Southbourne Tax Group Review: How to steer clear of huge debts

Southbourne Tax Group sought the wisdom of some financial coaches regarding staying out of debt and with their collected data the team will provide imperative guidelines to help you with your finances and to avoid falling into a huge debt or even hitting financial rock bottom.

The financial coaches all possess great traits and are all very good in doing their job but to the surprise of the Southbourne team, a few of those experts hit rock bottom already, but their ability to bring back again their personal finance on the right track is really admirable.

Getting your way out of debt requires commitment and dedication. And to spur people to reach their financial goals, those experts The Southbourne Group converse with decided to become financial coaches, so that they could beget inspiration to other people by sharing their own stories and struggles as well.

Take control

Bear in mind that you need to take control of your finances not tomorrow, but today. Don’t wait for your rock-bottom moment, but instead try your best to avoid it each day. Even if it seems everything is fine now and you can pay all your debts, does not mean you should ignore the possibility of falling hard on your finances. Always follow a strict budget and manage your money properly with a disciplined attitude.

If there are certain changes in your life like your partner losing his or her job, or from having a full-time job to a part-time job, you must conduct some changes as well on your part and adjust your financial lifestyle.

If you notice you are being out of control on your personal finance then you should face the problem instead of giving it a cold shoulder. Don’t blame others for facing financial challenges in your life because you’re the one responsible for it, but instead, start turning your financial life around.

Aim for financial freedom

Each of us holds different meaning to financial freedom, but let’s just say financial freedom entails “earning enough money and building the mental discipline to keep that money from controlling you” as Scott Young said. Those who are having a hard time on their finances should begin their journey to financial freedom today.

Examine your attitude towards money and begin from there. Don’t make huge spending then only depend on your belief that if you win the lottery, you could pay all those expenses – don’t make such excuses. When you find yourself trapped, avoid having a negative mindset and telling yourself there’s no way to solve your problem. Get up and find a solution because “there was never a night or a problem that could defeat sunrise or hope.”

As mentioned earlier, don’t think negative thoughts if you are currently having a bad financial situation because that could only worsen the problem, but have an optimistic mind instead. Start turning your personal finance around by planning and setting a good budget because it is imperative to know exactly where your each cent is going.

Money isn’t everything

Yes, you should be responsible for reaching your financial goals but at the same time, you’re a human being that also needs to build good relationships with other people and create wonderful experience and memories with your family. Don’t be a money-machine that forgets how to love and live.

Don’t add more debts

Always remind yourself not to incur any more debt, which can later develop to a mental discipline to keep you away from debts. Be committed once you start your journey to be debt-free since there’s always this “temptation” to add more to your debts. To avoid this, you need to have a stronger disciplined mindset.

The Southbourne Group needs you to remember that “there’s no easy, magical formula when it comes to getting out of debt. It takes a lot of time, hard work, and discipline.”

 

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Southbourne Tax Group Review: How to prevent making your personal finance worse

“Personal finance is about 80 percent behavior. It is only about 20 percent head knowledge”. At the end of the day, your personal financial life really depends on how you handle your money. It is very important to be in control and be organized on your own money since you are the one responsible for every cent you earn and spend. And you’re the one who will face the consequences of your own actions towards your money.

Handling your financial life should also include understanding the basics as well as the important aspects of personal finance. Educating yourself on such matter is a vital part of developing a good financial life. Southbourne Tax Group doesn’t want your personal finance to become worse. With the following advice, the team expects you to learn some important elements and use them to avoid having a bad financial life. They gathered different advice and tips from different research, added with some financial wisdom from a few experts.

Start ASAP

It seems like you’re being rushed but that’s not the case, Southbourne Tax Group only wants you to consider starting building your personal finance today. While you are still young, you should learn about personal finance and begin saving money as well. To those parents reading this, know that teaching your children about the basics of financial management can help them better handle their own money now and once they got older. Doing this, you can learn some new things too while giving your children the necessary financial guidance.

To young readers, understand that having a good personal finance at your age could result to a better financial life later. Open an account and save your money. Indeed, buying very expensive things can satisfy you for a while but it is much better to have a bountiful savings account than owning luxurious things that will eventually worn-out or get some damage. Put in mind that “studies show that people who learn to save early in life usually make smarter financial decisions later”.

Comprehend the details in your paycheck

Unknowing the other details included in your paycheck may leave you at shock once you receive it because of some amount disappearing without you even spending them. Understand better the national insurance contributions, pension contribution as well as the student loan payments and tax code.

Vital things first

It is part of being a responsible individual to make sure that you satisfy all your basic needs, from food, water, and clothing to shelter. Make certain that you’re up to date in paying your house rent, bills, foods, and tax.

