Categories
Taxes

Expert Advice and Timely Work – How Certified Tax and Accountancy Specialists Work

For those who operate businesses, whether small, medium or large ones, the process of preparing balance sheets, auditing requirements, and loads of tax forms is a tough one, especially if they don’t have time to do all this or if they lack the knowledge to complete the procedures. Getting help from a number of professional taxation and accounting-related consultancy experts will do a lot in helping business owners and corporations maximize their time and ensure that their financial resources are well-audited and in proper order. For instance, the services offered by independent accountants considerably differ in a lot of aspects, especially if you get these from an accountant on your payroll. The following paragraphs will give an overview of the wide array of services that professional taxation and accountancy consultants render.

The process of bookkeeping refers to the recording of businesses’ daily trading transactions. All pertinent data such as purchase receipts, expense invoices, sales invoices, credit notes received and issued, delivery charges and delivery notes, cash sales, cash received from debtors and others are entered into an official accounting record, which many call the accounting “books”. These days, most accounting books come in software form, with the records entered using the fundamental double entry system and other accounting rules, on the computer. Your accountancy consultant may provide your firm with the required accounting software, and provide the training as well for properly implementing an automated accounting system in your small business or large firm. The use of modern accounting software constitutes a more personal accounting and banking, as well as providing key decision makers and managers a more hands-on approach to their work.

Professional Tax Advice: Most people instantly think about “income tax” when someone talks about giving professional tax advice. Well, an income tax is only one of the many forms of taxation that are imposed by the central government to spend for social programs and other services. In the United Kingdom for example, a large segment of the income tax and capital gains taxes are both managed by Her Majesty’s Revenue & Customs Department (HMRC). An income tax serves as the main source of income for the government. This form of taxation is based on the earned and unearned income of a business entity or individual employee. For this tax, there are a series of payment scales mandated by the government yearly as part of its budget process, and each person who has an income is liable for paying these, provided that their income is above the threshold. Taxation and accounting consultancy services help your firm to thresh out the details, fill the right forms, know the appropriate tax laws, and steer clear of any penalties.

Corporation taxes on the other hand, are payable annually and this are important tax payments that companies should not miss. This type of tax is levied on a limited company’s taxable income or profits. This type of tax however is not applicable for self-employed individuals, but only applies to limited companies, organizations as well as Members’ clubs, societies and associations. The value added tax (VAT) on the other hand, may be quite stressful to handle, especially when the deadlines arrive. According to tax experts, the VAT is one of the most complicated taxes that are levied on businesses, since failing to complete such returns on time would result in incurring applicable penalties and interest. An Accountancy and Taxation consultant will offer to help your firm keep up with the latest HMRC regulations, as well as offer complete advice on the tricky aspects of VAT such as the Flat Rate Scheme, VAT registration, Vat planning and administration, compulsory registration timing, the benefits and drawbacks of voluntary registration, VAT on imports and exports, as well as Customs and Excise VAT.

Categories
Mortgage

How to Choose a Good Mortgage Refinance Expert

Most of us are not aware of the many financing and refinancing options that are available to us. This is unfortunate as knowledge of these options can often save us from many of our financial worries. Sometimes, they also act as lifesavers when you are facing a particularly critical problem or even bankruptcy.

Mortgage refinancing is one such option. In its essence, mortgage refinancing involves paying off a mortgage with the money from a new mortgage which is secured by the same property. This is usually done to secure a lower interest rate and can surely lessen your financial burden by a substantial amount.

The key to successful mortgage refinancing is finding a financial expert to help you secure the best deals. This is all the more true if you are new to such matters and do not have much prior experience. In order to make mortgage refinancing work in your favor, you need to explore and understand your options well, and then choose wisely. This, sometimes, is too much work for the untrained individual.

So, why not let an expert handle it on your behalf? Your mortgage refinancing will go smoothly and everything will be completed in a short time and to your complete satisfaction. Just remember to choose somebody who’s suitably experienced in such matters and has already helped others in the past.

