Pursuing a career in the insurance business can often be met with a roadblock in securing a license to sell your policies. There exists various types of agent or broker licenses needed in order for you to be able to kick off selling health, life or real estate insurance and be able to collect monthly premiums from your clientele. Besides having knowledge about the insurance market, a broker must also be able to formulate insurance policies himself or herself that will suit the needs of your customers.
Can you still make money investing in old school technologies? I like to find off the beaten path types of investments because almost no one else is investing in those types of businesses. Recently I was talking to a guy about investing in companies that sell hosted pbx solutions. I know what you’re thinking… Aren’t PBX solutions dead?
Starting up a business can be a very daunting experience if you do not have the competent knowledge and the methods of what should come first as a priority. Even if you do manage to find simple solutions on how to start your business you will be faced by a multitude of compulsory obligations to comply with all that is needed in terms of paperwork and the needed time and effort to get your business started. Of course we are talking about setting up a business in a local setting. But what if by some chance that you decided upon setting op a business away from your locality or even in another county?
If setting up a business can be as task consuming as it already is, what more if you had to start a business over seas? According to Ken Dart, owner of Dart Realty Cayman, a residential and commercial property developer that is based in the Cayman Islands, recounted the time when their business first started out in the island nation, almost 25 years ago. Ken Dart said it was essential to know all the distinct details of how a business should start in a foreign country such as this. Knowing the proper policies that govern business standards and regulations is the first important step before a business can begin here.
Deciding on the proper organizational structure whether that be sole proprietorship or partnership can be a guiding basis on how to properly declare to the local government your business interests in the Cayman Islands. It should be noted that the Cayman Islands is one of the few places in the world that is exempted from any obligatory taxes that involve companies in declaring their assets and liabilities. Here are a few basic pointers in how to start investing and eventually set up a business endeavor in the Cayman Islands.
Obtaining a Trade and Business License:
If you are a foreign investor that wants to set up a business in the Cayman Islands, it is standard regulation to acquire a trade and business license if the company that you are setting up does not involve any partnership with any incorporated local business shareholders. As it is applicable to almost every part of the world, as foreign investors are required to incorporate partners that constitute a 60% partnership with local shareholders. A definition of the nature of business that will be established will mean having the need for it to be inspected, in the case of a restaurant business, the submission of the floor plans which include electrical, plumbing and other sorts of structural renovations are needed prior from approval.
Immigration Work Permits for Foreign Employees:
If you plan to bring in employees from outside of the jurisdiction of the Cayman Islands, it is suggested that you apply for the proper working permits to ensure the legality of your employees status during their time of working for your business. If in the case that you will not be able to find a local Caymanian to address the skills needed in your job requirements, the board of immigration will evaluate and review your request for applying for the proper working permits that will enable you to take in outside workers.
License to Operate on the Registered Business Address:
It should be noted that there are only two categories of establishments that are classified accordingly in regards to the policies of the Cayman Islands government, office spaces and retail spaces. Residential establishments can not be legally registered as a place in where you could start up your business unless you are the owner of the property or should ask permission from the owners themselves and only by then that the government will approve it. The trade and licensing board does not recommend the use of residential establishments as a point to do business activities.
Applying for the Basic Amenities Such as Electricity and Communications:
The Grand Cayman Islands has a very excellent and stable source of the basic amenities such as electricity and communications. Communication facilities that provide phone lines, cellular mobile services and Internet are of European standards. Electricity is also stable and there are no frequent occurrences of power outages except on occasions of bad and stormy weather. Basic utilities cost are very reasonable and affordable as well.
For most people, their home is the single largest asset they own. And not surprisingly, the mortgage loan is the single largest debt. Paying your mortgage off early means that you pay less interest. This strategy for an early pay off is not as difficult as one might imagine if you implement the appropriate steps early on. Here are three ways to pay your mortgage off early.
