There are few words to accurately describe the vibrant hum of Manhattan during the holiday season and this year was no exception, global economic collapse and all.
We weren’t really sure if the Moon was in the seventh house, or if Jupiter was aligned with Mars when the Sun transitioned into Aquarius in January, but what we do know is that a new age began with surprisingly little fanfare and very few outcries from an indignant American public. ...
Stock Markets and other financial institutions are at risk of terrorism. America's has very intelligent enemies and there are other ways to attack and hurt us without using bombs, such as tampering with our economy, food and water supply or infrastructure. Even inciting extremists, or to a lesser degree, simple islamaphobia, plays into terrorist hands. This creates and promotes civil discourse, both politically and religiously, and splits our country into factions which de-unify our nation and keeps our government gridlocked with bickering and indesisiveness.
I'm sure there's plenty out there that honestly feel 24 hours in a day are not nearly enough to do everything they set their mind to. In this blog post I try to shed some light on the finer aspects of time management and hopefully provide a solution to crowded schedules.
At its simplest, the $50,000 Challenge is merely saying... "Show us something better and we'll give you $50,000." We admit it's a bit risky. After all, it's a big Web. It's also a bold statement. One that will focus attention on what separates SBI! from every other product or collection of products out there... Most "everyday" people don't believe it's possible to make money online, let alone build a long-term online business that generates increasing revenues through multiple streams of income.
One of the services I provide is a valuation to an owner that wants to sell their business. Almost without exception, the owner of the business overvalues their business. There are many reasons this happens but I think it mostly comes from business owners seeing shares trade on Wall Street based on the gross sales or gross revenue of the business. I have recently done valuations where the company value was just over $1,000,000 but the owner thought it was closer to $10,000,000.
If you embrace the saying “Two things in life are certain: death and taxes” and you own a business, it is a good idea to put a plan in place to protect the business. You protect the business not only when you own and operate it but just as importantly when you decide it is either time to sell so you get the best and highest price possible or if you decide to transfer it to your children or employees, it is in the best condition possible.
There is a US Court of Appeals judge by the name of Judge Learned Hand and he lived from 1872 to 1961 or until he was almost 90 years old. Originally from upstate New York, Hand graduated from Harvard Law School and became a lawyer. At 37 years of age he became a judge appointed to the Federal District of Manhattan and he became well known and respected for the quality of his judgments.
The law requires us to put on a seat belt when we get into our car and drive. The law also requires us to have car insurance in case we have an accident. Perhaps we do not like the government telling us what we can and cannot do but one thing the government does not tell us to do is put together a sound personal financial plan.
For many small business owners, the single most important document for their business is the lease. Unfortunately a lease is generally a long and fairly complicated document. Because of its complexity, many small business owners either accept what they receive or do the bare minimum. Here are some suggestions for you, in no particular order.
In most business transactions when a business is bought or sold, it is standard to include a Covenant Not To Compete. The logic is simple. The current owner of the business decides they want to sell and a buyer wishes to buy the business. As one of the conditions of buying the business, the buyer stipulates that the seller cannot open the same type of business that the seller currently operates as the buyer is concerned the existing customers will want to do business with the seller rather than transfer their loyalty to the buyer.
The Hobby Loss Rule of Thumb basically says if a business reports a net profit in 3 out of the last 5 years it is presumed to be a for-profit business.
If you are going to Appeal an Innocent Spouse Claim with the IRS check out this post. The rules are different for states referred to as 'common law' states.....
Given the number of comments and inquiries we've received for more information about our amazing avatar, the "Goddess of Finance", we thought it was time to formally introduce her creator Artist KA Collins.
I've been asked 3 times in the last 24 hours or so about how and why an IRS 1099-C form was received when one was not expected because no debts were cancelled. The IRS 1099-C form is used by qualified lenders to report to the IRS as Income the Cancellation of a tax payer's debt, presuming debt was cancelled. Unfortunately I'm sad to report that this is the time of the year when many taxpayers find out through mysterious ways such as unsuspecting arrivals in the mail of IRS form 1099-C from a collection agency that they have been a victim of identity theft.
When working through the process of buying a business, the transaction will go through different stages. The first active stage is obviously when the buyer and seller come together for their first meeting. However, before that happens there are many other things that need to happen before that first meeting which, if it goes well, will lead to a series of follow up meetings.
Obtaining finance to buy a business is particularly challenging. One of the advantages of buying a business in the United States that very few other countries have to assist with this process is the Small Business Administration or the SBA as it is commonly called. If you have retirement money in a 401(k) plan, this money can be used to move into a corporation and fund the purchase or down payment to buy a business. This option can be combined with an SBA loan.
The Department of Justice, Tax Division, working together with the IRS, has intensified its efforts to shut down fraudulent tax return preparers and promoters of tax-fraud schemes, using both civil and criminal enforcement. Under the Tax Division’s civil injunction program, the Division files a lawsuit seeking a court order that prohibits a person from engaging in certain activities or requires a person to take certain affirmative actions.
What makes you and your blog different? Is it what they do for a living or things they own? Is it their level of education or how much money they make? Is it their social network or charities they support? What if "You" weren't about any of those things at all! Then who are you? What is your blog really about? Is your blog a reflection of who you are and what is important to you or is it really a keenly designed marketing page with articles implanted on it to give it some value?
Buying a business and becoming a new entrepreneur is on many people's mind. Unemployment is high and jobs in some areas of the US are particularly hard to find. If becoming next Bill Gates to take control of your life and build your American Dream is high on your To-Do List; congratulations. This leads to the obvious question - but where do you start?
