Finance, Loan, Debt and Credit.

March 31, 2015

Filing Taxes Online – The Easy Way to File Taxes

Filed under: Tax — Tags: , , , , , — admin @ 12:46 pm

Filing taxes online is one of the areas where the Internet has been of great benefit. Almost every adult need to face with the dreaded task of filing taxes, which is one of their most despised obligations. It is overwhelming to follow confusing directions and to fill long forms. That is why many avoid filing their taxes until the last second. This time wasted often led to further frustrations and, unfortunately, more mistakes. This meant making corrections and more wait for refunds.
By choosing to file taxes online, people not only had reduced the burden of filing taxes but had got more accurate returns. Highly skilled computers programs take care now of the complexities of the various tax codes. The entire filing process is followed step by step by filers with the expert guidance of the software. It is possible that the job can be fulfilled very quickly, especially if there is no need for itemization and the deductions are standards. Filing taxes online assures that returns are received and accepted when people get the instant confirmation by the system. Online filing also leads to a shorter wait time for refunds.
Among the many programs available for filing taxes online there is the online filing system provided by the Internal Revenue Service – IRS. Taxpayers that meet certain income requirements get this service free of charge. There are other tax filing programs that are more popular that the free IRS’s online filing system due to the fact that they also offer additional helpful features, but they do charge a fee. They may also offer other financial products as well, however users are under no obligation to purchase these services or items. The information is safe and secure when people file taxes online because many safeguards are implemented, so users can rest assured about the security of their private information.
Millions of taxpayers are now filing their taxes online because of its easiness and their advantages over the conventional paper filing, so it had become more and more popular. Even in the case of complex tax returns for some individuals and businesses, where it is necessary the help of professional taxes people, the information can be sent electronically. Staying current with all the existing tax codes can be possible with online filing because the program is constantly updated. This is one of the big benefits to filers as tax codes can change on a yearly basis. In addition to the online filing of the federal tax returns, it is also possible to file state returns. Indeed, users can file both federal and state tax returns at the same time with the help of the majority online filing tax programs. This make possible for an individual to accomplish two difficult tasks in one single session.

Refinance Home Mortgage – How to Secure Lower Costs and Fees

Filed under: Loan — Tags: , , , , , , , , , , , — admin @ 12:47 am

 

Are you into mortgage refinancing? The practice of getting a mortgage refinance scheme in restructuring existing home loans has been popular for many years now. Many borrowers end up securing mortgage refinances, regardless of refinance home mortgage rates. For such borrowers, it is important to restructure and lengthen the maturity of their existing mortgages.

 

Mortgage refinancing is strategically designed and made to help consumers become more capable of repaying mortgage loans. Such refinance home mortgage loans have become very in demand and sought after, just like regular home loans. It is not surprising that as a sector, mortgage refinancing has truly grown and progressed.

 

Do you know that as consumers, you could still secure better pricing and generate more savings from taking refinance home mortgage schemes? If you would be more strategic, you would not be far from securing bigger savings when repaying mortgage loans through refinances. Here are several tips that would serve as guidelines as you aim to lower costs and fees from such loan services.

 

Strive To Avoid Incurring PMI Or Private Mortgage Insurance

 

Generally, home equity mortgage incur PMI if the borrower lends more than 80% of the overall home equity. If you would limit your home loan equity, you could avoid PMI. Doing so would translate to savings of about several hundred annually. That could be a small amount, but for practical consumers, small savings could be considered as huge cost reductions.

 

Prefer To Take Short-Term Refinance Home Mortgage Products

 

Surely, you would be lured and attracted to the smaller monthly amortizations or payments required in long-term loans. However, if you would be more analytical, you would certainly realize that long-term refinance of mortgages would only lead to bigger costs in the long run. Wise borrowers know that short-term facilities could cost bigger monthly amortizations, but because the tenor is much shorter, interest rate payments would definitely and logically be smaller.

 

Enquiring About The Fees

 

Many borrowers fall on the error of neglecting fees when taking mortgage-refinancing loans. You should make a difference. Before taking any refinance home mortgage, ask the lender about all the costs coming with the product. Usually, there are three types of costs that are always included in such loans, namely, courier fees, document preparation fees and administrative fees. It is the responsibility of lenders to disclose such fees to potential customers. To do a comparison, add all costs of a product, together with interest rates. Do not be surprised to find that mortgage refinance products with very low interest rates could sometimes cost more than competing products with higher rates.

