Household Budgets: The Secret Weapon in the War on Debt

Ah, America…land of the free, home of the indebted. According to CNNMoney.com, the average American household has almost $9,200 in debt. That’s the average. Some have much, much more. Interest rates generally run in the mid to high teens, so counting interest and payments on other debt, such as mortgages, the average American is dealing with a heavy debt load. So what can you, Mr. or Ms. Average American, do to get yourself out of this nasty situation? The first step, which may be the... Read more »

Do I Need An Accountant To Create A Business Budget?

I’m a big fan of accountants, but that’s mostly because I don’t like taking the time to figure things out. When it comes to money, I’d much rather listen and follow the advice of an expert than to try to learn it on my own. However, when you’re creating a business budget, you may not need an accountant. Here’s how to decide whether or not you want to go it alone. #1: Do you have a solid understanding about what expenses your business is likely to encounter?... Read more »

The Basic Principals and Personal Accounting Reviews

Accounting has been defined as (by Professor of Accounting at the University of Michigan William) a pattern of having one basic function: “facilitating the administration of economic activity. This function has two closely related phases: 1) measuring and arraying economic data; and 2) communicating the results of this process to interested parties.” Much of accounting though is also concerned with basic bookkeeping. This is the process that records every transaction; every bill paid,... Read more »

Implications of New Interest Expense Rules for US Multinationals

Internal Revenue Code (”Code”) section 864(e), implemented through Temp. Treas. Reg. Sec. 1.861-11T, requires all members of a “domestic affiliated group” to be treated as one corporation for purposes of allocating interest expense between domestic and foreign source income. Therefore, by applying this rule, the foreign-source income derived from a foreign entity that incurs its own interest expense can be reduced twice: once by the foreign entity’s own actual interest... Read more »

Get Paid Using Debt Collection Agencies

Debt collection agencies are often a viable option for receiving payment on overdue bills. Here you can earn how debt collection agencies work and what to look for in reputable debt collections agencies. Using outside collection agencies to pursue delinquent accounts may seem distasteful, sometimes even downright objectionable. You may be picturing Tony Soprano, baseball bat in hand, using unprofessional means to harass struggling debtors. As a creditor, when you hire an collection agency, they are... Read more »

Managing Receivables Pays Off

If you want to be successful in business, your customers have to pay you on time. If you’re like most businesses, you sell products on a credit basis, and then ask your customer to pay you later, such as within 30 days. During this time, you essentially lend money to the customer, and expect that you are going to be paid back. Only when the invoice is paid do you have the money you need to successfully run your business. Unfortunately, getting the money you’re owed isn’t always... Read more »

International Tax Free Reorganizations

In the world of international business, corporations that operate in different countries sometimes pursue reorganizations. They may do this to streamline operations to maintain a competitive advantage. They may also do it to change their corporate ‘persona’ with a new management and operating structure. When a multinational corporation reorganizes, it takes into consideration the tax implications. What is an international tax-free reorganization? It’s a transaction whereby one corporation... Read more »

Successful Business Debt Consolidation Involves Employees

Many businesses both large and small run into financial problems from time to time. With small business owners they can be working so hard to build a business they do not keep a close eye on the spending. Large businesses find themselves expanding too quickly, markets going south or trying to please stockholders. When things get out of balance they often turn to a financial adviser or accountants for some guidance and help in coming up with a plan to consolidate debt. Much like personal debt consolidation... Read more »

Looking For An Accountant? Six Characteristics To Look For.

The average national cost to have your taxes professionally prepared by an accountant is $200. Quite a bit of pocket change, to be honest; but, can you afford not to? Most people miss at least $100 in deductions, perhaps more. If you don’t have an accountant, it’s going to cost you a lot in missed deductions and extra money paid to Uncle Sam. Now that you know you should hire an accountant, here are six suggestions that can help you pick the right one: 1. Pick someone you can visibly... Read more »

Canadian Insurance Providers Can Save You Money

Most households have more than one vehicle because there are either two adults working or two adults working with a teenager who drives. Either way, when you own more than one vehicle, it is nice to know that you can get a discount for insuring those vehicles with your insurance provider. These discounts are called multi-vehicle loyalty discounts and can save the average household quite a bit of money compared to not having such a program at all. Most insurance providers in Canada carry multi-vehicle... Read more »