Published on: 15 February 2020
Last Updated on: 04 September 2024
There is no second doubt that a manufacturer needs a sales tax consultant but to be rest assure one must know the benefits of a sales tax consultant in 2020. Sales Tax is a beast that most of us fail to understand but if we look carefully and try to understand then we will know why are the sales tax consultants are important.
Benefits of Sales Tax Consultants
There are many benefits that a Sales Tax Support firm assures but the most important of them are the following:
It provides you with a review. The review comprises of your sales and uses tax process. It also helps you to identify the red flags and the mistakes that you have made in the process.
They give their staff the tools that would remove your mistake and help you do better.
They also try to access the ongoing offers of the Sales Tax consulting firm. Also, they put in the recent guidance and recommendation.
How to take the Correct Sales Tax Consultant?
The Sales Tax consultants are usually very trained but keep in mind that you will have to choose the right fit for yourself. Here we have put three qualifications which you must look for in a consultant:
Sales and Use Tax Expert:
Make sure the sales tax consultant who works with you is well trained and they are devoted to their work
Industry Expert in Manufacture:
Chose someone who has a clear idea about manufacturing along with sales tax.
State Tax Law:
Make sure that your tax consultant has worked directly with the state revenue department only then they will be experts at your requirements.
These three qualities are must in your sales tax consultant. But in the digital world, you can also avail of the facility of Sales Tax Software.
What about Sales Tax Software?
When the world is turning digitalized, it is great to know that there is sales tax software that can be used to deal with your sales tax. They are maintained properly then they work better than a sales tax consultant. A great sales tax consulting firm will help you map your product in a better manner. Such software also set up the tax calculation process which helps in settling and calculating all the taxes.
Conclusion
It is a difficult job to tame the sales tax beast but if you avail the correct equipment nothing could be better than that. Sales Tax consultants are now well equipped and are easily available if it rises problems fort you then you can raise a resort to sales tax. It is very advisable that tie-up with a great tax consultant then you will never lie in the mess of the beast.
Always remember partnering orf making knots with the experts help you remain sorted with your calculation.
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Planning to investigate some small business loans? What are the best options out there?
Most importantly, how can these loan options help you?
Contrary to popular belief, it is more complex than filling out a form and getting your loan approved. That too from the very first source!
There is eligibility, which you must fulfill from your end, and criteria that the small business loan providers must ensure.
These are subjective to individuals and the business they are trying to build.
For example, which provider should you go for when you need a quick loan of a larger or smaller amount?
So, without any further ado, let’s get into the blog post
What Are Small Business Loans?
What are exactly small business loans? The criteria? Is it different than other forms of business loans?
Small business loans are classified under money lending for commercial purposes Like any other business loan.
There are several reasons why you would consider lending. Do not worry if it is for operational expenses and you fall short!
Not everyone accesses such loans just for their initial business investment or to extend their business to new grounds. In fact, it is common for people to underestimate their expenditure margin when they are starting their business.
In fact, in 2020, 56% of all small business loans were to manage operational costs. While only 31% of loans were for expansion opportunities.1
The Best Small Business Loans
Here are the best small business loans to investigate:
1. SBA 7(a) Loan
LoanCredit ScoreMinimum YearsMinimum Revenue (Yearly)Maximum Loan AmountTime of Acceptance SBA 7(a) Loan680+Two years$100,000+$5 million5-10 business days
This government-backed loan program offers competitive rates and long terms for various needs.
Pros:
Low interest rates
Long repayment terms
Cons:
Lengthy application process
Strict qualification criteria
2. Kabbage Business Line Of Credit
LoanCredit ScoreMinimum YearsMinimum Revenue (Yearly)Maximum Loan AmountTime of AcceptanceKabbage Business Line of Credit640+1 year$50,000+$250,000 Same day
This is a revolving line of credit with a quick application process for managing cash flow.
Pros:
Fast funding
Flexible access to funds
Cons:
High APR
Limited revolving credit line (although that is how they advertise).
