Category: Content

Starting and managing a business requires detailed attention, especially when filing business taxes. Whether you own a startup with limited employees or an independent contractor, taxes are essential for entrepreneurs.

However, taxes are complicated, and penalties for making tax mistakes can influence the business structure adversely. Tax structuring and the location of your company are the two challenges usually faced by entrepreneurs. Primarily, entrepreneurs should avoid maintaining personal liability and setting up costs.

However, it can only happen if you’re familiar with the locality of your business. You’ll probably get a place with privacy laws and regulations. Once entrepreneurs find an appropriate location for their companies and provide a structure for taxes, they can effortlessly get enough time to enhance their products and services.

On the contrary, the mistakes or errors made by the entrepreneurs have significant consequences for any small business as it is not mature enough to resist them. When these errors are related to taxes, you might get caught in obstacles for a long time.

Avoiding tax mistakes is critical for entrepreneurs, especially if you can’t hire a tax professional. Consequently,  you need to know the two most common glaring errors made in the case of taxes.

Lack of Sales Tax Collection on Online Purchases

New business ventures often fall prey to assumptions, especially in e-commerce. One of the most significant errors an entrepreneur can make is avoiding the sales tax collection. Generally, online businesses don’t pay the sales tax as they can’t collect it.

However, the virtual sales of products and services are based on local taxation laws. If the respected laws govern you to collect sales tax, you’re responsible for collecting and filing the returns.

The online sales tax problem is becoming even more complex due to a lack of awareness between the merchants. According to government officials, every non-exempted merchant is supposed to collect sales tax from customers residing in the law’s locality. Businesses are bound to follow these laws, and acknowledgment is the initial step towards implementation.

Lack of Financial Records

Indeed, maintaining financial records is a tough job, but it is mandatory for fresh entrepreneurs. Knowing the financial condition of your business is essential for its success, and it will keep you out of taxation issues as well. Initially, every company focuses on sales generation and how to enhance their products for profitability.

As an entrepreneur, you might have to wear multiple hats and fulfill several responsibilities. Often, their focus shifts to another task without completing the previous one, which can be very challenging. Unfortunately, you might be left with a pile of financial issues and unattended tax payments because of the diversified attention. In such circumstances, you can hire a professional accountant to carry out every financial operation, and you won’t worry about unpaid debts or taxes.

Additionally, some entrepreneurs improperly handle the sales and expense receipts of the business. Without records, you might have to pay higher taxes than usual. Besides this, you would also lack in maintaining your business’s records, which is much more insecure than dealing with taxation issues. That’s why financial records are of utmost importance, especially for entrepreneurs.

How to Fix the Financial Issues

Accounting is the primary language of the business world. If you’re an entrepreneur, you don’t practically have to be a certified accountant to understand the accounting language, but having a basic acknowledgment of accounting mechanisms would be enough.

In cases where you’re unaware of them, hiring a professional accountant will be helpful as he’ll take care of all the monetary operations on your behalf, including the tax payments. However, you must regularly review the financial records to know the current situation.

While starting, time and investment are invaluable for entrepreneurs. It is essential to consider the tax decisions wisely and efficiently. These decisions are the backbone of your business, which can genuinely either make it or break it. So, make sure to pay the taxes timely, and you’ll stay safe.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Implementation of a business’s strategic plan often begins by anticipating management’s expectations about future economic and technological projects and their influence on its determined goals, both short-term and long-term. After conducting the project analysis, the organization develops potential strategies that might help it achieve its goals.

Every project requires money. If you have a bigger budget, you can probably get more hands-on on the project to finish it quickly. Subsequently, no project can be planned without a budget, and regardless of how many resources and activities are involved, the process of figuring it out will always remain the same.

It is essential to appear with evaluated estimates for every project cost. Once you’ve compiled it, you can add the estimated cost into a budget strategy. Your company’s projects are the way to profitability.

You’ll have to use such strategies to utilize the cost of the company’s resources, including valuable time, materials, and equipment. Additionally, you must ensure some other factors, such as sound decision-making, the risk ratio involved, and the company’s financial performance.  

Often, when you begin a project, there’s already an estimated cost present. This estimate will become more prominent as time goes on, and you’ll get to learn more about the project. Here are six strategies for creating a budget for a project and managing internal costs.

