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Accounting techniques are the different ways in which a business will organize their financial records in preparation for financial reports. There are two main methods to choose from, which are called the accrual basis and the cash basis. The method chosen will depend on a number of factors, including IRS (Internal Revenue Service) tax requirements, sales volume and if the business gives credit to customers.

Although these records are needed by law, they can also be useful for business owners when it comes to business decisions based on financial situations. The method chosen by small business owners is important because although the technique can be changed at a later date it can be difficult to make the change over. With this in mind small business owners need to really think about which technique most suits their business.

The cash basis recognizes expenses and income as a real time cash flow. Income is not based on when it is earned but rather on receipt of funds, while expenses are not recorded when they are incurred, but rather when they are paid. This technique allows for flexibility when it comes to taxable income, you can delay bills so you do not get the money until after the current tax year, or you can pay bills the moment they are received or before they are due in order to accelerate your expenses.

You can get a lot of benefits with the cash method; namely, compared to accrual method, it is a far easier to look at, it gives you a much better idea of how your finances are doing, and you do not have to get taxed on certain expenses till the following year. Due to the fact that you are altering the times at which you pay and take in money, though, you might tend to adjust details of how your company is doing financially, which can be misleading. What’s more, accrual methods work harder to show when you actually spend and took in money.

With the accrual basis of accounting. you record income and payments when you actually earn them, instead of when you choose to pay them. With the accrual method, you will have a much better notion of how you are doing financially in the long term. However, it is far more complicated to figure out and record, and you might have to pay income taxes on the money you bring in before you actually get it, which can be unfortunate to go through.

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The Foundation Center’s website presents an online database that is rich with information about entities or foundations that reward grants to individuals. This entity’s ‘Foundation Grants to Individuals Online’ is the name of the database and is a good starting point. There is a monthly charge of $19.95. With the payment of the monthly fee you can log in, search your state, and download the list of companies that fit the criteria of the providing grants to individual persons. There are in excess of 8,300 foundation programs in the database. To learn more about grant writing tips click here.

If you are pursuing an advanced degree matriculating at specific institutions, this database may be helpful in finding support for your education. Another Branch of the Foundation Center is the Philanthropy News Digest (PND). PND is a weekly journal that publishes announcements and requests for proposals, or RFP’s. PND is also a useful resource if you are an artist looking for monetary assistance for your art. More often than not there is information on awards, prizes, and other grants by nomination.

PND distributes knowledge about a variety of topics and categories including: animal welfare, arts and culture, children and youth, disabilities, and education among others . You can sign up to be a recipient of their newsletter sent to your email inbox. Signing up for this free source of information will keep you informed on the topic of current requests for proposals. To learn more about grant writing training click here.

Foundations are another good place to search for grants. The Foundation Center’s ‘Grants to Individuals Online’, is probably the best place to start. There is a a small monthly fee and the catalog is very user-friendly. Do an internet search will pull up the page easily. To learn more about grant writing workshop click here.

USA.gov is a web resource that serves as a storehouse of information about data concerning government assistance programs. The database is arranged in a system that anybody can go to the databaseand not be overburdened with data{/spin]. The programs are [spin]listed in alphabetical order by topic. And if you went to the website and selectedcollege student loans and grants, you would be linked to the federal government student aid website. Here, you can learn more about federal and state grants for education.

To locate government grant money, visit the Grant.gov website. If you click on the link “Student Grants” you will be linked to a page that explores the topic of studying abroad. On the whole, USA.gov is an amazing resource. You should definitely become acquainted with the site to learn more about what is out there. Also, you will be well-informed if you were told “you can just get a grant for this or that”. You’ll know where and how to validate the information yourself.

What nearly every parent wants?

Normally parents want their kids to inherit their property and other assets when they die. The most common type of Will tends to leave everything to the surviving spouse and then to their children.

However, after remarriage you may never think about how that might affect any inheritance you have in mind for your children. Typically people still think that one way or another their estate will go to their children. That may be prove to be wrong ! This problem is called “Second-Marriage Syndrome”.

Here is an example to illustrate the problem.

Arthur & Betty divorce. The money and assets are then split equally as part of the divorce process so that they each have £300,000. They have grown up children.

