The Tax Preparation Blog

Archive for August, 2009

Delhi in India is playing the host to 2010 Commonwealth Games and India tourism industry is expecting and huge influx of tourists during the season. Most visitors who will travel to India for the Games are expected to visit Taj Mahal at Agra, and the royal icon of Rajasthan Tourism – Pink City of Jaipur, thereby completing the famous Golden Triangle tour circuit of North India. Several steps are being taken up to promote tourism during the games as well as cater to the expected number of tourists at the time. Hotels are coming up with lucrative deals, infrastructure is being upgraded, and places of interest and tourist attractions are being paid special attention these days.

One such measure is the one-time road tax system initiated by ministry of tourism and ministry of road transport and highways by government of India. Currently, cars and taxis have to pull over every time they enter another state to pay the tax, which include Delhi, Rajasthan, Uttar Pradesh, and Haryana. Scheduled to be effective from December 2009, the system will allow commercial and tourist vehicles of registered tour operators on the Golden Triangle Tour of India to pay the road tax only once at the beginning of the trip. This will allow these vehicles to avoid unnecessary delays during transit and allow more time to the tourists to actually see the tourist attractions they are interested in.

Besides, a number of AC Volvo buses will also be introduced during the Games to take the tourists from Delhi to Agra and Jaipur. Throughout the Golden Triangle circuit, the National Highways Authority of India (NHAI) is in the process of setting up 500 sites that will have all the amenities that tourists and tour vehicles might need along the way, such as toilets, restaurants, telephone booths, first-aid facilities, telephone booths, kiosks, snack bars, parking lots, rooms where one can rest for a short while, and repair shops for normal travelers’ items.

Those who will want to make the most of their India travel might opt for super luxury trains such as Palace on Wheels and Royal Rajasthan on Wheels that not only cover three cities of Delhi, Agra, and Jaipur on the Golden Triangle tour circuit but also take you to other cities of Rajasthan that showcase their splendor in art, culture, and rich historical and architectural heritage. The frequency of these trains will be increased during the Commonwealth Games in India and facilities like wi-fi Internet, on-board spa, and television with live satellite channels will also be introduced in the trains. Royal treatment on the train is only matched by the unique camel desert safaris, boat rides at Lake Pichola, and exclusive experiences of Rajasthan.

Though the three main cities of the Golden Triangle are connected via National Highways, the government is also focusing on developing better connecting roads to places of tourist importance, which will make the entire tour experience even better. The short and sweet Golden Triangle Tour of North India starts from Delhi, the capital of India and the host of Commonwealth Games in 2010, and takes you to Agra, the city of Taj Mahal, and Jaipur, the icon of royal grandeur in India. Within short distances of each other, these three cities introduce to the foundations on which modern India is laid.

Question: Is a New Word the solution to Health Care Reform?

Representative Thaddeus G. McCotter, Chair of the Republican House Policy Committee adds this to the Health Care debate “Immediate, obvious measures include …incentivizing preventative health care… Doctors and other health care professionals can be incentivized to provide their services…”

Is “incentivizing” increased government control, who is giving the incentive? Is “incentivizing” done with tax money or a cattle prod, or is this a word made up to muddle the issue?
The spell checker had to be bypassed inorder to include “incentivizing”, a major part of this Republican plan..

http://thehill.com/blogs/congress-blog/healthcare/65843-republican-calls-for-patient-centered-wellness-rep-thaddeus-mccotter

http://news.yahoo.com/s/ynews/20091101/ts_ynews/ynews_ts962

Answer: no, it isn’t.

American Political Thought

Abstract: What do conservatives want?

Lyon Tax Center | (714) 541-4141 or (714) 547-2703 | www.LyonTaxCenter.com

What’s up with the economy? We hear that the worst is over and then a friend calls that they have just been laid-off.

Friends it’s a wake-up call. Big business has failed us. Not only have they failed us, they don’t seem to “Get It” that they failed us. How do we survive and prosper? Home based businesses like this http://janetc.mymangosteen.com/@4f8d2

During the last economic melt down, I forget if it as the dot com, savings and loan, bank bailout or what but the government decided to give us some great tax incentives to be a home base business person. I’m not going to go into that ask your tax person, however, make sure your tax person understands home based businesses and their tax advantages.

What I’m going to talk about is change. There is an old saying “If you continue to do what you have always done you will continue to get what you have always got.” Be flexible, open to change, aware of the opportunities that the universe presents to you – every day.

I know its scary. I know you were not taught anything about business in high school or college. I also know that once you change, that is change your attitude about business, you will never turn back.

Did you know that business can be fun? That’s right fun! Ever thought that it would be fun to be in business with your friends and people you enjoyed rather than strangers that you are thrown together with because of a pay check?

When you leverage your income and the income of your friends, it’s fun. Thats what networking home based businesses are all about. And you can start a home based business with very little up front capital. When I say very little I mean less than $50.

What kind of business can you start for less than $50? An Internet marketing, direct selling or network marketing business. These 3 categories represent thousands of opportunities and BILLIONs of dollars in annual sales. My favorite is network marketing.

I don’t have a cheeky definition for Network Marketing (MLM). To me it provides all the advantages of the original franchise concept without the heavy initial investment and employees required of a typical franchise. It is simply the the most cost effective way for “we the people” to make money.

