Deeper Into the Tax Lawyer Profession

Posted on March 31, 2023 by schatzi

Lawyers are the professionals who provide you with the legal assistance in the problems and disputes that have legal consequences. Lawyers assist you in various different fields and thus they are of many different types such as criminal lawyers, civil lawyers, lawyers having expertise in marriages and agreements, constitution contract and various other things. Similarly there are lawyers who have their expertise in the field of taxes. These lawyers are commonly known as Tax Lawyers.

Tax lawyers play a vital role by providing services related to income taxes to individuals as well as business organizations and firms. They make significant contributions to the society as a whole and also to the individuals by resolving the tax related issues and disputes.

This type of professionals perform a variety of duties which may start from scrutinizing the individuals, illegal money shelters, computer frauds and may extend to the scrutiny of money laundering and illegal money transfers. These duties of Tax Lawyers make them important for the benefit of the society as a whole.

Tax solicitors have played their role over the years in helping the tax payers reducing or completely eliminating their tax liabilities payable to the state. To perform their duties properly, tax lawyers often investigate and interview the parties involved in a case. This leads them to a situation where they write reports in preparation for a trial and then finally participate in surveillance. Income tax professionals have contributed to the settlement of back taxes owed through relief programs and in numerous cases, they helped resolve both individuals and institutions payment difficulties.

Tax lawyers also help individuals in making and filing their income tax returns. The tax system often traps individuals, because most of the individuals are not well aware of the tax laws and regulations. This unawareness causes serious legal and financial consequences to the tax payers. This is where Tax Lawyers step in to help the tax payers to avoid getting trapped in the tax system or its by laws.

The biggest advantage that a tax lawyer provides to a tax payer is that he makes the tax payer aware about the situation of the tax payer and the possible and probably ways to get out of the situation. In some cases, where tax payers hire a tax lawyer in advance, the tax lawyer makes the tax payer aware of the possible tax issues the tax payer may face in future and also determines a solution to the probable problem.

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Insider Tips to Increase Your Number of Real Estate Investments

Posted on March 30, 2023 by schatzi

So far, it looks like this year is going to continue to be a very busy year with new opportunities and bargains to be had. In the world of real estate investing, this past year showed us that there were still some good opportunities to be had (including tax advantaged opportunities in the GO Zone) and that the financing world for investors is constantly changing. One theme that was common amongst some of the real estate investors that I have been exposed to is that even though there was additional real estate opportunities that they wanted to invest in, they decided to pass on the opportunity because they were tapped out financially and credit-wise.

While what I am going to say below is not rocket science, I thought that we would get a jump start before mid-year rolls around. If you want to increase the number of investments that are in your portfolio and you don’t want to pass on real estate opportunities that you normally would jump on in a heart beat when you are not tapped out, then form a Partnership!

SO WHAT IS A PARTNERSHIP?

For those of you crave the details, you can search on the internet and find lots of definitions of what a partnership is. For the context of this article, a partnership is basically a relationship of two or more entities conducting business for mutual benefit. That’s it – Simple and to the point! The key that I want to point out is that a partnership is beneficial for all parties involved. As I like to say, it has to make “business sense” for all involved.

APPLYING PARTNERSHIPS TO REAL ESTATE INVESTING

There are plenty of real estate investors who have the time and knowledge to both find and evaluate the new opportunities. However after a while, they run out of credit and funds to act on the opportunities and continue to add to their real estate portfolios. Or, there may be investors who have the money and do not have the time or the knowledge to evaluate opportunities. Usually, it is typically a lack of one of the above (i.e. time, knowledge, or money/credit) that begs for a partnership to be formed. Or said another way, if you have one of those elements then you may be an excellent candidate for a partnership!

MAKING IT ALL WORK TOGETHER

Ever hear of the saying “Don’t do business with friends”? In real estate investing, as with most other businesses, some of the best working relationships are between like-minded individuals with the same goals and visions (but not necessarily the same traits – see below). If not approached correctly, forming a business with friends can tear the friendship apart. All I am saying is that you should choose your business partners carefully. Nothing is worth losing good friends over, yet nothing will rip apart friends like a business gone sour.

Picking your partners in any venture is key to any successful partnership. While all the components of the partnership need to be in place (i.e. knowledge, time and money/capital), there needs to be synergy between each of the partners depending on their individual functions and roles in the partnership.

As an example, if you are the person with the knowledge and are looking for a money partner, then you most likely are looking for someone who is familiar with real estate investing but not necessarily wanting to do all the research and analysis themselves. That is something that would end up duplicating effort and would not be the best use of resources in the partnership. Look for complementary traits that balance the traits that already exist (or that balance out your own traits). Regardless of the missing part, you are looking for someone who is honest and fair and has good business sense.

