Why are 1031 exchange services such a popular choice in Las Vegas?

We live in the 21th century when everybody is looking for easy ways of making money. But, believe it or not, making money and doing successful business is not just a matter of good luck. Financial experts say that it is mostly related to flair and the idea of taking advantage of every opportunity. Due to this fact, 1031 exchange services may sound like an interesting idea, especially since it has become such a popular choice in Las Vegas. But why are people so highly concerned about 1031 exchange Las Vegas? Find out by continuing reading this article.

How does it work?

The idea of using 1031 exchange services has grown its popularity a lot, but there are many people who do not know precisely how it works. Thus, there are some commercial real estate buyers who refuse to use the advantages of tax-deferred 1031 exchange, because they are afraid of making mistakes. But if you do a small research, there is much information that you can find. It is also true that not all of these sources of information are reliable enough.

To sum up, exchanging is also known as “trading up”, under the Section 1031. The main purpose of such services is to re-invest in larger companies, while deferring capital gains taxes. But it is very important to understand that this activity is applied only for commercial purposes. You cannot change your property with another one and just move there for living.

On the other hand, these exchange services allow you to benefit from a large variety of options. For example, you can exchange several small properties to a single larger one which can meet your needs and expectations. But there is more. Let’s suppose that you a doctor and you are searching a building for you to practice. In case you do not have the necessary money to buy a new one, you can convert the nature of the investment. Thus, you are free to use these services and exchange from a rental house, for example,  to a small medical building.

But why exactly Las Vegas?

According to financial experts, Las Vegas is not only a popular touristic destination from the USA, but also a good alternative for those who are interested in finding innovative ways of making more money. Thus, you can firstly invest in a property in this city and then use 1031 exchange services for finding a better choice for increasing your profit.

But, you cannot do it alone. You need a company that is specialized in this domain for helping you take the wisest decisions. Our advice is to look for someone with experience in this industry. Ask them about their previous projects and find out if there is something that can meet your needs and expectations.

Last but not least, this delayed exchange procedure is a completely legal choice for people and it has been used in thousands of cases before, not only in Las Vegas, but also worldwide in the USA and even in other countries from Europe. The procedure is so popular because it comes with many advantages.

How to collect small business debt

What businesses do is provide products and services in exchange for payments. Unfortunately, customers do not pay their invoices on time, which is detrimental to the cash flow of the company. Small businesses face the challenge of managing their debt ratio because if they do not receive cash, they are required to get bank credits or increase their cost of doing business. Debt collection is a difficult endeavour to say the very least. You need tools as well as the right procedures to lessen de amount of late payments. To spare yourself the effort, you can use London debt collectors. Such persons allow small business owners to focus on daily operations and not have to worry about pursuing payment from overdue customers. In what follows, we will discuss more about how a debt collection agency can help and what else you can do to recover your money.

Working with professional debt collectors

Hiring debt collectors will increase your chances of recovering money from customers. Trained professionals know what techniques to use to determine customers to pay their invoices and they can secure your capital much quicker. Unlike you, they have the experience and resources to handle such battles. The cost of hiring debt collectors is surprisingly affordable. While it is true that such professionals charge a certain percentage of what they recover, it is still better than nothing.

Staying in control of the phone call

Keep a contact with the customer. Initial communication is important because it more than often results in voluntary payment. It is important to keep the phone calls short and make sure that the person on the other end of the line does not take the conversation too personally. You should always be professional and attentive, but maintain a sense of urgency about being paid. Equally important is to reach some kind of agreement as to what can be done.

Writing a formal demand letter

If your efforts have failed, then the last thing you can do is send a formal demand for payment. A demand letter is a powerful document as it allows you to get the desired results without resorting to litigation. You can have your attorney draft the demand letter or a debt collection agency. Either way, the other party will be persuaded to pay up. If this does not happen, you can use the formal document as proof when laying the case in front of a judge.

Things that forensic accountants investigate when assisting with a divorce

Among the many roles forensic accountants have, they also provide services to couples who need someone to assist them with the divorce in the court. It is worth mentioning that those who need the services of a specialist in forensic accounting should only work with experienced and trust-worthy professionals in order to benefit from the best results. One of the easiest and timesaving methods to find one of the best tax tribunal appeal specialists to help you with your divorce is to do some detailed research on the internet. Here is a list of things that these accountants look for when they have to deal with such situations.

