Author: Complete Controller

Artificial intelligence (AI) is a branch of computer science growing daily. In today’s machines and computer systems world, artificial intelligence technology simulates human intelligence focusing on cognitive skills such as learning, reasoning, and self-correction. With these processes today, devices are also making multiple methods easier for businesses. However, as everything has its possible benefits and risks, so does artificial intelligence in companies. 

Keep reading our blog to know the benefits and risks of artificial intelligence in businesses.

Benefits – The Positive Impact on the Business

When a business deploys artificial intelligence correctly, it allows itself to grow. Let’s look at the benefits in detail.

Save time and money

By automating processes, businesses can now replace human labor with machines. It allows managers and directors to save money by cutting down labor expenses and saving time.

Consider an example of a restaurant. Being an owner, you replace the servers with robots. You will see a possible difference between the performance of a robot and that of a human. Humans tend to make errors and take time to perform a task. They also charge wages every time, which robots will not.

Your robots will be a one-time investment helping you optimize routine processes and tasks.

Allows you to make faster decisions

When you use artificial intelligence, your business will positively impact your workflow processes. When enterprises implement cognitive processes, they observe positive outcomes.

It is not just that they observe positive outcomes. Businesses follow these outcomes relatively quickly. It helps them make future decisions easily and quickly, stepping towards the company’s growth.

They predict customer preferences quickly

As a business owner, you can easily predict customer preferences when you adapt to artificial intelligence technology. You can generate patterns and trends by exploring the various branches of artificial intelligence.

These patterns and trends allow for predicting what your customer will prefer next. In this way, your business can grow by generating and providing products and services your customers need.

Risks – The Negative Impact on the Business

Where everything has its pros and cons, so does artificial intelligence. Below are the risks to a business using artificial intelligence.

Biasness caused by insufficient data

When you perform data analysis, you use data already available on the internet. The data is researched and uploaded by an individual or a group of data scientists.

Now the trick question is, how do you know the data is authentic?

A business would lose algorithmic biases of insufficient data that affect the research patterns of customer preferences. It is why looking out for authentic sources is essential.

The rise of deep fakes

One of the most significant risks to a business with artificial intelligence technology is the threat to digital security.

The rise of deepfakes is nothing but how humans can threaten someone’s physical security through targeted disinformation campaigns. Along with physical security, intelligent minds can also threaten political security. The respective rise of deep fakes can threaten people’s safety in ways no one can imagine.

The threat of socioeconomic inequality 

Artificial intelligence-driven jobs spark the threat of socioeconomic inequality. Along with training, work has been a driver of social portability for some time. Nonetheless, when it’s a particular sort of work — the anticipated, dreary kind that is inclined to AI takeover — research has shown that the individuals who wind up for the dogs are significantly less adept at getting or looking for retraining contrasted with those in more elevated level positions which have more cash.

Conclusion

Summing it briefly, artificial intelligence is taking the world by storm. It poses multiple benefits to most businesses, but the risks outweigh the benefits.

As one of the essential branches of computer science today, artificial intelligence plays a significant role worldwide. It can support three critical business needs:

• Automating business processes
• Engaging with customers and employees
• Gaining insight through data analysis, artificial intelligence technology aims to make the world a better place with

The right approach towards working for a business involves recognizing that despite the inevitable risks, the benefits of artificial intelligence position the technology as an optimistic aspect businesses can embrace.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

A sole proprietorship is a small business managed by one single entity. It is an inexpensive form of business that gives you more freedom and control, but it also comes with certain drawbacks. As the owner, you get to call all shouts, and Sole proprietors can hire people, just like any other small business owner. According to the IRS, any time a sole proprietor employs someone other than an independent contractor.

Although being a sole proprietorship is the simplest form to structure any small business, you may need clarification on how one affects the health insurance options. A sole proprietorship with few employees might qualify for group health insurance.

