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Home Page > Finance > Taxes > 3 Useful Tax Saving Tips For Families

3 Useful Tax Saving Tips For Families

Corporate Tax Changes in Ontario Mean Big Savings

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A new tax system for Ontario filers in 2009 means big savings for business owners. (01:54)

Tips to help with your Taxes

Tips and advice for personal finance from the Dolans. This video focus’ on tips to help with your taxes. (03:57)

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Tax Deductions for the Unemployed

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Learn How Managing Health Savings Accounts Can Save You Money

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It’s nicknamed the Sunshine State and true to the name are the attributes that make Florida’s timeshare property an earthly paradise of sorts. Why is this so?

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Filed Under Tax Savings Tagged With Families, Saving, Tips, Useful

Online Accounting Schools And Career In The Field Of Accounting

November 12, 2010 Leave a Comment

If you are looking to make a career in the field of accounting, but you don’t have the time to attend full time or part time college, then an online accounting degree is just the right choice for you. With a number of online accounting schools to choose from, you can now make sure that you get that accounting degree you want at your own pace.

Nowadays, there is a lot of demand for professionals in the field of accounting. If you are someone who would like to analyze the financial documents of a company or be involved in the different aspects of accounting administration within a company, then you can really do well as a professional accountant.

Typically, you would have to get your CPA (Chartered Public Accountant) degree. You can also specialize in a variety of areas within the field of accounting such as governmental accounting, managerial accounting and internal auditing. All of these career options have a lot of scope for advancement for you.

The curriculum will generally include a number of subjects like tax law, risk management, raising and managing capital, corporate finance, financial management, budgeting and planning.

Studying for your accounting degree online is the best option for you, especially if you are working in a full time job or have family or some other commitments which do not allow you to attend a full time course. Of course, this will involve you studying at home and sending in your assignments via e-mail.

You can study for a number of basic degrees before you apply for your CPA certificate. You can study for a Bachelors Degree in Accounting, or an Associate of Science Degree in Accounting. You can also go for a Bachelor of Science Degree in Accounting. You can also take a Bachelors Degree in Managerial Accounting or Financial Accounting. A number of options are available for you. You can apply for an online accounting degree course with almost any university or college. Most of the universities today will offer both – a full time course and an online course. Some may also offer part time courses. As a Certified accounting professional, you can expect to earn an annual salary in the range of ,000 to ,000.

Thus studying for an accounting degree and certification via an online accounting course can also help you to chart your career path in the field of accounting.

Filed Under Managerial Accounting Tagged With Accounting, Career, Field, Online, Schools

FBAR – U.S. TAXPAYER REPORT OF FOREIGN BANK & FINANCIAL ACCOUNTS – FORM TD F 90-22.1

November 12, 2010 Leave a Comment

On April 2, 2009, the IRS announced they will reduce the penalty for not filing a Report of Foreign Bank and Financial Account, known as a FBAR Form.

The current penalty is up to fifty percent (50%) of the highest annual balance of each account for each of the last 3 years. The 50% penalty is imposed annually. After 2 years of the 50% penalty, the account can be “wiped out” and the investor may still owe taxes (and interest).

The IRS announced they will not generally prosecute Taxpayers who come forward voluntarily, provided they are not drug dealers, arms merchants or others with “ill-gotten gains”.

The IRS will not asses a 35% penalty (due under Form 3520) on money secretly transferred to foreign trusts (i.e., tax evasion).

The IRS will reduce the penalty to 5 to 20%, depending in part on whether the wealth was inherited. The IRS will levy the penalty just once, on the highest balance in the accounts over the last 6 years.

Under the IRS plan, Taxpayers will be required to pay any taxes and interest owed over the last 6 years. The IRS will assess either the standard, accuracy-related penalty of 20%, or a 25% penalty for filing tax returns later. Taxpayers in the program must also file amended tax returns for up to the last 6 years.

U.S. Taxpayers:

Have 6 months to accept the IRS plan (i.e., by 10/2/09) Under criminal investigation for tax evasion are not eligible Are not required to provide information about the bankers, lawyers and accounts who assisted them

The IRS plan was developed amid widening investigation into American clients of UBS but will apply to clients of other banks. According to Douglas Shulman, the IRS Commissioner, the goal “is to get Taxpayers who have been hiding assets offshore back into the system.”

The following is a summary of tax returns due for Foreign Bank Accounts:

I. Returns Relating to Foreign Bank Accounts

A. In General

1. Each U.S. person having a financial interest in, or signature or other authority over, any foreign financial accounts with an aggregate value exceeding ,000 at any time during the calendar year must report such relationship by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (“FBAR”),

2. In addition, they have to disclose the foreign account filing requirement on Schedule B of Form 1040 and including the income from these accounts on the United States person’s U.S. federal income tax return.

B. Who Must File

Form TD F 90.22-1 is required to be filed by every U.S. person for each calendar year in which such person has a financial interest in, or signature or other authority over, any foreign financial accounts with an aggregate value exceeding ,000 at any time during the calendar year. The test is based in the alternative – financial interest in or signature authority over the account.

1. Definitions

For purposes of FBAR, the term “United States person” means (1) a citizen or a resident of the United States, (2) a domestic partnership, (3) a domestic corporation, or (4) a domestic estate or trust.

The term “financial account” generally includes any bank, securities, securities derivatives or other financial instrument accounts, (including any accounts in which the assets are held in a commingled fund, and the account owner holds an equity interest in the fund), savings, demand, checking, deposit, time deposit, or any other account maintained with a financial institution (or other person engaged in the business of a financial institution).

Any of the financial accounts described above is considered to be a foreign financial account for purposes of FBAR, if it is located outside the United States, Guam, Puerto Rico, and the Virgin Islands. The situs of a financial account is determined by the location where the branch is, not the location of the institution’s home office.