1. Bi-Weekly Payments – Many lenders will allow a homeowner to make bi-weekly payments on the mortgage. This method, if implemented early in the loan, can take many years off the mortgage resulting in savings on interest and a fully owned home.
For example, if your monthly is $1500 per month, you would be paying $18,000 per year. If you paid $750 every two weeks (like most people are paid by employers), you would be paying in $19,500 per year and thereby retiring the mortgage earlier and reducing the total interest paid to the lender. A little bit can go a long way when it comes to a 30 year mortgage with interest.
2. Refinance to a 15 year Loan – By refinancing a 30 year mortgage to a 15 or 20 year mortgage, the borrower saves a tremendous amount of interest on the loan. Although your payments will be higher, shorter term loans usually qualify for a lower interest rate. If the lender would then allow a bi-weekly payment plan on the new shorter-term mortgage – the loan would be retired even earlier, thus saving even more interest charges.
3. Make extra income and put it towards mortgage payments – A strategy that many individuals are actively using in today’s uncertain economic climate is to build a side business or home-based business around family and work commitments. Australian website, the Home Business Hub has written some fantastic articles with loads of tips and advice about how to make extra money by working from home or through a home based business.
Although it is a great feeling to retire a mortgage early, the borrower needs to remember that other loans with higher interest rates should be retired before spending disposable income on retiring the mortgage that would be at a lower rate. Credit cards, personal loans and car loans often have a higher interest rate. These types of loans should be paid off first, for example.
Being a dentist has flourished into a noble profession over the past decade and is still rising in popularity as a preferred vocation. Compensation falls under the category of medical practitioners. This is among the top tier earning group internationally.
The median annual incomes usually have factored in perks like tips, bonuses and overtime hours. In general the highest paid professionals are in Canada, the UK, US and Australia.
The seniority of a dental hygienist also dictates the pay scale. The levels are,
- Entry level (0-5 years)
- Mid career (5-10 years)
- Experienced (10-20 years)
- Late career (over 20 years)
Location of practice affects the pay level. Fast-paced metropolis practitioners enjoy higher incomes compared to those in mid-size cities and towns. London, Sydney and New York attract agreeable competitive rates.
Running your own private practice pays more than public health or community dentistry.
The area of expertise involves various pay scales. Areas are:
- General practice
- Oral and maxillofacial surgery
Surgeons are the highest paid.
Dentist earnings in Canada
Licensed graduate dentists earn up to $132,000 annually (2011). This rate translates to $70 per hour. The average exceeds those of the US or even the UK. This may be attributed primarily to the strengthening dollar. The upshot is frequent wage rises of up to 15% every year.
Earnings in the US
Annual pay is $162,000USD (as of May 2011) c/o Bureau of Labor and Statistics.
Earnings in the UK
The average is $89,000GBP annually, working out to an average £48 per hour.
Australian dentist median wage
The Australian Bureau of Statistics puts the mean annual starting salary of a Bachelors degree graduate working full time at $52,000 dollars according to www.dentalhub.net.au.
Other benefits of becoming a dentist
- The working hours are quite flexible as you get to chose them. One can extend their operation into weekends and holidays or even work part time for only a few days in the entire week.
- There is a somewhat increasing importance to the status of a dentist. Many communities place huge importance on all kinds of medical practice. This in itself is a huge career motivator.
- Private practice is popular as it gives the dentist full control in the work place. It gives the dimension of managing your own business. Freedom extends to designing, hiring and monitoring the financial performance of the business.
- There is also greater choice in regards to the dental philosophy in use and other professional capacities. This leads to the realization of self-respect and overall comfort.
- Market demand for dentist is high and still building. This creates job security and a guarantee of a steady stream of clients.
- Practice involves restoring people’s self confidence through elevating their hygiene standards. This creates a feel good boost in other people.
- Dentists work closely with their patient and staff due to the nature of the job. This enables them to build long term relationships with their clients and partners.
