Finance, Loan, Debt and Credit.

March 11, 2018

What Credit Card Debt Settlement Companies Don’t Tell You

Enrolling in a credit card debt settlement plan is a turning point. In most cases, enrollment begins a period of financial recovery and new prosperity.

Participants should reduce credit card minimum payments and slash total finance charges through debt consolidation. The allure of these benefits entices many people to hire a settlement company before adequately evaluating offers. In particular, pay attention to a few common issues that companies may not mention.

Natalia Osorio Editor of the “Credit Card Debt Counseling” website — — pointed out;

“…Consolidation companies charge fees. These fees typically include a monthly maintenance fee to cover administrative costs. In addition, most companies also charge a setup fee to establish a plan. Monthly fees may range from $25 up to $60. The setup fee is frequently equivalent to regular plan payments. For example, if a plan requires a monthly payment of $500 over two years, setup fees of $500 are common. Plans may incorporate a delay of one month before plan payments are required, so that the first payment can be applied towards the setup fee…”

Plan fees increase the cost of repaying credit card accounts. The best companies insure that fees are reasonable and that discounts achieved through settlements justify all fees charged. Few companies reveal the percentage of fees charged in relation to total payments. This percentage is easily calculated by dividing total fees by total plan payments. In one sense, fees are the cost of obtaining discounts through a professional negotiating service.

Settling debts results in repayment of less than the original principal amount owed. Settlements are voluntary, yet lenders nevertheless frequently report settlements to credit reporting agencies. Most often, credit reports include a statement that an account was compromised by agreement. Future lenders interpret this reference as a charged off loan.

Anyone can negotiate payment reductions directly with a lender. The results of negotiating personal accounts are mixed. A degree of expertise is required to motivate lenders who may not trust an account-holder’s personal explanation of financial difficulties. Alternatively, professional negotiators develop relationships with credit card companies over time. In most situations, professional negotiators produce better settlements. Nevertheless, each account-holder may avoid fees and potentially receive the same benefits.

“…Free estimates for costs and benefits are not guaranteed. The final amount of the plan payment is determined through negotiation of individual accounts. A few lenders may demand a higher percentage or principal owed. A few lenders may accept a lower percentage. Estimates are based on experience negotiating agreements with each lender in the past. As a result, the actual plan payments required is seldom equal to the original estimate…” N. Osorio added.

Further information about trusted and reputable companies for credit card debt settlement by visiting;

Hector Milla runs his corporate website at where you can see all his articles and press releases.

December 13, 2017

Small Business Tax Returns – 3 Critical Tax Mistakes You Don’T Want To Make

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Looking for more small business tax tips? For a free copy of the 25-page Special Report “How To Instantly Double Your Deductions”, visit . Wayne M. Davies is author of 3 ebooks on tax reduction strategies for small business owners and the self-employed.

November 30, 2015

Don’t Forget About These Frequently Overlooked Tax Deductions

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When an individual files their tax returns each year they are able to claim a number of tax deductions. Many times a tax deduction can reduce the amount of money that is owed to the Internal Revenue Service (IRS) or it can create a larger tax refund. The most commonly used tax deduction is the standard tax deduction; however, there are number of other tax deductions that many individuals fail to claim or even consider. Frequently overlooked tax deductions can prevent a taxpayer from getting additional money that they deserve.
Claiming a number of tax deductions often requires receipts or other documentation. For this reason there are many individuals who may be unable to claim some of these frequently overlooked tax deductions on this years tax return. To prevent yourself from losing even more money next year taxpayers are encouraged to spend the whole year preparing for tax season and tax deductions.
One of the most frequently overlooked tax deductions is that of medical expenses. To claim a medical expense deduction the medical expenses must be at least seven and half percent of a taxpayers income. While this may seem like a large amount of money there are some individuals who will definitely qualify for this tax deduction. Families with a large number of children often qualify for this deduction because the total cost of healthcare for multiple children is often high. Taxpayers who recently had a child or were diagnosed with a life threatening illness are likely to meet the deduction requirements due to do multiple checkups and hospital visits.
There are a number of taxpayers who carefully keep track of the amount of money or items that they donate to charities; however, the majority of taxpayers do not which makes charitable donations another frequently overlooked tax deduction. Individuals who donated money, clothing, or household items are able to claim a tax deduction as long as the charity is approved by the Internal Revenue Service (IRS). The majority of most well known charities are approved; however, individuals can obtain a full list by visiting the website of the Internal Revue Service (IRS) which can be found at
Unfortunately there are a number of taxpayers who will qualify for a natural disaster tax deduction. With the recently active 2005 hurricane season and the dreadful predictions of more to come it is likely that a large number of individuals will qualify for a natural disaster tax deduction. This deduction is used to make up for the amount of property damage that was not covered by homeowners insurance. To qualify for a natural disaster tax deduction the property loss must be at least ten percent of an taxpayers income. It is sad to say, but with the majority of tornadoes, hurricanes, and floods is it not uncommon for a home to be completely destroyed which would allow the tax deduction to be claimed.
With many businesses declaring bankruptcy or laying off their workers there is an increased number of individuals looking for a job. Another one of the most frequently overlooked tax deductions is that of expenses related to a job search. Many job seeker know how expensive looking for a new job can be. It is possible for job seekers to claim tax deductions on their phone expenses that are related to a job search. These phone expenses may include long distance telephone calls to set up an interview or even over the phone interviews. In addition to phone expenses job seekers can also claim the mileage of going to and from a job interview. Other job search deductions may include the cost of having a resume professionally prepared and the costs of mailing or faxing out that resume.
Additional frequently overlooked tax deductions include the amount of money spent on sales tax, tax preparation, gambling losses, property taxes, and more. The best way to become aware about the most frequently overlooked tax deductions is by using a tax software program to prepare your taxes or hiring the services of a professional tax preparer. These are great ways to become aware of commonly overlooked tax deductions and to determine if you qualify for them.

