By Peter J. Mason
You often get to hear about people with financial problems
resorting to credit counselling services. However, people tend
to confuse that these services help you in negotiating your
debts or reach a settlement. In reality, credit counselling
helps you gradually reduce your monthly payments in such a way
that you are able to balance you debt to a value that is easily
affordable. This article helps you in understanding the process
to work with credit counselling. The best time to look for the
help of a credit counsellor is when your account is handed over
to collection agencies and the bill collector’s start haunting
you day and night. You must be very careful when deciding which
credit counselling service to opt for. You must know that many
of these services are set up just to make benefits and they
cannot actually help you staying within the legal boundaries.
For example, you must avoid credit counselling services that
claim that they can fix your credit report in no time because
this just not possible legally. You must try to choose
credit-counselling services of agencies that are accredited by
Consumer Credit Counselling Services. Credit counselling
process: After you have selected a genuine credit counselling
service to resort to, you must ensure that you provide them all
necessary detail and information. Remember any information that
you avoid telling them prevents them from properly handling
your situation and can lead you to quite unpleasant surprises
in future. After obtaining all the necessary information on
your case, the counsellor will start working towards solving
your problem. The counsellor will try to negotiate with your
creditor to reschedule your payments in such a way that you are
more comfortable in paying them.
The counsellor may also try to get the minimum sum required for
your monthly payments lowered. Many agencies also provide debt
management systems to help you manage your credits. While
working with these systems, you deposit a lump sum amount to
your credit-counselling agency and allow them to handle your
monthly payments. Such a system might take some burden off you
and might promise you some peace of mind but is not fool proof.
Even your credit-counselling agency can miss a payment that will
badly reflect on your credit report. Therefore, it is always
better that you manage your payments yourself. However, if you
really want to opt for debt management system then check in to
the history of the credit-counselling agency before making them
in charge of handling your payments. Most of the serious and
genuine credit-counselling agencies are free of cost.
Therefore, to avoid yourself from getting in a fraud, you must
avoid agencies that require you to make a large upfront
payment. You must always opt for lower-risk and lower-cost
services. Your opting for a credit-counselling agency might
leave a bad mark on your credit report because it indicates
that you are facing financial problems. However, while trying
to recover from your mistakes on your own might lead you to
more problems even bankruptcy. Therefore, if you have a problem
with your credit card payments that you are not able to handle
then in might be best if you allow a professional to help you.
Peter Mason writes articles principally for http://www.creditenio.com , an online site about settle debt . You can have a look at his comments on credit card debt settlement over at http://www.creditenio.com .Read more articles by: Peter J. Mason Article Source: www.iSnare.com
Tuesday, March 27, 2007
Thursday, March 08, 2007
Futures Day Trading - Patterns in The S&P 500 and E-mini Futures Contracts- PART 1
By Thomas Cathey
Identifying patterns that repeat in the futures market, then jumping on them, is what it's all about. These patterns can be rather complex, requiring an accumulated library of observations. The best way to do it is through your own intuition. There's no better computer trading program than your own trained mind.
When do we start talking about the S&P 500 futures contract patterns that repeat over and over throughout the day? Right now! There’s so many. Just to give you an example of what I’m talking about, from June to December 2005, I filled up about 55 typewritten pages with 240 different examples describing the general futures patterns I saw. And I’m still adding to them. I then read them into a tape recorder and often listen to the tapes to reinforce these observations.
It’s so easy to forget what we’ve seen. Going through a futures “bull market" lasting 5 days can easily erase ideas we learned about the last mini-bear market the week before. The idea is to sit in front of the screen and watch the market unfold. You need to be constantly scanning the various charts, one-minute, five minute, sixty minute and daily bars to look for these patterns and set ups. Your mouse should always be moving and clicking. Take visual snapshots every five minutes. Scan your instruments and environment, just as a pilot does in an airplane .
These futures price patterns can sometimes each take two paragraphs to describe. They can involve COMBINATIONS of price formations, volatility, dullness, spikes, erosion, persistent strength, tick patterns, premium patterns, relationships to other markets, wave structure, volume, time counts and other subtle combinations. They all add up to that magic signal inside your head that the market is about to make a worthwhile turn. One or two indications don’t mean much. In addition, they must be in context to the futures market position. Don’t get caught swinging from one or two tree branches.
For example, let's say the market goes dull and quiet. This can be very bullish at a bottom. Or it can be very bearish at a top. Or it can mean nothing if the market is in a middle range like when the traders go to lunch between 12-1PM east coast time. Proper context is the key when interpreting these signals into meaningful pattern combinations.
