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Archive for June, 2014

2500 Job Cutting at Sallie Mae after New Student Loan Laws 2010

June 30th, 2014 Comments off

Sallie Mae, which is the United States’ largest lending agency for providing money for higher studies under student loans without cosigner, has been doing a lot of job cutting lately. According to some sources, this lending agency has cut about 2500 jobs after when the new student loan laws was made recently. Sallie Mae has its branches at Panama City, Texas and Killeen with over 1200 employees working over there. They have been informed that most of them would have to quit their job by the end of the year and there is no alternative to it. In addition to this, if things get worse there would be additional 1300 firings in the coming 2011.

The main reason behind this job fire is because of the Student Aid and Fiscal Responsibility Act that was passed in March this year. This act was a part of the bill of Barack Obama’s health care reconciliation bill. The SAFRA Act which is now applicable from 1st of June 2010 has ultimately ended the decade old Federal Family Education Loan Program and as a result of this private lending agencies like Sallie Mae would no longer be able to do any kind of federal loan business. From now onwards the federal aid or money would be directly available to the borrowers and lending agencies would not have any kind of role to play in this entire loan procedure.

Conwey Casillas who is a spokesperson at Sallie Mae says that the new student loans have certainly causing a lot of bad impact on them as well as to other financial lending agencies. He further says that move from FFELP to direct lending is certainly not good for the company as well as for the employees. But those people who are supporting the SAFRA act say that this new law is certainly going to help taxpayers because it can help them save billions of dollars. But the Department of Education rejects the claim as well as the views made by the aforesaid lending. But all in all, about 8,000 odd employees at Sallie Mae would have to look out for a new job by the end of 2010 and this would certainly increase the unemployment rate of United States which hovers at 10% at the present time.

More info: student loans without cosigner

Advantages of Sameday Payday Loans No Credit Check

June 30th, 2014 Comments off

Sameday Payday Loans No Credit Check is a financial assistance program that aims to provide urgent cash to the people on the basis that the money so availed is returned to the lender within the specified time limit. Since it is short term finance, the amount so availed is low and the maximum amount so availed is ₤1500 and not more than that. The rate of interest charged is certainly on the higher side. The good thing is that there are hundreds of thousands of lending agencies on the internet that are willing to provide you the necessary amount to you.

There can be many a reason for the urgent need of cash money and the worse part is that the need of money arises at the end of the month when we are short of cash and our salary is far away. Now people need not have to wait for their salary to arrive because the finance would be taken care of by the help of Sameday Payday Loans No Credit. The advantages of this financial aid program are summarized under the following headings:

  • Money is approved within 24 hours
  • No faxing of documents is required
  • Minimum amount of paperwork involved
  • People with bad credit score can also apply
  • Rate of interest charged is absolutely nominal
  • People can apply for loan via online

Gone are the days when you had to undergo leviathan amount of paperwork and fill long complicated forms. With the advent of internet, things have been relatively easier for many people. The Sameday Payday Loans No Credit Check is not the least time consuming and the entire procedure can be completed within 10 minutes and you can find the cash money sitting in your bank account that very day itself. The transaction procedure begins from the moment you starts filling the online application form and if the eligibility norms are not fulfilled, the application is rejected within a few hours. So, it is important that the borrowers adhere to the eligibility set for procuring the money. Some of the important ones are summarized under the following headings:

  • Age more than 18 years
  • Must be employed
  • Drawing salary not less than 400 pounds
  • Permanent citizen of United Kingdom
  • Must not be having any criminal record

What Exactly Is Professional Indemnity Insurance?

June 29th, 2014 Comments off

Professional indemnity insurance is absolutely crucial in helping to prevent any policyholder from suffering the financial blow of being sued and claimed against as a result of any wrong advice they may have issued. Different industries will require different sorts of policies and therefore you need to think closely about what you require before you sign up.

There are a number of different benefits towards getting a policy of this kind. When a claim is made against someone who holds a policy of this sort then it will be down to the policy provider to investigate the claim. During the investigation process legal fees can accumulate, but these will be covered by the insurance company.

If the owner of the policy is found guilty during the process then they will not have to suffer the financial burden in covering the claim amount. Instead, the policy provider will pay out the same amount all the way up to the policy limit. As such, all financial risks are removed through this type policy.

In general, if you provide a professional service to any third party within any industry it is a good idea for you to consider this sort of policy. For example, any lawyer, financial adviser, accountant, or Dr might want to consider this policy due to any wrong advice they might issue. In general, the different plans on offer will come down to 3 broad categories – malpractice, professional liability, and errors and omissions.

Of the different amount of coverage that you get will depend upon the information that you issue to the different insurance companies that you are looking to get a policy from. They will take into account various bits of info that you provide in order to consider what coverage you need. Such information will include your business, the industry you operate in, and your claiming history. In addition, any policy you get will protect the actions of your staff and any contractors working with you as well.

There are, however, several different risks associated with these policies. One of these is simply the fact that medical practitioners will often forgets to get this type of policy, but they can be completely necessary if some wrong medical advice is issued out. It is also important that you understand how much coverage you need to get. This is down to the fact that when any claim is handled you will have to cover the excess if your coverage is insufficient to cover the whole claim.

At the end of the day, if you work in an industry that requires the provision of giving out advice in any professional capacity then it is completely down to you to purchase a policy such as this. If you fail to take this action and you give some advice that turns out to have a negative effect upon someone then you can be liable to be sued.

Make sure that you take some time comparing policies when you are looking for something suitable. This will help you find something both affordable and which fits your coverage requirements.