July 11, 2015

Interested In Credit Card Debt Consolidation But Don’t Know Where To Start?

So, you come home from a long workday and notice that the pile of unopened mail has increased. You can’t even look at it anymore, the thought of opening those letters and finding unpaid bill after bill puts a strain in your chest. The stress never stops.

If this sounds familiar to you, it might be the time for you to start looking for a debt consolidation company, but where should you start? It’s easy. The first thing you should do is to perform a search online for great business directories where you can look for legit companies that are part of real listings.

Hector Milla Editor of the “Credit Card Debt Counseling” website — – pointed out;

“…Get their information and start checking also online for reviews from customers and others that have used their services before. A good way to know if that specific company will work well with your case is finding someone that has gone through the same situation and ask them what they did to get out of it. You may also find many discussion forums online where people talk about their struggles and what financial groups have helped them through it…”

Another great way to find a good and reliable service that will provide the best credit card debt settlement is to ask the companies you have gathered from your online search, if they charge any cash up front before the service actually gets started. This is a sign that the company you are talking to is not legit. Narrow your search using this method and you will get the best and finest locations to ask for advice and then help with your financial misfortunes.

“…If you still have any doubts about where to begin your search, look online for people that have been through the same as you and check their views and opinions on what worked out for them. There are a lot of folks out there who made it through and paid off their debt, you can do the same…” added H. Milla.

Further information about trusted and reputable companies for credit card debt settlement by visiting;

December 27, 2012

Unfiled Income Tax Returns- Don’t Ever File Them!

Never send the IRS your unfiled tax returns. Why? Filing them without knowing your collection and return status could be costly.

If you’ve filed all your previous returns and don’t owe any money, and you can full pay any balance shown on this return, then you can file it now without a problem.

If there are other years not filed and you owe on any of them, or you owe on past years, you should find out your current status with the IRS collection division before filing. You or your power of attorney should get your record of account for many prior years.

The record of account will show the charges and payments to each year. It will also show if you filed or the IRS filed a return for you. If any of the years indicate that you didn’t file, the a return needs to be filed. But… WAIT… Not Yet.

If you have any unfiled returns that show up on your record of account, your payment plan, if you think you have one, is invalid! Make sure you are able to discuss how you will make payments to pay off all of the outstanding balances. The trick is to get all delinquent liability years included under one agreement. This will stop future collection action, assuming you file and pay your taxes, and make your monthly payment on time.

Calling the IRS will also determine if they are in the process of preparing a return for you. If so, they will have a special address for you to send the return to. This will prevent you from having to undo it later. Or worse, the rejection of your newly filed return.

So be prepared to discuss your current financial situation. It’s best to have your income and expenses on a monthly average basis calculated already.

Getting your record of account to verify what is under your social security number will not alert the IRS that you are delinquent. Knowing your current status with the IRS concerning your filings and payment history is essential.

When you are ready to file your unfiled returns and you are missing information, you can request a record of information sent to the IRS from third parties. This includes W-2’S, 1099’S, K-1’S, etc. You are also allowed to estimate amounts that you can’t calculate. There is an art to preparing unfiled returns. Make sure you have help from a tax preparer experienced in this area. I have made corrections to many poorly prepared returns that would probably have caused an IRS audit.

In conclusion… Do not file any unfiled personal income tax returns without first requesting a record of account from the IRS and making sure that you understand what has been filed, if the IRS filed it, and how you are going to present your arguments for paying back the liability.

You probably want to consult an expert advisor before you take any action in thesematters.

Joe Mastriano, CPA has represented thousands of taxpayers before the IRS over the last 25 years. He offers free advice on dealing with the IRS collection division. For additional free information about filing your unfiled late tax returns, visit our site at =>

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