How to Resolve Your Tax Debt

Being in debt to the Internal Revenue Service can be a frightening and perplexing experience. You may have made an honest mistake, but cannot figure out exactly what you owe, why you owe it, and what options you may have in paying it. Dealing with the IRS directly can be even more frustrating, which is why you should not do it. You should instead hire a lawyer who specializes in resolving tax problems.

Hiring the Right Lawyer

Lawyers such as the ones at can act as a buffer between you and the tax authorities. Indeed, there is a thriving industry within the legal community, mostly Washington-based, that offers to fix IRS problems no matter where the client happens to be. However, it is always better to work with a lawyer you can trust. You are likely to be more comfortable with a lawyer who you can see face-to-face whenever you want to instead of some faceless out-of-town attorney.

A Houston-based tax attorney will have a better understanding of your business and how it operates in the state of Texas. You will also be working with someone who will make it their business to earn your trust rather than taking it for granted.

Needed: An Individualized Plan

There is no effective one size fits all approach to IRS problems, and you should not be led into believing that there is. Each problem is unique, and if you do not create an individualized plan to resolve it then the matter may drag on indefinitely.

Every problem begins with analysis, and every analytic process begins with questions. Here are some of the questions your Houston tax attorney will ask to solve your IRS tax problem:

-Is there a statute of limitations that has run out for your back taxes?
-Is there a compromise to be had to resolve your back taxes?
-Is establishing a payment plan with the IRS the right kind of relief for you?
-Is it possible to discharge the debt through bankruptcy?

Your lawyer will go through each of these options with you. If necessary, they will contact the IRS on your behalf to get the information and clarity you required to make the right decision.

Dealing with the IRS

The IRS is not always in a position of seizing assets or putting you in a collectable status. Even they must adhere to rules and regulations. If your debt is not sizeable enough to put you in that category, they will most likely want to work out a payment plan that is sustainable. Such a payment plan will be instituted through a legally-binding agreement. You should allow your lawyer to work out the details of such a plan, and you will want them to review the language.

The IRS has an army of lawyers ready to enforce their decisions. It is important to have a tough, intelligent, and experienced lawyer on your side. The IRS tends to respond more reasonably when they are faced with such legal firepower.


Have a payment app on your phone? Use it to pay bills

The best apps today double up as money transfer apps cum bill payment platforms. We study their utility in managing your money.

Bill payment is a chore that every person must face in daily life. There is no getting away from it – not paying the bills on time can result in suspension of phone, broadband and household utilities.

A surprisingly large number of people are still paying their bills in cash, not having tried online payment modes which are more convenient and economical. Even in the online payments space, it is better to use payment apps or money transfer apps to manage your monthly finances, pay your bills and transfer money whenever needed.

How payment apps help you manage your money

Apps are a relatively new invention in the smartphone space, though you wouldn’t think it to see the ease with which people are using them. There are scores of apps in every category of use that you can think of. A majority of them are free to use and offer great utility.

  • Perhaps the most vital and useful apps are money transfer apps. These are broadly known as ‘payment apps’ since they deal with the transfer and receipt of payment.
  • Money transfer apps are handy tools to manage your finances, helping you pay bills and recharge your connections on the go. Some of the best ones keep track of expenses, manage an archive of past bill payments, and also allow you to set curbs on spending.
  • They are also used to track your finances. For instance, if you are using a money transfer app like myAirtel, then you get the multiple advantages of recharging, paying phone and utility bills and also managing your money in a savings account aka the Airtel Payments Bank. The Airtel Payments Bank pays savings interest of 4% on the residual money in the wallet. Thus, you are able to manage your savings much better and also streamline bill payment using just one multiutility app.
  • You can use a money transfer app like BHIM UPI app to send money to your phone contacts (provided they have also set up the app on their phone). The transfer is done at once, since the app is linked to your bank account. This way, you can split restaurant bills, pay for cabs and other private transport, make online purchases, etc. without using a debit/credit card or doing net banking.
  • Money transfer apps offer not just ease of use but utmost security as well. When using secure apps like myAirtel app, the safety of your bank account is never compromised and you can pay your bills and make transfers in a secure online environment.
  • Some of the best payment apps like myAirtel app also offer frequent cash back and discount on recharging the phone and DTH connections.


