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6 cost-cutting tricks for small businesses

Claire James
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6 cost-cutting tricks for small businesses

For any business finding new
ways to save money where possible is always a smart move. But for a small
business, it can make a huge difference. If you’re a start-up, in the early
stages or have been up and running for a while, making a few clever cuts can really
help save the pennies. Here are just a few ways to do this.

Go digital only

This might be tricky – or near impossible – depending on what industry you are in. But going digital-only can help save on printing costs and save on the hardware itself, paper and ink or toner. Unless each staff member has an allowance, printing can be done freely and become a hidden cost eating away at your budget. And by going digital, you will also boost your eco status. It will take some adjusting, but if you are a business where printing is not essential, it is worth looking at.

You have the option of taking small office spaces for rent according to your team size without having to deal with unreasonably high rent costs. Small businesses can now work in a fully equipped office without the hassle of setting it up from scratch. This will save you a lot of cost at the end of the year.

Go green

Going digital-only is not the
only way to boost your green credentials and save money at the same time.
Whether you are a business based at home or rent an office to operate out of, there
are some simple adjustments you can make to go green and they all come down to
one thing: energy.

With lights, computers, printers
and the many coffee rounds, it is easy to see how the energy bill can climb.
There’s one simple thing you can do to reduce these costs: installing LED
energy-saving bulbs – these bulbs have been found to cut the electricity bill in our homes by 90%.

Find the middle
ground

If you have been running your
business from your home, you may now have reached a crossroads in the running
of it. Have sales boomed and you are now running out of space to contain your
stock? If this is you, you may now be thinking about renting a small office
space to work from and store your items. However, this can be costly and see
you tied in with long contracts. A cost-effective solution is to rent a
self-storage unit. Storage units, like these available from Cubic
Storage, are a safe and secure way to
free up space and still run your business effectively.

Reduce meetings

Have you ever sat in a meeting
and thought: ‘this isn’t needed right now’? Well, an unnecessary meeting can
actually be a great cost to your business. Want to find out how much your
Monday morning meetings are costing. You can calculate the
true cost of your meeting here. You can
reduce meetings by using a traffic light system. If the issue is red, you can
make it a meeting to be addressed urgently. If it’s a green, you can ask for it
to just be an email.

Invest in technology

Technology has
evolved massively. There is not a sector which
has not been touched by the advancements made, so take full advantage of this.
If your current computer is running on the slow side and the printer regularly
loses connect, it might be time for an upgrade. While this is a cost to the
business, in the long run, it can boost productivity and efficiency.

Get tactical with
your travel

This one can save you a lot of
cash, but with some clever planning. If you need to travel for meetings and
events, you should aim to plan as far in advance as possible. As the saying
goes: the early bird catches the worm. And in this case, the early bird gets
the best deals. If you need to drive, look at leaving before or after rush
hour, that way you won’t be wasting fuel or time being stuck in traffic. If you
choose to catch the train, here a few things you can do to save (quite a few)
pennies.

  • Avoid peak times –
    this is usually early morning and late evening, Monday to Friday
  • Split the tickets –
    it can sometimes work out cheaper to split your tickets and in some cases these
    do not even require you to get off and change.
  • Get a railcard – if
    you qualify then a railcard offers you discounts on travel. Great if you’re a
    frequent traveller.
  • Avoid booking fees –
    While it may not seem a lot at the time all those little booking fees will soon
    add up.

There are many ways to cut costs
in your business, from changing a lightbulb to planning more efficiently. While
at first, these may not seem to make huge savings, over time, they will make a
big difference to your overall spend. Thinking outside of the box and making
the small changes now will make the biggest impacts later on.

How to Use Bitcoin in 2020

Claire James
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How to Use Bitcoin in 2020

It’s becoming more and more clear that despite
what central banking ‘experts’ previously shouted from the rooftops,
cryptocurrency isn’t going anywhere.

Recently, bitcoin showed it’s the connection
to the stock market and other global equities when it plummeted along with the
rest during the mid-March pandemic plummet. But since then, the daddy
of all cryptos has climbed back from $4000.00 to $9500. So, what can you do
with bitcoin?