Decreased earnings and unreported retirement funds

Among the things that forensic accountants investigate when dealing with a divorce are both parties’ unreported retirement funds, which in most cases is a deceptive practice and decreased earnings. Although the latter ones might not be considered a red flag by most regular people, in the eyes of a highly trained accountant, this can offer valuable information that can be used in court. They start the investigation from the moment the earnings started to decrease and look for the right reason why this has happened, which in most cases shows that money is being funnelled in a different direction.

Tax returns

Another item that forensics investigate in such cases is tax returns that belong to both partners in the couple. Believe it or not, a specialist in forensic accounting can find valuable and useful information out of reviewing tax returns, such as details about real estate, investments, businesses, partnerships, estates and trusts and much more.

Financial data gathered from hard drives

It is worth mentioning that the accountant makes use of any tool he or she has in order to find the needed financial information and the best friend in this case is technology. An important task in this process implies using specialized software that can read all the data that can be currently found on a hard drive and that had once been stocked there. This means that even though that data has been deleted at some point from that hard drive, the forensic accountant can still manage to retrieve it using a computer program and there can be some highly valuable information hidden deep in the heart of the hard drive.

Overall, these are only a few examples of tasks that forensic accountants have to look for when they assist with a divorce.

Why you should consider having a 1031 commercial property exchange

In case you do not already know, a 1031 exchange is the name given to a strategy that allows you, as commercial property owner to take great tax advantages. So if you have a property, and you have to prepare to pay the taxes in the near future, you have the possibility to contact a 1031 exchange company and ask them advice on how you can avoid doing this, this year. This is a strategy which allows you to relinquish or sell some of your properties, and use the funds to buy a replacement one, but you have to meet certain regulations for doing this. And in case you are not decided if you should try this option or not, you should take a look at the following reasons why it is advisable to employ a 1031 exchange and defer the taxes.

You can benefit from deferral of taxes

When using this strategy you have the possibility to sell the property investment you owe, reinvest in a new one and benefit from capital gain taxes and deferring of ordinary income. It is advisable to use this strategy, because when you would take a look at the taxes you would have to pay in other case, you would notice that they are quite high, and you would lose a lot of money if you choose to not use this option.

You would have an increased cash flow

As you already might have thought, if you do not pay the deferring taxes you would have greater funds, you can use to invest for other things. Because you would have access to a larger sum of money, you would be able to purchase a better second property. When you sum up, you would notice that by using this strategy, you have a higher investment benefit, than if you chose to sell the original property you have, pay the taxes required by this action and purchase a new property.

You benefit from diversification

This exchange offers you great flexibility, because you have the possibility to exchange the property you have now with other ones from the market, and acquire any other property you want in the United States. In addition, by opting for this solution you can consolidate many properties into one that you want. You have the possibility to exchange your property with one of a different type, or even with multiple commercial space. For example, you can exchange a retail strip center with a duplex, and they do not even have to be located in the same region. Moreover, what is amazing is that you can choose the type of property you want to manage in the future, because some of them might require intensive management, while others are simpler to maintain and manage.

If you have further questions when it comes to 1031 exchange it is advisable to collaborate with a specialized company, and let the professionals help you handle the process, because there have to be met some requirements for being able to benefit from all these advantages.

Aspects to keep in mind when transforming bitcoin to cash

In case you might not know, it is not as straightforward to sell bitcoins, as it is to buy them, because the majority of people prefer to use them to buy different products and services from online stores that allow using this type of currency, and not to transform them to cash. But, in case you want to do this, it is possible, you only have to follow some tips offered by financial experts, who have the required knowledge for offering you advice. If you want to sell bitcoin for cash you should read the following article because it offers you all the information you need. The first aspect you have to decide is if you want to sell your bitcoins online, or if you want to sell them in person, because every one of the options has its own advantages, and you have to choose the one suited for you.