When selecting a company to work with, ensure that the following areas are well covered:

  • The presence of knowledgeable loan officers and a mortgage staff who know the domain well and have up-to-date strategies to help you with.
  • A wide range of loan programs to choose from, even some customized ones.
  • A sound local presence and adequate in-house infrastructure
  • Fast and timely closings
  • Strength and stability to tackle even the most complex situations
Categories
Stocks

How to Practice Day Trading Penny Stocks Like an Expert

Before going into this article, there needs to be a distinction that is made. Penny Stock Day trading is not exactly a form of investing. Traders do not actually invest their money into tangible stocks. They are merely waiting to make a move and control a portion of the stocks that are going up or down. They ride the waves in whatever direction it is going in order to cash in on a quick profit. Here are a few tips on how to day trade penny stocks.

First, if you're not interested in this type of investing, I cannot blame you. When you are waiting every day to decide whether or not a market will go up or down, based upon mathematical family lives in indicators that may be incorporated into your particular trading platform program, it can be very nerve-racking and you may end up losing thousands of dollars every day if you're not careful.

One other caveat to mention is that this type of trading days not to be considered a hobby. How can it be a hobby if you're actually blowing thousands of dollars a day because you don't know what you're doing. You would be better off to hand it to people on the street that actually need the cash. That is why you need to be prepared and you need to have the knowledge of your particular trading area, in this case day trading penny stocks, before you make any decisions with real money.

One of the best things on trading platforms is that they give programs that allow you to practice day trading on a nonreal market. You can also track your results using the real market and see if your decisions were actually good ones or not. The key is to master whatever it is you're doing before you actually put your hard-earned money into the equation.

Becoming an expert daytrader is not an overnight process. So make sure that your broker and the company that you are working with can provide you with the tools necessary so that you can become proficient at daytrading before you ever invest a single dime. Doing these simple things are easy ways that you can learn how to trade Forex like an expert with out using your money.

Categories
Mortgage

Expert Warns-Consumers Beware of Misleading Reverse Mortgage Articles and Stories!

Reverse Mortgages (Home Equity Conversion Mortgages) have become a popular and well respected way for seniors to access the equity in their homes for many reasons. Some use the equity for long-term care needs, to pay bills, pay off existing mortgages or debt, pay for prescription drug costs, home improvements, home modifications, or to simply be able to enjoy life a little more by traveling and enhancing their retirement cash flow. Many seniors use reverse mortgages to pay high property tax bills, and have even been saved from foreclosure and bankruptcy because they applied for a reverse mortgage.

Other seniors use reverse mortgage proceeds to fund advanced estate planning techniques. This includes increasing the value of their estate through life insurance purchases, planning ahead for future long-term care needs, assisting grandchildren with college funding, making charitable donations, and to convert IRA funds to Roth IRA funds, just to name a few.

Many newspaper, TV, radio and internet articles circulating in the media give inaccurate and misleading information about reverse mortgages. So called “experts” who are interviewed for quotes often have no involvement in the mortgage industry and do not understand the federal law that regulates these loans.

Each consumer should make it his or her own responsibility to talk with an expert, and educate themselves on the facts.

TIP: As you know, the media attract more viewers, readers, and listeners when they make a story exciting, scary, or dramatic. Because reverse mortgages are federally regulated loans, there really isn’t anything scary or dramatic about them when you know the facts. Be wary of interviews and articles that make reverse mortgages seem like a scam. The Department of Housing and Urban Development has done an excellent job of regulating reverse mortgages, and they are designed to help seniors, not hurt them.

Some good websites for more information are http://www.fanniemae.com – be sure to download “Money from Home” for free. The National Reverse Mortgage Lenders Association has great consumer booklets- http://www.reversemortgage.org .

The National Council on Aging recently did a study that concluded that reverse mortgages are good sources of funds for long-term care planning and long-term care needs. You can download the entire study by visiting http://www.ncoa.org

Although there are closing costs associated with these loans, most, if not all of them are factored in to the loan, and are not out-of-pocket expenses for the senior. Whether or not a reverse mortgage is right for a senior depends on their specific situation, case design, and cash flow or estate planning needs.

What is a Reverse Mortgage?

A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is “reversed.” Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you.

Who Qualifies for a Reverse Mortgage?

Eligible property types include single-family homes, 2-4 unit properties, manufactured homes (built after June 1976), condominiums, and townhouses. In general, co-ops are not allowed. Only the Financial Freedom “Cash Account” program is available on co-ops in New York City. As long as you own a home, are at least 62, and have enough equity in your home, you can get a reverse mortgage. There are no special income, credit or medical requirements.