Safe-Haven

Prior to the pandemic plummet, BTC proponents
were touting that it’s a safe-haven market for your investments. On the
flip-side, traditional financial pundits were declaring the opposite. Well, the
nay-sayers are eating their words. In the first quarter, bitcoin outperformed
the S&P 500, and already in May is outperforming gold.

Some might try to point out the volatility,
because BTC fell on March 12th, losing half its price. Well, news flash, everything
dropped and BTC is the one that has most significantly recovered. So, bitcoin
is in fact, very much looking like a safe-haven
investment at this point.

But if you already own coins?

Online Casino and Sports Betting

Sportsbooks that accept bitcoin can be used to instantly convert your BTC to cash plus some sweet bonuses without actually selling out. You can almost look at it as a cash BTC wallet.

If you are nervous about indicators showing a
coming price fall, you can load your sportsbook account using bitcoin where
it’s instantly converted to dollars. When you can back out, your current dollar
amount goes back into your BTC wallet. So, although you would lose out on any
gains during that time period, you would be protected from loss. Plus, if you
like punting on your favorite Premier League team, you can move your money in
and out of your favorite bookmaker in a matter of minutes instead of days.

The blockchain’s inherent verification makes
funding and withdrawing from sportsbooks a breeze. Traditionally, unless you
went to a brick and mortar outlet, you had to wait for days and sometimes a
full week when trying to withdraw a significant amount of money from your
account. Now, with cryptos, the average time is 12 minutes.

Secure Online Purchases

One of the biggest issues the public and
corporations alike have seen over the last decade or more is cyber-security or
better put, a lack thereof.

We are constantly putting our personal
information into form fields at the behest of online vendors, financial
institutions, etc. The problem is, sites are constantly getting scrape for
info, or even worse, some of these sites secretly sell your info.

Bitcoin and its blockchain are the answer to
this problem. Contrary to what many might think, BTC isn’t completely
anonymous. You
can track the BTC address to its owner. That said, when purchasing online,
you are using encrypted BTC information. It’s the equivalent of a no-reply
address. You can see where it came from, but there’s not really anything you
can do with it. So, hackers won’t be able to steal any of your personal info or
banking info because you didn’t enter any to make your purchase.

On top of this, the blockchain itself provides
a lot of security for the purchaser. If you are unfamiliar with the technology,
in a nutshell, it’s an immutable ledger. Essentially, when you make a purchase
with bitcoin, no one person holds the keys to the filing cabinet. The files are
held simultaneously across the entire network. So, each thing that happens on
the blockchain is recorded and reconciled. It’s verified over and over again.
So, this makes it virtually impossible for you to be mischarged,
double-charged, or rebilled, etc.

The only catch with BTC is because it is
decentralized, there is no-one to handle refunds. So, you should only do
business with reputable organizations and vendors. The blockchain proves that
you made the purchase, which is enough that any legitimate business will want
to follow through with their end of the bargain because their reputation would
be put in jeopardy; the proof is in the immutable ledger and online purchases
are more secure than ever before.

Why Cyber Attack Insurance is important for SME’s?

ABC Staff
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Why Cyber Attack Insurance is important for SME’s?

The most effective strategy to reduce the likelihood and impact of a cyber attack is to ensure your business is adequately prepared. 

Any kind of business that sends, stores, or processes electronic data is potentially exposed to a cyber attack. This is particularly true for start-ups and SMEs, as they typically seek to automate their tasks to reduce their costs.

In the modern world it’s likely your infrastructure and operations are underpinned by digital processes. Experiencing downtime, being extorted, having large sums of money stolen, all as a result of a cyber attack can pose a major threat to the future of your business.

Without access to specialists or the in-house knowledge to deal with malicious cyber attacks, ransomware or malware, how will your SME respond to cyber incidents?

Cyber attack insurance and incident response

Cyber attacks are becoming increasingly common and the purchase of cyber insurance is no longer limited to e-commerce sites, financial institutions and manufacturers, heavily reliant upon their digital systems and processes.

