Category: taxes tools

taxes tools

Do You Have A Bad Credit History? Decide For…

Taxes – Taxes are government incentives to get people to do what they want them to do. Thus because businesses create jobs and wealth, they have tax strategies as incentives to keep the economy going. There is one huge premise that people need to understand. I will lay out the difference. When you are an employee, you work, pay your taxes and then get your money to pay your expenses. When you are a business, you work, pay all your expenses and then pay taxes on what is left. This is totally legal and can boost rates of return legally. Remember one thing – Tax avoidance is prudent while tax evasion means jail time.

“A second mortgage is a lump sum. A home equity line of credit is basically an open checkbook,” Cambra says. Lump sum loans are best when you need all the money at once.. A line of credit is best when your cash needs are stretched out over time, like a series of home improvements or college tuition payments.

CTEC courses In most cases, a California homeowner can refinance up to 100% of their home value. You may be able to keep your monthly payments the same or even lower them. The length of your loan payback period will determine your monthly payment amount.

Prop. 90 allows a county to choose to accept or deny Prop. 13 and accept a grandfathered property value assessment when buying a new home. As of June 1, 2005, seven California counties honor Proposition 13; Alameda, Los Angeles, Orange, San Diego, San Mateo, Santa Clara and Ventura.

CTEC classes There have been several new developments in Tampa Florida rollingwood real estate Estate and Clearwater Real Estate holdings; the plans for developing downtown Tampa, especially the Rivergate area, are potentially very exciting indeed, according to recent articles in the Tampa Bay Business Journal.

CTEC approved provider In summary – A 529 Plan is an education savings plan operated by a state or educational institution designed to help families set aside funds for future college costs. It is named after Section 529 of the Internal Revenue Code which created these types of savings plans in 1996. 529 plans offer tax savings. Although your contributions are not deductible on your federal tax return, your investment grows tax-deferred, and distributions to pay for the beneficiary’s college costs come out federally tax-free. The tax-free treatment was made permanent with the Pension Protection Act of 2006. There are also downsides to a 529. These plans are usually run by outside fund managers. This adds risk to the fund. In 2008, 89% of all 529 plans lost money.

Regarding Taxes: When it comes to taxes I will never profess to be an expert. This is too critical and the best is to contact a CPA (Certified Public Accountant) to talk about your situation and issues that you might need to look out for. Here in Santa Barbara, CA., I would be happy to recommend my father, Mike Schmidtchen at 805-963-0881. He has been a local CPA for roughly 30 years.

taxes tools

My Las Vegas Realty Debacle

June 2014 Facebook Posts - CWCkiFirst, let’s take a look at the state of California because it had more foreclosures than any state in the United States. In December 2008, the state recorded 20,952 foreclosures. In January 2009, it saw a decline to 14, 351 foreclosures.

To entice the unaware, the states make the LLC the choice de resistance by often requiring only a pre-printed form to be filled out and cna license mailed in. Some people will do this themselves while others will try to find a cheap online service to do it for them. The form is fairly easy to fill out. That is not the problem. The real problem starts when the forms come back approved from the relevant Secretary of State. Simply put, now what do you do?

CTEC courses Another thing I found out, which prior to this point I did not know, was the tax implications you incur after a foreclosure because of something called Cancellation of Debt Income. That one really shocked me when I learned about it. And to just put the cherry on top, there’s something called a Deficiency Judgment and it is not good for the borrower. This legal process allows your bank to sue you for the unpaid balance of your mortgage, EVEN AFTER THEY AGREE TO DO A SHORT SALE. I could not believe this when it happened to me and it affected my decision to cancel a short sale I had been working on for five months with Bank of America Home Loans. It was a long and tedious education process that I hope I never have to repeat again.

CTEC classes In California alone it is predicted that this bill will aid one hundred thousand people struggling with housing expense. Around the nation it will be less because California was hit very hard and is a big state.

