By financen | May 1, 2019 - 5:17 pm - Posted in Tax
Tax Refund

April 15th is now behind us! Your taxes are complete, and you can finally relax. You can sit back and decide what you want to do with that tax refund! In 2019 the average tax return was $1,947. Will you spend it all on a vacation, put it into your savings account, or invest it? Let’s discuss some of the best uses for the money you receive from your tax refund.

The first great use of your tax return would be to pay off high interest debt that you may have. This could include student loans, credit card debt, or other personal loans. According to simple dollar, if you have a $3,050 credit card balance at 18% APR and you have the opportunity to pay it off in one fell swoop. If you used your tax refund to repay this debt, you would save yourself almost four years of monthly minimum payments, and a whopping $1,210 in interest payments alone. The savings can be huge when you knock out some of your high interest debt, so that is why many people will choose this option with their tax return!

Another fantastic use of your tax return is to create an emergency fund. Having a rainy day fund is essential for when life hits you with the unexpected. It is a very good idea to  set aside some money in case of a health incident, car problems, or loss of job. It is recommended that you have at least three months worth of income in your emergency fund. Using your tax refund is a perfect way to get this fund started. There are also banks that offer round up savings, and allow you to easily contribute to your existing fund.

Lastly, and probably everyone’s favorite, is to treat yourself! You have worked hard all year, and you deserve a pat on the back. That could be in the form of a new TV, a fancy night out, or a nice vacation. If you have already set aside a sufficient emergency fund, and do not have any existing debt, then you can certainly spend some money on fun! Even if you plan to spend your tax return on yourself, it is wise to do it in moderation. Perhaps you could allocate 75 percent of your tax return towards a vacation, and then invest the other 25 percent into your retirement fund. Moderation is key!

Comments Off on Best Ways To Use Your Tax Refund
By financen | April 18, 2019 - 6:43 pm - Posted in Accounting

Having a small business restricts you in many ways but if you are mentally smart and clever then you will be in no way behind big shots in terms of strategies used. Bear in mind that several local accounting firms fail as they are not able to put their implementation skills at work. They have this idea in mind that they lack several resources. Due to this long penned perception, they fail to recognize the true capabilities of what they can make out of things at hand. You really don’t need a professional huge marketing team to thrive your accounting business. If can bloom even without it but you needed to put some things at work. This article will cover a few basic tips which will surely help local accounting firms to get started in the right direction.

1. Marketingplan of local accounting firms

Local accounting firms can’t be without marketing plan especially in this race of the world where competitive stakes are way too high.  You need to carefully set your goals and then analyze them as to whether they can be modularized into much more actionable steps or not. Without a plan, you won’t be able to put things correctly as per schedule and this really put you off budget. No matter how many accountants your company has hired, but they won’t be fully able to use their capabilities until they devise their own separate marketing plan. Each employee should have a goal set. One can use several tools present online for such purpose.

2. Networking

At this point in time, one can’t emphasize enough the importance of networking. If local accounting firms truly want people to notice your business then it is your responsibility to acquire networking skill. There are several networking events that are hosting around a year worldwide and that too for free. You need to make your goal of following up with the people whom you have last interacted in such formal meetings. You must take their business card which will help you in the purpose. Local accounting firms should interact pro in your niche as this will open up areas for you where people learn a lot.

3. Content of Local accounting firms

Local accounting firms cannot compromise on the content delivered. It must be perfect in all aspects like it should be really compelling. There is no hole of doubt that accounting can become a complicated and tough subject to handle so the way you pour out expertise is all that matters

4. Using cloud-based apps

Being one of the local accounting firms, you must be aware of the cloud-based app but the key here is to know only effective ones which can push you ahead of your competitor. You need great apps for managing your campaigns and automating vital tasks. You need really need to explore the apps in order to make your business to stand out.

6. Usage of email by Local accounting firms

You can’t really ignore the importance of emails. You need to use premium app which could make the way of your firm much more organized and easier. Email marketing can either break local accounting firms or make it, so you need to do your research.

