffered serious losses. Starvation was imminent.
Bradford realized that the communal system encouraged and rewarded waste, laziness and inefficiency; and destroyed individual initiative. Desperate, he abolished it. He distributed private plots of land among the surviving Pilgrims, encouraging them to plant early and farm as individuals, not collectively.
The results: a bountiful early harvest that saved the colonies. After the harvest, the Pilgrims celebrated with a day of Thanksgiving -- on August 9th.
Unfortunately, William Bradford's diaries -- in which he recorded the failure of the collectivist system and the triumph of private enterprise -- were lost for many years. When Thanksgiving was later made a national holiday, the present November date was chosen. And the lesson the Pilgrims so painfully learned was, alas, not made a part of the holiday.
Happily, Bradford's diaries were later rediscovered. They're available today in paperback. They tell the real story of Thanksgiving -- how private property and individual initiative saved the Pilgrims.
This Thanksgiving season, one of the many things I'm thankful for is our free market system (imperfectly realized as it is). And I'm also grateful that there are increasing numbers of Americans who are learning the importance of free markets, and who are working to replace government coercion with marketplace cooperation here in America and around the world.
Paul Schmidt
www.freedomkeys.com
PS: A special thanks to long-time Advocate volunteer Cris Everett, who told us about this neglected bit of history several years ago........
If you have evidence that this is not the way things happened, I would very much like to know about it. I've done a little research (very little), and this seems to be the real scoop.
Happy Thanksgiving everyone!
A sponsor was taken off our site while we investigate claims made by users:
We had some credible complaints about one of our sponsers (Research Now), so their ad has been taken off our site while we investigate the claims.
The ad says a user “Gets paid up to $50 for their opinion”.
I’m told that users actually get credits, which can used to buy products sold on their site.
While this isn't the worst 'bait-and-switch scheme' in the world, I don’t want anything on our site that is even slightly misleading.
We'll give you the results of our findings within a week.
Have a great weekend!
October 2008.
Featured Link - Em Trend Advisors
Technical analysis for institutional (and sophisticated individual) investors. We featured EMtrend recently, but I felt it was appropriate to bring them up again.
Guess who's clients MADE money in the last couple months? EMTrend's newsletters and daily market analysis have been very predictive, as they were last January when things were swinging up and down. Every serious investor should have a trend analyst on their team!
We feature a sponsor from our links page each month. We like to promote sponsors
with a good reputation in the business community. Please let us know if you have a bad experience with any sponsors.
We will investigate your concerns and consider revoking our endorsement.
Leonard Roman Joins Gruber & Company's CFO-4-hire team
We are happy to announce that Leonard Roman has joined our team of CFOs for hire. Mr. Roman is a retired CPA - He held licenses in CA and NY.
He has over 30 years of experience as a CFO and CEO. He also worked with Price Waterhouse for 5 years after college.
Please click here if you are interested in reviewing Mr. Roman's background in more detail.
Vote for the other guy!
(An editorial reaction to HR 1424)It may be time to fire your congressman!
The 'bailout bill' had 3 pages of so-called bailout provisions and 448 pages of pork, corporate welfare and unfunded mandates. Read the attached article to find out what the bailout bill was all about.
Almost everyone disapproves of the way congress does things, yet most people think their congressman is one of the 'good guys'. If your congressman voted for this bill, he/she is NOT one of the good guys. HR 1424 is a 451 page testament to ineptness and politics as usual.
Send a clear message to Washington.
If your representative voted for this bill, send them home.
September 15th, 2008.
Central Ohio was hit by a massive wind-storm Sunday, so my servers are down as I type this message. In addition, our community sent (most of our generators and
utility workers) to Texas to help with recovery efforts after Hurricane Ike: This means we'll be down longer than usual for an event like this.
We have one generator here, which is enough to power a couple servers and PCs.
We apologize for the loss of service. I'm told we'll be up by Wednesday or Thursday.
For those who live in Central Ohio, I'm sure you'll remember (for some time) where you were when the storm hit. Personally, I was in the last place you'd
want to be in a situation like this! I was mountain biking the phase II trail at Alum Creek State Park.Some friends and I were 3 miles into the woods and had to ride out during the worst of the storm. Aside from a few scrapes and bruises, we all made it out in one piece! but there were so many near misses, I felt like I was in a live version of the movie "Final Destination". I've never experienced such an odd storm. No rain or lightning, but massive winds!
I understand there were a number of deaths in Central Ohio as a result of the wind storm. My sympathy and prayers go to the families of those victims, as well as the families affected by the hurricane in Texas.
September 2008
Featured Link - 401ktest.com:A Discrimination testing tool priced for the small business community. Use 401ktest.com to make sure your HCEs are not over-withholding by $1,000s, or under-withholding.
Over-withholding by a wide margin is expensive and frustrating. Under-withholding can also be a source of frustration for HCEs. Don't wait till after the end of the year to test your plan!
Projected Financial Statements.com gets an upgrade!
We made the following improvements to our Business Planning tool:
- The Income tax projection can accommodate C-Corps, S-corps and LLCs!