 

Improve Your Credit History

 

These times, lenders are more wary about lending money to clients. Of course, good paying consumers would be prioritized. Many people complain of difficulties in securing mortgage refinance loans. However, you could avoid such problems by maintaining a good and reputable credit record. How do you maintain a good credit history? Simply pay all your bills and dues, especially credit card purchases. Many consumers are not aware that banks share networks containing records of how consumers use cards and repay amounts due.

 

Shoulder Upfront Fees When Getting Any Refinance Home Mortgage

 

Such charges would enable you to pay points for lower interest rates. The fees serve as guarantees for low rates for the entire duration of the loan you secured. Many consumers avoid paying upfront fees because they think doing so could help them save money. Initially, they surely do save money on lower fees, but in the long run, they are made to pay more. Most mortgage refinancing companies do not explain this very well to clients.

 

 

 

 

 

 

March 30, 2015

Commercial Mortgage Loan Online

Filed under: Mortgage — Tags: , , , , , , , — admin @ 12:47 pm

A commercial mortgage is a kind of mortgage taken to enhance your business, to buy new commercial property with the possible help of your existing / new commercial property as collateral for the loan repayment. Such a loan is an excellent way of financing a start up business or making business expansion activities. A commercial mortgage loan online is an online version of the same mortgage loan. It is much easier way of going about securing a mortgage because all the required information is available right from the comfort your home without having to visit different companies physically. A search on the internet will provide you with hundreds of commercial banks which will provide you with a host of options on which the best interest rates as well advice on the type of commercial mortgage loan online you can avail. Till the recent past only larger companies with a proven track record could obtain commercial mortgages. But with the Internet revolution these days one is aware of many such commercial banking entities willing to provide even smaller businesses or individuals with commercial mortgage loans online. There are many advantages of applying and looking for business mortgage finance online. With the help of an online search one comes to know of all the companies small or big which deal in business mortgage loan online. Also given the number of companies the market is a very competitive one and as such it may be called a borrowers market here, where each mortgage company vies with the other in giving you a business mortgage refinance online. The criteria for obtaining business mortgage loans online, is of course the same as that of traditional methods. The lending institution will verify your financial status and the equity of the property which is to be mortgaged to the company till the period of repayment. You have an advantage here as well, just as the commercial banks verify you; the lender can in fact verify the credentials, references and the interest at which commercial finance is being granted all online. In the olden days due to the rigidity of lending institutions, many businesses were forced to rely on expensive short term finances but now with online commercial financing the void has been filled for smaller companies. The online market is full of specialist mortgage lenders who are willing to serve the mortgage needs of small businesses owner too. The biggest advantage of searching online, apart from the hassles of travelling to lending institutions is acquiring multiple quotes for a commercial loan at the click of a button. In fact one can save a lot of money and worries by asking for an online quote. Most lending institutions with an online presence have an online form which you need to fill up and you will get a quote from the company in a matter of hours. Many websites also provide a mortgage calculator where you can fill in the amount of money you want and calculate for yourself the amount you have to pay in the form of monthly, quarterly or annual instalments. The methods of finding and realising your commercial mortgage, is quite an easy online process. Below we illustrate a step by step procedure of obtaining an online commercial mortgage loan.

Benefits of refinancing mortgage Loans

Filed under: Loan — Tags: , , , , , , — admin @ 12:47 am

 

If you have taken credit to buy a new home or car, or personal loan, then it is necessary for you to check the interest rate on regular basis. If at some point of time you find that the loan rate is getting cheaper, then it is wiser to get the exiting loan refinanced. Some of the advantages of getting your existing mortgage refinanced are:

* Lower Interest rate/ Mortgage rate relief: If you have, plans to stay in your existing home for years, then refinancing will help you lower monthly mortgage payment.

* Many homeowners choose to go in for short-term mortgagee. This will help them in paying the principal amount only. Hence, you save money and by the time you retire, you get more savings.

* With the help of cash out refinance you can tap the equity accumulated in your home. This can be used for paying other debts, pay for your college fees, make home improvements, or pay for other credits you have taken.

* Refinancing helps to save dollars in long term

* Here with the increasing interest rates you can convert your adjustable rate mortgage to fixed one. This will help you to save money and have peace of mind.

But before refinancing your needs, it is wiser to look at the other side of the coin. When you get loan refinanced, then you might have to incur certain expenses ( like fees for making the documents, etc.) If you have the motive to pay low monthly payment for loan, then see that some saving also takes palce. This will help you to overcome refinancing cost well.

 

March 29, 2015

Got the Tax Blues? is Your Business Structured With Tax Breaks in Mind?