Determining Resources

When developing strategies for a new project, the initial stage is to break down the available resources. This stage is crucial as it lays the foundation for internal cost tracking.

You will have to determine the labor costs and available materials. Once you have decided what resources you have, you can budget for what is needed to fulfill the project.

Estimating Costs

After determining the available resources, we’ve to anticipate the cost required for the successful completion of the project. Entrepreneurs persuade the budget of the required resources and take an estimate of the expenses out of it. Cost estimating is a constant procedure of calculating the total cost, methods, and techniques applied during the project completion.

However, companies often need to bring in their historical experience, so the methods and techniques vary from project to project.

Budgeting Costs

Once the estimation of the internal costs for the project is finished, you can send it further for approval. The budget gets authorized following the estimated costs for the project. Lastly, funds are requested, and the procedure begins.

Vendor Analysis

You must often work with an external supplier or contractor to complete your project. You might even have multiple contractors’ bids on the job. However, you must wisely select the smart enough to understand the terms and work within your budget.

Controlling Costs

Measuring the project’s cost, including all the expenses, is known as cost control. Every operator must follow all the cost control obligations highlighted in the project’s structure. If any signs of cost variations occur, the management will look for the cause, and if they are considered inappropriate, preventive measures are likely to be taken. 

This way, the company will effortlessly avoid any financial crisis because of cost variations during the project completion.

Quality Costs

Lastly, you must determine the quality-related operations in the comprehensive budget. Since finding bugs earlier in the project is inexpensive, quality costs are always connected with everything your project produces.

Cost of quality is a smart way of tracking the costs of those operations. Precisely, it is the amount to complete the project righteously. Costs are associated with activities, and since each activity has a duration period, it is possible to determine how much money will be spent during the project.

Once you apply all the above-evaluated strategies, you’ll estimate your project’s cost. Also, you can save extra pennies once you’ve gathered all the supporting information. In this way, you’ll develop a sound budget plan through the assumptions you made at the beginning.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Fixing the car, buying a television, making a weekend getaway, or celebrating your child’s birthday are some reasons we may need a small financial aid. Faced with the need for money, we can access different loans, but what is the best alternative?

Nowadays, there are multiple methods to obtain cash for personal consumption. In addition to banks, we can choose to finance with a credit card or request an online loan. However, it is imperative to analyze all the alternatives before deciding.

Credits and Personal Loans

Asking for a loan is complicated, especially when we do not know the alternatives thoroughly. Some may seem simple, but we must pay much interest for not having investigated enough. We save you the job with an exhaustive analysis of the different types of loans.

Bank Loans

Bank loans are contracts through which the financial institution – the bank – advances money to another person called the borrower, with the obligation that the latter return the capital and pay some interest each month. Banks offer many alternatives with different names that work in the same way.

Before asking for a loan at the bank, we must analyze the interest rate, the repayment term – the time we must return the borrowed money – and the monthly payment amount. Unlike other types of loans, these entities, in addition to interest, charge opening and cancellation fees, making the service much more expensive.

The biggest problem with this type of loan is the requirements demanded by the financial institution. Before granting a loan, the authorities conduct a feasibility study to assess the borrower’s ability to pay.

Loans with a Credit Card

For this convenience, some people prefer to finance themselves with a credit card instead of asking for a loan. However, resorting to the minimum payment of the card can be a mistake and too expensive. It is so costly that we can spend the next ten years in debt.

While making the minimum payment mild if unexpected expenses arise is possible, this should not become a usual practice as we can develop an unhealthy dependence on the banking system. Above all when, we have other alternatives, such as online personal loans.

The minimum payment generally represents about 5 percent of the debt plus fixed non-financeable expenses such as administrative, annual, interest, late fees, commissions, taxes, cash advances, and costs.

Therefore, the minimum amount is composed mainly of interest, commissions, or taxes and not those payments that could reduce the amount owed, that is, what we are financing.

This form of financing is much more expensive than bank or online personal loans because it implies interest on the balance of more than 60 or 70 percent per year. The banks define the minimum payment to cover the interest, not the debt.

In addition, the minimum payment amount is not determined, which can be detrimental for those who prefer to plan their finances in an organized manner.

