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How to Incorporate a Business – Types, Costs & Process

Christy Rakoczy

incorporationIncorporating a business can be a great way to save money on annual taxes, in addition to the protection it offers you from liability – and if you want your business to have a separate legal identity distinct from you, incorporation is crucial. However, there are some steps you need to take to ensure that the process goes smoothly, and that you meet all legal requirements. Furthermore, it’s especially important that you choose the right type of corporation for your small business.

Understanding Incorporation

Types of Corporations

When you incorporate a business, there are a number of steps you need to take. First and foremost, you must determine which type of legal entity you wish to form:

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Tattoos & Piercings in the Workplace – Is It Okay?

Michael Lewis

tattooed womanThe Princeton Tiger growls from former Secretary of State George Schultz’s backside, a ship’s anchor decorated the right arm of the UK Prime Minister Winston Churchill, and a family crest on the chest of President Franklin D. Roosevelt sustained a family tradition.

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10 Fun & Cheap Things to Do With Your Kids

Jacqueline Curtis

bowlingI like to think that I’m a pretty fun mom. I regularly plan field trips around town, and I’m totally fine with jumping on the bed. But every parent hits the end of the rope every now and then, and it’s at such times that I find myself shelling out money for kids’ activities that will keep mine busy for a few hours. However, a trip to Chuck E. Cheese can seriously drain the bank account.

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Personal Finance Round-Up: Looking Ahead to 2013

Money Crashers

2013The year 2013 is going to be full of changes. Sure, the November elections left us with a virtual status quo in Washington – Obama is still president, the Republicans are still in charge of the House, the Democrats are still in charge of the Senate – but 2013 could still be rife with drama and new policies.

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5 Creative Homemade Bridal Shower Gift Ideas

Jacqueline Curtis

bridal showerIf you’ve volunteered to plan a bridal shower, you know how pricey it can be. Considering the cost of food, games, and decor, you might be out of money before you even purchase a present.

For many brides, the shower host has already done her share, and that’s enough of a present. But if you still want to present a gift to the bride-to-be, there are plenty of creative ways to show you care in spite of a small or depleted budget.

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5 Fun & Unique Bridal Shower Game Ideas and Activities

Jacqueline Curtis

bridal showerSometimes, it can be hard to gauge what’s appropriate for bridal shower games. If the attendees are younger and more rowdy, you might be tempted to try raunchier games. Of course, that might totally shock and appall Great Aunt Martha. When planning bridal shower games, it’s important to remember that bridal showers aren’t meant to be crazy, rowdy affairs – that’s what the bachelorette party is for. Instead, games should be pretty tame in comparison so that everyone at the shower feels comfortable.

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7 Facts About U.S. Federal Income Taxes You Should Know – History

Michael Lewis

federal taxesThe current tax system in the United States is based upon the Revenue Act of 1913, which replaced the high tariffs of that period with a personal income tax system. Since that time, there have been numerous amendments affecting the definition of income to be taxed, the rate of taxation, as well as exclusions and deductions from taxable income.

Personal income taxes, while existing in every industrial nation, are and have been universally disliked, with one aspect or another constantly being challenged in court. Despite the complaints and challenges, income tax is the main source of revenue for the Federal Government. As Congress deals with the escalating annual deficits and national debt, it will review, and possibly amend, the country’s current tax philosophy to better fit the needs of the future.

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How Much to Save for Retirement – Are You on Track? (Infographic)

Money Crashers

401k’s. IRAs. Roth accounts. Early-withdrawal penalties. Educating yourself about the various retirement plan options is intimidating, and figuring out how much you should be saving can be even scarier. To assist you in this essential aspect of financial planning, take a look at this infographic and determine just how much you need to be saving at any given age.

It’s also important to know the key difference between a 401k and IRA (Roth and traditional), including tax benefits, contribution limits, conversion, and eligibility age. Are you currently on track with your retirement planning? Here are some statistics that may surprise you:

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Understanding the Current U.S. Federal Debt and Its Effect on You

Michael Lewis

paying for debt“Debt” is one of the most frightening words in the English language, conjuring up visions of peonage, deprivation, and prison. Caricatures of debt collectors, such as the mafia shark who breaks the legs of delinquent borrowers, or Shylock, the moneylender of the “Merchant of Venice” who required a “pound of flesh” as security on a loan, haunt our dreams and reinforce Benjamin Franklin’s advice that one should “rather go to bed without dinner than to rise in debt.”

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What to Do If a Debt Collector Asks for Money You Don’t Owe

Valencia Higuera

debt collectorWhile there is never any excuse for abuse, the behavior of some relentless debt collectors can border on abusive. Though there are laws to protect you from harassment, a collector may call your home nonstop, as well as harass your family or any other person listed as a reference on your account. Some collectors speak harshly or issue threats, and if you don’t take a stand, this bad behavior can continue for months or years.

If you don’t owe the debt in question, harassment makes the situation even more difficult to deal with. You may repeatedly deny the debt, but to no avail. To resolve your situation, you must start by understanding how debt collectors and collection accounts work.

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What Is the Fiscal Cliff – How the U.S. Can Avoid It

Michael Lewis

fiscal cliffThe fiscal cliff is getting closer, and unless action is taken, the terms of the Budget Control Act of 2011 will go into effect at midnight on December 31, 2012. Congress’s inability to resolve the last budget crisis in August 2011 and the burgeoning national debt led to the passage of the Act to avoid the catastrophic effects of a government shutdown.

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5 Tips for Wearing Sweat-Proof Makeup to the Gym

Jacqueline Curtis

working outI love working out in the morning. Not only is it the best way to start my day, but I don’t have to deal with fixing my hair or makeup at the crack of dawn. Bare-faced and ponytailed is more my style. Sometimes, however, I don’t get the chance to exercise first thing in the morning, and I have to head to the gym after I’ve already gotten ready for the day. That often means I have full makeup and “done” hair.

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4 Reasons Why You Should Check Your Credit Report

Valencia Higuera

credit check

Your credit report provides detailed information about your credit history, and when applying for a loan, the contents of your report can make or break the deal. Many people acknowledge the importance of a good credit score, yet neglect to monitor their own.

People live busy, hectic lives, and often their credit profile is the last thing on their minds. However, ignoring your credit report can cause you significant problems. So much can impact your score, and the more you know about it, the better. Keeping an eye on your credit can help you buy a house, secure a job, and save money on insurance.

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Is Recasting a Mortgage Loan a Better Option Than Refinancing?

Michele Lerner

recasting your loan may make more sense than refinancingWhile many homeowners are familiar with the option of refinancing their mortgage, not all homeowners understand loan recasting. This may be because not all lenders offer recasting or re-amortizing, and not all borrowers are eligible. However, the process could save you money in two ways: by reducing your monthly mortgage payment, and by allowing you to avoid the cost to refinance.

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7 Priceless Gifts All Parents Can Give to Their Children

Michael Lewis

father and babyParents share a universal hope that their children will live happily ever after, with minimal worries and the ability to be successful as adults. Every parent tries to give their child a strong moral foundation, as well as the necessary life skills to thrive and be independent.

Unfortunately, raising a child is akin to painting a picture stroke by stroke, in strange combinations of colors and hues, without knowing how the final image will appear when complete. We have our children for only a brief moment, and can only hope that our gifts to them will be sufficient to sustain, protect, and comfort them when we are gone.

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