A network marketing company will create a product, do all the administrative record keeping, manufacturing, warehousing, shipping and customer service while you, the independent distributor, only pay a fee to join, usually less than joining Costco, and spend your energy building a wholesale business, much like a wholesale buying club, and an organization of business builders you want to work with.

A misconception that many seem to have is that network marketing is more like a chain letter than a business. Network marketing, like any business, requires an investment in time and money to make it work. Just like any business you have to select the right product that is priced to sell and sell it.

Unless you are an seasoned Internet affiliate marketing or network marketing professional you are probably not going to make millions. However, you can certainly make whatever income you establish as a resonable goal for you.

Do not let others set the standards about how much money you should have— or about what you should do with it. you are the only one who can accurately define that. Come into alignment with what you want from your home based business and allow the opportunities that life presents to you to help you attain you goals.

Sometimes people take a short term view of their home based business. At times, on the Internet and in network marketing, some people consider selling taking advantage of others for a short term gain. Don’t do that! Don’t prey on each other, help each other. Find yourself a good company and build your business around it.

We will surface from these challenging times stronger than ever. And when we do you will have built your own business from which you will never be laid off.

More federal money coming to state for reclamation work

Pennsylvania can reclaim abandoned mines faster now that it is receiving more federal money. This year, the state will receive $47 million from the Abandoned Mine Reclamation Fund of the U.S. Treasury, compared with less than $30 million last year. Fundi

Jarl Moe Tax Avoidance Definition part 26 of 32

In order for Canadians to continually qualify for the lowest possible Canada mortgage rates, the Canadian government had ordered the financial institutions, lenders, and banks, to slash their interest rates to a low level.

At this time, the Bank of Canada has set its prime rate at 0.25 %, and it will keep the rate on until the following year. With this current rate, the bank prime rate is set at 2.25%, the lowest ever.

Banks are still offering low Canada mortgages even when the time period of below prime rate is over. There are still good deals on variable and short-term rates. To get the best Canada mortgage rates, you need to consider three steps.

You need to shop around. According to a recent survey, not many Canadians are exploring other options. They stay with their existing lenders for reasons of loyalty, good relationships, and friendship.

Rates vary from one lending institution to another. Even when the difference in mortgage rates is small, the savings can be great. The difference of one tenth a percent can be converted to huge savings in the long run.

Banks are not the only ones that offer mortgages. When you shop around, you will find that there are several financial institutions that offer mortgages. To help you understand the difference, and to help you compare Canada mortgage rates, it is best to consult a mortgage broker. He can help you find the deal that is right for you.

A mortgage broker is a specialist whose task is to negotiate with many mortgage lenders. They are particularly popular among the first-time mortgage applicants simply because mortgages are their sole specialization.

Also during your shopping, you will have to choose between fixed rate and variable rate. The variable rate fluctuates along with the prime rate. Hence, when the prime rate goes up or down, so will your interest rate and monthly payment. The fixed rate mortgage is constant; it does not change, regardless of what changes occur in the prime rate.

After shopping around, you need to diversify your options. You can choose a combination of variable rate and fixed rate for your Canada mortgage rates. It is known as hybrid mortgage. Now, not all lenders are willing to offer hybrid mortgages. So better look around, or let your mortgage broker do the shopping for you.

The terms are very important in Canada mortgages, regardless of the rate. Unlike the amortization, the mortgage term last between 15 to 25 years. There are longer terms available, however, the rates are prohibitive as banks unwilling to predict the longer terms. At the end of the term, you will negotiate again for another deal with your lender according to the rates offered at that time.

Because the prime rate is very low, banks right now are offering better deals for shorter terms, and higher rates for longer terms. There are mortgage calculators that are available online for you to calculate the rates; nevertheless, it is best to let your Canada Mortgage rates be estimated by your broker.

Your credit score is very crucial in determining your rate. If you know your credit score is low then start cleaning it up to build a better score. An impressive credit score can guarantee you the best Canada mortgage rate.

Undernews For September 15, 2010

You can live to be a hundred if you give up all the things that make you want to live to be a hundred. – Woody Allen HOW THE NEW YORKER, NY TIMES AND OTHER LIBERALS HELPED START THE IRAQ WAR Michael Moore, Daily Beast – We invaded Iraq because most …

Question: Do I have to pay any Tax, federal taxes or any penalty for my foreclosure House in California?

My House was sold in an auction on August for 175k less, do I have to pay taxes for that?, what’s happend to home owner’s after auctions?

Answer: Assuming that you lost money on the deal, or that the house was your primary residence and you hadn’t taken the homeowners exemption for at least two years, you’re probably OK on the sale of the house.

(You should still talk to a tax person about it, as I can think of at least a couple of possible scenarios where that wouldn’t be so.)

Where you’re likely to end up with tax problems is if any portion of your mortgage was forgiven by the bank. If the bank just took what they could get for the house and canceled the rest of the loan, you could be stuck for income tax on whatever amount that the bank canceled.

This is called “adding insult to injury”. Talk to a tax expert. Often you can get “Volunteer Income Tax Assistance” free of charge if you cannot afford to hire a CPA.

Tax Tips: Death and taxes

INCLINE VILLAGE, Nev. – Well, now, this is a fine mess Congress has gotten us into. Recall that when George W. Bush was in office, all the way back in 2001, the estate taxation rules were changed by cutting the rates and gradually increasing the size of estates which would be clipped. That’s the easy part. The changes enacted back then also provided for complete disappearance of the estate tax …

Emeritus Newsbrief March 19 2009