Advantages of Sole Proprietorship

A simple process to kick-start

Usually, a business owner’s job when forming a sole proprietorship is to register with the local office and obtain necessary licenses. A sole proprietorship does not need legal counsel to build a business, which helps reduce costs. As a sole proprietorship, you can file a business name but don’t have to do it. Business owners who operate sole proprietorships can visit their local businesses and start working, which is relatively more straightforward than any other business structure.

Most businesses develop great ideas and take the initiative immediately. To start a sole proprietorship business in the United States is a massive advantage to the business owner because of the ease of starting one.

Complete ownership

Believe it or not, but at some point, sharing business ownership can be very difficult, even if you think that you get along with your co-owner well. When you are the only one managing and making all the decisions, you are not responsible for other people’s mistakes. It’s like a one-person show – you have the spotlight and get to do whatever you want.

You get to choose how many days your business will operate and which times to come in; plus, you are held responsible for your work by yourself and the clients. With complete ownership comes a full hold of profits. You get to enjoy all the profit you make, and you decide to use it.

Simplistic income taxes 

You are already connected with your business when you are the only person dealing with all business matters, so you don’t have to file business taxes separate from your income taxes. The business income is your income, so a personal tax return and a tax form (Schedule C) allow one to report income and losses to the IRS using the SSN. In addition to all your business-related expenses, they are tax-deductible, including the cost of travel, goods, fees, and more. The tax rates are lower for sole proprietors than for corporations and partnerships.  

Disadvantages of Sole Proprietorships

Owning a sole proprietorship has severe risks to your assets and makes it significantly more challenging for you to fund and grow your business into a bigger one. Here are some of the disadvantages of a sole proprietorship:

Personal liability

Personal liability is one of the most significant disadvantages for many sole proprietorships, particularly in specific industries. Since the owner and business are single entities, personal assets, including retirement savings, investments, and real estate, are legally tied to the business. If you’re a sole proprietor and default on a loan, the bank can take your assets for what you owe. Similarly, if a client sues you, and the client ends up winning, this means that all your purchases are on the line.

Business insurance helps protect against some of these situations and should be considered a substantial investment.

Self-employment isolation

While it all sounds great to be the only one to manage and make all decisions, sole proprietorships lack the breadth of perspective corporations and partnerships have. The lack of alternative notions, ideas, and support from others can isolate these business owners.

Financial construction

While there may be significant advantages to the tax structure for a sole proprietorship, having profit and business income directly tied to the owner can make it difficult to get funds or sell the business. In all honesty, a sole proprietorship can’t raise money from investors. It can be challenging to value the company where no assets belong solely to it.  

All in all

Sole proprietorship allows people to open their businesses with complete ownership and responsibility for their successes and failures. However, it’s essential to remember that starting and then operating a business can be equally stressful and challenging as it is rewarding.

Even if you believe that sole proprietorship is the best option for you, surround yourself with positive energy and great support from other business owners; local business centers can also help you thrive in operating and growing the business.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

FinTech can be anything related to technology finance. From large companies that use digital money and algorithms for their financial solutions to accounting entries, everything is called FinTech. Most of the traditional manual processes can now happen with a single click. The financial sector is a fast-growing industry; all companies and businesses are turning toward FinTech. In 2018, the financial industry market size was around $127.66 billion, and it is estimated to reach a staggering $309.98 billion. Companies are getting massive investments in Financial App Ideas as this industry grows too big.

Mobile App Ideas for Financial Companies

It is now clear that FinTech companies that will include mobile finance apps will excel in their ideas when comparing the statistics now and what is to come in the future. But how can these companies use mobile applications in their process? What ideas can you bring to reality? Here is a list of ways that a FinTech company can make their customers’ lives easier using mobile apps:

The Digital Banking Finance Application

Digital banking is the future of monetary transactions. No one would rather stand in long lines at banks and outside ATMs. People can do everything on their smartphones with just a few taps, for which they had to go to the counter at a bank. Digital banking has undergone a significant change in the last six years. Nearly 69% of people use mobile finance and banking apps to do day-to-day tasks like checking account balances, making money transfers, adding payees, etc. During Covid-19, the government made some changes that we leaned towards digitizing things. Digital banking was a sector that obtained significant benefits during these times. Transferring digital money from e-wallet applications is now global, but the security and risk of doing so are a matter of concern. With a foolproof idea of security, one can invest in this mobile app idea.