Obtaining early assistance from cyber specialists to minimise the damage of a cyber attack or breach can be invaluable. Mitigating the interruption to the business and starting the triage process early will reduce the financial impact on your business.

The first 48 hours following a cyber attack or breach is the most important. If your business does not have a specific plan to follow, the potential damage and increased costs can escalate very quickly.

Cyber insurance can offer protection against a wide variety of cyber attacks and data breaches. First and third-party financial costs and liabilities are typically covered, not to mention access to cyber specialists to mitigate the damage.

Digital processes and cyber attacks

Businesses have an increasing dependence on digital systems to operate. Consider the potential costs if your systems went offline, or there were damage your networks or data that precluded you from operating. The loss of income and costs associated to recover from a cyber attack can be significant.

It’s worth remembering that data is a valuable asset and worth protecting. It can provide an advantage to your competitors, cause financial damage through extortion, or breach regulations to safeguard personal information under GDPR. Each of the above scenarios can have significant financial consequences and reputational damage.

Employee error and social engineering

Businesses need to ensure their employees are aware of the potential threats they face, whether it’s a phishing email, sharing passwords or using an insecure network. 

Human error and coercion remain a significant precursor of cyber attacks. Employees attempting to be helpful, can be manipulated to inadvertently provide sensitive information or access to cyber criminals. Therefore, education of employees remains a key measure to ensure that security systems are not bypassed.

Cyber attack insurance can provide a range of protections for financial loss, including cover for social engineering fraud. 

SME exposure and cyber attack security

Cyber criminals do not discriminate by size of business, only the potential opportunity for financial gain. Startups and SME’s are often viewed as easier target because they have weaker controls to guard against cyber attacks.

Most businesses hold personal information on their clients and should follow the UK government advice. The Cyber Essentials initiative identifies that business should: maintain a firewall; choose the most secure settings for devices; control who has access to data and services; protect against viruses/malware; and regularly update their security patches.

With the regulatory landscape shifting in favour of penalising companies, not to mention a growing threat from evolving cyber attacks. Businesses are increasingly turning to cyber insurance to offer protection and access to professionals to mitigate their exposure.

What is the cost of a cyber attack?

The costs of a cyber attack can be far ranging and dependent on a number of factors. PWC’s global state of information survey identified the average cyber attack cost was £857,000, with 19 hours downtime.

While the reputation and credibility of your business you have built over the years is difficult to put into financial terms. However, it could arguably be one of the most valuable assets of your business.

A cyber insurance broker can identify a range of covers available from the market. The demand for cyber attack insurance is on the increase and there are plenty of insurer’s competing, that means the protections available from cyber attack insurance have become more affordable for SME’s and start-ups.

Remember, one of the most important benefits under cyber insurance, is access to specialists that can assist with the immediate aftermath of a cyber attack or breach. Don’t wait until it’s too late for your business. 

Choose a perfect platform for the great Trade

Sam Allcock
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Choose a perfect platform for the great Trade

Traditional financial markets are sinking,
oil and even gold are not looking up. As if that weren’t enough,
cryptocurrencies have also been added. In particular, BTC is following this
path, at least for now. Here you come to know How to take advantage of the
volatility of Bitcoin to make money with Crypto
profit app.

There are different financial instruments
to make money with the volatility of the financial markets, especially that of
cryptocurrencies.

Crypto app is
an exchange initiative so that traders can take advantage of market
fluctuations to make big differences, using a small margin of money. Crypto profit app currently offers
leverage of up to 125 of your invested capital. That means that with just small
amount, you can control an investment.

If you don’t already have a Crypto profit appaccount, you can do it
from here. When registering, don’t forget to enter the codeto get a discount
for 30 days on your transactions.

Bitcoin volatility which can be used for
short-term profits through futures contracts. This investment is only
recommended for experienced traders who are willing to take risks. Stressing
that a small unfavorable market movement can leave our margin account at 0.Now
a positive move can leave our count with many zeros, but in our favor.

