MIBW
Archives
February
17, 2004
Please
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Table Of Contents
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>> Editors' Notes.....
>> How Can MIBW Help Your Business?
>> PayPal News: Buyers are no longer required to sign up for
PayPal when making a payment
>> Shocking Facts - What Debt Settlement Companies Don't Tell
You By Denise Hall
>> Ezine Of The Week......GrowNetProfits Newsletter
>> Hot Off The Presses......Net Profit Secrets
>> Looking For Some Good Ezines To Read?
>> 55 Commonly Omitted Tax Deductions
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Welcome From Your Publisher...
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Hi and welcome to another edition of MIBW.
For those of you like myself who use Paypal will be happy to
hear that paypal no longer requires someone to sign up as a
member before they can purchase an item from your site. You
can read the details further below in the PayPal News
section. Right now this only applies to U.S Paypal accounts
so always check back with Paypal to see when it is available
Internationally.
I also have a great article from Denise Hall from Home
Business On A Budget ezine about how to be aware of what
really goes on with those companies that promise to fix your
debt and erase those bills. Always remember when it looks too
good to be true...well you know the rest. Thank you Denise
for the great article.
Carmella Leo also sent me a great list of tax deductions that
many of us forget to use. You'd be surprised what you can and
cannot deduct for your taxes.
I will be back next week with another Voice Your Opinion
question for you. I also have some ideas to throw at you as
well.
Your Publisher,
Donesia
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PayPal News
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Finally something that made sense so long ago is finally
happening. This deterred a lot of customers from purchasing
when they had to open up a paypal account just to pay someone
with paypal, not anymore for U.S. businesses, read on....
From Paypal.com
Sign up not required to make PayPal payment
New "PayPal Account Optional" -- this was one of the most
heavily-requested features and one that we are extremely
excited about.
Buyers are no longer required to sign up for PayPal when
making a payment. This currently applies to Buy Now and
Shopping Cart payments made to US Business and Premier
accounts. Merchants need not do anything to take advantage of
this. We have modified the payment process for US Business and
Premier accounts automatically. We are reviewing the
application of this process for eBay payments, Subscriptions
and non-US merchants.
For more information, login to your PayPal account and type in
the following URL:
https://www.paypal.com/us/cgi-bin/webscr?cmd=p/mer/WAX_landing
(US accounts only)
Note: this feature is optional, and may be turned off by
modifying settings in your Account Profile under Seller
Preferences, Website Payment Preferences.
For More Info On Recent Updates, See:
http://paypal.typepad.com/
or
http://www.paypaldev.org/
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Shocking Facts - What Debt Settlement Companies Don't Tell
You
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By Denise Hall (c) 2004
If you're thinking about using a debt consolidation or debt
settlement service to help you get out of debt faster and
save money on your monthly payments, make sure you do your
homework before choosing a company. There are definitely
shams and scams out there.
First let me say that debt consolidation is *not* the same
as debt settlement/negotiation, which most people don't
realize.
Debt settlement companies charge hundreds of dollars as an
initial "admin fee" to set up your account, plus a monthly
service fee. The fees vary depending on the company and the
amount of your debts.
Such companies take your money every month, but don't make
monthly payments to your creditors! Instead, they put it in
a trust account, negotiate your debts with your creditors,
then make a lump-sum payment when there's enough in your
account to pay a creditor in full.
That can take *years* depending on the amount of debt you
have with each creditor. Meanwhile, you can be sued by your
creditors and your wages can be garnished! (Or just don't
make payments to your creditors. You'll end up in the same
spot without paying someone to help you get there!)
Settlement companies don't ask your creditors to stop all
interest, late fees and over limit fees from accruing. That
means while the negotiations are ongoing, your bills will
continue to grow! So if you're sued and a judgement is
brought against you, you'll owe more money than before!