- A practitioner has the option of practicing and teaching residents at a facility. This facilitates more career options as well as diversifies the revenue stream.
When it comes to car finance, there are different options available and for perspective, and certainly for those CPAs that are dealing with international client bases, today we are specifically looking at vehicle financing options available in Australia.
These options are available in two major types, car finance and loans for individuals and car finance and loans for businesses.
Some of the car finance options available include:
Finance lease or car lease
This option enables an individual or business to use a vehicle while the financier retains the ownership of the car. The car is purchased by the financier who then leases it to the customer at a fixed lease rental fee for the period of lease.
When the lease period expires, the customer can take ownership of the vehicle by paying the final installment or residual value or can extend the lease.
This option is good since the terms of contract are flexible, it has fixed interest rate and monthly lease rental and the final costs are known prior to the lease. However, the financier retains the ownership of the vehicle and it mainly suits those using the vehicle for income generating purposes.
Commercial hire purchase
This is a commercial finance product in which a customer hires a vehicle from a financier for a certain period of time and pays a fixed monthly repayment. The customer enjoys the use of the car but the car ownership is retained by the financier.
When the contract ends and the customer have paid the total vehicle price plus the interest charges then the ownership of the vehicle shifts to the customer.
The benefits of this option are fixed interest rates, fixed monthly payments and fixed terms of contract among others. However, it is quite expensive considering the interest paid and may also not suit those using the car for non-income generating purposes.
This is a commercial finance option where a financier gives loans to a business to buy a vehicle and the loan is secured with a mortgage over the car or vehicle. The benefits of this option include flexible terms of contract, fixed interest rates and monthly repayments and the customer take ownership of the vehicle upon purchase.
However, the interest rates may be high making the total cost to be higher.
This is a three way agreement i.e. employee, employer and finance company in which an employee leases a vehicle (car lease) and the employer takes on the obligations of the employee under the lease and pays a monthly rental lease. This is normally deducted from the employee’s income before tax.
It enables the employee chose a car of his or her choice among other benefits. However, any extra expenses are normally passed to the employee thus may be expensive at the end.
Other forms of car finance option that can be used include personal loan where the financier lends money to the customer to buy a car without taking any security. A car loan is where financier lends money for the purchase of the car and uses the car as security.
A novated lease that is fully maintained is where the employer leases the vehicle to the employee and the lease payments are deducted from the employee’s income before tax. These different forms of car finance options suits different needs thus a person should check for the best option available that will suit him or her most.
The image used in this article was sourced from car finance website www.ryda.org.au, which is a car-related website that features car finance and loans information, reviews and much more.
Are you one of the growing number of car owners who like to change their cars as often as they change their cellphones? Your game plan probably involves eventually selling your current car and using the proceeds to make a down payment on a new one. If you are, you definitely want your car to fetch as high a price as possible.
Since a car’s value goes down fairly quickly, you have to work at keeping its resale value up. With this aim in mind here are some things to consider:
1. Consider depreciation. It is a major factor in a car’s resale value. The minute you drive your car off the manufacturer’s lot, it immediately loses at least 9 percent of its value, and with each year that passes, its value goes down 15 to 25 percent. Do your research first before making a decision on what car to buy, and keep your ear on the ground for consumer trends. Each year there will be models that are projected to retain their value more than others.
Five years down the line, the car brands that have long-standing reputations for durability and reliability tend to have a higher resale value than the newbies. German cars such as VW’s, Beemers, and Benzes tend to score more residual value and used car buyers are willing to pay much for 5-year-old models of these than 2-year-old Fiats or Toyotas.
2. Consider your capacity to maintain your car. Commit to take care of your car and keep it in good shape, and you will be rewarded when the time comes to sell it, especially if you plan to do it on the tail end of the first 5 years. The older a car gets, the more important role maintenance plays in its value. Make sure that your car doesn’t show too much wear and tear — the more pristine it stays, the better.
