Need assistance with data entry? RightCapital is here to help! Please use the common questions and answers below to assist you in generating financial plans. For additional assistance use the link to our support team at the bottom of the article.
To enter a partial stake in a business, enter the portion of the business that the client owns as the current value. Ex. if a client owns 50% in a $1,000,000 business, we would enter a current value of $500,000.
The annual income for a business entry represents the income from the business that RightCapital uses to generate tax estimates. In contrast, the distribution line is the amount included in the financial plan's cash flows. The annual income field will only impact taxes generated, while the annual distribution field will only impact the cash inflows of the plan.
Tax-deductible business expenses are entered in the Profile > Expenses > Add Expense> Other Expense > adjust the "tax deductible" dropdown. The impact of tax deductions can be seen in the Tax > Tax Estimate > Details Tab.
K1 & Partnership income is best-entered in Profile > Net Worth > Add Account > Other > Asset type: Business : S-Corp. You can add the income within the ‘Annual Distribution’ field in this entry. You will see this amount as an income inflow within the Cash Flows. This income will not be subject to FICA tax. Any portion of the k1 income that is to be subject to FICA tax can be separated and entered in Profile > Income with a Salary card.
For additional assistance within RightCapital please contact our Support team.
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