Bad Credit: Options for Refinancing a Mortgage

Like many people, the recession hit me pretty hard. Thanks to a job loss, I got behind on some of my credit cards. Even though I did mange to make the mortgage payment every month, my credit rating nose-dived. While things did get better, I still wondered if it would be possible to refinance my mortgage with bad credit. After talking with a few lenders, I found out that my situation was not unique. I also found lenders who were willing to work with me. I managed to get terms that will save me money over the life of that mortgage. If your credit has taken a beating, don't assume that refinancing is out of the question. I'll share how I researched options and found a lender who offered a good deal. You could find that refinancing your mortgage is within your reach.

Self-Employed Tax Prep Tips

Finance & Money Blog

A new business brings along with it many things to take care of, perhaps none so important as your cash flow and tax burden. If this is your first year as a self-employed person, you could be afraid that tax season will be troublesome and expensive, but it need not be with these tips.

Open Checking Account

Like many new entrepreneurs, your business costs are handled with money stored in personal banking accounts you may also use for rent, clothing, food and similar personal items. When your quarterly taxes fall due, wading through pages of irrelevant details can be problematic. To be smart, begin using a specific new checking account for work-related items.

Keep Receipts

You may now be eligible for more deductions on taxes, but you must be able to prove that those deductions apply to you. Receipts supply simple proof of information you'll be giving federal and state governments, so its vital that you keep and store them. This can be easy when you purchase equipment, but remember to ask for receipts whenever you get fuel if you use a vehicle for work and even minor purchases like pens.

Invest in Software

It's important that you stay on top of your finances during the year, and software can make that job simpler. Software can help you store your receipts by scanning and organizing them, for example. Software can help you track the outstanding invoices and monitor other financial issues. When taxes become due, you can compile various reports to help you or a professional accurately complete tax documents.

Software can seem like an expense that isn't quite necessary at this stage, so work with free trials or demo versions of software until you can see how beneficial it can be

Properly Identify Personnel

If you've got people doing some work on your behalf, identifying them can be a tax-related issue. If you've got people in your office every day who look to you for direction and you're setting their work hours,you're probably working with employees. If you pay a writer for a certain number of articles, don't tell them when or how to complete those pieces and pay when they're delivered, you're likely using an independent individual contractor.

You, as a boss of employees, will need to pay into unemployment and workers' comp, which have their own tax implications; this is not required for independent contractors. You'll need to issue workers the right tax forms for their own records.

Self-employment is not always easy, but when you're aware of and prepare for tax issues, that can be smart. An accountant or self-employment tax service professional can offer real solutions and guidance for your new business as it grows.


2 September 2017