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Voluntary Liquidation -
Licensed Company Voluntary Liquidation Lines Henry offer free initial consultations on all personal and corporate insolvency matters.
Monday, August 23, 2010
Wednesday, June 9, 2010
Monday, May 3, 2010
What'll They Tax Next?
Some states have already slapped taxes on blueberries, illegal drugs and fur clothing. But as budget shortfalls grow, state legislators are looking for even more creative ways to earn revenue.
A Little Off the Top
Your next trip to the barber could trim a little more than usual from your paycheck, depending on where you live.
In an attempt to balance their budgets, states like Michigan and Nebraska are considering making you take a haircut, by extending the
state sales tax to include personal grooming services.
"These states are expanding the services they're taxing, and a haircut is considered personal grooming and can be seen as a luxury item," said Kim Rueben, a senior fellow at the Urban Institute. "And while you might not think a haircut is a luxury item, you could always do it cheaper or at home."
Pulling a Tax Out of a Hat
Lawmakers in Maine are going after children's entertainment to make a little extra money for the state.
A bill proposing a 5% state tax on a slew of things, including comedians, clowns, jugglers, ventriloquists, petting zoos, paintball and even haunted hay rides will be voted on this summer and would go into effect in January 2011.
"People make fun of the bill, saying we're taxing clowns and that kind of thing, but that's not the way to look at it," said Maine House Majority Leader John Piotti. "It's a comprehensive change and we're doing it in a very smart way."
But purveyors of such services are afraid their profits will disappear. Angelique Steelgrave, who works with her husband as a full-time magician, said that this tax will have a huge impact on small entertainment businesses like hers.
"We hate the idea," she said. "Not a lot of businesses these days have the luxury of raising prices 5%, and in a lot of cases, this could be a serious amount of money we would either have to charge clients or eat ourselves."
A Little Off the Top
Your next trip to the barber could trim a little more than usual from your paycheck, depending on where you live.
In an attempt to balance their budgets, states like Michigan and Nebraska are considering making you take a haircut, by extending the
state sales tax to include personal grooming services.
"These states are expanding the services they're taxing, and a haircut is considered personal grooming and can be seen as a luxury item," said Kim Rueben, a senior fellow at the Urban Institute. "And while you might not think a haircut is a luxury item, you could always do it cheaper or at home."
Pulling a Tax Out of a Hat
Lawmakers in Maine are going after children's entertainment to make a little extra money for the state.
A bill proposing a 5% state tax on a slew of things, including comedians, clowns, jugglers, ventriloquists, petting zoos, paintball and even haunted hay rides will be voted on this summer and would go into effect in January 2011.
"People make fun of the bill, saying we're taxing clowns and that kind of thing, but that's not the way to look at it," said Maine House Majority Leader John Piotti. "It's a comprehensive change and we're doing it in a very smart way."
But purveyors of such services are afraid their profits will disappear. Angelique Steelgrave, who works with her husband as a full-time magician, said that this tax will have a huge impact on small entertainment businesses like hers.
"We hate the idea," she said. "Not a lot of businesses these days have the luxury of raising prices 5%, and in a lot of cases, this could be a serious amount of money we would either have to charge clients or eat ourselves."
Tuesday, April 13, 2010
More Money Monday roundup: E-filing advice & as well as a hedge fund show tune
* Looking to increase tax time efficiency by filing with the IRS online? Watch this how-to video on keeping your private financial information secure using e-returns. [MarketWatch]
* The Fed might have led you to believe that the recession ended sometime in mid 2009, but a committee at the National Bureau of Economic Research has released a statement that they are not yet out of the woods in the economic downturn. [New York Times]
* Build-your-own might be a great concept when it comes to plenty of things: ice cream sundaes, a tiny home improvement etc. But not necessarily credit cards. With the proliferation of customizable cards and intricate reward systems, don't be blinded by the glitz that can sometimes shroud the fine print. [WalletPop]
* Sure, you gripe about the cost of gas in relation to your automobile. But what about parking? Check those garage tickets to make sure time and price match up: after all, rip-offs happen. [The Consumerist]
* Nothing like a nice show tune to wipe away the fat cat gloom. This American Life and Planet Funds asked a Broadway composer to put together a number for their segment on the hedge fund Magnetar. Here's the result.