3. OnDeck Term Loan
LoanCredit ScoreMinimum YearsMinimum Revenue (Yearly)Maximum Loan AmountTime of AcceptanceOnDeck Term Loan600+1 year$100,000+$250,000 24 hours
This loan offers short-term loans with quick approval, which is ideal for fast access to capital.
Pros
Fast Funding
Discounts for repeat customers
Cons
High interest rates
Frequent repayments
4. BlueVine Business Line Of Credit
LoanCredit ScoreMinimum YearsMinimum Revenue (Yearly)Maximum Loan AmountTime of AcceptanceBlueVine Business Line of Credit600+Six months$100,000+$250,000 24-72 hours
Flexible line of credit with fast approval, useful for managing cash flow.
Pros
Quick funding
No early repayment fees.
Cons
Higher rates for lower credit scores.
Limited to revolving credit.
5. Fundbox Line Of Credit
LoanCredit ScoreMinimum YearsMinimum Revenue (Yearly)Maximum Loan AmountTime of AcceptanceFundbox Line of Credit600+Six months$50,000+$150,000 As fast as the next business day
It provides a simple, quick line of credit ideal for immediate cash flow needs.
Pros
Easy qualification
Quick access to funds
Cons
Lower Loan Amounts
Shorter Repayment terms
6. Lendio Loan Marketplace
LoanCredit ScoreMinimum YearsMinimum Revenue (Yearly)Maximum Loan AmountTime of AcceptanceLendio Loan Marketplace550+Six months$50,000+$5 million On the loan amount
This type of loan is a great help to small business owners. Rather than just one loan, this is a marketplace that connects businesses with multiple lenders for various loan types.
Pros
Wide range of loan options.
Easy comparison of the offer.
Cons
Can receive multiple calls from lenders, which can be irritating.
Not all lenders have favorable terms.
7. American Express Business Loan
LoanCredit ScoreMinimum YearsMinimum Revenue (Yearly)Maximum Loan AmountTime of AcceptanceAmerican Express Business Loan660+1 yearNot specified$50,000 3-5 days
This fixed-rate loan is available only to pre-approved American Express Business Card members.
Pros
Fixed rates
No origination fee
Cons
Only available to pre-approved members.
Relatively small maximum loan amount.
Therefore, if you plan to get a small business loan in the foreseeable future, getting an American Express Business Card is better.
8. Accion Opportunity Fund
LoanCredit ScoreMinimum YearsMinimum Revenue (Yearly)Maximum Loan AmountTime of AcceptanceAccion Opportunity Fund550+1 yearNot specified$250,000 1-3 weeks
Offers loans to underserved small business owners, including minorities and women.
Pros
Focus on underserved businesses.
Personalized support
Cons
Longer approval process.
It may have a higher interest rate.
9. Credibly Small Business Loan
LoanCredit ScoreMinimum YearsMinimum Revenue (Yearly)Maximum Loan AmountTime of AcceptanceCredibly Small Business Loan500+Six months$15,000/month$400,000 24-48 hours (about two days)
Provides working capital loans and merchant cash advances with flexible terms.
Pros
Fast funding
Flexible repayment options
Cons
Higher cost of financing.
Frequent repayments
Small Business Loans With Separate Criterions
Now, we will be delving into the different criteria and which small business loan provider would be best!
1. Startup Needing Initial Capital
"I just started my business and need funds to get it. What are my options?"
Best Loan: Fundera by NerdWallet
Offers access to multiple loan options, including startup loans, even with lower credit scores and minimal business history.
2. Expanding An Established Business
"I’ve been in business for two years and want to expand. What loan should I consider?"
Best Loan: SBA 7(a) Loan
Ideal for established businesses needing significant funding for expansion, with favorable terms and interest rates.
3. Need For Quick Cash Flow Solutions
"I need quick access to cash to manage cash flow. What’s the fastest option?"
