You also have school loans to pay, children to raise and the new mortgage to pay off. But if you prioritize your life and stick to a budget, $11.00 a day is doable, although you might have to scrimp here and there.Consider that most people are spending their livings paying the freight for borrowing 'other people's money". If you save and invest, other people are paying you to use your money. It's a lot more fun to see your money working than having to work yourself.It gets harder to amass wealth as you get older. If you wait until you're 32 and put away $4000 at 10%, you would have about $975,000, still a respectable amount.

At 42, you'd only be able to accumulate approximately $350,000. If you're 50 and can start putting $5000 (those over 50 are allowed "catch up contributions") away today, you'll have around $175,000 at age 65.Everyone knows that Social Security is not going to allow for a comfortable retirement. Even if the plan can continue to pay out forever, which is questionable right now, the money you receive will be far from generous and is subject to taxation. You might have a good pension plan at work now, but will you be able to hold your current job to retirement?If you have a Roth IRA, you can withdraw the money tax free after age 59 ?. Imagine having a million tax free dollars you can play with.

It will well make up for the small sacrifices you have to make to get there.No matter what your age, start saving what you can now - today. Even if you only amass $100,000, you'll be better off than most people entering retirement..

People in higher tax brackets with greater expenses can save even moreKey #2: Organize your Records Good organization may not cut your taxes. But there are other rewards, and some of them are financial. For many, the biggest hassle at tax time is getting all of the documentation together. How do you get started??Collect receipts and information that you have piled up thus far. ?Group similar documents together; putting them in different file folders if there are enough papers.

?If you have time, enter the amounts from all these documents into a computer program like Quicken or Microsoft Excel for quick totals and make a printout for your tax preparer. You can expect savings of $300 to $400 with your tax preparer and hours of your time. Plus, you're likely to sail through an audit - with fewer assessments and penalties - if you have documentation on hand.Key #3: Contribute to Retirement Accounts If you haven't already funded your retirement account, do so by April 15, 2005. Making a deductible contribution will help you lower your tax bill. Plus, your contributions will compound tax-deferred.

Your savings will vary. If you are in the 25% tax bracket and make a deductible IRA contribution of $3,000, you will save $750 in taxes the first year. Over time you will save thousands, depending on your contribution, income tax bracket, and number of years you keep the money investedKey #4: Find a Tax Advisor Did this year's tax season feel like a never-ending nightmare of tax forms and a huge tax bill? Then now is the time to take another look at 2003 and plan for the current tax year. First look back at the process you went through in compiling your returns. Do you have a huge tax bill or tax refund? Was your tax preparation software helpful? Did your professional tax preparer meet your needs?.

Any good preparer should save you at least as much as the fee they charge. You may also gain valuable advice on how reduce your taxes for the coming year. But don't wait until the last minute.Ask friends and family for recommendations. Ask about credentials and professional designations. There are two designations to look for in a tax preparer.

Enrolled agents (EAs) have passed rigorous IRS exams and are certified to represent clients in tax court. CPAs, or certified public accountants, have also passed several examinations and are licensed to practice by the state.Interview your top candidates to see if you feel comfortable with them. Do they have the expertise for your specific situation? And will they be available for questions after tax season is over. When you first meet to talk about your taxes, be prepared to talk about your personal life. Your preparer isn't just being nosy.

Personal details can have important tax implications. Are you planning to get married or divorced? Are you looking to buy a house? Such life events show up on your tax return as dollars and cents.Savvy overseeing of your financial books will enable you to build a life and/or company that thrives. And it's literacy that enables you to do that..

Generally, a search is done to ensure your name is not already in use, and anapplication is submitted to make it official. Some statesrequire a notice be published in the local newspaper. Thedetails of registering varies from state to state, so checkwith your state office or county clerk for specifics.2. License Your BusinessLicensing of your business depends on the type of businessyou plan to start. Licensing occurs on the state and/orlocal level.

