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3 Reasons Why You Shouldn’t Worry About Your New Chip-Enabled Credit Card

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Transitions are never fun: maybe you’re looking to buy a new home in this growing real estate market, or you’re fixing to enroll in school for another degree. Changing jobs maybe? What with the fluctuating economy, whatever decision you’re going to make is about the equivalent of stirring up a hornet’s nest. Such is the case with this massive yellow jacket of a transition: chip-enabled credit card technology, also known as EMV. And as of this past October, guess what — you’ll very soon be forced to use these new type of credit cards.

Fear Not, Though, and Don’t Be Frightened — Chip-Enabled
Credit Card Technology Won’t Sting

chip-enabled credit card-1

Aside from the fact that the U.S. is at the moment the last country on the planet to use the old-fashioned magnetic strips you find on credit cards (Europe and other countries utilize EMV religiously, along with PIN identification for further prevention of ID theft and credit card fraud), you have three reasons to believe that everything should be okay as the commercial industry, specifically regarding credit cards, will do just fine with this new chip-enabled credit card technology:

And that’s just the start. There will be numerous other benefits associated with chip-enabled credit card technology as EMV continues to flourish and dominate the spectrum.

The Best You Can Do Is Be Prepared

Those credit card companies won’t spring the new cards on you while you’re not looking, just so you know. It will be a transition, not a big surprise. But a good transition at that.

Want to know more about what’s headed for finances? Sign up with ITPN, perhaps; of if you’re a home renter, you might want to enroll with Assisting Renters. Be in the know. And be prepared.

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The post 3 Reasons Why You Shouldn’t Worry About Your New Chip-Enabled Credit Card appeared first on OWNWITHHOPE.

How to Screw Up Your Cash Flow Forecasting: the Income Line

Credit’s big in business, too. Ever heard of a company credit card? Yes, that CEO better keep a close eye on that one. More importantly, though, is how a business can screw up their credit not from the ground up, but shockingly enough — from the very top.

Cash Flow Forecasting Largely Relies on the Income Line Predictions!

What that is, simply put, is the statement of cash flow from the very top: we’re talking about actual cash flow forecasting-1income projections. The actual forecasting. If it’s not done right, cash flow forecasting basically sucks! It’s the biggest error a business can make, and perhaps not one financial adviser on planet Earth can rectify it (but perhaps Cloud Based Bookkeeping can!).

It’s not, though, like you have a monkey crunching the numbers. You don’t have to be a dunderhead to make the big errors in cash flow forecasting, really. All it takes is one subtle inefficiency, and the entire financial structure can come crumbling down. That’s a bad thing given the fact that this inefficiency comes from the very top.

A typical error you might see when it comes to cash flow forecasting is the line item incrementalizing. In other words: don’t ever forecast growth for the next year based on what you did last year. Just because your business grew by 10% doesn’t mean you can forecast growth at a 12% rate. We understand ambition, and we certainly like to see people swing for the fences. But when it comes to taxes and finances…. Anything goes.

Education Is Power When It Comes to Finances

So says H.O.P.E., right? Seriously, though, whether you’re a rent-to-own landlord looking for a consultant to make sure all the numbers and legal stuff’s squared away, or you’re just in business to get your bookkeeping done right as this review states, one thing’s for sure: the assistance, education, and consultation available will be a tremendous help even when you’re doing a DIY credit repair. Be in the know. Right now.

The post How to Screw Up Your Cash Flow Forecasting: the Income Line appeared first on Independent Credit Solutions.

(via What Will Alimony Do to Your Tax Return?)

(via What Will Alimony Do to Your Tax Return?)

Why Bankruptcy Filings Require Credit Counseling Approval

This is honestly why credit counseling and credit repair are so important to us. It’s considered the first step to remedy disaster — and the disaster can come in many forms…. Identity theft, lack of bookkeeping resources, lack of legal assistance even! The list can go on and on. And while bankruptcy filings can solve plenty of issues, we always go with credit repair as the main source of success to avoid any clean slate. Having a bankruptcy on your credit report isn’t exactly a shining gem, a question you should have in your repertoire of questions for any credit counselor.

The Law Actually Requires That You Attend a “Briefing” With a Credit credit counseling-1Counseling Agency, Believe It or Not

And for good reason. You need to know for sure what you’re going to be facing in the event of your bankruptcy filing, regardless of whether or not it’s going to be a Chapter 7 or 13. While you may get that clean slate, make no mistake: it’ll be just as easy to let your budgeting and money management fall by the wayside and get back into the same situation of financial failure and credit counseling that brought you to the legal side in the first place.