And shoddy companies, which there are a lot of, don't tell
you *any* of this up front. I call it "getting permission
by omission" because they simply don't tell you how their
program works *before* you sign an agreement with them. Or
after, for that matter. But if you ask the right questions,
eventually you'll figure it out. (Or when the crap hits the
fan. Whichever comes first.)
Let me give you an example of how debt settlement works.
Let's say you have $20,000 in unsecured credit card debt.
You owe $10,000 to one credit card company, $6,000 to
another and $4,000 to a third. You agree to a 5 year plan
where you pay $250 a month to the settlement company.
(After all, $250 a month for 60 months is only $15,000, so
you're saving $5,000 and you'll be debt-free in 5 years,
right?)
The admin fee will cost you $750. Your first 3 monthly
payments go towards that and nothing gets put into your
trust account until your 4th month.
The settlement company keeps $50 of your $250 payment each
month for the service fee. That means $200 a month is being
added to your trust account.
Most debt settlement companies claim to be able to
negotiate your debt for about 50% of what you owe. So let's
use the lowest credit card debt as an example.
If you owe $4,000 and your creditor agrees to accept $2,000
as payment in full, it will take 10 months at $200 per
month to have enough in your trust account to pay off just
that one credit card.
But remember, your first 3 payments to the settlement
company only paid the admin fee. That means your first
credit card settlement is 14 months *after* you started
sending them money.
So what's the problem? It's simple. Your creditor won't
agree to accept half of your actual debt unless, or until,
it can be paid in full. Otherwise, you're expected to make
your normal monthly payments.
Since you don't have $2,000 in your trust account, and you
won't have it until more than a year after you stopped
paying your creditor directly, they'll probably take you to
court and request that your wages be garnished long before
you have that $2,000 built up.
And what about your other creditors? Well, they'll be
waiting even longer to get their money from the settlement
company. The $6,000 debt will take 15 *more* months to pay
off, assuming your creditor waits that long and agrees to
50%. And that $10,000 bill? You do the math.
On the other hand, if you signed up for a 3 year plan with
the settlement company, your debts would be paid off
sooner. But, the question is, will your creditors wait that
long? Probably not.
The facts are, you can negotiate with your creditors
yourself. Most will agree to take a smaller monthly payment
from you and stop all interest and fees from accruing. And,
of course, you'll save thousands of dollars in fees to a
settlement company.
Before signing up for any service, please be sure you check
out the company thoroughly. And don't let the words
"non-profit" fool you either. A lot of debt settlement
companies claim to be non-profit.
Going back to the example above, if you pay them $15,000
over a 5 year time frame and they settle your debts at half
of what you owed, they'll make $5,000 from you. I'd call
that a profit, especially since they might not have
actually helped you in any way.
Most companies will allow you to cancel your account and
get a refund of what you've paid, less the non-refundable
admin fee and the monthly service fees. If you feel you've
been mislead about their program, don't hesitate to argue
til the cows come home. File a complaint with the Better
Business Bureau or hire an attorney if you feel you're
getting nowhere.
You can visit the Better Business Bureau's website
(http://www.bbb.org) and find reports on hundreds of
companies. Here's a small listing of companies that have
poor reputations with the BBB:
National Consumer Debt Council LLC - Irvine, CA (A.K.A.
NCDC, United Consumer Law Group)
Financial Rescue Services - Burbank, CA
Debt Legal Services - Anaheim, CA
American Debt Relief - Los Angeles, CA (A.K.A. A M Debt,
American Debts Relief, Debt Relief)
Please be very cautious when choosing a debt help company
and ask lots of questions before agreeing to anything. If
you find they're evading your questions, run fast and run
far. There are reputable companies out there, so keep
looking until you find one.
DENISE HALL is the owner of Home Business on a Budget which
specializes in tools and resources for your home business
needs. Visit
http://www.home-business-on-a-budget.com today.
Subscribe to HOME BUSINESS ON A BUDGET NEWSLETTER for weekly
articles, tips, information and resources.
