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It’s Tax Time. Are You Taking All the Deductions Allowed?

NewsUSA — Thu, 12 Jan 2012 05:00:00 +0000

(NewsUSA) – Here’s a scary number to keep in mind if you’re just getting your tax receipts together: $1 billion.
No, it’s not the amount that Warren Buffet’s secretary — let alone Buffet personally — paid the IRS in her lifetime. It’s how much taxpayers approximately wind up forfeiting each year to the government because of self-inflicted tax errors like: failing to claim tax credits and deductions legally due them; choosing the wrong filing status; and not bothering to send in a return at all.
Well, guess what? A slew of recent changes in the tax law won’t make things any easier this year.
“At a time when taxpayers are hurting, it really doesn’t make sense to leave money on the table,” says Elaine Smith, master tax advisor at H&R Block, the giant tax preparation firm (www.hrblock.com).
Here are some things — good and bad — to watch out for:
* Casualty losses. Hurricane Irene. Midwest tornadoes. Texas wildfires. Mother Nature went a little nutty last year, and — if the president declared your area a disaster — you could be able to claim your loss as an itemized deduction on your 2011 return or on an amended 2010 one.
* Reduction in the Energy Savings Home Improvement Credit. At its height, this was a 30-percent credit on the cost of high-efficiency windows, furnaces, central AC and the like. It’s now 10 percent. Plus, the maximum lifetime credit went from $1,500 to $500. “That means if you spent a total of $5,000 on IRS-approved upgrades in 2011,” says Smith, “you can claim a $500 credit. Unless, that is, you’d already maxed out in prior years.”
* Expiration of the tax credit for hybrid cars. If you bought a Prius last year, you did so without the feds’ help. However, the green cars du jour — i.e., the electric-drive Chevy Volt and Nissan Leaf — will score you a $7,500 credit. And there are goodies for things like conversion kits, too.
* New cost-basis reporting requirements. Apparently, some of you were inflating the price you paid for stocks to reduce the taxes owed on capital gains. Or at least the government fears that was happening. So look out for a mandatory statement from your broker reporting your “cost basis” for stocks and securities held in taxable accounts — as opposed to 401(k)s and IRAs — that you sold in 2011.
Of course, with the April 17 filing deadline approaching, those worried about becoming a member of the $1 Billion Club might want to consult a professional like those at H&R Block, which offers in-person services at its retail offices nationwide as well as the only face-to-face online preparation through Block LiveSM.

It’s Tax Time. Are You Taking All the Deductions Allowed? was posted at Copyright Free Content. | http://www.copyrightfreecontent.com

Fee Transparency: Will We Know It When We See It?

ChadJohnson — Tue, 20 Dec 2011 16:00:33 +0000

The recent surge of anti-banking sentiment is clearing the way for a new age of banking where institutions must become transparent. But transparency has its burdens, too. Companies that hit the transparency mark leave themselves vulnerable to more criticism because the fees are simply easier for users to access. Are we distinguishing between the banking giants and the bank around the corner? The national, one-size-fits-all and the niche banks that serve a specific group?

One such company, Higher One, designed its services specifically around the needs of college students — and transparency was a theme from the beginning — challenging users to find other fee schedules faster than theirs. Higher One isn’t a big bank, it’s a small company offering checking accounts to students receiving financial aid through its banking partner. Although student angst swelled with the national rise in financial stress, and some complaints about Higher One were publicized, students overall don’t have complaints about their Higher One account. It received an A+ rating from the Better Business Bureau and millions of students use it.

“As the biggest U.S. banks backed down from recent fee increases due to public pressures, fees will likely increase in other, less transparent ways. For students, the OneAccount still proves a good deal,” says Michael Flores, CEO of Bretton Woods — a financial services firm that analyzed available options for students to access their financial aid refunds. “They are offered reliable choices with a secure, low-cost, straightforward banking experience.”

Flores’ thorough comparison of student banking options measures how Higher One’s primary checking account, the OneAccount, actually stacks up against bank offerings. Flores says Higher One doesn’t just believe in fee transparency, its FDIC-insured checking account is based on it. For college students, his research says the four biggest national banks can have an average annual cost of $129. By comparison, according to Flores, the OneAccount costs an average of $45 annually. Flores says to look at the big picture — the annual cost, not to focus on just one fee.

The OneAccount is a full-service account designed for the average college student with no minimum balance, no monthly fees and no credit check — which helps many students considered “unbankable” because of their financial history. Since student life revolves around campus activity, the OneAccount is linked to a Debit MasterCard that can be used for free to get cash at Higher One ATMs located on campus or swiped anywhere else MasterCard is accepted.