Filed under: Tax — Tags: , , , , , — admin @ 12:47 pm

Are you suffering from post-tax syndrome? Feeling exhausted after rushing to the accountant’s office and completing your return just in time? Did you check and re-check your tax returns to see if you really have to pay that much to the IRS? Run to the banks to deposit sufficient money in your account to cover those check amounts to the IRS? Stood in long lines at the post office yesterday? April 15th – tax deadline day when most Americans line up at neighborhood post offices with their tax returns and certified mail with return receipts filled out (just to make sure the IRS knows they mailed it in time) – is now past us, for another year.

It was a similar experience for me this year and probably the most hectic compared to past years. If you are like me, self employed and running your own business, then you know what I am talking about. We wait till April 15th to pay our self-employment tax and most likely file extensions so that we can complete our business books, review with our accountants, and file tax returns at a later date. A topic that has been on my mind lately is whether I have selected the most appropriate business entities, such as Limited Liability Company (LLC), Limited Liability Partnerships (LLP), Sole Proprietor, Partnerships, C corporation, or S corporation, for my businesses and investments to optimize the tax breaks that are out there. As they say, the rich get richer because they know how to make their money work for them. They also know what legal tax breaks and strategies to use to pay the lowest amount of tax. The poor and middle or employed class pays the highest tax rate in America due to their ignorance of tax strategies and the inability to incorporate their work and run it like a business.

Deciding to incorporate and selecting which business entity fits best for your business needs can be a daunting task. However, spend the time to research and understand the implications of each entity and what it means to your business. Further below in this post, some basic questions are posed for you to consider and some additional information on some of the more commonly used business entities. These questions and basic information will guide you along the path to figuring out the best tax strategies for your business. Additionally below are some recommended books from Amazon.com that have a wealth of valuable information on tax planning.

Here are some questions to guide you along the path of tax planning and tax strategies whether you are a home business owner, self employed or run a larger corporation:

Are you a sole owner or do you have partners?

Do you distribute and sell shares for your business?

What is the nature of your business and what state do you operate in?

Do you drive your own vehicle for business or do you have a company vehicle?

What business expenses can be deducted?

Do you work at home and have a home office?

How are business meals and entertainment of clients handled within each entity?

What percentage of your health insurance costs are tax deductible?

Do you have annual meetings and minutes with partners and shareholders?

Are there passive and active members in the business?

Does your business provide benefits to employees?

Do you have a pension plan and long term care?

Does your business purchase new equipment each year?

Does your business raise capital from outside funding?

Those are just some basic questions to start with, which may determine or limit the choices you have in regards to what entity works best for you. It will also help you understand what tax breaks can be employed and what strategies give you the most bang for your buck!

For self employed individuals, like consultants and contractors, choosing a business structure is more straightforward with IRS rules for personal income and small business tax breaks. The tax breaks may not be significantly different whether you are a sole proprietor, partnership, or LLC. However, business liability (a topic for another post) is very different even within those 3 choices and how you protect your assets.

A business owner has a slightly more complex task when it comes to incorporating their business. C corporations are dropping in popularity but are still the right choice for large corporations (think really big companies). As a C corp., taxes on profits are paid by the corporations at a much higher corporate tax rate and business expenses are handled by the corporation itself. Owners are only taxed on the salaries, bonuses, and draws from the corporation. Beware, this means double-taxation. However, there are other benefits and advantages to having a C corp. if you are a large corporation.

S Corporations are the common choice for most small and medium sized business. After small business expenses are deducted, profits are shared or distributed to the owners and owners are taxed at the individual rate, which is much lower than the corporate tax rate. However, S corporations are limited in how they can own and sell shares of the company, engage in private equity financing, and other infusions of capital into the company.

The bottom line is that selecting the right business entity is important and can result in many tax breaks, but paying the least amount of tax is not the only concern. It’s important to consider other aspects as well such as business liability, financing needs, and future growth considerations.

Consult with your tax accountant and business attorney (beware, they both might have different opinions), and then look at the overall benefits and drawbacks to the recommended options.

Hope this is helpful to the community. If there is any interest in getting into the details of any of these entities, let me know, we can share that in a future post. Share with us what business entities you choose for your business and why?

Now, remember to get back to completing your business tax review and tax return before the next deadline.

Visit us at http://www.financialresource.org/blog/got-the-tax-blues-is-your-business-structured-with-tax-breaks-in-mind/#more-40 to make your comments or suggestions.

How to Choose a Loan Modification Company…

Filed under: Loan — Tags: , , , , , — admin @ 12:47 am

With the current collapse of the real estate market, there has been an increase of con artists that has arrived in the loan modification field, which target home owners that are in facing foreclosure.