E-Wallets/M- Wallets Finance App

When we used to have the hassle of carrying cash, innovation in the financial industry occurred with credit cards. Now is the time to say goodbye to plastic money, as we are dealing with an even better form of transaction: digital money. Electronic wallets are used globally and are growing like wildfire. In 2013, its value was $16.65 billion, but the digital wallet market is forecast to surge to an incredible $758.91 billion!! Applications such as Apple Pay, Alipay, and PayPal are electronic wallets. People benefit from using these apps as they receive offers, cashback, and gift coupons when they pay with these digital wallets. When more people discover this, there is no denying that your chart will hit the skies.

P2P Payment Financing Application

The concept may seem similar to digital banking, but it focuses on transferring money from one person to another. These are growing mainly because many economies prefer not to use cash and promote digital money. You link your bank account to your phone and send money directly in seconds. This method is secure because it uses new security technologies such as biometrics, OTP, and facial and voice recognition. You can check the balance of the linked bank account. Applications like Google Pay, Venmo, and Zelle are the most used and relevant examples of P2P payments. Revolut put a different spin on the idea of digital wallets. With the Revolut application, we can transfer money to other countries with the option of 150 foreign currencies, including cryptocurrencies.

Personal Finance Management Applications

There was a time when we used to sit down with a pen and paper to write down our monthly expenses, our savings, and how we could save for the future or invest in a good place. Imagine having these things ready, in a better representation, and without wasting your precious time. New personal finance management apps are the way to go for investing. These apps help people ease their financial process and provide tips and ideas for budgeting. You can link your bank account with these apps and have your stats ready in eye-catching renderings. The bank details collected by the application remind you of payments and update your details. It is a safe way to do it. These apps have automated robotic chatbots to help you with investment and retirement tips.

Loan Lending Mobile App

Loan apps are one of the most exciting FinTech startups you can invest in; this is where loan applicants and lenders are commonplace. People can apply for loans, negotiate with the lender, and manage the process quickly and easily. These apps will analyze customer data and check their credit status and behavioral history, and only then will they qualify them to apply for a loan. This process is swift, so it helps lenders get more clients, and clients can also search for multiple investors. As the whole process occurs on their smartphones, money transactions also follow. The money transfers through digital banking or P2P payments. Many people are looking for a loan during this terrible pandemic, so this application is a good idea to start.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

In the simplest of terms, a credit card is a thin, four-sided piece of plastic or metal delivered by a bank or financial services company. The cardholder can be lent money to pay for goods or services at a merchant who accepts the card for payment. With credit cards, the money borrowed by the cardholder, interest, and additional agreed fees must be repaid by the invoice date or over time.

There are ten things you should refrain from paying via credit card.

Household Bills

If your monthly income and expenses are already tight, you may want to use plastic to pay for your electricity, cell phone, or cable bills. However, if you do not repay your monthly balance, you will be charged interest, and your monthly bill will be even higher.

Cars

Car traders may not permit credit card buying or limit the buying price you can add to the card. Like many other dealers, some merchants don’t like to pay by credit card because they will pay to procedure the activity. When you can’t pay for your car immediately, ask your credit union or bank for a loan at a reasonable financial charge rate before you buy your vehicle.

Student Loans

Repaying a student borrowing owe with a credit card raises the sum of charges you pay on the liability. Though you have a 0 % credit card referral deal, it will mature over time. In addition, not entire student obligation providers permit this payment technique.

Retail Treatment

Do you think your new buy will make you feel better? Probably. But when choosing this type of “treatment,” be careful that cash is king. With cash, your credit card balance never gets beyond hand.

Medical Invoice

If you pay your invoice using a medical credit card available from your doctor, read more about your liability, especially how to pay interest.

A Night in the City

Passing your credit card to a malicious server with scanning equipment is not your only risk. Buying a tab you can’t pay is simple when you’re throwing drinks around the city. Consequently, it’s best to pay with money when painting the town.