The account offers direct deposit and other features often reserved for more premium-level accounts (mobile banking alerts and mobile deposit features revolve around actual patterns of usage by students). There are a few fees related to the checking account, but the fees are completely transparent and are not much different from national or regional banks. In fact, students receive instruction on how to avoid fees, a topic they’re educated about upfront through on-campus signage and literature, email campaigns, videos and the account website.

Fees that Higher One emphasizes in its educational materials include a PIN fee and a foreign ATM fee. By selecting “credit,” not “debit,” when you swipe for purchases, users avoid a $0.50 PIN fee and can protect themselves from fraud. The other fee is the same foreign ATM fee charged by nearly every bank. Students at Wayne State University attest to Higher One’s simple fee structure.

Across the country, James Garcia, a student and OneAccount holder at East Los Angeles College, says, “To this day, I don’t think I’ve ever had to pay a fee. Even though I have another checking account, I use my OneAccount all over because it’s just convenient.”

Fee Transparency: Will We Know It When We See It? was posted at Copyright Free Content. | http://www.copyrightfreecontent.com

How to Avoid the Pitfalls of Starting Your Own Business

NewsUSA — Wed, 12 Oct 2011 05:00:00 +0000

(NewsUSA) – Maybe it’s something you’ve been dying to do for years. Or maybe — like so many others these days — the idea of starting your own business only suddenly became attractive after you’d either lost your job or felt about as secure as a politician caught sexting in the one you now have.Whatever the reason, know that while your passion for your product or service may be your best secret weapon — "The Wall Street Journal Complete Small Business Guidebook" says it’s "often the difference that hooks customers, lands deals and attracts investors" — that alone won’t guarantee success.Herewith, then, some tips for avoiding the pitfalls ahead:* Use technology to stay lean. Clearly, one reason the average size of all start-ups has dropped to 4.9 employees today from 7.5 in the 1990s is that the web exists to help minimize your expenses. The National Small Business Administration reports, for example, that "most small companies" now buy supplies, pay bills and manage payrolls through web-based services. Even if it’s only your sister-in-law doing your books, you might want to rethink it.* Protect your ideas. If you think you’ve devised the proverbial "better mousetrap" and are looking for a financial backer to market it, take heed: Before sharing anything patentable with anyone, at the very least get a signed nondisclosure agreement promising they won’t steal it. "In the end," the Wall Street Journal warns, "the best way to protect yourself is by being extra cautious about whom you share your idea with."* Learn from what works. "Continuing to innovate has been key to our success," says Bob Tafaro, CEO of the New Jersey-based GAF (www.gaf.com). The company was already North America’s largest roofing manufacturer when it decided a few years ago to also embrace the whole green movement — a decision that (pay attention here, would-be entrepreneurs) not so incidentally resulted in glowing free press coverage of its "cool roofs" initiative even as it readied to celebrate its 125th anniversary.* Do your homework. For those looking for a shortcut to becoming their own bosses, buying into an existing franchise has become increasingly popular. But there are literally thousands of franchise systems operating in dozens of industries, and deciding whether any are right for you should include researching questions like: Is there a demand for the service in your neighborhood? Could it be just a fad?One last statistic for you: According to the Small Business Administration, small employers — led by start-ups — have generated 65 percent of net new jobs over the past 17 years. Among other things, that at least means you’re not alone.

How to Avoid the Pitfalls of Starting Your Own Business was posted at Copyright Free Content. | http://www.copyrightfreecontent.com