2. Ownership of Accounts

Under the instructions to Form TD F 90-22.1, a U.S. person has a financial interest in a bank, securities, or other financial account in a foreign country under either of the following circumstances:

A U.S. person is the owner of record or has legal title, whether the account is maintained for his or her own benefit or for the benefit of others including non-U.S. persons. If an account is maintained in the name of two persons jointly, or if several persons own a partial interest in an account, each of those U.S. persons has a financial interest in that account. A U.S. person has a financial interest in each bank, securities, or other financial account in a foreign country for which the owner of record or holder of legal title is:

a) A person acting as an agent, nominee, attorney, or in some other capacity on behalf of the U.S. person;
b) A corporation in which the U.S. person owns directly or indirectly more than 50 percent of the total value of shares of stock;
c) A partnership in which the U.S. person owns an interest in more than 50 percent of the profits (distributive share of income); or
d) A trust in which the U.S. person either has a present beneficial interest in more than 50 percent of the assets or from which such person receives more than 50 percent of the current income.

3. Signature Authority

For purposes of Form TD F 90.22-1, a U.S. person is considered to have signature authority over a foreign financial account if such person can control the disposition of money or other property in the account by delivering his or her signature (or his or her signature and that of one or more other persons) to the bank or other person maintaining the account.

In addition, a U.S. person has “other authority” subject to FBAR reporting if such person can exercise comparable power over an account by direct communication to the bank or other person maintaining the account, either orally or by some other means.

4. Exceptions

Notwithstanding the general rules, Form TD F 90.22-1 is not required to be filed under the following circumstances:

An officer or employee of a bank which is subject to the supervision of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Office of Thrift Supervision, or the Federal Deposit Insurance Corporation need not report that he has signature or other authority over a foreign bank, securities or other financial account maintained by the bank, if the officer of employee has NO personal financial interest in the account. An officer or employee of a domestic corporation whose equity securities are listed upon national securities exchanges or which has assets exceeding million and 500 or more shareholders of record need not file such a report concerning the other signature authority over a foreign financial account of the corporation, if he has NO personal financial interest in the account and he has been advised in writing by the chief financial officer of the corporation that the corporation has filed a current report, which includes that account. As noted above, a U.S. person is not required to report any account maintained with a branch, agency, of other office of a foreign bank or other institution that is located in the United States, Guam, Puerto Rico, and the Virgin Islands.

C. Mechanics of Filing

Reporting on Form TD F 90-22.1 is required for each calendar year that a U.S. person maintains such interest or authority over foreign financial accounts. Persons having a financial interest in 25 or more foreign financial accounts are required only to note that fact on the form (i.e., a general statement indicating that information on all such accounts will be available upon request). (31 CFR § 103.24. Such persons will be required to provide detailed information concerning each account when so requested by the Secretary or his delegate.)

The Form TD F 90-22.1 is filed with the U.S. Department of the Treasury, P.O. Box 32621, Detroit, MI 48232-0621, or it may be hand carried to any local office of the Internal Revenue Service for forwarding to the Department of the Treasury in Detroit, MI. The Form TD F 90-22.1 must be filed on or before June 30 each calendar year. An extension for filing one’s U.S. income tax return does not extend the deadline for making a TD F 90-22.1 filing.

D. Additional Issues

Each U.S. person subject to this reporting requirement must also maintain records showing, (1) the name in which each such account is maintained, (2) the number or other designation of such account, (3) the name and address of the foreign bank or other person with whom such account is maintained, and (4) the type of such account, and the maximum value of each such account during the reporting period (31 CFR §103.32). These records must be retained for a period of 5 years and must be kept at all times available for inspection as authorized by law.

E. U.S. Trustee Foreign Non-Grantor Trust

Report of Foreign Bank and Financial Accounts – Form TD F 90-22.1

A U.S. trustee of a foreign nongrantor trust must file Form TD F 90-22.1 if the Trustee has a financial interest in or signature authority or other authority over any financial accounts, including bank, securities, or other types of financial accounts in a foreign country if the value of such accounts exceeds ,000. A person has a financial interest in any such account if she has legal title to it.

Trustees generally have legal title to accounts in which trust funds are invested. In addition, if legal title to an account is held by a corporation or partnership and the trustee owns more than 50% of the corporation or partnership, the trustee will be treated as having a financial interest in such account.

A person has signature authority over an account if she can control the disposition of account property by the delivery of a document signed by her and one or more other persons. A person has other authority over an account if she can control such disposition by direct communication to the person with whom the account is maintained.

Form TD F 90-22.1 must be filed by June 30th of the year following the year in which the U.S. person had such financial interest or signature or other authority.

F. Form TD F 90.22-1

A willful violation of the Form TD F 90.22-1 requirements (i.e., failure to file Form TD F 90.22-1, failure to supply information on the report, or filing a false or fraudulent report) could result in the imposition of civil and/or criminal penalties. (The instructions for Form TD F 90.22-1 specifically provide that criminal penalties for failing to comply with FBAR are provided in 31 U.S.C. § 5322(a) and (b), and 18 U.S.C. § 1001. In addition, civil penalties for failure to comply are generally provided in 31 U.S.C. § 5321.)

Civil Penalties

If any U.S. person willfully violates the Form TD F 90.22-1 filing requirement, such person may be liable to the U.S. government for a civil penalty of not more than ,000 (31 U.S.C. § 5321. Section 5321 generally provides that if a U.S. person willfully violates a regulation, such person may be liable for a civil penalty of not more than the greater of the amount (not to exceed $ 100,000) involved in the transaction (if any) or ,000.

With respect to reporting on Form TD F 90.22-1, a U.S. person is not reporting a transaction but, rather, reporting his interest or signature authority over a foreign financial account. Thus, the maximum amount of potential civil penalty is ,000.):

Criminal Penalties

If a U.S. person willfully violates the reporting requirement, such person may be subject to a fine of not more than 0,000, or imprisoned for not more than 5 years, or both (31 U.S.C. § 5322(a)); and If a U.S. person willfully violates the reporting requirement while violating another law of the United States, or as part of a pattern of any illegal activity involving more than 0,000 in a 12-month period, such U.S. person may be subject to a monetary fine of not more than 0,000, or imprisoned for not more than 10 years, or both (31 U.S.C. § 5322(b)).

If a U.S. person, with respect to Form TD F 90.22-1, (1) falsifies, conceals, or covers up by any trick, scheme, or device a material fact, (2) makes any materially false, fictitious, or fraudulent statement or representation, or (3) makes or uses any false writing or document knowing the same to contain any materially false, fictitious, or fraudulent statement or entry, such person may be fined, or imprisoned for not more than 5 years, or both (18 U.S.C. § 1001).