Have the ability to gain higher potential earnings on investments depending on the rate of return and the decision on how the portfolio risk is decided. You can be highly aggressive with 100% equity funds to a more conservative approach which would be more towards money market funds.

CTEC approved provider Homeowners insurance is a requirement by lenders and can vary by coverage, providers, regions and particulars of the home and surrounding area. I usually estimate using a percentage of value and a conservative percentage to use for a base policy (no flood no earthquake) would be 0.40% of the purchase price per year or about $83 a month in this case. (0.40% x 250,000 = $1,000 / 12 months $83.00).

What one needs to do to apply for the credit is to close escrow on a home after May 1, 2010. This must also be done before January 1, 2010. The tax credit amount is the lesser of either 10,000 dollars or five percent of the price of the home which is a sizable amount. It is awarded over three years, so the homeowner must file this credit three years in a row.

At the Pay Sales Tax window, click the taxes you are paying, as well as the adjustment you just made. Make sure the all of the other information is correct, particularly the Pay Sales Tax Through box – this must have the same date as the final reporting date on the sales tax return. Save the transaction.

taxes tools

Lower Rates Begin Driving Multiple Deals As Realty Markets…

iStock ImageAnother thing I found out, which prior to this point I did not know, was the tax implications you incur after a foreclosure because of something called Cancellation of Debt Income. That one really shocked me when I learned about it. And to just put the cherry on top, there’s something called a Deficiency Judgment and it is not good for the borrower. This legal process allows your bank to sue you for the unpaid balance of your mortgage, EVEN AFTER THEY AGREE TO DO A SHORT SALE. I could not believe this when it happened to me and it affected my decision to cancel a short sale I had been working on for five months with Bank of America Home Loans. It was a long and tedious education process that I hope I never have to repeat again.

For a very low price you can take the 20 hour course online from the comfort of your own home or office. Most CTEC courses are designed to cover the most recent federal and state changes that will impact you as a tax preparer for the current tax year. After you take the course, you’ll receive 5 hours of state credit and 15 hours of federal credit. That’s everything you need to apply for your CTEC renewal.

CTEC classes As you might imagine, local retailers think this is a tad unfair. Maybe they are right. Maybe they aren’t. Up to now, however, no state has been able to come up with a way to force Amazon and other big retailers into collecting and paying the taxes. There are laws on the books from the 1970s related to catalog sales that hold that such companies do not have to deal with sales taxes if they don’t have a physical presence in the states in question. Up to now, this standard has been applied to the web as well.

CTEC approved provider Besides, it is certain that a standing house cannot be moved or hid. You can’t take your house with you if you plan to escape from your debt. Surely you will look for ways on how to religiously pay your credit. I’m pretty sure you don’t want to wake up one day without your most priceless asset!

What could I do? Use what the good lord gave me. 30 years of experience, on the subject of getting out of problems that I created when I was young and inexperienced. Here was the war strategy. I got Kevin to agree to turn over total management of the two properties to me. Knowing that I was managing the property and working on what I believed was the correct problem, I felt comfortable about loaning money on this deal. If I can’t trust myself to solve this problem, whom can I trust? I started by loaning Kevin $25,000 to make needed repairs to the Pasadena building, pay the property taxes and to bring the first and second loans current on the Pasadena property only. Nothing was to be spent at this time, on the San Bernardino building.

You should interview the professional before hiring his or her firm. Be sure to ask if they are willing to spend time with you each year, or will they simply want you to drop off your papers. The latter will not help you to pay the least tax possible.

Now, all of the above statements are “known” facts. But if you would do your own research…. Wait, taxi rides let me state that again. IF YOU WERE TO DO YOUR OWN RESEARCH, you would find that not only are the above statements false, but in most cases, they are the complete opposite of the truth.

taxes tools

Where Are Taxes Headed In 2011?

