Asset Based Loan

Last year my husband and I used taxslayer.com. They’re rapid refund loan only cost us $88. Starting this year they will no longer be doing it. I checked out Turbo tax and they don’t do it either. Are there any sites that do rapid refund loads? Please don’t tell me about how rapid refund loans are a scame. I already know about high the interest rates are as well as the other fees.
Didn’t I say no to tell me how bad they are. I didn’t ask if I should do it.

OK, since you asked…

I managed to find one site so far via Yahoo search: TaxEngine.com. Can’t verify its reliability, I always use TurboTax.

Considering that Refund Anticipation Loans (the more appropriate name for Rapid Refunds) are on the outs since they’re only offered during the tax season and direct deposited refunds from efiled returns are pretty rapid themselves (10 working days max), I’m not surprised very few offer RALs these days. Good luck.

I received a letter stating that my income tax refund will be taken in 2010 due to me defaulting on my student loan last year. I talked to the lender and set up a payment plan to rehab the loan, but I was curious how things would change if I let the IRS take my tiny refund next year?

Much depends on whether your loan was federal or private. If the debt is federal, then the government has the right to garnish wages without a hearing. See http://www.ed.gov/offices/OSFAP/DCS/repaying.html and http://www.ed.gov/offices/OSFAP/DCS/disputes.html

For more information about resolving a student loan, see my recent answer to a reader with a question about collections and a student loan. The facts behind that reader’s question are different from yours, but my answer is relevant to you: http://www.bills.com/blog/resolving-a-student-loan-judgment/

I wish you the best of luck. I hope that the information I have provided helps you Find. Learn. Save.

Best,
Bill

http://www.bills.com/

Im looking for applications to banks that offer a business line of credit of $25,000 or more.

All major banks off credit in excess of 25k. That’s peanuts to banks.

If I have bad personal credit can I use my businesses credit?

Usually personal and business credit are pretty much scrutinized at the same time, and if one or the other has a bad credit rating, you are pretty much out of luck. How you conduct your personal finances and business finances is considered a track record for both entities.

With a (very) low credit score, no financial institution is willing to help me with a consolidation loan based on signature (I have no assets to use as collateral). After having lost my job and having my vehicle stolen I am no longer able to satisfy my credit card payments which have gotten out of control and it is unlikely I will ever catch up to them. They’re way too high and piling up.

My credit score is way too low and 4 banks have already turned me down for a loan. Each time I apply it affects the Beacon score even more.

I’ve contemplated filing Bankruptcy.

My question is: If I don’t file Bankruptcy and just ignore my bills, what is the difference? My credit couldn’t go down any more than it is. It’s in the 400’s range already.

In Canada, bankruptcy is often referred to as "winning the lottery". The first time around, at least.

It does essentially wipe out all your debt, but the chances you’ll suddenly have banks wanting to deal with you are very slim to none. The laws here are a little different than the American ones, but, six months after declaring bankruptcy, you could conceivably have a 700+ credit score (that’s no joke). It’s a flaw in the credit reporting system, but it does point out how inaccurate Beacon scores can be. Getting a high score so soon after going bankrupt doesn’t actually fool anyone — particularly a bank — if they know what they’re looking at when they pull your bureau. You would still have to work very hard at re-establishing your credit if you declare bankruptcy.

That being said, letting your bills go is no picnic, either. Phone calls. Collection agents. Getting your wages/bank accounts garnished by court order. People calling your neighbours, relatives, and friends to ask questions about you. It’s like allowing yourself to be persecuted. Ick. And your credit will not get any better, and you won’t be able to build it up. At least with bankruptcy, you stand some kind of chance…

Good luck with your choice. It sounds very difficult.

What is the recommended ratio that a person can spend on himself per annum(for living, food, etc) to his earnings per annum? The rest should go for savings for his future… (Consider that he does not have any outstanding loans nor he plans to take one)
Also the ratio of how much he can spend to his asset base
A conventional risk averse figure is needed. Any financial advice related to this is highly appreciated
Please.. I do not want to take any loans…

It depends on the person and the time period you’re looking it. It might sound great to spend 80% of your income and save the rest however if you have a huge expense every 3 years that may not be enough.