Keep a good income and spending record

If you currently have a record, continue to update it and make sure you organize every detail properly. Make one if you still don’t have any financial record. You need to ensure that your income and spending are balanced. Don’t forget to follow your set budget as well.

“Save money and money will save you”

Growing a savings account should be a part of life. And part of it is getting those best deals as well. You can find the best offers easily by exploring comparison sites. Make some time to do your research.

Set a goal

Set a goal that makes you want to jump out of bed in the morning. Picture yourself achieving that goal every day while doing your best on your job, plus challenge yourself every day to do better and be better. “Save your money because you’re going to need twice as much money in your old age as you think.”

Do you still have lingering questions in your mind? Don’t be afraid to voice them out, Southbourne Tax Group is always ready to listen and give solutions on your financial predicaments, especially when it comes to taxes.

 

Southbourne Tax Group Review: How to properly handle your taxes as a property investor

For many years, Southbourne Group has been involved in giving a dependable tax service to businesses and individuals, thus it aims to give helpful tips especially to property investors through this article. And as their first friendly reminder, it is really important to have a complete and correct tax return as a property investor.

A complete and right tax return is essential for landlords because they often come under inspection when submitting returns. Keep in touch with your accountant to discuss matters regarding on what can and can’t be claimed as a tax deductible expense. This way, you can make sure about the legitimacy of all claims, as well as maximized tax return amount. Southbourne Tax Group also suggests hiring a tax specialist because one can be of great help in making your taxes easier. Don’t stop reading because more tips are provided below.

Offsetting the net loss generated by negative gearing against other income could reduce tax payable. As a landlord, you can claim the interest if a property is available for rent, however, if the given situation is that a property is lived for half a year and then leased as a holiday rental for the other half, you can’t claim the interest for the full 12 months.

See to it that you have the appropriate coverage when checking your insurance policy. Experts also said that a standard home and contents insurance policy won’t cover certain risks included in property investing. You surely have costs you are rightfully entitled to, so make sure not to forget them.

If you are one of those self-managing landlords, you surely have costs from working at home, and the good thing is that you can claim a reasonable part of them. It’s also a good option to hire a property manager because its costs can be a deductible expense.

Moreover, property managers can build a potential tax benefit while assisting the organization at the same time. They are also capable of taking good care of the administrative responsibilities included in an investment property as well as compiling and completing significant paperwork.

Handling your taxes properly can help you avoid huge problems on your taxes and as a property investor, Southbourne Tax Group hopes that those mentioned above gave you even a bit of help.

 

Southbourne Tax Group Review: How to avoid doing taxes wrong as a property investor

Property investors should know how important it is to settle their tax returns correctly. The following are some tax tips prepared by Southbourne Tax Group to help you avoid having errors on your taxes.

When lodging tax returns, landlords usually come under inspection from the government so it is really crucial for them to have complete and accurate returns. In order to determine what can and can’t be claimed as a tax-deductible expense, Southbourne Tax Group suggests consulting your accountants as a landlord. With this, all claims are ensured legitimate and the tax return amount is maximized.

If you seek to make taxes easier as a landlord, it would be better to get the professional advice of a tax specialist. It is sometimes unavoidable to have tax-time stress but just continue reading and Southbourne Tax Group has a few more tips for you.

Negative gearing: In order to reduce the tax payable, the net loss which generates from negative gearing should be offset against other income. If a property is available for rent, landlords can claim the interest. However, you can’t claim the interest for the full 12 months of a property that is lived in for half a year and leased as a holiday rental for the other half.

Insurance: Making sure that you have the right coverage in checking your insurance policy is also important. Landlords won’t be covered for particular risks involved in property investing with a standard home and contents insurance policy.

Expenses: Southbourne Tax Group suggests not forgetting to claim the costs you are duly entitled to. As mentioned before, before submitting your claim, confirm first with your accountant on what can and cannot be claimed.

Offsetting costs: Are you one of the self-managing landlords? Working from home and its costs could be claimed as well, but not all since only a fair and reasonable part of it can be deductible.

Property manager: The cost of property managers can be a deductible expense said experts and they can be helpful to landlords as well. Landlords can save time by hiring a property manager because they can create a potential tax benefit while assisting with the organization at the same time.

Moreover, the administrative responsibilities included in an investment property can be taken good care of a trusted property manager, so with the help of such professional, the tax-time burden can surely be lessened.

You can contact Southbourne Tax Group today to know more steps on how to avoid doing taxes wrong with their proper tax guidance and service.

The Southbourne Tax Group: 5 surprising things you can deduct from your income taxes

“Can I deduct this?” When Americans sit down to fill out their income-tax forms on or before the April 15 deadline, that’s the question they’ll likely ask the most.

