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Video instructions and help with filling out and completing Irs Form 5495

Instructions and Help about Why Form 5495 Liabilities

Hey guys I'm Matthew Pihl more I'm your cash flow coach I'm also the president of VIP financial education and this is VIPs financial literacy series where we really take a look at financial terms and topics that are critical to your success in both personal and business finances and in these videos I actually like to go beyond simply defining and describing a term or topic and actually discuss what makes it matter to you and your personal or in your business financial situation and today I want to look at assets and liabilities two of the core elements of success now before we get into that we need to take a moment to talk about coaching for those of you that have scheduled your free one-on-one coaching session congratulations I'm going to do everything in my power to be the one to get on the phone with you so make sure you have that date firmly in your calendar and also expect a confirmation requirement for that for those of you who have not yet scheduled your complimentary coaching session please note that the wait for those coaching sessions continues to grow the current scheduling is taking place somewhere in the next August or September range at the time this video is being recorded so I do appreciate your patience your patience ahead of time now for those of you that are aware that we prongoing coaching I have to reveal that the demand for that service continues to force the prices higher so we are going to be increasing the prices again by the first of the year 2022 and we do anticipate continuing to increase the pricing for that one-on-one coaching all the way throughout the year so that by this time next year we anticipate demand forcing the price tag on that one-on-one coaching to as much as twice what it is today so we'll continue to measure that as need be but just know that the selection process continues to evolve we really are working with those overachievers people that are ready to take control over their finances and live a completely different life financially than they ever have before if that's you it probably makes sense for you to consider getting involved in one of the quickstart memberships prior to the end of the year so that you can get the best price and if during our initial conversation we assess that it's not right now a great fit for you then we're just simply gonna void the membership and refund you your tuition in fact when that happens we still in good faith honor the original price at the time we determined it was not a good fit so I won't penalize you for us determining that you may not be the perfect candidate at this time so go ahead and snatch up quick starts as they're available it is a limited supply only we are a one-on-one based coaching firm which means that that business model has limited capacity we're like a dentist's office we only have so many chairs so to speak so I just wanted to make sure that you guys were aware of that for more information you can get all the details about the pricing about the expectations about the how the process unfolds by just simply visiting free coaching calendar com go through the videos again you're never going to take any unnecessary risks by moving through that process and gathering the details necessary to feel like you're making the best decision now let's go ahead and dive into today's content this is understanding the difference between assets and liabilities because it is crucial in financial management both personal and business finances as well as investing they're really anywhere that money is being exchanged for something you've got to understand assets and liabilities assets really at their core pryou future benefits and liabilities on the other hand are really going to be obligations to both you and your businesses now when looking at assets and liabilities through the lens of accounting it's important to understand the difference between the two in areas like depreciation in areas like debited versus credited in areas like types and classifications or equation format placement and balance sheets etc assets are depreciable while liabilities are non depreciable I'm not going to really dig into the depreciation aspect on this video so if you'd like to do like us to do a longer video all about depreciation make sure you comment below and drop a like on the video it lets us know that that's something that you're interested in when dealing with increases and decreases if an asset is increased it would be debited while if a liability is increased it would be credited and the opposite is true when talking decreases if an asset is decreased it would be credited and if a liability is decreased it would be debited now when it comes to types and classifications assets can actually be classified under many different types the most typical includes tangible or intangible current or non-current fictitious assets liabilities can be classified under current and long-term and when it comes to format placement in a balance sheet sets are really placed first with current assets ahead of non current assets whereas liabilities are actually placed after total assets are computed with current liabilities first and then of course non-current liabilities following so let's get real I mean assets and liabilities are much more than just simply line items on a balance sheet of course right and they're the difference makers between say being wealthy or in a continuous state of debt living paycheck-to-paycheck for example and simple math will show us that keeping your liabilities low like your debt while also increasing your assets in order to stack your cash flow is a marvelous road to wealth and that said there are certain types of assets.

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