Federal licensing is only necessary forbusinesses who engage in specific, controlled activities(things such as making firearms, alcohol, tobacco, etc.).Many cities, but not all, require a general businesslicense, plus there may be a license required for yourparticular business type. You should contact your state and city clerk offices to find out what licenses you need.3. Report Income TaxYou are responsible for filing and paying income taxes on your business. Assuming your business is a soleproprietorship, you will pay income tax on your netprofits. You report your income tax using Form 1040 at taxtime, with the additional requirement of filing Schedule Cor C-EZ: Profit or Loss From Business.

You can get IRSPublication 334 (Tax Guide for Small Business) for moreinformation. Visit the IRS online at www.irs.ustreas.gov/ for publications and detailed filing requirements.4. Pay Estimated TaxesIf you expect to owe more than $1,000 in federal taxes,you need to make estimated payments quarterly. This mayseem like a burden at first, but it actually protects youfrom having a big payment due at tax time. You can learnmore about this from IRS Publication 505: Estimated TaxPayments.5.

Pay Self-Employment TaxYou must pay self-employment tax on income over $400 usingSchedule SE. Why? Because you are required to pay your fairshare into Social Security and Medicare. Oh joy!6. Get a State Sales Tax Certificate Contact your state treasury office for information onobtaining a sales tax certificate. This certificateobligates you to pay applicable sales tax on goods yousell.

If your product is to be sold wholesale, or if youare buying materials wholesale, inquire about a resalecertificate to avoid paying taxes twice.7. Obey Zoning RegulationsBe sure to check with your city and county offices aboutzoning regulations for your business location. You don'twant to be in the position of having to shut down laterbecause of zoning violations.8. Get Free AdviceYour local Small Business Administration office is a good place to learn more about the nuts and bolts of legally operating a small business in your area. This office can answer many, if not all of your questions about doing business locally.

Another important resource is the Service Corps of Retired Executives (SCORE) at www.score.org/. This organization provides personalized and free counseling to assist you in making the right decisions for your business.Attending to the above steps will put your business on afirm footing. For the average home business, doing thesethings is enough to let you charge full speed ahead.However, no two businesses are alike, and it's not a badidea to consult with a lawyer and accountant for additionalinformation pertaining to your type of business. Doing somay prove valuable for you, both before startup and lateron as your business becomes more complex..

This charge provides residential and business telephone customers with the ability to retain, at the same location, their existing local telephone numbers when switching from one local telephone service provider to another. This is a fixed, monthly charge. Local telephone companies may continue to assess this charge on their customers' telephone bills for five years from the date the local telephone company first began itemizing the charge on the bill. This is not a tax.State & Local Municipal Tax ? This charge is imposed by state, local and municipal governments on goods and services. It may also appear as a "gross receipts" tax in some states.(State) Subscriber Line Charge ? This charge is mandated by some states' public service or utility commissions to compensate the local phone company for part of the cost of providing local telephone lines associated with state services, i.e., intrastate long distance and local exchange services.Telecommunications Relay Services Charge ? This state charge helps to pay for the relay center which transmits and translates calls for hearing-impaired and speech-impaired people.Other ChargesUniversal Service Fund (USF) (Also called the Universal Connectivity Fee) - Because telephones provide a vital link to emergency services, to government services and to surrounding communities, it has been our nation's policy to promote telephone service to all households since this service began in the 1930s.

The USF helps to make phone service affordable and available to all Americans, including consumers with low incomes, those living in areas where the costs of providing telephone service is high, schools and libraries and rural health care providers. Congress has mandated that all telephone companies providing interstate service must contribute to the USF. Although not required to do so by the government, many carriers choose to pass their contribution costs on to their customers in the form of a line item, often called the "Federal Universal Service Fee" or "Universal Connectivity Fee."FCC's Efforts to Help Consumers Understand BillsTo ensure that telephone bills give consumers the essential information they need to protect themselves from fraud and to make informed choices, the FCC has issued the following rules and guidelines that phone companies must follow when creating their phone bills. The bills must:Be clearly organized...Identify the service provider associated with each charge...Highlight any new providers and indicate the date the change was made...Contain full and non-misleading descriptions of charges...Identify those charges for which failure to pay will not result in the disconnection of a customer's basic, local service...Provide a toll-free number for customers to call for customer service in order to lodge a complaint or to obtain information. If the customer does not receive a paper telephone bill, but receives a bill by e-mail or over the Internet, the telephone company may provide the customer with an e-mail address or Web site to inquire about charges...Use standardized labels when referring to certain line item charges relating to federal regulatory action, such as "local number portability" and subscriber line charges..

Your home will need to be appraised in value and an interest rate will be locked in for a period of 60 days. You will be asked to sign several pieces of paper to release this information from the mortgage company. You may also have to turn in the cover page of your homeowner's insurance policy to show the break down of your coverage.Should all the paperwork be in order, you will be given a tentative closing date by a registered title company. It is the title company's job to make sure that all documentation and title pass from the current bank to the new one at the settlement table. At the close, you will resign your paperwork and title documentation over to a new lender.

In some cases, it may be the same lender as the mortgage company that you currently have. Should you have asked for some cash back a check will be presented at this time.By Jakob Jellinghttp://www.cashbazar.com.

The IRS will give you a break on the filing date, but it wants the money now! If you anticipate that you will owe taxes, you need to send in the appropriate payment. Failure to do so could result in interest charges when you eventually get around to filing your returns. Corporations If you conduct business as a corporation with a fiscal year-end of December 31st, you are required to file your 2004 tax returns on or before March 15, 2005. You can get an automatic extension, however, by filing form 7004 before the March 15 deadline. Form 7004 applies both to "C" and "S" corporations and grants you an automatic 6-month extension to September 15, 2005.

While this automatic extension applies to "S" corporations, you should be aware of a quirk in the tax code. Since "S" corporations "pass through" taxes to your personal returns, the six-month extension is really only a five-month extension. To file your personal tax returns, you must report information from the K-1 issued from the "S" corporation. Unfortunately, the IRS only grants automatic extensions for filing personal tax returns to August 15, 2005. Limited Liability Company The IRS has never really figured out to how to handle limited liability companies.

It has settled on a policy of avoiding the issue and simply treating the entity as a corporation or partnership. Limited liability companies with more than one owner typically elect to be treated as partnerships for tax purposes. If this describes your situation, the LLC is required to file tax returns by April 15, 2005. You can obtain a 3-month extension by filing form 8736. Although form 8736 contains language regarding partnerships, you will still use this form since the IRS classifies you as a partnership for tax purposes.

If you are the sole owner of an LLC, you may be in for a surprise. The IRS doesn't recognize LLCs owned by one person. Instead, it simply considers you a sole proprietor and the rules for sole proprietorships apply. These are discussed below. Partnership If your business is a partnership, you are required to file tax returns by April 15, 2005.

You can use form 8736 to obtain a 3-month extension. Self-Employed/Sole-Proprietor If you are not using a business entity, your business tax information should be reported on your personal tax return. The due date for filing your personal tax returns is April 15, 2005. You can obtain a four-month extension by filing form 4868. Summary Regardless of how your business is organized, the IRS will automatically grant you an extension to file your tax returns.

By sending in the appropriate form, you can avoid a mad rush that will inevitably result in missing deductions and overpaying your taxes. Just make sure you pay any taxes you anticipate owing by the appropriate date..

• Office expenses
• Rent or lease payments
• Advertising
• Costs of goods sold
• Insurance costs
• Utilities
• Payments to independent contractors [file form 1099]
• Accounting fees
• Legal fees
• Communication expenses
• Credit Card Interest for business charges
• Travel expenses
• Vehicle expenses
• Business-related meals and entertainment
• Uncollected receivables
• Bank fees on business accounts
• Interest payments on notes
• Excise and fuel taxes
• Employment taxes
• Real estate tax paid on business property
• Special local assessments for repairs or maintenance to business property
• Promotional costs that create goodwill such as sponsoring a youth team
• Business association dues
• Business-related magazines
• Casualty losses
• Beverage services
• Credit bureau fees
• Taxi fares
• Telephone calls made on trips
• Self-employment tax [if applicable]

The new sales tax deduction is a windfall for taxpayers in Alaska, Florida, Nevada, Texas, Washington, South Dakota and Wyoming. These states do not tax the income of their residents, which makes the sales tax deduction a very valuable deduction indeed! Regardless, taxpayers in all states should the possibility of claiming a sales tax deduction..