Ideally over the course of your life you should spend a percentage that is less than 100% and you’ll be alright. If you’re looking for more of a rule of thumb a commonly held theory is that you should spend 50% of your income on needs, 30% on wants, and save the other 20%, your mileage may vary though.

It also depends on what stage of life you’re in, obviously if you’re a working adult you should be saving some of your money so that you can spend it in retirement. On the flip side of that, most 80 year olds don’t have much if any income and are living off of their savings accounts so financially they may be ok spending 200-500% of their annual income.

Unfortunately that’s as specific of an answer that I can give to such a general question.

If you want the easy answer, follow the 50-30-20 rule, don’t let your mortgage expense exceed 30% of your income and don’t let your other debt payments exceed more than 10%.

I hope I helped, but I wish I could offer something more concrete.

Try Online Tax Filing This Year

If you’ve never filed your Federal and state income taxes online, you have probably waited too long for your refund and/or missed the opportunity to be certain that you have taken advantage of every available reduction in the amount of taxes you have to pay. That said, I know this firsthand because I’ve done my own taxes online for the last three years. The results have been very beneficial to me and my family.

First of all, it is a very inexpensive way to get the best information possible about reducing your tax payment. Online Tax Filling can cost you as little as half of what it would cost to go to a tax preparer. In addition, online tax filing programs walk you through the process step-by-step so that you don’t miss any opportunities to save money. Last, but not least, you will get your refund check much faster if you do your filing online.

Concerned About Privacy?

Your personal financial information is as private when you file online as it would be if you go to a tax preparer or do it yourself at home and then mail it. Most online tax filing companies offer you details about how they protect your privacy, even to the extent of offering to replace ANY funds taken from your tax account while you are using their service. This means that they will accept liability even if a hacker accesses your account!

Be sure to look for a company that offers this level of security or more. No one can totally guarantee that any transaction you make on the Internet will be completely private. If a company is so committed to serving you that they will replace any funds that are affected, you can pretty much count on them carefully monitoring and working to keep their site as secure as possible.

Worried You Won’t Be Able to Do It Right

If you’ve done your own taxes on paper and know a little about following directions, you will find that it is easier to do your taxes online. As I said above, you will be guided through each step with both questions, options, and detailed instructions. As you make your entries, some companies even question data that looks like it might be unusual. When you finish the process, you will be able to have the company review it for correctness a second time.

The program will do ALL of the math for you, too. This means that there won’t be any errors in the dollar amounts you enter. I’ve found that this is very helpful because when I did my taxes on paper, I always had to recheck the math two or three times before I felt comfortable with it.

Wondering What You Have to Do?

Getting all the information together is always the hardest part for most of us. If you’ve kept all your bills and information together, however, you will be pleased to discover that online tax programs will tell you exactly what you need to have in front of you when you begin the process. You don’t have to rush either. If you are moving along through the process and have to stop, you can come back later to continue.

Basically, what you have to do to make online tax filing work for you is to gather your tax information. Have your W2s handy and any tax documents you have received from work, from your bank, from your student loan company, and from any other source that has provided you with information about what you have paid in taxes. Gather your medical receipts, household improvement expenses, and, if you are an independent contractor, gather information about the cost of doing business. You will also need a credit card or checking account number when it comes time to pay for the tax service.

The Good News

If you’ve followed the instructions carefully, you will find that the process is fairly simple to complete. Once you’ve used an online tax preparation program, you will have established an account with them that you will be able to access again the following year. That means saving even more time the second time around. You should know that your refund can be direct deposited into your bank account and that it will most likely be deposited within a few days rather than a few weeks!

You don’t need to be concerned about how to sign your tax forms. While you will have the choice to print them out and mail them (which may be advantageous in some circumstances), you will get your refund much faster if you use an electronic signature. In some cases, that signature is based on a very specific question about a line from your tax return from the previous year. If you know the correct amount from that line, the IRS will accept the information as evidence that you are the right person submitting the return.

I have had a lot of success and saved time and money by filing my own taxes online, and I wanted to share information about this option with you. One final note: some sites allow you to go all the way through the process before you make your payment. This gives you the opportunity to decide how happy you are with what they offer. I strongly recommend that you give online filing a try. It just makes sense.

