50 Plus Finance

Friday, November 23, 2012

Saving Money and Getting your Personal Finances in Order

Budget (Photo credit: Tax Credits)

At this time of year with Christmas on the horizon, every penny counts. Kids are demanding all kinds of expensive gifts and you’re trying to save money for next year’s summer holiday, as well as needing a new coat before the weather takes a turn for the (even) worse this winter.

The main issue that people have when it comes to getting their finances in order is budgeting, especially when you have to factor in how much you’re going to spend on Christmas presents. One of the best methods of budgeting is to sit down at the start of each month, when you’re fully aware of what expenses you’re going to have and roughly when they’ll be, allowing you to establish a rough figure as to how much you can spend each week until the next glorious pay day.

If you can establish just how much you have available as what is effectively “disposable income”, then you can work out whether or not you can afford to go out and buy that new winter coat you need, or the pair of football boots your son wants or maybe even the One Direction tickets for your daughter, (secretly you – admit it).
To make this even easier on the wallet there are a number of online discount sites on the Internet that can provide you with some substantial savings. For example, search for specific promotional codes and you’ll be presented with a series of discounts ranging from free delivery to 10% off the final bill.

These discounts will prove to be extremely beneficial in the long run – especially in the run up to Christmas – allowing you to save up money for presents and the all-important dinner!

If you can learn to budget, you’ll soon find that you’re much better off financially. It’s amazing how just sitting down and working out how much you NEED to spend each month, and how much “disposable income” you have can help to keep funds in the bank. You’re never too old to learn either, you just need a pad, a pen, all of your bills and a calculator.

This article was written by UK-based author Matt Rawlings. With more than ten years of freelance writing experience, Matt is an expert in consumer advice content, providing details on how to use KGB promo codes to make significant savings on your online purchases.

Grow your Business With a Merchant Account

English: A typical credit card terminal that is still popular today. visanet (Photo credit: Wikipedia)

If you're a small business owner, you can’t act like a Mom and Pop store in a worldwide economy. Some of us over 50 business owners, with established businesses or starting second businesses are learning the importance of accepting credit and debit card payments.

Today the pockets of today’s consumers are filled with more plastic than paper. How many times have you walked into a small business and saw a sign that read “We only accept cash or checks”, Did you walk out without purchasing anything?

No matter if you’re a small or large business you need some type of credit card processing so that you don’t lose customers to your competitors, who are more prepared to handle all kinds of transactions with credit card machines.

Start a with a merchant account and see your business grow.

If you are looking for ways to grow your business, you need to consider a merchant account from a reputable credit card processing company. The ability to handle various transactions shows your clients that you mean business, that your payment options go beyond “cash or checks,” which can help build a customer base that will keep patronizing your goods and services for years to come. With a merchant account, you can easily accept most major credit cards.

Portability of credit card processing.

You may be on the traveling a lot, going to conferences, seminars and trade shows to promote your products. Just because you aren't in your store it doesn't mean you should lose out on a sale. With mobile or wireless credit card processing, you can accept plastic at a kiosk or vendor booth. A reputable credit card processing company will provide merchant support 24 hours a day, seven days a week, in addition to electronic billing and account management.

Know who your dealing with.

It makes good financial sense to research a merchant account service provider to ensure that you’re getting the best rates. A credit card company’s fee structure, including how long you've been in business, the percentage of wireless sales you make each month, the type of business you have and your credit score all determines the fees you pay. It makes sense to shop around. Other things to consider when securing a merchant account is whether or not the processing company offers encryption and secure payment gateways. You need to partner with an enterprise that will keep your information safe.

If you're not accepting credit or debit payments you're losing business. Your clients are leaving you for other businesses that have credit card acceptance. Most of these virtual terminals pay for themselves in the long run. Grow your customer base and make money by setting up your account soon.

Thursday, November 22, 2012

Term Life Insurance Available for the 50 Plus Person

Universal Life Insurance Company (Photo credit: Thomas Hawk)

If you are past the age of 50, you may not know that you can still apply for a term life insurance policy. As time passes, it’s natural to think about the financial future of the people you cherish most. Term life insurance for senior citizens may help address some of these needs.

Why might a senior citizen want a life insurance policy?

