You cannot completely evade tax or escape tax debts. It is your duty to pay tax and if you have problems in doing so, you can try to make the tax payments through any of the four primary options available under IRS tax relief. In almost all of these programs, you will have to pay at least a part of your tax debt. So, the main aim of these programs is to try and minimize the amount to be paid by you to the IRS.

What are your options?

As has been mentioned above, there mainly are four options following which you may find it easier to pay down your tax debts. These are:

Tax Debt Settlement

Tax settlement involves a lump sum payment after the amount you owe gets settled. This program ensures that they get back or recover at least a part of the money you owe them. This program is also helpful for you as it allows you to save money as you aren’t required to pay the taxes in full. The following are the factors which the government considers so as to determine the settlement amount:

1. Your age

2. The assets you have

3. Your income and fixed expenses

Tax Compromise

The program under tax compromise works similar to that of tax settlement. In this case too, the amount to be paid to the IRS reduces. However, the main difference in between the two is the way in which the amount you will be required to pay gets determined. In case of the tax compromise program, the IRS considers your payment ability. So, the IRS mostly considers your investments and savings rather than your income and age.

IRS Tax Abatement

The tax abatement process is nothing but tax forgiveness. Although, it is tough to obtain this relief, if agreed it provides you with the opportunity to get a reduction with regards to your liability and also an increase in the deductions. That is, the penalty for non payment of taxes may get reduced. It is offered to people in genuinely hard situations. People those who aren’t responsible for their hardships may be eligible to qualify for payments under this option.

The Installment Payment Plan

The installment structure provides you a repayment plan, so that you can manage to pay down the taxes you owe. This helps the IRS in recovering the funds easily and fast too. A repayment plan works best in times of financial hardship. For example, if you have been laid off or if you are unable to work due to any accident or illness, this may be one of the best options.

So, these are the tax relief options through which you can pay down the tax debts.

Whilst the majority of the motorists will look for diesel, hybrid or electrical powered cars when they are searching for an efficient and financially-friendly vehicle many are overlooking petrol cars as a potential source for frugal driving.

Car brands such as the likes of Fiat, Alfa Romeo and Ford are doing all they can to ensure that petrol cars are still a viable option when motorists are searching for a mean green eco-warrior machine. Such manufacturers are achieving these results through the implementation of smaller engines, which in turn result in a better return on fuel than your usual petrol powered hatchback.

For example Ford’s new 1.0 litre Eco Boost engine is as powerful as the previous unit, but is 30 per cent lighter than its 1.6 litre engine predecessor. More importantly the new engine is 15-20 per cent more fuel efficient and therefore easier on your finances due to it only requiring infrequent visits to the filling station.

Furthermore, the Italian manufacturer Fiat has also been giving smaller engines a go. The two-cylinder Fiat 500 engine has been designed in such a way that careful management of the amount of air that enters the engine helps manage its combustion. Such allows the vehicle to improve its fuel efficiency and works to give the car an impressive 70mpg and an extremely low CO2 output of just 95g/km.

For very high mileage drivers an eco-friendly diesel car might be the best option. Diesel cars tend to be more expensive when purchased however savings can be made in the long-term because diesel engines tend ‘to last forever’ in comparison to their petrol counterpart. Although they can keep on going and going mile after mile, unless you are planning on doing excessive motorway driving and high mileage you may not see any financial benefit.

To summarise if you are a high mileage driver who spends hours speeding up and down the motorways, then a diesel car could be a good investment for you. However for the more average driver you are best sticking with petrol engines. Petrol engines are getting better all the time and as seen in the examples from Ford and Fiat such improvements are financially rewarding in regards to fuel consumption.

Taking the option of bankruptcy is one of the most serious financial decisions that you can make.  It has far reaching implications that will affect your life for many years to come, and should always be the very last resort when looking for a solution to your financial problems.  Often, there are other avenues that you should explore before deciding to become bankrupt, ones which have a far less significant impact on your credit rating and financial standing.  Here are 4 important things to consider before filing for bankruptcy.