FORMALIZING THE RELATIONSHIP

There are many ways to structure a partnership using the above definition. The exact details may vary from state to state, depending on the path you go down. Since this is a business relationship, treat it as such and go ahead and form a legal entity. Note that there are many other benefits of doing so that are not covered here and could be the subject of many articles to follow.

As an example, you may want to form a limited liability company (LLC) that would cover a particular type of investment (i.e. rental properties, land investment, etc.), or cover a particular locale (i.e. southeast, southwest, Mississippi GO Zone region) or states (i.e. Florida, Texas, Arizona, etc.) for investments. An LLC is formed by filing a set of “Articles of Organization” with the Secretary of State for the particular state in which you are forming. Note that the LLC is not a tax paying entity. Profits, losses etc. flow directly through and are reported on the individual member’s tax returns. Most states require that the LLC have an “Operating Agreement” between the members of the LLC as to how the LLC will be managed, etc.

Or, you may want to form a true “Partnership” or a Limited Partnership, as opposed to an LLC. There are many different ways to structure and every one has their own opinion and reasons for one path over another. Whatever path you choose, make sure that all parties involved are kept in the loop and are in agreement with the structure, any operating agreements, etc. Also, since requirements for structuring and setting up a partnership, LLC, etc., vary from state-to-state, it is best to get some professional help in setting up your entity. As was mentioned earlier, a correctly structured entity has many additional benefits.

INCREASE YOUR POTENTIAL

With or without a formal structure in place, you can see the benefits of partnering with others to increase your real estate potential. Let’s say that you are a member of a real estate investing group and are constantly getting quality opportunities placed in front of you. With endless credit, it is then you job to perform your own due diligence on the project to see if it meets your investing criteria. If it does, then all that remains from a top level is getting the financing in place to fund the project and to add it to your portfolio. One day your friendly banker and loan officer is going to come to you and say that you are tapped out; your existing finances can not support any additional projects. Other than freeing up capital through the selling of other properties, you can find a money partner to supply the missing piece.

By partnering, you have done more than just add the additional project into your portfolio (which was your initial objective). You have now introduced someone to the world of real estate investing and may have created a great sounding board for additional projects, businesses, etc.

SUMMARY

Real Estate Investing is a true team effort. In order to be successful, you need to have the elements of time, knowledge, and money working together. Limitations in one of these elements can greatly hinder your real estate investing opportunities. By partnering with others, you can increase your overall number of investments and not miss a great opportunity again.

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The Nigerian Stock Market and You: The Smartest Ways to Play

Posted on March 29, 2023 by schatzi

Almost everybody wants to make money in the stock market. But lack of knowledge of what it takes to be successful in stock investing has discouraged many people from fulfilling their investment and financial aspiration. It is therefore imperative to X-ray this text entitled “The Nigerian Stock Market and You: The Smartest Ways to Play” to offer necessary guide to such people.

It is written by Moses Onyebuchi, a stock market analyst and inspirational speaker who has the vision of teaching people success principles that will guarantee enduring achievement in life. Onyebuchi is a graduate of Economics from the University of Nigeria Nsukka (UNN), Nigeria and offers financial and investment advisory services.

According to Onyebuchi, this book has been written to liberate investors from financial bondage. He says it is important in stock investing that investors have a clear understanding of what they are doing with their money. It is those investors that really do their homework that succeed as successful investing requires time, starting capital, knowledge and skill; and determination, educates Onyebuchi.

He advises that for you to gain an edge over other investors, you must read stock investing books. The author stresses that you do not have to wait until you have a lot of money or the market is bullish before you read about the stock market. Onyebuchi says sometimes the best time to study the market is when no one else is interested.

The author assures that this book is rich in quality information that will transform your life, beginning with the overview of the Nigerian capital market, the operations of the market, the guiding rules to investing in the capital market, successful investor secrets, common investor mistakes, etc. He expatiates that the book has specific objectives of providing salary earners with an additional source of income; guiding retiring employees on stress-free and high-return investment options; disclosing ways of responding to changes in the Nigerian stock market, etc.

The book has 12 chapters. Chapter one is christened “Overview of the Nigerian stock market”. According to Onyebuchi, the Nigerian stock market is a specialised market where shares are bought and sold; a market where long-term funds are sourced through equities and debt instruments. He says these instruments are subsequently traded openly in the stock market and they include shares, bonds, industrial loans, derivatives, etc.

This author educates that the Nigerian capital market is divided into primary and secondary markets. The Nigerian primary market, according to Onyebuchi, is that which secures funds for the initial issuers of shares. That is, the market provides an avenue for companies seeking fresh funds to raise such with the aid of an application form issued by the issuing house on behalf of the issuers – the companies.

Onyebuchi explains that the secondary market is that for trading of shares listed on the stock exchange. He says this market is the hub of the capital market because it is the market in which members of the market, that is, the stockbrokers buy and sell stocks of companies or government. The presence of the secondary market for trading shares makes investment via primary market beautiful since shares bought in the primary market can be sold in the secondary market easily, discloses the author. He adds that no investor is allowed to transact business on the floor without going through a stockbroker.