Life insurance for seniors can help compensate for future expenses that your retirement savings may not cover.

You can also use term life insurance to help loved ones:

• pay off a mortgage
• cover estate taxes
• afford payment of final expenses
• transfer a business

Do I need to be in good health to be approved?

All life insurance companies may evaluate your physical health when quoting you for a term life insurance policy. Age, gender, height, weight, blood pressure, cholesterol, history of family illnesses and prescription medications can be considered when evaluating life insurance for senior citizens. Physicians may generally administer the same paramedical exam they would perform on a younger life insurance candidate. If you’re concerned that your general health condition will prevent you from being approved, some providers offer an option to insure people ages sixty and over with no medical exam. These policies generally range from $3000 to $15,000 in value and are appropriate for seniors

How young do I have to be to get approved?

It could be a rare event that insurance providers will issue a permanent life insurance policy to senior citizens over sixty. However, you may be issued a term life insurance policy for up to ten years from some of the leading providers as a senior citizen. It is common to be able to receive a 10-year term life insurance policy until the age of 70; in some states, like Arizona, seniors may be issued a policy until age 75.

How much can I expect to pay monthly?

When you’re a senior, it is important to consider the benefits of buying a term life insurance policy as soon as possible. Monthly rates for term life insurance policies may increase significantly on an annual basis. For example, a person at age 60 in great health and no history of family illness might pay $68.76 monthly whereas someone with the same medical standing at age 65 can expect to pay $117.37 for a 10-year $250,000 life insurance policy with MetLife. At 70, the same person might pay $223.56 monthly and at 75 could pay $431.91/month for the same policy.*

What should I look out for?

Too much life insurance is sold rather than bought. The best advice for seniors should be determine what it is they want to insure against and figure out what type of protection makes sense for them.

In other words, you should figure out what your loved ones’ financial needs will be. Then, you should determine how much insurance you’ll need to provide for their financial future. If you do decide that life insurance for seniors can cover your needs best, you should ask around and find a good professional that will not “sell” you on policies.

6 Do’s and Don’ts of Being Self-Employed

(Photo credit: squareintheteeth)

There are many advantages to being self-employed from tax efficiency and flexibility to career enhancement. As with any job in any sector, there are rules to abide by. When one works in a permanent role, you have a strict work schedule you need to adhere to and you have an employer that you are answerable to.

Contracting is more flexible but there are still do’s and don’ts that you need to stand by. You are your own boss however there are certain things which you need to know.

Here is a guide to help you comply with all UK law.

Claim for expenses

There are special rates and allowances which you can claim back as a freelancer. During your work you will incur certain expenses like mileage and accommodation. Although you will have to pay these with your own money, you can submit a claim to your client and get the money back. Find out what rates you can be compensated for because they are tax deductible.

Pay taxes on time

As a self-employed person, you are in charge of your own tax affairs which means you need to file your own tax return and pay any owed taxes by the deadline set by HM Revenue & Customs. Any late payments will get a fine so make sure you file your return on time whether it is by post or online.

Have the right business structure

There are various business structures available to choose from such as limited company, umbrella company, sole trader and partnership. You need to choose the right one for you and make sure you operate within the law.

Business structures to choose from include:

limited company
umbrella company
offshore benefit employer trust (EBT)
sole trader
partnership
limited liability partnership

Keep business, business

When you become self-employed, you need to keep everything about your business separate to your personal life. This can be difficult but by having a dedicated bank account just for your business finances, you ensure no lines get crossed. If you have a profile on social networking sites like Facebook or Twitter, set up separate business accounts.

Get expert help

One of the main things you must do is get expert help. If numbers has never been your specialty and maths isn't your strong point, it will benefit you to seek professional accounting help. It may seem like a waste of time and money but in the long-run it will save you much more money. The specialist accountants can help you to avoid costly mistakes whilst advising you on legalities like IR35 and the Agency Workers Regulation.

Do your research

Being self-employed isn't a walk in the park. There will be times when work is quiet and therefore you will have dry financial periods. Make sure you do your research to ensure your desired industry is competitive and thriving.

Have a back-up plan in place and remember, if it doesn't go to plan don’t beat yourself up about it. Being self-employed just doesn't work out for some people.

Follow these do’s and don’ts to become a successful freelancer!