Understanding What You Owe

Many people start considering bankruptcy when they owe a significant sum of money that they are struggling to pay back.  However, filing for bankruptcy shouldn’t be motivated just by how much you owe, but rather on your ability to organise repayments.  There’s no limit on how much you need to owe before you declare yourself bankrupt, and a creditor can make you bankrupt for any amount of over $5000.  Just because you owe a large amount of money doesn’t mean that you should become bankrupt, especially if you can negotiate for longer terms and decreased repayments with your creditors. 

Restricted Lifestyle

If you do decide to file for bankruptcy, your entire life will be seriously affected by the decision.  Some of your assets may be sold off, your entire financial records will be closely investigated, and your financial institution may restrict your accounts and freeze your credit cards.  You will not be allowed to leave the country without the permission of your trustee, and you must disclose your status as bankrupt when applying for any kind of credit.  If you violate these terms, or have been found to have sold off property before your bankruptcy to defeat creditors, you could face up to 3 years in jail.

Explore Other Options

Remember that bankruptcy should always be your absolute last resort.  There are many options to explore before you file for bankruptcy, and many of them are viable ways to get yourself out of dangerous levels of debt.  The first step is to speak to all of your creditors and explain your situation.  Work out a repayment plan with them, and see if they can offer you a lower rate of interest and an extended term on your loan.  Consolidating your debt into one single loan is also a great way to simplify your debt, and allows you to keep track of what you owe with one single monthly payment.

Professional Assistance is Available

Talking to your creditors can be a daunting task, especially if they have already been aggressive in their attempts to recover missed payments.  Luckily, there are a range of debt solutions specialists such as Fox Symes who have years of experience helping Australians to overcome their issues with debt.  A professional consultant will review your situation and help you to decide which option will be the best for your personal needs, and can often help you to avoid bankruptcy.  However if there is no other option, they will be able to organise everything for you and give you support and advice every step of the way.

Bankruptcy will change your life, so think very carefully before you make any decisions regarding your financial situation. The best option is to consult a professional debt solutions team with years of experience, such as Fox Symes.  No longer will you have to negotiate with creditors, deal with hostile phone calls and worry about the next letter in the mail.  Professional debt solutions are designed to get you back on track and in control of your finances for good.

With times being tough as of late, more and more people are turning to their bank to get some extra funding, be it for expensive one-off purchases or just to try and reduce the financial pressure in their day-to-day lives. With so many people choosing to go down the borrowing route, it is important to know both the pros and cons of doing so.

Advantages

The most immediate advantage of borrowing money from the bank is the speed at which you can make extravagant purchases. Cars, holidays and deposits on homes suddenly become much more achievable, with the cost then spread over a long period of time via monthly repayments to your lender.

With so many different banks available, all competing to gain customers, many people fail to realise they can often negotiate better interest rates than the ones they are originally quoted, leading to some very good deals. 

If you refrained from ever borrowing money or using a credit card to make purchases but decide later in life that sourcing extra cash could be a good move, you may find it harder to be accepted. Many lenders will only accept people with a good credit rating and you can only establish a good credit rating if you have borrowed money and made sure to meet your repayment deadlines. There are also other situations where having built up a good credit rating can be of use, such as the hire of a car. 

Disadvantages

The average debt for an American with a credit card currently stands at $15,204. This – and any other debts from borrowing money – must be repaid no matter what, regardless of whether your financial situation improves or worsens from the time you borrow the money. If you fail to make repayments, you will face a substantial fine and your name will be marked with a poor credit history, making it hard to get businesses to trust you in the future.

Many people who borrowed money via a loan or credit card were unwittingly charged extra for Payment Protection Insurance (PPI); a policy designed to maintain repayments should the borrower become unable to work. It was however, mis-sold in forms that were unsuitable to the recipient, costing people thousands of dollars in unwanted charges. Luckily, help is available to claim the money back but many remain unaware of their entitlement to do so; continuing to pay for cover they do not want or need.

Simply opting to use your bank may sound the easiest option but that does not mean it is the best one. Other financial institutions and lenders can offer smaller rates of interest and loans that specialise in a certain area, meaning that shopping around can be better than just settling for what you know; your bank may not always have your best interests at heart.

