business

In computing income tax in the USA, taxpayers may claim a deduction for business debts that become worthless during the year. 26 USC 166 The amount of deduction is the taxpayer’s basis in the debt. A taxpayer must demonstrate that a particular debt became worthless during the year in order to claim the deduction. The debt owed to the taxpayer must have become worth nothing, not just declined in value. Taxpayers may not claim deductions for reserves related to bad debts, only for specific bad debts. The portion of a specific debt that is charged off (abandoned) during a year may be deducted, subject to IRS approval as to validity of the charge off and the amount.

For the taxpayer to get a deduction, two conditions must exist:

  • The taxpayer must have basis in a debt, and
  • The debt must have become worthless during the year.

What Is a Debt?

A business debt is any amount owed to a taxpayer that arose in connection with a trade or business. This includes an account or note receivable from sale of goods, performance of services, rental or provision of property, or any other business activity. The form of the debt is usually irrelevant. Thus an informal promise to pay a fee for professional services is a debt owed to the professional under the terms of the informal promise.

Amount of Bad Debt Deduction

A deduction for bad debts or worthlessness is allowed only for the taxpayer’s basis in the property. Debts are property in the hands of the holder of the debt (the creditor), but are not property in the hands of the borrower or issuer of the debt. Cleveland, Painesville, and Ashtabula Railroad Company v. Pennsylvania, 82 US 179 (1873) A holder of debt has basis by virtue of either buying the debt (or otherwise acquiring it in a transaction that gives rise to basis) or by having recognized income in transactions giving rise to the debt. An accrual basis business has basis in amounts receivable from customers to the extent the business recognized income. Thus, sale of inventory for a promise to pay gives a business basis in the resulting account receivable.

Example: Punchy Papers sells $1,000 of paper inventory to Small’s Office Supply in January on open account. In February, Punchy issues a credit memo to Small’s for $80, for a net balance due of $920. Punchy recognized $1,000 of sales in January and $80 of returns and allowances in February. Punchy’s basis is the receivable from Small’s is $920. See Income Tax in the USA, Chapter 32, Accounting Periods and Methods, regarding Punchy’s requirement to use the accrual method with respect to sales of inventory.

Individuals, partnerships of individuals, and smaller corporations may use the cash method of accounting for everything except inventories and sales of inventory in computing income tax in the USA. Such businesses do not have basis in amounts receivable from customers for other than sales of inventory, with one exception. Where income …

Computers are very detailed machines that function by set rules, codes and languages. Everything follows a pattern and schedule in order to operate efficiently. Computer viruses can affect the cosmetics of a computer such as the screen and display appearances or the simple functions such as the way the keyboard operates or the functionality of the drives. Some of these symptoms may seem to be only a minor inconvenience, but when you see these signs you should wonder what may have caused the change and what else may be going on that you can’t see. Other symptoms can include loss of files, decrease in memory space, slow operation and damaged programs.

The writer of the virus determines how they will infect the system as well as what they want the virus to do. In most cases, a virus will perform damage to the host system, and may do this while performing another function such as retrieving information, and then spread to the remainder of the network.

A computer virus is similar to a medical virus in that it often occurs even when precautions were taken to prevent it. Particularly malicious viruses steal information and data, which may be confidential. This may be customer or client information of a personal nature whether medical, financial or some other form. It may be company information specific to employee’s records, user names and passwords or other functions of the business. Information may simultaneously be erased. It can pick up information from any other computer in the network. It can locate other users and obtain their information.

There are many programs available and they are a must-have for an individual’s personal computer and certainly for that of a business. Strong measures must be taken to prevent viruses within a company, as one infected computer is opening the door to the entire network, putting clients, customers and even employees at risk. Businesses should understand that the condition of their system is susceptible to change with every employee that signs into the network.

Training should be instituted to prevent damage by teaching employees how to determine what is safe use of the system, how to update their protection programs and how to know if something is questionable and when to bring it to the attention of the IT department. It is always helpful to set up the virus protection programs to run automatically and the individual systems or the network as a whole can be set to automatically update the programs that are install along with fixes and patches as needed. In addition to anti-virus programs a filter may also help to block viruses.

