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PayPal Tax Forms – IRS 6050W

Posted by Ginger Makales in Financial News | No Comments

2011 will be the first year on record that business owners who use PayPal to process payments will have their own tax forms from PayPal.

The rules as passed require PayPal account owners to file another form to claim their online income on their taxes. This change came as part of the 2011 1099 changes, which require far more tax compliance work for small business owners.

PayPal IRS Form 6050W

The IRS Form 6050W is a new form required of online business owners who use an online payment service such as PayPal. Business owners will receive an IRS Form 6050W if they:

1) Compete more than 200 transactions from January 1, 2011 to December 31, 2011.

2) Complete more than $20,000 in total buying and selling volume.

These two criteria are a combination. Business owners must have both 200 transactions or more totaling $20,000 in the 2011 calendar year.

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Jan 08, 2012 Read More
Tags: Irs, Tax Forms

End of Year Bittersweet for this Real Estate Investor

Posted by Clifford Mato in Best Financial Tips | No Comments

  

Roger Ellis was the vice principal of my high school.  He was firm, but fair.  I know this because I spent a lot of time in his office.

Apparently, Mr. Ellis had a problem with me parking in spaces reserved for teachers.  This made no sense to me.  I t

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Dec 30, 2011 Read More

Free, Cheap And Affordable Ways To Backup Your Digital Data

Posted by Genry Read in Financial Reviews | No Comments

Even if we havent all experienced a computer or hard drive failure, weve probably at least heard of someone we know having a hard drive fail, having their home flooded or robbed or having some other disaster befall them that causes them to lose important computer files.

In this day and age there are so many free and affordable options to backup your digital data that there really should never be an excuse for not backing up your files.

After reading a post a couple of weeks ago over at BeatingBroke.com about data backup options for people on a budget, today I thought Id put together my own list of free, cheap and affordable backup options and online storage that I think people should check out.

Over the years Ive come across a lot of online and local backup options.  Here are some of the best options that Ive discovered.  Keep in mind, some of the options listed below are purely 1-1 backups of the data on your computer, while others offer space to store whatever files you want online. S

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Dec 29, 2011 Read More

A Not-So-Fond Farewell to 2011

Posted by Ginger Makales in Financial News | No Comments

No one needs to be reminded that equity markets around the globe have not only disappointed this year, but have been mostly downright awful. Through December 20, the MSCI World index is lower by 10 percent, its first decline in three years, with many of its regional components lower by far more. It should come as little surprise that the Eurozone is down 24 percent, given the breathless anticipation surrounding seemingly one summit after another that have inevitably disappointed. Japan is down 19 percent, battered by its earthquake and weak export markets. And after a year of monetary policy tightening and slow global growth, emerging markets are lower by 21 percent. All of these returns are measured in dollars, but it wasn’t dollar strength that explained the dismal results. In fact, as measured by the DXY index, the dollar is unchanged on the year. It was weaker in the first half and stronger in the second, but is ending almost exactly where it began. N

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Dec 29, 2011 Read More

Unclaimed Tax Refunds – What They Are and How to Get Them Back

Posted by Ginger Makales in Financial News | No Comments

Did you know that every year there is upwards of a billion dollars in unclaimed federal tax refunds? It may come as a surprise that so many people are leaving their money on the table, but it’s true, and it happens every year. The reason these taxes go unclaimed vary, but the reason they don’t get mailed out is simple: The IRS won’t send out tax refunds if a federal income tax return hasn’t been filed. This means you have to be proactive.

Most unclaimed tax refunds belong to people who did not make much money during the year, and therefore are not required to file a tax return. That’s right, the IRS actually tells you that if you make below a certain amount each year, you don’t have to file a return. But that’s usually a mistake. Just because you don’t have to doesn’t mean you shouldn’t. Even though you didn’t make a lot of money you still probably had taxes deducted from your paychecks. With various tax cred

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Dec 16, 2011 Read More
Tags: Refunds, Tax Refunds

Stocks Jump On Jobless Benefits Surprise

Posted by Clifford Mato in Best Financial Tips | No Comments

U.S. stocks rose Thursday after government data showed first-time claims for jobless benefits fell to a 3-year low, raising hopes the labor market is improving.

The Dow Jones industrial average was up 55 points, or 0.5%, in morning trading. The S&P 500 rose 4 points, or 0.4%. The Nasdaq edged up 1 point or less than 0.1%.

The number of people filing for initial unemployment benefits fell to 366,000 in the latest week — the lowest level since May 2008, and well below analysts’ estimates.

“This is unexpectedly great news,” said Ian Shepherdson, chief U.S. economist at High Frequency Economics. “If claims can remain at this level, payroll growth will strengthen markedly within a month or so.”

Thursday’s rally comes after three days of losses on Wall Street. (…)

Dec 14, 2011 Read More
Tags: Benefits, Jobless Benefits

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