Conclusion

Borrowing money can be a great fix for many people’s problems, be they short-term or long-term. It is important however, to always ensure you get the best deal and borrow in the manner that is right for you. You must be certain you will be able to meet the repayments before you accept any deals and end up crippled with debt you will be unable to pay off.

Whether you’re starting up a new business or are the owner of an SME, you’ll be aware off the truth to the old adage that ‘time is money.’ Unfortunately, you’ll also have discovered that there is more to running your business than simply running your business. There’s accounts to be done, sales opportunities to chase, networking events to attend, tasks to prioritize and even staff to track. 

While these may all be important to ensuring that your business runs smoothly, how can your business run at all if you can’t dedicate the time you need to run it? Let’s have a look at the five best apps that will help you be more productive, whilst doing less:

1) QuickBooks Mobile. This app is released by Intuit and anyone familiar with the QuickBooks software will know just how valuable it is. In essence, it’s like having a virtual accountant on call at any time and wherever you happen to be. QuickBooks Mobile offers all the standard features of its software counterpart, allowing you to manage your accounts, create and send invoices, make payments and stay on top of all your accounting commitments. Perfect for entrepreneurs and SME owners – especially as Intuit are providing it for free.

2) Square. This app helps turn encounters into opportunities. Many SME owners lose sales by not being able to take on the spot payment. Square turns your mobile phone or tablet into a virtual card reader. It works just the same as the ones you find in the shops; all your client has to do is key in their security details and the transaction is authorized. Receipts and invoices are issued instantly and can be sent to your accounting software, meaning you never have to be off-duty or miss an opportunity.

3) Momentem is a very useful app for those who lose a lot of time due to poor organizational skills. Momentem can integrate your calendar and address book to help you prioritize tasks and meetings. In addition, because it’s an app, you have access to all that information wherever you happen to be; you can even set alarms and alerts to keep you ahead of your own plans.

4) Google Latitude is great for SMEs with employees out on the road. Whether it’s salesmen or a fleet of taxis, Google Latitude acts as a GPS tracker, allowing you to see exactly where your employees are at any given time; perfect for those instances where your employee is having trouble finding a particular place at a particular time. Late arrivals might not be completely avoidable, but you may be able to mitigate someone’s tardiness using this app.

5) Gist turns your Google mail account into a networking facility. Instead of just being able to send and receive emails, Gist allows you to exploit the contact you have in your address book and, much in the way LinkedIn works, help you discover further contacts that might be of use to you. In many ways, this app is as useful as a marketing campaign, without all the cost and manpower that you need to launch at traditional one.

The idea of working from home might seem like a dream come true, but you have to realize that a lot of people who work from home log in just as many -- if not more -- hours as those who work in more traditional workplace settings. Therefore, one thing that you might want to aspire to is making a passive income from home. By generating a passive income, you can make money while you work at your regular job, head out on vacation or even while you sleep at night!

Here’s 5 possible methods of generating a passive income for you to consider;

Write Articles

There are a lot of websites that pay people up-front for the articles that they write, but one service that you should consider is one that will pay you for page impressions. By writing articles for these sites, you don't have to worry about going through the trouble of setting or maintaining your own website, and you can choose what you want to write about. It can take a bit of practice and some time to generate a passive income from one of these services, but it will be worth it in the end while you watch money come in when you aren't even working.

Set Up An Affiliate Store

If you have ever thought that you would like to run your own online store but decided that doing so would involve too much of an investment or too much work, you should consider starting your own affiliate store. By creating a site for a popular company like Amazon, you can get paid every time that someone leaves your site to make a purchase. Once you set up your page, add the items that you like and optimize it for search engines, you won't have to do a lot of work in order to keep it up.

Set Up a Site With Advertisements

One way that a lot of people make money online is by posting advertisements on their websites. If you set up a nice website and add advertisements, you can make money every single time that someone clicks on some of your ads. With some advertisers, you can even make money every time that you site is viewed.