While the anti-virus is placed inside the firewall, a filter is placed on the outside and closer to the server. Users may be limited as far as what can be received and may not be able to open attachments. This will undoubtedly create an inconvenience, though it is in the best interest of the company and will save money by eliminating loss of …

Army, Navy, Air Force, Marines, Coast Guard, Army Reserve and National Guard are all welcome to avail themselves of a military loan without all the hassle. Retired military folks are welcome, too. All can qualify for a no hassle personal military loan that is stroked minus the stuff you have to go through with the usual or traditional loans such as a a bank or a credit union. A personal military loan

Various Loans Available

The kind of funding you need will absolutely decide which loan is best for you. You might want to consider the personal military loan. You can get sums up to $ 25,000 depending on your financial situation and, again, what kind of expense you are looking to cover. You will be free to use the money as you see fit, unlike a specific house loan or a specific car loan, or a mortgage refinance. Many people have used them for home remodeling, a new appliance such as a stove or refrigerator, education for one of the kids, or even a wedding. The personal military loan is such that it can cover all sorts of circumstances.

Secured vs. Unsecured Personal Military Loans

With your credit rating as a consideration, you can decide between a secured loan or an unsecured loan. As the name suggests, a secured loan requires collateral. This can be just about anything of significant value. Real estate, stocks and bonds, sometimes even a late model car, can be put up to secure the loan. Since this removes a lot of risk for the lender you will get lower interest rates and a comfortable repayment plan. Just understand that if you default on your payments the lender can seize the property and sell it to cover the cost of the loan.

Unsecured or Signature Loans

This type of loan is a bit more difficult to secure. It certainly depends on the amount you are seeking. If you have really good credit, you will be surprised at what lenders may be willing to offer. If the amount ranges between $ 200 and $ 1500 and you have a bad credit history, or no credit history at all, you can probably land such a loan. And if your credit history is a little smudged, paying back this loan as specified in the contract, you will be adding some really good marks to your report. But, these loans can carry a higher interest rate. Again, build a better record and the lower your interest rates become and the more you can borrow.

Start Shopping

To land a personal military loan, you should get on the old pc and punch your browser with Military Loan. You will suddenly have scores of lenders who could be your lender. You will have many to shop among so be sure to pick four or five that are offering the lowest interest rates and best repayment terms. Once you have those sorted out, check each one on the online lists with the …

Every year more than $135 million in scholarships goes unclaimed because of lack of knowledge and awareness. There are financial aid specialists who can track down free money for students and ease the debt of attending college.

A recent Bloomberg News report finds that college tuition in the U.S. has increased 538 percent since 1985, leaving students with an average bill of $26,500 for a Bachelors degree. HEFAR Group, an Arizona-based, federally funded 501 (c)(3) non-profit is now coming to the aid of Valley students by offering their expertise in applying for financial aid and attaining the greatest possible awards package for individuals at no cost to them. They provide additional assistance to locate scholarships, tax credits and endowments which is beyond the capability of schools financial aid counselors. There are other local for-profit agencies that achieve similar results, but charge upwards of $1,000 for their services.

Most Americans are oblivious to the $140 billion allocated by the government for student grants and funding each year, as well as millions more in private scholarships offered by generous companies and organizations. With so much money set aside to ease the burden of ever-rising tuition and fees, students should strive to receive a handsome financial aid package.

Common Myths About Financial Aid Debunked:

Myth #1: Universities are too expensive, so why bother applying for financial aid when it is still so unattainable?

FACT: That is not true. Many of the more expensive private schools have enormous endowments to work with, Ordway claims. HEFARs expertise is finding these funds that families would probably never know about if they are working on their own.

Myth #2: I wont qualify for student aid because my family makes too much money. [Or] I am too old to apply. [Or] I didnt receive good grades and a high G.P.A. in high school.

FACT: All U.S. citizens can qualify for financial aid regardless of income, age or past grades. There is money within reach for anyone interested in seeking higher education, despite all other circumstances.

Myth #3: As long as I get my FAFSA turned in by the 6/30 deadline I will receive the same financial aid package as I would have if I hadnt procrastinated.

FACT: Federal Aid from Pell Grants and loans do not run out, but the $46 billion in scholarships from the Department of Education, plus the $35 million in privately donated scholarships will be awarded on a first come first served basis. The sooner a student seeks financial assistance the better the results will be.

