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Resources for Accountants

Taxation of illegal income in the United States [Video]

Income from illegal activities is considered taxable income. The IRS says illegal income, including income from dealing drugs, must be reported on your tax return. You can report illegal income in one of two ways. If you stole money, received a bribe, or were hired to kill someone, you would report the income on line 8 of Schedule 1 where it says, “Other income.”But if you earned money from an illegal business, like a money laundering operation, you would report the income on Schedule C. This way you can take deductions for wages, rent, and other expenses of your business.There’s an exception for drug traffickers, however, as they only get a deduction for the cost of goods sold. — Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people. — SUBSCRIBE FOR FREE PDF GUIDES TO THE FINANCIAL STATEMENTS, MANAGERIAL ACCOUNTING, TAX, AND MORE* http://eepurl.com/dIaa5z — HIRE MICHAEL MCLAUGHLIN, PHD, CPA* https://michaelmclaughlin.com/hire-me— GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT* https://edspira.thinkific.com—LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725* Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc* Website: https://www.edspira.com/podcast-2/—GET TAX TIPS ON TIKTOK* https://www.tiktok.com/@prof_mclaughlin—ACCESS INDEX OF VIDEOS* https://www.edspira.com/index—CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira* Instagram: https://www.instagram.com/edspiradotcom* LinkedIn: https://www.linkedin.com/company/edspira—CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin* LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin—ABOUT EDSPIRA AND ITS CREATOR* https://www.edspira.com/about/

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Resources for Accountants

From Financial Statements to KPI Dashboard [Part 2 to Controller KPI Dashboard] [Video]

Part I of the KPI Dashboard video (watch this 1st): https://youtu.be/8h0w6J-eLYc My Best-Selling Products: Get My Controller KPI Dashboard (Excel + Course) with the most important P&L and Balance Sheet KPIs: https://thefincontroller.com/p/controller-kpi-dashboard-one-kpi-dashboard-to-run-a-business Get My Night Before the Accounting Interview Guide including All Levels Q&A: https://thefincontroller.com/p/the-night-before-your-accounting-interview-guide-for-all-levels Get $25 off MY ONLINE COURSE ON FINANCIAL METRICS (code: Save25) https://thefincontroller.com/p/learn-financial-metrics-kpis/?product_id=2659754&coupon_code=SAVE25&preview=logged_out —————————————————————— Roger CPA Review Course (get 50% off – Highly recommended): https://www.uworld.com/productreferral.aspx?ukey=8lzsxx2bT8qzYRxekeTKyWQ3d3d Learning//SkillShare (get 2 weeks free): https://www.skillshare.com/r/profile/Bill-Hanna/7521537 ——————————————————————— Hang Out with me on social media: https://www.instagram.com/the_financial_controller/ https://www.tiktok.com/@thefinancialcontroller https://www.facebook.com/groups/780732429036886/?source_id=101273467885666 DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week! All views expressed on my channel are mine alone. Not intended as financial or professional advice

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Resources for Accountants

What is the difference between long-term and short-term capital gains? [Video]

Long-term capital gains are taxed at 0, 15, or 20% depending on your income. Short-term capital gains, however, are taxed at your ordinary tax rate. Thus, if youre planning to sell a stock, and you can hold on to it for at least 12 months and 1 day, your gain will be taxed at a lower rate. Now if you have a high income you might also incur a net investment income tax of 3.8% on short-term and long-term capital gains. Also, President Biden has proposed to tax long-term capital gains as ordinary income if you have taxable income above $1 million. He wants to increase the top tax bracket to 39.6%, so that means the maximum rate on long-term capital gains would be 39.6% (plus the 3.8% net investment income tax). Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspiras mission is to make a high-quality business education accessible to all people. SUBSCRIBE FOR FREE PDF GUIDES TO THE FINANCIAL STATEMENTS, MANAGERIAL ACCOUNTING, TAX, AND MORE * http://eepurl.com/dIaa5z HIRE MICHAEL MCLAUGHLIN, PHD, CPA * https://michaelmclaughlin.com/hire-me GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725 * Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc * Website: https://www.edspira.com/podcast-2/ GET TAX TIPS ON TIKTOK * https://www.tiktok.com/@prof_mclaughlin ACCESS INDEX OF VIDEOS * https://www.edspira.com/index CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira * Instagram: https://www.instagram.com/edspiradotcom * LinkedIn: https://www.linkedin.com/company/edspira CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin * LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/