How
to invest step by step in BTC / USDT

1- Upon entering the Crypto profit appaccount, we will see a
screen similar to this:

2- In this step, we will transfer money
from Crypto profit appaccount in order to buy a
future BTC / USDT contract. If you do not have funds in your account, you can
make a deposit by credit card, with instant accreditation in most countries.

A window will open to enter the amount to
be transferred; in this case I will use 30 USDT. Then we click on “Confirm Transfer”
and the money is automatically transferred to the Crypto profit appaccount.

It can now enter the order, either at the
market price, or program it to trigger at a certain level. In this case, and as
an example, we will do so at the price that is currently being negotiated.

This free trading system works on a very
simple principle: it monitors 22 trading platforms at the same time and
automatically and cheaply buys cryptocurrencies from platform A and immediately
sells them on platform B at a higher price.

Here
are a few points that should dictate your choice of platform:

The term cryptocurrency is often associated
by the general public with bitcoin, but if the latter is the first
cryptocurrency, it is however not the only one that exists to date. Trading
platforms that offer to invest in cryptocurrencies have more or less the same
functionality. However, each of them has the specifics that you should take
into account before investing in bitcoin or other cryptocurrencies.

Security
and legislation

A reliable cryptocurrency trading platform Crypto profit appmust always comply with
regulations aimed at combating the funding of illegal activities. Your marketplace
should then require you to fill in your personal information before you can
trade in investing. She will ask you to provide a photo of your ID. In
addition, there are other possible checks. As for the verification period, it
can be long, but also very fast depending on the market place chosen.

Commercial
volume

Quite naturally, the volume of exchange
makes it possible to measure the degree of confidence that traders have in a
particular market place. This trading volume can also be closely linked to the
number of cryptocurrencies on offer. A platform with a high volume of exchanges
is thus better able to offer you a wide choice of assets, but also places you
in a more serene and fairer environment for exchanges.

Investment
costs

Keep in mind to find out about exchange
fees. These costs are generally declining depending on the volume invested,
ranging from 0.30% to 0.10%. Also remember to inquire about deposit or
withdrawal fees in foreign currency: euro, dollar, Swiss franc or other. Also,
don’t forget to check the cost of purchasing by credit card. It varies
enormously from one platform to another and can reach 10%.

7 Tips How to Budget and Save Money as a College Student

Sam Allcock
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7 Tips How to Budget and Save Money as a College Student

Every college student should learn how to
budget and save money because life in college I s non-stop. If you spend money
on something you do not need today, you won’t have enough to survive tomorrow.

That is why you should only outsource
assignment from affordable service providers like Mypaperwriter.com.
This way, completing an assignment on time won’t cost you an arm and a leg.

Here are 7 innovative ways to budget your money and be in control of your finances.

1.   
 Look For Second-hand Textbooks

The thing is, whether a book is brand new
or used, it has the same information. Since you’ll only be using your textbooks
for one academic year, you should consider buying second-hand books.

This is an excellent way of saving money
because to excel, you need access to all learning material. You can visit
renowned bookshops to find send-hand books that are well-maintained.

2.   
Watch Your
Expenditure on Food

The first time you join college, all you’ll
want to do is eat out and party over the weekends. Soon, you find out that your
expenditure on food is extreme. To keep this in check, you should but groceries
and cook your own food.

This way, you save money as well as watch
what you eat. To prevent this from being a huge chore, you should cook
large quantities and have meals prepared for when you return home.

3.   
 Use Student Discounts

The main benefit of being a student is that
you can use your student’s ID to get discounts. Many shops and restaurants
allow students to enjoy significant price cuts that will help you save money.

To enjoy these discounts, make sure you
always carry your student’s ID everywhere you go. Before shopping anywhere,
find out if there are any student discounts you can benefit from.

4.   
Make some
Money

Another way of saving what you have is by
making money. There are many part-time jobs that would suit you as a student.
As you know, saving is not always about cutting costs, but ensuring you have
enough to survive.

With a side hustle, you can ensure you
afford everything you need for a comfortable college lifestyle. You can take up
library responsibilities at your school library or find out if there’s an
opening at one of the school cafes.