Todd William
http://www.articlesbase.com/finance-articles/income-tax-filing-online-83585.html

They say nothing is certain in life other than death and taxes. While I can’t do anything to help you with the death thing, I can tell you how online income tax preparation software packages can help you save some money when it comes time to do your taxes. When you are done reading, check the link at the bottom for a review site that has links to free tax preparation software.

Paying taxes is something that everybody must do and most people fear. We look at that April 15th deadline like it was the end of the world and usually try to avoid it at all costs. I am here to tell you that with all the online income tax preparation software packages out there, you need not fear the IRS any longer. All you need to do is get your stuff together then go to the program of your choice and you will be walked through the process of filing your tax return.

Here is a basic list of things you will need to do your taxes. This is the same whether you are doing them yourself, at the local tax professional, or with online income tax preparation software. If you have all of these documents handy, you will zip right through your tax return.

The first thing you need is your income documents. You will need your W-2 from your employer as well as statements for any interest you received from your bank, earnings from investments, and your state tax refund from last year.

The second thing you need is your deductible expenses. If you are paying a mortgage, you will get a statement from your bank telling how much interest you paid. If you donated to charity, your church for example, you should get a statement from them documenting how much you donated. If you are paying off a student loan which has interest on it, again, you should get a statement. You may also have other deductions that you may not have a receipt for. One example I can think of is Good Will donations which are deductible, but you won’t get a statement from them. You should have gotten a receipt of sorts when you donated, but you will have to estimate the value of what you donated.

The last information you will need is information on your dependants. You will have to enter social security numbers and information for your spouse and kids in order to claim them and get the appropriate deductions. If you choose a good online tax preparation site, you will be able create an account that will save your information for next year so you won’t have to re-enter this information.

Once you have all of these documents, just go to the online tax software program you choose and start entering the information. The program you choose should walk you through filling out the information and e-file for you so you won’t even have to mail in your return. Easy as 1,2 3 as long as you have all your documents together.

Dave VanBergen
http://www.articlesbase.com/taxes-articles/online-income-tax-preparation-software-745950.html

Starting a small business without the aid of a credit card can be quite stressful. Since business expenditures can be add-up to significant tax deductions, it is imperative to separate personal expenses from work-related charges. Aside from the tax savings, a business credit card represents expanded options; particularly with the right card.

As with any financial product, not all business credit cards are the same. An annual statement is a popular feature of most business credit cards. Tallying up business related products and services are made simple with the convenience of recorded statements. Nevertheless, a good business credit card should have other features besides a balance sheet. Here are other features, to look for in a small business credit card:

· An exceptional credit line

· A low preferred business APR

· Extra business credit cards for employees

· Customizable business checks

· Custom cards with your business name

· Complimentary online account management

All of the above features can be mission critical to starting and conducting business. Review the following six benefits to finance a new company on a business credit card:

1. Easy Expenditure Tracking

Depending on the credit card company, a record of all transactions may be available annually or by request only. Small business credit cards offering free online account management is an important feature. The ability to check transactions and manage online payments simplifies bookkeeping. The same record can be used during tax-time to calculate profits and earnings.

2. Finance Business Needs With a Low APR

A low preferred business APR can ease the transition of being paid by new clients and covering unforeseen expenses. The financial stresses of starting a new small business can hinder productivity. Be it the cost of renting or buying new equipment, immediate expenditures can wreak costly distress on any business. A business credit card with a low APR can help offset the pangs of paying a balance over time versus right away. The best business credit cards offer a 0% introductory APR.

3. Control Employee Spending

To ensure that employees are conscientious about the company budget, additional business credit cards may control their spending. A business credit card with online management and additional credit cards enables a small business owner to track spending, maintain records and receipts. During conventions, Bill Amato’s sales representatives put in long hours. To compensate and track their meals, each of his employees has a company credit card. Bill uses Advanta business cards because it allows him the ability to control employee expenditures by tracking their spending transactions online.

