Blackhillsams

Posts Tagged ‘Steps’

Does Tax Season get you down?

Here are 4 simple steps that any small business owner can take to lower your tax bill this year.

STEP #1: Understand How Serious Your Tax Problem Is

Are you aware of just how much in taxes you are paying?

Here’s how much the average family spends on various consumer categories — as a percentage of income.

You must realize that it’s not how much you spend on taxes that is important, it’s how much you spend on taxes as compared to all other major categories of spending.

Consumer Spending:

How Do You Spend Your Hard-Earned Dollars?

Taxes ———————- 32.0%

Housing ——————– 16.7%

Medical Care ————— 11.5%

Food ———————– 8.2%

Transportation ————- 7.9%

Recreation —————– 5.7%

Clothing ——————- 4.1%

Savings ——————– 1.4%

Other Miscellaneous ——– 12.5%

TOTAL ——————— 100.0%

So, if you think you are being “nailed” by the government, you are absolutely right. You spend more on taxes than any other category of consumer spending.

In fact, you spend more on taxes than on food, clothing, and housing combined.

And it’s not just federal income taxes we’re talking about here. There’s also state and local income tax, payroll tax (Social Security and Medicare), sales tax, excise tax and property tax.

Maybe you already knew “intuitively” that your tax bill is outrageously high. If not, the picture I’ve just painted should thoroughly convince you that you pay too much tax, period.  Read more...

Counseling Practices for Christian Debt Relief

The term Christian debt relief can be misleading simply because it warrants debt relief for Christians only. Christian debt relief practices are actually based on age old Biblical connotations and hence, are all in good faith having the best interests of the customer in mind, irrespective of religion. Here are some of the common counseling practices used in Christian debt relief.

The debt in relation to Bible

The Bible says that one person cannot be serving two masters – God as well as money. Since serving God is paramount, Christian debt relief stresses on getting rid of all existing debts. The Christian debt relief concept emphasizes on taking up additional work. Thus, instead of a 4 or 5 day working week, one could work an additional day to earn more revenues to pay off debts. Additional skills can also enhance the chances of getting a promotion at work. This can lead to a better remuneration, thereby, helping to clear debts faster. The Christian debt relief also lays stress on the facts of the Bible wherein one needs to say no to things that are unnecessary. Therefore, it implies separating the needs from luxuries and buying only the essentials. That could mean cutting down on lavish dinners, buying fewer clothes and getting frugal. These are the main tenets of a Christian debt relief program.

Consolidation services as per the Bible  Read more...

Typically, when you think about debt relief programs, you think about taking out a loan up-front, a debt consolidation loan, which is used to pay off all of your debts. You then only owe on the single loan rather than multiple accounts. However, there is another way of getting a handle on your debts that you might not be aware of. The following multi-step strategy is an example of the steps that a debt relief company might take to help you manage your debt.

1. There will be a consultation with the debt relief company. This step can be uncomfortable because you are talking to strangers about a very personal issue – your personal debt and finances. But it is essential that you allow your debt consultants to make a complete and accurate assessment of your situation. That way they can recommend the best possible course of action. You may be able to do this by email, but a phone call is probably your best bet. This is important business, and you should know the people you are going to be working with.

2. The debt relief company will help you determine a monthly dollar amount that you can commit to debt reduction. The more you can commit, the sooner you will be able to deal with your creditors. However, one of the purposes of a debt relief program is to free up cash flow. So your amount committed will probably be less than you currently pay on your debts.  Read more...