Before you get started, take some time to check on some deductions you might possibly qualify for, but are often overlooked. Points on home refinancing; health insurance premiums (including some long-term care premiums); non-cash charitable contributions (those summer clothes you gave to Goodwill); higher education expenses; work-related expenses (such as tools, labor union dues, and education costs to improve your skills); investment and tax preparation expense (deductions for safety deposit box rental and postage costs to send your return last year).Once you have checked for deductions begin to gather and sort all of your tax related files, forms and documents. Income pay stubs, miscellaneous income records (Social Security, unemployment compensation, alimony), medical bills (remember there is a deduction for each mile driven for medical care), proof of contributions, investment records, and any other items dealing with your taxes. By using tax preparation software, you can probably finish your state and federal returns within a couple of hours. The software does the math, helps you find deductions and figures out the final amount due or a likely refund.If you need tax assistance and would rather not pay for such services, do not overlook the following ways to obtain help from the IRS themselves: the Internet http://www.irs.gov; telephone hotlines (800-829-1040 for personal and 800-829-4933 for business); TaxFax Service at 703-368-9694; Walk-In Offices--http://www.irs.gov/localcontacts for a complete list of IRS offices and hours of operation.If you do not want to do your own taxes and choose to hire a tax preparer, it is a choice best not left until April.

All tax preparers are not created equal. It stands to reason as with any other profession, some are better educated, better prepared, more enthusiastic and more accurate.Hiring a tax preparer doesn't mean you're excused from understanding your taxes. You have to know enough about taxes to be able to read your return so you know precisely what it is you are signing. You also need to know enough about taxes so that you can tell your preparer everything they need to know to file your return accurately and to your best advantage.Procrastination is your worst enemy. If you wait until April 13th and then just "run out" and have your taxes done, who do you think you will get as a tax preparer? Not the best and the brightest.

Do yourself (and your preparer) a favor--get your tax return done early. If you owe Uncle Sam you don't have to send it until April 15th, and if you are entitled to a refund you will have it in your hands so much faster. One final tip--remember to sign your return!.

The exact spot on the 540 form for state personal income tax is step 10, line 62. Go to http://www.ftb.ca.gov/individuals/faq/net/903.html or call the California Missions Foundation at (951) 369-0440 to find out more. When you donate to the California Missions Foundation, your donation could be matched by money from the California Missions Preservation Act, a federal law that hopefully will go into effect next year and provide $10 million dollars in matching funds to the California Missions Foundation. This means when you give $5.00, you are potentially providing $10.00 toward preserving the missions..

So, it is now, at this time of year, that potential victims of Wall Street learn or suspect that they may have been abused.What to do? That's the big question. It is the story not often told. The true story of something great for burned Main Streeters: Securities arbitration. With it, investors can take their grievances before a panel who will determine if their claim is valid and to what extent Wall Street should recompense the Main Street individual investor."And the system works. I should know.

I have been doing it for 16 consecutive years," says Securities Fraud Hotline founder/CEO Paul N. Young.It is the story no one else has. And Young has the credentials to talk about what's going on in investor dispute resolution.Timely, real life. All demos, all sectors. It is the story of Main Street taking on Wall Street without court - and winning.The Securities Fraud Hotline is a free, national, one-of-a-kind service since 1989 at 1-800-222-4724.Paul N.

Young is a media experienced, well-back grounded expert who provides excellent and exciting analysis, interpretation, and information in an upbeat manner on securities arbitration and mediation for print and air..