Chapter two is based on the subject matter of the operations of the Nigerian stock market and its operators. According to the author, the Nigerian Stock Exchange provides the trading floor for equities in the Nigerian capital market. In his words, “The Nigerian Stock Exchange regulates the activities of market operators by ensuring orderliness and sanity in the market and also ensures that quoted companies comply with post-listing requirements.”

Chapter three is entitled “Guide to investing in the capital market”. According to the author, today, there are many reasons why one would invest in the capital market. He adds that the intention may vary from one investor to another, stressing that the investment objectives would determine the kind of stocks to either buy or sell, the quantity to be held and for how long.

The author says before investing in the capital market whether as a prospective or existing investor, you need to consider your investment philosophy first; create a written set of rules; know your risk tolerance; trade with confidence and be patient. As regards the company you want to invest in, Onyebuchi advises that you need to consider its superior earning growth; excellent management; value creation; accrued benefits and performance indicators.

In chapters four to eight, Onyebuchi analytically X-rays concepts such as understanding stock market vocabulary; key ways to be successful in the stock market; ways to lose money in the Nigerian stock market; how to read and understand the stock table; and designing a diversified portfolio.

Chapter nine is based on the subject matter of weighty points investors need to note. Here, the author says an investor depositing his or her share certificate with the Central Securities Clearing System (CSCS) for the first time is expected to fill the shareholder’s particulars form. He adds that with this, two numbers are assigned, the clearing house number and the investor’s account number with the stockbroking firm. Onyebuchi explains that the latter ties the investor to the stockbroking firm while the former ties the investor to the CSCS.

In chapters 10 to 12, Onyebuchi beams his intellectual searchlight on concepts such as fraud in the Nigerian stock market; causes, effects and repositioning of the Nigerian stock market crash; and frequently-asked questions by investors.

Stylistically, this text is okay. In spite of the technicality of the subject matter, the language is still understandable, especially that technical words are contextually explained. Onyebuchi uses graphical embroidery to visually enhance readers’ understanding. The outer front cover design is suggestive of the overall subject matter. The layout of the book is eye-friendly, with emphatic messages boxed for visual distinction. To fulfill academic or intellectual obligation of source disclosure for the purpose of credibility, bibliography is included at the end of the book. Major points of every chapter are equally summarised at the beginning to ensure easy study.

However, some errors are noticed. One of these is “Acknowledgement” (page vii), instead of “Acknowledgements”. Others are: “The later ties the investor….” (page 177) instead of “The latter ties the investor….”; “To enable you secure….” (page vi) instead of “To enable you to secure….”, etc.

Generally this text is a treasury of stock investing knowledge, specifically how to successfully invest in the Nigerian stock market. It is a must-have and must-read for anybody that is set to achieve tremendous success investing in stocks in Nigeria. It is intellectually irresistible.

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Improve Your Credit Score with Bad Credit Secured Loan

Posted on March 28, 2023 by schatzi

A stage comes in our life when we require loan to fulfill our daily requirements and needs. It is to be kept in mind to choose the right loan option so that we may not feel burden in our normal living. Loans are here to make our life smooth not to add hurdles in our life. You can opt either from secured loan or an unsecured loan as per your condition. Secured loans are the loans that you can obtain by pledging some collateral. Collateral can be your home or automobile. Secured loans can be obtained by those who are home owners, or by those who are willing to pledge some security against the repayment of the loan amount. Bad credit secured loans can enable you to choose longer repayment time period of loan. This is helpful in the easy payment of the loan amount.

A number of reasons that can label you with a bad credit history are as under:

oCounty Court Judgements (CCJs)

oInsolvency

oDefaults

oArrears

The people who come under these categories become the victim of Bad credit history. Secured loan also removes some sort of risk factor from lender’s point of view. It also facilitates you to borrow a big amount. A bad credit secured loan is meant for those who have faced bad credit history earlier. It is the simplest way to improve your credit score. Moreover, you can avail bad credit secured loans for your home improvement, holiday, purchasing of a car and to tackle expenses during a wedding. This type of loan gives you a chance to recover your credit score too, in turn enabling you to eliminate negative impact of your credit report. You can gain positive reports as long as you continue to pay your loan amount on time.

It is the fact that you have to pay a bit high interest rate when you apply for a bad credit secured loan. It is advised to check whether you have the ability to repay the loan amount or not. You have to put your property as collateral under bad credit secured loan and if you fail to pay the loan amount then you might lose your home.

Internet is one of the best resources to search lenders for availing bad credit secured loans. You should have complete knowledge regarding each and every aspect of bad credit secured loan before you apply for the same. you can also take reference from a number of online loan quotes available on the internet to make the right move. Bad credit secured loans are the best options available to improve your bad credit history if you are able to repay your loan amount in time.

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