“By 2025, about 40 percent of Arizonans will hold a degree but more than 60 percent of jobs will require one, according to 2011 census data.” For those who are wanting to to fill these job openings and make decent livings for themselves and their families, a degree is the surefire way to go. Anyone interested in higher education should seek the counsel and expertise, such as Cashlendupfast. There are secrets, loop-holes and other tricks that will …

A tourist visiting Cebu City for the first time may well be turned off by some of the city sites. The city has several world class resorts, hotels, beaches and dive sites. It also has some areas of the world’s most devastating poverty. Cebu City is the capital city of the Cebu Province and it is the second largest city in the Philippines following Manila. I always feel at home in the city and lived in the city before building my home in the rural Cebu Province of Camotes Islands. Cebu City is a mix of the old and new, rich and poor, good and bad and pretty and ugly. There is also the mix of clean and really dirty or filthy. The rule for anyone going to Cebu for the first time is to not make a snap judgment.

My first trip to Cebu City was in February 2004. I went to the Philippines to meet a girl (Judith) now my wife. I flew into the Cebu-Mactan Airport and was met by Judith and one of here sisters. My flight started in Florida and the last leg of the flight was from Hong Kong. The Cebu International airport is just a little outdated, but very functional. Once outside of the airport doors I saw waves of people waiting to meet people coming off of the flight from Hong Kong. The airport was not all that busy when I arrived and I think my plane was the only arriving flight at the time. As people from my flight walk outside of the airport door they were bombarded with shuttle, taxi and V-hire greeters, all trying to get a fare. I met Judith just outside the airport doors. She, her sister and I all jumped into an old Kia Taxi and we were off to my hotel.

The taxi was old and not very well maintained. The Air conditioner didn’t work and the window wouldn’t go down. Of course that didn’t matter as I couldn’t close the door because the door latch was broken. So, I got lots of air. The hotel was about a 30 minute drive from the airport. As we traveled the city streets I saw crowded sidewalks made even more crowded by the many sidewalk vendors and street vendors. Some of the roads we traveled were moderately maintained while others were in very poor condition. The roads were crowded with many types of cars, but mostly Kia’s and Hyundais. There were also a lot of Jeepneys, a Philippine traditional method of travel. A jeepney looks like a stretched army jeep with a hardtop and a large cargo area used for two benches for passenger seating. Jeepneys are normally painted with several different colors and lots of chrome. Many of the jeepneys are poorly maintained and most have bald tires and the braking systems may be questionable. Also, there were lots of small motorcycles.

After traveling just a few minutes I decided that the most dangerous vehicle in …

An essential to the well-dressed professional or the well-put together man playing a round of golf is a well-fitted shirt. While the professional gifts a lot of time creating a businesslike and trustworthy appearance, a poorly fitted shirt can ruin the entire effect. On the other hand a person who feels that fashion and good looks do not have to stop at the office, then a custom shirt can even give a casual outfit a sense of style and the man an effortlessly well dressed appearance.

Most men spend a lot of time and money on assuring their business suits and dress pants are fitted exactly to the corporate or business climate and the exacting standards a professional must meet in terms of appearance. However, formerly there were only two options to buying a shirt to fit with their suit or dress slacks and that was tailor fitted and made, or off the rack shirts. While tailor made and fitted shirts were usually above standard in terms of quality of fit they were also very expensive. Off the rack, shirts were more affordable but usually poorly fitting and mass-produced.

The New Alternative – How to Buy A Custom Shirt Online

A good online store, which features mens shirts, will make it as easy as possible for even the busiest of individuals to buy a custom shirt online and to this end, online ordering tools simplify matters.

The first screen should present the man with a choice of fabric types with cotton being the best quality and most comfortable choice for most men. Patterns and colors may also be chosen at this time. Once the fabric has been settled on, the online tool will then lead the purchaser to yet another screen where it is time to choose a style for the custom shirt they are designing.

A custom shirt is exclusively made to the individual's styling and size and the first step is to choose a type of collar and cuff for the custom shirt. Whether it is a wide cutaway collar or a set, of French cuffs, the person chooses each detail of the shirt and onscreen photo examples are available to help a man choose the right style for their purpose.