Business Finances a Mess? Follow These 6 Easy Steps to Get Them Back Under Control

It’s so easy for your finances to take on a life of their own and quickly spiral out of control, leaving you with no idea what is going on in your bank account, how your income and outgoings are working together, or what to do to start managing your money well again. Left untamed, this can lead to a huge problem. You could end the year on a loss, struggle with your tax return or miss the deadline completely and find yourself unable to pay staff or suppliers. So, follow these steps to do something about it. Before it’s too late.

Understand the Difference Between Profit and Cash Flow

You’d be amazed at how many business owners still confuse profit and cash flow. This is a dangerous mistake. Put simply, cash flow is literally the movement of money into and out of your business in the form of income and expenditure. Profit is what you are left with once all the expenses have left your account. This is the money you have actually made. Knowing the difference can help you understand what your money is doing, better equipping you to manage your finances.

Look at Your Finances

Take some time to look at what’s going on. Print out bank statements and account details. Go back at least six months and track your money. You should be able to spot patterns and figure out what has gone wrong. This can help you to understand your finances and stop you from making mistakes in the future.

Assess Any Debts

If you have any debts, it’s better to know about them and understand where they have come from and why. Then, make sure you don’t ignore them. Think about what you need to do next. This could be speaking to those you owe, applying for a business loan, or freeing up some income from elsewhere. Write a list of options and start working down it.

Start Keeping Everything

If you aren’t already, start keeping all of your invoices and receipts. File them in order and record all of the details electronically. This will make it easier to manage your money and fill your tax return.

Use Spreadsheets

Spreadsheets are a fantastic way to keep track of your income and expenses. Make sure you spend some time at the end of each week filling them in. At the end of the year, your income will be right there in front of you. You won’t need to do any math or find any invoices.

Hire an Accountant

If you are really struggling, hiring an accountant can help you to sort yourself out and save money in the future. Another option is studying an online masters of accounting. A master’s degree in accounting will help you to build a firm knowledge of accounting and finance, which will help you to grow your business and make more money in the future.

Whatever you do, don’t ignore your money worries. Confront them head on and use it as a chance to learn and grow.


How to Renovate Your House With The Help of a Personal Loan

Home renovation can be a big stress and requires getting a personal loan for repairing or renovating your house. But banks are desperately looking for borrowers, who have a decent credit history and have a capacity to pay off the loan properly without risk.

Home Improvement Loans

Personal Loan can help you begin the home renovation, but the other possible option is to get a home improvement loan from the bank if you only want the loan to renovate the house. The loan on home improvement can get you tax deduction benefits while a personal loan will not provide you with any tax benefits. Note that a home improvement includes reconstruction of an existing old property or newly purchased property or apartment.

Home Renovation Loans

An estimate of the cost of the renovation is required at the time of applying for the loan and needs to be submitted with all your documents. A home renovation loan will help you extend your property, such as getting an extra room or making an extra floor, balcony, plumbing or exterior elevations work, all are covered under the home renovation loan.

Notably, making your kitchen modular and getting a new wardrobe is not covered under the home improvement loan category. For such furniture purchase and work, a personal loan is better, but you will not be eligible to apply for any tax exemption.

Mostly people avail a personal loan in case of renovation because of the scope of work involved. But in some cases, it is possible that they are not aware of a home improvement loan.

Choosing According to Tax Benefits

If you do not want to avail a home improvement Loan for a small amount, then you can avail a personal loan against gold or fixed deposit or even property, to benefit from the lower interest rate. But home improvement loan will help you get a tax deduction on the loan repayment.

As per income tax act, section 24, the interest paid on the home improvement loan can be eligible for tax deduction up to INR 30,000 p.a. but the owner and the co-owner only can avail the benefit.

