Sunday, October 26, 2014

About to inherit? Tips for avoiding family fights and tax trouble

A. Raymond Benton for the Denver Post writes: Today's generations are ill prepared to transfer — or receive — an inheritance.
A 2012 study of 3,200 wealthy families by U.S. Trust showed that 70 percent failed to successfully transfer the family's assets to the succeeding generation. The study found three reasons for this failure: lack of communication among family members; absence of a generally acknowledged purpose for family possessions; and lack of preparation on the part of heirs.
If families with substantial resources stumble, it is very likely that others will find that capitalizing on an inheritance is at least as difficult. Lack of preparation, operating without guidance or support and faltering in the face of irreversible tax decisions can negatively impact even diminutive estates.
This definitely is an area where failing to plan is planning to fail.
The first step is communication. Family meetings can engender both an appreciation of the values and virtues of the older generation, as well as helping heirs address their own money issues and attitudes.
If nothing else, all parties concerned can come to a shared understanding of what is expected and heirs can begin to recognize the importance of preparation. Dan Rothenberg, author of "The Inheritors Handbook," told Bankrate.com that "90 percent of the problems people have regarding an inheritance could be solved if they had a conversation with their parents when they were alive."
The conversation should include gathering some of the information that will ultimately be needed, including the names and phone numbers of the family attorney, accountant or financial adviser. Also, find out where important papers are kept and establish who is to be a co-signer on the family's safe deposit box.
Heirs should take the time to educate themselves on the importance of good tax decisions. With the lifetime applicable exclusion for estate taxes now set at $5.34 million (adjusted each year for inflation), for many inheritances income taxes will take center stage. Assets that are gifted carry forward the original owner's tax basis, while inherited assets receive a "step up" (to market value) at death. On the other hand, retirement assets do not receive a basis step up and are particularly susceptible to costly tax mistakes.  [snip]/   The article continues @ the Denver Post, click here to continue reading...
Posted on 12:56 PM | Categories:

The Ten Best Accounting Apps for Small Business Owners Who HATE Bookkeeping Read

GetApp.com for Business2Community writes: Wow, it seems like there are a million small business accounting apps on the market, with more coming out all the time. In fact, many of them are great, and one is often just as good as another, in terms of features. So it becomes a challenge to distinguish one accounting app for another, especially for small business owners who hate accounting. Let’s face it, that’s the case quite often – maybe most of the time!

If you don’t have an accounting degree but you need to keep accurate books, you need a tool that doesn’t require you to be both a computer programmer and mathematician to operate. In short, you need an idiot-proof tool. You’re in luck, because several accounting apps stand out and distinguish themselves as positively simple, beautiful tools. In fact, there are certain tools aimed at small business owners who simply shudder at the thought of dealing with bookkeeping.

In this article, we’re serving up a list of the ten best accounting apps for your specific predicament. Because you have to keep the books, but you dread having to do it, here are the ten best accounting apps for small business owners who HATE account!



The Ten Best Accounting Apps for Small Business Owners Who HATE Bookkeeping image Freshbooks logo.pngFreshBooks

FreshBooks is a cinch, anyway you look at it. FreshBooks is simple to understand, especially if you’ve used any accounting software before. Even if the source of your disdain for accounting stems from having used Excel spreadsheets to keep track of things, you will find the transition to FreshBooks easy, and rewarding.
Featuring an easy-to-understand dashboard and brilliant visualizations, you won’t find an easier accounting app to stomach if you just so happen to hate accounting.
Related Resources from B2C


The Ten Best Accounting Apps for Small Business Owners Who HATE Bookkeeping image 9663 3217425353 80x80.pngFreeAgent

FreeAgent makes our list of the best accounting apps for non-accounting types because it cuts out all the jargon and focuses on the things that matter to small businesses. FreeAgent makes it easy to invoice customers, track expenses, synchronize your bank accounts, and even chase payments, all from one intuitive interface.
FreeAgent offers excellent user support on demand, and the app backs up your data regularly, so you never have to worry about losing your data.


