Author: Joe Olujic

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finance

What is Sales Tax Nexus?

Sales tax is what a company owes the state for sales made within it and the burden is normally passed onto the consumer as an additional mark up on the price at the time of purchase. A sales tax calculator can be used to calculate the final price before time of purchase.

The sales tax calculator algorithm is easily explained as an additional percentage per dollar. So if the sales tax is four percent, the final cost of an one dollar item would be one dollar and four cents, a two dollar items final cost would be two dollars and eight cents.

Sales Tax Nexus

Any time sales tax law comes up matters can get a little bit complicated. Then there is the question of nexus and what exactly sales tax nexus is. The simple explanation is that sales tax nexus is the relationship between a state and a private entity such as a corporation. The nexus is part of the state law that indicates whether a certain business is required to pay tax in a particular state or not.

Wayfair Sales Tax Case

A good example is the wayfair sales tax case, in which the online corporation Wayfair was brought to court to settle whether they owed taxes to the state or not. The ruling in this case was that a state can demand a seller without a physical presence in the state to pay taxes if a certain number of transactions or amount of revenue is accrued. The Supreme Court decided that 200 transactions or $100,000 in net sales was grounds for a state to demand taxes be owed to them.

Sales Tax Deduction

Many states have implemented a sales tax on goods in the form of a sales tax law and it is illegal for a company not to report or pay the taxes on sold items. As explained prior, normally the corporation will pass the tax burden onto the buyer however states have allowed a sales tax deduction from state and local taxes to benefit consumers.

By using itemized deductions a consumer can claim sales tax paid over the course of the year and receive a refund check or lower the overall cost of their taxes. Sales tax deductions should never be overlooked, especially in years where a consumer paid large amounts of sales tax.

Sales Tax Outsourcing

There are many companies that exist to handle the burdensome tax forms for corporations at the end of the year. By sending taxes to a company that specializes in that area not only is time saved but their amount of experience can benefit a corporation because these companies may find ways to cut the amount that is owed.

The sheer amount of transactions that certain companies will make in a given year can be mind boggling and employees may not understand the intricacies of tax law like a company that is dedicated to that alone so sales tax outsourcing has become a common practice among corporations.

Conclusion

Sales tax can be a complicated matter for anyone but hopefully with the help of this article it can be a little better understood. It is a subject most probably wish would disappear but it is unlikely to happen, at least not in the foreseeable future

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finance

Daniel Doyle Pleasantville NY Shares How a Mentor Can Help Your Finances Flourish

Even with the best intentions, many people struggle with their finances. From knowing how they should actually be paying for their home to being able to save for retirement, financial planning isn’t always black white.

In fact, in some situations, understanding how you should be saving in comparison to how you earn can be overwhelming, especially if you’re still paying on school loans. Regardless of whether you live in Queens or Dubai, enlisting the help of a financial mentor can get your finances on the right track.

Setting a Budget

It’s not always easy to determine how much money you really need to spend. Mentors, like Daniel Doyle Pleasantville NY, are masters at managing finances. A budget is set of expenses that’s followed through a given set of time, with most cases being a year. Budgeting can be one of the most difficult things a person can do.

From figuring out what needs to be paid to calculating every little figure, budgeting can take a long time. With a mentor like Dan Doyle at your side, however, the process will be shorter with more accurate results.

Cutting out Expenses

Cutting expenses sometimes means eliminating entertainment you enjoy. Not that you need to stop doing everything that makes you happy, however, when your hobbies are expensive, you might be better off finding something else you enjoy. For instance, photography is an excellent way to showcase your creativity and see the world in a different way. The best part is, you can do it for free.

All you need is your phone or camera to start shooting. No need for fancy equipment at first. If you do find that you’re good at it and want to learn even more, you can look for a mentor, like Daniel Doyle Pleasantville NY, to show you the ropes. Especially in a place like Queens, there’s never a shortage of interesting architectiure or street art to photograph.

Seeing the Big Picture

When it comes to creating a sound financial plan, you need to look at the bigger picture. Many time, overspending or spending money of things you don’t really need are because of another problem. Some people spend money out of habit while others overspend as a way to make themselves feel better.

