Personal Finance Videos

A multi-step income statement is one of the financial statement required by the GAAP, which measure the earning performances of a company over time. Find out how to do a multi-step income...

A low income tax credit, known as the Earned Income Tax Credit, is available in varying amounts for families who make up to $43,000 per year. Understand the eligibility requirements for a low...

A T-balance, also known as a trial balance, is calculated by recording total income for the year and all of the individual expenses. Subtract the expenses from the total income to get the trial...

Tax brackets are dependent upon an individual's total taxable income for a given year, and each bracket is assigned a percentage rate. Determine your tax bracket based on total household income...

When looking at income tax preparation software, it's important to determine if the software will be used from year to year or updated manually. Find out what will add to the cost of preparation...

When looking at tax returns, it's important to remember that it is one's responsibility to sign the return under penalties of perjury. Find out about reference guides for income tax returns with...

When filling out an income tax return, the first step is to organize receipts and income items, understanding that wages, interest and dividends go on different lines. Learn about different...

Before creating a weekly planner, get an idea of what the plan is for an entire year, and then break the projections back into small increments. List expenses and income in a weekly planner with...

Financial planning begins with having knowledge of your income, how much is being spent and figuring out how to budget this money. Find out how to adjust to being under budget or over budget with...

When preparing income statements, include account balances, ledger balances and operating income. Find out how to complete an income statement with helpful information from a practicing CPA in...

If a hobby results in someone making money, the IRS requires that income to be reported unless the hobby costs more than the income received. Calculate taxes for hobby expenses and income, if the...

Gross income is any form of income, including rents and royalties received in any format, including checks, cash and credit cards. Calculate gross income for tax purposes, such as the subtraction...

Inheritance can be taxed by the IRS on several different levels and preparing a schedule K 1 is the correct form to use. Learn how to properly and legally report inheritance income so that it is...

Before renting a house, look at the location, the school system and the price of the property. Avoid renting a house that costs more than 36 percent of your income with tips from a real estate...

In order to calculate a debt-to-income ratio, calculate monthly income, monthly expenses and divide the expenses by the income. Calculate a debt-to-income ratio before looking at a home loan with...

Expense ratio is the overall expenses of a company relative to its overall income coming in and dividing the two financial components. Try to keep expenses low and income up for a better expense...

Calculating adjusted gross income is done by looking at gross income and subtracting monthly expenses from finances like food, utilities and rent. Formulate adjusted gross income when applying for...

Avoiding an IRS tax audit is done by reporting all income accurately and avoiding red flags like not reporting tips. Prevent the IRS from starting an audit by using a trusted CPA or reporting...

The best way to get out of debt is by keeping expenses lower than income and use any low interest-bearing savings account money to pay off higher interest credit cards. Avoid the pitfalls of debt...

Investors must make a living income to be eligible to invest in a ROTH IRA because an IRA it in place to help people avoid paying high income tax. Decide if a ROTH IRA is a good investment and if...

In a strategic income fund, profit is determined by a mathematical formula. Learn more about strategic income funds with expert tips from a registered financial consultant in this free video on...

Investment mixing refers to the two terms of growth and income and how they relate to each other. Understand how to wisely mix assets and liabilities with income and expenses to make good...

An FHA (Federal Housing Administration) loan helps low-income families buy property. Find out how to get an FHA loan with expert tips from a licensed real estate agent in this free video.

In a tax-sheltered annuity plan, the accumulation of money is safe from income tax as long as it's in the vessel of an annuity. Shelter income from taxes in the vessel of an annuity with tips from...

Rent should comprise no more than 33 percent of a person's income. Budget money for rent with tips from a registered financial consultant in this free money management video.

The IRS will look at income and compare them to expenses. Learn what to do if the IRS audits your taxes in this free personal finance video from an experienced accountant.

Calculating free cash flow is done by assessing income and outflow, and this is usually the easiest when done on an annual basis. Add outflow and income together with help from a financial...

It can be difficult to calculate retirement income because it's hard to estimate what things will be like in 20 to 30 years, which is the case for many people. Discover why a conservative strategy...

A profit and loss statement, or income statement, shows a company's performance over a range of time, while a balance sheet shows a company's position for a given moment in time. Learn about more...

The form 4868 is used to request an extension on income taxes, and it has to be filed by the due date, which is typically April 15. Find out how a person is still liable for interest and penalties...

Filing contract labor as income on taxes means using a 1099 and placing the amount in the "Other Income" category on the 1040. Use a 1040 for expenses that will match against income with help from...

Tax deductions are taken off of a person's gross income, and the net result is the net income, which is the figure that taxes are eventually based upon. Find out how deductions are used to get the...

Deferred tax liability is a tax that is due in future years based on receipts that an individual may have or on sales that a person may have recognized, but the payment is yet to have been...

There are a number of federal income tax standard deductions, depending on classification, such as marital status, age or disability. Discover the differences between deductions for filing single...

Format an income statement by including the revenues, cost of sales, other income, other expenses and income tax provisions. Disclose the net income of a company to public shareholders with advice...

Net income tax liability is basically the amount of taxes owed by an individual based on income, expenses and deductions. Use the appropriate 1040 tax form to determine net income tax liability...

The penalties for not filing or paying income taxes can range from around half a percent of the amount due per month, up to 25 percent of the total amount. Find out how IRS fines for unpaid taxes...

When filing income taxes, claim deductions for health savings account contributions, retirement account contributions, educational expenses, moving expenses, child care expenses and any other...

Filing a tax return in two states requires finding out what forms are required for different states, keeping track of what income was made in each state and discussing options with IRS...

File extra income taxes after you have already filed your taxes by getting an amended return form, filling out the form and checking the mailing address to ensure the form gets to the right place....

Pay taxes on a side income by using the schedule C or schedule C EZ form to itemize revenues and expenses in order to come up with an amount of reportable income. Keep track of all side income...

Hobby expenses are deductible under federal income tax laws if the hobby has been turned into a sideline business that can show a profit for three of the past five years. Take deductions for a...

Calculate federal income tax that needs to be paid to the IRS by using a 1040, 1040A or 1040EZ form, finding your taxable income in the table, choosing a tax status and locating the amount of...

Federal income tax deductions for self-employed business can include the cost goods and products, rent for a business, office supplies and mileage for a business car. Document tax deductions...

Pay less income tax by considering whether to itemize deductions instead of taking the standard deduction, deducting interest paid on home loans, learning about retirement savings plan deductions...

Items from an income statement that will appear on a balance sheet include revenue numbers, cash and accounts receivables, cost of sales and reserves or accruals. Look for the net income on a...

A 1099 form is used for reporting non-employee compensation to the IRS, and it is generally filed for contract work that has been done for a company. Report income from a 1099 to avoid getting in...

There are many ways to reduce federal tax liability, including child care credit and earned income credit, which can be explained with federal tax preparation software. Find out how to reduce...

The purpose of state income tax is to provide the state with a revenue stream to use for public education, health and human services, and correctional or rehabilitation services. Discover how...

The IRS form 1099-MISC is an information return that essentially reports payments that are not otherwise reported on any other IRS form. Discover why the types of income reported on the 1099-MISC...