What these fraudulent loan modification companies do is prey on the fears of these home owners that are in the midst of losing their homes to foreclosure.  They give them empty promises which include guaranteed reduction in their mortgage rate to 2% or lower and also a guaranteed reducing in their principal balance to the current market value or lower.  While these results are certainly possible, the truth is no loan modification company can guarantee these results even if it done by an attorney as it’s the lender that makes the final determination.  The chances of getting the amount you owe reduced is slim to none on your first mortgage, but if you have a second mortgage as well, then there is a possibility in getting that mortgage reduced as the second mortgage holder will lose everything, if the home ends up in foreclosure.

Home owners need to be aware of these scams and what to look for as more and more phony loan modification companies are on the rise and present themselves as the homeowner’s last resort if they want to save their home.  Many of these companies started popping up about a year ago, as lenders tightened up their guidelines and property values plummeted which as a result home owners that we in adjustable rate mortgages had even fewer options than before to refinance and save their homes from foreclosure. 

Some of these scam artists even took it to another level and advised the home owner that they can stop making their mortgage payments as they are taking care of everything.  Normally when the homeowner find out that they have been hustled their hard earned money, then it’s normally too late to avoid foreclosure at that point.

Home owners need to ask a lot of question and do their research before selecting a legitimate loan modification company to work with.  They need to be aware of what’s happening in the industry.  Recently a lot of mortgage brokers and real estate agents have gotten involved in the loan modification business, without properly understanding the procedures and guidelines involved, and are more concerned about the money they can make.

If the home owner is facing foreclosure, they don’t want to end up with an inexperienced loan modification company that doesn’t have a successful track record of accomplishing beneficial loan modifications.  Another reason you want to work with someone that has experience is, most lenders will only give the home owner one chance per year to get the loan modified, so if its not done right the homeowner could still end up in foreclosure.

Here is one of the most common red flag to look for when choosing a loan modification company:

Guarantees – Scam artist are known to make empty promises and will tell you whatever you want to hear to get a hold of your hard earned money.  Especially if they haven’t seen your paper work and haven’t made a proper analyst of your individual situation, then how can they determine what rate and terms that they will be able to accomplish for you?  Remember the lender makes the final determination, not the loan modification company.

March 28, 2015

How Credit Card Debt Can Be Eliminated Without Paying

Filed under: Credit — Tags: , , , , , , , — admin @ 12:46 pm

There is basically only one way that credit card debt can be eliminated without paying it. That way is by declaring a Chapter 7 Bankruptcy.

This type of bankruptcy wipes out all debts, with one or two specific exceptions and possible exemptions, including any and all credit card debt. Even a Chapter 13 Bankruptcy declaration will only reorganize your debt, not eliminate it.

Aurora Lillo Editor of the “Get Rid Of Credit Card Debt” website — http://www.GetRidOfCreditCardDebts.net — pointed out;

“…There are other types of bankruptcies, but only Chapter 7 totally eliminates obligations to pay credit card debts. The best method for a person extremely in debt is to seek out an attorney specializing in personal bankruptcies…”

When the debtor has found an attorney who can advise them of their rights and obligations under a Chapter 7 Bankruptcy, and they have no other alternatives open to them due to loss of income, ability to work, or whatever their particular circumstance might be, then this is the only way to totally eliminate credit card debt. However, once this route is chosen, it will be very difficult for the person filing such a bankruptcy petition to obtain “credit” of any kind for at least two years after said bankruptcy has been discharged.

An individual bankruptcy petition is officially discharged when the courts have determined that no debt owed is being contested by a creditor. For instance, in the case of credit card debt, none of the issuing companies are alleging fraud on the part of the debtor, or have knowledge of assets that the debtor has tried to hide to avoid meeting his or her financial obligations. After the discharge date, which is when the bankruptcy is declared released without prejudice, meaning no parties think the debtor has any other legitimate recourse, then all credit card debt and other debt included in the Chapter 7 filing are eliminated. This allows the debtor to have a fresh start.

“…However, once a person has been through a bankruptcy and finally gets to a point that a credit card company is willing to take a chance on issuing them credit with greater fees and at higher interest rates, don’t be under the misconception that you can build up credit card debt and no matter what happens, have it eliminated through a Chapter 7 Bankruptcy. A person must wait at least 8 years from the date of the prior Chapter 7 filing before being able to file for that type of bankruptcy again…” added A. Lillo.

Further information about trusted and reputable companies for credit card debt settlement by visiting; http://www.GetRidOfCreditCardDebts.net

Insights About Refinancing Home Loans

Filed under: Loan — Tags: , , , , , , , — admin @ 12:47 am

 

 

Apparently, there is no shortage of mortgage refinance lenders in the market. However, which of them provides the best service? How is the process of loan application facilitated? Take a closer look at the way refinancing home loans work.