Substantial Amount-Ticket Things You Can’t Settle Promptly

Credit cards provide excellent buying protection and should be used for bulk purchases. But anyone is foolish to buy something with liability if you can’t have enough money to repay it accurately.

Credit Card Payments

Monthly credit card payments cannot be technically billed with another credit card. However, you may want to use a credit card cash advance to increase your bank account so that you can pay new invoices. You will usually pay money prepaid Revenue, which may result in higher interest rates for cash advances than credit card buying. Also, you possibly won’t have extra time for finance charges, as you would typically do with a credit card purchase. Attention will soon build up.

Credit cards cannot be used as ATMs and should not be used. However, there are real advantages to transferring outstanding credit card charges to a new card with a substantial 0% balance transfer deal. Please pay attention to the transfer fee, realize how long the 0% charges amount will last, and repay the amount by them.

Sales

Are you sure you’re not missing out on savings by not correctly purchasing certain items on sale? It is one of the cautionary signs of impulse purchase. Delay a day and think if you certainly require the item. For nine things out of 10, the response is not. And you don’t save cash by expense when you don’t need it.

Unsecured Online Buying

When purchasing online, ensure your electronic web page uses “HTTP” instead of “HTTP.” If not, this is your clue to take your online purchase elsewhere. Before buying anything online, do your homework to ensure your company has a good reputation and is not the cause of many customer objections.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Your business is making remarkable strides. You’re efficiently accomplishing your objectives, but how you conduct them is the issue. Business operations are energetic in achieving goals but aren’t as effective as you’d want.

Due to routines and investment in preceding procedures, changing the process becomes more challenging as your business succeeds. However, it is only possible to progress methods by creating adjustments. Experiments and blunders cause a lot of confusion. Thus, you must thoroughly re-engineer processes.

The radical reconsidering of company procedures to generate significant developments in essential factors, for instance, quality, output, price, facility, and rapidity, is known as business procedure re-engineering. Business procedure re-engineering (BPR) struggles to radically decrease enterprise values and procedure redundancies.

Business Procedure Re-Engineering is Broken Down into Five Steps (BPR)

Participants must better grasp the vital phases of re-engineering the business procedure to keep it fair, transparent, and accurate. Although the procedure changes from one company to another, the following steps describe it:

Business procedure re-engineering is an essential item on the outline of many companies, large and minor, in several industries, with manufacturing and banking / financial industries being the chief sectors. It allows companies to take a new viewpoint on business procedures and understand how to reshape them to progress their working methods.

In this guide, I plan to simplify business procedure re-engineering by explaining what it is and what procedure stages it is. We also provide business procedure patterns that you can use to start your BPR project immediately.

Business procedure re-engineering is a method to improve business performance by increasing the productivity and effectiveness of procedures throughout the organization. Business process re-engineering is a technique to enhance the business result by expanding the capability and efficiency of existing methods throughout the organization. Furthermore, redesigning business procedures also includes redesigning related systems and organizational constructions. Furthermore, redesigning business procedures also includes redesigning associated systems and corporate structures.

Planning, Organization, Procedure, Technology, and Nation

Business process Re-engineering has three stages. They are the following three: the execution phase, design phase, and execution stage. It is also known as business procedure redesign, business process change management, and business transformation. Advantages of business process re-engineering BPR is integral in increasing business results in terms of worth, quality, delivery time, employee output, etc. It also aids in streamlining business procedures and systems. Organizations can adapt to altering times and decrease operating costs. Improve the profitability of the company and secure a competitive advantage. Improve employee productivity. Improve client motivation by improving the quality of the brand and services.

The five Business Method intended Stages are as follows:

• Draw a diagram of your currentbusiness’ss day-to-day operation.

Gather data from several sources involving software elements and participants. Identify how the procedure is currently working.

• Inspect gaps in the procedure.

Identify fundamental errors and inefficiencies that are preventing the procedure from operating efficiently. Verify that all the data are delivered in the suitable stages for participants to make quicker decisions.

