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Archive for October, 2010

The National Association of Dental Plans did an opinion poll earlier this year and discovered that more than half of all individuals with employer-sponsored dental benefits are “likely or very likely” to drop their coverage under health care reform financing proposals that tax health benefits.

The poll reported that 56 percent of employees would drop family dental benefits if annual taxes of $300 were imposed and 38 percent of them would drop their “employee-only” dental benefits if $100 in additional taxes were added. The tax amounts were calculated using the marginal tax rate plus Federal Insurance Contributions Act taxes on the average annual premiums for employer-provided dental plans, i.e. $1,000 for families and $300 for individuals.

Currently 97 percent of dental benefits in the United States are provided through employers and other groups, the poll results indicate that 81.7 million individuals in the United States would join the ranks of the dentally uninsured if these benefits are taxed.

“Three decades of steady increases in employees with dental coverage and improvements in oral health would be wiped out by taxation of dental benefits. The impact of taxation falls heaviest on families,” said Evelyn Ireland, National Association of Dental Plans Executive Director.

Less dental benefits would result in less people seeing a dentist and would increase the number of other health issues in those individuals. Many diseases are diagnosed through dental examinations including nutritional deficiencies, diabetes, immune system problems, cancer and other conditions.

Networking is one of the most important skills you must learn in business. More money is made from your networks than any other marketing medium. To build your network you must learn key networking skills and become a Master Networker. Every Master Networker has ten key characteristics, if you do not have these ten key characteristics then you must adopt them immediately and live your life by them.

1. Always Be Positive Even In A Bad Situation

Regardless of how you feel, or the situation you are in you must always be positive. One of the sad things about this world is that nobody cares if you are down. Unfortunately it is a fact of life, so it is important that when you are networking you are at all times positive. Even if someone is stealing from you, you still must remain positive.

2. Always Be Sincere

The world seems to be made up of very rude people and it only seems to be getting worse, as more people adopt the rude characteristic. Being rude will never win you friends and will only alienate those around you. The Master Networker always has a key characteristic to always be sincere even in a difficult situation.

3. Be Prepared To Help Others

Always be prepared to help others regardless of who they are. If you remember that there are only 6 degrees of separation between each of us, you must be prepared to help others because you just never know who they know or you may be helping someone who will help you in the future.

4. Always Be Networking

Whenever you leave home, your mind should always be focused on networking. You just never know when a new opportunity might arise; it could be in the supermarket buying the weekly groceries or some one you sit next to on the plane on your way to your business meeting.

The Master Networker is always trying to build his own network and expand his Mastermind Group.

5. Work Your Network

In Think and Grow Rich, Napoleon Hill talks about building a Mastermind Group of Advisers. You network is apart of your Mastermind Group that will help you build the success you desire. Working your network involves, asking for referrals from your network, advice and also asking them to share their experiences.

6. Always Follow-up On Your Referrals

If someone suggests that you give someone a call or they give you an introduction ensure that you follow-up on your referrals. If someone has given you a referral, then they are handing you an opportunity and they are also putting their reputation on the line by giving you the referral. If you do not follow-up on that referral you may find that you lose out in the future.

7. Be Enthusiastic About Life

Business is a tough world and many people are easily downed by the pressures that it brings. One of the secrets of Master Networkers is that they are enthusiastic about life and further to that they love the challenges and excitement that business brings. Love life to the fullest and everyday you get up, find a reason to keep going on.

Think and Grow Rich teaches us that we must have a clear desire on what we want in life to succeed. At the very least, you should be enthusiastic every single day to be going after your desire and the fact that you are one step closer to achieving it.

8. Always Keep Your Word

One of the great sayings I have heard many business leaders, including Donald Trump say is, “It is not personal, it is just business”. Many people believe that that saying gives you the right to do anything that you want to another person all in the name of business. This is further from the truth. If you say you are going to do something then you must keep your word. Some of the great deals on this planet are done without contracts because the people doing the deals are known to keep their word.

9. Be 100% Trustworthy

Trust is an important characteristic of a Master Networker. If your network cannot trust you then they are not going to introduce you to quality referrals or to allow you to join their Mastermind Group.

10. Always Thank People

The sweetest thing to hear is a Thank you from a grateful person and in business today it is one of the things you very rarely hear people say. Thanking people can come in a number of forms, from a simple verbal thank you to sending a simple note to thank the person. For example if you meet some one at a Local Chamber of Commerce Meeting, then as a Master Networker it is important that you send a note to thank them for their time at the meeting

Networking is a major skill you must master if you want to achieve the ultimate success that Napoleon Hill talks about in his book Think and Grow Rich. The characteristics outlined in this article are mandatory for you to learn and live your life by. You cannot only adopt 1 or 2 of the characteristics to be successful, you must adopt immediately all ten characteristics.

To finish off, I want to take a moment to list the Top 10 Characteristics all Master Networkers must have:

1. Always Be Positive Even In A Bad Situation

2. Always Be Sincere

3. Be Prepared To Help Others

4. Always Be Networking

5. Work Your Network

6. Always Follow-up On Your Referrals

7. Be Enthusiastic About Life

8. Always Keep Your Word

9. Be 100% Trustworthy

10. Always Thank People

Even people with enough money in the bank go in for car finance. The reasons for this are simple. Financing your car keeps your capital free for other applications or investments. Car finance allows you to plan your future expenditure and budget accordingly. When going in for car finance, make sure you get the best possible deal so as to optimize your cash outflow and the value you get for it.

First of all, decide what type of car you want. Do you need a compact for the city or something more suitable for the highways? Are you the outdoors type who will need a 4X4? Do you have, or are planning to have, a large family that will require large seating and trunk capacity? Keeping all these parameters in mind, check out all the models that suit your needs. Be sure of what you can afford – look at the total cost of ownership and not just the monthly car finance payments.

Study car magazines for road test and quality reports. Check out the internet for older reports and studies. Make sure the information you collect is reliable. There are a lot of folks who, through their own mistakes, are unhappy and are posting bitter blogs. Visit manufacturers’ websites and get all the information you can on the models you have short listed. Keep a special eye out for models that have had recall problems. This does not mean it is a bad car. Just make sure that the problem has been fixed and no longer occurs.

If you have friends and neighbors who have cars of the models in your short list, talk to them and get a first hand owners impression on the ownership experience, especially things like reliability, fuel consumption and the cost of spares.

Carefully check the warranty of the car. No warranty will cover everything. Look at a warranty based on your past experience and the problems you have encountered and the things you can foresee and possible problems in the future. Look for extended warranty options. Manufacturers’ warranties on new cars are fixed, but if you are looking at a used car, the warranty is given by the dealer and you can negotiate with him. Remember that the budgeting you have done on the cost of car finance will not cover out of warranty repairs.

Always visit the dealers in person. Talking over the phone is fine in the beginning, but you need to get to know him. You will be going back to him in the future for service, repairs and spares. A car dealer is not the financier, but he knows the subject and will be able to give you advice on the various car finance and payment options available. The car dealer is a businessman who wants to satisfy his customers, and help them get the best possible car loan to fit their budget.

Cheap loans can be very handy when you are short of money. They can help you to get a car, repair your home or carry out your studies in an easy way. There are a number of financial institutes that offer cheap-loans for different purposes. Once you establish your need, you can look for an easy loan that can help you to fulfill it.

The place to look for cheap-loans is the internet. There are many banks and financial institutes that can help you to have such good loans. If you look for them in person it may take ages. On the other hand, finding such easy loans over the internet takes very little time. Also, it is very convenient as you can access all sorts of loan sitting at the comfort of your home.

The first step is to know the kind of cheap-loan that you want. For example, if you want a car for yourself you can look for auto-loans. In the same way, if you want to buy something costly for yourself, you can seek for personal-loans. Also, you can get cheap-loans for home improvement or buying a boat etc.

One popular genre is the payday-loans. These kinds of loans help you to get some cash in time of need that you have to pay back when you get your next salary. The rate of internet is very low thus they prove to be very handy in time of need. These loans can be availed by all kinds of borrowers. There is no issue of arrears, late payment or bankruptcy in this type of loan. Also, the cheap payday loans are very useful as you can get them very quickly and return them in a flexible repayment plan.

Other than these kinds of loans, there are some lenders that can provide you with cheap-loans for other needs as well. You can shortlist some lenders and check out their offers. Once you do good research you will come across some choices that suit your particular need. You can shortlist and settle for a loan plan that best meets your requirement and that has low rate of interest. You can get online and look for good-loans. This is the simplest way to fulfill your needs without hassle.

As you might be aware, the process of formulation of tax laws, implementation of the laws, and the actual collection of taxes has a cost implication. And although many people know that the principle of economy infers that the total cost of taxation should not be high, many of them do not know what these costs are. This article seeks to bring out the various costs that are associated with taxation, and how to cut them down if possible.

The first cost that we shall look at is the cost of collecting the taxes. One of the main feature of the principle of economy is that the cost of collecting the taxes should be negligible compared to the taxes that will be collected. These costs include the administrations costs such as the salaries of the tax agents, the cost of transporting the agents, telephones costs and so on. To ensure that these costs are kept at a minimum, the tax agency should make sure that the process of collecting the taxes is as simple as possible. This way, tax payers will be able to fill their forms in the right way the first time, and they won’t have to spend so much money on hiring tax agents and tax consultants.

Costs of International Backlash

Unfortunately, the tax system does not operate in a vacuum. This means that it has to take into consideration several factors, including the political factors when formulating and implementing its policies. Sometimes, the tax agency may formulate a policy which may not augur well with other countries that trade with the country in question. This might cause the other countries to retaliate with quotas, tariffs, and sanctions.

