One of the most annoyingly stressful things you can do is your taxes. If you haven’t got a math degree, getting to the end of a horrible tax return can feel as big an accomplishment as climbing Everest. But what happens when you finish, and you find out that you owe more tax to the IRS than you can afford? It can be annoying to find out that you won’t be getting that tax refund that can get you out of a jam, to find out that there is more money you have to pay can be quite stressful, and you don’t want to get in trouble with the IRS or get a criminal record. But there are things around resolving the issue, and making sure that you stay on the good side of the IRS.
Step 1: Double Check Your Return
It may be possible that you made errors on your return, as it is easy to add the same income twice, or you didn’t make a deduction. If you thought that you were qualified for a credit or deduction, make sure that you answered the questions correctly. If your return details are the same as the previous tax year, something could be amiss on the side of the IRS. Call or write to the IRS so you can get clarification on the issue.
Step 2: Reduce The Amount Of Penalties And Interest
If you owe a large sum of money, it can be a lot worse when you pay interest and penalties on top of what you originally owed. There are specific law firms that can help, you can seek help from tax professionals Mackay, Caswell & Callahan and other firms that are specifically oriented to help people with tax issues. But you can reduce your penalties by one of the following:
Exceptions to underpayment – if you underpaid this year but you owed less in the last tax year, you do not pay a penalty.
Ask for an abatement – write a letter to the IRS explaining your financial situation, for example, if you have mitigating circumstances, such as a long illness, the IRS may actually waive the penalties. Use the term “abatement” in your letter.
Pay as soon as you can – filing early or paying as much as you can shows willing.
Step 3: Ask To Pay In Installments
Filing Form 9465, the Installment Agreement Request, to set up a payment plan will allow you some breathing space, and if you show you cannot pay the amount in full, the IRS must let make payments in three years or less if you owe $25,000 or below.
Step 4: Offer In Compromise (OIC)
The IRS negotiates back taxes through an OIC, but you will have to offer, at least, your net worth. An OIC is very similar to bankruptcy, so it is an option, but you must be sure to only use this as a completely last resort.
Owing money to any organization can be stressful, but you can get a lot of help from the IRS. But above all else, don’t panic.
Myths of Executive Jet Charters
The act of flying in a private jet doesn’t seem like it should belong in someone’s day-to-day life. A private jet flight fits in the realm of red carpets, a sold-out world tour, or going to an exclusively owned island. However, you’d be surprised how often people do fly in a private jet – particularly in the world of business. There plenty of misconceptions about privately jetting off, so what’s it really like to fly in one?
It’s Too Expensive
It should be established that the fact people have to fly for business is nothing new. It could be anything from visiting a partner office abroad, or groups from various companies from around the world need to meet face to face with each other. It is likely when they fly they will want to do so in business class, if not first. If you think of the collective cost of these tickets, in comparison to hiring a jet the expense doesn’t seem too much. It can make financial sense to go private rather than commercial. Jet charter companies can help people plan the journey so it’s just right.
It’s Hard to Find a Private Airport
In the US there are more private airports than commercial ones, so the chances are a business person can find an airport nearer them to suit their needs. Similar to the likes of hiring a car, hiring a jet means they are completely in charge of their transport. Colleagues can fly at a time which suits everyone’s schedules rather than have to rely on commercial lines.
You Still Have to Go Through Security
This is not the case when flying privately. It can really cut down on the time of travel, in turn saving company time. When boarding a flight could potentially take up an entire morning or afternoon, by going privately, people can board the plane as soon as they fancy. There is no queuing, taking off shoes, or having luggage inspected. Though they’ll still need to bring a passport when flying internationally.
Obviously a plane, even if it is private, is not going to fly in adverse weather conditions. A private jet is just as safe as a commercial plane. However, one of the many perks of flying privately is you can get going a lot sooner. As soon as the weather is deemed less dangerous and it’s safe to fly, the captain of a private jet can take off. Businessmen don’t have to worry about prolonged delays or cancellations.
Key Terminology You Need to Know Before You Start Trading Forex
As the largest and most liquid market in the world, forex attracts a multitude of traders on a daily basis. It is the market where currencies are bought and sold as investment assets, and is usually accessed through online trading brokers such as Oanda. Whilst the concept of trading forex is relatively simple (buying/selling currency), it is shrouded in terminology and jargon which newcomers can find difficult to decipher. As such, here are some of the key terms you should know before you begin exploring forex.
In the forex market, currencies are always traded in pairs, as this gives one currency its value compared to another. If the dollar were traded against the pound, for example, it would be expressed as USD/GBP, with the first currency being known as the ‘sell’ currency and the letter being known as the ‘quote’.
Many popular currency pairings have been given nicknames, which can seem confusing if you have never encountered them. EUR/USD, for example, is known as the ‘euro’, and GBP/USD is often referred to as ‘cable’ or ‘sterling’.
The ability to leverage investments when trading forex is part of the reason the forex market is so popular. Leverage essentially allows a trader to control more units of currency with less money than would usually be required (often significantly less) but at much greater risk.
The trader will be able to choose how much leverage they apply to an investment, and it is expressed as a ratio (e.g. 100:1). Whilst leverage can help traders make a much larger profit using less capital, it can also lead to an equally large loss if the trade goes against them.
Market conditions often differ greatly on a day to day basis, but those which change exceptionally quickly (like the forex market) are known as volatile markets. This means that the assets traded in such markets are constantly shifting in value, and so must be monitored by the trader regularly to help inform their decision.
Currency pairings will experience different levels of volatility at any given time, largely depending on the economic and political climate in the currencies’ country of origin.
These are some of the main terms that you should know before you invest money in the forex market. There are more, but once they have been learned, you should find it much easier to read and analyse forex.
How to Boost Your Company’s Income Long Term
Part of running a company is trying to make it profitable at least in the short term. You need to make your business generate money, so you can keep the company running each day. However, what if you want to expand your company in the future, or start offering more choice to your customers? You might not have enough profits to achieve this now, but you can try to boost your company’s long-term income so that you can build towards it in the future.
Work on Your Profit Margin
Although your profits might be doing well, there might be room for improvement that will give you a better long-term return. Think about your business and see if there are any areas where you can improve your profitability. You might be able to do small things like finding a cheaper energy supplier or use cheaper suppliers for your products. Another option is to see if you can increase your productivity which will generate more profits in return. To make this work effectively, you need to create a plan that will take into account all parts of your business.
Seek Long-Term Investment
If you have been making steady profits for a while, there should be no reason why investors shouldn’t look favorably on investing in your company. You need to give them a long-term vision of where you want to take the company, and how much you think you can sell at that time. It needs to be realistic, or your potential investors might not come on board, but it also needs to be ambitious enough that your company will grow as a result. If you already have investors in your company, then they might be more able to invest more in the company knowing its current growth.
Invest in Other Companies
There are many companies that choose to invest in other businesses. For some, these are long-term investments designed to generate additional income for the business. It might also be an avenue personally, as you can invest in other companies and use the income to help finance your business. If you are new to investing, then there are ways such as Betterment investing that are great for new investors who don’t want a lot of hands-on dealings.
One way that you can increase your profits without having to spend a lot of money is to offer franchises. These offer budding business owners the chance to start their own business and have all the back-up they need, without having to create their own business idea. It also works for you because you don’t have to run the franchise or provide staff. There have been many companies that have benefited well from launching franchises.
Even though the immediate future of your company is important, you need to think ahead so you can keep your business growing. Part of that is trying to generate enough income to move into other areas or bring out new products.
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