Next, the screen will show the buyer how to pick their measurements and there should be three ways to exactly fit the shirt to the man. The first is to send in a well fitting shirt to the company and have a new shirt made to those measurements. This is great for those who do not trust their own measuring. Alternatively, a man or woman can measure each part of their body, or of a well-fitted shirt and input the information into the form to create their custom shirt. The various ways are provided to ensure that it is as easy as possible for the busy person to achieve the results they desire with the least expense and annoyance.

The last step is to choose a fitting …

Lately I'm getting good buddies and relatives asking me how to begin an internet business. It is not brain surgery, but it is not easy maths too.

Beginning an internet business is really just like beginning a physical business, with the exception that the price is a lot lower and then may be the risk.

When I state it's pretty very similar to a physical business, I additionally mean you need to be entrepreneurial, so that you can 'smell' the requirements inside a market and to possess a vision. Are entrepreneurs born or breed? I do not know. Things I believe is, if you feel you are, you are.

So, if you're entrepreneurial and wish to learn to start an internet business, read on …

Step One: Never reinvent the wheel

Trust me. The majority of the smart and innovative ideas you are able to consider happens to be made by another person online, in some way. If you feel you've a distinct internet business idea, it simply assumes that you've dirty enough research.

So, for those who have any internet business idea, the very first factor you must do is the mind to Google and type in certain keywords associated with your company idea. Completely take a look at all of the top websites that offer similar service or product. What this means is you might want to check out their goods Or solutions and discover their benefits and drawbacks.

Next, you need to evaluate individuals benefits and drawbacks and come forth with a much better idea.

Remember, the task of the entrepreneur is not to invent things. His job would be to seek proven businesses, enhance individuals ideas and obtain a bit of the cake from the market, preferably a larger piece.

Step Two: Consider the marketing system

Most newbie entrepreneurs get one problem. They spend over our limits time trying to perfect their goods.

Getting a great method is important. But in addition to this important may be the marketing system.

With no good marketing system, regardless of how good your products is, it's likely to be challenging for your web business to develop.

It does not matter what you sell, your marketing system should answer 3 important questions:

– Just how can the machine attract and capture a summary of potential users and / or customers?

– How will you result in the system viral, so that users will refer more users?

– How can you convert prospects into customers?

Step Three: Work

When the idea is created and also the marketing product is well-considered, the final key to start an internet business would be to work.

This is actually the overwhelming part because there are plenty of items to be achieved, yet you are able to only move a measure at any given time.

First you need to build the web site. You can purchase a ready script if it is available, make use of the free MYOB script or obtain a freelancer to build …

The cleaning business, while not the most glamorous of industries is nevertheless a fast growing multi-billion dollar business in the US and offers entrepreneurs unique opportunities to profit and earn a ‘six figure’ annual salary.

Let’s examine the cleaning industry and look at how much money it is possible to earn and what it takes to get to the ‘six figure’ level.

How much Money can you make Cleaning?

Most small cleaning business owners who work at it full-time as sole operators in their first year are able to earn between $20,000 and $30,000. Once they are able to take on employee, build up some local reputation and get good systems in place then a $100,000 annual income is not unrealistic and much more is possible for those who put in the effort.

What Separates the ‘Six Figure’ Operators from the Rest?

Here are ten factors to consider that typically separate the high income earners from the rest –

1) Different cleaning niche markets offer different opportunities. In some cities and states in can be easier to make it in the office cleaning sector and in other areas the carpet cleaning sector is more lucrative. It all depends on local demand and how many companies are catering to that demand.

2) Start building your brand right from the start and view it as your company’s most valuable asset.

3) Develop and refine systems that make sure that your business runs smoothly. Constantly look into ways of increasing the productivity of your cleaning crews.

4) Realize the importance of having a great sales system. Focus your efforts on converting an increasing number of leads into customers.

5) Up-sell your clients with services related to cleaning, premium services or more frequent service.

6) To scale up to the ‘six figure’ level you must learn how to hire, train and organize teams of workers to do the cleaning while you focus on running the business.

7) Learn how to run successful advertising campaigns and learn about modern marketing methods such as networking, cross promotions with related businesses and ‘word of mouth’ marketing.

8) Value your customers. Treat them as individuals and frequently remind them how much you appreciate their business. Satisfied customers can lead to referrals, and acquiring customers through this method is free.

9) Have the right attitude. People sometimes stereotype cleaners in a negative way. There is nothing wrong with being a cleaner for a living but you should view yourself as a businessman or woman first and foremost.