Documents Required

Documentation required for a Loan on Home improvement are as follows:

  • Proof of identity and resident
  • Proof of Income
  • Employment contract/Appointment letter
  • Bank statement
  • Passport size Photograph
  • Cost of Reconstruction of the house
  • Own contribution for home construction

Most important Documents in terms of obtaining Home re-construction Loan are:

  • Title deed of the plot
  • Copy of the plans, approved by the local Authorities
  • Construction estimate by an architect/Civil engineer

So the better option always is to go for a home improvement plan rather than personal loans, as you will find this much better in terms of tax deduction and other benefits offered by the banks. But specifically in terms of small amounts required to improve a house, it is advisable to not get an unsecured personal loan than a loan against some fixed deposit or Gold to avail very less rate of interest.

Home renovations can be a costly yet necessary expense to improve the experience of living in your own home. And of course, we all wish to live in a house that best reflects the things that comfort and delight us. But there is necessarily a cost associated with all of this. It, therefore, is important to balance between the things you want and its long-term impact on your finances. Accordingly, you can go for a personal loan that best serves your interests.


How Finance Team Member Get Free Time to Improve Their Skill

Basically, a finance team member is always busy with their work and because of that, they won’t get enough time to improve their skills. But finance members have a lot of possibilities to improve their skills easily. Great financial information can enable you to settle on the correct choices. Consistently, team members go with options that influence their organization’s financial execution, if it is planning activities, setting up a financial plan and affirming a capital speculation.

In case you are running retail or an independently employed tradesperson, online business or locally established, it’s critical to comprehend and deal with your cash effectively. Frequently these team members do not have the fundamental financial skills to enable them to comprehend the financial outcomes of their choices.

  • Effective factors

Keeping up your own Online Invoicing, financial proclamations can likewise secure your time and cash and help persuade moneylenders you are a decent possibility for accepting finance. Subsequently, assets are squandered, poor choices get made, and the financial execution of the association endures. Revisit your checkbook or bank proclamations for the most recent year and record the amount you spent in every classification. Team members ought to be comfortable with the fundamental financial articulations arranged for outer clients and what data is displayed in every announcement. There are first class powerful ways you can improve your financial learning and construct your comprehension of financial terms, explanations, and examination. A comprehension of the financial articulations will furnish you with the fundamental wording expected to speak with your finance team members and accounting.

  • Enhanced services

If it’s for yourself or a staff part, preparing is the most ideal approach to take control of your finances. The spending planning process is an opportunity to address how assets are being utilized and in case they could be utilized all the more successfully or proficiently. There are various free or minimal effort preparing alternatives accessible. Departmental spending ought to be straightforwardly attached to the targets, techniques, and activity gets ready for the spending year and lined up with the organization’s vital outcome. There are numerous online assets and applications that can enable you to be more centered on what you are really spending. Team members should recognize and archive the working suspicions that drive their spending levels. Provided that this is true, make your financial plan.

  • Skill improvement

Team members need to examine the fluctuations against the financial plan. Know about each and every penny you spend! Every noteworthy difference, great or troublesome, ought to be inspected. At the point when individuals don’t do that, their cash keeps an eye on simply dissipate. It requires a touch of a push to search for coupons, influence records, to analyze the costs at the stores where you shop, yet it’s justified, despite all the trouble over the long haul. In case you can’t clarify the spending fluctuations in view of your insight into the tasks, you should contact the finance division quickly. Furthermore, it has a big effect. While Online Invoicingis hard to abstain from, taking in the phrasing gives you a superior comprehension of your financial articulations.

  • Huge advantages

Team members regularly present and safeguard capital speculations and vital activities intended to improve operational and financial execution. This causes you to ask more particular and regularly more essential inquiries. The financial assessment of these undertakings is a key component of the endorsement procedure. You can’t hope to have a strong financial future in case you’re not considering how to develop your cash. Financial skills are a vital section of the fundamental toolbox that any team member ought to have. Asking your professional accountant inquiries can improve the comprehension of your finances and increment your financial proficiency.

Team members ought to comprehend the financial ramifications of their choices and how to utilize financial data to improve their organization’s execution. It can guarantee you’re completely educated before settling on financial choices, and in addition enable you to reveal conceivable mistakes. Preparing and advancement associations ought to guarantee that their initiative improvement programs give the essential financial skills that their pioneers need to deal with the business all the more viable. Financial advising is a free, classified and autonomous support of assistance you improve your financial circumstance. From the above-mentioned scenario, the finance team member gets free time to improve their skill.