Best Loan: Kabbage Business Line of Credit
Offers quick application and approval processes, with funds available on the same day for urgent cash flow needs.
4. Managing Seasonal Inventory And Expenses
"My business is seasonal, and I need funds to purchase inventory before the busy season. What loan fits this need?"
Best Loan: OnDeck Term Loan
It provides short-term loans with quick funding, ideal for managing seasonal inventory purchases and expenses.
5. New Business Owner With Limited Credit
"I have a low credit score and a new business. Are there any loan options available for me?"
Best Loan: Credibly Small Business Loan
Accepts lower credit scores and offers working capital loans, making it accessible to newer businesses with limited credit.
6. Needing A Flexible Line Of Credit
"I want a flexible financing option. This is to cover unexpected expenses as they arise. What should I look for?"
Best Loan: BlueVine Business Line of Credit
It offers a flexible line of credit with fast approval. Plus, it is suitable for covering unexpected expenses.
7. Seeking Low Interest Rates And Long Terms
"I’m looking for a loan with low interest rates and long repayment terms. What’s the best choice?"
Best Loan: SBA 7(a) Loan
It is known for its low interest rates and long repayment terms. Therefore, it is ideal for businesses seeking cost-effective funding.
8. Socially Responsible Business Owner
"I want to support a loan provider that helps underserved communities. What are my options?"
Best Loan: Accion Opportunity Fund
Focuses on providing loans to underserved small business owners. In fact, it also includes minorities and women, with personalized support.
9. Looking For A Fast And Easy Application Process
"I need a loan. However, I don't want to go through a long application process. Which loan is easy to apply for?"
Best Loan: Fundbox Line of Credit
Offers a simple, quick application process with funds available before the next business day.
10. Needing A Small, Short-Term Loan
"I need a small amount of money quickly for a short-term need. What’s the best option?"
Best Loan: American Express Business Loan
It provides small, fixed-rate loans with a quick approval process, which is ideal for short-term financial needs.
Related: How To Use An SBA Loan For Business Purchase
Eligibility For Small Business Loans
You might find the best loan provider. However, when it comes to eligibility, rejection can be common.
Regarding personal loans, good mortgage lending (a property that you place as collateral when taking the loan) makes loan acceptance easier.
However, when it comes to business loans, the rules are a little different. The loan lender (bank or private) must closely investigate your business expenditure, cash flow, and profit margin.
If you do not have a steady personal and business credit score (unless you are building your business from scratch, in which case the rules will be different), getting your small business loan approved can be challenging.
Do not worry; this is not to scare you. However, ensure you take the time to investigate your and improve financial health.
Here are some of the absolute eligibilities when it comes to small business loans.
1. Your Business Needs To Be Nonprofit
Unfortunately, you cannot have a nonprofit organization and demand a small business loan. Your business must be making some profit through a steady income.
2. A Lucrative Business Idea, Aka The Cash-Flow
Since business loans do not depend on collateral submission, lenders are mostly concerned about the business idea.
Most importantly, is there a demand for such business in the market?
Will there be enough opportunities to build a steady cash flow?
Is there any stock market share for businesses with the same ideation?
The loan they offer you will depend on the potential profit you can make from that base. Plus, it must be backed by solid data.
3. Your Credit Score
Although we have already mentioned the credit score for each loan provider, you need to be serious about your creditworthiness.
Any loan provider will scrutinize your personal and business credit score. Any suspicious activity (including something as simple as an unpaid credit card bill) can put you under the radar. Eventually, it does not make you a good candidate for a loan.
In other cases, your business credit score also plays a crucial role.
What is your total business income?
Is it holistic with your business expenditure?
What is your business credit card transaction history? Are you able to balance your bills alongside your monthly operational costs?
...and many more.
You must submit all your financial documents, especially if you are planning to expand through different business locations and real estate. How your business funds are handled becomes crucial in such a case.
Secured & Unsecured Loan
Starting a business? Want a small business loan? Then, you should understand the importance of collateral in such a business.