Set Up a Site With Affiliate Links

Along with starting a store, setting up a site with affiliate links to various products is another great way to make a passive income. There are affiliate programs for nearly any niche that you might be interested in, and most of the work will be over once you set up a nice site with plenty of affiliate links and a bit of good content.

Write an E-Book

Writing an e-book might take a lot of work up front, but you can bring in a passive income for years if your book is good enough and if you market it in the right way. Regardless of what your talents are, you can surely write a great e-book that will help you make a wonderful passive income.

You’ll know all too well, if you own a business, that controlling costs is absolutely crucial. Keeping an eye on all of your outgoings and being wise about how much is being spent where will help you to maintain control over your business and your revenue.

Major things that you will have to consider are the unavoidable monthly outgoings – the rental of the office space, the internet and phone use and the utilities are just the start. With regards to energy prices, businesses should take a look at British Gas Business electricity which can often provide some very attractive tariffs that will work with you rather than against you.

As with domestic energy, the key is to shop around for the ideal tariff. Don’t stay with the same company for years on end because you think you’re getting the best deal – chances are you’re not. Compare the market and consider switching to British Gas to make the most of the incredible energy prices so that your cash doesn’t get flittered away.

Top reasons to switch to British Gas are:

Whether you’ve recently moved offices and you’re still on the ‘deemed rate’ tariff, or you’re with another energy supplier and feel you’re paying over the odds, consider switching to British Gas and you can take advantage of the incredible fixed unit prices in no time.

It has been rightly said that if you want to manage your finances well, you will have to take control over your money. Unless, you have the control, you won’t be able to enjoy a healthy financial life. Most importantly, it should be noted here that there is no age to manage personal finance. Whether it is a college goer, a middle aged banker or a person nearing retirement – anyone can take steps to manage his or her finances. Once you manage your finances well, you will be able to concentrate on your future goals. 

Ways to manage your personal finance:

Let’s take a look at some of the ways that will help you get a control over your money and will in turn help you manage your personal finance in a better way:

Create a proper budget

Budgeting is very important when we speak about our personal finance. You will have to keep parity between what you earn and what you save. This cannot be done unless you have a proper budget in place. You can create a budget on your own or you can take help of a financial planner who will help you draft a budget for yourself. If you don’t want to take professional help, then you can also take help of the online budgeting softwares. Many of these softwares are available free of cost. You can download them on your laptop or desktop and create a budget for yourself. 

Cut your expenses and put aside more

Budgeting is not everything. It takes lot of patience and effort to follow that budget and manage personal finance well. In order to make your budget a success, you need to cut your unnecessary expenses so that you can increase your savings. You should stop paying for services that you do not need or do not use. Once you’re able to stop these unnecessary expenses, you will have more money to pay toward your debts. This will help you reduce your debt load. Within a span of few years, you may become debt free as well! 

Controlling unsecured debts

Around 90% of us have to bear the headache of unsecured debts. This can range from payday loans, medical bills, credit card debts, student loans, etc. It is very important to control these unsecured debts so that you can manage your overall finances well. Try to avoid payday loans at any cost as it is a debt trap. Control your credit card bills so that they don’t dig a hole in your pockets. If you get any kind of extra money like tax refunds or inheritance, you can use it to pay off your unsecured debts. Once the burden of unsecured debts is reduced, you can concentrate on paying more toward your secured debts.

Create goals

Once you have managed your personal finances to a certain extent, make sure that you create both long term as well as short term goals for yourself. You can then start working on it and invest your money in proper schemes which will help you get more returns and increase your money. 

If you follow the above mentioned ways to manage your personal finance, you will be able to enjoy a healthy financial life soon!

A home is an essential part of our lives. It is where we come back after the whole day’s hard work. But it is not very easy to buy a home. Not everyone in this world has the cash money to purchase a home. In such a situation, home loans or mortgages play an important role. There are various banks and financial institutions like Heritage Home Loans, Bank of America, Chase, etc. which will help you in getting home loans. However, in order to get home loans from these organizations and institutions, you will have to meet their required criteria. As we all know, the real estate crisis had an immense impact on the lending standards of the lenders. In such a situation, the lenders make sure that you satisfy all the required criteria before they approve you for a loan.