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Resources for Accountants

4. Learn Excel Shortcuts – How to DELETE ROW/ROWS in Just 50 Seconds! [Video]

#shorts In this video, we will learn the 3 shortcuts -1) Select Row (SHIFT + SPACE BAR)2) DELETE Row (Ctrl and – sign)3)DELETE Multiple Rows (After selecting multiple rows, press “Ctrl and – sign”)Excel’s basic elements are cells, rows, and columns. To perform well in Excel, one must be familiar with these three elements. In this video, we’ll demonstrate the shortcut keys related to Rows. Connect with us! Youtube https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1LinkedIn https://www.linkedin.com/company/wallstreetmojo/mycompany/ Facebook https://www.facebook.com/wallstreetmojo Instagram https://www.instagram.com/wallstreetmojoofficial/ Twitter https://twitter.com/wallstreetmojo

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Resources for Accountants

3. Learn Excel Shortcuts – How to ADD ROW/ROWS in Just 50 Seconds! [Video]

#shortsIn this video, we will learn the 3 shortcuts -1) Select Row (SHIFT + SPACE BAR)2) Add Row (SHIFT + Ctrl and + sign)3)Add Multiple Rows (After selecting multiple rows, press “SHIFT + Ctrl and + sign”)Excel’s basic elements are cells, rows, and columns. To perform well in Excel, one must be familiar with these three elements. In this video, we’ll demonstrate the shortcut keys related to Rows. Connect with us! Youtube https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1LinkedIn https://www.linkedin.com/company/wallstreetmojo/mycompany/ Facebook https://www.facebook.com/wallstreetmojo Instagram https://www.instagram.com/wallstreetmojoofficial/ Twitter https://twitter.com/wallstreetmojo

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Resources for Accountants

3. Learn Excel Shortcuts – How to ADD ROW/ROWS in Just 50 Seconds! [Video]

#shortsIn this video, we will learn the 3 shortcuts -1) Select Row (Ctrl + SHIFT)2) Add Row (Ctrl and + sign)3)Add Multiple Rows (After selecting multiple rows, press “Ctrl and + sign”)Excel’s basic elements are cells, rows, and columns. To perform well in Excel, one must be familiar with these three elements. In this video, we’ll demonstrate the shortcut keys related to Rows. Connect with us! Youtube https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1LinkedIn https://www.linkedin.com/company/wallstreetmojo/mycompany/ Facebook https://www.facebook.com/wallstreetmojo Instagram https://www.instagram.com/wallstreetmojoofficial/ Twitter https://twitter.com/wallstreetmojo

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Resources for Accountants

Learn Excel -Text to Column Wizard(Fixed Width) in Just 50 Seconds! [Video]

#Shorts In this video, we will learn about how to convert Text to Column(Fixed Width) in Excel What is Text to Columns in Excel?Text to Columns in Excel is a method for separating the text into different columns based on a delimiter or a fixed width. There are two ways to use text to columns in Excel. The first is to use a delimiter, such as a comma space or a hyphen, as an input. The second is to use a fixed defined width to separate text in adjacent columns.In this 50 seconds video, you will learn how to use Fixed Width to convert text to column in excel.For more information, please visit – https://www.wallstreetmojo.com/text-to-columns-in-excel/Connect with us! Youtube https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1LinkedIn https://www.linkedin.com/company/wallstreetmojo/mycompany/ Facebook https://www.facebook.com/wallstreetmojo Instagram https://www.instagram.com/wallstreetmojoofficial/ Twitter https://twitter.com/wallstreetmojo

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Resources for Accountants

Learn Excel Text to Column Wizard in Just 50 Seconds! [Video]

#Shorts In this video, we will learn about how to convert Text to Column in Excel What is Text to Columns in Excel?Text to Columns in Excel is a method for separating text into different columns based on a delimiter or a fixed width. There are two ways to use text to columns in Excel. The first is to use a delimiter, such as a comma space or a hyphen, as an input. The second is to use a fixed defined width to separate text in adjacent columns.In this 50 seconds video you will learn how to use delimiter to convert text to column in excelFor more information, please visit – https://www.wallstreetmojo.com/text-to-columns-in-excel/Connect with us! Youtube https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1LinkedIn https://www.linkedin.com/company/wallstreetmojo/mycompany/ Facebook https://www.facebook.com/wallstreetmojo Instagram https://www.instagram.com/wallstreetmojoofficial/ Twitter https://twitter.com/wallstreetmojo

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Resources for Accountants

How the Yield Curve Works [Video]