5.   
 Live Without a Car

Owning a vehicle in college is a huge
liability because you’ll need to fuel and maintain it. If you own one, leave it
at home and find other means of moving around the school. It’s even better to
have a bicycle because it’s not only low maintenance, but it helps you exercise
every day.

You can also use buses and trains for
transportation. There are so many taxi services today that come with apps for
easier access. There is no reason for you to have a car in college.

6.   
 Make the Most of University Events

You must be wondering how events help you
save money. Well, most university events are free, which means you don’t have
to spend money to have a good time. Instead of going out and spending money on
alcohol, you should make the most of these free events.

After all, every college student needs to
ensure they make time for socializing and making connections that’ll help them
when you’re job hunting.

7.   
 Budgeting

This cannot be stressed enough because,
without a budget, you end up spending all your money without knowing where it
went. Accounting for the money you have ensures that you know what you can and
cannot afford.

Each time you need to go shopping, estimate
how much you’re supposed to spend so that you don’t come back with no money.
You need to ensure that your needs do not exceed the amount you have in your
account.

When you’re economical, you find that you
can go through an entire semester without worrying about food, or school
supplies. In case there is something you’ve been eyeing, the best thing is to
save for it slowly, rather than using all the money you have to buy it.

Conclusion

As a college student, you need to ensure
that you manage your finances. Spending without budgeting will result in you
buying things you don’t really need. Ensure that you carry your student ID so
that you can take advantage of student discounts when you’re out shopping. If
you realize that the money you have is not enough to sustain you, you should
consider taking up a part-time job. Saving money is a life skill you’ll need
even after you graduate.

How financial scammers are targeting the vulnerable during COVID-19

Claire James
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How financial scammers are targeting the vulnerable during COVID-19

COVID-19 has presented many challenges for businesses and
individuals all over the UK, particularly those who are vulnerable. The elderly
and those considered high-risk have been advised to isolate themselves during
this difficult time, and unfortunately, financial scammers have used these new
social distancing measures as a platform for a new wave of financial scams.

From pension scams and lender loan fraud, to scams
surrounding school meals and medical supplies, there is a chain of financial
scams going around that you should protect yourself and your family members
from during the COVID-19 pandemic.

COVID-19 scams to look out for

Top Financial Scams to Watch Out For During the COVID-19 Pandemic

Protecting yourself from financial scams

The National Crime Agency has released a 3-step approach to
protecting yourself and those you love from scams during COVID-19. This process
includes 3 simple steps that are highly effective.

  1. Stop – Take a moment to stop and think before you part ways with any money or any other valuable information. Don’t be afraid to tell a caller you’ll call them back.
  2. Challenge –  Do you suspect a hoax? Reject or ignore it immediately.
  3. Protect –  Report the scam as soon as possible to Action Fraud and contact your bank if you think you’ve fallen victim to a COVID-19 financial scam. You can report any potential spam emails to the government directly by sending them to phishing@hmrc.gov.co.uk.

Additionally, you should always check if financial advisors
are registered with the FCA before deciding whether or not to invest your
hard-earned money.

What to do if you’re caught up in a COVID-19
scam

If you’ve already been caught out by one of these scams,
you’re certainly not alone. COVID-19 has raised the pension fraud threat level
and the UK’s National Cyber Security Centre (NCSC) said it took down over 2,000
online coronavirus scams in March 2020. Thankfully, there are actions you can
take to claim back any finances lost.

If you’ve fallen victim to a scam, such as a financial
investment scam, you should contact your bank immediately. More often than not
scams are detected too late to reverse any decisions – and that’s where an
investment claims company can help.

Organisations like Expert
Pension Claims can help you claim compensation for any financial
mis-selling you might have fallen victim to, including any pension scams that
occurred during COVID-19.

You can of course make a claim yourself either directly to
the adviser or the Ombudsman for free, but Expert Pension Claims, a specialist
claims management company, has recovered over £5 million for their customers
since 2012 and could help resolve any case where miss selling has occurred.
It’s never too late to claim back what is rightfully yours.