Professional Indemnity Insurance This type of insurance can take like 12 weeks to get set up and is very time consuming. Most businesses do not like to think about this type of insurance. Before identifying an insurance cover, you need to check out the various options and settle for the best deal.

categories: professional indemnity,business insurance,insurance,finance

Impact of Itemized Deductions on the Alternative Minimum Tax

June 29th, 2014 Comments off

In previous articles we talked about the different tax brackets for the Alternative Minimum Tax and the Regular Tax, and the AMT exemption and how its phase-out throws a lot of people into the AMT. This was a review of the income side of the AMT calculation – i.e., how a taxpayer’s income level can act like a vortex pulling him into the AMT. Now we are shifting gears and addressing the deduction side of the calculation.

The bulk of the AMT problem actually comes from the deduction side – specifically, deductions that an individual is allowed to take in computing the Regular Tax but is not allowed to take for the AMT. Of the different types of deductions, some are not allowed at all for the AMT, while others are allowed but to a lesser extent than they are allowed for the Regular Tax.

The deductions that are allowed for the Regular Tax but are not allowed at all for the Alternative Minimum Tax are the following:

• deduction for state and local taxes
• miscellaneous itemized deductions
• standard deduction
• deduction for personal exemptions

The deductions that are allowed for the Regular Tax but are allowed only to a lesser extent for the AMT are these:

• itemized deduction for medical and dental expenses
• the deduction for interest paid
• many business expenses such as depreciation, depletion, and research expenses, among others

Of the deductions listed above, the single one that impacts almost every individual caught in the AMT trap is the deduction for state and local taxes. (State and local taxes affect more than 90% of all AMT payers.) These are relatively large dollar items for most taxpayers, and, as mentioned above, they are not deductible at all for the AMT.

The term “state and local taxes” includes the following:

State income taxes. Forty-three states impose a state income tax, and some of them – New York and California come to mind along with numerous others – have fairly high tax rates for folks who are at the income levels already being affected by the AMT. (Residents of the following states are the lucky ones who do not share this burden: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming.)

Local income taxes. Many cities across the United States impose their own income taxes. New York City, of course, has one, and other cities across the nation – Louisville, Kentucky is one other example – also have them. New York City’s tax rate ranges from 2.9% to 3.6% of taxable income, while Louisville’s is 2.2% on gross earned income – no deductions allowed. Taxes like these quickly compound the AMT problem.

Real estate taxes. Owners of real estate pay property taxes on the value of the property (an “ad valorem” tax). Many states – you know if you live in one – have high property taxes. Again, a big AMT problem.

Personal property taxes. It is not uncommon for states and local jurisdictions to impose a property tax on personal property. “Personal” is a legal term meaning tangible but moveable property such as cars and boats. Check the tag renewal notice on your car, for example, to see how much this is.

Sales taxes. All states but six impose a sales tax. On the Federal return the taxpayer has an option to deduct state and local sales taxes in lieu of income taxes. In the seven states with no income tax this election generally proves beneficial in computing the Regular Tax – but of course it is no help when it comes to the AMT.

George Bauernfeind is with AMTIndividual, providing analysis, customized strategies, and an online dual tax calculator / planner to help you reduce your Alternative Minimum Tax. Visit www.amtindividual.com or www.amtblog.com to read more tax planning articles or to access this tax software on the Alternative Minimum Tax.

Canadian Apartment Hunting Guide – Western Canada Edition

June 28th, 2014 Comments off

If this is the first time that you are renting an apartment in Canada, there is a lot of information that you need to know before you start your search. How many bedrooms do you need? Are heat and electricity included in your rent? The following is your Canadian apartment hunting guide.

First, establish how much you can pay for rent. Figure in things like parking if you have a car or public transportation if you need to travel to work and school. Consider how far it is for you to get to the closest mall, grocery store, or laundromat.

Start with looking through the housing advertisements in your local newspaper. You will typically find an advertisement that says something like 2 BR, heat, hydro, inc. Unfurnished and then a location and a price. You can also find apartment rental listings online as well as in places like the local grocery store or laundromat.

Using your budget and your personal needs as a guideline, call no more than six apartments at once. When you call, ask which kind of heat is used to keep the apartment warm in winter and whether your heat and hydro are included in your rent payment. This is very important during the winter when heat and hydro costs can be more than two hundred dollars a month.

Most apartments allow use of the refrigerator and stove that the landlord has put in. Always ask, though, if these items will be included, and make certain when you sign the agreement that these items are listed as being included in the rental agreement. The same goes with washing machines and dryers. Some apartments have them built into each apartment. Some buildings have a common laundry room where you can wash and dry your clothes. Some have none at all. Ask, and make certain any existing equipment is listed on the rental agreement.

Bachelor apartments can be an easy way for someone who is just moving out to get their first space without necessarily spending a ton of cash on getting set up. These apartments often come fully furnished, with a bed, dresser, desk and even a lamp. When you call about these, ask what is furnished and what is not. Unfortunately, most of these types of rental spaces do not have private bath rooms, nor do they necessarily allow cooking in the private rooms. Ask about bathing and cooking areas when you call about a bachelor apartment.

When you finally find the apartment that you can both afford and that suits your needs, you will have to sign a rental agreement. Most landlords will insist on a security deposit equivalent to one month’s rent. This deposit goes toward your last month’s rent, and you earn interest on the amount throughout the time that you rent.

When signing the rental agreement, especially for people who are new to renting, you will likely need someone to cosign your agreement for example when people are renting Calgary apartments or Kitchener apartments. Generally speaking, this would be a family member who can be counted upon to pay your rent should you default on payment on your own. Once you have successfully rented an apartment several times, you will likely be able to forgo this step as you will have established your own credit history and your landlord will see that you are a good tenant to have.

When living in Toronto finding apartments for rent in Edmonton that are right for you can be difficult. Viewit can help you with your search for an apartment in Edmonton as well as Halifax apartments.