• See development opportunities and authenticate them. Make sure all phases are essential. If the step only notifies the person, eliminate the stage and enhance an automatic email trigger.

• Draw a state-of-the-art procedure map for future conditions to generate a new procedure to resolve the identified issue. Feel free to develop a wholly unique process that works reliably. Set a KPI for each step in the system.

• Implement future state variations and pay attention to dependencies. Notify everyone included about the new procedure. Wait to move on until everyone is involved and you know how the new process works. Always monitor KPIs

When should we consider BPR? The difficulty with BPR is that the greater it is, the more expensive it is to execute. Startups can pivot five months after launch. It includes redesigning business processes with minimal execution costs.

However, as a company expands, it becomes difficult and expensive to overhaul the process entirely. But they are also forced to change due to rivalry and unpredicted market deviations.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Why must you treat your financial fitness like your physical fitness?

Only in this way can you map out a clear route and then work on a solution to make everyone’s life a little better financially.

Employee Financial Fitness

Financial fitness is all about supporting the employee in his ‘financial health.’ It does not mean a substantial salary increase, but preventing and combating financial problems for the employee. In addition to caring for mental and emotional health, the employer also ensures the employee’s financial health. It is essential to look for employee health; one of the company’s traits is to provide the employees with finance for their health; it also gives the company a good reputation when providing its employees with health finance.

A condition for offering support is that employers and employees must need it. One must (dare to) enter a conversation about it and realize that providing or accepting help helps both. The discussion about money worries is more accessible said than done. It can cause embarrassment on the employee and fear on the employer’s part to ‘interfere in something that does not bother you or be held responsible for financial problems when you are not playing a significant role.

Different Types of Fitness

In addition to these aspects of fitness, there is a third important factor that organizations are fortunately gaining more and more attention to: financial fitness. “Financial fitness is a major concern for many employers, either directly or indirectly. Financial fitness means you have control over your income and expenses. Can you pay all the bills at the end of the month? And can you make financial plans for the short and long term? If that doesn’t work, it can quickly have repercussions in the workplace. It causes much stress and uncertainty.”

Have an Eye for Employees

Where employers have plenty of options to support employees mentally and physically, there was a lack of tools for realizing financial fitness. People often do not dare to talk about money worries and quickly seek help. In addition, financial ‘advice’ is often not disinterested. It creates a vicious circle of accumulating problems. Fortunately, an independent platform like Money Finder can break that circle. Employees are helped to get their financial fitness in order. At the same time, the platform offers the necessary handles when participants are not yet fit.”

Invent, Try, and Create Together

The co-creation approach is intriguing for Van Dierendonck: “For us, as APG, it is a very inspiring journey. Our new platform is closely aligned with what we believe in and deal with daily. It is also nice to see that so many parties are willing to try to improve it and have it meet employees’ demands. This way, we can contribute to a financially fit workplace in the Netherlands.”

With so many different partners, staying aligned on the platform’s functionality is essential. Therefore, you might expect that there will be a delay, but nothing could be further from the truth.

Someone who has their finances in order is more productive, happier, and has room to look to the future. Unfortunately, not everyone is financially fit. Sixty-two percent of employers deal with financial problems, and twenty-one percent of employees have minor or severe payment problems. If money worries exist, that person is more likely to be distracted and call in sick.

It is possible to pick up signals of financial turmoil or concerns early and talk to your employees. It is often thought that this is too much a private matter, but as Nibud’s research shows, problematic debts also have significant consequences for the organization. That sounds easier said than done. How do you recognize the signals, and how do you start a conversation? And how do you help your employee further after the interview?

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Filing your federal tax return can be daunting, but you can avoid rookie mistakes while saving money by taking it step-by-step during tax season. The options listed below can help you fill out your tax returns.

Recognize Your Income

You must file a tax return if you earn more than a certain amount during the year. If you’re employed, look for “cumulative” earnings on your pay stub, and if you have multiple jobs, add up your payments for each job. Also include income from another origin, such as money earned on rental properties, items sold, investments, or interest.