Most importantly, do you even need to submit collateral to get your loan sanctioned?
Secure business loans will charge you some collateral (cash money, real estate property, gold bonds, etc.).
Meanwhile, unsecured loans do not charge any collateral.
Which is better as Small Business Loans
As someone just starting a business, I know the advantages/disadvantages of both kinds of loans will depend on your criteria and loan amount.
So, let’s discuss the overall pros and cons of both!
Secured Loans
Let’s begin with the kind of loans that require collateral.
Pros ConsLower Interest RatesLonger Approval RatesHigher Loan Amounts (because of the collateral)Risk of Losing AssetLonger Repayment Period (you can elongate your loan repayment term for two decades)Not everything can be collateral. It, after, depends on the bank.
Unsecured Loans
Now, let’s talk about loans without collateral.
ProsConsYou Need No CollateralAutomatically, the maximum loan amount is less.Quick Loan ApprovalHigher Interest RatesFlexible for all types of loansThe repayment period is a short
When Should You Get What?
For the ease of your own understanding, here is when you should get what!
Secured Loans Might Be Better If
You need a larger loan amount.
Can provide valuable collateral.
You want lower interest rates and longer repayment terms.
If your business has significant assets that can be used as collateral.
Unsecured Loans Might Be Better If
You do not have assets to offer as collateral.
Need funds quickly.
You prefer not to risk losing business or personal assets.
The business needs a smaller loan amount.
You can check the listicle above for a good idea of which secure/unsecured small business loans would be better for you.
Types Of Small Business Loans
These are the types of small business loans which you should investigate:
Term Loans: You borrow a set amount and pay it back over time with fixed payments.
SBA Loans: The government backs these loans, giving you good terms for your business.
Business Lines of Credit: You get access to a credit line like a credit card.
Invoice Financing: You can get cash based on your unpaid invoices.
Equipment Loans: This loan helps you buy business equipment.
Merchant Cash Advances: You get an advance on your future credit card sales.
Microloans: These small loans are often given by nonprofits to help you start.
Commercial Real Estate Loans: Use these loans to buy or fix up your business property.
Personal Loans for Business: You can use your personal credit for business needs.
Franchise Loans: These loans help you start or grow a franchise business.
The Final Note!
The choice between a secured and an unsecured small business loan ultimately depends on your specific needs and circumstances.
a secured loan might be more suitable If you have valuable assets and prefer lower interest rates.
On the other hand, if you need quick access to funds and prefer not to put up collateral, an unsecured loan could be the better option.
Always consider the terms and conditions carefully and consult a financial advisor to make the best decision for your business.
Things to remember before you get a small business loan:
Have a solid, chalked-out plan for how you will repay it. You wouldn’t want to lose your collateral.
Do not take hasty loans because you have fulfilled a business milestone. Remember, a loan is not a temporary fix; it is a debt for years to come. Therefore, be careful before sanctioning a loan.
Finally, be candid about your financial decision. Keeping it discreet to get a quicker loan approval will only cause you trouble later.
What do you think? Should getting a small business loan come after so many considerations, or should it be a little easier?
Do let us know in the comment section below!
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Passive income is the lifeblood of any investor's portfolio. It provides you with a reliable and consistent stream of income while you take some time away from work.
Having a passive income stream is a great way to supplement your existing income or build a retirement fund. As tax season approaches, now is the time to evaluate your current situation and determine if you are taking advantage of this amazing opportunity.
Checkout Five Prime Ways Of Passive Income You Need To Learn Now
Here are a few examples of passive income sources you should explore now:
1. Real Estate Investments
Real estate investments can be a great way to generate passive income. Most real estate investments are done through rental properties. You buy a property and then rent it out for a monthly fee. Property owners may be able to collect enough rent to cover their mortgage payments, leaving them with a steady stream of income.
Real estate investors may also want to consider buying pre-construction developments and flipping houses. With pre-construction development, you can purchase a property before it's built and then sell it for a profit when it's done.
Flipping houses involves buying a home and making improvements to it before reselling it for a higher price. Both pre-construction developments and house flips can yield considerable profits in a short amount of time.
Real estate investors should also look into commercial real estate investments. This type of real estate involves investing in multifamily, industrial, and retail properties. Owning commercial real estate can be a great way to generate income as well as appreciation when done right. Investors may also want to consider investing in REITs, or real estate investment trusts.
REITs are investments that pool a variety of real estate assets and offer investors exposure to the real estate market without owning physical properties. Real estate investments come with the potential for great rewards but also come with their own unique set of risks. Investors should consider consulting a financial professional before pursuing a real estate investment.
2. Dividend Investing
Dividend investing is another popular way to generate passive income. When you invest in a company through a stock, you become a shareholder and may receive regular dividend payments from them. Dividend payments can vary from company to company and are a great way to make a reliable income without having to actively manage any assets.
Dividend payments are usually paid quarterly, but some companies can pay them more or less often. The amount of the dividend payment you receive is dependent on the number of shares you own, the type of stock you purchase, and the amount of capital growth the company's assets have achieved.
In addition, dividends are also paid in proportion to how long you've owned the stock. Dividend investing can help to diversify your income stream and reduce the volatility of your investments. Dividend investing also has tax advantages and can be used to help you reach your financial goals.
3. Investing in Index Funds
Index funds are a type of mutual fund that tracks a particular market index. By investing in these funds, you’re basically buying an entire portfolio of stocks without having to actively pick and choose which ones to invest in. Index funds offer a great way to get passive income while diversifying your portfolio.
Index funds also typically have lower management fees than actively managed funds, which helps reduce the overall expense of your investments. The main benefit of investing in index funds is to get exposure to the broader stock market without having to pick individual stocks.
By following an index, you benefit from its diversification and protection against individual stock risk. Additionally, indexes often have a good return on investment and tend to outperform actively-managed mutual funds over time.
4. Peer-to-Peer Lending
Peer-to-peer lending is a type of lending that takes place between two individuals. It involves lending a certain amount of money to someone else and then receiving regular payments in return. Peer-to-peer lending is a great way to generate passive income without putting your money at unnecessary risk.
It is often used to finance investments and small businesses. As the lender, you can decide how much to loan, the repayment terms, and the interest rate. Peer-to-peer lending helps to diversify your investments and can provide you with returns and future income.
5. Online Businesses
Finally, starting an online business can be a great way to generate passive income. Whether it’s an e-commerce store, a blog, or a subscription service, an online business can be scaled up to generate a significant amount of income. Plus, it can be done from the comfort of your own home.
An online business can be a great way to create a passive income stream, as it can be scaled up over time to generate more revenue. With an online business, you have the potential to reach a wider audience from all over the world, as the internet doesn’t have any geographical restrictions.
You’re also able to work from the comfort of your own home, set your own hours, and have the flexibility to work when and where you want. Depending on the type of business you set up, some possible revenue streams include selling products, offering services, advertising, membership fees, and affiliate marketing.
Setting up an online business takes time, dedication and effort, and a solid business plan. It’s also important to have a clear understanding of local and international laws, taxes, and regulations so you remain compliant.
No matter which type of passive income you choose to pursue, make sure you understand the ins and outs of government regulations around the area. During tax season, it is important to ensure you complete all the required paperwork and pay taxes on any income you might generate.
It is also important to ensure that any sources of passive income are reported on your paystub, otherwise, you could end up owing a lot of money in unexpected taxes.
By learning what passive income sources are available, you can start to build a reliable and consistent stream of income quickly and easily. Explore the different options outlined above and determine what works best for you and your financial situation. The rewards can be great and you'll thank yourself in the long run.
