Archive for June, 2008
1. Lighting & Light Bulbs
Install low energy light bulbs in rooms you use regularly – they last up to 15 times longer than a normal light bulb and provide the same lighting for a quarter of the running cost. Turn off the lights when you leave a room for a long period and don’t use several light bulbs where one will do the job. Teach all family members to turn off lights when leaving a room.
2. TV, Hi-Fi & Radio
Turn off the TV or video and hi-fi rather than leaving it on standby. Always use the television’s on/off switch. Leaving the television on standby wastes energy.
3. Cooking
Microwave ovens reduce cooking time by 15% to 20% and save energy. When boiling vegetables, use just enough water to keep them covered. Use a jug kettle that has a water level gauge to ensure you only heat the amount of water you need. Cover saucepans with lids whenever possible to reduce the cooking time.
4. Home Laundry & Dishwashers
Save electricity by using old-fashioned clothesline for clothes drying. Avoid drying clothes on radiators as it lowers the room temperature, making your boiler work harder. Shut off dishwasher for dry cycle. Let your dishes “air dry”. Don’t use dishwasher or laundry equipment until you have a full load.
5. Fridges & Fridge Freezers
Make sure your refrigerator and freezer door seals are airtight. Let hot foods cool before placing them in the refrigerator. Defrost refrigerator regularly – when about 1/4 inch of ice has formed. Place your refrigerator in the coolest part of the kitchen – away from cookers, heaters and out of direct sunlight.
6. Heating
Turn off electric water heater when going away for vacations or weekends. Turn your heating down rather than opening a window to reduce the room temperature. Never cover radiators with curtains or furniture as this reduces their efficiency and wastes valuable heat. When going on long holidays, remember to switch your water heating off.
7. Work Tools
Use hand tools in your workshop instead of power tools.
8. Appliances
When shopping for new appliances, ask about energy-efficient models. Buy appliances on the basis of cost plus operating costs, not price alone. Limit the use of appliances that use over 1,000 watts. Keep appliances clean and in good working order. They’ll use less energy.
9. Bills
Check all energy bills closely. Errors can be costly.
10. Insulation & Air conditioning
Insulating your attic will save on operating air conditioning (also heating). If your walls are suitable, cavity wall insulation will substantially reduce heat loss. Keep air conditioning condenser shaded from sun or on north side of house. Turn off air conditioning when no one is home.
Copyright © 2005. Chileshe Mwape writes for The Guide to Cheap Electricity website at: http://www.cheap-electricity-guide.org.uk/ and he’s also a regular contributor to the Ways2Save website at: http://www.ways2save.org.uk/
For many business owners the answer to this quandary is tax preparation software. Fill out a fairly simple interview, click “print” and out comes a completed return that will pass muster with the IRS. The answer to all your problemsor is it?
Can One Software Program Cover All Businesses?
Take a moment to consider the wide range of businesses that exist in the United States. Now cut that number down to those that can be categorized as “Internet businesses”. If you were asked to write a business plan to provide web design services to each of these services, how long would it be? It would be huge and completely useless because each business would have different needs. A Internet business selling flowers would have completely different needs from an online bank which would have different needs from a hosting company and so on. The only way you could create a practical plan for all Internet businesses would be to offer a collection of general services they could all use on their sites. Tax preparation software designers have the same problem.
There are over 15,000 pages in the tax code and over 100,000 pages of regulations interpreting those pages. Changes are made to the tax code ever year, and new regulations are issued constantly. If one were to create a list of questions for every tax deduction and credit detailed in those pages, the list of questions would be the size of a phone book! Yet, tax software programmers have somehow boiled it all down to a simple 30-minute interview process? Common sense should tell you that doesn’t make sense.
As practical matter, tax software programs are designed to make sure that you claim a general set of deductions that are applicable to businesses across all industries. Most programs try to mask this fact by asking you to identify your business before proceeding. For a lark, you might try selecting another industry and then running through the interview process. You will find that the interview process is modified a bit, but you are still being asked the same basic tax deduction questions.
If you are only claiming general business tax deductions, you are paying more than you should in taxes. Ask yourself if you have seen any of the following questions in a tax software program interview:
Q. Do you store business inventory in your house?
Hint: You may be able to claim hundreds or thousands of dollars in deductions.
Q. Did you start a pension plan for your employees?
Hint: You may be able to claim a tax credit for the next three years totaling $1,500.