Types of home loans

Financial institutions such as Heritage Home Loans, Chase, etc., offer different type of home loans to the borrowers. Some of them are as follows:

Conventional loans: Such loans are offered by most of the lenders if the borrowers have a stable employment and income and satisfy the credit criteria. Of late, financial institutions want borrowers to have credit scores above 700 in order to offer such loans. Moreover, borrowers should have the required DTI ratio as set forward by the borrower.

FHA loans: Such loans are offered only by the FHA insured lenders. These loans have flexible criteria compared to the conventional loans. Borrowers, who have low credit scores or do not have the required down payment, normally apply for such loans. These loans are comparatively easier to get for the borrowers.

Reverse mortgage: This type of mortgage is mainly available to the senior citizens – especially those who are more than 62 years of age. With this type of a mortgage, a senior citizen can purchase a new home. He or she can even get this mortgage using an existing property as collateral. There are not much requirements for such kind of a home loan.

USDA loans: Such loans are mainly available for rural properties at a flexible rate and term. However, not all lenders will offer you such loans. Moreover, there are various criteria which you and your property need to meet in order to get the loan.

VA loans: Such loans are available for veterans. Thus, VA sponsored lenders can only provide the veterans with such loans. Similar to USDA loans, these loans are also available at a flexible rate and term.  However, they have stringent criteria which veterans need to meet in order to get qualified for such loans.

Hope now you know the different types of loans available in the market! If you meet the required criteria of the lender, you can qualify for any loan type.

The thought of owning your own home can definitely be exciting. Owning something of that value can make you feel very proud. Before you think about buying a home, you have to come up with a down payment, which is usually 20 percent of the purchase price. For example, if the home you want to buy is $200,000, you will have to come up with $40,000 to put down. It can be difficult to come up with this amount of money in a short amount of time. Here are a few ways you can get money for a mortgage down payment. 

Borrow Money from Your 401 (k)

If you have a 401 (k) plan at your job, you should think about borrowing money from it. Most companies allow their employees to borrow from their 401 (k) accounts if they promise to put the money back in. Know that you will not be taxed if you repay the loan.

Look Into Government Programs

Many state and local government agencies offer great programs that first time home buyers should take advantage of. There are several government agencies that will give you money for a mortgage down payment. Find out if you are eligible for any of these programs and apply. 

Ask Your Employer for Money

If the company you work for has required you to relocate, you can ask your employer for an advance on your down payment. If you are not transferring, you can still ask your employer if the company has a program that gives assistance for buying homes.

Sell Your Assets

If you have valuable assets that you really don’t need, you should consider selling them. The money you receive can be used for a down payment on a house. Selling your car, boat, motorcycle or other valuable possessions can bring you thousands of dollars.

Talk to Your Real Estate Agent

This idea might sound a little crazy, but think about talking to your real estate agent about your problem. Tell her that you do not have enough money for the down payment and are not sure what to do. Some real estate agents will actually give up a portion of their commission to prevent losing a sale. 

If you follow these helpful tips, you should be able to get money for your mortgage down payment. If your credit is not in good shape, you shoulder consider using a credit repair company before buying a home. 

Auto insurance options in Canada may have many similarities to what is available in the United States; however, there are also some very important differences between the two countries. While having at least some form of insurance is mandatory everywhere in Canada, specific laws and regulations are set by individual provinces and territories. Therefore, how you get insurance and the type of insurance that you need to carry will vary depending on which province you move to.

The Government's Role in Canadian Car Insurance

According to the InsuranceBureau of Canada, the provinces of Manitoba, Saskatchewan and British Columbia have government-run insurance agencies that provide basic coverage for bodily injury and property damage. Private insurers in these provinces sell policies that complement the mandatory government-run insurance by providing additional coverage. In the province of Quebec, private insurance companies sell liability and property damage coverage. The government-run system handles all claims for bodily injury and death in the province. The cost of this coverage is included in the price of obtaining or renewing a Quebec driver’s license.