Filed Under Financial Accounting Tagged With 9022.1, Accounts, BANK, FBAR, Financial, FOREIGN, FORM, REPORT, TAXPAYER, U.S.

Explanation of T-account, Debit and Credit, and Double-entry Accounting System

November 12, 2010 Leave a Comment

Explanation of T-account, Debit and Credit, and Double-entry Accounting System

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Home Page > Finance > Accounting > Explanation of T-account, Debit and Credit, and Double-entry Accounting System

Explanation of T-account, Debit and Credit, and Double-entry Accounting System

Source: http://www.articlesbase.com/accounting-articles/explanation-of-taccount-debit-and-credit-and-doubleentry-accounting-system-490669.html

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Explanation of T-account, Debit and Credit, and Double-entry Accounting System

By: Igor Voytsekhivskyy

About the Author

Igor Voytsekhivskyy is a CPA and CIA working in public accounting. He maintains a website SimpleStudies.com devoted to helping people learn accounting online for free.

(ArticlesBase SC #490669)

Article Source: http://www.articlesbase.com/ – Explanation of T-account, Debit and Credit, and Double-entry Accounting System

All accountants know several terms that create basis for any accounting system. Such terms are T-account, debit and credit, and double-entry accounting system. Of course, these terms are studied by accounting students all over the world. However, any business person, whether an investment banker or a small business owner, will benefit from knowing them as well. They are easy to grasp and will be helpful in most business situations. Let us take a closer look at these accounting terms.

T-Account

Accounting records about events and transactions are recorded in accounts. An account is an individual record of increases and decreases in a specific asset, liability, or owner’s equity item. Look at accounts as a place for recording numbers related to a certain item or class of transactions. Examples of accounts may be Cash, Accounts Receivable, Fixed Assets, Accounts Payable, Accrued Payroll, Sales, Rent Expenses and so on.

An account consists of three parts:

- title of the account

- left side (known as debit)

- right side (known as credit)

Because the alignment of these parts of an account resembles the letter T, it is referred to as a T account. You could draw T accounts on a piece of paper and use it to maintain your accounting records. However, nowadays, instead of having to draw T accounts, accountants use accounting software (i.e., QuickBooks, Microsoft Accounting, Peachtree, JD Edwards, Oracle, and SAP, among others).

Debit, Credit and Account Balance

In account, the term debit means left side, and credit means right side. These are abbreviated as Dr for debit and Cr for credit. Debit and credit indicate on which side of a T account numbers will be recorded.

An account balance is the difference between the debit and credit amounts. For some types of accounts debit means an increase in the account balance, while for others debit means a decrease in the account balance. See below for a list of accounts and what a debit to such account means:

Asset – Increase
Contra Assets – Decrease
Liability – Decrease
Equity – Decrease
Contribution Capital – Decrease
Revenue – Decrease
Expenses – Increase
Distributions – Increase

Credits to the above account types will mean an opposite result.

Double-entry Accounting System

A double-entry accounting system requires that any amount entered into the accounting records is shown at least on two different accounts. For example, when a customer pays cash for your product, an account would show the cash received in the Cash account (as a debit) and in the Sales account (as a credit). All debit amounts equal all credit amounts provided the double-entry accounting was properly followed.

Having a double-entry accounting system has benefits over regular, one-sided systems. One of such benefits is that the double-entry system helps identify recording errors. As I mentioned, if one amount is entered only once in error, then debits and credits won’t balance and the accountant will know that one or more entries were not posted fully. Note, however, that this check will help spot errors, but will not identify all cases of errors. For example, equal debits and credits will not identify an error when an amount was posted twice, but was posted to wrong accounts. Keep this in mind when analyzing causes of errors in accounting records.

Retrieved from “http://www.articlesbase.com/accounting-articles/explanation-of-taccount-debit-and-credit-and-doubleentry-accounting-system-490669.html”

(ArticlesBase SC #490669)

Igor Voytsekhivskyy -
About the Author:

Igor Voytsekhivskyy is a CPA and CIA working in public accounting. He maintains a website SimpleStudies.com devoted to helping people learn accounting online for free.

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Nov 11, 2010

Outsourcing Accountancy

The first thing that you have to know is that what you mean by the Outsourcing? Prior to the 1980s, a lot of business functions were carried out in house by many organizations

Outsourced tax preparation services

Finance>
Accountingl
Nov 11, 2010

Outsourcing is now one of the most common practices being done by small to medium businesses when it comes to such business needs like tax preparation.

Finance>
Accountingl
Nov 11, 2010

Outsource Book Keeping

Outsourcing now is a very popular word and in today’s world lot of business proprietors prefers to outsource their work. To them they get better service from the outsourcers. Outsourcing bookkeeping services is the latest business trend and that is the reason more and more outsourcing companies are flourishing nowadays.

Online accounting services

Finance>
Accountingl
Nov 11, 2010

Accounting is defined by the American Institute of Certified Public Accountants (AICPA) as “the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof.

Business process outsourcing

Finance>
Accountingl
Nov 11, 2010

Business process outsourcing (BPO) is a subset of outsourcing that involves the contracting of the operations and responsibilities of specific business functions (or processes) to a third-party service provider.

Book keeping Outsourcing Services

Finance>
Accountingl
Nov 11, 2010

Operating a successful business is not easy. In order to succeed you have manage the people and the systems in addition to delivering your service.

Explanation of T-account, Debit and Credit, and Double-entry Accounting System

Finance>
Accountingl
Nov 11, 2010

This article explains basic accounting terms: accounting, account balance, debit and credit, double-entry accounting system and how it can be used to identify accounting errors.

By:
Igor Voytsekhivskyyl

Finance>
Accountingl
Jul 19, 2008
lViews: 22,573
lComments: 2

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Comments on this article

1. anca 15/03/2009

I am confused on how I could understand what is the purpose of making the debit equal to my credit.

2. Kyle 17/03/2009

Think of it like science…remember when you talked about how “matter can not be created nor destroyed”? The same principle applies to money (unless you are the US government I suppose but that is not our current topic) in that you cannot just pull money out of thin air you have to pull it from an account to put it in a different account.