That briefing will be your instructional course on personal finance coordination, something the Income Tax Planning Network could assist you with — and this is crucial to consider before your debts are ever discharged. Once you’ve completed the course, of course, you get that sign-off you need as mandated by the law to go through with the bankruptcy filing.

Brings About an Important Point You Have to Keep in Mind

Bankruptcy isn’t supposed to be a “way out.” It’s an option. For some, it may be the only option. It’s, for sure, never a crutch; and it never should be. So you always want to be sure that if you’re faced with the option for bankruptcy, make sure through credit counseling that it is, indeed, your only option!

The post Why Bankruptcy Filings Require Credit Counseling Approval appeared first on Independent Credit Solutions.

(via 8 Top Tax Shelters That’ll Blow Your Mind)

(via 8 Top Tax Shelters That’ll Blow Your Mind)

How to Maximize Taxes With Your Ex-Spouse and a Vacation Home

We raise the question, because home selling has a specific benefit many enjoy: the tax benefits. That’s what we mean when we say we can maximize taxes by taking advantage of the exemptions. Deductions, deductions, deductions. You get all the profit when you sell.

But Only When the Property Is Your Actual Homemaximize taxes vacation home

Case in point: a vacation home won’t apply to those same exemptions. So what can you do? If you want to sell that vacation home, be prepared; you might have to pay taxes on it. And this is precisely the case when facing divorce, a situation littered with plenty of options regarding property.

Be prepared to pay some capital gains tax if you sell that vacation home. How much that tax will be will depend on your actual income. So let’s say you don’t have a whole lot of income, and your ex-spouse transfers ownership to you… Sell that vacation home, and you can retain a great portion of that profit down the road.

There is the possibility of a ‘partial exclusion’, though, where you may prove that you’ve lived in the residence for two years or more. If that’s the case, selling the vacation home can earn you 40% of the profit that would otherwise go to capital gains tax. Might be a pretty good option for you as well as the ex-spouse!

Either Way You Look at It, You’re Going to Need to Consult the Experts to Maximize Taxes

A qualified and experienced divorce attorney will help you tremendously regarding that vacation home. Maximize taxes, of course, by registering with an expert from the Income Tax Planning Network. Find out whether or not you want that vacation home on your plate. It all depends on what you want to pay on taxes or not. Because remember: it’s just property. Think of your finances.

 

 

The post How to Maximize Taxes With Your Ex-Spouse and a Vacation Home appeared first on Selling Your Home With Social Media.

What to Do With Rental Properties on Taxes When Getting Divorced

RTO is one thing; what about rental properties? What if you are the landlord/homeowner? What if you are the one offering that rent-to-own property? What if you are the one offering that rent-to-own property, and you get divorced with your spouse? What can you do with those rental properties? How does that affect your taxes? What will happen to your tenants?

Questions, Questions, Questions — Stressful, Stressful, STRESSFULrental properties knot

Whenever on the subject of taxes, the prospect’s overwhelming. You’ve got that tax return to file. You’re not great with numbers — and let’s not forget about the fact that you’re dealing with divorce, and there are plenty of options on your plate about what to do with the home (and the kids, finances, cars, etc. etc.). Now you have to also worry about rental properties, tenants, and other stuff. It can be a headache.

Here’s what you have to understand about rental property: they’re not your primary residences. Hence tax issues will be a bit different than when considering your actual home, the actual place you live in.

We all know there are tax benefits when selling a home (only when it’s your actual place of residence, though). When you divorce, the question is this: do you want to share ownership of those rental properties (in which case you’ll both pay taxes on them)? Or do you want to transfer ownership to the ex-spouse? It’s good to know that transfer of ownership won’t cause any tax repercussions for either spouse. However, you most likely will pay taxes if and when you ever sell those rental properties; so keep that in mind.

Those Rental Properties Need to Be Addressed

Of course, rental properties are a source of revenue. You want it, you pay property taxes for it; you don’t want it, transfer ownership. If both spouses don’t want the rental properties in question — be prepared. Consult with an attorney, if you will, but be sure to discuss your situation with an expert from the Income Tax Planning Network immediately. You don’t want to leave this loose end untied.

 

The post What to Do With Rental Properties on Taxes When Getting Divorced appeared first on RentToOwnReviews.

Maximizing Tax Benefits for Selling the Home After Kids Grow Up

Divorce doesn’t have to destroy the kids. There are options out there, and they’re not to blame. So it just so happens that many divorcing couples find the option to keep the home when dealing with a divorce until those kids move out when they’re older. There’s a specific reason to doing this, in that it’s not going to be a forever thing when owning the home indefinitely — eventually, that home will get sold!