How Are Seniors Protected?

Counseling is one of the most important consumer protections built into the program. It requires an independent third-party to make sure your family member understands the program, and review alternative options, before they apply for a reverse mortgage.

You can seek counseling from a local HUD-approved counseling agency, or a national counseling agency, such as AARP (800-209-8085), National Foundation for Credit Counseling (866-698-6322), and Money Management International (877-908-2227). Counseling is required for all reverse mortgages and may be conducted face-to-face or by telephone.

By law, a counselor must review (i) options, other than a reverse mortgage, that are available to the prospective borrower, including housing, social services, health and financial alternatives; (ii) other home equity conversion options that are or may become available to the prospective borrower, such as property tax deferral programs; (iii) the financial implications of entering into a reverse mortgage; and, (iv) the tax consequences affecting the prospective borrower’s eligibility under state or federal programs and the impact on the estate or his or her heirs.

TIP: HUD Counselors are not financial planners, and should not be giving advice on financial product purchases. Talk to a trusted advisor about a plan for the reverse mortgage proceeds.

How Can the Cash Flow From a Reverse Mortgage Keep Mom and Dad at Home Longer?

The cash flow from a reverse mortgage can be used for any purpose. In order to keep seniors safe and at home for longer periods of time, it is recommended that the cash flow be used for home modifications, repairs, personal emergency response systems, and in-home care services.

Whose Name Remains on The Title to the Home?

The seniors’ names remain on the title to the home. The bank is not in the business of taking over title, and certainly not in the business of owning homes. Therefore, just as with a traditional mortgage, the seniors’ name is on the title to the house.

Can Their Home Be Taken Away from Them?

When a senior implements a reverse mortgage, it is important to remember that they are responsible for keeping the home owner’s insurance in force, paying annual property taxes, and for general upkeep of the home. Unless one of these criteria is not met, their home can never be taken away from them.

Will Heirs Be Responsible for Repaying This Loan?

No, a reverse mortgage is a “non-recourse” loan. This means that the lender is only entitled to loan repayment via the sale of the home for fair market value. If there is any remaining equity over and above the final loan amount, the heirs receive that remaining equity. If the home sells for LESS than the final loan amount, the federal government steps in and pays the lender the difference. Heirs’ assets are never at risk.

When Does the Loan Come Due?

The loan comes due when the last remaining homeowner leaves the home permanently. This means that the loan will come due when the last homeowner passes away, sells the home, or leaves permanently (12 months or more).

Do Reverse Mortgages Affect Medicare or Social Security?

Reverse Mortgages do not affect Medicare (including Medicare Part D) or social security income. However, the proceeds from a reverse mortgage CAN affect local income based programs in your area, and the big one- Medicaid. (note there is a huge difference between MediCARE and MediCAID.) Medicaid eligibility can be preserved with the right plan even after taking out a reverse mortgage. Talk to a professional about the options.

Can Mom and Dad Still Leave Their Home To Their Children?

Yes, with proper planning, they certainly can. One way to make sure that heirs receive the value of the home is for the seniors to purchase life insurance using the proceeds from the reverse mortgage. Some seniors end up doubling or tripling the value of their estate for their heirs because they use the reverse mortgage proceeds to pay the life insurance premiums. This way they never have to touch a penny of their savings, investments, or current income to increase the value of their own estate. This also helps the heirs, because inheritance passed on through life insurance (beneficiary designation) bypasses probate, and taxes!

How Does The Deficit Reduction Act 2005 Effect Home Equity?

The Deficit Reduction Act of 2005 requires that individuals with home equity over $500,000 ($750,000 in some states) use some of that equity to pay for their own care prior to qualifying for Medicaid services. Reverse mortgages have become a very popular and appropriate option for decreasing the equity in the home and using that equity to pay for care.