Keep the Record of Documentation Up to Date Throughout the Year

Please keep track of tax-related documents throughout the year; it will make your tax season much smoother. You should retain receipts for charitable donations, medical and work-related expenses, and all other items from Step 4. You may maintain receipts for student loans or investments and grants or scholarships. Having them on hand and in the correct order can help determine if you need to go into detail and simplify the process. After filing your taxes, you should also save on paperwork. The IRS recommends keeping records for at least three years.

Identify the Credits and Deductions that You Can Take Advantage of

If you know what credits and deductions you’re entitled to, you may be able to gather the necessary documentation. Here are some questions to consider:

• Have a savings loan. You may be eligible for a tax credit if you pay into a retirement plan without enrolling full-time and are not listed as a dependent. The credit limit is based on your enrollment status and adjusted gross income.
• Interest in student loans. You can deduct up to $2,500 in interest based on your revised adjusted gross income.
• Deductions for charitable donations. Do you give to charity or your alma mater? You can usually deduct qualifying philanthropic donations when reporting your taxes.
• Fees for freelancers. If you are freelance, you may be entitled to deductions for work-related expenses, such as industry-specific memberships or office supplies.

Keep an Eye on Your Deadlines

If you expect a refund, you will receive it as soon as possible. If you received your tax return in January or February, you have two months to prepare your return before the April 15 deadline. Plan when you will start coming back and finish as soon as possible so you can schedule another meeting or two if you need to look for other documents or ask for help. Experts often suggest that filing taxes earlier is preferable to filing taxes later. The earlier you file your tax returns, the more likely you will avoid tax-related identity theft, which is on the rise.

Determine How You Can File Your Tax Return

You have many options for preparing and completing your tax return. Learn about each option so you can choose the one that best suits your needs:

Suppose your adjusted gross income (a tax rate that means your income minus certain tax deductions) is below a certain threshold. In that case, the IRS offers free tax preparation software to help you prepare your tax return and determine eligible deductions or credits. You can file your tax return for free.

You can complete IRS forms online. If your adjusted income is higher, the IRS has electronic versions of paper forms that will calculate you. However, they only provide essential assistance and will not help you determine what deductions or credits you may be entitled to.

Tax preparation software. If you need more help, you can pay to use these online tools available from various sources. They show you how to complete your tax return and help you determine if you qualify for a deduction or credit.

Tax preparer. Make sure you work with people you can trust. If you need help from an expert, you can contact a tax preparer or accountant. You give this person access to much personal information, so choose your accountant wisely. The IRS maintains a list of certified tax advisors who can help you find one in your area. While this does not guarantee accuracy, it is a good starting point.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Life insurance deals with an insurance company where the policyholder agrees to pay a premium. The insurer admits to paying capital to the beneficiaries designated in the policy in the incident of the insured’s death.

What are the Options for Protecting Life and Health?

In general, life and health insurance can be divided into two types:

Risk allows you to protect yourself and your loved ones from any dangers, whether a minor injury, disability, or even death resulting from an accident. The risk of diagnosing critical illnesses (heart attack, stroke, and oncology) includes Health Protection insurance programs. Accident Protection programs involve a one-time contribution or small periodic payments and a cash payment many times higher than the insurance cost in an insured event. Extended life and health insurance for borrowers under the Borrower Protection Program helps protect yourself and loved ones from non-fulfillment of credit obligations to the bank because, in the act of an insured event, the payment will be transferred by the insurer to the bank and will be used to pay off the loan debt.

Savings are long-term programs that combine life and health insurance with a savings program. For example, Cumulative life insurance (CLL) allows you to create savings for any purpose and receive protection in unforeseen circumstances.

In addition to classical insurance, Investment Life Insurance (LIS) is available on the market. Not all insurers offer this high-risk investment product. There is no guarantee to receive high profitability under the ILI agreement; in case of early termination, there is a risk of losing a large percentage of the contributions made.