3. Consider the preferences of your car’s future owners — that is, if you’re buying a new car with an intention of selling it in the future, think about what they want. The best hatchback cars (check it out) are people pleasers, and if they’re well maintained, there will always be a market for them. You may want to stay away from the flashier models and stick to the ones with more mass appeal. You may also have to rein in the urge to “make it your own”. While tweaking its features — custom paint jobs, lowering it — may give it some personality, some flash and sass, and earn you points when you take it to the streets, too much of that individuality can be bad for resale value. The more “upgrades” you give your car, the more you narrow down the number of potential buyers to the people who share your tastes, and taste is very much an individual thing. Not a lot of people want a pink car, or one with ostrich leather seats. So stick to the safe and generic with considerable longevity.
There’s many reasons why you and your company might need an office trailer. Although they’re most commonly associated with construction sites, and they are perfect for on-site use, a good office trailer can be a real life-saver in a variety of different situations. Temporary medical services and offices and schools undergoing refurbishment are two prime examples of when a good prefab structure can come in handy. Most people rent, but they can also form a cost-effective storage solution for businesses with little on-site office space. This short article offers a brief overview of the different types of trailers that are available to buy and explores some of the benefits of renting a portable trailer. Once you’ve decided on which option you want, we recommend using OfficeTrailerPros.com, who’ve got some great deals on office trailers right across the board.
Still not made your mind up? Here are some of the advantages of using an office trailer over on-site construction. The first and most important point is that they offer a much better return on investment. If you are using your trailer on a construction site, building time can be reduced significantly and renting will reduce the overall cost of the project. Another major benefit for many business-owners is that the prefab buildings can easily be transported to remote locations for temporary use. They also form one of the most environmentally-sound short-term office solutions available, being made (usually) from exclusively reusable and recycled materials.
The sizes of almost all trailers are measured in feet. On the smaller end of the spectrum, a trailer will measure around eight by twenty feet (around 160 sq. feet of floor space) and house around two to three people or one large single office. Even the smallest trailers will be fully fitted with air conditioning and electric heating. The trailers go up in size increments from this point. At a slight increase in size you can get a trailer fitted with two separate offices and a restroom. Office space increases as you go up in price. At the far end of the spectrum you can get trailers in excess of thirty by fifty feet. These can house more than ten people. All trailers will have windows, secure doors and can be fitted with interior wiring for communication. You can also rent or buy a storage trailer, which is a basic trailer without any office fittings.
If you have a bit more money to spare you can always buy a luxury model. For some of the higher-end office trailers check out Los Angeles office trailers. There’s been reports of certain prefab trailers made to include hot tubs, wide screen televisions and even a bar. Whilst you might not want to be this excessive, if you are going to be using your trailer for an extended period of time it can’t hurt to investigate the more expensive side of the market. Spacious and well-designed trailers that include all the amenities you need will be much better suited for longer-term use and less prone to issues down the line.
Traders, who trade in the binary options, should be aware that there are a lot of scams out there. A lot of people have already lost a big amount of money because they easily trust people and do not do prior research before hiring. What can you do as a trader to avoid these scams?
Let me count the scams…
There are a few scams out there that you, as a binary options trader, should know so that you can avoid them happening to you.
- Unpaid traders – the most common scam you can find online is when brokers happen to have not paid the correct amount, if all, of the traders profit. It could be money management on behalf of the broker or it is really a planned deal to take away the profit. What you can do to prevent this happening to your binary options profit is to read social media or make a quick background search on the name of the broker. You can definitely find something in search engines or social media if he did not pay his recent traders. Facebook can reach millions of people in a minute – if he has history, you would be able to know.
- Withdrawal problems – you have been scammed if you find yourself not being able to withdraw your profits on time. Some brokers do have a verification process to make sure they provide money to the correct person, but this too, can be stalled with reasons such as “I never received the verification” or “The verification was incorrect” or other fictional stuff that can only smell of dirty scam.