Personal Credits Online

Asking for a loan to deal with something unforeseen may be a good idea. Luckily, banks and credit cards are not our only alternatives. Getting a personal loan no longer means doing endless rows in banks and presenting dozens of documents. Today, you can earn money through the Internet in insecure places. We will tell you step by step how to do it.

The amount: first, we must establish the amount we need.

Registration: then, we must complete a short form with our personal and banking information. All data will be confidential. This information is essential for the loan to be approved quickly and safely.

Confirmation: if the request is approved, you will receive a notification in your site profile, by email, or through a text message. After confirmation, the amount of money is sent directly to your bank account.

Online loans can be an easy way out of a difficult economic situation without resorting to our parents, family, or financial institutions with appropriate proposals for tiny, tighter budgets.

Conclusion 

When faced with the need for quick financial assistance, various options exist, each with nuances. Traditional bank loans offer familiarity but come with stringent requirements and additional fees. Financing through credit cards might seem convenient, but long-term costs can be excessive, leading to prolonged debt.

In contrast, the digital age introduces online personal loans as a contemporary solution. Swift and straightforward, online loans streamline the process, allowing you to access the required funds without the hurdles of traditional banking. By choosing a reputable platform, you can easily navigate unforeseen circumstances, avoiding the complexities associated with conventional loans.

Understanding the intricacies of each financial avenue empowers individuals to make informed decisions tailored to their specific needs and preferences. Whether it’s a sudden expense, a planned celebration, or a weekend getaway, exploring viable alternatives ensures financial flexibility without unnecessary complications.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

A mutual fund is an investment alternative consisting of gathering the assets of different people, natural or legal, and investing them in financial instruments, a task carried out by the Administrative Company.

The instruments they can invest in may vary according to the fund and their Investment Policy, which is in its Internal Regulation, approved by the Superintendency of Securities and Insurance. In this way, the different types of existing funds determine what allows you to select the one that best fits your situation.

Mutual funds are a diversified alternative since they invest in numerous instruments. They do not have expiration dates or require renovations, so they are very comfortable. In addition, they allow their money to be available with much ease (liquidity).

What Types of Mutual Funds Exist?

• The first division is between debt funds (which invest in instruments such as term deposits, bonds, or mortgage bills) and capitalization funds (shares).
• The second categorization is between funds that can only invest in Chile and funds that invest abroad.
• The third category is funded, in which contributions and redemptions happen between the Chilean peso and the US dollar.

Discover mutual funds tailored for short-term debt instruments with a duration of 90 days or less, as well as options for terms up to 365 days. Additionally, explore mutual funds designed for investment in medium and long-term debt instruments.

Mixed Mutual Funds

Explore mutual funds specializing in capitalization instruments or opt for those offering freedom in investment choices. The significance lies in having a diverse portfolio—a distinct Investment Policy governs each fund. This allows you to align investments precisely with your unique needs, preferences, and investor profile.

Advantages of Mutual Funds

• Cost-effectiveness
• Security
• Liquidity (availability)
• The comfort of not having to renew the investment
• Diversification, which reduces the risk
• Globalization
• Multiple alternatives

Associated Concepts 

Contribution

It is an investment made in mutual funds.

Rescue

It is the withdrawal of money from a mutual fund.

Quota

The unit of measure in which the fund’s assets are divided. Thus, when a person contributes to mutual funds, he acquires a certain number of installments according to the value of the corresponding quota.

Value Share

It is the value that the quota has at a particular moment, and it is equivalent to the Fund’s equity divided by the number of shares outstanding. The quota value changes daily and reflects the profitability of the mutual fund.

Participant

It is the person who has money invested in a mutual fund. It has quotas for this one.

Equity

Refers to the total amount of money invested in the fund, that is, the total of the investments made by the fund participants (plus profits) minus the redemptions, expenses, and distribution of the profits.

Investment Policy

It is what establishes what a mutual fund can and cannot invest. It is in its internal regulations, approved by the Superintendency of Securities and Insurance.

Benchmark

Index of comparison of the performance of a specific mutual fund. It seeks to simplify the understanding of the destination of the investment. It allows the client to compare the performance of the Mutual Fund regarding profitability and risk. See Benchmark table.