They may be shocked by how often the answer is “yes,” and the sheer variety of expenses they can deduct. Most people know that business-related items are usually tax deductible — no matter how odd. That could include body oil for a masseuse or professional body builder, says Dave Du Val, vice president of customer advocacy at TaxAudit.com, which is based in Sacramento, Calif. Ditto, free beer used for a sales promotion. But a recent survey showed that only 51% of more than 1,000 people surveyed understood relatively basic questions about their income taxes, and the estimated average $2,840 tax refund for 2017 likely does not include the refunds that people did not know they could claim.

Of course, most people know many charitable donations are deductible, but some people are especially watchful for deductions others might miss. Grafton “Cap” Willey, managing director at CBIZ Tofias, an accounting and professional services provider in Providence, R.I., helped a client who’d bought a house and land — and wanted to build a better house — write off the fair market value of the windows, lumber and other usable items from the property that he donated to a homeless charity. And documentation is critical. “Take a photo with your iPhone of that bag of clothes you donate, and get a receipt. That all counts as evidence.”

To help people think more broadly about the kinds of things they can deduct, here are five unusual tax deductions:

Swimming pools

Context is everything when it comes to deductions, especially when expenses are being characterized as being for medical purposes. Johanna Turner, senior partner at Milestones Financial Planning in Mayfield, Ky., had clients who successfully deducted the full cost of a $40,000 swimming pool. “Their child had been injured in an accident,” she says. “They received doctor’s orders for swimming therapy.” The key here is making sure a doctor signs off on the deductions, Turner says. There are also deductions taken for hot tubs and pools as long as they, too, are doctor-prescribed, adds Megan Thompson, a certified public accountant at Thompson Accounting in San Jose, Calif. Upgrading your property for lifestyle or reselling, for instance, would not count.

Abortion

This may be the most politically and ideologically divisive of all deductions. The IRS says: “You can include in medical expenses the amount you pay for a legal abortion.” So an abortion — which can cost from $500 to $1,000 — could be deductible if it was included with other medical expenses. Taxpayers can also include in medical expenses the amount they pay to purchase a pregnancy test kit to determine if they are pregnant, and the cost of a sterilization or vasectomy. When it comes to all medical expenses, you cannot include those that were paid by insurance companies or other sources, and the total medical expenses in question need to exceed 10% of your adjusted gross income (this falls to 7.5% for those who are 65 or over for all medical expenses).

Gambling losses

“If you have gambling gains, you can deduct a large number of expenses to go to Vegas up to the point where it offsets much or all of the gains,” says Scott Bishop, director of financial planning at STA Wealth Management in Houston. You can deduct your losses, but no more than your winnings in that tax year. Gambling income includes winnings from lotteries, raffles, horse races and casinos, and fair market value of prizes such as cars and trips. “To deduct your losses, you must be able to provide receipts, tickets, statements or other records,” the IRS states. For casinos, you need copies of check-cashing records. Some states don’t allow deductions on gambling losses, however.

Service dogs and dog food

Man’s best friends can be another tax-deductible expense. “I had a client with a warehouse deduct the cost of buying guard dogs,” Bishop says. Their pet food may also be deducted. He is aware of one case where a person deducted the cost of transporting their six dogs as a work-related moving expense. Taxpayers may also include as medical expenses the costs of buying, training and maintaining a guide dog or other service animal to assist a person with physical disabilities. This includes any costs, such as food, grooming and veterinary care incurred in maintaining the health of the service animal.

Gender confirmation surgery

In 2010, the federal tax court ruled in favor of a transgender woman, Rhiannon O’Donnabhain, who had taken up a case against the IRS for refusing to allow a $5,000 deduction for $25,000 in medical expenses for gender confirmation surgery, those costs “not compensated for by insurance or otherwise, for medical care of the taxpayer.” In its ruling, the tax court said gender-identity disorder is widely recognized in diagnostic and psychiatric reference texts, and all three experts testifying in the case consider the disorder a serious medical condition, and the mental-health professionals who examined O’Donnabhain found that her disorder was a severe impairment.

Additional resources for business accounting tips are available here.

 

The Southbourne Tax Group: How To Recognize the Signs of Tax Identity Theft

Tax filing season is upon us. Soon you will be filing your paperwork and perhaps receiving a nice check — unless thieves file a return in your name first and falsely claim your refund.

Unfortunately, if a thief has your Social Security number and other relevant information, tax identity theft is very hard to prevent. Greg McBride, Chief Financial Analyst for Bankrate.com, notes that “somebody could have your Social Security number and they could have been sitting on it for a while… you would have no idea until they go and file a bogus tax return under your Social Security number. You only find out at the point where your legitimate return gets rejected.”

While recent IRS efforts have resulted in a 50% drop in both confirmed fraudulent identity theft tax returns and new identity theft reports from 2015 to 2016, tax-identity thieves still falsely claim millions of dollars in undeserved refunds every year.