These signals are decoded using "fuzzy logic" - your brain. Digital software can't compete! There's no way to program these complex patterns with a computer or neural net. I’ve tried it and have come up with some effective systems, but I've always done better using the human mind for integration.
Part Two of Three Parts - Next!
There is substantial risk of loss trading futures and options and may not be suitable for all types of investors. Only risk capital should be used.
Thomas Cathey directs the managed futures division of Thomas Capital Management, LLC. Get FREE, his complete 44+ lesson, "Thomas Commodity Trading Course" and weekly TimeLine newletter by visiting: http://www.thomascapitalmanagement.com/commodity/welcome.htm The course is brand new and fun reading... a "street-wise" trading e-course. Visit the main Thomas Capital Management trading website at: http://www.ThomasCapitalManagement.com
Article Source: http://EzineArticles.com/?expert=Thomas_Cathey
Identifying patterns that repeat in the futures market, then jumping on them, is what it's all about. These patterns can be rather complex, requiring an accumulated library of observations. The best way to do it is through your own intuition. There's no better computer trading program than your own trained mind.
When do we start talking about the S&P 500 futures contract patterns that repeat over and over throughout the day? Right now! There’s so many. Just to give you an example of what I’m talking about, from June to December 2005, I filled up about 55 typewritten pages with 240 different examples describing the general futures patterns I saw. And I’m still adding to them. I then read them into a tape recorder and often listen to the tapes to reinforce these observations.
It’s so easy to forget what we’ve seen. Going through a futures “bull market" lasting 5 days can easily erase ideas we learned about the last mini-bear market the week before. The idea is to sit in front of the screen and watch the market unfold. You need to be constantly scanning the various charts, one-minute, five minute, sixty minute and daily bars to look for these patterns and set ups. Your mouse should always be moving and clicking. Take visual snapshots every five minutes. Scan your instruments and environment, just as a pilot does in an airplane .
These futures price patterns can sometimes each take two paragraphs to describe. They can involve COMBINATIONS of price formations, volatility, dullness, spikes, erosion, persistent strength, tick patterns, premium patterns, relationships to other markets, wave structure, volume, time counts and other subtle combinations. They all add up to that magic signal inside your head that the market is about to make a worthwhile turn. One or two indications don’t mean much. In addition, they must be in context to the futures market position. Don’t get caught swinging from one or two tree branches.
For example, let's say the market goes dull and quiet. This can be very bullish at a bottom. Or it can be very bearish at a top. Or it can mean nothing if the market is in a middle range like when the traders go to lunch between 12-1PM east coast time. Proper context is the key when interpreting these signals into meaningful pattern combinations.
These signals are decoded using "fuzzy logic" - your brain. Digital software can't compete! There's no way to program these complex patterns with a computer or neural net. I’ve tried it and have come up with some effective systems, but I've always done better using the human mind for integration.
Part Two of Three Parts - Next!
There is substantial risk of loss trading futures and options and may not be suitable for all types of investors. Only risk capital should be used.
Thomas Cathey directs the managed futures division of Thomas Capital Management, LLC. Get FREE, his complete 44+ lesson, "Thomas Commodity Trading Course" and weekly TimeLine newletter by visiting: http://www.thomascapitalmanagement.com/commodity/welcome.htm The course is brand new and fun reading... a "street-wise" trading e-course. Visit the main Thomas Capital Management trading website at: http://www.ThomasCapitalManagement.com
Article Source: http://EzineArticles.com/?expert=Thomas_Cathey
Wednesday, March 07, 2007
Free Income Tax Advice? I Know A Place
By Ron Piner
Greetings everyone! I know that filing income tax returns can be difficult, frustrating, and expensive. If you are like me, your thought is that income tax preparation is much too difficult and much too time consuming. For those of you preparing your own income tax returns, no one admires your effort more than I. Using a tax program is a tremendous help but still requires that the taxpayer answer some questions allowing for proper treatment of a given item.
Le't examine the entering of a K-1 from a partnerhsip. How many of you know what level of participation you have in this entity beyond contributing cash? Well, if you go to enter the information from this K-1 into your tax return, you will have to determine if you are passive, active, or materially participating in this venture. If you are passive, losses from this entity will only be deductible against other sources of passive income (normally from rental activities). Any unused losses will become suspended and can be carried forward until passive income is generated or the investment in the entity giving rise to thsi K-1 is terminated. If one actively participates,there is the opportunity to take losses up to $25,000 providing that the partner's adjusted gross income does onto exceed a certain level. Material participation means that you are engaged in an active trade or busness and will be able to take losses without limitation. Each of these situations requires that you have an amount for which you are at risk. In english, thsi means that you have a positive capital balance or you are obligated to pay part of a note within the entity itself. Those lines on your K-1 will help you make this determination with qualified nonrecourse debt being counted as recourse debt for purposes of determing basis for loss taking.