The Ten Best Accounting Apps for Small Business Owners Who HATE Bookkeeping image quickbooks 80x80.pngQuickBooks Online

QuickBooks Online is an accounting app with a walloping set of features presented in one of the simplest accounting interfaces ever. If you’re concerned about a particular feature, or support for a certain bank, or the ability to retrieve a particular accounting metric, you should look to QuickBooks Online, which benefits from the infrastructure of of accounting powerhouse, Intuit.
QuickBooks Online is the original and most popular cloud-based accounting app, and one test drive will convince you of that.


The Ten Best Accounting Apps for Small Business Owners Who HATE Bookkeeping image nutcache logo 80x80.pngNutcache

Nutcache is a free yet feature-rich accounting application that many small business owners swear by. In fact, you might say it’s an app that has a “cult following.” But Nutcache’s allure is understandable, as the app’s features are robust. Nutcache sports support for multiple languages, and adds invoicing and time tracking functions to the expected array of accounting features.
Nutcache is free and simple, and its features compete admirably against the paid options on this list.


The Ten Best Accounting Apps for Small Business Owners Who HATE Bookkeeping image Kashflow logo.pngKashFlow

KashFlow is a seriously powerful accounting app that is specifically aimed at UK small businesses. KashFlow listens to its customers and puts in only the features that are most requested. What’s more, KashFlow handles UK taxation effortlessly, with VAT reports built right in.
If you’re a small business based in the UK, give KashFlow is worth considering, especially since it bills itself as “no accounting knowledge required!”


The Ten Best Accounting Apps for Small Business Owners Who HATE Bookkeeping image arithmo.pngArithmo

Arithmo takes the complexity out of small business accounting by automating the math. If you’re coming from the old spreadsheet to the cloud, you are surely familiar with the aggravation of formulas in cells, and the agony of copying in pasting, deleting and replacing those formulas as you try to input simple data. Arithmo makes all that simply go away.
Arithmo is easy to use, even if you have no prior experience using accounting apps.


The Ten Best Accounting Apps for Small Business Owners Who HATE Bookkeeping image sage.pngSage One

Sage One is an accounting app that operates on a curious principle. Acknowledging that small business accounting is mostly a snore, a laborious residual of doing business, Sage One aims to put the dull aspects of being in business, accounting tasks, largely on autopilot.
Sage One puts simplicity ahead of other considerations. If you’re not a bookkeeping lover, you can still keep it all organized and accurate with Sage One.


The Ten Best Accounting Apps for Small Business Owners Who HATE Bookkeeping image zoho books logo1 80x80.pngZoho Books

Zoho Books is another super simple accounting app. Zoho Books also benefits from integrating with Zoho’s other business apps, which are perhaps the most notable alternatives to Google Apps for Business. Zoho Books, together with the other apps in Zoho’s growing Web app ecosystem, can help you keep it simple at every stage of small business accounting.
From invoicing to tax reporting, Zoho Books puts everything you need at your fingertips, and leaves out the stuff you don’t need!


The Ten Best Accounting Apps for Small Business Owners Who HATE Bookkeeping image sellsy 80x80.pngSellsy Invoicing

Sellsy Invoicing is suitable for the simplest of all small business needs (and freelancers). If all you need is to send invoices, take payments, and occasionally send payment reminder, it gets no simpler than with Sellsy Invoicing.
Sellsy Invoicing also offers estimating tools as part of its easy feature set.


The Ten Best Accounting Apps for Small Business Owners Who HATE Bookkeeping image financialforce hcm 80x80.pngFinancialForce Accounting

FinancialForce Accounting rounds out our list of the ten best accounting apps for small business owners who hate bookkeeping largely because it plays so nicely with SalesForce.com. As a matter of fact, FinancialForce is made for SalesForce integration. If your business is one of the many using Salesforce for customer relationship management (CRM), you owe it to yourself to check out FinancialForce Accounting.
Tight CRM integration makes FinancialForce Accounting a unique tool that can help you capture sales as customer interactions play out to your advantage!


 

Posted on 8:59 AM | Categories: