Author Archives: schatzi

Dec
06
2022

Possible Penalties For Evading Taxes

A number of people are forever finding themselves in the unfortunate predicament of having to pay taxes when they are not earning enough money to do so. For others it is simply because they are stubborn and do not appreciate the need to pay taxes. Regardless of which disaster bound ship you are sailing on, it is very important to know about the possible consequences of not paying income tax when it is due. The internal Revenue Service attaches a wide range of penalties against individuals responsible for either full tax evasion or delays in the payment of tax.

The penalties associated with not filing for income tax always seem like they can be overcome very easily, but believe me, they are not. In fact the punishment that is leveled against you is far worse than the amount of money which is due. Imagine the impact of imprisonment, fines, civil penalties; how can all of these penalties be any better than simply paying the amount of money due?

The Failure-To-Pay penalty is perhaps the least severe of all possible forms of punishment. When you miss the April 15th deadline without requesting for an extension of the deadline you will in most cases be expected to pay this fine. Such a penalty is normally 5% of the total amount of money which was due and is supposed to be paid every month for a given period of time. However, in other rare instances the percentage expected of you every month may be as high as 25% of the amount due; but this is mainly reserved for extreme cases of tax evasion. In the latter instance you will end up paying more money than the income tax originally required of you, not so much of a smart idea right? Filing tax returns after a timeframe of 60 days leaves you responsible for paying a minimum of $135, or the due amount, whichever of the two is smaller.

A Tax lien is one penalty that can have adverse consequences on any pieces of property you may own. When a tax lien is filed against you as a sentence the IRS automatically obtains the right to claim your property as a form of security on the debt. Therefore any assets will be withheld against your personal interests for an undefined period, until of course you pay the existing tax debt. This is normally the case when you evaded taxes, received a notice to pay and still did not make any payments 10 days after receiving notice to pay. However, this is not a standard penalty for the aforementioned breach of IRS tax debt regulations.

The Substitute Return penalty is very much different from the rest of the other penalties mentioned here. When a substitute tax return is filed against you the tax exemptions you were generally expected to get for filing for tax on time are immediately withdrawn, until further notice. Under normal circumstances these exemptions were meant to reduce the amount of money due and make life a little easier for you; see how even the IRS has a good heart? So at the end of the day you will end up paying more money every year than usually expected of you.

The best way out of your possible financial predicament is to file for income tax anyway, regardless of whether you have enough money or not. The benefit of doing this is that certain adjustments can be made to your filing system, thereby making it flexible and lenient.

Nov
05
2022

How to Find a Niche Marketing Strategy

A niche marketing strategy in simple words is basically promoting a product through a specialized market of target audience. When you know exactly who you are marketing to, it is easier to assess where your hard work and money is going. It is of utmost importance that one has a well-defined niche market when you set out to launch your internet marketing strategy. There is a common misconception about online marketing, that if you have a business you will become rich. But in order to attain financial success, you have to find a market that attracts your product to it. Let us talk about the five most important reasons of defining your niche marketing strategy.

· You can maximize your marketing budget if you aim at your defined niche. This way you will have a better idea about where to advertise, where to find blogs and other related sites which cater to your market. This will give you a head start.

· You can build a website that is optimized for search engines so that the niche market can find it easily.

· Your website can be developed in such a way that viewers are able to find solutions or products that you offer. In other words the website will speak for itself.

· It is easier to develop ideas for new products or services when your niche market is well defined.

· You stand a good chance of establishing yourself as a reliable source in your industry.

Also important is the fact that you need to have a unique product or service and for this to happen, you need to look for all the unmet needs of the people who generally purchase online. At the same time, even if you were to create the most wonderful products or a unique service but there is nobody who wants them, then what is the point? There has to be enough demand for the product that your business consists of in order to make a profit. How do you go about that? Of course, through trial and error or, extensive market research! The best bet is market research. If you want to know if a certain service that you offer has any takers, then just go out and ask. It’s not a good idea anyway only to make a website and full of products and waiting to see if somebody is interested or not. This way you will not earn money.

Any niche market tends to be smaller so there is no room for several players. And so in niche marketing, you have to go slow and steady rather than jump the bandwagon. You need to carefully research and look for whatever competition exists and also if your business is viable. Even if the idea already exists, toy can still find a niche within that particular service or business, like a sub category. The next most important step is marketing, since niche market business is by definition relatively unknown. Unless you make the right connections with the right client or customer you will fail.

Select a segment in the market which has special needs. Be sure that you acquire exclusivity by attaining patents or trademarks. Next, prepare a promotion plan to reach a specific market. After you have implemented your plan, monitor the market on a regular basis to ensure it is feasible. The absolute mistake for any internet marketer to make is to waste valuable time building a niche market that isn’t going to be profitable to them. You will lose both money and time. You can make use of search engines to find out what the most popular searches are. Take note of the hot trends in products and services. Those products that people are already eager for buying. Try to find out why that product is so popular. What do they like about it and what your approach should be when catering to these people?