This can be quite confusing for the novice income tax preparer and could be the difference in whether or not you are able to complete your own income tax return. Ther's always a question or two for most taxpayers that if answered, would allow them to finish.
Welcome to the most complete business program on radio. "Better Business" is a radio program designed to help Americans with these types of income tax issues. No matter what your question, "Better Business" is ready to help with your income tax and financial issues ranging from the very basic to the most complex. All answers are porvided for free. You can call in to the program or you can send an email to have your questions answered.
Remember, "Better Business" is America's business radio program and you are invited to listen and take part. Don't forget to thank Alan for airing the most complete business program on radio at alan@wbis1190.com.
Ron Piner, CPAHost of "Better Business"Saturday Mornings at 10ETOn WBIS AM 1190www.wbis1190.comwww.mwbionline.comtaxguy9@hotmail.com
Article Source: http://EzineArticles.com/?expert=Ron_Piner
Greetings everyone! I know that filing income tax returns can be difficult, frustrating, and expensive. If you are like me, your thought is that income tax preparation is much too difficult and much too time consuming. For those of you preparing your own income tax returns, no one admires your effort more than I. Using a tax program is a tremendous help but still requires that the taxpayer answer some questions allowing for proper treatment of a given item.
Le't examine the entering of a K-1 from a partnerhsip. How many of you know what level of participation you have in this entity beyond contributing cash? Well, if you go to enter the information from this K-1 into your tax return, you will have to determine if you are passive, active, or materially participating in this venture. If you are passive, losses from this entity will only be deductible against other sources of passive income (normally from rental activities). Any unused losses will become suspended and can be carried forward until passive income is generated or the investment in the entity giving rise to thsi K-1 is terminated. If one actively participates,there is the opportunity to take losses up to $25,000 providing that the partner's adjusted gross income does onto exceed a certain level. Material participation means that you are engaged in an active trade or busness and will be able to take losses without limitation. Each of these situations requires that you have an amount for which you are at risk. In english, thsi means that you have a positive capital balance or you are obligated to pay part of a note within the entity itself. Those lines on your K-1 will help you make this determination with qualified nonrecourse debt being counted as recourse debt for purposes of determing basis for loss taking.
This can be quite confusing for the novice income tax preparer and could be the difference in whether or not you are able to complete your own income tax return. Ther's always a question or two for most taxpayers that if answered, would allow them to finish.
Welcome to the most complete business program on radio. "Better Business" is a radio program designed to help Americans with these types of income tax issues. No matter what your question, "Better Business" is ready to help with your income tax and financial issues ranging from the very basic to the most complex. All answers are porvided for free. You can call in to the program or you can send an email to have your questions answered.
Remember, "Better Business" is America's business radio program and you are invited to listen and take part. Don't forget to thank Alan for airing the most complete business program on radio at alan@wbis1190.com.
Ron Piner, CPAHost of "Better Business"Saturday Mornings at 10ETOn WBIS AM 1190www.wbis1190.comwww.mwbionline.comtaxguy9@hotmail.com
Article Source: http://EzineArticles.com/?expert=Ron_Piner
Tuesday, March 06, 2007
Tax Law- Penalties- & Deduction Restrictions
By Jan Verhoeff
If you’re afraid of IRS, you probably have reason to be. People who seriously consider their financial resources, keep good records of expenses, and manage their money wisely understand the value of using the tax code to their advantage, and rarely fear the Big Bad IRS Agent. These small business entities have a resource called ethical behavior to lean back on and they know how to use the system without abusing it.
If you’re one of those who have reason to fear the IRS, I have a few suggestions for you.
CEASE all Unethical Behavior
Today, stop taking coffee breaks on the government’s dime and start behaving in an ethical manner. Make sure all your deductions are actually Business Deductions, and keep legitimate records. Claim ALL income you receive, including those small $20.00 cash jobs that are done outside the office. Learn to take advantage of legitimate tax deductions and reduction strategies instead of prior unethical behaviors.
Invest in Your Future
By using legitimate tax reduction strategies and investing in your future, you’ll be accomplishing two tasks. First, you’ll gain long range investments with tax reduction for current years and reduced taxability on income in future years. Second, you’ll stop wasting your money on frivolous purchases that don’t last long enough to purchase them anyway.