 

In reality, many homeowners aim for refinancing home loans. However, they are held back because they do not know more about such loan products and they have no idea where to find and get them. Some just do not like the tediousness of having to deal with mountain-high document and paper requirements that come with loan applications.

 

Experts always assert that refinancing an existing mortgage surely is a practical and wise option despite the pressing times in the overall financial sector. You could possibly find lower-rate refinancing home loans that would logically help you generate significant costs.

 

As always, it is best to be very careful before taking any loan product from any lender. Do not grab the seemingly attractive refinancing home loans that come along first. For sure, there are still many products that are much better and are implementing much lower interest rates. All you need to do is to patiently and resourcefully look for them. Doing a comparison shop would be suitable for you. Get quotes from four or more refinance lenders, compare the terms and conditions, and choose the best lender and product to suit your requirement.

 

Lower interest rates might not always be advantageous and recommendable. It is because many refinance mortgage products with lower rates come with higher costs and fees. The savings to be generated from the reduced rates could be exceeded by the total expenses spent on loan costs. Study your options carefully before deciding whether to refinance a home loan or not.

 

Find out about all the small and minor fees that your lender would collect. At the first view, such costs may be insignificant. However, if there are too many of those costs, you could end up shouldering greater expenses after the numerous small fees are summed up. Take note of charges imposed for document preparation and for getting credit reports as they could be hefty.

 

Lastly, always remember that refinancing home loans is actually getting new loans. Your previous mortgage would be cancelled to give way for the refinance home loan. Thus, you should be aware that the final loan maturity would be adjusted and would start from the day you secured your mortgage refinance loan. Your existing home loan could be provided by a different lender that has nothing to do with your refinance lender. Even if they are affiliated, the loan maturity would then follow the count of the refinance facility.

 

Do not apply for and take a home loan refinance loan unless there is a truly pressing need for one. You should not refinance just because you want to lower your payments or you want to extend your maturity. Take into consideration all the adjustments to be done on the rates, terms, and conditions.

 

 

 

 

 

March 27, 2015

Commercial Mortgage Quote

Filed under: Mortgage — Tags: , , — admin @ 12:47 pm

A Commercial mortgage quote is an estimate that all companies, provide for the convenience of the borrowers indicating the costs of availing a loan to a potential borrower. Such commercial mortgage quotes are an important part of finalising which loan you want to select and what interest rates would be suitable for you. A business mortgage quote can be especially helpful if there are many mortgage lenders, willing to grant the loan. A commercial mortgages quote is in fact mandatory for someone who is interested in getting a new mortgage, before finalising a lender who can give them the best commercial mortgage rate and conditions for repayment. One of the most convenient ways of receiving several business mortgage quotes is by applying for the loan with companies that advertise on the Internet. When a commercial mortgage lender gives their best mortgage quote, they calculate the actual cost of the loan, based on the financial information that the borrower has supplied them on the application form. While most business mortgages quote, are fairly accurate, it is advisable that the borrower check for loopholes and confirm in written the clauses and the amount quoted by commercial mortgage brokers. Also because of the risky nature of loans in case of bad credit mortgage or a lending institution that is fairly new in the business, one cannot really have a guarantee of the best commercial mortgage, until the loan is actually approved. A mortgage quote also helps the borrower in comparing and assessing all the options he/she has and make a sensible choice having taken into account the available cheapest mortgage quotes. Most lenders provide quotes for every kind of interest rate. So whether you want quotes for a fixed rate, adjustable rate, or variable rate, it is advisable to get a flexible mortgage quote from the different companies that one is considering. Availability of a list of mortgage rates also helps the person in comparing the rates of various types of commercial property mortgage loans with the same company. Such information on the different kinds of loans as well as the interest rates can often be the deciding factors that govern the decision of obtaining a loan from a particular lender or not. This is especially true in case of the interest rate that is being levied, since an interest rate that is lower by even a small margin can affect the long term economics of repayment. Seeking a commercial mortgage quote from different companies is the right for every borrower and one should exercise this right diligently, especially so that the borrower is fully convinced and understands what amounts he has to exactly pay for repaying the loan. Finding and obtaining cheap commercial mortgage quotes can be especially convenient on the Internet where the borrower finds plenty of lenders and can conduct discussions with as many companies simultaneously as he wishes too, all this with his anonymity intact at times. Having obtained several Commercial mortgage quotes, a borrower has the satisfaction of having found a lending institution that is best suited to his particular needs without compromise.

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