The key to financial freedom is understanding why you’re spending money the way you do. Also, finding ways to feel happy without spending money is also important.

Final Thoughts

Mentors do more than show you to accomplish your goals. The right mentor also shows you how to live life on your terms. Whether it’s learning how to save money or shoot photography for a living, working with a mentor is a great place to start. Dan Doyle, a well-known mentor of photography, also knows that skills learned in mentoring also carry over into everyday living. For this reason alone, finding a mentor who can help you strategize your finances without sacrificing your current quality of life is always a win-win situation

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finance

How to Get Started Working a Call Center Job at Home When Your Finances Are Low

Money, what a stress-inducing ulcer it is in today’s world. Once you could buy a home for $6k now that is a dream or a scam! As hard as it is to live in today’s society, it is just as hard to start a new career or a new field of business. Sometimes after a long hiatus and no funds, the prospect of getting into a new career, and paying for it can be daunting. But fear not with the help of tech live connect we will show you how you can get started in your own call center at home with little to no money.


Most call center jobs that offer a work at home option should cost you zero dollars to start in. If a company is asking you to pay money to join them, that should be a warning sign to back away from them fast. 

1. Look for call center jobs that require no purchase of equipment

There are many call center jobs that offer no purchase of equipment and even ship equipment to your home for use while working for them. There are some companies that ask you to buy a cheap headset to use while working. If you cannot afford a headset ask family for a loan. Most of the headsets used to perform call center work will run you anywhere between $10-15 dollars.  But, if you can not bear to ask family for a loan, then ask your employer to advance you the funds and then deduct it from your first paycheck.

2. Look for a call center job that only requires you to use your own phone

There are plenty of jobs you can do from home, just with your phone. Cold calling and sales jobs get a bad rap, but with the right amount of effort you can make a six-figure income from cold calling, marketing or appointment setting alone. These jobs offer no monetary commitment and can provide you with a competitive income.

3. Get some free qualifications

Employers don’t care if you went to a fancy school or spent 20 years studying. No, the main concern of an employer is whether or not you can do the job they need you to do. There are many free online universities and courses you can do. Most unemployment offices offer free courses such as computer skills, book-keeping, etc. 

4. Use equipment you already have

You do not have to have a fancy new computer to get into the call center work from home. In fact, many of the at-home companies are providing Linux based systems for you to remote into. These systems are bare-bones, but they allow you to breathe life into an older computer.

There are many ways you can get into call center work from home while on a budget, you just have to take the time to find the right fit for you. Who knows, maybe a tech support role with tech live connect might be the role for you.

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finance

How to Update Your Bathroom With $10,000 or Less to Spend?

Bathroom remodels can significantly boost your home’s value and improve your quality of life. With some bathroom remodels yielding an 86% ROI, homeowners that are ready to change the look of the most used room in their homes should consider a remodel. With a $1,000, consider the following five remodeling ideas:

1. Use a Tile Backsplash

One guaranteed way to makeover your Baton Rouge bathroom is to use a tile backsplash. This high-end detail will give your home a completely different look. With a glass-tile backsplash, you can bring a bit of luxe to the shower, vanity, or anywhere else you want to class up with a luxury feel.

If you’re hoping to save money, consider using temporary tile. This type of tile is easy to apply in a DIY bathroom remodel, making it quicker than ever to change the decor should you want to try something new.

2. Install a Luxury Shower

In addition to adding value to your Baton Rouge home, choosing to install a luxury shower will transform how you feel about your bathroom. Use a Kohler LuxStone Shower to transform your Louisiana home. With a powerful, durable, and beautiful shower system in your newly redesigned bathroom, you’ll never want to leave home again.

While you’re updating to a Kohler LuxStone Shower in your bathroom, consider putting in a new shower head. A massaging shower head with an adjustable flow rate can take your shower experience to the next level.

3. Redo the Floor

The floor may not seem like the first thing on your mind during a bathroom remodel, but it can completely transform this space. If you’re tired of stepping on dingy and dirty tiling, put in some new flooring. From affordable flooring options to designer tiles, you’ll be able to take your pick of vinyl flooring that is best suited for your bathroom.