Legal Costs

One of the most active departments in any tax office is the department that deals with legal issues. There are so many people who do not like the idea of paying taxes, and who would really want not to pay if they could afford not to. For this reason, many economies are riddled with tax evaders who must first be chased around before they agree to pay taxes. This means that the tax agencies must hire lawyers whose job is to threaten to sue, and to sue those individuals who are not complying with the existing tax laws. This is what is referred to as the cost of enforcement. To reduce this cost, it is advisable that people be educated on the need to pay their tax without having to be prosecuted. Penalties should also be very high so as to deter people from attempting to evade taxes.

Real Costs to the Economy

Other costs that the economy incurs in relation to taxation are the real costs that relate to production and consumption. The money that is given to the government could have been used by poor families to consume necessities instead of paying the money to the government to use for non-essential commodities.

Generally, all these costs that are related to taxation are costs that we have to bear with. Unless something drastic happens, the best we can do it to help manage them so that they do not become too high.

According to the U.S. Census, there are approximately 100 million ethnic minorities in the United States, and the Bureau estimates that about one in three of U.S. residents are a minority. In addition, the population will continue to increase, and by 2050, minorities will account for nearly half of the U.S. population (U.S. Census, 2009). Based on this data, there is a high chance that minorities account for a increasing percentage of working in the accounting profession.

Today, minorities in the CPA profession account for 8%, consisting of 4% Asian/Pacific Islander, 3% Hispanic, and only 1% African American. There has been a positive turn around in the past few years with minorities only occupying 1% of the CPA profession, which includes African American, Latino, and Asian ethnics. This data above, illustrates how minorities are slowly entering the accounting professions (The CPA Journal, 2009).

The percentage of accounting graduates who are minorities is 22%, consisting of 10% Asian/Pacific Islander, 7% African American, and 5% Hispanic or Latino. According to U.S. News & World Report, City University of New York’s Baruch College has been the country’s largest and most diverse business school for the last nine years. More than 600 accounting students graduated in 2007, 25% of the class consisted of African American and Hispanic students. This is not the case for every accredited institution. Previous studies showed minority graduates, particularly African American are not being kept in the profession of CPAs and ultimately partners or executives. Only 7% graduate, 3% are hired, and 1% becomes a CPA or partner.

There are accounting organizations that were established to enhance opportunities for minorities in accounting, finance and related professions. NABA (National Association of Black Accountants) and ALPFA (Association of Latino Professionals in Finance and Accounting) are well known organizations that assist minorities in this profession. The primary purpose of these organizes is to develop, encourage, and serve as a resource for African American and other minorities in the accounting profession.

NABA is a nationwide membership organization established in 1969 by nine African American professionals who were concerned about the limited numbers of minority accountants participating in the field of accounting, particularly the number of certified accountants. Since 1969, NABA has been the leader in expanding the influence of minority professionals in the field of finance and accounting. The goals of the association are to promote and develop the professional skills of the members, to encourage and assist minority students in entering the accounting profession, to provide opportunities for members through networking, and to ensure long-term financial stability and provide adequate resources to implement chapter, regional, and programs. Today, through the efforts of NABA, there are now over 200,000 African Americans participating in the field of accounting, of which over 5,000 are CPAs. NABA continues to create opportunities for the purpose of enlarging the pipeline of African Americans into every level of accounting and finance.

ALPFA (Association of Latino Professionals in Finance and Accounting) is a successor of the American of Hispanic Certified Public Accountants association established in 1972. ALPFA creates opportunities, adds values, and builds network opportunities for its members. According to ALPFA’s website, its guiding principles are a commitment to increase opportunities for Latinos, to commit to honesty, integrity and the highest professional and ethical standards, and most importantly, to embrace community service and advocacy.

ALPFA offers scholarships every year to students, in the U.S. or Puerto Rico, who are pursuing undergraduate/graduate degrees. With 52% of ALPFA’s 11,000 members comprised of students, ALPFA is committed to providing greater access to scholarships in addition to programs and opportunities that will help students transfer into the corporate world. The ALPFA expects to distribute $130,000 in scholarships in 2010 and bring the top scholarship recipients to the ALPFA Annual Convention to network with executives from the top CPA firms (PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte).

Accountant organizations such as NABA and ALPFA are encouraging young members of all ethnic backgrounds to pursue the CPA profession through their outreach programs and mentoring strategies. The number of minority CPAs are increasing and the retention rate of minorities within the accounting profession is also improving with the assistance of NABA/ ALPFA Statistics have shown that the accounting profession has improved in its recruitment of minorities; however, the number of minority candidates still remains the issue. With so many internships and scholarships offered each year, it still remains a question of why minorities are not attracted to professions within the accounting industry. Questions have arisen relating to early exposure of accounting during pre-collegiate education.