The best example I can think of is let’s say you make widgets and your whole purpose is to sell them to your customers(makes sense). Well let’s say you record a Sale to John for ,000. You cannot simply put it in your account as Revenue = ,000 because you have had a reduction to your inventory. So to balance your increase in Revenue of ,000 you would need to record a DECREASE to inventory of ,000. Once you understand this concept (which I fully admit is foreign at first) Accounting becomes much much easier…that is until you go global! =)

Good luck to you!

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Igor Voytsekhivskyy is a CPA and CIA working in public accounting. He maintains a website SimpleStudies.com devoted to helping people learn accounting online for free.

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Filed Under Debits And Credits Tagged With Accounting, Credit, Debit, Doubleentry, Explanation, System, Taccount

Cash Accounting or Accrual Accounting

November 12, 2010 Leave a Comment

The tax authority require bookkeeping records to calculate the tax due. The choice for small business is basically cash accounting or accrual accounting each of which has advantages and disadvantages.

The date of the sales invoice and the date of purchase invoice are known as the tax point. The tax point does not determine the spread of that transaction over the tax period which can be different when accounts are prepared on an accruals basis as opposed to a cash basis.

For the purposes of cash accounting the effective inclusion of the transaction in the financial records is the date the cash or bank receipt or payment was made. The tax point date on the document is not the deciding factor to include the item in the accounts. The date the amount was paid out or received into cash funds or bank account is the date to be used fopr inclusion in the accounts.

There are disadvantages to maintaining accounts on a cash basis in that records must be kept of all payments received and paid out and those records supported by the actual primary accounting documents to which they relate. That entails matching the financial documents to the payments and receipts records, a feature many small businesses might find onerous as record keeping ios often regarded by samll business as an administrative burden.

Virtually all professional accountants adopt an accruals basis for clients accounting purposes as it is based upon recording all financial information whether relevant to the tax period or not and then adjusting the management accounting profit indicated to produce the net taxable profit or loss.

By operating an accruals basis all financial documents are recorded according to the tax point date. If every transaction was paid or received within the year then the cash accounting and accruals basis would produce the same tax accounts.

The main adjustment a small business or the accountant might make to accounts prepared on the accruals basis is to first prepare the set of accounts according to the tax point of the primary accounting records and then examine those transactions and adjust them according to their relevance to the financial period for which the accounts are being prepared.

A typical example of the difference would be the rent invoice for the business premises. Let us assume a quarterly rent invoice was received dated 1 December for the 3 months from December 1 to February 28 which was paid by the small business owner by cheque on December 31 and a year end date also of December 31

On a cash basis the rent would not technically be included in the accounts as it would be shown as a rent payment from the business bank account on January 2 or later if cashed by the recipient at a later date. Therefore that quarters rent would be included in the following year accounts not the current year as issuing a cheque is not a payment but actually a promise to pay.

Assuming the rent was paid in cash prior to the 31 December then the whole 3 months rent would be included in the current financial year. That treatment may have distorted the accounts as more or less than 12 months rent might have been included in the tax calculations.

On an accruals basis the rent invoice would have been entered in the accounting records with an effective date of December 1. The accountant or small business owner preparing the accounts would deduct 2 months from the qaurterly amount leaving one months rent in the current year accounts with the other 2 months being included the following year.

That is more accurate as the other side of the accounting would be for that same accountant or bookkeeper to further include the 2 months rent not already claimed to be included in the tax calculation for the next financial year. Mvoing the prepayment not specific to the accounting period is how business treats a prepayment under accrual accounting.

When operating cash accounting only transactions actually paid for or received are valid. On an accruals basis provisions can be made for costs incurred by the business whicvh have not yet been invoiced.

Cash accounting might appear easier but has the disadvantage of maintaining receipts and payments records in addition to the primary documents which should also be matched to the financial transactions to support the accounts.

Accrual accounting is based upon recording all financial transactions and then adjusting the end result to determine the most accurate net taxable profit. The accruals basis is favoured by accountants as it reaches an accurate tax liability as opposed to more or less tax being payable on the cash basis according to the credit control policies and practises of the business its suppliers and clients.

Filed Under Accounting Basis Tagged With Accounting, Accrual, Cash

Tax Planning After April 15th – 5 Secrets to Massive Tax Savings

November 12, 2010 Leave a Comment

Tax Planning After April 15th – 5 Secrets to Massive Tax Savings

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Home Page > News and Society > Politics > Tax Planning After April 15th – 5 Secrets to Massive Tax Savings

Tax Planning After April 15th – 5 Secrets to Massive Tax Savings

Corporate Tax Changes in Ontario Mean Big Savings

Posted: May 08, 2009 |Comments: 0

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Tips to help with your Taxes

Tips and advice for personal finance from the Dolans. This video focus’ on tips to help with your taxes. (03:57)

How to Understand Property Taxes

Tips and advice for personal finance from the Dolans. This video focus’ on how to understand property taxes. (02:54)

How to Understand Kiddie Tax

Tips and advice for personal finance from the Dolans. This video focus’ on how to understand kiddie tax and the changes that have been made to it. (02:44)

Tax Deductions for the Unemployed

The Dolans share money-saving tax deductions for those out of work. (03:09)

Our Most Sacred Holiday

“It’s the day after Election Day,” said my mother. “A lot of people are happy and a lot of people are unhappy. But there is no blood in the streets. People are not shooting each other.”

By:
Andrew Postmanl

News and Society>
Politicsl
Nov 11, 2010

Barack Obama’s “People’s Platform”

After two years of unpopular policies, the American people rejected President Obama’s idea of change. But should Republicans accept the olive branch being extended by President Obama? The answer lies in his radical history and unmasked ideology.

By:
J Michael Nelsonl

News and Society>
Politicsl
Nov 11, 2010

India, amid human rights violations on head doesn’t deserve UNSC seat: Geelani

Hardliner Kashmiri Hurriyat leader, Syed Ali Shah Geelani has said that India does not deserve a United Nations Security Council (UNSC) seat on account of the “war crimes” being committed by its troops across the valley for the last 63 years.