4. Put in Ceiling Lights

If you’re New Orleans bathroom needs a bit of a boost, think about putting in ceiling lights. Making a simple upgrade to a more elegant style of lighting will help to transform the feel of your bathroom. Choose something like a semi-flush mount to add a bit of drama to the bathroom. Similarly, you can consider a lighting fixture that has a fun color or design that will act as the room’s statement piece.

5. Hang a Decorative Mirror

Not every upgrade to your bathroom needs to be a major remodel. If you want a DIY project that is as easy as visiting your local home goods store, think about switching out your bathroom mirror for a decorative one. A decorative mirror can give your bathroom an entirely new feel. Consider stores like TJ Maxx, Marshalls, Ross, or Home Goods for the best selections at lower prices.

Giving your New Orleans bathroom a new lease on life doesn’t need to be particularly expensive. Try these five upgrades to make your bathroom into the best room in the house.

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finance

Should You Finance Your Dock Construction Project With Your Credit Card?

Dock construction is a large and important addition to your property that will increase its resale value. The question for many will be how to best finance your dock construction.

Here at Decks & Docks Lumber Company, a premier marine construction supplier in the Southeastern United States, we have some suggestions on how to best finance your deck construction that will go easier on your wallet than typical credit card fees.

Why Most Should Skip the Plastic

If you are using your credit card as a long-term plan in order to pay for your deck, consider first your credit card’s current interest rates. As of November of 2019, The Balance reported that credit card rates have gone up to around 21 percent. That is far higher than they were in the past. At 21 percent interest, many homeowners will be forced to primarily pay the interest and will find it tough to pay the principal. Not being able to pay down the principle will lead to a state of perpetual indebtedness servicing high-interest payments.

When people get stuck in credit card debt, they can get behind in payments, which will harm their ability to get credit for absolute necessities, like a home or a car, at fair interest rates.

When is it Safe to Use Credit Cards to Pay for Your Dock?

If you know you can pay down the balance in one to three months, you will not incur enough interest charges to make the hit financially ruinous if you use your credit card to pay for your materials.

Lower-Interest Options to Finance Your Boat Dock

Personal Loans

There are providers that offer personal loans at far lower interest rates than your credit cards. The terms can be up to five years to pay off the loan.

Construction Loans

If your dock is considered by your state law to be real, rather than personal property, you may qualify for a construction loan. According to Forbes Magazine, a construction loan lasts as long as the construction is occurring. The bank supervises the payout of the loan proceeds to the contractor in draws. At the end of the construction, you would need to either pay off the loan or convert it to another loan type. The good thing about this type of loan is that the bank is supervising construction, which will shield you from unscrupulous contractors.

Home Equity Line of Credit

The interest rates on a home equity line of credit are quite low compared to credit card interest rates. The problem with this type of loan is that, if you default, the bank can take your home.

Here at Decks & Docks Lumber Company, we have been serving the Southeastern states with 15 locations that stretch from Florida north to Virginia. We have two decades of experience in the field and offer the top, award-winning brands of marine lumber and hardware supplies. Call us for all of your dock construction projects. We are here to serve you

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finance

3 of the Best Financial Decisions You Can Make Right Now

Financial health is every bit as much of a state of mind as it is a course of action. When you set ahead of time what you are going to do and stick to it, you can escape some of the perils of debt and the nasty cycle that it can place you in permanently. Here are three steps that you can take to build your financial health and get your situation in order.

Pay Down Your Debt

Getting out of debt has a number of benefits for you. First, it improves your credit rating and your ability to get a loan when you need it. Second, reducing your debt will also increase your monthly income.

Many people fail to account for the impact that debt financing costs has on their monthly bottom line. Finance Solutions knows that interest costs can be corrosive when it comes to your monthly budget because they keep you from paying back the principal that you owe. Many people will struggle to keep up with the interest payments and cannot even get to the point where they reduce the amount that they owe. When you are able to pay back even a little of your principal, you will cut the interest costs, helping your bottom line and your ability to pay back even more of your debt. In other words, paying back principal has a positive snowballing effect.

