Tax Carnival Ecstasy – October 22, 2013

Finance - Financial injection - Finance
Finance – Financial injection – Finance (Photo credit: @Doug88888)

Welcome to the October 22, 2013 edition of Tax Carnival Ecstasy. Bill Smith starts this edition with an article on making your financial troubles a thing of the past. John Schmoll takes a look at the stock market and your approach with uncertainty in the markets. And if you are looking for a way to retire 15 years earlier, Justin has a post on his site Root of Good. Hope you share and like this carnival in addition to read all the articles we have for you.

attorney finder presents Where To Go To Find A Immigration Lawyer If You Have Been Accused Of A Crime posted at Immigration Attorney Finder, saying, “Understand who your Immigration Attorney is before you hire him. Know his history. The fact that a Immigration Attorney passed the bar does not by itself make him a good immigration attorney. Don’t choose the very first lawyer you find. Be certain you research properly, since there might be bad consequences if you don’t do that! Talk to people you know and form a good picture of what a lawyer is like before you retain him or her.”

deductions

Bill Smith presents Make Your Individual Financial Troubles A Thing Of the Past With This Useful Info posted at 2011 Tax, saying, “Numerous individuals discover their finances have become one of the most stressful and confusing elements of their adult lives.”

retirement

John Schmoll presents Has an Uncertain Stock Market Derailed Your Investing Plan? posted at Frugal Rules, saying, “If you’ve been following the news the past few weeks it has made it difficult to know what to do with your investment portfolio. The fact is there is always something going on in the news and the best thing is to focus on your investing goals and continue to work on building wealth and growing your retirement portfolio.”

Justin @ Root of Good presents A Simple Way to Retire 15 Years Earlier posted at Root of Good, saying, “Justin at Root of Good illustrates the huge impact of lower spending and higher savings. By increasing savings from 10% of income to 30% of income, aspiring early retirees can knock 15 years off their retirement date.”

John Schmoll presents OptionsXpress Review: An Online Brokerage Worth Looking At posted at Frugal Rules, saying, “Investing in the stock market is vital to building wealth and with the variety of options available of where to invest it can be confusing. Choosing a good brokerage that has good offering and low fees can be a great way to help grow your retirement portfolio and get your investing on the right foot.”

John Schmoll presents Reasons Why You Should Start Investing For The Long Run posted at Frugal Rules, saying, “Many people want to go for the quick buck when it comes to investing. However, a long term approach in generally best if you’re looking to build wealth and grow a decent retirement portfolio that will last.”

taxes

Dr. Gavin R. Putland presents Maximalist ‘fiscal devaluations’ for Greece and Australia posted at The world according to GRP, saying, “Don’t let the name fool you: ‘fiscal devaluation’ is about creating jobs by reducing the tax wedge between the cost of labor for employers and the benefit for employees.”

tips

Bill Smith presents Tech Startup Funding Options – Captured Technology posted at Captured Technology, saying, “Getting tech startup funding is always a challenge and many techpreneurs often find themselves shutting down their businesses before they even get a chance to commercialize their ideas.”

Bill Smith presents Near 52 Weeks High Stocks posted at FastSwings.com – Steve Patterson, saying, “A company’s stock, which has been consistently high over a period of time is what investors prefer.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

Top 5 tips for choosing Business Accounting Software

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If your current business accounting processes are running out of steam or your business is simply growing too big for the standard accounting package you currently use, upgrading is the logical next step.

Whether you’re a small start-up or a complex enterprise, you’ll be met with myriad of software choices. Let’s look at five no-nonsense tips for choosing the right accounting software package for your needs:

  1. Identify extra features you may need – most businesses will need the basic out of the box finance package as a given which usually includes accounting, sales and purchasing management, asset registering and payroll. But do you also need stock control? What about intercompany reporting?
  2. Make sure the new software integrates with your existing processes – Let’s face it, your staff are used to doing things in a regular way and while it’s still effective, why change it? Some of the better accounting software products such as MYOB EXO Business will fit into your existing business processes and also help improve them.
  3. Multi users and security – Dealing with sensitive company financial data should be limited to those who have the rights to do so, but going a step further, you need to be able to limit what each user can access. For example, a junior accounts person should be setup with a restricted login with less access privileges than the chief financial controller.
  4. After sales support and training – learning your new accounting software and sorting out inevitable teething problems are made easier with quality support and training. Phone and email support are essential as is face to face training involving all relevant staff. This help can be particularly useful when software updates need to be applied.
  5. Speak to others in your industry – at your next networking function, actually raise the subject of accounting software. Now, you may think it’ll send people running for the toilet of a drink refill, but you’ll be surprised how many people will tell you their experience. They’ll often recommend business software experts who helped them.

So, there we have 5 brief but very important considerations to take into account (bad pun intended) to help you make the right decision. Making the wrong choice of software can lead to headaches further down the track and even worse, you could end up making some bad business decisions because of it. Take the time to weigh-up the functions and features you need and look for a product which comes with upgradable modules you can ‘snap’ in as and when you need them.