You have grown in a middle class family and are used to a certain level of comfort. But you have made your mind and your first home is just going to be a crowded two-bedroom condo. What’s available in a decent neighborhood, (and I am not talking great luxury or new buildings on the beach) will cost you around $ 280,000. You were lucky enough to land a mortgage loan with only 3% down, and your savings allowed you to pay all the closing costs, and that’s fine.

CTEC courses Ideally, the investor would like to rent and cover totally or a significant part of his monthly mortgage costs, his insurance, maintenance or condo fees, and his taxes.

2) When writing up a purchase contract, you will need proof of funds (bank statement, letter from a lender etc.) that covers your down payment as well as earnest money (roughly 3% of the purchase price). Your Realtor will then provide you with the paperwork that is needed to write the offer.

CTEC classes The Problem: This is going to create CHAOS…phone calls and emails will begin flooding in and will be routed to whomever you listed as the “contact.” Hope it wasn’t the CFO. Many of the recipients of these letters will be placed in a state of utter confusion. However, once they realize this is about money, they suddenly need it immediately.

The Cash flow quadrant really sums up the essence of financial success. If you focus on the left side of the quadrant then you can make an OK income but if you focus on the right side then you can become rich. Robert Kiyosaki points out in Rich Dad / Poor Dad that the left sides of the quadrant people make money, pay tax and then spend it. On the right side of the quadrant people make money, spend it and then pay their taxes. This is a huge difference and can be the biggest success lever in your financial arsenal.

CTEC approved provider Any individual involved with MLO activity such as taking a residential mortgage loan application and/or negotiating loan terms will need to comply with S.A.F.E. This includes real estate salespeople who are involved with these activities on behalf of their clients. On the other hand, military spouses civil relief act if an individual or entity is involved with MLO activity strictly in an administrative capacity, the S.A.F.E. law does not currently apply to you. For the most up-to-date information, the NMLS Web site is an excellent source. Also, review your state’s laws to ensure you cover all of your bases.

Those opposed to domestic drilling argue that even if Congress approved domestic drilling tomorrow, it would be 2-3 years before that oil would get to market. They argue domestic drilling will do nothing to lower oil prices because the global market sets the price of oil.

taxes tools

The California Homebuying Tax Credit

The Problem: This is going to create CHAOS…phone calls and emails will begin flooding in and will be routed to whomever you listed as the “contact.” Hope it wasn’t the CFO. Many of the recipients of these letters will be placed in a state of utter confusion. However, once they realize this is about money, they suddenly need it immediately.

Why not put the money you just got back and invest it on your own future? Invest it into your mutual funds, or put it away into your retirement fund. Grow a nest egg that you can enjoy when you finally go into your well deserved retirement.

CTEC approved provider california home equity loans is renowned for being about as business unfriendly as any state. If you aren’t getting taxed over here, you are getting hit with some odd fee over there. The weather makes up for it, but sometimes you really have to wonder about whether it is all worth it. This is particularly true for small businesses who form limited liability companies only to get hit upside the head with a host of surprises.

The only real downside to using these accounts is that they may make you ineligible for other types of educational funding help, so you should check with your financial advisor or speak to someone at your bank to help you decide which is best for you.

CTEC courses There are many facets to doing business as a Contractor these days. The Contractors State License Board has a laundry list of regulations to follow just so you can do what you love doing. But there are also so many other laws that come into play. City license, County license, State license, Fictitious business name, Sellers permit, the EDD, Franchise Tax Board and the list goes on.

CTEC classes I don’t know if you have ever been in a nursing home, or have visited one, but they are not nice places! They are understaffed, overworked, and have a very, very bad record for unnecessary deaths. In addition a person loses his freedom – it’s like being in jail, only you have committed no crime.

Erlend: If you own a car in California and other states, you must have auto insurance. If you own a home, get homeowners insurance. Your home is a huge asset and it deserves protection. If you have financial dependents, parents, kids, others, you need life insurance to protect their income stream.