Start an Emergency Fund

One of the things that will absolutely bury people struggling financially is an emergency expense that can cause them to go into even more debt. Things such as an unexpected car repair or medical bill can put many households into bankruptcy since they have no money put aside to pay for them. If you build up your emergency fund little by little, you have money to draw on when bad things happen. While an inconvenient expense may not help your bottom line, at least you can rest assured that it will not break you.

Set a Budget

Even if you have plans to pay down your debt, you will never be able to get there if you do not begin each month with a budget. You will simply not know where you are able to cut back on your spending without having limits established for yourself ahead of time. Finance Solutions has answers for you in this vital area.

Setting a budget means that you have inventoried your spending and figured out limits for certain categories. Your budget must be realistic. There are certain areas where you cannot just cut back on your spending such as housing and health care. However, there are other areas where you can and should reduce expenses. Budgeting means that you cut back on some luxuries that are not necessities and reduce spending when you can replace some items with cheaper alternatives. It also means that you track your spending as it occurs to see if you are meeting your budget.

As you can see, being methodical with your finances can build your health if you start with the right measures and resolve to stick to them

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business

3 Ways You Can Tap Into Your Company’s Equity

Rex-Burgdorfer
Rex-Burgdorfer

Running a company in the 21st century is a particularly stressful occupation. A person must constantly shuffle their employees, expenses, and business plans. They must be ready to significantly alter those plans at a moment’s notice. One of the best ways for a company to succeed over an extended period of time is through tapping into their equity. Equity can be the secret for eventual success and diversification for the vast majority of companies.

Acquire bank loans

Some companies use their equity to acquire significant bank loans. Equity helps to show a lender than a company has the ability and income necessary to pay off their loan. Rex Burgdorfer advisor argues that this is a vital part of any expansion strategy. Practically every company has to borrow money in one way or another in order to grow. Equity helps companies turn what they have already made and paid in the past into funds for the future. It can help a company secure a low borrowing rate and beneficial terms in a number of different ways.

Offer stock

Stock offerings are another way that a company can tap into its equity. A stock offering involves a company selling shares to a wide variety of individuals. They can then have a large influx of cash from average people or large investors that they can use for any of their needs. Many companies offer rounds of stock when they are considering going into a new field or launching a new business venture. Rex Burgdorfer advisor notes that a stock offering may be specifically designed to pay for international expansion or a new wing of a headquarters. Equity helps a company show that they are a good bet for a stock purchase. It is essential for the offering of stock and for a stock having a high demand and subsequently rising in price.

Offer profit sharing

One somewhat rare way that companies can tap into their equity is through profit sharing with employees. An employer may be able to use equity to pay a percentage of profits for an extended period of time. Profit sharing is a way that companies can replace a guaranteed portion of an employee’s salary. The employee may be paid less at times when a company is not performing well and significantly more when the company is succeeding.

Also, there is a significant chance that a company can structure profit sharing similar to other benefits. They can implement waiting periods and vesting times where an employee does not immediately receive their sharing funds. As a result, a company can take advantage of deferred costs for an employee’s salary which it can use for growth projects and plans.

Running a company is far from an exact science. Thousands of sound businesses go bankrupt every year because they were simply unable to adapt and change with the times. Companies need to focus closely on how they are using their employees, technology, and especially their equity. Expert usage of equity can be essential in making sure that a company grows and prospers for an extended period of time.

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finance

White Mountain Partners Shares Why More Than Half of Millennials Have Credit Card Debt

Millennial life isn’t all it’s cracked up to be, despite some beliefs to the contrary. These days, millennials are having plenty of trouble with credit card debt. Of those, one in ten of them says that they have carried this debt for more than five years. So why is it that this generation seems to be saddled with so much credit card debt? The answer to this may surprise you.

A Look at the Numbers

Of the millennials that struggle with credit card debt, about 54% of them owe less than $5,000. However, 24% of those polled say that they owe between $5,000 and $10,000 in credit card debt. The remaining portion of the group has an even more significant amount of credit card debt; nearly 5% of them say that their credit card debt has reached $30,000 or more, according to Business Insider.