Remuneration

The percentage of the mutual fund that the administrator charges for managing the funds, the final profitability for the client, and the shared values have already discounted this cost.

Commission

It is a cost that the client must pay to redeem the money from his mutual fund before the minimum period of permanence defined for the fund. Not all mutual funds contemplate charging a commission.

Tax benefit

Taxes are due only if the money is withdrawn (if rescues are done) for the profit obtained in mutual funds. In addition, investments in mutual funds allow the use of certain tax benefits granted by the Income Law.

Conclusion

In the complex landscape of investment, mutual funds emerge as a versatile option, pooling the resources of diverse individuals and entities for strategic investments in financial instruments. Administered by specialized companies, these funds offer a range of investment options governed by internal regulations approved by regulatory authorities.

In summary, understanding the intricacies of mutual funds empowers investors to make informed choices aligned with their financial goals and risk tolerance. The diverse range of fund types and associated concepts facilitates a tailored approach to investment, making mutual funds a valuable tool in finance.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

More than 160 million US citizens are credit cardholders, but most American clients misuse their credit cards. As a result, the credit card debt increases up to $15,000 per car-carrying household, a national average rate. Irresponsible credit card users face financial loss regarding fees, interest, or increased prices. It happens after damaging your credit profile.

Problems

Too much credit

While using credit may seem enjoyable, the hidden costs are often overlooked. Borrowing entails prompt repayment, mirroring credit obligations. Despite good intentions, managing credit cards became challenging, leading to unmet expectations.

Not paying bills on time

Most of us delay payment at the time for several reasons. An individual wants the maximum amount of money without working hard or paying bills. We do not directly pay bills through cash for several products because of the credit card system. In the end, it traps us with credit bills.

Exceeding your balance

When an individual deposits enough but spends more because it is a credit card, we are unaware of the inevitable consequences—leaving us emotional and crying at the end, blaming the banks. Blaming is easy; acceptance is difficult.

Using a daily purpose

When we receive a credit card, we use it daily. We use the card whether it is a gas station or a grocery. We become so bound to it that we forget about the savings, salaries, rents, etc. For minor expenses, it is a lousy option.

Consuming for rewards

Credit card companies attract holders to use more credit to attain certain rewards. People use their cards more to earn a few rewards and then get huge bills at the end. They must pay the bills at any cost. The rewards system is not necessarily to be consumed all the time.

Lending cards to others

So, many people lend their credit cards to their friends, family, or loved ones for specific shopping. Most of the time, these people use the maximum amount and do not pay at the end. An individual suffers the loss alone because they were the account holder.

High-interest rates

People apply for credit cards, avoiding the fact that many banks charge high interest rates. They spend the most credit and pay the most money with high interest.

Solutions

Limit card usage

The first and the most critical solution to the misuse of credit cards is avoiding too much use. Stop being too dependent on the card. In the end, the individual must also pay the bill for it.

Purchase with income

Opt for purchasing cherished items or groceries with your income. Avoid relying on credit for essentials to prevent potential exploitation and financial strain.

Exercise caution in generosity

Refrain from excessive generosity. Be mindful of sharing your card, as it may lead to unwarranted expenses blamed on you.

Cease wasteful spending

Just stop wasting your money from the credit card or more of the credited balance. Save that money for emergencies’ sake. The excess money used will be of no use. So, avoid it.

Opt for low-interest rates

Go for the low-interest-rate banks. Be careful before applying for it because every single penny is worth it. The lower the interest rate, the lower the amount one might be paying.

Minimize daily use

Never use your credit card daily. Daily use will increase the reward amount (always lower than the amount used) and the credit card bills.

Timely bill payments

Always pay your bills on time no matter what happens because one delay will be considerable for the next time with high interest applied. Use your card wisely within certain limitations of your income.

Conclusion 

In conclusion, responsible credit card usage demands awareness, discipline, and strategic financial planning to mitigate the pitfalls of credit card misuse. Adopting prudent financial habits ensures a secure and stable financial future.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

The credit cards are plastic with which you can make purchases and cash withdrawals up to the limit or revolute credit designated by the bank and with which, at the time of sale or withdrawal, you can pay cash or defer payment to a monthly fee with an interest rate that varies depending on the type of card.