Betty then marries Colin and subsequently they buy a house together. Betty puts in £250,000 to match Colin’s contribution. As a married couple they buy in the normal way, as joint tenants.

Of her remaining £50,000, Betty put £30,000 into a joint savings account with Colin. The remainder is put into sole bank and saving accounts in Betty’s name.

If Betty died before her new husband Colin, with or without a Will the maximum that Betty’s 3 children could inherit is £20,000. This is because the jointly owned house and savings account (with a combined value of £330,000) is already owned by Colin.

That money and that share in the house does not and cannot form part of any inheritance.

How can this problem be prevented?

First, sever the joint tenancy form of house ownership , to become tenants-in-common. Then as tenants-in-common each owns a share of the property – normally 50% but it can be in any proportions.

Can a surviving spouse be made to leave the marital home?

No and this is easy enough to deal with. Both husband and wife should set up a life interest trust in their Wills. This gives the surviving spouse the right to use the house (or it’s value) until s/he dies and then the half share in the Life Interest Trust passes to the children. It serves protects the interests of the surviving spouse and the children in a balanced way.

What about types of assets and money or other assets?

Any assets held in a single name or any share of assets held as tenants-in-common can pass directly to the children or could be put into the Life Interest Trust. The interest accrued on such assets held in Trust would be paid to surviving spouse until his/her death when the money would be paid to the children

Can this be set up to apply until remarriage or for a fixed period?

The way the Trust is set up is flexible. In fact a lesser version of a Life Interest Trust is called ‘Rights of Residence’ and can be set up until remarriage or for a few years or a particular event.

Can it be that easy?

In principle it is that simple. The trust itself has some legal complexity and does not fall into the range of DIY Wills (or at least it shouldn’t do) but for a suitably qualified lawyer it is fairly straightforward matter.

So, by understanding this potentially trap and acting on it a solution can be found quite easily so anyone can do the right thing for their new spouse and their children.

Bill Ryan LLB (Hons)

Lawscape

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On the basis of estate and tax planning, cash gifting between individual to individual, or from individual to organization, the process is known to follow a standard legal and standard framework. The process is well-known, methodical and rarely questioned when it is conducted according to the standard precedent.

In direct opposition, when cash gift exchange follows the same regulations, limitations, etc. apart from the estate and tax planning framework, there appears to be a distinctly opposed mental perspective to the ideas of how cash can or cannot be distributed between individuals.

Initially, a legal and rule-based process entitling legitimacy for handling of those assets for those of sufficient or greater financial means. Professional counsel is acquired and used as a normal consequence of maintain the rules. In a very cautious sense, stepping beyond our more familiar context, the exchange of non-corporate gifts carries a penalty of suspicion, or worse in specific locales, particularly Kentucky and Nebraska, have established actual penalties under specific cases.

Mentally and structurally, those who seek to explore gifting activities outside of tax and estate planning region engages in a choice, both right and wrong, from the array of available programs, systems, etc. This examination step leads to a breaking down of a significant mental barrier of a different sort, a barrier that is key to the gifting premise – that one gives first, initially for the benefit of the recipient, as an act of faith and as a means of attraction to others who possess the ability to break through the same barrier. In honesty, willingly releasing ones own possessions goes totally against all that we have learned. We are taught that non-organizational, benevolent giving is frequently a basis for fraudulent activity, and that ‘..if it looks too good to be true, it probably is..’ Nonetheless, benevolence is a learned behavior, or not one that is necessarily natural for many, and is hopefully, found to be a primary trait. The absence of which creates the need for suspicion and scrutiny, based upon the history of previous violations of some not-so- well-intended approaches historically.

Naturally, or perhaps, incredibly, and in light of the characteristic of suspicion, we’re brought to an opposing perception under estate planning rules, where the win-win outcome is the target of all concerned, undoubtedly. Estate and tax planning in itself is a constant struggle toward win-win, to treat the tax laws fairly, while seeking the best outcome for the control of ones personal, appreciated and acquired assets.

It is totally up to those who participate in all cash gifting, and certainly for purposes unrelated to estate planning, to scrutinize the motivations, the processes and programs that exist, to honor ethical and lawful behavior, and to maintain reasonable expectations with regard to results as a result of any involvement.