Sell bitcoin online

This option is the most common one, because people consider it more comfortable. You can choose from three different ways, when it comes to selling bitcoins. The first one implies a direct trade, which is facilitated by a platform, which acts as an intermediary. You would have to register as a seller on it, and the website would verify your identity, before allowing you to post your offer. However, the trade would be made directly with another person, so you establish the conditions of the trade. The second option is made through a website, which exchanges your bitcoins into a currency you prefer, and when a buyer is interested in your offer, it automatically completes the transfer, and you receive the money in your account. The third option implies using a peer-to-peer trading marketplace, and you would sell your bitcoins at a discounted price to a person who is interested in buying from an online store, which allows purchasing only with the help of this currency.

Sell bitcoin in person

In case you do not want to stress yourself with registering on a platform, which might be an overwhelming process sometimes, when you have to confirm your identity, you have the possibility to sell the bitcoins in person. This process implies scanning a QR code on the phone of the buyer, and accepting the cash in hand. The first step would be to ask your family and friends if they are interested in buying bitcoins, because they might intend to buy from online stores, which accept payment with this currency and they might not share it with you, because they do not know that you have a large amount available. In this way, they would not have to pay the fee to the marketplace, and you would find a buyer easier than you might think. However, you have to be aware of some things when you sell bitcoin in person, because you have to be sure that you determine the correct price for your bitcoins. Make sure to check the price for that particular day, and pay attention to local fluctuations in prices, because the buyer is always informed, and if you ask a higher sum than the one from the market, they would not seal the deal.

Payroll Mistakes that Get Businesses in Trouble

There is a lot more to running a business than simply providing a service or selling a product. Even sole proprietors have a lot to worry about above and beyond what it is they do. Things get even more complicated when employees are added to the equation. At that point, the sole proprietor becomes an employer subject to certain payroll rules that, if not adhered to, can get the expanding business in a lot of trouble.

Small business payroll can be a complicated matter if you want it to be. However, between all of the free information found on the internet and a large volume of online payroll service providers, the complexities of payroll can be reduced to very simple principles virtually any business owner can understand.

Below is a list of common payroll mistakes that get businesses in trouble. If your business is making any of these mistakes, get the information you need to correct them. Better yet, utilize a small business online payroll service capable of helping you eliminate any and all errors.

Not Registering for an EIN

Sole proprietors can use their Social Security numbers for tax reporting purposes. But as soon as the small business adds employees, the Social Security number is no longer acceptable. Employers must have a federal employee identification number (EIN) for tax reporting purposes. Failure to obtain a number will lead to a great deal of trouble when it comes time to file tax reports at the end of the year.

Registering for an EIN is relatively simple. You can do so online or by calling the IRS directly. EIN numbers are issued instantly, so there is no waiting, and the entire process only takes minutes.

Not Obtaining State and Local IDs

Hand-in-hand with the federal EIN are state and local ID numbers. Every state and local community are different, so employers have to check with the right authorities to find out what is required. Failure to obtain the right state and local numbers can create just as many headaches as not getting a federal EIN.

Incorrectly Classifying Employees

One of the most common small business payroll mistakes is that of incorrectly classifying employees. In other words, there is a distinct legal difference between an independent contractor and employed worker. Independent contractors are self-employed business owners who work for their clients on a contract basis. Employed workers are on the company payroll and receive a combination of salary and benefits commensurate with the work they do.

It is critical to understand how the federal government distinguishes between contractors and employees. If you get it wrong, you could end up paying penalties in addition to back taxes. If you find the distinction too confusing, you are a prime candidate to use an online payroll service that takes care of all the little details for you.

Not Reporting Payroll Taxes

The costliest small business payroll mistake is a failure to report payroll taxes. The IRS offers an Employer’s Tax Guide that spells out the federal mandates for reporting; this guide does not address state and local reporting.

Contracting with a small business payroll service takes the headaches out of reporting payroll taxes. The payroll provider makes sure all taxes are withheld and that periodic payment and reporting requirements are met. In the absence of a payroll service provider, the small business has to have an experienced staff member capable of handling payroll tax reporting.

Small business payroll does not have to be complicated. But it does require at least a basic understanding of federal, state and local regulations. Online payroll services are invaluable in this regard.