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As people hit their 40s, many of them start thinking about the future, especially their retirement. It's a time when they begin to contemplate the quality of life they want to enjoy once they bid farewell to the daily grind of work. While envisioning leisurely days and fulfilling experiences during retirement is exciting, it's crucial to remember that good health is the foundation for a happy and healthy retirement. This article will delve into the importance of maintaining good health in midlife and explore how it intersects with the financial side of retirement planning.
The Role Of Health In Retirement Planning
When it comes to planning for your golden years, health should be a top priority. After all, what good is a hefty retirement savings if you're not in good health to enjoy it? This is where the expertise of a retirement advisor can prove invaluable. These professionals specialize in helping individuals like you prepare for retirement by taking into account various factors, including your health.
Prioritizing Your Health
In your 40s, it's the perfect time to take stock of your health and make necessary adjustments. Regular exercise, a balanced diet, and proper stress management become even more critical. These habits not only improve your current well-being but also set the stage for a healthier future.
Healthcare And Insurance Planning
One of the key aspects of health in retirement planning is understanding the financial implications of healthcare. Medical expenses can quickly eat into your retirement savings if you're not adequately prepared. This is where a financial advisor with expertise in retirement strategy can be your guiding light.
Retirement Income Planning
Retirement income planning is an essential component of securing your financial future. It involves estimating your retirement expenses, including healthcare costs, and then determining how to generate income to cover those expenses. This process may involve various income sources, such as pensions, Social Security, and personal savings.
Retirement Planning Services
Many financial institutions offer specialized Retirement Planning Services to help you navigate the complexities of planning for your retirement years. These services can provide you with personalized strategies tailored to your unique financial situation and goals.
The Cost Of Healthcare In Retirement
Here's a closer look at the financial aspect of healthcare planning for retirement. Healthcare costs tend to increase with age, making it a significant consideration in your retirement budget. Here are some key factors to keep in mind:
Medicare Coverage
Most Americans become eligible for Medicare at age 65, which can provide essential coverage for hospital stays and medical services. However, Medicare doesn't cover all healthcare expenses, and you may need supplemental insurance to bridge the gaps.
Long-Term Care
Another critical aspect of healthcare planning is considering the potential need for long-term care. Long-term care insurance can help protect your assets in case you require assistance with activities of daily living, such as bathing or dressing.
Prescription Medications
The cost of prescription medications can also add up in retirement, especially if you have chronic health conditions. It's essential to budget for these expenses and explore options like Medicare Part D for prescription drug coverage.
Building A Retirement Nest Egg
To ensure a happy and healthy retirement, it's crucial to start building a robust retirement nest egg in your 40s. Here are some strategies to consider:
Maximize Retirement Account Contributions
Take full advantage of employer-sponsored retirement plans like 401(k)s and individual retirement accounts (IRAs). The contributions you make in your 40s can grow significantly over the years thanks to compound interest.
Diversify Your Investments
Work with a financial advisor to create a diversified investment portfolio that aligns with your risk tolerance and retirement goals. Diversification can help protect your savings from market volatility.
Create An Emergency Fund
Life is unpredictable, and unexpected expenses can arise. Building an emergency fund in a high-yield savings account can provide a financial safety net during retirement.
Pay Down Debt
Reducing your debt load before retirement can free up more of your retirement income for leisure activities and healthcare expenses.
Staying Active And Engaged
While financial planning is crucial, it's equally important to stay active and engaged in life during your 40s and beyond. Maintaining a robust social network, pursuing hobbies, and staying mentally active can contribute to your overall well-being.
Conclusion
In your 40s, the journey to a happy and healthy retirement begins with prioritizing your health and making sound financial decisions. Seek guidance from a professional like a retirement advisor or financial advisor who specializes in retirement planning strategies. Remember that maintaining good health is the cornerstone of enjoying your retirement to the fullest, and proper healthcare and insurance planning are integral parts of your financial strategy. By taking proactive steps now, you can set yourself on the path to a fulfilling and prosperous retirement, both financially and in terms of your overall well-being.
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