Minimize Retirement Risk With Permanent Life Insurance

NewsUSA — Wed, 12 Oct 2011 05:00:00 +0000

(NewsUSA) – With persistent economic uncertainty, retirement worries plague many Americans. Instead of dreaming about their golden years, workers may be haunted by the possibility of a retirement where the idea of not having enough money may not be hyperbole. Consumers are looking to diminish risk and take control. A financial professional will tailor a plan to fit an individual’s own financial goals, but permanent life insurance should be a part of any diversified retirement strategy and can offer security and growth for those with a number of working years ahead.Permanent life insurance offers death protection as well as the potential for cash value accumulation, which can be an important source of retirement income. As the value of a permanent policy grows tax deferred over time, the cash may be used for any purpose.* This kind of life insurance offers a measure of flexibility that enables consumers to make choices and better manage their financial lives and can augment other income sources like Social Security, 401k savings or pensions for those lucky enough to have them.The income stream from a permanent life insurance policy may also help cover the "gap years," which fall between retirement and the age when Medicare and Social Security benefits begin. Most retirees will need the guidance of a financial professional to determine the best use of resources during the gap period and throughout retirement. However, consumers should know that a permanent insurance policy could be the difference between retirement at an age you desire instead of when Social Security and qualified plan distributions start. This additional resource may also enable a retiree to delay the start of Social Security payments, which will ultimately deliver larger monthly sums over time.In addition to assisting with bridging the gap years, a permanent insurance policy may help cover unexpected or planned expenses from healthcare costs, to paying for a grandchild’s college education, to contributing to the start-up of a family business.No matter how permanent insurance is ultimately used, if structured properly, a policy can provide an income tax- and estate tax-free death benefit. Retirees can then spend their retirement income knowing they will still leave a legacy to their children or a favorite charity.To learn more about how to leave a legacy and strengthen your retirement plan with permanent life insurance, please visit www.pennmutual.com. *Accessing cash values may result in surrender fees and charges, may require additional premium payments to maintain coverage, and will reduce the death benefit and policy values.

Minimize Retirement Risk With Permanent Life Insurance was posted at Copyright Free Content. | http://www.copyrightfreecontent.com

Maximize Profits From Your Rental Property

NewsUSA — Wed, 12 Oct 2011 05:00:00 +0000

(NewsUSA) – Managing a rental property can be an excellent source of income in today’s economy.
A third of the nation’s households rent their residences, according to the 2010 U.S. Census Report, and that number rises as high as two-thirds in large metropolitan areas, such as New York and Los Angeles.
Given the steady demand for rental housing, it’s no wonder that individuals are investing in real estate, but there are several things property managers should know if they hope to make a profit.
First, it is important that landlords screen all potential tenants to ensure they have reliable income and will pay bills on time. Once you have secured tenants, keeping them happy, while still running a successful business, is your primary goal. Maintaining a clear, written record of any exchanges you have with tenants will make it easy to track any problems.
It’s also essential that all properties satisfy basic living conditions, such as adequate weatherproofing, and that they adhere to state regulations for safe electrical wiring and ventilation. Landlords are required to arrange for necessary repairs. It’s good to develop relationships with local contractors, so tenants remain satisfied, and the property stays in top shape.
Property management is expensive, even with the supplemental income that rent provides, and many property managers lose a substantial amount of money each year by not taking advantages of available tax deductions. Insurance costs, repairs and independent contractor wages are all fully deductible but often go overlooked. A detailed record-keeping system is the best way for landlords to track their income and expenses, but many simply do not have the time.
One way to address this issue is to hire a bookkeeping firm to take over bookkeeping duties. On Call Accountants (www.oncallaccountants.com) is one such company that specializes in outsourced accounting, financial reporting and consulting for small and mid-sized businesses. By handing this job over to the professionals, property managers can maximize profits with minimal headaches. For more information about On Call Accountants, visit www.oncallaccountants.com.

Maximize Profits From Your Rental Property was posted at Copyright Free Content. | http://www.copyrightfreecontent.com

Businesses Find Opportunity in Idaho

NewsUSA — Wed, 12 Oct 2011 05:00:00 +0000

(NewsUSA) – Imagine a place where a balanced budget is required by law, a place where terms like ‘fiscal responsibility’ still mean something. Doesn’t that sound like a business utopia? It’s just Idaho.If you’re suddenly thinking of mountains and potatoes, you only have part of the story. Start thinking low property cost, stable tax environment and affordable cost of living. That’s the real Idaho, a smart business choice — an ideal location to expand, start or move your business."The people are what tipped the scales for us. The people living here in the [Idaho] community will provide us a great pool for our workforce," said Mark Pitchford, vice president of direct sales and service of Allstate. "We’ve got great support from the local community, the chambers and the mayors. It’s incredible to be able to bring together that kind of effort. We’re thrilled."Allstate recently chose Idaho to open a 75,000-square-foot customer care center employing 600 people. Other than the promising workforce, Pitchford was excited by the business benefits of his partnerships with the local and state governments.Idaho’s commitment to fiscal responsibility maintains a balanced budget, leaving no wiggle room for unexpected tax spikes. Idaho has the second-lowest energy costs in the nation, and it’s conveniently located for product distribution in the western United States. The northwestern state was also ranked number three in highest projected job growth by the Bureau of Labor Statistics.The financial community salutes Idaho for its business-savvy methods as well. Forbes ranked Idaho first in patents per capita, fifth in best economic outlook and ninth for entrepreneurship and innovation.But business opportunities don’t stop there. Low property costs plus low energy costs using hydro-electric power make expansion or relocation an attractive option. Not to mention, cost of living is low, and quality of life is high. Idaho has a shockingly low crime rate, short commutes and access to an abundance of nature and wildlife.As Allstate affirms, happy employees translate to happy customers, which will only enhance a company’s bottom line.To learn more about the favorable business climate of Idaho, visit www.commerce.idaho.gov.