Comments Off on The Best Marketing Strategies For A Local Accounting Firm

A lot of companies are already benefiting from research and development credit program but there are other companies which are lacking behind this race. They do want to compete but they are way behind due to several reasons. There are a lot of factors which a company must keep in mind before submitting their application to this program. This is a Very competitive program and that is why your application must be perfect in all aspects. If you are wondering that what is the criteria on which every companies profile is judged then this article has covered. In this article, there are four tips which your application must cover in order to get a successful result of the scheme. You should not miss such a reliable opportunity which could reduce your income tax and save you a lot of dollars. You must be aware that there are certain activities which qualify, their expenditures and other documentation which are needed to be taken care of prior to the application process. By following these Four Points you will get a clear idea about the insight of this program. You will not be able to claim research and development tax incentive if these four fundamental tips are not taken into the account which are mentioned below:

Importance of Federal Income Tax by R& D Consultant

Many companies are not paying their Federal income tax which is not a good point the eyes of this program according to R & D Consultant. If you are a small startup then you should take care of 2 requirements in order to be eligible for this claim. Your company must not own gross receipts of more than 5 years with less than $5 million each year.

Research and development tax incentive prefers development

If your small startup or your business does not involve anything innovative or related to research and development then there is a high probability that your company will not be qualify.  Many companies have this idea fed into their head that if a company is not technology based or high in tech-advancements then they are not eligible. But this is a completely wrong perception. There is no rule that your startup must have large research and development laboratories or complete fields dedicated to this process. Though it should be somewhat related to research and development experiments. But there is no obligation of owning a large experimentation area. The prime goal of research and development tax incentiveis that your company must do something better for the consumers and should innovate or experiment with new ideas.

Importance of scientists according to R& D Consultant

This credit was primarily started in order to encourage more experiments and more research-based approach. If Your Company has hired many engineers and scientists then you have the highest probability to get selected. Your company must head in the direction of improvement like it must perform activities in such regard.

Research and development tax incentive prefers innovation

Many companies fail to be eligible for this process because according to R & D Consultantthey are not actually working on something new. As a business owner, you have to give time to improve the product which your customers consume, whether in terms of technique, software or design.

Comments Off on 4 ways your project qualifies for research and development tax credit
By financen | April 12, 2019 - 6:22 pm - Posted in Business, Small Business

You might be thinking, “My company is small. I don’t need corporate videos, do I?” You might want to think again. Corporate videos can help train, inform and motivate your employees, as well as build a cohesive environment. Even for an entrepreneur on the beach, corporate video production daytona beach fl can help your company function more smoothly.

Train Effectively

Training new employees is a necessary task, but it doesn’t have to be a drain on your company’s efficiency. Instead of taking seasoned people off of their regular tasks to bring new folks up to speed, investing in corporate videos to train new employees can save you time and money in the long run. Studies have shown that creative, entertaining, well-produced videos are one of the most effective ways for people to take in new information. If it works for YouTube, it can work for you.

Get Creative 

We all hate boring meetings. Even the best donuts in town aren’t much incentive to encourage employees to sit through yet another update session, but these meetings are often necessary. Creatively produced corporate videos peak employee interest and help get important information across in a way that is not only painless, but enjoyable and effective. Your people might even start to look forward to the Monday morning updates, and this could save you a lot of money on donuts.

Build Cohesion

Effective corporate videos support your brand by forming a group of individuals into a team. Having a sense of belonging improves employee motivation, cohesion and effectiveness. This can make your company run more smoothly by giving your people the feeling that they are supported and encouraged to explore their own creativity. 

By investing in top-quality corporate videos for your company, you can make training new employees more efficient, updates more enjoyable and build an effective and creative team. Harness the power of creativity and make corporate videos work for you.

Comments Off on How Corporate Videos Can Help a Small Business

Anyone who is considering purchasing property to start a rental business to beef up their assets should consider working with a real estate broker Spring TX. While there are plenty of great deals to be had, there are plenty of issues that can crop up that can turn an originally savvy investor into one that regrets ever setting their sites on the market. A broker can help ensure that investors get the best deals for their money and keep them from making common mistakes that turn their “gold” into “coal.”

Do Proper Research

There are many brokers out there. Some are self-taught, industry educated and highly experienced. No matter what type of broker one is interested in, it is important to choose one that meets expectations and works well with the vibe of the client. Some people find the right broker their first time searching, however, it often takes a few meetings with several prospects before a good match is made. Look further than credentials. Education, longevity, and industry reputation are huge factors that can make or break a deal.

Take A Deeper Look

There are many properties that are diamonds in the rough. Flippers or people who are interested in renovating a property before selling it themselves or renting it out often look for properties that require little to no work. These properties are often a dime a dozen. Be prepared to research what is available in the market and to dig a little deeper than what meets the eye. Many potential gold mines are overlooked because assumptions are made instead of taking a deeper look with an inspection.

