FINANCIAL SYSTEM
FINANCIAL SYSTEM PERSONAL FINANCE OVERVIEW
Estate planning
Financial position
Retirement planning
Adequate protection
Investment and accumulation goals
Tax planning
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FINANCIAL SYSTEM FINANCIAL POSITION
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The status of the assets, liabilities of an organization, as reflected in its financial statements. A Company's financial position also includes shareholder equity. Overall financial position summy forms the most basic part of accounting 4
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Financial statements are all important and serve as financial scorecard and tool for future planning.
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A company's financial statement is used to show a company's performance over a certain period of time, generally every fiscal quarter. The financial statement really consists of three different statements: balance sheets, cash flow statements and income statements.
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FINANCIAL SYSTEM ADEQUATE PROTECTION
Adequate protection is the concept that secured creditors deserve assurance that their interest in collateral is protected in bankruptcy from loss of value
This practice note provides a background on the bankruptcy remedy of adequate protection
Adequate protection is required under section 362, 363 r 364 of this title of an interest of an entity in property.
Lack of adequate protection can be grounds for relief from the automatic stay.
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FINANCIAL SYSTEM TAX PLANNING TAX
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Tax planning allows a taxpayer to make the best use of the various tax exemptions, deductions
Tax planning is the analysis of one's financial situation from a tax efficiency.
Benefits to minimize their tax liability over a financial year.
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Tax Planning can be understood as the activity undertaken by the assessee to reduce the tax liability
Tax planning allows a taxpayer to make the best use of the various tax exemptions, deductions
By making optimum use of all permissible allowances
While dealing with finances, you may have heard some unknown terms which you might ...
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Tax Evasion, Tax Avoidance And Tax Planning: What's The Difference
Tax planning is the analysis of one’s financial situation from a tax efficiency point of view so as to plan one’s finances in the most optimized manner. Tax planning allows a taxpayer to make the best use of the various tax exemptions, deductions and benefits to minimize their tax liability over a financial year. Tax planning is a legal way of reducing income tax liabilities, however caution has to be maintained to ensure that the taxpayer isn’t knowingly indulging in tax evasion or tax avoidance. 2
FINANCIAL ICONS INVESTMENT AND ACCUMULATION GOALS
The key to successful wealth accumulation is to set clearly defined and realistic goals
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Must be SPECIFIC with dollar amounts, dates, and resources to be used in accomplishing the goals
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Objective thinking about investing and addressing issues, opportunities, hopes ... into your wealth accumulation plan to simplify and optimise financial realities
FINANCIAL ICONS ESTATE PLANNING
Estate planning is the preparation of tasks that serve to manage an individual's asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.
Estate planning is the process of anticipating and arranging, during a person's life, for the management and disposal of that person's estate during the person's life and at and after death, while minimizing gift,estate, generation skipping transfer, and income tax.
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