Adding Sale Value Apply These Smart Tips for Taking Home Renovations in Your Stride

Elliot
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Adding Sale Value Apply These Smart Tips for Taking Home Renovations in Your Stride

Considering your home is
the largest, single investment you will make in your life, you will want to
maintain it to protect its value. Home renovations are perfect for making
changes to suit your lifestyle, or just to repair and upgrade features of your home
to keep it well maintained. It’s worth noting that these renovations will add
value and new additions to your home so check and review your home insurance
policy to protect your home and content. We spoke with Zoom Property Buyers
experts in cash for homes purchases about what renovations will build value
into your home.

Many people consider
doing home renovations when there is a new addition to the family, or when they
would like to change a certain area of their home, or add a new addition to
suit their needs and style.

Home renovations are best done during the summer months when
the weather is warm and the days are long, allowing more time to complete these
projects.

Before tackling any home
improvement project there are a few considerations to take into account. These
can include:

• Your home renovations budget,

• The space required for the improvement,

• Arranging the necessary plans for the
renovations or improvement

• Building regulations of the council or
neighborhood,

• Getting quotes from reputable building
contractors.

To begin with assessing
the current condition of your house is important and then visualizing what you
want to improve and whether it is going to be suitable.

Perhaps you want to
simply do cosmetic work which may be painting, tiling, changing doorways and
upgrading your bathroom.

Use a notebook while walking through your home to make some notes and write down ideas on the home renovations you wish to do. There may be certain areas of your home that are really run down and need repairs or upgrades and these are projects you need to consider as priority. Remember to walk around the grounds and perimeter of your home to inspect retaining walls, landscaping and any exterior garden features.

Once you have completed
your assessment you will have a list of what needs to be done and you can begin
putting your projects into action.

Prioritizing Home Renovations

Your home is your haven
for your family and you will want to keep it in tip top condition, comfortable
and safe for everyone Once you have your list of renovations and home
improvements mark done projects that will take priority These could be repairs
to the roof, rain and drainage downpipes, outside exterior walls and
outbuildings. These areas are exposed to harsh weather conditions so they are
apt to get run down.

Prioritize the repairs
that are important just as you will work down your list and prioritize the home
improvements you want to tackle. Many homeowners have huge plans for home
renovations and if you are one of them, it is best to do one project at a time and
move on to the next. If you have budgetary constraints it may mean doing one
home renovation per season or per year.

It’s Time to Get Started.

Now that you have a list
of the home development renovations you want to tackle, discuss these with your
family and choose where you want to begin. Work out what materials you need,
whether you need to adjust your house plans, what your budget is.

Once you have these
basics then you can get a few quotes from different contractors so that you can
make comparisons between them to see what suits your budget. Once you have
everything you need to begin your home renovations project get an idea of what
the time frame will be from the contractors you have chosen, and when they can
commence.

Home renovations are
exciting and you will look forward to the completed project while already
visualizing the finished work.

Work through the process
and stick to your plans and everything should be completed just as you
envisaged.

Are Tax Deductions Applicable to Personal Loans?

ABC Staff
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0
Are Tax Deductions Applicable to Personal Loans?

Personal loans are typically utilised to finance a large purchase like house or cars, fund a big event like a wedding ceremony, or consolidate high-interesting debts. They’re offered through P2P or peer-to-peer lending networks, employers, or banks. 

In today’s market, personal loans are among the cream of the crop. Just between Q3 2018 and Q3 2019, the total amount of both secured and unsecured loans skyrocketed from 20.3 million to 22.5 million. 

While the said increase seems like a big development, personal loans only make up around 2% of the overall consumer debt in the United States. One reason for this is that some (or many) borrowers might not know how personal loans work and how the Internal Revenue Service (IRS) deals with them.

Whether personal loans are tax-deductible or not is one of the questions that many borrowers are confused at. If you’re one of them, we’ve got you covered. In this article, we’ve curated crucial information about the tax implications of personal loans. 

Tax Liability for Personal Loans

A tax deduction or allowable deduction, as the terms imply, is an expense that can be reduced from a person or married couple’s gross income to lessen the amount of money that is subject to a tax. Take note that only “taxable income” can be tax-deductible. 