The IRS is attempting to help taxpayers be proactive by recognizing the signs of potential tax ID theft. The “Taxes. Security. Together” program urges taxpayers to take reasonable precautions and to work with the IRS whenever any activity occurs that suggests tax ID fraud.

Examples of suspicious activity include receiving tax–related documents that you did not request and should not receive, including receiving a bogus refund. Occasionally, information meant to be delivered to the thief will be sent to you by mistake. If you receive a tax document from an employer that you have never worked for, a tax transcript that you did not request, or a reloadable prepaid debit card that you did not expect, you should be highly suspicious of potential tax fraud.

You may also receive a letter from the IRS asking you to verify a suspicious tax return filed with your name and Social Security number. A greedy thief may try to claim a large refund or make a basic error in the return that compels the IRS to label the return as suspicious. When that occurs, the IRS will contact you to see if the return is legitimately yours.

If your return is rejected, start by immediately looking for any simple errors such as transposed Social Security numbers or confusion with respect to dependents — for example, your teenage son or daughter filed their own return claiming themselves when you have also claimed them as a dependent. If no errors are evident, you will have to deal with what McBride calls the “massive headache” of rectifying the situation.

McBride offers perhaps your best line of defense: “To whatever extent you can, try to file your tax return early.” Beat the thieves at their own game and file as soon as you have the necessary tax documents from employers and financial accounts. However, since the thieves don’t care if your information is correct or not, they have an inherent time advantage.

It’s preferable to be preventative and extremely careful with your personal information. The IRS urges you to take reasonable and simple steps, such as securing your computer and mobile devices, using strong passwords, avoiding phishing e-mails, and not engaging in suspicious texts and calls from alleged IRS officials.

Make sure that you take similar precautions with your mobile and wireless connections. Never transmit personal information over unsecured Wi-Fi connections or to unverified websites.

With respect to tax fraud, the IRS is your ally. Neither one of you wants tax-identity thieves to succeed. Do your part, be proactive and vigilant, and help to make 2017 a difficult year for tax-identity thieves.

Additional resources for business accounting tips are available here.

 

The Southbourne Tax Group: 7 Tips For Preventing Invoice Fraud

The Accounts Payable department is a prime target for fraud. Criminals looking to exploit your business take advantage of AP departments buried in paperwork to submit phony invoices and hope they’ll slip by as legitimate.

A single fraudulent invoice might not impact your company too much. However, over time invoice fraud can become quite a costly problem. Foiling invoice fraud is often frustrating, but implementing these tips will significantly reduce the risk of your company falling victim.

1) Employ 3-Way Matching

If you can match each invoice to a purchase order and receipt of goods, then you’re much less likely to pay a fraudulent invoice. Most fraudsters won’t bother fabricating three separate documents.

2) Watch Invoice Amounts

Amounts on invoices can provide clues that the invoice isn’t on the up-and-up. If your company requires additional review for invoices over $1,000 (for example), checks squeaking by right under that threshold (such as $999.98) should raise suspicion.

3) Keep Up Moral

Invoice fraud can come from inside the company or from an outside source. Happy employees are unlikely to commit fraud and more likely to catch fraud from outside sources. If they don’t have reason to complain, then they’re more likely to care about doing right by the company.

4) Check On Vendors

Fraudulent invoices are typically issued under fake business names or use a legitimate name but a fake address or bank account number. You’ll want to look up any new vendors to make sure they’re legitimate and find the address on Google maps. If the address is residential or a post-office box, that’s a big red-flag. Also, check-in with your existing vendors directly if their account information changes.

5) Track Invoice Activity

If you’re tracking invoice activity, you’ll be able to notice when something changes. For example, one vendor typically submits 5 to 10 invoices a month and suddenly you see 50 from them in a single month. It might be legitimate, but you’ll still want to get in touch with them and double-check.

6) Implement “Fuzzy Matching”

Duplicate payments are one way to commit invoice fraud – fraudsters submit a near-perfect copy of a legitimate invoice and hope no one notices one payment is going to a different account number. Sometimes they’ll also change date, invoice number, or amount. You’ll need a program that allows for “fuzzy matching” to catch near-duplicates as well as identical invoices.

7) Employ Automation

Automation in the AP department gives you the tools you need to more effectively implement all these other tips for preventing fraud. It’s probably the single most important step you can take to stop invoice fraud.

With NextProcess’ AP Automation Software, you instantly get detailed insight into everyday invoice processing. Our software automates invoice processing according to your custom specifications. It can catch many sorts of suspicious invoices on its own and gives you the tools you need to more easily track invoice activity and check on vendor information. On top of that, automation software is easy to use and frees up employees for more interesting work. It’s a win-win for the company and everyone in the AP department.

Additional resources for business accounting tips are available here.