By:
Agence India Pressl

News and Society>
Politicsl
Nov 11, 2010

Kashmir unrest doubles workload of Insurance companies

with the ongoing unrest paralyzing every sector, the various insurance companies in Indian Kashmir have to be on their toes, receiving the insurance claims from the clients seeking compensation

By:
Agence India Pressl

News and Society>
Politicsl
Nov 11, 2010

Normal life again disrupted in Indian Kashmir

Normal life in Indian Kashmir was again disrupted as it observed yet another shutdown in response to a call given by hardline Syed Ali Shah Geelani led Hurriyat (G).

By:
Agence India Pressl

News and Society>
Politicsl
Nov 11, 2010

POLITICAL THUGGERY AND VIOLENCE IN NIGERIA: THE BANE OF WOMEN PARTIICPATION IN POLITICS

ABSTRACT
. The study examined critically the effects of political thuggery and violence on women participation in Nigerian politics. The study basically relied on secondary data and interviews as sources of information .The study concluded that an atmosphere free of political thuggery and violence is necessary to ensure optimum participation of women in politics.

By:
tolu lawall

News and Society>
Politicsl
Nov 11, 2010

Immigration and Naturalization Process in the US

You can become a citizen of the US either by birth or through Naturalization. You automatically become a citizen of the US if you were born in the US, and you can also claim citizenship if you are born to US citizen parents, but this is subject to certain conditions. Naturalization can be defined as the process where a person not born in the US becomes a citizen voluntarily. You need to file form N-400, Application for Naturalization to get naturalized.

By:
brent woodl

News and Society>
Politicsl
Nov 11, 2010

The role of a scene of crime officer

The role of a scene of crime investigator is very diverse. Each time a person dials 999, the first person to enter a scene will be the scene of crime investigator. He/she will make the area inaccessible to outsiders and ensure that the person who made the call is not allowed back to the scene, until the investigations are complete.

By:
Owen Smithl

News and Society>
Politicsl
Nov 10, 2010

What is Your Reporting Wish List?

Information is valuable when it provides data and details that help you make business and investment decisions. And it’s even more valuable when it comes in a format that is easy to understand.

By:
Tom Wheelwrightl
Businessl
Oct 20, 2010

Protecting Your Business and Investments from Embezzlement

Internal controls are a tremendous resource in a wealth strategy but are very rarely used. Internal controls create checks and balances that make embezzlement much more difficult to go undetected.

By:
Tom Wheelwrightl
Businessl
Sep 12, 2010

The Government Wants You to Reduce Your Taxes

Once you truly believe that the government wants you to reduce your taxes, you’ll realize that you have the right to reduce your taxes every minute of every day. All you have to do is learn the rules.

By:
Tom Wheelwrightl

News and Society>
Politicsl
Sep 04, 2010

Inflation: The Hidden Tax

If your income keeps pace with inflation, then you should pay the same amount of tax every year. Right? In theory it should work this way, but this is why I refer to inflation as a hidden tax.

By:
Tom Wheelwrightl
Financel
Sep 03, 2010

The Resource that is Used Incorrectly on a Daily Basis in Wealth Strategies

When informal agreements are used properly in a wealth strategy, they are amazing! They are quick and easy, and they can yield results that exceed our expectations.

By:
Tom Wheelwrightl
Financel
Sep 02, 2010

Why Didn’t My Accountant Tell Me That?

Building your own personal wealth team is perhaps the most important step you can take to creating massive amounts of wealth.

By:
Tom Wheelwrightl
Financel
Sep 01, 2010
lViews: 138

Your Retirement Plan and Your Wealth Strategy

It’s important to understand how these basics apply to your particular retirement plan. Once you understand the basics, then consider the specific factors that may impact your decision.

By:
Tom Wheelwrightl
Financel
Jun 24, 2010

Your Tax Strategy Questions Answered

The tax law is designed to benefit investors and business owners. A tax strategy is designed so you know exactly what you need to do to maximize these benefits.

By:
Tom Wheelwrightl
Financel
Jun 19, 2010

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Filed Under Tax Savings Tagged With 15th, After, April, Massive, Planning, Savings, Secrets

Chicago Accountant Reveals Next 5 Financial Mistakes Business Owners Make & How To Avoid Them

November 12, 2010 Leave a Comment

Now that the first 5 mistakes have been described in my first article and detailed in my associated whitepaper and podcast, here are . . .

The Next 5 Mistakes

6. NOT INVESTING ENOUGH IN YOUR BUSINESS

7. NOT PAYING ATTENTION AND ASSUMING THINGS ARE GETTING DONE

8. FAILURE TO UTILIZE THE RIGHT TAX STRATEGIES AVAILABLE UNDER THE LAW

9. NOT USING THE RIGHT TALENT FOR THE RIGHT JOB

10. BUYING THE LATEST SOFTWARE TO SOLVE ALL YOUR PROBLEMS

OK, there’s the list, six through ten. Now let me explain to you what I mean for each of these points.

6. NOT INVESTING ENOUGH IN YOUR BUSINESS

As an accountant in Chicago, Illinois, I often see business owners making this mistake when the economy is beginning to slow or has slowed. The natural reaction for most business owners is to pull back on spending and often this only exacerbates the less than ideal conditions. Many business owners will immediately cut their selling and marketing budgets in an attempt to conserve cash. However, this is often the last thing you want to do in a slowing economy

Marketing and selling are the lifeblood of any business and so long as you are measuring results properly and you can demonstrate (through your managerial accounting) that marketing dollars invested are returning revenue dollars at a positive rate of return you should continue to invest in these areas. In fact, you might even consider expanding your marketing and selling efforts to take advantage of the fact that your competitors are likely pulling back and leaving you with a tremendous opportunity to expand your market share.

The other area that every business owner should be investing in is developing the skills that they possess and their employees possess. Especially in today’s day and age! What makes more sense? Investing in your business or some Wall Street fund that just lost you 50% of your capital? I think you can guess what my advice as a Chicago accountant will be!

7. NOT PAYING ATTENTION AND ASSUMING THINGS ARE GETTING DONE

There will likely come a time in your business when it grows large enough that you will have to begin delegating authority and decisions to others.

This brings to mind several points:

First, you must be certain that the person to whom you are delegating has the skills and knowledge necessary to perform the task well. This might require some additional training, education, or skill development.

