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Why do businesses take inventory? Inventory is products, parts, and materials to make products or parts. It’s what you are selling. You can take inventory of office supplies or all the computers in your business. While that’s a great idea, it’s not what we’re talking about here. Businesses take inventory of items for sale for several reasons: For income tax reporting. Inventory is needed to calculate cost of goods sold on a business tax form....

Some of the most likely reasons are cost, certainty, and complexity. Processing Costs Businesses pay fees when they accept card payments—typically as a percentage of each transaction. Slim Margins That might not seem like much, but some businesses only make a small profit on goods and services. Any processing fees eat into tight margins. Business owners face a tough choice between smaller profits or passing the cost on to customers, and many businesses would prefer to avoid both of those options....

Solutions for Student Loan Mistakes Unless the Department of Education comes up with new student loan lending and repayment guidelines, here are some student loan mistakes that can get students and grads into trouble, and some recommendations for what you can do differently: Mistake: Assuming that you have to accept the student loan offer as outlined in your school’s financial aid package. Solution: Stop assuming, and realize exactly what you are getting yourself into for the future....

It may seem like a lot of work to itemize your expenses when you first begin, but understanding why it’s important to track expenses and how to do so with minimal effort can help you successfully commit to the activity and become more aware of your spending. Reasons to Keep Track of Expenditures Monitoring your expenses throughout the month holds you accountable for your finances in a few key ways....

Some people avoid checking their credit scores because they’re afraid of what they’ll find when they look. Also, some have a misconception that checking their credit score will affect their credit. Fortunately, as long as you use a credit scoring service to check your credit score, your credit won’t be affected. 7 Reasons to Check Your Credit Score Regularly Going without checking your credit score, or checking it every few years, isn’t enough....

What Is the World of Hyatt Program? World of Hyatt is the flagship rewards program for Hyatt Hotels & Resorts. The hotel brand first launched its loyalty program in 1987, calling it Hyatt Gold Passport. In 2017, the company renamed the program to its current “World of Hyatt” moniker. Members of the loyalty program can earn and redeem points in a variety of ways, with redemption options including free hotel stays, on-property perks, other forms of travel, and more....

Key Controversies Exist Around Certain Employer Practices Key controversies swirl around employers requiring the social security number (SSN) on a job application, salary requirements when filling out a job application, and salary history or proof of salary at any point in the application and interview process. (Note that certain states and jurisdictions are making the collection of some of this data illegal—it is essential that employers know the laws in their state and their local area....

These choices will not make you rich fast, but they’re not going to make you poor overnight either. Because you can never perfectly predict the direction and timing of the stock market, it’s always smart to have some access to cash. For Money You Need on Demand This might sound like stuffing your cash in a mattress, but keeping a little cash on hand is critical for taking care of unexpected expenses....

What to Know About 3x Leveraged ETFs Leveraged ETFs do not guarantee a higher return on their underlying ​​index or asset, even though that is the goal. If the underlying index returns 15% in a day, the 3x leveraged ETF aims to provide returns of 45%, and vice versa—so a 15% loss in a day for the index should translate into a 45% loss for the ETF. Other Leveraged ETFs While we’ll look at 3x leveraged ETFs below, there are also other types of leveraged ETFs, such as 2x leveraged ETFs....

Bad credit habits can wreak havoc on your credit score, lead you into debt, and cause many other financial problems. These problems threaten your stability and long-term goals. Consider your credit habits, and if you’re doing any of these, replace them with a better habit right away. Don’t just check your credit card statement for your balance and payment information. Review the entire statement to verify your account activity. Report errors to your credit card issuer right away to prevent being held liable for charges you never made....

The trough of the 2020 recession was in April, following the previous peak of economic activity in February, making the two-month downturn the shortest U.S. recession on record, the Business Cycle Dating Committee of the nonpartisan National Bureau of Economic Research (NBER) said Monday. The previous shortest recession occurred in the first half of 1980 and lasted six months, NBER said. The “Great Recession,” which started in January 2008, lasted 18 months....

The study examined the price of regular gasoline, and how much it would cost to fill up each week, based on Federal Highway Administration (FHWA) gasoline consumption data. Examining gas prices and their impact on a state-by-state level, the analysis found that full-time workers earning the minimum wage in Wyoming, Texas, Mississippi, and North Dakota will spend over 25% of their weekly pay to fill up their gas tanks. While the rising cost of gas is hurting everyone’s wallets, workers earning the minimum wage (who are often less likely to be able to work from home) are suffering the most as filling up at the pump eats more and more of their paycheck....

Credit Karma The Credit Karma app has some helpful tools to help manage your credit, and they’re all available for free. You can access your credit score and report, and receive credit and identity monitoring alerts. You also receive details about factors affecting your credit score, suggestions to improve your credit score, and recommendations for credit products that can help you save money. Other features of the app that aren’t directly related to your credit but are helpful in overall financial management include free tax filing, the ability to search unclaimed money, and a savings account....

There are several ways to continue getting paid after you have cleared out your office. Diversifying the sources of your retirement funding will take the pressure off your nest egg, insulate you from market volatility, and, in some cases, provide non-financial benefits. Five Types of Investing Strategies These pie charts show the five types of investing strategies as well as hypothetical asset allocations. Pie slices without a percentage represent 5%....

Learn how to take advantage of a 179 deduction when you need to purchase certain tangible assets to grow your company so you can potentially reduce your tax bill. What Is Section 179? Section 179 is a tax deduction that allows businesses to write off all or part of the cost of qualified property and equipment, up to a limit, during the first year it was purchased and placed into service....

Your closing checklist is a guide for your actions after all of your personal belongings and furniture have been removed from your home. While you may already be moved out, you are not always required by law to empty the property immediately upon closing. Secure Your Documents Retain all seller disclosures as well as the purchase contract and the closing statement. Ideally, your escrow officer or closing agent will hand you a complete package containing all of these things at closing....

The nature of a firm’s accounts receivable balance depends on the sector in which it does business, as well as the credit policies the corporate management has in place. A company keeps track of its A/R as a current asset on what’s called a “balance sheet.” Among other values, the balance sheet includes how much money a company expects to be paid (as assets) and how much it expects to pay out (as liabilities)....

If you want to keep your health plan through COBRA, you must leave your job through a “qualifying event.” This can include leaving your job for any reason other than gross misconduct or a reduction in the number of hours you work. Note that you must have been covered by the plan on the day before the qualifying event that caused you to lose your health care plan. The length of time you’re covered will depend on when the event took place....

How Do I Report and Pay Taxes on Employee Tips? You must first collect employee tip income reports from employees, from card transactions, and from other sources. Include all tip income on the employee’s wage payments for each payroll. You must withhold income taxes and FICA taxes on tip income in your calculation of wage payments. You must also pay your employer share of FICA taxes on tip income. Tip income is also subject to both the maximum Social Security limit and the additional Medicare tax....

For starters, not every marriage can be annulled, which may mean that if you wish to terminate your marriage legally, you must divorce. Annulment is appropriate when certain factors were present at the time of the marriage that would make the marriage void. Divorce is the legal process of dissolving a marriage. Understand the key differences and determine if you are a candidate for annulment, or whether you must get divorced in order to terminate your marriage....