For more information or to contact the author visit http://www.theltcexpert.com

Categories
Currency Trading

How to Find Good Forex Expert Advisors

Forex Expert Advisors (Forex EAs or Robots) are program codes specifically tailored for the purpose of reading the price feed from a Forex trader’s data provider through their trading platform using algorithms. They are designed to search for pre-programmed price patterns and make decisions on behalf of the trader that follow rules programmed into their decision trees. These decisions carefully assess trading opportunities for Forex traders and provide them with advice which they can use to earn maximized profits from trades. Many FX traders want to find a good Forex EA for them. Well, the following are all the steps one must accomplish in order to find a good FX Robot:

Step 1: Determine what you need

The first step to find a decent Forex Expert Advisor, is to determine what you need. Different Forex Expert Advisors can be programmed to make different decisions. They can run on a multitude of different algorithms, which is why a person needs to first determine what they need from a Forex Expert Advisor before moving to actually finding a good Forex EA to ensure it offers everything they need.

Step 2: Create a list of all the Forex EAs who are capable of providing what you need

Once a person has determined what he needs from a Forex Robot, the next step would be to find each and every single Forex Expert Advisor in existence that offers what they require and create a list. A person should make sure that they enlist every single Forex Robot that offers all the things they require in order for a fool proof process.

Step 3: Check out all the Forex EAs on your list and start eliminating

The next step which a person needs to complete in order to find a good Forex EA, is to check out all of the EAs on their list and start eliminating the EAs that are either subpar or do not offer all of the things they require. It is only through the process of elimination, the process of choosing one Forex Expert Advisor out of the many Forex EAs in existence will be easier for a person. This process will result in a handful of options to choose from.

Step 4: Choose the Forex EA that has the most to offer to you

When a person is left with only a few Robots, which are the best of the best for them? All a person needs to do now is choose one of these EAs. How will a person be able to accomplish such a feat? Well, a person needs to closely examine all of the Forex Expert Advisors that they are left with, determine what each of them has to offer, and then choose the Forex EA that has the most to offer. What a person will choose while accomplishing this step will undoubtedly be a good Forex Expert Advisor for them.

Categories
Debt Consolidation

Expert Advice For Your Debt Consolidation Plan

This will begin the never-ending cycle of making payments but never lowering balances.

Just because a firm is non-profit doesn't mean they are completely trustworthy and will be fair in their service charges for debt consolidation.Some companies use that term to get away with exorbitant interest rates. Make inquiries with the Better Business Bureau and also look for personal recommendation.

You can pay off your debt by borrowing money. Talk to loan providers to figure out the rates that you may be eligible for. Just make sure to pay off the loan on time.

Many creditors are more than willing to help debtors conquer their debt situation.

You will be able to save on interest and will then only have one payment to make each month. After combining all your debts into one credit card, try to pay it off prior to the expiration of the introductory rate.

Mortgage rates currently sit at historic lows, and that means now would be a great time if you'd like to consolidate the debts you have this way. Your mortgage payment could end up lower now than what you were paying originally.

When in the midst of your consolidation plan, think about what caused this to begin with. You don't want to find yourself in a similar position down the road. Be honest with yourself about how this situation in order for you to never experience it again.

You might be able to remove some money from your retirement fund or 401K to pay your high interest loans. Only do this option if you feel that the money can be repaid. You have to pay tax and fees for a penalty if you cannot.

Ask for the fees that you will have to pay to your debt consolidation agency. They should present you a fee structure that is detailed and explains all service charges. The services for your consolidation must be completed before a professional service is rendered. You should not agree to pay any set up fees to open an account.

Be sure that they have good customer service staff.

A good debt consolidation agency should teach to you manage your finances while helping you rid yourself of debt. Sign up for any classes or workshops to better your finances. If the first debt consolidation counselor you meet with does not offer the resources you need, don't use them.

Debt consolidation can help if you are in the midst of a bankruptcy. You could also qualify for having your interest waived from the debt during this.

When you take on a debt consolidation loan, regardless of the time line they give you, try paying it off within the next five years. The longer it takes to pay off the loan, the more it will cost you in interest.

Read the fine print on your consolidation loan papers carefully. You need to be aware of all fees you off guard. The loan is supposed to get you out of debt, not make it worse through excessive fees.

Don't allow a lender to request your credit report just yet until you have agreed upon. This will help you avoid unnecessary notes on your credit report to a minimum.Let the debt consolidation company know that you will be doing this up front.

The only way to get out of debt is to pay what you owe but a debt consolidation plan can make things easier for you. A second job or payday loan gives you cash in a hurry, but the long-term consequences are highly dangerous. You can solve a lot of your problems by putting this advice about debt consolidation to good use.