4. Manage Client Expenses

For simple account management, small business owners can pay for products and services using a business credit card check. For instance, Jane Brody, proprietor of an event management company uses business credit card checks to pay for additional client expenditures. Since the checks are customized to her business and then made payable to the supplier for a specified job and client, she is able to track and tack on any additional fees to each customer’s invoice. Not to mention, each client is billed for late payment transaction fees.

5. Ensure Business Productivity

An exceptional credit line is useful for the fast growing small business that has to cover travel, new technology and other expenditures. A robust credit line can be the difference between staying in business and going out of business. The inability to access a line of credit without depending on a small business loan, can bring a growing company to a screeching halt.

In the case of new franchise owner, Jim Denko his new small business was just beginning to return an investment. On the down side, Jim required a line of credit so that he did not have to dip into the family’s money market account and emergency reserve. Because Jim was qualified for a small business credit card, he was approved with a generous line of credit. The availability allowed him the freedom to test out new inventory for his franchise.

6. Take Advantage of Extras

The ultimate business credit card can be found in the “extras.” For instance, certain business credit cards come with amazing discounts and special incentives. These advantages can add up to savings. Perfect example, Advanta business credit cards, not only come with a healthy credit line, the credit card is devised for small business owners to be successful. Many popular business credit cards feature generous cash back and travel rewards.

Small Business Advice: To minimize confusing your personal cost with the costs of starting a new business, apply for a business credit card that provides you with the tools to run a profitable business.

Ed Vegliante
http://www.articlesbase.com/advice-articles/6-benefits-to-financing-a-small-business-with-a-credit-card-55373.html

Unsecured business lines of credit are the most difficult form of credit to be obtained from a bank or financial institutions. Applicants of these loans have to meet many criteria such as having been in business for a minimum of one year, having a credit score of more than 680, and having a good credit history and profile. Nearly 90% of all such loan applications for unsecured lines of credit are rejected. However there are alternatives to unsecured business lines of credit.

Short Term Bank Loans
Most of these short-term loans do not require collateral and are unsecured. Their duration may vary from 90 to 120 days or 1 to 3 years. Banks are very specific about repayment plans and will grant loans only after they have scrutinized the cash flow history, payment record, credit score, and profile. Although the rate of interest is fixed, you will pay less since the interest is repaid quickly.

Secured Business Line of Credit
A secured business line of credit is a far better alternative, as the interest rate is considerably lower. Hard goods such as equipment, real estate, stocks, bonds, other personal assets, personal guarantees and assets owned by the business are given as collateral. Up to 10 times more credit can be obtained than in the case of an unsecured line of credit owing to the collateral that has been pledged. Most small businesses prefer the higher credit limit and flexibility that a secured line of credit offers.

Equipment Sale Lease Back
If the business owns any equipment worth more than $10,000, it can be sold to the creditors and leased back. This kind of loan gives the business the amount of cash it needs and they make a token payment as lease for the equipment.

Merchant Account Cash Advance
This is another alternative to unsecured business lines of credit. If credit cards such as VISA/ MasterCard are used by the business for at least 6 months, they can get a cash advance based on their monthly volume of charges. The only perquisite is no history of bankruptcy in the last 3 years.

Home Equity Loan
The business owner may use their home as collateral and secure a home equity loan. In this case the business owner takes the risk of losing the home as well as the business if the loan is not repaid on time.

Long-Term Bank Loans
These loans last for 3 to 7 years and repayment is made on an installment basis. The interest rate is fixed and lower than that of a short-term loan.

Industry Specific Loans
Another alternative to unsecured business lines of credit, this type of loan is specific to the industry in which the company operates. An example is a pollution control loan for businesses that design, build, install, or service pollution control facilities.

Make an Informed Decision
Once you’ve determined the amount of cash need, examine all the options and study what kind of a loan best suits your needs, knowing exactly how to make the best use of the loan. Have a repayment plan ready and work towards a debt-free life with hard work and determination. A high interest loan, such as, an unsecured business line of credit may be more costly than you bargained for. Several companies offer excellent software packages to help manage the financial aspect of your business, making the task of running the business and maintaining records a fairly easy job.

David Gass
http://www.articlesbase.com/non-fiction-articles/alternatives-to-unsecured-business-lines-of-credit-43050.html