If you’re looking for a consultant who can scope, design, implement and configure a business accounting software solution specialising in MYOB EXO, try Horizon Business Systems, a Perth based, MYOB Platinum Partner.

Four Structured Settlement Questions and Answers

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If you have recently come into a large sum of money, you may want to think about setting up a structured settlement instead of receiving a lump sum. While this option isn’t for everyone, it can be beneficial when it comes to budgeting, and paying less tax on your earnings.

Here is a four-question guide to structured settlements.

1. What is a structured settlement?

A structured settlement is when you receive periodic payments for the money awarded in a lawsuit that you have won. It is “structured” because you are agreeing to receive a set amount of that money each month, week or year, and it is a “settlement” because you typically received the money as the result of a settled lawsuit.

2. What if I want/need a lump sum?

Although structured settlement payments have a lot of benefits, it’s also entirely possible to receive a lump sum. One way to do this is to sell lottery payments or other kinds of earnings to a financial assistance company. In exchange for a portion of your earnings, you can get the large chunk of money that you need very quickly.

This can be a good option if you have a lot of debt to pay off, college tuition that needs to be paid before the semester begins or medical bills that add up with interest if they’re put off.

3. What if I need money before my lawsuit case ends?

If you don’t want to take a lump sum, but still need money before your lawsuit comes to an official close, you can often get pre settlement funding from financial assistance institutions.

Some reasons that you may need funding ahead of time include urgent medical bills, car repair in the event of an accident and more. Sometimes, you just can’t wait for the money, and thus, a cash amount is necessary. It’s possible to get between $1,000 and $30,000 in advance. You simply borrow from financial funding companies beforehand and give them a portion of your reward once it’s received.

4. Are there benefits of receiving an annuity payment over a lump sum?

Yes, there are benefits to receiving annuity payments. One of these is tax-related. If you get a lump sum and invest it all at once, you will be taxed on the dividends of your investment. On the other hand, if you receive payments and use them for expenses and purchases, they become tax-free.

It’s also much easier for some people to budget when they have a stream of equal-sum payments coming in periodically. This can help you plan your financial life much easier.

If you are interested in learning about how you can convert a lump sum to structured settlement payments, or vice versa, research online now.

 

There are many things Brian enjoys writing about, but one of his favorites is finances. If you’d like more information regarding Sell Lottery Payments, please visit http://www.senecaone.com/

Proper Bookkeeping for a Solid Business Future

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Business owners would agree that a proper bookkeeping system is not only essential, but it’s also the foundation that will secure your company’s financial future.

Running a business means more than just keeping your clients happy; it requires proper systems that are in place to secure your company’s future, whether this is looking after your employees, providing top-notch customer service, or maintaining a decent set of books. Bookkeeping is one of the most important aspects of managing an organization and failing to look after this important part of your office can ultimately lead to a financial disaster.

The Basics of Bookkeeping

The main purpose of bookkeeping is to keep an accurate record of a company’s financial transactions. This can be done in-house, but you may also find a bookkeeper from an external source to handle your company’s books. The person does not necessarily need to be qualified, but he or she should be very knowledgeable regarding the functions of a bookkeeper and the specific guidelines and State laws that your company should adhere to.

Bookkeeping also entails proper record keeping of the company’s various spending and income activities; such as supplier payments, customer payments, employee salaries and advertising costs. These items should be categorized and properly filed, in a way that the records are easy to find. Financial statements are also an important aspect of every company’s books, and they give you an accurate overview of your performance, and they are reliable measuring tools when comparing your performance against those of your competitors.

Budgeting is equally important and allows you to set sustainable financial goals and constantly guard against overspending. Comparing your budgets against your actual spending also gives business owners a good indication of the goals accomplished, and the areas that can be improved. If you are looking to hire an individual that can accurately prepare budgets on you company’s behalf, try to find a bookkeeper that has significant experience and sufficient knowledge to assist you.

Complying with tax laws is also an area that every business needs to focus on. Filing tax returns is very important and if your financial system is in order, it will make this task so much easier. Your tax returns need to accurately reflect your company’s profit, turnover and spending. This is best done by a professional and it is advisable that you hire such a person to oversee these activities.

The Importance of Record Keeping

Document retention is something that every business should adhere to, and it can help a company with litigation and to ensure that all State laws and regulations are met. Here are the basics that every business owner should be aware of:

  • Records can refer to both hard- and soft copy documents; for example a physical receipt for goods purchased, or an email from a customer.

 

  • The length that you keep these records will differ, for example sales receipts are only valid up to the time the limitations expire. Important documents such as cancelled checks, duplicate bank deposits and employment records should be kept for a few years.

 

  • Documents are kept to avoid the burden of proof in the future. Documentation would need to be provided in case any issues or claims arise a few years from now.

 

Anthony Azevedo, CPA is the managing member of EZCFO, an accounting and bookkeeping company specialized in payroll, human resource and employer solutions.

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TaxAct is the Completely Free Federal Option

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