Businesses Find Opportunity in Idaho was posted at Copyright Free Content. | http://www.copyrightfreecontent.com

Create Beautiful Gifts on a Dime

NewsUSA — Wed, 14 Sep 2011 05:00:00 +0000

(NewsUSA) – A beautifully wrapped gift can make any present look like a million bucks. Fortunately, you don’t have to be a gift-wrap expert to make your gifts shine. Follow these simple, inexpensive tips for giving the perfect present every time.
Be prepared. Stock up on wrapping paper, tissue paper, bows and gift bags at discount stores like Dollar General. Pre-and post-holiday sales provide great opportunities to stock up on the essentials. Pick some neutral designs, and you’ll be ready for birthdays and other celebrations as well as the holidays. And don’t forget necessities such as tape, scissors and pens.
Keep it simple. Wrapping doesn’t have to be elaborate to be beautiful. Combine a solid wrapping paper with a patterned bow. Or, go for a funky look by mixing polka dot paper with plaid ribbon. Use pre-made bows to ensure the perfect bow. No time to shop for gift wrap? Use the comics section from the Sunday paper for fun and colorful gift wrap.
Box it up. Wrap your gifts easily with boxes, tins or bags that need no adornment or accessorizing. Stock up on solid color gift bags that can be used year-round by simply placing your gift in the bag with a few sheets of tissue paper. Take advantage of the festive, fun and inexpensive boxes and tins at discount stores. They make baked goods and small gifts look special with little effort.
Use scrapbook trim. Put your scrapbooking expertise to work when wrapping gifts. Stickers and embellishments typically used for scrapbooking are great for putting special touches on presents. With the variety of tools and accessories available, it’s easy and inexpensive to personalize your gift.
Accessorize with style. Adorn your package with something other than a bow. Does the recipient have a sweet tooth? Top things off with a candy cane or wrapped cookie. Add a personal touch with a keepsake ornament or small picture frame with the photo of a grandchild or favorite pet. Unique accessories will impress friends and family before they even open the present.

Create Beautiful Gifts on a Dime was posted at Copyright Free Content. | http://www.copyrightfreecontent.com

Family Caregivers Face Pain Challenges

NewsUSA — Wed, 14 Sep 2011 05:00:00 +0000

(NewsUSA) – Every day, many Americans find themselves in an unexpected new role. They become a family caregiver for a loved one suffering from chronic pain.
Experts estimate that chronic pain affects millions of Americans. Pain can interfere with daily activities, causing patients to lean heavily on family and friends.
Providing care for a loved one experiencing chronic pain presents challenges, such as making sure your loved one reports pain to his or her healthcare provider. Even with chronic diseases and conditions, pain should be taken seriously by doctors and physicians.
“Each person feels pain differently. Although it is a physical sensation, perceptions of pain are influenced by social, cultural and psychological factors,” said Suzanne Mintz, president and CEO of the National Family Caregivers Association. “It can be difficult to make sure your loved one’s pain is evaluated appropriately.”
Unfortunately, there’s little information and few resources available to help family caregivers cope with these problems. The National Family Caregivers Association has teamed up with the pain management education program Partners Against Pain to create Caregiver Cornerstones, a program providing information, encouragement and tools to family members. The four Caregiver Cornerstones are:
1. Learning about pain management. Taking an active role in helping to manage a loved one’s pain may help you feel more useful and worry less.
2. Caring for a person with pain. This includes making sure that patients receive proper assessment and follow their treatment plans.
3. Caring for yourself. Being a family caregiver can be a demanding job. Allow others to help provide a support system.
4. Advocating for all people in pain. The Cornerstones program strives to raise awareness about the importance of access to appropriate and effective pain care.
Find more information at www.partnersagainstpain.com.

Family Caregivers Face Pain Challenges was posted at Copyright Free Content. | http://www.copyrightfreecontent.com

How to Teach Your Kids About Money

admin — Wed, 20 Apr 2011 01:57:10 +0000

Studies have shown that parents have the greatest influence on their children’s financial habits, and now, more than ever, mothers and fathers are taking the primary role in educating kids about healthy money management.