Just like with any investment, it is important to know what the pros and cons are before jumping into the water. Things may sound great from one perspective, but unless or until one has experienced the challenges firsthand, it best to look before leaping.

Comments Off on 2 Key Factors to Consider Before Investing in Real Estate
By financen | April 3, 2019 - 6:45 pm - Posted in Credit Score, Loan

Looking to finance your new home? Or buy that fancy new car you’ve been dreaming of? As tempting as it is to dive right in and sign your life away, best to take a minute and consider your options before making the commitment. The following tips will go a long way towards setting you up to make the right decisions on your next big purchase.

Check your credit score

Your credit score will give credit providers an indication as to the strength of your profile when considering an application for finance. Your score is calculated based on your overall credit behaviour within a set period of time. Factors such as payment history, credit limits and the amount of credit enquiries on your file will be used to calculate your score. It’s best to obtain this information before applying for finance as it may determine which lenders you approach and the type of finance arrangement you apply for. For a comprehensive guide on all things to do with your your Credit Score, see My Credit Score

Prepare a budget

There’s no point in applying for a loan if you can’t afford to make the repayments. Prepare a spreadsheet and list all of your expenses – rent, bills, food, lifestyle, savings contributions, think of everything! It’s best to overestimate a little with your expenses. Then compare against your income and see whether you have a sufficient surplus of funds to make the loan repayments. Conducting this exercise can also help bring your finances under control.

Compile the relevant paperwork

For most loan applications you will need to supply supporting documentation to confirm income, identity and other financial commitments. In order to be prepared, it’s best to compile the following documents in advance:

  • Copy of driver’s licence or Passport
  • Four recent payslips or tax returns (if self-employed)
  • 6 months of bank statements
  • Existing loan statements confirming good payment history

Do your research

Buying a house or a new car can be an emotional experience. It’s easy to get swept up in the excitement and lose focus on the detail. It’s really important to step back and assess your options. In the digital age we literally have hundreds of lending options at our fingertips. Shop around and read online reviews to get a snapshot of the user experiences of other customers. If you find the exercise daunting, using a broker can be helpful. Brokers know the industry and can determine which lenders best suit your credit profile, ultimately finding you the best deal.

Seek Financial Advice

If you’re unsure of a finance offering or need assistance conducting an assessment of your own finances, it’s always best to seek independent advice and speak to a professional. Your accountant or financial planner will be more than capable of assessing your budget and providing recommendations moving forward. They could also help decipher loan contracts and make sure you are getting the right deal.

Comments Off on 5 most important things to consider before applying for a loan

Do you sometimes get the feeling that your finances are spiraling out of control? The consequences of having poor control over your money can be devastating. For example, in the US, some 800,000 people filed for bankruptcy in 2016. Meanwhile, the average credit card debt is around $6,000 per household.

Thankfully, there are some relatively simple tips that you can use to feel as though you are back in charge of your finances again. Which of the following ideas could you try out to help you manage your money in the best possible way?

Track Your Income and Spending

A big problem in a lot of households is that of not knowing exactly what comes in and what goes out each month. How can you possibly hope to stay in control if you don’t even know what is going on each month?

The smartest move here is to set up a simple way of keeping track of your income and expenditure. This can be done very easily using Excel or you might prefer to you prefer to check out the best expense tracker apps, such as Penny, Personal Capital, or QuickBooks.

You will hopefully see very quickly where the problem lies. Are you simply spending more than you earn, or are you falling behind with loan payments because they fall due on a date that doesn’t suit you? 

Get Some Breathing Space

It can be incredibly de-motivating to get caught up in the cycle of struggling to get through to the end of each month. If times are tough then it might seem impossible to imagine there being light at the end of the tunnel.

Getting some breathing space can be vital in feeling that you have a chance to put your finances back under control at some point. One way of doing this is to look for a fast approval personal loans no credit check site. This will give you access to the cash you urgently need with no fuss.

Find the Right Long-Term Solution

Is there a long-term financial solution that is perfect for you? There almost certainly is, but finding it may take a bit of work on your behalf.  Therefore, you should set aside time to explore your options calmly and in-depth.

Could you earn a second income or reduce your outgoings? What lifestyle changes could help you to take control of your finances in a way that suits you? Consider all of the options before settling on which one you think would suit you best. If you get it right then you will ensure that a brighter future lies ahead.

Comments Off on Can You Really Find Helpful Ways to Take Control of Your Personal Finances?