Saving money - investing in your future, wise choices. And your taxable income is legitimate.
Use valuable tax knowledge to your benefit and ease your stress.
When you concentrate your knowledge and information on ethical values, your stress levels drop, you gain equitable ethical deductions, and you provide for your future financial needs. These long range benefits come in handy when you’ve reduced your stress levels and begin to live a longer happier life.
If you need help finding a qualified tax representative who can recommend ethical behaviors for your business, consult with you in planning valuable tax strategies, and help you adjust your spending habits to provide for better Tax Behaviors, An accountant or tax law advisor is in order.
Jan Verhoeff has worked with small business development, tax planning, business consulting for more than twenty years. Her expertise in small business tax strategies can be found at http://brandyourmarket.com/tax.htm
Article Source: http://EzineArticles.com/?expert=Jan_Verhoeff
If you’re afraid of IRS, you probably have reason to be. People who seriously consider their financial resources, keep good records of expenses, and manage their money wisely understand the value of using the tax code to their advantage, and rarely fear the Big Bad IRS Agent. These small business entities have a resource called ethical behavior to lean back on and they know how to use the system without abusing it.
If you’re one of those who have reason to fear the IRS, I have a few suggestions for you.
CEASE all Unethical Behavior
Today, stop taking coffee breaks on the government’s dime and start behaving in an ethical manner. Make sure all your deductions are actually Business Deductions, and keep legitimate records. Claim ALL income you receive, including those small $20.00 cash jobs that are done outside the office. Learn to take advantage of legitimate tax deductions and reduction strategies instead of prior unethical behaviors.
Invest in Your Future
By using legitimate tax reduction strategies and investing in your future, you’ll be accomplishing two tasks. First, you’ll gain long range investments with tax reduction for current years and reduced taxability on income in future years. Second, you’ll stop wasting your money on frivolous purchases that don’t last long enough to purchase them anyway.
Saving money - investing in your future, wise choices. And your taxable income is legitimate.
Use valuable tax knowledge to your benefit and ease your stress.
When you concentrate your knowledge and information on ethical values, your stress levels drop, you gain equitable ethical deductions, and you provide for your future financial needs. These long range benefits come in handy when you’ve reduced your stress levels and begin to live a longer happier life.
If you need help finding a qualified tax representative who can recommend ethical behaviors for your business, consult with you in planning valuable tax strategies, and help you adjust your spending habits to provide for better Tax Behaviors, An accountant or tax law advisor is in order.
Jan Verhoeff has worked with small business development, tax planning, business consulting for more than twenty years. Her expertise in small business tax strategies can be found at http://brandyourmarket.com/tax.htm
Article Source: http://EzineArticles.com/?expert=Jan_Verhoeff
Friday, March 02, 2007
Chances Of Getting An IRS Audit-Near Zero
By Ron Piner
Let's not be afraid of the Internal Revenue Service. I know that most people are deathly afraid of an audit but I have to tell you, in most cases this fear is unjustified. My personal belief is that there is no longer such thing as the random audit. The IRS must develop audit programs designed to check on tax compliance issues of a certain nature. Does your income tax return fit one of these IRS audit issues? Will filing an extension eliminate the chance of having your income tax return selected for audit? Read on my friends, let the truth be known.
If you use a tax preparation service like H&R Block or Jackson Hewitt, don't let them sell you the audit insurance package. You just won't have any audit issues. Each year, the IRS identifies areas of compliance concerns and focuses on selecting a sample of these returns for review. Once upon a time, there was an audit program designed to check on those taxpayers running businesses (as sole proprietorships) at losses. If a taxpayer had W-2 income from another source and was running a business he owned at a loss, he did become prime target for an audit. Please keep in mind my friends, just because you are audited doesn't mean you are doomed to pay huge tax bills with interest and penalties. They are just making a compliance check and reviewing your specific set of facts and circumstances. I had a client that was subject to this audit program I mention (which is why I am familiar with it) and had a favorable outcome.
My client worked as an employee receiving a W-2 from his employer. In addition, he had a sideline business doing art work on T-shirts. The year in question had his business losing $5,000 on form schedule C (sole proprietorship return). This is what attracted the IRS' attention. In previous years, my client made money in his home-based part-time business and paid not only income tax, but paid self-employment taxes. The audit was really just a quick visit to the local office of IRS to resolve the issue. The result was no change. Home -based business need not be afraid as I would ask you to review the hobby activity rules. If one runs a business and has income for a 3 out of a 5 year period, the burden of proof falls to IRS to demonstrate that the business is not seeking profit. If this 3 out of 5 year test is not met, the burden falls to the taxpayer to demonstrate that the business is seeking profit. There is a 2 out of 7 year test for those engaged in businesses involving horses. There are plenty of ways to convince IRS that there is a profit seeking motive even if there has been no income for an extended period of time. In the early years, a taxpayer can file for 5213 with their returns asking IRS to hold off any audit activity regarding businesses until the five year period (seven for horses) is exhausted. I have never prepared one of these forms and would likely not advise anyone to do so. Just no the form is available.
