Here's a Resolution for '07: No More Tax Problems
In case you hadn’t noticed, the taxman is after you.
Last year proved to be a year of records for the Internal Revenue Service. America’s tax-collecting agency collected $48.7 billion in enforcement revenue — the highest amount in 10 years. What’s more, audits of individual taxpayers increased 6 percent in 2006.
If you’re one of the thousands of Americans who is concealing income or owes the IRS back taxes, you’re running out of time.
And fast.
“We have put more emphasis on enforcement,” said IRS Commissioner Mark W. Everson in a recent statement.
And with that extra effort on enforcement come jail sentences. The sentences are hard time in the Big House.
To date:
* 66 months — The amount of jail time Charles Sigerseth, 66, of Sacramento, Calif., received for cheating on his taxes and using an illegal trust to conceal income.
* 46 months — The amount of jail time Frank Kolk, 50, of Las Vegas, received for defrauding his company and concealing $1.3 million in taxes from the IRS.
* 21 months — The amount of jail time Seth Bryant, 21, of Wichita, Kan., received for filing a false tax return that fraudulently claimed a $5,160 refund.
* 15 months — The amount of jail time Nigerian national Robert O. Emojevwe, 54, received for making 46 false claims to the IRS while living in Dothan, Ala.
* 5 months — The amount of jail time Scot J. Seaman, 33, of Wildwood, Mo., received for failing to file income tax returns for the years 1998 to 2002, creating a tax loss of $73,141.
Need additional evidence that the Internal Revenue Service is on a mission to prosecute tax cheaters far and wide?
Since taking the top job at the IRS, once the butt of jokes for its ineffective tax-collection activities, Commissioner Everson has turned the agency around and rehabilitated its image.
Last year, for example, audits of individuals with income of $1 million and higher increased 33 percent while audits of individuals with incomes over $100,000 jumped 18 percent.
If you have a large tax debt or if you have evaded income taxes using one of the many popular but ineffective and illegal schemes, you should be losing sleep.
Why?
Because all the evidence suggests the IRS wants you. But the IRS has consistently offered leniency to tax cheats who come forward. You should consider a new New Year’s Resolution: Eliminate your tax problems.
About Becky Schmitz
Becky Schmitz is a certified tax resolution specialist and enrolled agent. Named 2006 Top Practitioner by the American Society of Tax Problem Solvers, she is the owner of Centsable Accounting, a tax problem resolution company serving Montana, Wyoming, North Dakota and South Dakota. Centsable Accounting offers many services related to tax problem resolution including a free tax problem resolution consultation. Visit them online today at http://www.centsableaccounting.com or contact them at 406-651-4445 to learn more.
Closing 2006 on a Strong Financial Note
It’s that time of the year again when you are looking to close the year and begin a new one. Here are some tips that will help you close and get started on the right foot.
1. People First
As Suze Orman says, People first, then Money, then Things! Make sure you use your money in such a manner that I reflects who is important in your life. Buy that nice gift for your spouse or child (as long as it’s affordable) and your relation will flourish.
2. Retirement Savings
Most people need to ideally save about 15% of their income for their retirement purposes in order to live comfortable at that time. In case you are not doing this then now is a good time to move closer to that level. If it seems too far for you to reach in one go, then move up by a couple of percentage points. Whatever additional you save, will go a long way to help you in your retirement.
3. Wholesome Financial Plan
A lot of investors make the mistake of making all the right decisions, but independent of one another. Sometimes when all put together they may no longer reflect financial acumen. To avoid this unnecessary disaster go back to your financial plan and look at it in a wholesome fashion.
4. Education Savings
Most people think that tuition saving instruments known as 529 plans are only for children. This is not the case and there are a lot of adults that also use the. You can use it for graduate school or certain classes that you want to take at the local community college. The 529 plans offer a federal tax benefit which is that investment earnings are not taxed if they are used for educational expenses. So go ahead and learn, and save at the same time!
5. Watch your Holiday Expenses
This is the time to be jolly and most people are jolly when they buy or receive nice (read expensive) things. Don’t restrain yourself to such a limited happiness but learn to enjoy the simpler (and cheaper) pleasures in life. This will not only enable you to save more, but also to value more what you have already saved. Definitely a winning proposition from any side wouldn’t you say?
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Building financially sound dreams with secured homeowner loans
A home is security, a home is safe haven, a home is complete in itself! The one who owns a home is really privileged. A homeowner can easily find financial support since he has the best security and the most valuable to place – his property.
A homeowner can use his home to his or her own financial advantage at any point of time in the form of secured homeowner loans. Secured homeowner loans are structure to exclusively work in favour of some body who owns a property.
Secured homeowner loans are constructed as to realize a lot of purposes unlike other loan types. Secured homeowner loans can bring to life your any personal purpose of the likes of
• Vehicle and car financing
• Home improvement or repairs
• Consolidation of debts
• Business purposes
• Education
• Wedding
Secured homeowner loans offer the benefits of the lowest interest rates possible. This is because the lenders money is secured by your home. Interest rates for secured homeowner loans is dependent on various factors like your repayment ability, income, value of collateral placed and credit score.
A lender can very easily get back his money, in case of non-repayment, by liquidating the asset. This brings us to the most important point to pay attention on while borrowing secured homeowner loans - that your home is at risk when you apply for this loan type.
Therefore, you need to very carefully plan repayments. Do not apply for an amount that is not feasible in your financial circumstances. And ensure that you can reach monthly repayments easily without touching your regular expenditure.
The amount that can be borrowed as secured homeowner loans ranges from anywhere from £5000-£100,000. Depending on the value of your home, it can meet your financial requirements up to £500,000. Repayment term for secured homeowner loans is 3-25 years. Consult a financial advisor before picking up the repayment term. The length of repayment term can decide the amount of interest you pay and the total cost of secured homeowner loan for you.
With bad credit, also one has more chances of getting approval with secured homeowner loans than with any other loan. Even with negative credit conditions like CCJs, bankruptcy and foreclosure one can easily get homeowner loan at competitive interest rates. A slight difference in interest rates will be there for borrowers with bad credit. Self employed frequently qualify for secured homeowner loans with no difficulty.
homeowner loans are available in the physical market and online. Online market is growing and offers more choices than otherwise available. In addition, it involves lesser effort! An online application process, which is completed within few minutes, exposes you to lenders who are ready to help you with secured homeowner loans.
You can apply to several lenders at one time with no obligation. Compare rates, check monthly payments and then make your choice. Look at the entire package rather than just the interest rates while making the decision. Also, check the reputation of the lender before finalizing the deal.
Secured homeowners loans can be your support when you are facing an occasional financial backlash. A homeowner doesn’t have to worry for he has a dependable partner in crisis – his home. You would never have to look for other sources.
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