Do I Really Need to Hire a Tax Consultant?

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If you ever start your own part time business, keeping track of your finances is one of the needed keys to a successful business. In addition, learning how to read the tax laws is important as it allows you to keep your hard earned money. However, since the tax laws change frequently, it’s a good idea to hire your own professional tax consultant. It saves you on hassle and if you find a good one, they will do their job better than you ever could. So if you want your business to run smoothly, learn how to find a tax consultant.

First, ask your friends and family if they know someone suited for the job. A tax adviser that someone else knows is more likely to be trustworthy. If not, then it’s time to pick up the phone book and start interviewing everyone. Keep in mind that some people only want your money and aren’t necessary good for your business. Avoid these scammers. If you are interviewing a potential adviser and they demand to be paid for being interviewed, they are a bad fit, drop them fast. Be sure to interview several people before deciding on who to go with. Also, even if you hire someone that sounds good, there is a small chance that it may not work out. If it doesn’t, simply fire them and try again.

You may not need to hire a tax consultant if you are determined to do your own taxes. However, unless you plan to study up on all of the laws, you may make a mistake somewhere. Some people don’t want to get a tax consultant because it costs money, but the resources they save you are worth more than you are paying them. A good tax consultant will be able to save your business money in places that you may not have figured out yourself. Of course, a bad consultant can do the same thing, but they won’t follow the tax laws correctly, leading to trouble down the line. Before you choose a tax specialist, weigh the pros and cons first.

What Is An Advance Cash Settlement And When Is It Used

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When someone suffers injury an as a result of the actions of another individual, they often file against that person for a settlement. If the court finds in favor of the injured party, the defendant is liable to pay a settlement to that injured party. This cash payment will either be a single payment, or in installments over a period of time.

Payment by installment is preferred by many people. It is easier to manage the tax on smaller amounts, and, on occasion, a structured settlement by installments may not be subject to tax.

It may be that while the trial is taking place, the plaintiff finds themselves in financial hardship. If they are injured they may be finding it hard to find a job. In this case some choose to take advantage of an advance cash settlement, taken out against whatever may be awarded in the outcome of the lawsuit. This is a low risk option for the plaintiff as, if they lose their case, they are not obligated to repay the money loaned. However, the interest rates on these settlement loans tends to be high, so taking out a loan needs careful consideration.

If a plaintiff decides that they do want to go ahead with a loan, they should inform their lawyer immediately about their plans. This is so their lawyer is not surprised when the lender contacts the lawyer to find out how the case is going. Plaintiffs need to be aware that lenders only want to make loans to plaintiffs who have a good chance of being successful in court.

Intuit Buys Platform To Bolster Mobile Banking Capabilities

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It was announced today, that Intuit Inc. has gained a mobile banking platform for mobile Web.  It has acquired this from Mobile Money Ventures (also called MMV), one of the best global providers of innovative mobile financial solutions.

This act boosts the position of Intuit Financial Services in their role as leading mobile and online technology provider to institutions.  The company will now be capable of directly managing customer support, and also have complete control over its’ mobile Web banking design.  The transaction will help Intuit Inc. provide more new innovations to their customers faster.

Users of Intuit’s current mobile Web technology are clients with over hundreds of U.S. banks and credit unions.  The existing web technology was provided by MMV.  Text message and application solutions for these customers to do their important banking from any mobile phone, is also a great asset they provide.  Mobile tax filing has also been made possible with this.

MMV was formed in 2008, and is based out of San Mateo, CA.  It began as a joint venture combining strengths of Citigroup, one of the top global financial services companies, and SK Telecom Americas, more of an amateur company, if you will.  MMV produced and provided Intuit with a reputable mobile banking solution, that is being made available to more than 400,000 customers.  Their technology optimized for all handset and screen sizes, so that anyone with any mobile device, can use it.  Now, it will be easy for someone to do their taxes, with mobile filing.

Intuit adds on a small team of employees with this acquistion, who have superb mobile expertise as well as significant history of deploying their solutions to financial institutions.  They will continue helping new and current customers on the platform.

Intuit signed this transaction today.   The terms have not been disclosed, as they are not material to their financial results.