Voluntary Liquidation -
Licensed Company Voluntary Liquidation Lines Henry offer free initial consultations on all personal and corporate insolvency matters.
* The Fed might have led you to believe that the recession ended sometime in mid 2009, but a committee at the National Bureau of Economic Research has released a statement that they are not yet out of the woods in the economic downturn. [New York Times]
* Build-your-own might be a great concept when it comes to plenty of things: ice cream sundaes, a tiny home improvement etc. But not necessarily credit cards. With the proliferation of customizable cards and intricate reward systems, don't be blinded by the glitz that can sometimes shroud the fine print. [WalletPop]
* Sure, you gripe about the cost of gas in relation to your automobile. But what about parking? Check those garage tickets to make sure time and price match up: after all, rip-offs happen. [The Consumerist]
* Nothing like a nice show tune to wipe away the fat cat gloom. This American Life and Planet Funds asked a Broadway composer to put together a number for their segment on the hedge fund Magnetar. Here's the result.
Voluntary Liquidation -
Licensed Company Voluntary Liquidation Lines Henry offer free initial consultations on all personal and corporate insolvency matters.
Thursday, April 1, 2010
US stocks fall on fresh jobs fears
New York, April 1 (DPA) US stocks declined Wednesday after a private survey suggested that March was a worse than expected month for the struggling US labour market.
ADP Employer Services predicted that US firms shed 23,000 jobs over the month, dealing a blow to the hopes of economists that the labour market would finally begin emerging from a prolonged slump.
Economists have predicted that 40,000 jobs were added in March, according to a Bloomberg News survey. The government's official monthly tally will be released Friday.
The blue-chip Dow Jones Industrial Average dropped 50.79 points, or 0.47 percent, to 10,856.63. The broader Standard and Poor's 500 Index fell 3.84 points, to 1,169.43. The technology-heavy Nasdaq Composite Index was down 12.73 points, or 0.53 percent, to 2,397.96.
Wednesday marked a disappointing end to an otherwise strong first quarter. The Dow has climbed 4.11 percent, the S&P jumped 4.87 percent, and the Nasdaq gained 5.68 percent since the start of the year.
The US currency dropped Wednesday against the euro to 74.02 euro cents from 74.56 euro cents Tuesday. The dollar climbed against the Japanese currency to 93.45 yen from 92.8 yen a day earlier.
Wednesday, March 31, 2010
Personal Finance Planner
The LivingBalanceSheet.com, a Personal Finance Planner, provides financial planning system and financial management software. The system aggregates information about assets and liabilities into one place and conducts complex analysis on them for better decision making.
Personal Finance Planning
A key component of personal finance is financial planning, a dynamic process that requires regular monitoring and reevaluation. In general, it has five steps:
- Assessment: One's personal financial situation can be assessed by compiling simplified versions of financial balance sheets and income statements. A personal balance sheet lists the values of personalassets (e.g., car, house, clothes, stocks, bank account), along with personal liabilities (e.g., credit card debt, bank loan, mortgage). A personal income statement lists personal income and expenses.
- Setting goals: Two examples are "retire at age 65 with a personal net worth of $1,000,000" and "buy a house in 3 years paying a monthly mortgage servicing cost that is no more than 25% of my gross income". It is not uncommon to have several goals, some short term and some long term. Setting financial goals helps direct financial planning.
- Creating a plan: The financial plan details how to accomplish your goals. It could include, for example, reducing unnecessary expenses, increasing one's employment income, or investing in the stock market.
- Execution: Execution of one's personal financial plan often requires discipline and perseverance. Many people obtain assistance from professionals such as accountants, financial planners, investment advisers, and lawyers.
- Monitoring and reassessment: As time passes, one's personal financial plan must be monitored for possible adjustments or reassessments.
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