Personal loans are typically not considered taxable income. Your repayments for these loans aren’t tax-deductible. Say, you borrow a sum of money through a personal loan to finance your wedding ceremony or cover other personal expenses. The interest payments you pay for this loan, be it secure or unsecured, do not reduce your tax liability. 

Tax-deductible Personal Loans 

The thing is, if you use a personal loan to fund your schooling, company launching or expansion, and home improvement, the interest you’ll pay can be tax-deductible. Check them out here:

Mortgages and Home Equity Loans
Mortgages and home equity loans are only tax-deductible if funds borrowed are utilized to finance building, renovating, or buying a property. 

For example, for married taxpayers who are filing a joint return, you may be able to take off interest on the first $750,000 of your first or second mortgage. Alternatively, if you’re planning to file a separate return, you can subtract interest on the first  $350,000.

Business Loans
If you’re a business owner who is using a personal loan for your business, you can also deduct the total of the interest payments. However, only the percentage of the amount used to finance your business is tax-deductible. 

Student Loans

Paying off student loans has been one of the financial crises of many American citizens, including those who already graduated, settled down, and been working for years. 

The good thing is student loans can now be deducted for about  $2,500 in interest annually. However, they’re only tax-deductible if you’ve taken out the loan from a qualified lender, such as the credit or cash ninja. 

Private personal loans, especially from friends, friends, or colleagues, aren’t deductible. However, if you are the one lending the money to someone else, the IRS can “potentially” treat the interest payments you will receive as taxable. To avoid being dinged by the IRS, you need to get the borrower’s Social Security number and income and file Form 1099-INT. 

Other Exceptions: Loan Forgiveness and COD

Loan forgiveness or cancellation of debt (COD) are two ways to be off the hook in paying taxes for your outstanding balances. 

Loan Forgiveness 

If your loan is forgiven, you don’t have to pay for the taxes of the amount that’s less than your liabilities that are subtracted by your assets. That’s why loan forgiveness is often considered as a form of a gift. 

Cancellation of Debt (DOD)
If your loan is canceled, your lender doesn’t expect and require you to repay the remaining balances or the loan’s principal. It seems like the loan becomes the income that’s given to you by the lender.

Then, your lender might send a form called Form 1099-C, which you have to hand into the IRS. You’ll typically get this form after the abandonment of property, foreclosure, modification of a loan on your principal residence, property return, and repossession. This document will prove that your loan’s interest is now a cancellation of debt (COD) income, which is taxable.

If a percentage of your personal loan is forgiven or canceled, lenders will no longer expect you to repay your outstanding balance. Hence, the IRS will consider the loan balance as income, which can eventually become tax-deductible.

Takeaway

Personal loans aren’t considered as taxable income because they’re “loans” and must be repaid in the first place. There are exceptions, though. Some personal loans utilized for expenses like investments, business expenses, and qualified education expenses are tax-deductible.

Here Are 5 Things to Consider When Starting A Training Consultancy Business

Claire James
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0
Here Are 5 Things to Consider When Starting A Training Consultancy Business

If you’re passionate about training, love impacting
people and organisations, and want to have a career that delivers more than a
payslip, setting up a training firm is the way to go.

This article is intended to help you ask some of the
important questions before you begin, and to provide some knowledge other
platforms do not.

1. Target Market

Your idea may be the best you’ve ever heard, but demand
for your ideas needs to be in place.

Somebody needs to be able to pay you for your
professional advice. To put it another way, who are your future clients? Can you sell your
consulting services to major corporations?

Or are you going to be selling a service that will only
attract smaller companies? In any case, make sure you spend time creating a
business and marketing plan.

2. Staff and Skills Needed

The personnel required by your new training firm can vary
drastically due to the scale of the business. Therefore, it would make more
sense to look at the appropriate tasks, rather than individual members of the
team.

Here’s why: if the company is small only one employee
may be able to carry on many duties. For a bigger company, you will need to
include many team members to perform the same function.