Advantages and Disadvantages

Head of Strategic Analysis of the Economic Research Directorate of the Ministry of Economy, Industry, and Commerce (MEIC) explained that these products are helpful because they have revolving credit. Once the debt clears, the card returns to the original amount he had initially.

They are also accepted worldwide, regardless of the currency in use, allow electronic purchases, and give prizes for help, either in available balance, points for purchases, or miles for travel.

However, the interest rates on credit cards are high. As of October last year, 52% of the total cards issued in the country (828,589 plastics) charged 45% to 50.4%, while only 28,128 cards issued had the minimum market rate, which is the minimum 5.05% to 19.9%.

The concentration of customers on cards with higher rates, the greater the benefits they offer.

Higher rates mean that, for example, if you have a card with a 20% annual rate and make a purchase of $ 50,000, you will be charged $ 10,000 yearly interest plus the monthly default rate determined by the issuing financial institution in case you do not pay on time.

In addition, some charge a monthly membership fee, require mandatory insurance, charge different prices for using ATMs for withdrawing money, and charge for non-use and use of plastic outside the country.

Cut Date and Payment Date

All cards have a cut-off date and a payment deadline.

The cut-off date is the scheduled date to start the collection of purchases made during the corresponding period of the card. On this date, the bank issues the account statement. Also, it registers specific charges, such as those to which zero-rate promotions were applied or collected in several installments.

For its part, the payment deadline is when the cardholder must pay at least the minimum amount established in the account statement, and from there, the customer begins to charge interest for the consumptions made.

One must be cautious that the payment date does not exceed because two interest rates, the credit, and the delinquency rates, are in addition to the fines. What is desirable is that the debt is always paid in cash, not to apply the interest rate.

Variables to Consider

To properly use a card, you must consider other aspects besides the rate and the critical payment dates.

It is essential to know and understand each plastic’s contract and evaluate if it fits your needs before receiving a credit card. If it does not work, reject it.

In addition, if you use a card to finance a purchase, know your cost is high. Therefore, saving, paying cash, and enjoying the benefits are better.

Evaluating other market options with lower interest rates that are equally effective in paying for your needs is advisable if you need financing.

Before you get a card, verify that the credit limit is related to your income and, if it is higher, request that it be reduced to avoid being unable to pay for the card.

Evaluate Market Options

When applying for a card, evaluating the market options first is best.

Locally, as of October 2016, companies offered 468 credit cards from different financial issuers, and each offers other features.

Some plastics, for example, do not charge memberships but have high rates and offer fewer benefits.

Others charge a monthly or annual membership in exchange for benefits such as extra miles and additional points for consumption in different establishments.

However, those that do not charge membership are usually linked to another card that automatically gives the bank to request the first if you have an additional membership cost and different fees but share the credit limit with the first.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

When one party borrows some amount from another, you are taking debt. Not only middle-class people but big and large companies take money for their more significant projects. Also, there are different terms and conditions that you must follow. You can get a loan and become a debtor based on such requirements.

Ordinary people and business leaders borrow money and make purchases for their critical projects. But it is not an unforgettable nightmare for those who become debtors or can’t repay it on time. It will become a severe headache, and the situation remains unchanged after many years.

Recommended Debts

However, not all debts must be wrong. Refrain from being confused. Any obligation compromises your money in the future, and you should stop considering it among your income to make plans. Still, some may bring more benefits in the future. The most outstanding debts are the following.

House

Of course, it can also be an apartment, but the idea is a house debt in general. We refer to those acquired through personal loans and credits. The good, in this case, the house, will last many more years while it becomes part of its assets. It can increase in value over the years if it meets the following requirements.

– The house is in a place with development and potential.

– Have several accessible communication channels.

– Invest in your constant improvement.

Car

Again, if you realize you have your car account as part of your assets, While it is a debt, you will pay for a good time. It brings you more long-term benefits than the same debt payment. It will save you from using public transportation and will be available at any time. Just before choosing one, make the necessary assessments to suit your needs. Do not get carried away by the fashionable or expensive car.

Credit History

Those two debts help you to do another significant thing: build a credit history. It is necessary to get better offers from financial institutions and banks. It will be the first thing they review when making an application.