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Ezine Of The Week......GrowNetProfits Newsletter
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GrowNetProfits Newsletter
Publisher: Lewis Leake, Jr.
Ezine Url:
http://www.grownetprofits.com
To Subscribe:
http://www.grownetprofits.com/newsletters.html
Ezine Description:
The GrowNetProfits Newsletter is published twice a month. It
is written especially for those that have a "work from home"
business or are thinking about starting one. The newsletter
contains:
* Original and Informative Articles
* Tips & Resources
* Traffic Generating reports
* A Growing Library of Brandable eBooks
Lewis Recommends.........
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Have Your Ezine Featured with MIBW Free
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Looking For Some Good Ezines To Read?
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55 Commonly Omitted Tax Deductions
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I received this from Carmella Leo (Mini Marketer Ezine
http://mini-marketer.com
)who is as much of a net searcher as
I am, thank you for this useful information.
Please remember to always consult with a tax advisor first
before assuming any information is 100% accurate.
From http://isquare.com
The following list contains 55 deductions that are often
overlooked. The list is meant to serve as a quick-reference
checklist. It's neither all-inclusive nor are all the items
applicable to everyone. Your specific circumstances will
determine which deductions you qualify for.
MEDICAL
1. Contact lenses
2. Insurance for contact lens
3. Hearing aids
4. Contraceptives, if by prescription
5. Alcoholism and drug-abuse treatment
6. Lead paint removal
7. Orthopedic shoes
8. Special schools for a handicapped child
9. Special equipment for the disabled or handicapped
10. Self-employed persons can deduct 30% of health insurance
premiums paid for themselves and their dependents
11. Travel mileage related to medical treatment (ten cents per
mile)
12. Special foods prescribed by your doctor and taken in
addition to your normal diet
13. Lodging while away from home under medical care
14. Prescription drugs
TAXES:
15. Personal property taxes on automobiles
16. Self employed persons can deduct half of self employment
tax
17. Foreign taxes
CHARITY:
18. Out-of-pocket expenses relating to charitable activities
19. Standard deduction of 12 cents a mile for use of your auto
in charitable activities
20. Parking and tolls when using your auto in charitable
activities
21. Fair market value of items given to charities
22. Appraisal fees paid to value property donated to charities
INVESTMENTS:
23. Penalty on early withdrawal of savings
24. Safe deposit boxes
25. IRA trustee's administrative fees if billed separately
26. Failing to add the amount of reinvested funds (e.g.,
dividends) to your cost when computing gain or loss on the
sale of mutual funds
27. Worthless stock or securities
CASUALTY:
28. Theft or embezzlement losses
29. Casualty losses
WORK-RELATED:
30. Business tools
31. Dues to labor unions
32. Employment agency fees
33. Uniform and work clothes
34. Newspapers and trade publications that you purchase to
check employment ads
35. Education that maintains and improves your skills
36. Employee contributions to state disability funds
37. Business gifts to a maximum of $25 per recipient
38. Cellular telephones
39. Passport fees for business travel
40. Cleaning and laundry bills when on a business trip
41. Resume preparation costs in connection with a search for a
new job in your present occupation
42. Travel expenses (local and out of town) in connection with
a job search for a new job in your present occupation ... even
if you don't get the job
MISCELLANEOUS:
43. Mortgage prepayment penalties
44. Gambling losses to the extent of gambling winnings
45. Points or origination fees on a mortgage to purchase a
residence
46. Accounting fees for tax preparation
47. Fees paid to financial planners
48. Depreciation on home computers to the extent used for business
or investments
CARRY - OVER ITEMS:
these are items weren't deductible in
prior years because of limitations on the amounts permitted to
be deducted in that particular year but that could be carried
ahead and deducted in subsequent years:
49. Capital losses carry forward
50. Investment interest
51. Charitable contributions
52. Equipment expensing election
53. Alternative minimum tax credit
54. Business operating losses
55. Passive losses
From http://www.isquare.com
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