- Asset Value Scam – this one is harder to find, especially if you are new to the binary options trade. The broker might come up with a story that the trade ended and provide you with data that looks absolutely true and legal. But then, on a double check, a trusted source of data would show that the trade ended with a different asset value. Novices will not be able to tell what hit them when they find out.
- Time Frame: Wrong – new traders of binary options could be tricked of having to deposit funds or assets in their account within a 24 hour time frame or else the deal will not be closed. This is not so. Some deals have specific time frames that can be within the day, a week, or a month. Traders have to make sure they recertify the time frame, or else they might just lose a couple of dollars just because they did not double check.
- Goodbye, Broker – probably in worst-case scenarios of a scam is the complete disappearance of your broker, along with your profits and deposits. In this case, you can either try to locate the broker or you have to accept you have been made a laughing stock by one broker hiding somewhere.
During the peak of business, it is necessary that you get your cool together and think straight. In a world of social media and easy background checks, you can avoid scam totally had you taken precautions and listened to other traders.
To avoid being scammed, you should start trading binary option with Banc De Binary – the world’s first regulated broker. Most traders and brokers recommend this site. There are countless independent reviews of the company on the internet that are also well worth reading to help you come to a smart investment decision.
Looking for a career change? Wanting something new in your life? Are you looking to sell your accounting practice? If so, there are a few things you need to know before you start the process to ensure the greatest success of your sale.
Things to Know
There are a few common misconceptions that people believe when selling their firm—quite frankly they aren’t true. Here are some of the more popular ones that you should think of when selling your accounting practice.
The best buyer isn’t always another accounting firm. This is a common belief that many accounting practice sellers have. The future of the accounting firm can be helped by many other buyers. As an example, an existing firm may not have the time or resources to manage the additional firm. Those selling a firm are typically leaving the accounting business, so they aren’t taking their clients with them. A typical firm usually doesn’t have someone to allot to take over the new business acquisitions.
Selling price determines the value of the practice. This is very far from wrong. Selling an accounting practice is very similar to selling a house—the markets can vary from location to location, and just because it sells for one price, does not mean that is its value. Keep in mind a variety of variables when selling your practice such as clientele, staffing, assets, and other aspects of your business. Be sure to not sell your practice too cheaply however—looking for sales assistance is often a good choice for selling your practice. Also, don’t waste your time with buyers who aren’t even qualified for buying your practice—look for serious buyers with serious intentions.
Buying an accounting practice is a very specific sales market, so often times there won’t be many potential buyers. Be sure to start carefully planning your business transition after retiring well before the day of retirement. Most accounting firms take 5 to 10 years to research buyers and come to an agreement on the sale of the practice. The earlier you start, the higher likelihood of a successful sale.
Accounting practice sales are different from other business sales, and is a very specific market. Often, in a city of millions, there may be only a hundred or so potential buyers. In other places there is a considerably fewer number of potentials, so it is important to start early and thoroughly go through the process of the sale.
Owner transitions are often difficult, and early planning and contact can help with that difficult transition. Smooth communication and contact can help with the sale, making the process as stress-free as possible.
What this means
Remember, previously established accounting firms may not be the best buyers for your accounting practice. They may not have the available resources to properly run and manage your firm, which will quickly terminate your practice that you worked so hard to build up. Research is key—thorough research is the best way to find the perfect buyer for your practice.
Currency relative to other currencies around the world always fluctuates. Once upon a time, our currency was directly based on the physical gold reserve held by the county; however, years ago, Nixon abolished that system to take our country’s economy to the “next level.” Some people believe it was a good move, but others (many others) believe otherwise. Since that day, inflation has increased tremendously along with the prices of precious metals such as silver and gold. The reason is because no matter how much you can exchange one currency for another, you will always be able to get the most from silver and gold, because the elemental properties that make it valuable never change. If the world and our economy would end as we know it, the first things to be recognized as value will be precious metals and minerals such as gold, silver, platinum, diamonds, etc.
