Articles by "Loan Information"

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Showing posts with label Loan Information. Show all posts

5:56 AM , , ,
You've been feeling uneasy ( perhaps even guilty ) because you've failed to report your under the table business income. Perhaps you've never filed a tax return, even though you know you owe money. Finally, you contact an accountant to resolve the situation.
Although it is commendable that you are trying to correct matters, hiring an accountant to do these delinquent returns could be a big mistake. The reason why is because tax evasion is a criminal offence or felony. You might also be subject to civil action.

Would you hire an accountant to defend you in a criminal proceeding ? Not likely. You would be wise to hire a qualified attorney.

First of all, lawyers have something called solicitor-client privilege ( also known as attorney - client privilege or legal advice privilege ). This basically means that things you tell your lawyer when seeking legal advice are confidential and can't be used against you. Even written records can be covered by this privilege.

On the other hand, your accountant can be compelled to testify against you and all records in his possession can be demanded by the authorities.

Second, your lawyer can prepare a legally binding agreement that can protect you. In return for your coming clean, the tax authorities may agree not to charge you criminally and, in some cases, even reduce penalties or tax liability.

If your accountant tried to do the same thing, they could demand all information about you. Your accountant would not be protected by solicitor-client privilege.

If, say, your accountant filed your tax return from ten years ago on your behalf, the tax authorities could still charge you with tax evasion, despite the fact that you are obviously trying to rectify matters (albeit a bit late).

It is even possible that your accountant could get into trouble for failing to report your delinquency. On the other hand, your lawyer can't be compelled to testify against you, being protected by solicitor-client privilege. Your lawyer may also have his own in-house accountant in order to protect you.

Your lawyer ( specializing in criminal and tax law ) will likely negotiate an agreement with the tax authorities before filing any tax returns.

Therefore, if there is a good chance you could be charged criminally for your failure to file tax returns or properly report income or expenses, don't see your accountant. Instead, consult a lawyer specializing in such matters before you file or amend any returns.
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9:37 PM ,
Choosing the best time to consolidate debts depends on many factors. Although debt consolidation companies are very effective, many consumers are hesitant to receive help for managing their debts. Besides, if using a debt management service, some creditors will report third party assistance on your credit report. If this information is included on your reports, other lenders may consider you a risk.
Knowing When to Consolidate

Although using a bill consolidation company may be slightly damaging to your credit score, the long-term effects of having a negative credit rating are worse. Thus, if your debts are getting out of control, a debt consolidation may be a way to avoid bad credit. Even if your credit score has already declined, a debt consolidation company can help raise credit rating. If contemplating a debt consolidation, look for three signs.

Finance Charges and Late Fees Exceed Credit Limit

Keeping credit cards at the maximum limit can become a serious problem very quickly. A high balance credit card equals a higher monthly payment. When unable to pay the minimum, some consumers stop paying creditors altogether. However, just because the account is maxed-out does not mean that creditors will no longer charge fees.

To avoid a snowballing effect, continue making credit card payments, and never go over your limit. By exceeding a credit limit, additional fees are applied. In turn, you are stuck paying late fees, finance fees, and over-the-limit fees.

Harassing Phone Call from Creditors

If you do not submit regular monthly payments to creditors, expect several phone calls throughout the day. Unfortunately, creditors have a right to call homes when attempting to collect a debt. Thus, registering with the national "do not call registry" will not stop harassing phone calls.

If creditors begin to call, the only way to stop the phone from ringing is to setup a payment arrangement. However, if payment is not received by the arranged date, the creditor calls will continue.

Unable to Afford the Minimum Payments
Understandably, the majority of people want to handle their debts themselves. However, if you have too much credit card debts, it may become difficult to afford the minimum monthly payments. In this case, a debt consolidation and bill company is necessary. Because these agencies negotiate lower interest rates, monthly payments become more affordable.
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8:38 PM , ,
According to business analysts, the home-based business trend is on the rise and a lot of people are jumping onto self-employment. The news is not surprising since there are many advantages in being self-employed and owning your own business. Aside from the fact that you can actually call something your own, there is also the sense of achievement brought by personal success. On the practical side, you get to be your own boss, which means that you decide your hours and how much effort you'll put into a project. Plus, there are certain advantages exclusive to dealing with self employed tax, sole proprietor tax, business tax, and other monetary matters.

Managing your taxes is easy, says Jan Zobel, a freelance tax specialist. Drawing from over 2 decades of tax management experience, she has the following suggestions on how to manage self employed tax, sole proprietor tax, business tax, and other independent taxes. She suggests filing appointment books, daily planners, or calendars with finance materials like taxes and banking records. Zobel tips that there is money in keeping time. Your schedule can be used as proofs to verify and clarify business expenditures like travel mileage, phone bills, and hotel receipts. Presto, instant tax deductions. She advises to log in your travel time and miles driven in business trips in your appointment book. Aside from this, Zobel also warns to take note of financial details. Often, these are the causes of tax troubles. Record those bank account deposits, regardless whether they are loans, gifts or business-related. It is also helpful if you note deposit sources. Keep these notes in a checkbook or a separate file. This way, you can separate business income from loans and gifts which aren't covered by tax. The IRS usually assumes undeclared income if audits reported an income excess even if these came as gifts. Proofs or records of these gifts prevent tax problems from the IRS. Zobel asserts that insisting you can remember everything related to your finances come tax time is unrealistic
Self employed tax, sole proprietor tax, business tax, and independent taxes benefit greatly from separating business accounts from personal accounts. Zobel advises to keep business money in a separate account and your own money in your own account. Be reminded to write checks for business purposes from the assigned account and vice versa. For those who don't want separate accounts, Zobel suggests to note each check with remarks such as "business" or "personal" each time you write one. Identifying the purpose of the check won't hurt either such as "for office furniture". This tip minimizes mix-up of your personal and business finances. Following this tip, keeping credit cards for personal and business use separately is also preferred. She also reminds that interest in credit cards for business purposes is a hundred percent deductible. Zobel advises keeping credit card and sales receipts. These are especially handy during audits for reference. Consulting tax specialists, professional tax managers, and the internet for tax managing tips are also advised.

Lastly, whether you pay self employed tax, sole proprietor tax, business tax or freelance taxes, keep your records clean and straight. Remember also to settle your taxes on time. Racing after deadlines can make you forget key documents which might cause tax problems.
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