You will frequently hear about the “yield curve” in the financial press. A yield curve plots the yield-to-maturity for various terms of a financial instrument.A yield curve is thus a graphical representation of yields at different terms.You can create a yield curve for different terms of any debt instrument (the U.S. Treasury yield curve, the LIBOR-swap yield curve, etc.). The common theme is that a yield curve plots the interest rate yield for a certain type of financial instrument over different times to maturity. If you’re wondering, “what is the yield?” it’s the return an investor would earn if they bought the security today and held it until its maturity date. Note that the yield curve usually has an upward shape. This is because yields are usually higher for longer maturities. This is not always the case, however, and the yield curve can take on different shapes. — Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people. — SUBSCRIBE FOR FREE PDF GUIDES TO THE FINANCIAL STATEMENTS, MANAGERIAL ACCOUNTING, TAX, AND MORE* http://eepurl.com/dIaa5z — HIRE MICHAEL MCLAUGHLIN, PHD, CPA* https://michaelmclaughlin.com/hire-me— GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT* https://edspira.thinkific.com—LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725* Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc* Website: https://www.edspira.com/podcast-2/—GET TAX TIPS ON TIKTOK* https://www.tiktok.com/@prof_mclaughlin—ACCESS INDEX OF VIDEOS* https://www.edspira.com/index—CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira* Instagram: https://www.instagram.com/edspiradotcom* LinkedIn: https://www.linkedin.com/company/edspira—CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin* LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin—ABOUT EDSPIRA AND ITS CREATOR* https://www.edspira.com/about/

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Resources for Accountants

Asset Liability Management | Risk Factors [Video]

We know that ALM is about properly matching assets and liabilities to manage risk, but what specific risks are faced by a typical bank? The most significant risk is interest rate risk. There are several different types of interest rate risk, as discussed below.Interest rate gap risk occurs when:(a) there is a mismatch between floating-rate and fixed-rate instruments(b) the timing of rate-setting for floating-rate instruments is not alignedInterest rate basis risk occurs when floating-rate assets and floating-rate liabilities are set to different indexes. Option risk occurs when a counterparty exercises an option that changes the expected cash flows of a financial instrument (terminating a contract early, altering the contract, etc.).• This is a type of interest rate risk because option risk is closely linked to the interest ratePrepayment risk occurs when a borrower repays the principal sooner than required, and the bank gets stuck re-lending the money at a less favorable interest rate. • Prepayment risk is a specific type of option risk and is closely linked to the interest rate• Prepayment happens when interest rates decline and borrowers decided to refinance Banks also face risk factors aside from interest rate risks. These include:Exchange rate risk occurs when exchange rates change and the bank translates foreign currency back into its functional currency (the bank will recognize a gain or a loss). Price risk occurs when there are changes to the price of investments in a bank’s trading portfolio.Credit risk occurs when a counterparty defaults (e.g., a borrower fails to pay).Liquidity risk occurs when the bank is unable to satisfy its obligations without suffering extreme losses when one or more sources of funding suddenly become unavailable. • A liquidity crisis could be caused by a run on the repo market, an inability to roll over maturing debt, etc.• Liquidity risk can be severe and cause the bank to become insolvent— Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people.— SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS* http://eepurl.com/dIaa5z— LISTEN TO THE SCHEME PODCAST* Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725* Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc* Website: https://www.edspira.com/podcast-2/ — CONNECT WITH EDSPIRA* Website: https://www.edspira.com* Blog: https://www.edspira.com/blog/ * Facebook page: https://www.facebook.com/Edspira* Facebook group: https://www.facebook.com/groups/561316587899818//* Reddit: https://www.reddit.com/r/edspira* LinkedIn: https://www.linkedin.com/company/edspira— CONNECT WITH MICHAEL* Website: http://www.MichaelMcLaughlin.com* LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin * Twitter: https://www.twitter.com/Prof_McLaughlin* Facebook: https://www.facebook.com/prof.michael.mclaughlin* Snapchat: https://www.snapchat.com/add/prof_mclaughlin*Twitch: https://twitch.tv/prof_mclaughlin * Instagram: https://www.instagram.com/prof_mclaughlin*TikTok: https://www.tiktok.com/@prof_mclaughlin

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Resources for Accountants

Data Validation in Excel – Overview, How to Use Data Validation & Create Drop-down Lists? [Video]

Data Validation in Excel – This tutorial will teach you how to use Data Validation in Excel to improve the accuracy of your data by creating a drop-down list and adding data validation checks. With the help of a practical example, we will also look at the types of data formats allowed.How to use Data Validation in Excel?——————————————–Data validation in Excel is used to limit a user’s ability to provide inputs to specific cells or input ranges. It provides pre-defined inputs for a user to choose from in order to avoid multiple formats of the same data.Purpose of Using Data Validation:——————————————–• Prevent users from filling up the worksheet with erroneous or invalid data values• The Data Validation window allows users to quickly gather, sort, and analyze data. The values have a criteria established and can be seen in the Data Validation window• When a worksheet cell is selected, custom messages specifying the valid data format are displayed, thus, acting as a guideline to users while inputting data —————————————————————————————–To know more about the Data Validation in excel, you can go to this link: https://www.wallstreetmojo.com/data-validation-excel/——————————————————————————————Connect with us! Youtube https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1LinkedIn https://www.linkedin.com/company/wallstreetmojo/mycompany/ Facebook https://www.facebook.com/wallstreetmojo Instagram https://www.instagram.com/wallstreetmojoofficial/ Twitter https://twitter.com/wallstreetmojo