Student Loan

Educational credits usually continue to creep into adult life. Some countries leave an endless debt due to interest payments, usually deducted from the salary automatically. Indeed, education is a right everyone should access, but how much are you willing to risk your financial future? Having a good education could open the doors to a better salary. The point is that the information is available to anyone who wishes to deepen their knowledge, all thanks to the internet.

Credit Card

It is one of the most expensive debts you could acquire and much worse if you do it in a disorderly manner. The delay of payments is usually costly. Sometimes, it does not even begin to pay its debt, extending for many years more than those who enjoy the benefits of the product or service purchased.

Before buying things on credit, make sure you can afford more than the minimum.

The types of debts affect each person differently. Still, the organization of finances is undoubtedly the key to preventing deficits from making life impossible.

Make a Proper Repayment Plan

You can pay all your debts from two core and practical approaches. You can return it by spending it with total interest rates with minimum other payments. In this way, you will need to pay less debt than the overall one.

You can also return your debt payment by paying off the smallest one first with the other remaining fees. Fast and on-time loan payments let you pay the rest of the debt. If you are unsure about the exact duration of debt payment, you can use the debt calculator. You can find it on the Economic Checkup platform, which is NCOA.

Credit Counseling

A credit counselor may help you more if you pay debts of more than 20% of your current income. You can develop your budget and organize your finances with a good credit counselor. There is no exact price of credit counseling. Still, you can also get this service at discounted rates or free, as some nonprofits offer.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Each day, the market gets flooded with new startups. If yours is one of those, ensure you have a stellar digital marketing strategy to support its long-term growth and success. Startups usually have a small budget at the very beginning. That means they must be careful while curating a digital marketing strategy to generate the most revenue. Let’s look at a few key digital marketing strategies for startups.

Choose the Right Channels

A digital marketing strategy encompasses a wide range of channels. Some of the most important ones are as follows:

• Search engine optimization (SEO)
• Social media marketing
• Content marketing
• Email marketing
• Influencer marketing
• Pay-per-click

Ensure you select the right combination based on your targeted audience, business goals, and revenue targets. One of the best ways to get started is by researching your competitors. Once you understand which channels they’re employing, you can also determine a suitable course of action for your startup.

Develop a Targeted SEO Strategy

SEO is what’s going to get you more clients for your startup. No matter how high quality your products or services are or how excellent your customer service is, you’ll have difficulty getting clients if you don’t appear on the first page of search rankings. Boost your search rankings with the following SEO techniques:

• Incorporate your online content with relevant keywords
• Optimize the meta tags
• Develop backlinks from relevant and high-authority sites

Harness the Power of Social Media Marketing

Social media is the best way for startups to get instant brand recognition. It is low-cost and effective. There are several social media channels available to boost your business’s awareness. Some popular ones include:

Facebook: It is the most popular choice for marketing. With a user base of approximately 3 billion, Facebook could promote all kinds of products or services.

Instagram: Like Facebook, Instagram has also experienced a significant surge in popularity since its inception. Currently, it boasts an average of 1 billion monthly users. If your startup is about fashion, beauty, health, modeling, or fitness, Instagram is the best platform for brand awareness.

Twitter (X): Twitter, now called “X,” is another excellent platform to help your startup grow. Though it’s more appropriate for B2B (business-to-business) companies, it also works well with B2C (business-to-consumer) businesses. Twitter has a monthly active user base of almost 400 million, which continues to grow.

TikTok: A dynamic marketing choice with over 1 billion users, perfect for promoting diverse products and services in an engaging and trendy way.

There are other emerging platforms to enhance your brand recognition, but these are the top three ones.

Don’t Neglect Email Marketing

Email marketing is a highly cost-effective method to reach out to potential customers. The latest statistics reveal that as of 2021, the total number of global email users is more than 4 billion and is anticipated to reach 4.6 billion in 2025. Moreover, email marketing also delivers the highest return on investment.

Here are some effective email marketing practices for your startup:

• Use catchy and engaging taglines to grasp your audience’s attention instantly
• Keep your email briefs and conversational
• Embellish your text with relevant images (personalized ones are much better) and inspirational quotes
• Always end your emails with an encouraging call to action

Content Marketing Can Never Go Wrong

Content marketing has emerged as one of the best strategies to reach your ideal audience and convert them into loyal clients. Research shows that the market share of B2B brands with a content marketing strategy is 43%. Content marketing can yield long-lasting results for your startup with relatively low costs.