However, millennials do take their credit card debt seriously, despite how the numbers look. Almost 70% of those who carry credit card debt say that it causes them some stress and for a few of them, it is significant stress, even if the amount of debt that they carry is relatively small. For example, of those who carry about $5,000 in credit card debt, about 55% – more than half – of those say that they feel stressed out about it. Anecdotally, when representatives from White Mountain Partners speak to our clients in this demographic, we receive similar reports.

How Did They Get Here?

One thing is certain about millennials that we at White Mountain Partners have seen. Millennials aren’t spending their money on the items that they have been stereotypically associated with, like avocado toast. For most of them, this debt didn’t result from bad spending habits.

Unfortunately, the reason why so many millennials have so much credit card debt is that they cannot afford the cost of living. In other words, they are using their credit cards to buy things like groceries, to put gas in their cars, and to take care of other everyday expenses, like utilities.

A recent CNBC article breaks down the numbers like this: Four in 10 of them attribute their debt ratios to their day-to-day living expenses, while another one in five, or 20% of them, say that their credit card debt has arisen from emergencies, like having to unexpectedly go to the emergency room or to make a major repair on an appliance or their vehicles.

Millennials’ Budget Breakdown

So what does that look like for them? A report in ApartmentTherapy.com suggests that on average millennials spend about $208 a day on housing (compared to other Americans who spend around $164 a day), nearly $11 a day on groceries and almost $10 a day on eating out in restaurants. They also spend $1.24 a day on their pets and $2.36 a day on their car insurance.

Here is the frightening thing about that $208 a day. If that’s true, then that means that their expenditures are over $6,000 a month: In order to live, they must have access to at least $75,000 a year in order to keep a roof over their heads.

A Forbes article also suggests that millennials stand out compared to other people in the other age demographics, because, in fact, for the most part, they prefer to live more frugally. These are the people that will look for more frugal options in, say, travel. For example, they will take trips that allow them to stay closer to home, or in some cases, they will stay home and just have a staycation.

Additionally, many millennials face the very real challenge of student loan debt. This debt has saddled them with additional expenses that people in other age demographics don’t deal with as much. Less of their income is available to pay for the day-to-day necessities that they need.

Final Thoughts on Millennial Credit Card Debt

It may be to say that millennials aren’t spending their money wisely. However, recent reports suggest that that just isn’t the case. Most millennials are actually debt-averse. The reason that they do have so much credit card debt is that they cannot afford to live. Normal expenses like housing, food, and other necessities take up a good portion of their income

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finance

Golden State Partners Shares Why Your Credit Card Rate Could Be Going Up

It seems very counter-intuitive, and it will likely raise your hackles, but the interest rate on your credit card will likely go up soon. The first question you are likely to ask is, “Why would my credit card’s already high-interest rate go up when the Federal Reserve just lowered interest rates?”

Here at Golden State Partners, we field quite a number of questions from people who are fed up with their credit card issuers’ rates as well as other problems they are having, such as when the issuer apparently arbitrarily restricts your use of your card’s credit limits.

The following is some guidance about what to expect in the coming two months regarding credit card interest rates, as well as how you can protect yourself financially from high-interest credit cards.

What is Going On Now

According to the Wall Street Journal, as of October 2019, the average credit card rate for consumer credit cards is 17 percent. That represents a high point for the past two decades in credit card interest rates. Meanwhile, the Federal Reserve Bank has lowered the interest rate that they are charging banks to borrow from them almost to zero.

The reason the banks are increasing interest rates on their credit cards, according to WSJ, is that they did not receive the profit they thought they would from the huge incentive programs they were offering to wealthy cardholders in the past few years. Premium cards were touted with sign-up bonuses, airfare miles, and hotel stays.

Since the banks did not receive much return on investment from these incentives, they are retaining some of the incentives, to keep wealthy clients using their cards, but they are also raising interest rates to pay for their losses on the incentive programs. This increase in interest rates will not bother the wealthy at all because they have the funds to pay off their balances in full each month. Instead, the costs will be born by credit card issuers’ clients who carry a balance each month in the form of higher interest rates.