The Tax Benefits Are Obvious, But Keep This Important Point in Mind….divorce tax-5

If you’re going to sell that home later on, make sure you get that attorney on your side to stipulate in the divorce agreement that the home still is your “main residence” for tax purposes. The law states that you won’t get the tax benefits of selling the home if you’re not living in the home for at least two of the last five years of that primary residence.

So if the son and daughter are only in their teen years, and you’ve moved out, selling the home leaves you high and dry while the ex-spouse reaps the tax benefits. Therefore make a point to research with the Income Tax Planning Network and find out what you need to do to settle the issue correctly.

Because Selling a Home Can Be a Benefit

Tax benefit, to be exact. It just takes timing. And divorce is anything but timely. Make it a point to sign up with ITPN and talk to an expert immediately. Get the lawyer, too, while you’re at it. Divorce doesn’t have to destroy the finances, especially when you’re facing the issue of selling that home. Either you sell the home and make anywhere around $250K in profit, or you’re not paying attention to those tax laws and have to fork over a ton of that profit to the IRS. You pick.

The post Maximizing Tax Benefits for Selling the Home After Kids Grow Up appeared first on Your Rent-to-Own Consultants.

Should Your Ex-Spouse Buy the Home From You for Tax Reasons?

The answer could very well be yes — for obvious tax reasons. Now we’re not saying, though, that taxes will benefit the buyer in this case. Rather, this will be a mutual benefit in selling the home during a divorce, and here’s why:

Being Free and Clear of the Obligations

The situation has to fit; we’ll say that much. As there are plenty of divorce tax options regarding the home divorce tax-4to choose from.

Let’s say you want to keep the house. Your ex-spouse understands that and has no problems leaving except for the fact that you’re going to have to pay up some money to own the house solely on your own. In essence, you’re buying off your ex-spouse by paying his/her share of the ownership.

Tax reasons in this situation require some negotiation, though — a fair price has to be agreed upon by both parties, and once both sign on the dotted line, the one selling the share of the home gets that name removed off the deed. On the one hand, if you’re buying, you’re paying up extra money; however, guess what: that property’s all yours. On the other hand, if you’re selling, you’re getting some money in your pocket; this does mean, though, you absolutely have to move out.

Now keep in mind that negotiations don’t necessarily have to end up clear across the middle. Oftentimes divorced couples will negotiate on a buyout price that reflects the income. It’s a fair price; not an equitable one.

You Benefit Through Tax Reasons in This Way….

As in, you don’t pay any taxes as a result of the buyout, saving you some tax trouble down the road. Of course, the negotiations can require some legal planning, which you can sign up for right here; and, of course, you’re going to want to consult with an expert from the Income Tax Planning Network immediately.

Don’t hesitate. Do it now. That divorce shouldn’t have to drag out too much.

What Tax Deductions to Claim on Real Estate Marketing

It’s no secret that real estate marketing and advertising will cost a pretty penny, and although the industry right now’s making many waves of growth, what with foreign investors crawling out of the woodwork and surging home prices clear across the board, you’re still going to want to maximize as much of those tax deductions as possible to keep your head above water —

Because You Are a Professional, Running Your Own Real Estate Business

You’ve got expenses. Cost. Time.  And there’s no downtime as far as the costs go when you’re facing what goes out versus what comes in. Real estate investing and selling aren’t for the timid, especially with rent-to-own. But keeping this cheat sheet in mind will certainly help your taxes whenever you make it a point to contact ITPN to get tax deductionsthat 2-hour tax refund going! Here’s the list:

  • Billboards
  • Brochures & Flyers
  • Business Cards
  • Copy Editor Fees
  • Direct Mail Costs
  • Email & Newsletter Marketing
  • Graphic Designer Expenses
  • Paid Internet Advertisement
  • Leads & Mailing Lists
  • Networking Event Expenditures
  • Post Cards
  • Print Advertisements
  • Promotional Materials
  • Radio Ad Time
  • Signage & Banners
  • Television Commercials
  • Web Design, Hosting & Domain Costs

And that’s just one vertical of your business you have to focus on! There’s so much more as far as a comprehensive tax write-off guide for real estate agents. Click here to learn more.

Make It a Point to Review All Your Costs in Marketing to Get All Your Tax Deductions

We’re sure it blows you away, actually. Who knew that you could write off a television commercial? You most definitely can. Just register with the Income Tax Planning Network right now and get these deductions written off on your refund. Strike now that the iron’s hot and take advantage of this budding real estate market, whether you’re from the East Coast, West Coast, or the Midwest. Because your real estate business is your baby!

The post What Tax Deductions to Claim on Real Estate Marketing appeared first on The Complete Real Estate Site.