Offshore Banking
An offshore bank is a bank located outside the country of residence of the depositor in a low- or no- tax jurisdiction. It provides financial and legal advantages like privacy, reduced legal restrictions, and protection against local political or financial instability. Offshore banking has increased rapidly all over the world since mid-1960s because of the growth and liquidity of Eurocurrency markets.
The full spectrum of financial services from offshore banks include deposit taking, credit, money transmissions, provision of foreign exchange, letters of credit and trade finance, investment custody, investment management, fund management, trustee services, and corporate administration.
Offshore banks provide access to politically and economically stable jurisdictions that may be an advantage for those resident in areas where there is a risk of expropriation or where there is corruption within the banking system.
Many offshore banks offer services that may be unavailable in one's country of residence, such as paperless bank statements. Offshore banks in several nations participate in mandated bank account deposit protection insurance systems. Some offshore banks may even provide higher interest rates than banks in the home country, but the fees and minimum deposits required to open and operate accounts at some offshore banks can make them inaccessible to the general public.
The majority of offshore banks operate within highly regulated environments under national monetary bodies such as the IMF. These banks are required to maintain capital adequacy requirement in accordance with international standards.
They must submit financial reports at least quarterly to the regulator on the current state of their business.
One common misconception about offshore banking is that it can legally prevent assets from being subject to personal income tax or interest. For those persons who meet fairly complex requirements, this conception is not applicable because the personal income tax of most countries makes no distinction between interest earned in local banks and those earned abroad. For instance, people subject to pay US income tax are required to declare any offshore bank accounts they may have..
Six Ways Under Your Nose To Finance Your Home-Based Business
There are lots of ways to get additional capital to expand a home-based business. But before you look outside for financing, leaving the decision about your company's progress and merits to someone else, consider these six ways under your nose to finance your home-based business:Personal Savings Savings are easy to tap and involve no paperwork. The negatives: if you use the money in your business, it eats into your safety reserve and is no longer there for emergencies. It diverts funds from a very low risk investment to a high one. Whole-Life InsuranceWhole life policies accumulate tax-deferred cash value that you can tap for your business.
But the only way you can tap this cash without paying taxes is to borrow against your policy. As long as you keep your policy intact and pay premiums when due, loans remain tax-free.The negatives: you will be converting a low risk investment into a high one; if you decide to terminate your policy or if you default on repaying your loan, taxes...
Six Ways Under Your Nose To Finance Your Home-Based Business
Tax help > Six Ways Under Your Nose To Finance Your Home-Based Business
Election Truth
Yes, it is true that George W. Bush received the most votes of any elected President in our history. He also received more votes against him than any other elected President in the history of our country. The margin of difference between those who want Bush as our President and those who do not is a measly 3%. The fact is that the electoral map is almost identical to that of the year 2000.
Bush did win the popular vote by 3.5 million votes but he nearly lost the election, had just 68,001 votes switched in Ohio. The 3.5 million more votes came entirely from small states that have predominantly rural voters that typically vote Republican or lean Republican but don't always vote. Who voted for whom? If you are young (18-29), a working woman or a non-working woman, black, latino, Asian, or other, belong to a union, make under $100,000, have a post-graduate education, are a moderate or liberal, never voted before, a Jew, a Buddhist, or a Hindu, a single civilian, homosexual, don't...
Election Truth
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YEAR END TAX PLANNING AND PREPARATION FOR INDIVIDUALS ? Tax Tips for 2004 including new tax relief due to the Working Families Tax Relief Act of 2004
Now is the best time to start thinking about your year end tax planning. These tax strategies can be put into effect by the end of the year and some as late as when the tax return is due. Planning now will save you money and reduce your tax liability not only with your IRS taxes but also with your state taxes. Here are tax tips that will help you accomplish your goal. MINIMIZE YOUR CAPITAL GAINSReview your capital gains and losses for the year including taxable investment accounts and taxable real estate sales.
If you have net capital gains, you may want to sell some of your investments that have a loss to offset the gain. You should also check your 2003 tax return for any loss carry forwards to 2004.NEW SALES TAX DEDUCTIONNew in 2004 taxpayers who itemize deductions can now choose between claiming the state income tax or sales tax as a deduction. The IRS will provide optional tables for use in determining this sales tax deduction if tax payers don't keep their receipts throughout...
YEAR END TAX PLANNING AND PREPARATION FOR INDIVIDUALS ? Tax Tips for 2004 including new tax relief due to the Working Families Tax Relief Act of 2004
Tax help > YEAR END TAX PLANNING AND PREPARATION FOR INDIVIDUALS ? Tax Tips for 2004 including new tax relief due to the Working Families Tax Relief Act of 2004
Becky Schmitz Receives Award as Top Tax Problem Solver
Billings, MT (ContentDesk) June 15, 2006 -- The American Society of Tax Problem Solvers (ASTPS) is pleased to announce Becky Schmitz the recipient of the coveted ASTPS Top Practitioner Spring 2006 Award.The ASTPS Top Practitioner Award recognizes distinguished members for their exemplary professional accomplishments, dedication, and contributions to the organization and the profession.Becky submitted her first Tax Problem Resolution offer in 1994. For the past seven years she has devoted a substantial portion of her practice to tax problem resolution as a Certified Tax Resolution Specialist. She employs a staff of four in her firm, Cent$able Accounting, Inc., "The Tax Problem Solvers." She and her staff provide the customary array of tax preparation and tax planning services for individuals and businesses, in addition to Tax Problem Resolution.
The firm's website has a page - http://www.centsableaccounting.com/tax-services/...
Tax help > Becky Schmitz Receives Award as Top Tax Problem Solver
Self Employed Mortgage Loans - A Survival Guide
When you're self employed you have numerous advantages. As you are a free agent, you will write off every deduction you can on your tax return. You acquire the potential to earn extra income much more so than someone who is employed by someone else. The best part is that you are the gaffer, the boss! On rare occasions, being freelance has some drawbacks. One is when you go to get finance for a property or a large purchase.
However, here are some items to know that could help you prepare for the mortgage loan process. A self-employed mortgage loan survival guide, if you will.While confirming your income - the average lender will need to be made aware of at least 2 years of self employment history, occasionally they will request 3 years. They will ask to see this history verified in tax returns, generally. Occasionally the lenders may figure your income as being the average income you claimed on your income taxes as profits, not your gross business income. Another time the lender...
Self Employed Mortgage Loans - A Survival Guide
Tax help > Self Employed Mortgage Loans - A Survival Guide