The banks also know that a recession is on its way, and the higher interest rates that are paid now will cover their losses in the future when more people will likely be unable to pay their credit card bills. According to the WSJ, the average credit card debt carried by people in the United States is $8,602 in 2019.

Other Reasons Your Credit Card Interest Rate Can Increase

According to Nerdwallet, there also are other legally-acceptable reasons that credit card issuers can raise your interest rate.

Promotional Rate Ending

When your promotional rate ends, the bank has no legal obligation to inform you that your interest rate is about to go up.

Late Payments

If you are behind by more than 60 days, the card issuer can raise your interest rate substantially. This new rate will apply to all existing balances and new charges. The new interest rate can stay in place for six months.

Lower Credit Score

If your credit score decreases substantially, the issuer must provide you 45 days’ notice but can then increase your interest rates. This increase will only hit your new purchases and will not apply to your existing balance. They are required by law to review your credit score in six months but are not required to lower your interest rate, even if your score goes up.

Prime Rate Increase

When the Federal Reserve increases the prime lending rate, the banks can increase the interest rate for all cards that have a variable interest rate. Most cards do have a variable interest rate. You will get no notification of the change.

After a Year

In the first year, unless you are behind on payments, the issuer can’t increase your interest rate, but they can increase the rate as soon as you have had the card for one year. You must receive 45 days’ notice of the increase.

It may seem like the deck is stacked against you with high-interest credit cards. At Golden State Partners, we have solutions for consumers who are struggling under high-interest credit card debts, such as lower-interest debt consolidation loans. Call us today for help

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finance

Derby Advisors Discuss Ways to Avoid a Lifetime of Credit Card Debt

According to CNBC, out of the 81 percent of millennials who owe some form of debt, 20 percent believe they will die still indebted. The average millennial carries $36,000 in personal, non-mortgage debt. Many others in this country are also deeply in debt and feel they will never be free.

Derby Advisors, a firm that specializes in helping consumers who are deeply in debt, has some solutions to help people pay off their debts.

Create a Budget

The place to begin is to know what debts you have at what interest rates as well as to write down all of your expenses, both monthly and those that come up less frequently.

Pare Down Unnecessary Expenses

If you have heavy debt and are paying for Starbucks every day as well as expensive cable television and streaming services, it is time to prioritize what is really important. See how much money you can save each month that can go towards your debt. The sooner you get your debt paid off, the sooner you can stop paying all of that interest.

Get Help With Your Student Loan Debt

If you owe student loans to a private provider, you will have to look into other options to get any help with your payments and interest. Most people, though, have federal student loans.

Motley Fool suggests you go on the website of your servicer to find out what types of options you might have to help you with your federal student loan debt. Some people are able to apply for income-based repayment plans. Others are able to stop paying on their student loans for a time when they are going through a financial crisis. Others are able to have their student loans totally forgiven.

Pay Down the Highest Interest Debt First

Called the “avalanche method,” the idea is to pay off the debt with the highest interest first while making the minimum payment on all of the other debt. This will allow you to free yourself of more and more of the interest charges. Each debt paid off frees up more money to pay off the rest.

Consider a Balance Transfer Card

If you can pay off all of your debt, or at least your higher-interest debt within 12 to 18 months, Motley Fool suggests you consider applying for a zero-interest, balance transfer credit card. During the zero-interest period, you will be able to make greater payments, since you are not struggling under the high interest that most credit cards carry.

Consider a Debt Consolidation Loan

If you can’t pay off the debt in 12 to 18 months, consider a personal, debt consolidation loan. They carry lower interest and have a fixed pay-off date. Because your interest rate will not be as high, you will have more money available to do other things that are needful, like creating a rainy-day fund and saving for retirement. Best of all, you will not be saddled with debt for the rest of your life!

Whether you use a balance transfer credit card or a debt consolidation loan, put the other credit cards aside. If you use them and begin to accumulate a balance, you will dig your hole deeper with high-interest credit card debt, rather than dig out.

Derby Advisors wants you to know that, although it takes some planning and discipline to get out of debt, you do not have to die in debt and keep paying high interest to creditors. Call us for solutions. We are here to help