If someone offered to give you a loan for $2100 at interest
rates of up to 222 percent you'd probably laugh at them and walk
away; but, this spring, 1 in 10 Americans will do just that: for
the privilege of borrowing their own money, over 12 million tax
filers will pay interest rates as high as 744 percent to borrow
their own money thru refund-anticipation or 'rapid refund' loans.
Refund anticipation loans are short term, high interest loans
that commercial tax preparation services offer to ...
Read the rest of this entry »
September 8th, 2010 in
Finance
Don't wait until this year's deadline for tax filing and tax refund has ended. Avoid putting it off because you're intimidated by doing all that paperwork. It's important that you file your taxes as soon as possible so you avoid the penalties that can suck your money dry. It's as important also for you to file tax returns and exemptions to get your money back. We need to be smart and know that filing taxes protects us and our money, so here are several tips to help you get ...
Read the rest of this entry »
September 7th, 2010 in
Finance
Have you been thinking about incorporating your small business
or self-employment activity? The advantages are many!
For starters, you'll be protecting yourself and your family from
the possibility of a business ending lawsuit. Forming a
corporation is Step One on the path known as "Asset Protection"
-- you are moving from the world of unlimited liability to the
world of limited liability.
(NOTE: For further insight into the legal advantages of
incorporating, check out the article: "It Can ...
Read the rest of this entry »
September 6th, 2010 in
Business
Tax can be a complicated matter. Perhaps that's why many people feel stressful when it's time to file for tax returns. For example, different types of wages or earnings require different forms. When filing for tax returns, the first thing you need to do is to make sure that you got all the forms that you need. Traditionally, e-filing is a tedious process. You wait for the forms to arrive in your mailbox, and if you didn't receive them, you may have to request for a set of tax forms. Although ...
Read the rest of this entry »
September 5th, 2010 in
Finance
Where can a business owner obtain tax information? When you
don't know what questions to ask, it's very helpful to take some
classes, and read a few articles prior to visiting with a CPA.
Enjoy these resources:
Internal Revenue Service (IRS) The IRS has the best free classes
around! Call your local office to find out when the home
business or sole proprietorship classes are held. The home
business class is a half-day class; the sole proprietorship
class is a full day. The difference between ...
Read the rest of this entry »
September 4th, 2010 in
Business
The federal government of the United States levies the federal income tax and it is levied on every taxable earner of the United States. This includes the resident aliens and every earning individual who Adjusted Gross Income is above a stipulated level. The Internal Revenue Service (IRS) handles the federal income tax levy and administration.The taxable income of the person is determined by a two-tiered system. First the person's actual income is determined and this is considered as the base ...
Read the rest of this entry »
September 3rd, 2010 in
Finance
Use tax for out of state sales
In recent years, most states have stepped up their attempts to
require out-of-state retailers like EBay store operators and
telemarketers to register for the purpose of collecting their
use taxes.
The good news about use tax
Unless you have a 'physical presence' in a state, you can
legally avoid registering for and paying its use tax.
A state's taxing power extends only as far as it borders. A
state cannot force you to pay its taxes unless you do ...
Read the rest of this entry »
September 2nd, 2010 in
Business
Buying a business in today's economic climate requires that you,
the buyer, be on the ball, with regard to business basics. This
economic climate, as far as businesses are concerned, is a
sellers market.
With the corporate downsizing, economic downturn and other
factors, there are a lot of very knowledgeable buyers out there
looking for one of the very few good business to buy. This means
that you, as a buyer have a lot of competition. Consequently,
you need to be well prepared. Professional ...
Read the rest of this entry »
September 1st, 2010 in
Business
Five *Superb* Tax Shelters For The Long-Term
Consider these 5 Tax Shelters to SLASH your income taxes over
the long term.
1. Your Castle=Sweet Tax Goodies
Homeowner taxpayers who are married can exclude up to a $500,000
gain on the sale of a principal residence, and $250,000 for
single taxpayers. For married taxpayers, there is an ownership
test and a use test. The individual taxpayer must have owned and
occupied the property as his or her principal residence for at
least two years out of ...
Read the rest of this entry »
August 31st, 2010 in
Business
The expiration of the Federal Tax Credit for first-time and existing homebuyers has been detrimental to home sales in many markets across the United States.
The decline in sales was far more substantial than economists predicted. Many markets were hit with a decline as much as 25% to 30% in home sales, often twice their expected drop.
While April new-home sales were up 45% from the previous year put the annual home sales rate at 504,000. Weak sales figures for May left many home ...
Read the rest of this entry »
August 30th, 2010 in
Business