For this reason, many people have sought after investing their cash into silver instead of keeping a digital record in the bank. It is a good investment, because as inflation will forever increase, so will the value of gold and silver. Historically, silver has always increased in value, with huge jumps in value when the population thought that “the world was ending.” Looking at the chart below, you can see that silver had two huge jumps in it’s history since the US left the gold standard: one was when we left the gold standard and swarms of people bought silver as they thought the system would not work at all the US would default. The second time was just recently after the housing bubble collapsed and we experienced the worst depression since the great depression. However, looking over time the value of silver has consistently increased and we expect to continue to increase.
If you agree that silver and precious metal is a safe investment if (when) the economy crashes again, then you should invest at least 25% of your investment portfolio in either silver or gold. Here, we like silver as it does not fluctuate as much as gold. Also, when we say invest in precious metals, we do not mean ETFs or any other kind of metal related stock; we are talking physical metal. The reason is because if you’re going to invest in something safe to avoid the riskiness of stocks, why would you just buy “digital silver,” right? That’s right. Buy some silver, store it in a treasure chest, bury it under ground and mark the spot with an X preferably on a physical map and not your iPhone (just because it’s way cooler).
So how do you go about buying physical silver? There are many retailers out there that sell physical metals that are certified and you can trust their concentration of the metal. Additionally, you can also buy old silver US quarters (pre 1965) that have a 90% silver content. You can learn more about buying silver quarters here and see if going that route will work for you, too. We like this method because it is easy to store and it’s kind of fun collection silver quarters in your spare time. What do you think?
Let’s just skip the witty intro and get right down to business, shall we?
Let’s just start with the thing we all use, cars. You can deduct tolls, parking fees, and mileage for business use of your car. You may be like the average person, and take the standard mileage rate deduction because, honestly most people find record keeping of mileage to be an extremely tedious and boring task. But, should you actually keep records, you’ll find your deduction to be a fair deal higher. Make a record of your mileage, odometer start and finish for each business trip, destination, starting point and the purpose of the business trip, to ascertain it’s actually for business (and not time for happy hour).
If you happen to do some work from home and use your home or personal cell phone for a dedicated business service, you may deduct the portion only used for business purposes, but that’s still something.
Gift and Entertainment
Client gifts can be deducted, but only up to $25 per gift, so there won’t be any car-buying for your clients. Entertainment and travel expenses are probably one of the most well-known things that are deductible; however – you should keep near-perfect records here, and keep a log of all the W’s. Who you met, why, where, when, and for what business purpose. Just like English class.
Interest on Loans
You may also fully deduct the interest on loans for your business. Even if you have a loan from a relative, just make sure it doesn’t break any IRS rules. Can’t be a rule-breaker.. No rebels here.
Even charity is no exception. Just make sure you’ve got all your receipts, and don’t forget to keep good track of your inventory, especially if you donated goods, not cash. Even rent is deductible.
It’s a bit late to be discussing this, but I’ll go ahead and say it. Don’t go putting family dinners into your planner and think you will deduct them later. The IRS requires two things to both be correct in order to deduct an expense. An expense must be ordinary and necessary. Ordinary means it’s common and accepted in the industry you’re in. Necessary means it’s helpful and appropriate for your business. No deducting that killer sound system when you work with accounting. We’ve covered a fair deal of expenses, so let’s cover some things that are not deductible, ever.
What’s Not Deductible
I previously said entertainment was deductible, and that’s true, but the membership fee isn’t. Even if you have to be a member strictly because of business, and only go for business, it’s still not deductible. Lobbying expenses, Federal income tax payments, and political contributions are also not deductible expenses. Neither are the penalties and fines you pay when you break the law. I hope you too can learn to really maximize on your tax deductions for business expenses. For further information, check out Edmonton’s Benefit Strategies Inc. and their Employee Benefit Edmonton, this one in particular.