Let’s look at some tips to boost your content marketing strategy:

• Develop a strategy
• Keep your content conversational and inspiring
• Take advantage of the latest trends
• Tell stories through your content

Ramp Up Your SEO

Search engine optimization is one of the most effective digital marketing practices for getting instant results for your startup. It can enhance the discoverability and accessibility of your brand and attract your targeted audience.

Here’s how to curate a successful SEO strategy:

• Start a catchy blog
• Develop high-quality landing pages
• Research and use appropriate keywords
• Re-target your audience with Google tools

Begin a Referral Marketing Program

To establish a reliable customer base for your startup, use referral marketing. Turn your customers into salespersons for your business. Research suggests that it’s easier to retain clients acquired through referrals. Referral marketing is a great way to expand your business on automation.

Here are a few tips for curating an effective referral marketing strategy:

• Offer incentives to your customers
• Remain transparent
• Develop SMART goals

Conclusion 

We hope you found the above article helpful. Follow the best digital marketing practices discussed above and witness your brand transform.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

The government collects income tax from its residents annually. These income tax revenues help the government pay government workers, police, firefighters, etc. The tax money also funds road construction, health departments, national defense (Army, Navy, Air Force), and the welfare system and helps improve the country’s overall economy. You should file your tax returns annually and on time for multiple reasons.

This article will discuss the importance of timely filing tax returns and its benefits.

You Can Avoid Penalties

If someone avoids filing their annual income tax returns, they are opening themselves to penalties and fines from the tax officers and the justice department. Tax evasion and the late filing of tax returns also carry penalties that will result in you paying more money than you need. The amount of liability depends upon the country you reside in and the Income Tax Act. Therefore, the intelligent thing to do is to file your income tax returns every year and do so on time to avoid penalties and any unnecessary situations that will cause difficulties.

You Can Claim Tax Deductions

According to the Income Tax Act, taxpayers can claim multiple tax deductions to reduce their tax outgo. However, to be eligible for any such tax deductions under the Income Tax Act, taxpayers must file their income tax returns every year on time.

You Can Claim Tax Refunds

Taxpayers can claim tax refunds if the total taxes they can pay are less than the tax amount deducted. Overpaying can happen when tax is deducted from your income, even when your total taxable income exceeds the basic exemption limit. In this case, you can claim a TDS refund if you file income tax returns before the due date. You cannot claim tax refunds without the filing of income tax refunds.

Important for Loans or Card Company

If you are planning on applying for a loan in the future, whether it’s a down payment for a house or any other need, it will require that you show your income tax returns for the past few years. Most loan companies insist on it as it gives them proof of return and a guarantee. Banks and credit card companies also require proof of return before issuing a credit card to any customer.

Earned Income Tax Credit (EITC)

If you belong to the working class and have a low to moderate income, you can qualify for the Earned Income Tax Credit (EITC). It is a refundable tax credit for low to moderate-income workers, especially those with families and children. The Earned Income Tax Credit eligibility depends on multiple factors such as income, family size, filing status, etc. Receiving this is not possible without the filing of income tax returns.

It Makes You a Responsible Citizen

According to the income tax laws, adults who earn a specified annual income must file a tax return within the due date. Failure to do so will result in penalties. Adults who make a yearly income of less than the specified amount should also file tax returns as it is a sign that you are a responsible, law-abiding citizen. Filing tax returns is the moral and civic duty of any citizen residing in any country worldwide.

Carry Forward Losses

Any losses incurred by an individual can be carried forward to subsequent years if you file the income tax returns within the official due date. You can use losses to offset the income of the following years. In other words, you can adjust your capital losses against your capital gains and carry forward your past losses for subsequent years. However, you must file your annual tax return before moving forward with your losses.

Conclusion 

In conclusion, whether your annual income is above or below the specified amount, filing your tax returns is always a good idea and will benefit you in the long run.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Recognizing the nuances of taxes is paramount for both men and women, offering a pivotal avenue to safeguard your financial resources. In-depth knowledge empowers individuals to navigate the intricate landscape of taxation, enabling them to mitigate unnecessary financial losses. Moreover, an informed understanding of tax matters is pivotal in addressing governmental sector challenges, fostering a sense of civic responsibility, and contributing to informed public discourse. By delving into the intricacies of taxation, individuals can actively participate in shaping and influencing policies that impact both personal finances and broader societal issues.