Second, you must be certain that the person to whom you are delegating approaches the task with the same level of importance that you, the business owner, do. This person will be functioning on your behalf.

Third, you must look beyond the update reports your employees hand you and question the validity and accuracy of the information you are being handed. Don’t simply toss the report on a pile of 50 other unread reports or someday (perhaps soon) you will be surprised to find that your business is in deep, deep trouble.

Delegating authority is not abdicating authority! In the end your business will never be as important to anyone else as it is to you. However with the proper training, monitoring, and incentives you can build a team that will allow the business to grow and allow you the work-life balance you desire.

8. FAILURE TO UTILIZE THE RIGHT TAX STRATEGIES AVAILABLE UNDER THE LAW

Albert Einstein once said “The hardest thing to understand in the world is income tax.” Boy was he right! The tax code is very complicated and often there are peculiar provisions for each industry. So it’s very important that your tax professional or accountant have experience in your industry to be certain that you are taking advantage of all of the various possibilities.

Let’s take something like a desk, a fairly common small business capital asset. There is a provision known as a Section 179 election that allows you to write-off the purchase price of that asset in the first year. Now the alternative to Section 179 is to depreciate that desk over seven years! So you can see that there is a significant tax benefit to Section 179 if you qualify to take it.

Contractors are one of many areas where I have special accountant expertise in the Chicago area. Contractors with less than million a year in revenue have the ability to do what is called the completed contract method of accounting. What that means is they are not required to recognize the revenue from a job until the job is completed. This can sometimes be very advantageous when the contractor has jobs that stretch over multiple years.

For larger contractors, those with revenues exceeding million a year, there is something known as percentage of completion which provides the contractor the ability to recognize profits pro-rata along the way. In some instances this method can be very advantageous. In the end, you’ll end up paying taxes no matter what method you choose but a skilled accountant can explain the distinct advantages available to you depending upon your particular circumstances.

It is impossible for the average business owner to be an expert in tax compliance accounting and often what I see here in Chicago is that they are misled by what they read in the local paper, trade journals and other sources of information. In some cases I have seen costly mistakes made and penalties incurred, not because the business owner was trying to do something sneaky or illegal, but simply because the advice they had gotten was incorrect for their particular circumstance.

9. NOT USING THE RIGHT TALENT FOR THE RIGHT JOB

In my role as an Accounting-CFO I am frequently called upon to help my clients define their business culture and help them identify talent both within their existing employee pool as well as external to the company.

A second area I can bring specific insights is the concept of matching the right talents for the right job. This frequently manifests itself when I notice that high-priced talent within an organization is spending an inordinate amount of time doing busy work or paperwork that could easily be handled by a far lower priced administrative employee.

Often times as organizations grow the most talented individuals seem to accumulate or acquire an unusually high proportion of non-revenue-generating tasks simply because of their “get it done” nature. I’ll see vice presidents and even presidents of companies who are filling the copy machine, un-jamming the fax machine or doing the bookkeeping because they have always done it that way. When all of these things should be done by lower paid employees, accountants, or simply outsourced, thereby freeing up the executive for additional revenue generating opportunities.

The flip side is also true though. I sometime see situations where lower level employees are performing critical tasks with little or no oversight from management or outside expertise. For example, to help control costs one Chicago based business owner was relying upon an internal bookkeeper to keep the day-to-day operations running and act as an accountant. This was fine until I performed an external audit on his business and found that the bookkeeper/accountant was in over her head and that the entire Accounts Payable and Accounts Receivable ledgers were in disarray! Let me tell you it was not a good day when that business owner suddenly realized that his company didn’t have the money to make payroll or replenish inventory!

10. BUYING THE LATEST SOFTWARE TO SOLVE ALL YOUR PROBLEMS

Accounting software is only as good as the data that goes into it and the talent that is using it. Yet all too often I have been called into situations where a business owner has bought new accounting software thinking that it would somehow miraculously solve their managerial accounting problems. This is simply absurd.

As an accountant in Chicago, I have found that no matter what accounting software you use, you must have the supporting processes in place in order to assure that the correct data is getting into the software package and just as importantly that the correct data is being accessed and displayed in a useful fashion.

When considering changes to your accounting systems you must be certain to take into account all of the investments necessary to make a successful change. Often times the cost of the financial software itself is relatively small in comparison to the impact on the organization from a training, downtime, and implementation perspective.

In some cases you may need to have the old system and the new system running in parallel for an extended period of time. It always seems to be that conversions to new systems are never as easy as they are promised to be and that they typically cost 2 to 3 times more (when all costs are accounted for) than what the business owner anticipated.

Remember, your accounting systems are the foundation of your financial house! You must be absolutely certain that any changes you make to the accounting software you use improve the strength and flexibility of your financial house’s foundation!

Filed Under Managerial Accounting Tagged With Accountant, Avoid, Business, Chicago, Financial, Mistakes, Next, Owners, Reveals, Them

Investor?s Guide to Financial Accounting

November 12, 2010 Leave a Comment

When people decide to invest in anything the first question they ask is, “how much money will I make from this investment opportunity?” The multitude of investment options has made it more difficult for the average investor to calculate risk and determine the best investment for their money. Bank deposits with conservative returns have evolved into certificate of deposits, mutual funds, hedge funds, futures and options to name a few. Fortunately there are many resources available to help navigate these difficult waters. Instead of using costly professional advice or independent analysis from resources like Morningstar, we will begin to invest with confidence using financial accounting to drive our decisions.

Accounting is the process of identifying, measuring and communicating economic information so users of accounting can make informed decisions about a company’s performance. There are many types of users of accounting from management focused on day to day operations to investors focused on future cash returns. Investors should focus on a company’s past performance because there is a strong correlation to future success. Financial accounting provides investors with historical results of a company through financial statements. These financial statements include the balance sheet, income statement, statement of cash flows and statement of owner’s equity.

The balance sheet provides details about a company’s assets, liabilities and owner’s equity. Unlike the other three financial statements, the balance sheet is for a point in time. Most balance sheets are done at the end of a company’s fiscal year to show the company’s financial position at that point in time. The most important thing to look for when investing in a company is its assets are greater than liabilities. According to the accounting equation, assets = liabilities + owner’s equity, if assets are greater than liabilities the owner’s have positive equity in the company. If the company were to liquidate its assets and pay off all of its liabilities there would be money left for the owners to recoup some if not all of their investment. A positive trend in owner’s equity is a strong indicator of a sound investment.

