Tax Carnival Ecstasy – October 25, 2011

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Welcome to the October 25, 2011 edition of Tax Carnival Ecstasy. In this edition of the Tax Carnival Ecstasy we have a number of great articles from different financial blogs. Roger White starts us off with 401k Contribution Limits in 2011 and 2012, for those looking to max-out their retirement savings. SteveR has a good post with What to Expect after Receiving an IRS Certified Letter, if you just discovered that you are being audited. And finally, Al Peters presents 4 Things You Should Know About Your Self Assessment Tax Return 2011. Hope you enjoy the material, bookmark, share, tweet, like on Facebook and come back soon.

Adriana Roux presents UPDATE: JASON SILVER, HEAD OF U.S DEPARTMENT OF ENERGY’S LOAN PROGRAM, STEPS DOWN posted atBankruptcy Attorney NJ RSS Feed, saying, “Solyndra bankruptcy news heats up as e-mails reveal conversations that show the Obama administration was forewarned to not loan the solar energy company the $535 million. Republicans demand answers and review emails that report irresponsible lending for the purpose of “green jobs” and perhaps to satisfy investment relationships – all with tax payer money!”

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Colin Hartness presents Figures Reveal Rising PPI Payouts posted at Fast Track Reclaim Blog.

Roger White presents 401k Contribution Limits in 2011 and 2012 posted at 401k Calculator, saying, “This posts lets you know about your 401k contribution limits for 2011 and 2012.”

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Al Peters presents How Much Can you Earn Before Paying Tax in 2011 posted at Tax Return Blog, saying, “Tax allowances and brackets change each year. This post shows highlights how much you can earn before you need to pay tax.”

SteveR presents What to Expect after Receiving an IRS Certified Letter posted at 2011 Taxes, saying, “Receiving an IRS certified letter can be a huge shock. You walk out on your mailbox sooner or later, peruse junk and bank statements, and then that you can see it.”

The DIV-Net presents Roth IRAs posted at The DIV-Net, saying, “Nothing is certain in this world except for death and taxes. For many dividend growth investors, this could be characterized as a feeling that they are being taxed to death. While I keep most of my assets in taxable brokerage accounts, I am always on the lookout to legally minimize my investment taxes as much as possible. In fact there is a way to invest in dividend paying stocks without ever having to pay taxes on your investment.”

Gemma Flannery presents Your Tax Code For 2011 posted at Tax Codes, saying, “Your tax code is used by your employer to calculate the amount of tax to deduct. Each year this changes with as tax brackets change. This posts explains the tax code for 2011.”

Al Peters presents 4 Things You Should Know About Your Self Assessment Tax Return 2011 posted at TaxFix Feed Update, saying, “There are many things that you should know about completing your tax return but this post higlights 4 of the top things to remember.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

 


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Handy Tips to Using an Online Calculator

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The introduction of the internet has ushered in a multitude of online calculators freely available for anyone who needs them. From basic calculators to the most complex calculus equations, to mortgage and auto loan calculators, name it and you will find it online. With just a few clicks here and there, you can easily arrive at the number you are looking for.

Calculators have become an important tool evidenced by the fact that most of our households and offices today are filled with them, we have them on our mobile phones. PDA’s and watches. With the wide array of calculators to choose from, one is fast gaining popularity as an important tool for future homeowners, that of the mortgage calculator with taxes. This simple online tool can help you deduce your mortgage payments based upon your total loanable amount compounded with interest rates and loan terms while factoring in the taxes involved.

Another variety of mortgage calculator does its work based on your total mortgage amount per thousand, which can easily be summed up through a payment per thousand calculator. This calculator quantifies your mortgage payments and allows you to see what it will cost you to buy a larger or smaller home.

To make your online mortgage computation much easier, we are putting together a step by step guide that can make every newbie a calculator expert in no time.

Step 1

Input the total amount of loan you wish to apply for. If you are looking towards making a down payment, then you will also add that in on the specified area. The online calculator will automatically reduce your total loan amount based on your down payment.

Step 2

Input your expected interest rate. You can search online to look for the average interest rates available in the market or inquire from your local bank to come up with a realistic number.

Step 3

Factor in your desired loan term, you can choose from the available options though most borrowers opt for a 30 year fixed term.

Step 4

Include your local cost of taxes and insurance needed for your mortgage loan.

Step 5

Press enter and let your online calculator handle the rest.

Through these simple steps, you will be able to get an accurate estimate of how much your mortgage payments will amount to and will help you assess whether your are financially prepared to take on this huge investment.

Factors to Consider Before Diving into a Business Loan

As the economy gets tighter and the rate of unemployment increases, a good number of our population are starting to look into setting up their own line of business in the hopes of rising up and triumphing against today’s less than inspiring economy. As most business ventures require a significant amount of money, a lot of the country’ potential entrepreneurs are resorting to taking out business loans from various lending institutions. TotallyMoney.com explains that though acquiring a financial assistance to fuel your initial capital is a good start, borrowers should first consider several important factors before filling out those loan application forms.

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Equity Investments

Getting a business loan is much more complicated as they often require a larger amount as opposed to that of a personal loan and as such they implement a more stringent approval process and asks for more detailed requirements from the borrower. One of these considerations would be your equity investment. Your particular lending institution would need to know your total current investment towards your business and discern if your business is stable enough to continue operations uninterrupted by financial setbacks. Your equity investments will help creditors undermine the value of your business vis a vis its outstanding debt to arrive at a justified loan amount for your loan. As a general rule, the weaker your investment portfolio for your business is, the lower your loanable amount.

Type of Loan

Depending on your requirements and credentials, your creditor will look into more effective and safer loan options for you. Those falling below their standard requisites might be required to take out a secured loan which gives creditors more security as they have something concrete and substantial to hold on to. These collateral are usually in the form of properties. But those who have exceptionally good credit and financial liquidity may have higher chances at getting unsecured loans. Financial experts advise discussing your available options and carefully compare unsecured loans with that of secured loans to determine which works well given your financial capacity.

Earning Capacity

Another important factor that your creditor will surely look into is that of your business’ current financial standing to help them assess the liquidity and profitability of your venture. Keep in mind that these lending institutions will look closely into your business’ viability as they too would not like to earn losses as well.

Operational Capital

Lenders will also need to account your current working funds and compare them with your existing liabilities. The higher your available operational capital is, the more assurance they get that you have the capacity to pay them at a given time.