Each type of insurance protection solves particular problems and helps achieve different financial goals.
Cumulative life insurance (CLL) is a way to create long-term savings (at least five years) and, at the same time, financial protection in situations that threaten the insured’s life or the family budget’s stability.
With a Raiffeisen Life HOA agreement, you can form Endowment Capital for large purchases (for example, a car, a summer house, a house). HOA will be helpful to those who want to give children a successful start into the future, for example, and take care of quality education. Retirement programs will help make savings that will complement the state pension and provide a comfortable standard of living in adulthood.

If something goes wrong, the insurance company pays out. HOA ensures the transfer of your capital to you or the beneficiary, the person you specified when concluding the contract.

Health Insurance

The fight against oncology diseases of the heart and blood vessels requires significant finances and high-quality treatment. With a deadly disease (POPs), a person is often helpless. Raiffeisen Life’s “Health Protection” programs allow the client, when diagnosing POPs, to receive a range of medical services in clinics in Russia and abroad: hospitalization and services based on a hospital, surgical interventions, organization of flights if treatment is abroad, medication, including consulting support for all stages of the client’s treatment. Medical programs may also offer a one-time cash payment

Briefly About Accident Insurance (HC)

There are accident protection programs for those afraid of unforeseen incidents where the insured person receives only cash payment, not medical assistance. This difference in payment is the main difference between such programs and health insurance. Unfortunately, an accident is one of Russia’s leading causes of death. An insurance contract may provide for various possible consequences of an accident, such as:

– Bodily injuries and temporary disability
– Permanent disability with the establishment of a disability group
– Death (as a result of an accident or an accident)

Depending on the program’s configuration, its cost, and the amount of the insurance payment change. The amount of monetary compensation for certain risks is established before the conclusion of the insurance contract. For instance, a table of interest payments for each of the stipulated insured events with bodily injury is permanently attached to the insurance contract. For key risks – the insured person’s death or the receipt of disability group I, the beneficiary (for example, a relative) will receive 100% of the guaranteed sum.

You can insure against accidents not only yourself but the whole family, including children from 1 year old.

Borrower Insurance

Even a small loan can convert into a problem. For example, if the borrower loses a stable income or ends up in a hospital. However, debt obligations to the bank do not stop. Upon the borrower’s death, payments on the loan fall on the shoulders of relatives. Borrower Protection insurance programs provide financial protection to the insured and his relatives in case of loss of the primary sources of income: life and health.
Life insurance is a tool you can customize based on the goals and needs of each person at a certain point in life. By purchasing an insurance policy today, you solve various financial problems and gain confidence in planning your future.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

There is a tradition of making resolutions during New Year’s Eve. However, many of these lists are full of goals that have nothing to do with personal finances. And although that is not bad, it is important to consider your economy and consider working for it in the immediate future. 

Although New Year’s is months away, half the year has already passed, and it’s never too early to start considering steps to achieving your goals.

Save

Whether you want to travel more, make a large purchase, or fix your home, it is essential to maintain a savings fund that supports or reserves in these situations. In this way, you will not have to pay the entire amount from one moment to another, but quite the opposite, the expense will be distributed in the more significant number of days you dedicate to saving.
Experts recommend saving 20% ​​of your income. However, if you are not able to keep that amount of money, you can start with a similar figure and increase it over the year.

Start or Increase Your Emergency Fund

Although it is the same as the previous point, it is not. An emergency fund is destined, as its name says, for emergencies. It is necessary since most people pay for emergencies with credit cards without considering the interest they can generate.
You can divide the 20% savings recommended by the experts (mentioned in the previous point) between your emergency fund and your regular savings fund.

Start a Retirement Fund

These types of goals are long-term, thinking about retirement from the workplace. If your employer offers you a 401 (k) plan, take advantage of this benefit since your employer will most likely make contributions on your behalf. A positive point of this plan is that the money is automatically debited from your payment. It means you will not be able to evade your monthly contribution.
If you are self-employed, ask your bank if they offer an IRA (Individual Retirement Account); they will have different plans, but remember that it is vital to think about the future and save for your retirement.