Once you have identified the product, you will find that internet makes it easy for you. You can write articles which are informative, and post them on article websites. There are article directories, blogs and online newsletters. You can have a worldwide reach through this approach. These must be full of information and be serious, with a business like note. You can even advertise in newspapers if you wish to.

If you really put your mind to it, finding the right niche marketing strategy is not that daunting a task. Of course, you have to be very smart about the business plan. Once you identify the market where you think success can be attained, you need to strategize accordingly. If the formula works, then there is no stopping you. That is the magic of a foolproof niche marketing strategy.

Oct
05
2022

Cheap Auto Insurance For Teens

Your teenage phase of life will uncover a harsh reality about auto insurance coverage, which can be potentially hard to digest, unless money is not a problem in your house. Auto insurance for teens is ridiculously high in most states you can think about. Years back insurance companies declared teens as high risk drivers, which eventually paved way for higher premium for teenage drivers across the world. This may sound unfair to you, however, it’s an unfortunate reality you will have to live with.

Although little can be done to change this stubborn policy, there are several means to avail cheap auto insurance coverage for teens. There are lots of variance with auto insurance premium. This is primarily due to the fact that insurance companies take into account truckloads of factors before providing an insurance coverage.

To an extent, grabbing a cheap auto insurance policy is dependent upon how much and how well the vehicle is used, the distance driven so far and the safety of the vehicle as well as the driver.

While teens are enticed with the idea of driving the hot wheels, little do they realize that the insurance companies are deeply interested in their driving record. Teen drivers are considered to be more prone to accidents and other mishaps. However, insurance companies do not shy away from providing discounts to drivers who drive without accidents. There are several incentive programs for teen drivers, which reward them with better rates if they maintain well driving record.

If you pledge to drive less miles, then this would also prove to be a good factor that will work for your benefit. You will look like a responsible driver, and not an avid party person who enjoys road racing on the highway. In a way, you are exposing your car to less danger by limiting your rides.

Also, if you do not have speeding ticket or similar violation records under your belt, then you will appear like a good teen who knows to oblige by the traffic norms, thus increasing your chances of obtaining cheap auto insurance coverage. Insurance companies also take into account the type of vehicle you are driving. Sports car carry a higher premium amount in comparison to other cars. Finding cheap auto insurance for teens can be daunting task in itself. However, if you take into account the above mentioned factors, then the insurance company would want to offer you a reasonable premium rate, irrespective of your age.

Sep
04
2022

Possible Penalties For Evading Taxes

A number of people are forever finding themselves in the unfortunate predicament of having to pay taxes when they are not earning enough money to do so. For others it is simply because they are stubborn and do not appreciate the need to pay taxes. Regardless of which disaster bound ship you are sailing on, it is very important to know about the possible consequences of not paying income tax when it is due. The internal Revenue Service attaches a wide range of penalties against individuals responsible for either full tax evasion or delays in the payment of tax.

The penalties associated with not filing for income tax always seem like they can be overcome very easily, but believe me, they are not. In fact the punishment that is leveled against you is far worse than the amount of money which is due. Imagine the impact of imprisonment, fines, civil penalties; how can all of these penalties be any better than simply paying the amount of money due?

The Failure-To-Pay penalty is perhaps the least severe of all possible forms of punishment. When you miss the April 15th deadline without requesting for an extension of the deadline you will in most cases be expected to pay this fine. Such a penalty is normally 5% of the total amount of money which was due and is supposed to be paid every month for a given period of time. However, in other rare instances the percentage expected of you every month may be as high as 25% of the amount due; but this is mainly reserved for extreme cases of tax evasion. In the latter instance you will end up paying more money than the income tax originally required of you, not so much of a smart idea right? Filing tax returns after a timeframe of 60 days leaves you responsible for paying a minimum of $135, or the due amount, whichever of the two is smaller.

A Tax lien is one penalty that can have adverse consequences on any pieces of property you may own. When a tax lien is filed against you as a sentence the IRS automatically obtains the right to claim your property as a form of security on the debt. Therefore any assets will be withheld against your personal interests for an undefined period, until of course you pay the existing tax debt. This is normally the case when you evaded taxes, received a notice to pay and still did not make any payments 10 days after receiving notice to pay. However, this is not a standard penalty for the aforementioned breach of IRS tax debt regulations.

The Substitute Return penalty is very much different from the rest of the other penalties mentioned here. When a substitute tax return is filed against you the tax exemptions you were generally expected to get for filing for tax on time are immediately withdrawn, until further notice. Under normal circumstances these exemptions were meant to reduce the amount of money due and make life a little easier for you; see how even the IRS has a good heart? So at the end of the day you will end up paying more money every year than usually expected of you.

The best way out of your possible financial predicament is to file for income tax anyway, regardless of whether you have enough money or not. The benefit of doing this is that certain adjustments can be made to your filing system, thereby making it flexible and lenient.