IRS Tax Relief For Natural Disaster Area Victims and Businesses

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When a business or individual is hit by a natural disaster such as a flood, storm, or tornado filing or paying taxes becomes a low priority. For this reason, the IRS offers natural disaster tax breaks in the form of extensions so that businesses and individuals living in federal disaster areas can get back on their feet before dealing with their tax issues.

The IRS offers extensions in both filing of returns and paying taxes 2010 due to those that have homes or businesses in areas declared a disaster area by the federal government. This also applies to businesses who have financial records stored in a disaster area, regardless of whether their business is located in the area impacted by the disaster. In these situations late payment penalties are also often times waived.

In some cases, the government will allow you to amend your previous year’s taxes to file a casualty loss, although the disaster is in the current year.  This enables the taxpayer to receive their refund, which they are in desperate need of, quicker.

In most cases, the extensions are made available automatically such as in North Carolina, which was given tax extensions until June 30 of this year when their state was declared a disaster area due to tornados and flooding on April 16. Parts of Illinois also received an automatic extension date of June 30 when they experienced flooding and storms.

If you are unsure what is available to you, it is in your best interest to contact the IRS.  They do have a disaster line of 866-562-5227 for your help.  You will also find resources at www.irs.gov.

Using Taxbrain’s New Tax Preparation Video Service For Tax Assistance

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Taxbrain Begins An Amazing New Tax Service: Instant communication with certified tax professionals without having to leave your home.

Taxbrain.com, a leader in the industry of online help with taxes, has just decided to provide another great service. That is YOU&US, a video service that lets your taxes be done by professionals, all online. You can ask them questions or for suggestions or guidance, or just sit back and watch as your taxes are prepared correctly and efficiently. It is like having a professional right in the room with you. this program is a browser based that allows video communication two ways, audio, shared desktop information, and more.

Craig Petz, the VP at Taxbrain, is quite excited about Taxbrain. He thinks it is what their customers are looking for. It lets them solve tax problems in a convenient way, and it uses the latest technology to do that, all while involving the customer. It is a service that many people will find quite handy, and others may find almost indispensable.
They are also having a Ask a Pro service, which features 30 minutes of conversation with either a professional from Taxbrain, or someone working for the IRS. The 30 minutes covers a range of commonly asked questions and concerns people have about doing their taxes. These programs can be used separately or together.

Taxbrain started in 2002 and has since then emerged as a reliable and trusted source for tax information and help. Thousands of people used them for taxes 2010 last year. This year, try them out, and make your taxes less of a hassle.

Republicans Repeal Tanning Business Tax

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Legislation was recently introduced by a committee of House Republicans to repeal the ten percent tax on companies that provide tanning services. The tax, which was introduced under the President’s measures to reform health care, has been widely regarded as being unfair to small businesses.

Michael Grimm, a New York Republican pointed out that middle class Americans and small business owners should not have to pay the bills for Obama’s reform of health care. Grimm went on to say that the tanning tax is just one of several unfair taxes that affect both business owners and customers and ultimately the … Read the rest

TaxAct

Legislation was recently introduced by a committee of House Republicans to repeal the ten percent tax on companies that provide tanning services. The tax, which was introduced under the President’s measures to reform health care, has been widely regarded as being unfair to small businesses.

Michael Grimm, a New York Republican pointed out that middle class Americans and small business owners should not have to pay the bills for Obama’s reform of health care. Grimm went on to say that the tanning tax is just one of several unfair taxes that affect both business owners and customers and ultimately the overall economy.

The tanning tax could adversely affect up to 120,000 people employed by around 18,000 small businesses, points out Phil Roe, a Tennessee Republican. To make his point, Roe stated that just over 3,000 tanning businesses have closed since 2009, because of this tax – a number that represents 15 percent of the overall industry and accounts for 24,000 jobs.

The tax was introduced in July and since then has caused a dispute during debates on health care when discussing both taxes 2010 and 2009. President Obama signed the Act for Affordable Care and Patient Protection (PPACA)in 2010 and supporters of the tanning tax argue that filing business tax such as this helps pay for care under this act.

Repealing the tanning tax is encouraged by the Federation of Independent Business and the organization claims that the PPACA could get rid of 1.6 million jobs by 2014, around 30 percent of which are in small businesses.

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