- Adjustible income tax rate: If you are an LLC or S-corp, simply adjust your income tax rate down to 3% (or what you feel is appropriate).
- Flexible provision for Systematic Shareholder Draws: Some (S-Corps and LLCs) make a distribution to cover personal taxes created by the company. This provision can now be setup systematically. Just enter a % in the yellow highlighted field!
- The Depreciation Schedule is more flexible! You can now choose a different useful life for each month of the first projected year.
- Detailed General and Administrative expenses are now included in the 2nd and 3rd Projection years.
Comming soon!
We are adding a couple more free tools:
August 2008
Featured Link - Em Trend AdvisorsTechnical Analysis for institutional (as well as sophisticated individual) investors.
We'll feature a sponsor from our links page each month.
We make an effort to endorse sponsors with a good reputation in the business community, so please let us know if you have a bad experience with any of our sponsors. We will investigate your concerns and consider revoking our endorsement.
Projected Financial Statements.com is having a Webinar!
Wednesday, August 13th at 11:00am Eastern Time.
We are holding a series of online demonstrations of our Projection Software. Join us and find out how user-friendly and feature-rich our projection template really is.
Please contact us ASAP if you are interested in joining us this Wednesday. Space is limited, but don't worry if you miss your chance to attend. We will schedule another session very soon.
If you are going after a business loan, there are a few things that all banks will want to see. This list is not exhaustive, but it is a great starting point. You can click many of the items listed to access valuable tools provided for your assistance. Your bank (or VC) should be very impressed if you prepare your loan package using our tools. We have been using these tools for many years with much success!
- Personal Financial Statement (PFS):
The PFS will be required for every major shareholder of the business venture. You will basically list all your personal assets and liabilities. Banks usually accept your personal estimate for the value of specific assets. They sometimes ask for an appraisal. If they do, you should be able to get them to pay for it.
Projected Financial Statements:
In most cases, the bank would like to see 3 years of historical financial statements, and 1 to 3 years of projections. You should include an explanation of how you came up with the numbers used in the projection.
A Detailed Business Planning Narrative
If you are looking for $500,000 or more, you will be asked to include a detailed business plan with your projected financial statements. VCs (also Investment bankers, angel investors, etc.) almost always ask for a detailed business plan.
If you are not asked for this detail, you should not include it (in my opinion). However; every new business should go thru the steps of preparing a detailed business plan. You will learn things about your business, your industry and yourself that you would never have learned otherwise. Preparing the detailed plan will help you eliminate many variables to failure, improving your chances of success!
Previous Year's Tax Returns:
Lenders will likely require the company's returns for the previous 3 years, and the major shareholders' returns for the previous year.
We assembled
checklists
for various Financial
Projects.
Click here to see which
tools will best serve
your needs.
for various Financial
Projects.
Click here to see which
tools will best serve
your needs.
Trading Mastermind
Forex Trading Seminars
Get all of your office supplies
at "bare bones" pricing.
Wholesale pricing cuts out the middle
man and brings you the lowest price on
paper, folders, printers, and so much more!
Find a Bookkeeper
Every serious investor needs a Trend Analyst on their team!
We assembled
checklists
for various Financial
Projects.
Click here to see which
tools will best serve
your needs.
for various Financial
Projects.
Click here to see which
tools will best serve
your needs.
Trading Mastermind
Forex Trading Seminars
Get all of your office supplies
at "bare bones" pricing.
Wholesale pricing cuts out the middle
man and brings you the lowest price on
paper, folders, printers, and so much more!
Find a Bookkeeper
Every serious investor needs a Trend Analyst on their team!
We assembled
checklists
for various Financial
Projects.
Click here to see which
tools will best serve
your needs.
for various Financial
Projects.
Click here to see which
tools will best serve
your needs.
Trading Mastermind
Forex Trading Seminars
Get all of your office supplies
at "bare bones" pricing.
Wholesale pricing cuts out the middle
man and brings you the lowest price on
paper, folders, printers, and so much more!
Find a Bookkeeper
Every serious investor needs a Trend Analyst on their team!
We assembled
checklists
for various Financial
Projects.
Click here to see which
tools will best serve
your needs.
for various Financial
Projects.
Click here to see which
tools will best serve
your needs.
Trading Mastermind
Forex Trading Seminars
Get all of your office supplies
at "bare bones" pricing.
Wholesale pricing cuts out the middle
man and brings you the lowest price on
paper, folders, printers, and so much more!
Find a Bookkeeper
Every serious investor needs a Trend Analyst on their team!
We assembled
checklists
for various Financial
Projects.
Click here to see which
tools will best serve
your needs.
for various Financial
Projects.
Click here to see which
tools will best serve
your needs.
Trading Mastermind
Forex Trading Seminars
Get all of your office supplies
at "bare bones" pricing.
Wholesale pricing cuts out the middle
man and brings you the lowest price on
paper, folders, printers, and so much more!
Find a Bookkeeper
Every serious investor needs a Trend Analyst on their team!