When investing, it is important to focus on companies that have the assets necessary to remain in operation. Both positive working capital and a current ratio greater than 1 are strong indicators of this. Working capital is current assets minus current liabilities. Positive working capital means a company has the necessary working capital to reinvest in its operations and drive future revenue. The current ratio, current assets divided by current liabilities, shows that a company has the necessary current assets to pay for current liabilities and remain in business. A current ratio of 2.0 is a good rule of thumb for adequate liquidity. This shows that a company has two times the necessary current assets to pay off any current liabilities.

The income statement is another key indicator of a company’s past performance. At the end of its fiscal year a company will determine its profit or loss by calculating its net sales and subtracting the expenses necessary to achieve those sales. Net income shows that a company is profitable. A positive trend in net income over time means a company continually performs well and is a strong indicator of future success. Net income shows up on the Statement of Changes of Owner’s Equity under retained earnings. It is this money that is available to investors through cash dividends.

The Statement of Changes of Owner’s Equity as mentioned above details the total owner’s equity for a period of time. Over time an investor would like to see a positive trend in owner’s equity. This shows an investor that throughout the fiscal year there is an increase in owner’s equity through retained earnings. These earning are available to reinvest in the company and make it stronger in the future.

The Statement of Cash Flows identifies the use of cash by a company during the fiscal year. This details the cash flows from operating activities, investing activities and financing activities. It is impossible for a company to survive over time with negative cash flow therefore it is crucial to review the trends in this statement to make sure the company has positive cash flow over time. The ending cash balance detailed in the Statement of Cash Flows becomes part of the Assets in the Balance sheet. Consistent reduction in cash will reduce the owner’s equity and in turn reduce a return on investment.

The statements detailed above are critical pieces in making sound investment decisions. Understanding these documents combined with your existing resources for investment decisions will make you more proactive in your investment decisions and help mitigate risks in your portfolio.

Filed Under Financial Accounting Tagged With Accounting, Financial, Guide, Investors

How To Significantly Reduce Payment Processing Costs By Converting Debit-Card Customers To Direct-Debit Payments

November 12, 2010 Leave a Comment

How To Significantly Reduce Payment Processing Costs By Converting Debit-Card Customers To Direct-Debit Payments

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Home Page > Finance > How To Significantly Reduce Payment Processing Costs By Converting Debit-Card Customers To Direct-Debit Payments

How To Significantly Reduce Payment Processing Costs By Converting Debit-Card Customers To Direct-Debit Payments

Source: http://www.articlesbase.com/finance-articles/how-to-significantly-reduce-payment-processing-costs-by-converting-debitcard-customers-to-directdebit-payments-98218.html

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How To Significantly Reduce Payment Processing Costs By Converting Debit-Card Customers To Direct-Debit Payments

By: Lisa Hephner

About the Author

Lisa Hephner, PaySimple Marketing Manager About ACH Direct-Debit Processing For assistance with converting your debit-card customers to direct-debit, contact PaySimple: 800-466-099

(ArticlesBase SC #98218)

Article Source: http://www.articlesbase.com/ – How To Significantly Reduce Payment Processing Costs By Converting Debit-Card Customers To Direct-Debit Payments

It seems that banks are constantly coming up with new ways for us to pay bills and withdraw money. First there were paper checks, then credit cards, then ATM cards, then debit cards linked to bank accounts, and now ACH electronic funds transfers. Of course, with each new payment method comes a new set of fees passed on to account holders and merchants. The smart merchant will weigh the pros and cons of each method with regards to safety, accountability, and processing cost, and then design her business practices to maximize profits without compromising customer service.

This article will help merchants do this by comparing two very similar payment methods-debit card charges and bank account ACH direct-debits. It will explain how switching customers who pay with debit-cards to direct-debit transactions can significantly reduce merchant processing costs.

What is a Debit Card?

A debit card is a bank issued card that allows its user to access the funds in his account to pay for merchandise or services. A debit card acts like a credit card, and is often associated with a credit card brand such as VISA or MasterCard, with the difference being that funds are immediately deducted from the cardholders checking or savings accounts when a purchase is made.

What is Direct-Debit?

Direct debit is an easy way to deduct a payment directly from a customer’s bank account. It uses the premise of a paper check but takes it to the next level with electronic funds transfer. With direct debit, the need to write paper checks is completely eliminated. Your customer simply gives you permission to take funds directly out of his checking or savings account and transfer them to yours. Direct-debit is typically used for auto-recurring billing of regular transactions, such as a monthly rent payment, so that written permission to transfer funds is needed only once and customers no longer need to write checks every month. But, it can also be used with an Online Payment Gateway to enable your customers to purchase your products or pay their bills directly from a checking or savings account instead of with a credit card or debit card.

What are the differences between a Debit Card transaction and a Direct-Debit transaction?

Debit card transactions and direct debit transactions are at their core the same-each authorizes a transfer of money directly from the cardholder’s account to the merchant’s account. And, from the consumer’s standpoint they are exactly the same.

From the merchant’s standpoint however, they are very different. The transactions are processed through different networks, and the payment processing charges differ significantly.

Debit card transactions require the merchant to obtain a credit card merchant account and often to sign a long-term contract and pay a fee to open the account. Debit card transactions are processed through the same network as credit card transactions, and funds are deposited, less a commission (known as the “discount rate”), into a merchant account. The discount rate for debit-card purchases is typically lower than for credit card purchases (This is because the bank is taking less of a risk with a debit-card that deducts funds immediately from a bank account than with a credit card.), however there are some merchant processors that do not extend this discount to their clients. Typically, 2-3% of the transaction plus a 30 cent inquiry fee will be deducted from a debit-card payment and the balance will be deposited into the merchant’s account.

Direct-debit transactions use the Automated Clearing House (ACH) network to move funds from one bank account to another. Thus, you can use your regular business checking account for Direct-Debit transactions. You will need to sign a contract with a company authorized to manage these ACH transactions, but there is typically no long-term commitment. You will pay a fee for each direct-debit transaction you process-but it is typically a flat-fee that is not dependant upon the size of the transaction. (There are some companies that do charge a percentage based fee for direct-debit transactions-you should avoid these processors!). This fee is typically less than per transaction.