10) Research and learn continuously. Educating yourself about the cleaning business and business management in general doesn’t stop once you set up your company.

Could you start a successful cleaning business and earn over $100,000 a year?…

Business name parts

Small businesses or new businesses often have two parts to their business names. The first part can be described as the unique part and the second part is the descriptive portion. Some people try to use only a unique name for their business without a descriptive part. This is generally a bad idea for small businesses because without the descriptive portion people won’t know what services your business offers. Over time as your brand becomes well-known in your market you should be able to drop the descriptive portion of your name and people will still know what business you’re in.

The unique portion of a business name takes many forms. The following list contains several variations of the unique portion that are often used for tutoring business names.

Aspirational

Tutoring businesses often use words related to success, reaching goals, and succeeding since these are some of the reasons people hire tutors. Words like “Elite”, “Ivy”, “A+”, and so on are examples of aspirational words. Check the thesaurus for more ideas for your business. Words like these are great for a tutoring business name because people will begin to associate your business with success.

Geography

Tutoring companies often operate in specific geographic markets so including the name of your market in your company’s name is a good strategy. For example, you might name your company “Grand Rapids Tutoring” if your company is based in Grand Rapids. A name that includes your location is an effective way to communicate to people in your area that you offer tutoring for their area.

Unique Value

Many businesses have a unique value proposition – something that distinguishes them from their competitors. If your business offers some kind of unique value to customers you might want to include this in your business name. Examples include words like “Traveling”, “One-on-One”, or “Total Math”. Unique value propositions can be related to your method of teaching, grade level, subject you specialize in, etc.

Subject Specific

If your tutoring company specializes in a single subject you might want to create a unique name related to the subject in which you specialize. Unique names can include words in a foreign language you teach, terminology such as “Pi”, or names of influential figures in your subject such as “da Vinci”, “Pascal” or “Einstein”.

Personal Name

Using your own last name in the name of your tutoring business is another useful technique for naming your business. Many successful companies have used this naming technique (I.e. Kumon, Huntington Learning Centers in the United States, Kip McGrath in Australia. This technique can become even more effective if you are already well-known for your work in the education field.

The second part of your business name should be the descriptive portion. Including words such as tutoring, tutors, education, academy, learning, learning center, etc. The descriptive portion of your business name is what tells people what your company does. This is very important when your business is starting out since you want to begin …

Everyone is entitled to their opinion which comes from their experience with a particular product, service, or in this case software package. In reviewing the remarks that were left about the OpenEMR software, it is the intent of this article to highlight a few things about OpenEMR and rebut a few things people have said the software did not do. The rating is on these five things:

Ease of use

Functionality

Product Quality

Customer Support

Value for Money

At the time of this writing, there are only 5 reviews showing on the site. I will be commenting on those.

Ease of use:

Two people gave the software five stars, two people gave one and a half stars, and one person gave 3 stars. If you look at the diversity of entries, you can see a wide range of business types that have tried the product. One out of the five is a billing service. The rest are practices. The billing service gave the lowest score of all five.

That is not a surprise as that the software is not really written for a biller but a biller can do the billing out of the software. So, OpenEMR does not have all the bells and whistles that MediSoft has. However, it is fully capable of getting the job done when it comes to billing. A biller may have to think a little more than when using another billing suite that has been around long and is dedicated to billing. But if the biller takes their time, they will find all the tools needed to keep the office flush with cash flow.

Ease of use is a tricky thing because that really speaks to the state of mind of a person. It’s like the rivalry between MAC and PC. Some people use MAC because it fits the way they think. Others use PC because it makes sense to them. Everything is that way in life and purchasing anything. So, for some, it will be hard for them to pick up on how the software work and others will get it right away. We have seen offices that never took a day of training from us and picked up and used the software right away.

Functionality:

There was only one that gave this a 5 star. On this one, let’s focus on two of the comments. Like least was this comment “Super slow and it doesn’t check insurance eligibility”. Let us address the super slow. Without more details, the speculation here is that the program moved really slow. In our experience, this comes from one or three things. First, the computer that the software was installed on did not have enough horsepower to run the machine. OpenEMR is a fairly large program and if it is placed an old slow computer it will run slow. Secondly, if the software is not configured for the software package, it will run slow. These have been the main two reason we found that when people report …