3. Business Model

One of the first (and most important) choices you’ll
have to make is ‘where do I get my revenue from?’

If you’re not okay with selling your services, then
you’ll need to concentrate on seeking out opportunities for backend income. You
need to make sure that, as a freelancer, you are not too reliant
on one client.

4. Business Insurance

No matter how professional you are, there’s still a
risk something might go wrong. If it does, you’ll need to be sure your company
has the right insurance cover to protect it.
Getting the right cover right from the start means that the company is in the
safest position to rebound in case something goes wrong.

5. Registrations and Licenses

You may either run your company under your personal
name or a made-up business name, based on your ambition and the degree to which
you plan to expand your practice. If you are operating the business in your own
name, you are generally going to operate as a sole proprietor.

Registering as a sole trader ensures that you will be
fully responsible for the responsibilities that come with your service. When
you lose, you will be financially responsible, so if the company is profitable,
you also are.

An option is to set up a Limited Liability Company
(LLC), in which your firm is treated as a distinct company and your personal
finance is not in threat.

Conclusion

If you are self-motivated, have experience, and are
skilled with people, then you are well on the way to beginning a training
consultancy company.

When you have what it takes, the
best way to learn is to take action. Bring yourself out to try to find the
first client. After you have developed a strategy, revisit it periodically and
ensure that you make decisions in accordance with your business and priorities,
as well as making any changes required along the way.

How to Look After Yourself as a Busy Professional

Claire James
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0
How to Look After Yourself as a Busy Professional

Self-care can be one of
the first things to drop off the end of the ‘to-do’ list when we’re busy. It’s
really tempting to think it’s not necessary, and that we need to do other
things first.

Experts say self-care is
a must for mental health, so how do you find the time when you are a busy
professional?

Take Time to Exercise

A little exercise to
reduce stress will go a long way. Even a short morning stroll will boost your energy
and inspiration for the day ahead. Set your alarm a little earlier than normal
and hit the pavement. Save time by preparing the night before the exercise.

How? By choosing what
you will wear and keeping other necessary items, such as headphones, a snack
and a water bottle, where you can easily grab them. The idea is to get moving
as soon as your alarm rings without spending too much time preparing.

Keep Healthcare Appointments

Have an appointment to
see your doctor? Schedule it into your calendar and plan to keep the
appointment. Do not postpone it because you are busy.

Or perhaps you need to
see a doctor last minute, but you are too busy to wait around all day at a
doctor’s office waiting to be seen? In that case, invest in a private health
insurance plan so that in the future you can fast
track your doctor’s appointments and see a specialist sooner, allowing you
to put your mind at ease without disrupting your working life too much.

As the wise saying goes,
prevention is better than cure.

Eat Right

There is so much
information on nutrition and
eating well out there that it seems to be everywhere you look. A lot of the
time it can seem like eating healthy and nutritious meals requires a lot of
effort, which is why it seems a lot easier to get fast food when you’re busy –
saving time and energy for other things. But – not all foods are created equal.

Your food preferences
have a direct effect on your physical and mental health, so choosing your food
carefully is crucial. To know the right food to eat, you should talk to a
nutritionist and visit trusted sources of health information online, such as government
health websites.

Practice Meditation

Meditation is the
perfect way to get in touch with your instincts and listen to yourself. Many
achievers in the world credit meditation as an important practice in their
daily routine. Not only that, but it can have great
benefits for your brain and body

Try to set up an area
within your home (or even your office) where you can sit in peace and quiet and
really focus on your practice – even if it is only for a few minutes a day.

Squeeze in a Few Breaks into Your Schedule

Don’t forget to plan some
“me” time into your day, so that you’re not going absolutely
nuts. Take a short walk, listen to some music in your car. Doing so can greatly
reduce your stress to remove yourself from the work environment for even 10 to
15 minutes.

Lastly, Ask for Help

However, busy you are,
whatever happens in your lives, we are important. If you need it, support is
always available. You have to put yourselves first sometimes and incorporating
any of these tiny suggestions of self-care in your day will help keep you in
tune.

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