S corporations owners are at risk of being audited these days. The IRS has determined that 57% of all corporate income tax returns filed are S corporations (see my article "Attention All You S Corporation Owners"). Others of us will likely slip into anonymous income tax status. As far as filing extensions is concerned, at best they will delay an audit that is inevitable due to the fact that the return meets an IRS audit program. I speak from experience on this issue as I felt that a client of mine had an audit issue. I put the return on extension, and the return was audited anyway, just a year later.
Rest easy my friends. It is not likely that you will get selected for an audit. If you do have a return with one of these audit sensitive issues, just make sure you mind your p's and q's and everything will be alright in the end.
Ron Piner, CPAHost of "Better Business"Saturday Mornings at 10ETON WBIS AM
1190
http://www.wbis1190.com/ www.mwibonline.com taxguy9@hotmail.com
Article Source: http://EzineArticles.com/?expert=Ron_Piner
Let's not be afraid of the Internal Revenue Service. I know that most people are deathly afraid of an audit but I have to tell you, in most cases this fear is unjustified. My personal belief is that there is no longer such thing as the random audit. The IRS must develop audit programs designed to check on tax compliance issues of a certain nature. Does your income tax return fit one of these IRS audit issues? Will filing an extension eliminate the chance of having your income tax return selected for audit? Read on my friends, let the truth be known.
If you use a tax preparation service like H&R Block or Jackson Hewitt, don't let them sell you the audit insurance package. You just won't have any audit issues. Each year, the IRS identifies areas of compliance concerns and focuses on selecting a sample of these returns for review. Once upon a time, there was an audit program designed to check on those taxpayers running businesses (as sole proprietorships) at losses. If a taxpayer had W-2 income from another source and was running a business he owned at a loss, he did become prime target for an audit. Please keep in mind my friends, just because you are audited doesn't mean you are doomed to pay huge tax bills with interest and penalties. They are just making a compliance check and reviewing your specific set of facts and circumstances. I had a client that was subject to this audit program I mention (which is why I am familiar with it) and had a favorable outcome.
My client worked as an employee receiving a W-2 from his employer. In addition, he had a sideline business doing art work on T-shirts. The year in question had his business losing $5,000 on form schedule C (sole proprietorship return). This is what attracted the IRS' attention. In previous years, my client made money in his home-based part-time business and paid not only income tax, but paid self-employment taxes. The audit was really just a quick visit to the local office of IRS to resolve the issue. The result was no change. Home -based business need not be afraid as I would ask you to review the hobby activity rules. If one runs a business and has income for a 3 out of a 5 year period, the burden of proof falls to IRS to demonstrate that the business is not seeking profit. If this 3 out of 5 year test is not met, the burden falls to the taxpayer to demonstrate that the business is seeking profit. There is a 2 out of 7 year test for those engaged in businesses involving horses. There are plenty of ways to convince IRS that there is a profit seeking motive even if there has been no income for an extended period of time. In the early years, a taxpayer can file for 5213 with their returns asking IRS to hold off any audit activity regarding businesses until the five year period (seven for horses) is exhausted. I have never prepared one of these forms and would likely not advise anyone to do so. Just no the form is available.
S corporations owners are at risk of being audited these days. The IRS has determined that 57% of all corporate income tax returns filed are S corporations (see my article "Attention All You S Corporation Owners"). Others of us will likely slip into anonymous income tax status. As far as filing extensions is concerned, at best they will delay an audit that is inevitable due to the fact that the return meets an IRS audit program. I speak from experience on this issue as I felt that a client of mine had an audit issue. I put the return on extension, and the return was audited anyway, just a year later.
Rest easy my friends. It is not likely that you will get selected for an audit. If you do have a return with one of these audit sensitive issues, just make sure you mind your p's and q's and everything will be alright in the end.
Ron Piner, CPAHost of "Better Business"Saturday Mornings at 10ETON WBIS AM
1190
http://www.wbis1190.com/ www.mwibonline.com taxguy9@hotmail.com
Article Source: http://EzineArticles.com/?expert=Ron_Piner
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