This article was provided by Nixon Williams, a leading freelancer accountancy firm in the UK.

A Quick and Easy Guide on Tax for Charitable Donations

Taxes (Photo credit: Tax Credits)

If you make charitable donations to approved organizations you may be able to lower your tax bills. However, there is a number of IRS set steps you must follow to qualify for charitable donation tax reductions. All you have to do if use the guidance provided below and you will be on the right track to help your chosen cause and benefit from tax savings in the process.

To gain a legitimate tax reduction, the charity you donate to must be a qualified organization that meets all of the IRS’ requirements. For a start, you cannot claim tax reductions for donations given to political candidates, political organizations or individuals. To get a full rundown of what constitutes a qualified organization, read IRS Publication 526, Charitable Contributions, which gives a clear description of the regulations.

Be aware that should you receive any kind of benefit from your charitable contribution, be it merchandise or services, then you can only deduct the tax amount that is in excess of the benefit’s fair market value. Fair market value is the agree price at which property could be exchanged between a willing buyer and seller, with both parties fully aware of the facts relating to the property. For more information, read IRS Publication 561, Determining the Value of Donated Property.

To deduct a charitable contribution from your tax, you are required to file Form 1040, making sure that you carefully itemize all deductions on the part of Form 1040 entitled Schedule A. If you are donating stock or a different form of non-cash property, it will be valued at the fair market value. For the specific rules that apply to vehicle donations, read IRS Publication 526, Charitable Contributions.

No matter how much your contribution comes to, to deduct it you have in your possession a bank record, payroll deduction records or a written document of communication from a representative of the charity that states the name of the organization, the amount of the contribution and the date that it was made. If you donate via a text message, you can use your telephone bill as proof, but it must state the name of the organization, the amount and the date given.

If your total tax deduction for non-cash contributions exceeds $500 for the year, you must fill out and attach IRS Form 8283, Non-Cash Charitable Contributions, to your tax return. If you donate an item or collection of items with a value in excess of $5,000 you will also be required to complete Section B of Form 8283, which usually requires the services of a qualified appraiser.
For further information, simply visit the IRS website, or phone them on 800-TAX-FORM (800-829-3676).

As a recap, here are the documents you should read to learn more about tax on charitable contributions:

Refer to the instructions included on Form 8283, Non Cash Charitable Contributions
Read Publication 526, Charitable Contributions for clear details on specific rules
To get helpful information on determining value, read Publication 561, Determining the Value of Property

Author Bio

This article was contributed to 50 Plus Finance by George Papas. You can read more of his work on a number of different sites including Jeffrey Epstein among others.

Festive Saving Tips for a Thrifty Christmas

christmas 2012 (Photo credit: paparutzi)

Christmas can be an expensive time, and with the shops full of tempting displays and pretty lights, it's easy to blow your budget and find you've spent more than you intended. Read on for 5 tips to make sure you're not in the red come Boxing Day.

1. Budget.

Think about what you can realistically afford to spend on Christmas and stick to it. List everything you need to budget for. Food and presents are obvious, but don't forget your Christmas tree, or added extras such as a day out at a Christmas market.

2. Plan your gifts.

Plan who you need to buy for and what you're going to buy. Instead of rushing out to the shops, spend time researching online to compare prices. Shopping online means you'll make fewer impulse purchases, but remember to factor in postage costs. Once you have started your shopping, keep a list of what you've bought and how much it cost. It's easy to forget how much you've spent if you don't keep a running total.

3. Make use of cash back and loyalty schemes.

There are plenty of free websites that offer you cash back on your purchases, and now is the time to make use of them. If you have a store loyalty card then this might be a good time to spend your points, especially with some stores offering good deals when you exchange your points for vouchers.

4.Have a clear out.

You'll need to make some space for new presents, so spend time having a clear out and put your unwanted things for sale on eBay. A little time and effort could bring in some extra cash.

5. Ditch the cards.

It's lovely to get Christmas cards, but rising postage costs have made it expensive to send them. Most people would appreciate a heartfelt and personal Christmas message sent by e-mail just as much as a card through the post.

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Friday, November 23, 2012

Saving Money and Getting your Personal Finances in Order

Grow your Business With a Merchant Account