Q. Do you have a home-based business and a second office?
Hint: You may be able to deduct your commuting expenses each day. Yes, commuting expenses.
Q. Do you have business meetings at your home?
Hint: Did you charge your business for the space?
Q. Should you claim the standard mileage rate for your auto or the actual costs?
Hint: The standard mileage rate may not the best option.
Q. Did you modify your business location to comply with the Americans with Disabilities Act?
Hint: You may be able to claim a tax credit AND tax deduction for tax savings of $20,000 or more.
Q. Did you refinance your home?
Hint: The points you paid on your original mortgage are fully deductible now, not over the length of the loan.
This represents only the tip of the iceberg of available credits and deductions available to you. Just one of these deductions could save you thousands of dollars in taxes. Yet, you are never going to see these questions raised in a tax software program interview. The tax code and regulations are simply too large to be incorporated into a usable software program.
Your business is unique. You face and overcome issues and problems that are unique to your size, financial situation and particular business needs. Don’t short change yourself by limiting your deductions by using tax software programs.
Richard Chapo is CEO of http://www.businesstaxrecovery.com – Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.
Finding discount auto insurance is so easy when you do an online search. There are many insurance companies that do offer this option for many customers who want to search through several different companies to get the best possible quotes. With many of these sites, all you have to do is select the type of discount auto insurance you need, fill in a short form and receive quotes from as many as six different online insurance companies.
An online automobile insurance quote saves you time and money. You no longer have to spend time using the telephone trying to get discount auto insurance or take time off from work to visit each of the automobile insurance company offices. You can do an online search at any time of the day or night and receive an instant quote in your inbox. Depending on the site, you may have to wait up to 24 hours for the quote or longer if you submit the quote request on a weekend.
When you look for discount auto insurance there are many types of discounts that you can avail yourself of. For example, many of the online automobile insurance quotes provide a discount if you are over the age of 50. Discount auto insurance is readily available if you have not had an accident in the last six years and have not had any traffic violations.
You do need to be truthful when answering the questions for an online automobile insurance quote. If you are switching to another auto insurance company, even though you submit the information online, the discount auto insurance quote you get won’t come into effect until you also submit supporting documents, such as a driving record and a record from your former auto insurance. If you haven’t been truthful, it could result in your automobile insurance being cancelled or having to pay a higher rate.
Another thing you have to be careful about when searching for an online automobile insurance quote is that the site is secure. You wouldn’t want your information to become public information just because you are looking to save money on discount auto insurance. This could be a lot more costly than the insurance if someone steals your identity.
Discount auto insurance is around, but not easy to find. And it’s not available to everyone.
For a website totally devoted to Car Insurance visit Peter’s Website Car Insurance Answers and find out about Auto Insurance as well as Cheap Auto Insurance and more, including Online Car Insurance Quotes, UK Car Insurance, Car Insurance Rates and Car Insurance Quotes.
As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade.
Penalties
If you have employees, you absolutely must deduct and withhold various taxes from the paychecks of your employees. Since you are deducting money from the employee’s paycheck, you are handling their funds. This fact is very important to the IRS and it places great emphasis on any failure to deposit employment taxes.
If you fail to pay employment taxes, you will be subject to a 100 percent penalty. Yes, 100 percent. Known as the “trust fund recovery penalty”, the penalty is assessed against the person responsible for paying the taxes, not the entity. The person can be the owner, corporate officer or other “responsible person.” In short, a business entity is not going to protect you from the wrath of the IRS.
Late Payments
Cash flow crunches are an inevitable event for practically every business. So, what happens if you make a late payment for employment taxes. Unless you can show a reasonable reason for the delay, the IRS is going to penalize you.
Late payment penalties range in amount depending on the delay. If the delay is less than six days, the penalty is two percent. Delay for six to 15 days and you are looking at five percent. More than 15 days in delay is going to push the penalty to 15 percent. If you delay this long, the IRS will be peppering you with penalty notices telling you where you stand.
In Closing
Whatever you do, make sure you deposit employment taxes with the IRS in a timely fashion. Take a moment to think about the worst thing you have ever heard done by the IRS. If you fail to pay employment taxes, the actions taken by the IRS will be ten times worse and you will be the one telling horror stories.
Richard Chapo is with http://www.businesstaxrecovery.com – recovering overpaid taxes for small businesses. Visit our article page – http://www.businesstaxrecovery.com/articles – to read more tax articles.