Setting up our wallet well is one of those things that many of us will keep meaning to 'get around to'. If you currently have a wallet that's stuffed with old receipts, outdated business cards and loyalty cards for stores you don't use any more though, then it's high time you got around to it and started sorting your wallet in  more sensible way. Doing so can help you to save money, it can help you to keep on top of your finances and it can save you time so that you aren't struggling to find your railcard at the turn styles or dropping your money everywhere all the time. Here we will look at some ways to organize your wallet so that you are better with your cash and can find what you need more easily.

The Wallet

First of all when choosing your wallet make sure you select one that has lots of space and lots of compartments. In short, the more compartments you have the more easily you will be able to segregate your various cards and other things and this will mean you can quickly retrieve anything you need. Once thing you don't particularly need though is a section for shrapnel - this is just as well served by being carried in your pocket and it will mean you're less likely to carry tiny denominations around with you for months that way a ton collectively.

When you get home every day then, you can transfer this cash to a savings pot and this way you can sae up a surprisingly large amount to go toward your next purchase or to put into a savings account.

Regular Cards

With multiple sections for cards you can right away designate one area for cards you need to pull out regularly. This is where you can keep your debit card and your railcard so that you aren't constantly fumbling through your wallet. When choosing this regular cards section, make sure it is a part of your wallet that is easily accessible but also that will keep those cards secure and won't allow them to slip out when you grab others in a hurry. Our regular cards tend to include bank cards so these need to be safe.

Emergency Tenner

If your wallet has a zip area or another hidden compartment then this is a great place to keep a spare note that you can find when you need it. Carrying cash is something that all of us should do, but many of u will struggle to keep any in our wallet long before we spend it on something to avoid using our card and lowering the amount in our bank balance.

By keeping a 'hidden' tenner in your wallet, you'll be able to get out of trouble when you need to pay for a taxi unexpectedly or when you are starving and can't pay with card.

Receipts

If you run your own business, or buy things often that you might want to take back, assigning one compartment of your wallet to receipts is also important. Keep this separate and you can save money by filing these purchases as expenses or just not having to buy the same item again when something stops working. Again though make sure you have somewhere useful to transfer these things when you get home.

In these modern times that seem to be constantly defined by economic hardship, many businesses are continually looking for ways to lower their operational costs. Although downsizing or reducing a scope of operations may seem unrealistic, lowering the cost of commercial van insurance represents a valuable option that many companies may have. So, let us quickly look at a few tips that can help lessen the financial impact of these policies.

Provide Proof of Competent Driving

Many insurance providers base their commercial van insurance quotes on the safety risk a driver may present. One option to have this policy work in the company's favour is by obtaining letters of safe driving recommendation from past employers as well as providing the policy maker with proof that any authorised drivers have clean driving records. Additionally, there are a number of safety courses that should be considered compulsory for all employees. Upon completion of these courses, letters of certification are given to all who had attended. These documents can then be shown to the provider and may help lower the commercial van insurance quote. 

Consider Insuring a Fleet of Vans as Opposed to Individually

One extremely effective way of obtaining cheap commercial van insurance is by including multiple vehicles underneath a single umbrella policy. Although each van will enjoy the same amount of coverage, the overall cost can be substantially reduced. This is also an advantage, for it is easier to recall when a single policy may expire as opposed to having to maintain records of individual vehicles.

Address Any Security Concerns

Many insurance companies will also take into account how secure a vehicle and its surroundings may be. A few simple steps can be implemented to help decrease the chances of theft or damage. For example, steering wheel locks can be put in place to help mitigate the chances of someone stealing the van. These are also excellent deterrents to prevent break-ins in general. Also, a van insurance quote can be substantially lowered by parking the vans in a monitored or secured garage as opposed to on the street in the evening. Finally, over weekends or during any vacations remove all valuable merchandise and items that represent a security risk.

Shop Around

Thanks to the internet revolution, business owners have more choices now than ever before in regards to finding the most financially agreeable policy. There are numerous companies that provide online services and obtaining cheap van insurance quotes can be accomplished in a matter of minutes. These sites provide online enquiry forms as well as customer service representatives that are happy to address any questions that may arise. By following these few simple tips to help lower commercial van insurance costs, companies can save a great deal of money every year.