How much can merchants save with Direct-Debit Transactions?

Accepting direct-debit instead of debit-card transactions can generate significant savings for most transactions; with the rule of thumb being the larger the transaction amount the more the merchant saves. The following is a simple example using the PaySimple pricing structure:

Transaction Amount: 0

Cost to process via Debit Card (MOTO rate): .49 (.29 inquiry + 2.04% discount)

Cost to process via Direct-Debit: .55 flat

Total Savings per Transaction: .94

Total Monthly Savings (based on 250 transactions/month): ,485.00

Are there Drawbacks to Direct-Debit transactions?

The largest drawback for merchants accepting direct-debit payments is that unlike debit-card payments, you will not immediately know if there are sufficient funds in the customer’s account to cover the charge. With a direct-debit, you will get NSF notification in 24 hours (far better than the weeks it typically takes for a paper check processed by the bank). This can be a significant concern for merchants who are providing goods or one-time services at the time of payment. But, in the majority of cases, 24 hour notification is sufficient.

Another concern is that customers will not be comfortable with giving a merchant direct access to their bank accounts. However, that is essentially what they are doing with a debit card transaction. The problem truly is one of education not of security or of process. Fortunately, that is an easy problem to solve. ElectronicPayments.org is a fantastic website that provides a wealth of customer education materials. Your payment processing company may also offer free marketing and educational literature that can be distributed to your customers.

The Bottom Line

Direct-debit transactions are just as safe as or safer than debit card transactions. Direct-debit and debit card funds are deducted immediately from customer accounts. Direct-debit transactions are just as simple to perform as debit card transactions, and both can be used for auto recurring payments, online payments, phone payments, and point-of-purchase payments. But, processing direct-debit transactions is significantly less costly for merchants than processing debit card transactions.

Retrieved from “http://www.articlesbase.com/finance-articles/how-to-significantly-reduce-payment-processing-costs-by-converting-debitcard-customers-to-directdebit-payments-98218.html”

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Lisa Hephner, PaySimple Marketing Manager About ACH Direct-Debit Processing For assistance with converting your debit-card customers to direct-debit, contact PaySimple: 800-466-099

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Lisa Hephner, PaySimple Marketing Manager About ACH Direct-Debit Processing For assistance with converting your debit-card customers to direct-debit, contact PaySimple: 800-466-099

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Tax Savings Solutions, The Savings Highway Has Them All

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Tax Savings Solutions, The Savings Highway Has Them All

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Tax Savings Solutions, The Savings Highway Has Them All

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Tax Savings Solutions, The Savings Highway Has Them All

By: Jim Roche NJ

About the Author

For more Information Contact :

Jim Roche NJ

(908) 413-5363

The Savings Highway

(ArticlesBase SC #1231930)

Article Source: http://www.articlesbase.com/ – Tax Savings Solutions, The Savings Highway Has Them All

Tax Savings Solutions, The Savings Highway Has Them All

US Congress enacts Home-Based Businesses Tax Savings Solutions

We are talking about tax savings laws passed by the United States Congress specifically to encourage taxpayers to actively operate a small home-based business – even on a part-time basis – with the intent to make a profit.

First, the fastest-growing business category — for several years in a row — has been Small Home Based Businesses. Maintaining continued expansion in that industry simply makes perfect sense for our national economy.

Second, unemployment puts a tremendous strain on the economy, and the leading job-growth category, again, is Small Home Based Business. Job growth = less unemployment = stronger economy.

Third, if every taxpayer had a part-time home-based business as a “fall back” or “safety net,” a signifigant layoff by a major employer would have less of an impact on the economy.

You are about to get a map to a lot of “information” i.e., small home based business tax savings that are 100% IRS-compliant, easy to qualify for, and simple to document.

Most taxpayers (and most professional tax preparers) are clueless about these small-business-friendly tax savings, for a variety of reasons:

· The media gives very little publicity to these laws,

· Small-business tax law is not part of the ciriculum in most accounting schools,

· Knowledge of small-business tax law is not tested on CPA exams,

· IRS “publications” focus mostly on what you cannot deduct, not on what you CAN.

Here’s how your business can qualify for Small Home Based Business Tax Savings…

In order to be in compliance with the IRS,” you must:

1. Be able to Prove that you Intend to make a Profit.

o Write a Business Plan

o Estimate when you expect your business to become profitable

o Continually work to improve and expand your business

2. Tend to your business on a Regular and Consistent basis

o Regular and consistent activity is much more important than the number of hours.

o As little as 41 hour, 4-to-5 days a week is sufficient for the Tax Court

o Document your business activities in a day planner with ledgible notations.

3. Maintain Accurate Records

o Document All Business Income

Deposit all business income into a Business-only checking account

Keep a running log showing, for each check received:

Date received
Amount received
Source of income (company name, etc.)
Purpose of income received (i.e., Products Sold, Commissions, Bonuses, etc.)

o Document All Business Expenses

Use a business-only checking account for all business expenses
The purpose is to keep personal funds and business funds from co-mingling.
Use one or more credit cards exclusively for business expenses
Keep from co-mingling personal and business charges
Interest and fees on business-only cards are Tax Deductible.

o Document All Your Business Activities

A Daily Record is acceptable documentation(IF it is accurate and complete)
Show regular and consistent activity(as opposed to sporadic, inconsistent activity)

In my next article I will discuss what exactly you are able to deduct to take advantage of operating a small home based business for maximum tax savings.

What Should you do Next? Join the Savings Highway today and reap the many tax saving benefits the were specifically enacted by Congress to keep the United states Economy Strong.

Retrieved from “http://www.articlesbase.com/ask-an-expert-articles/tax-savings-solutions-the-savings-highway-has-them-all-1231930.html”

(ArticlesBase SC #1231930)

Jim Roche NJ -
About the Author:

For more Information Contact :

Jim Roche NJ

(908) 413-5363

The Savings Highway

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COVERS YOUR ENTIRE FAMILY – Use as often as you like!
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