“Most financial experts agree there is a need for financial discussions among families to avoid or soften potential future economic upheavals,” says Suzanne Poole, executive vice president, retail sales strategy, TD Bank. “According to a recent financial literacy poll by TD Bank, only 50 percent of families report having weekly conversations with their children, even though there are easy ways to incorporate tips about money in everyday conversation.”

TD Bank surveyed 1,637 consumers within the Northeast as well as in Florida and Washington, D.C. With a little more than half of families having weekly conversations with their children about money matters, it’s important to keep it simple, be honest, and make it fun. Now, let the lessons begin:

Be Open: According to the survey, a majority of parents agree that honesty is the best policy when talking to children about household finances. Perhaps as a result of the recent economic struggles, the survey found that 55 percent of families say they are talking with their children more often about money.

“Talk with your kids about the state of the economy, and more importantly, be open about your family’s specific financial situation,” says Poole. “Children tend to learn through real-life experiences and what better way to do so than by being informed about their family’s financial situation?”

Set Savings Goals: TD Bank’s survey showed that teaching children to save with a piggy bank is one of the most popular money-related activities. That being said, only one in three parents reports setting a savings goal. If your child is saving, help them set goals and define the steps needed to reach them. Use a calculator and show them how much money they will have after a period of time if they save a certain amount every week or month. Then post a chart that shows the progress they’re making toward their goal.

Establish a Family Budget: Budgets are the most basic line of defense against unhealthy family finances and can be used to help explain to children the differences between needs and wants. According to a recent report from the Federal Reserve Bank of New York, better budgeting contributed to Americans paying off nearly $1 trillion in debt over the past two years. Despite the evidence that better budgeting can lead to saving, the survey shows that 47 percent of families are still not following or creating a monthly budget. Financial websites, such as Mint.com, offer free programs and budget templates to develop a financially fit family budget.

Enroll in Financial Literacy Programs: Financial literacy can be a daunting task for parents, but there are educational tools and programs that can help with this process. For example, TD Bank offers an interactive financial literacy program for grades K-12 called “WOW!Zone.” It is available online for free at www.tdbank.com/wowzone and offers advice and resources for parents to teach children and teens about money, savings and banking.

How to Teach Your Kids About Money was posted at Copyright Free Content. | http://www.copyrightfreecontent.com

New Ways to Save on Summer Travel

NewsUSA — Thu, 07 Apr 2011 05:00:00 +0000

(NewsUSA) – Planning a summer getaway? Consumers can save time and money during the high-traffic summer travel months by harnessing the power of collective buying sites like Groupon.com to help plan budget-friendly trips that don’t sacrifice quality or fun.
Known for offering daily deals from top local businesses, these websites are also a great resource when it comes to travel. Experts recommend that consumers sign up for the daily emails for the city they plan to visit in the coming months. From here, begin receiving deals and start saving! Plotting out a vacation itinerary and cashing in on deep discounts for everything from unique local activities to dining options and even hotel stays is as easy as clicking “Buy.”
“Shoppers use Groupon.com as a travel guide that’s updated daily,” said Andrew Mason, founder and chief executive officer of Groupon, a shopping website that offers daily deals on the best local goods, services and cultural events in more than 500 markets around the world. “We offer a variety of deals at unbeatable prices every day. Our merchants are more ‘hidden gems’ than ‘tourist traps,’ so group buying is an ideal choice for the person who wants to vacation like a local this summer.”
Mason provides some top deal options to look out for when planning trips this season:
Lodging: From bed and breakfast boutiques to luxury hotel packages, shoppers can find local lodging for 50 percent off.
Outdoor Activities: Enjoying the beautiful summer weather is easy with Groupon. Shoppers should keep their eyes peeled for deals on Segway excursions, walking tours, zipline trips, kayak rides and other adventurous outdoor activities.
Dining: From five-star restaurants to best-kept secrets, and everything in between, collective buying sites help visitors save up to 90 percent on dining while traveling.
Relaxation: Every good vacation involves some pampering. Popular deals include couples massages and rejuvenating skin treatments.
Cultural: Checking out current local theater, festivals and museum exhibits is easy with daily deals that guide shoppers to the best options for their upcoming trip.
By consolidating the best local options in hundreds of cities nationwide, daily deal sites are quickly becoming the go-to travel guide for consumers planning trips this summer. Not a subscriber? Visit www.groupon.com to sign up for free and start receiving deals in your local city and upcoming vacation destination today.

New Ways to Save on Summer Travel was posted at Copyright Free Content. | http://www.copyrightfreecontent.com