Exemptions and Simplified Approaches to Central Revenue Tax Filing

Filing a central revenue tax return may not be obligatory for everyone who earns income within a calendar year. Various factors, including the amount earned and the nature of that income, such as its classification as fit income, individual status, and age, play pivotal roles in determining whether an individual must submit their tax return.

For a quick and simplified approach, taxpayers can use a “cheat sheet” method: calculate the average of their assumptions related to income and then multiply it by their exceptions. Detailed figures for these calculations can be accessed at the IRS.gov. It provides a straightforward way for individuals to ascertain whether they fall within the threshold for mandatory tax filing.

Addressing Payment Challenges and Processing Delays

There are viable alternatives if one cannot cover their entire income tax obligation by Tax Day. Options include making payments using a credit card or establishing a structured payment plan with the IRS. It’s important to note that if a tax assessment remains unsettled for an extended period, interest may be incurred when calculating or reimbursing the tax. This situation may arise due to delayed imposition of a tax assessment or tardy tax return submission.

Failure to timely submit a tax return could lead to penalties, underscoring the significance of adhering to filing deadlines. In cases where interest accrues due to a delay in settling a tax assessment, the individual is responsible for paying the recovery interest. Conversely, if excess tax has been paid, there are instances where recovery interest may be provided.

Moreover, if there has been a prolonged time in processing your case, leniency interest might be considered. This serves as a mechanism to address delays in handling tax-related matters, providing a measure of understanding for individuals who have experienced protracted processing times.

Stay Mindful of Deadlines

Your employer and financial institutions adhere to specific deadlines when furnishing information to you. Additionally, the IRS imposes its own set of due dates, encompassing limitations on the duration it can measure and collect central revenue taxes—commonly referred to as the statute of limitations.

It’s crucial to note a significant caveat: the absence of a statute of limitations if you fail to file your return. This implies that the IRS retains extensive authority to assess and collect taxes at any time. Fortunately, if you require additional time, you can request an extension, mitigating the risk of missing deadlines. Ensuring compliance with these time constraints is paramount to avoiding potential tax assessments and collection complications.

Distinguish Between Filing and Payment Extensions

It’s essential to recognize that obtaining a filing extension is distinct from securing a payment extension. While filing for an extension incurs no cost, it’s imperative to note that if you anticipate owing taxes, you must accompany your extension request with the requisite payment. This step is crucial to sidestep potential concerns and penalties.

Failure to include the necessary payment with your extension request will result in an outstanding balance. This outstanding balance continues to accrue interest until it is settled. To avoid prolonged interest charges and ensure a smooth resolution, it’s essential to proactively include the appropriate compensation when seeking an extension, safeguarding your financial standing and minimizing potential complications.

Seize Opportunities to Trim Your Bill

It’s crucial to take action by the year’s end to maximize most tax benefits. However, a noteworthy exception is the opportunity to contribute to your retirement account, such as an Individual Retirement Account (IRA). Acting by Tax Day allows you to claim a tax deduction for contributions to your traditional IRA—beyond the year-end deadline. This deduction is applicable even if you don’t itemize, presenting a valuable chance to reduce your tax bill and enhance your long-term financial planning. Be sure to capitalize on this window of opportunity to optimize your tax-saving strategies.

Responsible Taxpayers Avoid This Pitfall

I used to handle my taxes personally, but with an increasingly demanding schedule, I faced a dilemma—whether to sacrifice precious sleep to complete my taxes or prioritize much-needed rest. Opting for the latter, I consciously decided not to undertake the intricate task of tax preparation myself. Instead, come tax season, I enlist the services of a qualified tax professional to streamline the process.

While I acknowledge that hiring a tax professional might not be the preferred route for everyone, I’ve realized that finding a competent and reliable tax professional is neither a challenging nor prohibitively costly endeavor. The peace of mind, accuracy, and time saved make the investment in professional assistance worthwhile, ensuring that my tax affairs are handled efficiently and in compliance with the latest regulations.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.