Eliminate or Reduce Discretionary Expenses

You decide to do discretionary expenses just for your own sake. For example, you are eating out, subscribing to a streaming service, music, or the gym.
Many of these services to which you subscribe no longer use them as you used to. It means you can spend months without going to the gym and continue paying the monthly fee, use only a streaming service, and pay three.
These are the expenses that you must analyze and eliminate or reduce. This way, you will have more money at your disposal for the rest of your financial goals.

Catch Up With Your Taxes

Before the Internal Revenue Service (IRS) seizes your wages or places fines, it is crucial to update your taxes.
Like most debts, tax debt has a range of solutions available when you do not know how to get out of this financial commitment that could have been behind for a few years.

Pay Off Your Credit Card Debt

It is one of the most common debts in the United States. Most consumers need to learn how to use their credit cards and allow the interest rate to grow, little by little, the amount they charge at the time of making a purchase.

This type of debt grows because users believe that by making the minimum payments monthly, they are lowering their debt. However, interest takes most of the payment, and the principal debt continues to rise.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

A mortgage loan (from another Greek – prop stand) is a type of cash loan in which real estate acts as collateral. Theoretically, a car loan secured by real estate could be called a mortgage. But this practice has not taken root either in Russia or abroad.

The term “mortgage” appeared in ancient Greece at the beginning of the VI century BC. Mortgage was the name given to the form of liability in cases where the land served as security. In these instances, lenders drew up obligations, and they placed a pole on the border of the land area being purchased. The post indicated all the owner’s debts on such a pillar, called “mortgage” (from the Greek. Hypotheka – stand, support). In the future, the pillars “evolved” into mortgage books.

How it Works

The choice of real estate object – apartments, houses, or land.

Next comes the registration of the agreement of equity participation, insurance, and mortgage loans. Most often, a down payment is required.

The next step is closing the transaction and obtaining ownership with an encumbrance.

Then, you begin making monthly payments according to the schedule within the period established by the mortgage agreement. The amount consists of the interest for using the loan and part of the body of the loan.

Next on the list is depositing additional funds directly into the loan’s body, which helps reduce the loan term and the number of subsequent payments.

When the loan is repaid in full, the encumbrance is removed. A new certificate of ownership is issued.
If the client does not repay the mortgage loan according to the payment schedule, the bank may demand repayment of the debt at the expense of the mortgaged property.

How is a Mortgage Calculated?

A mortgage is an opportunity to acquire housing without own funds. It remains only to assess their strengths correctly. Often, a future borrower first collects the necessary documents, such as a 2-NDFL certificate to confirm income, and waits for approval from the bank. The search for real estate is narrowing. It already knows the available price range and can even calculate the monthly payment. It’s easier to make a decision.

You can choose a suitable mortgage program to indicate the type of property, its cost, and the amount of the down payment in one of the famous “mortgage calculators” on the Web. These mortgage calculators will give you an idea of ​​the interest rate and monthly payment.

Mortgage Insurance

Banks have different requirements for insurance; some are mandatory, others are not. But even if they are optional, the interest rate is significantly reduced when they are issued. According to the federal law “On Mortgage” (102-FZ), collateral insurance is one of the conditions for obtaining a loan from a bank.
When applying for a mortgage on a new building – real estate purchased directly from the developer – banks offer to take out life and health insurance. This optional type of insurance positively affects the interest rate and the likelihood of mortgage loan approval.

Life and health insurance protects the insured in case of temporary disability, in case of disability of group I or II, and the possibility of premature death.

When applying for a mortgage on a secondary property – real estate that was previously owned – banks require property insurance – this is a mandatory type of insurance. They may also ask for title insurance and life and health insurance.

Property insurance protects against financial losses in case of actual death or the occurrence of risks such as explosions, fires, or natural disasters. Everything is related to structural elements.

Title insurance protects against material loss in the event of failure of ownership, for example, due to the appearance of an heir whose opinion was not taken into account. The company that issued the title insurance would reimburse the cost of real estate to the client or his bank if the borrower purchased the apartment with a mortgage.

Applying for insurance products in the same bank where the mortgage is issued is unnecessary. You can choose the insurance company that will offer the most comfortable conditions.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.