The name of the game in this business is to buy options on undervalued properties with immediate resale profit potential. And the only way to maximize a property's profit potential is to put it to its most profitable use. That is why in this chapter I give you the lowdown on how you can use options to control properties that can be put to more profitable uses. Over the past 40 years, the U.S. economy has gone from a manufacturing base to a service and technological base. Today, we live in an age of rapidly changing technology where whole industries can be rendered obsolete overnight. This change in the American economy has resulted in a lot of structurally sound buildings that are functionally obsolete by today's standard, and they are sitting vacant. And most Americans today are caught up in the notion that anything new is automatically better and superior to anything old. So, when people with this mindset come across a property that has been vacant for an extended period of time, they just assume that there must be something wrong with the property. After all, why on earth would a piece of property sit vacant for a long time without attracting any offers to buy it? The truth is that many vacant buildings are relatively new and have a lot of years of use left in them. But we live in a society where people are accustomed to replacing things instead of repairing and reusing them. And this throwaway mentality has carried over into real estate as well. For example, how many times in your own town or city have you seen what appear to be perfectly sound buildings being torn down and replaced when they could have easily been put to another use? As far as I am concerned, this is financial lunacy, when you consider that it is almost always much more cost-effective to buy an existing building that can be adapted for reuse than it is to go out and buy a piece of land and build a brand spanking new building from the ground up. And this is especially true today, given the shortages of building materials and the lack of qualified workers within the construction building trades. The fact of the matter is that when an existing building is put back into use, the property owner avoids all of the rigmarole that is part of the expensive and time-consuming new construction approval and building process, which can include: 1. Opposition from local antigrowth activists. 2. A long drawn-out building approval process. 3. Paying exorbitant building permit and impact fees. 4. Delays caused by shortages of critical building materials and inclement weather conditions. 5. A lack of qualified building contractors. 6. Construction cost overruns that can take years of appreciation in a property's value to recoup. Definition of an Undervalued Property with Immediate Resale Profit Potential: For the purpose of buying a real estate option, I define an undervalued property with immediate resale profit potential as: "Any property that can be purchased for at least 20 percent below the sale price of comparable properties in similar condition that have sold in the past six months, within a two-mile radius of the potential option property under consideration." Optymalizacja ubezpieczenia
The first question that needs to be answered usually is whether or not your child even has to file taxes this year. The answer is this: A child who earns more than $5,350 as an employee (that is, as reported on W-2s) and whose parents claim him as a dependent must file. If that child claims himself as a dependent, he must file if he earns more than $8,750 in W-2 income. If, however, the child works as an independent contractor, he must file (because of self-employment taxes) if he earns more than $400.
Children who earn less than the above are not required to file, but often should because they can get all withheld income taxes refunded.
If your child earns money and chooses to file a return, he files separately from you. The parent can decide whether to claim a child actor as a dependent or to allow the child to claim himself. In basic terms, this decision should be based on income levels. If the child earns more than the combined income of the parents, it is more to the family's advantage to let the child claim himself. Otherwise, it benefits the parents to claim him. Be advised however, dependency issues are highly complex, and can have legal ramifications beyond tax matters. So before a child claims himself, it is prudent to consult with your tax and/or legal advisor.
Many parents wonder if their taxes will be affected because they have a working child. This is rarely the case as the parents cannot claim expenses they accrue for the child, except under highly unusual circumstances.
Maximize Your Deductions
I'm often asked "What is the one most important piece of advice you can give to actors," and the answer is simple: keep excellent records and receipts. Doing so will help you maximize your deductions, lower your taxes, and satisfy the IRS if you should get audited.
The record-keeping can be done in a variety of ways, but one thing is essential - it has to be regular. I believe once a week works well for recording your child's and your own expenditures. You can use a ledger, a computerized spread sheet or a program such as Holdon Log's, ActorTrack 2.0 - the choice is yours.
You also need some way to make notations in the car. Otherwise, you will forget how many miles were driven and who and what amount you paid for parking. Of course, a minor who doesn't own a vehicle can't take mileage on her own - but she can pay you the mileage cost of driving her as a local transportation expense. This year, the IRA is permitting a mileage rate of fifty and a half cents a mile.
Bear in mind that the IRS does not require written receipts for individual expenditures under $75, so long as you have made a written notation of the expense in a business diary or log (which can be any of the devices listed above or even your weekly or monthly calendar).
Find a good way to keep the receipts accessible and in order. An accordion style file with multiple slots works wonderfully - just label each slot with the category of the expense, such as "Acting Lessons" or "Office Supplies," then group expenses from each category in each slot with the oldest in the front and the newest in the back.
Also remember that a lot of bad advice is given by good people - people who mean well, but don't really know their subject. We find this particularly true in tax issues. Here's one myth we commonly hear: all an actor's clothing is deductible. Sorry -- just not true. The tax law is very clear: to be deductible, clothing must not be suitable for street wear. So you are limited to genuine costumes: clown outfits, cowboy suits, period pieces, formal wear and other similar articles of clothing. Firma w Anglii
If you solely depend on your next salary cheque for paying off each bill, then it is most likely that you may find it difficult to combat some unexpected bill on medical treatment or sudden repairing of your car in the mid of a month. In such circumstance, however, an option of cash advance payday loans can be explored. These loans are also known for their high costs for the salaried people. Therefore, borrow the money in a very careful manner.
Keeping your monthly salary in view, you will be approved for an amount ranging from $100 to $1500. Since the loan is based on your next payday, its approval is given for 14 days only. Then, on paying the interest charges, you can rollover the loan for a month also. These are unsecured loans, involving no security. To repay the loan, you can authorize the lender to get back the loaned amount plus interest on it from your bank account on the due date.
However, be prepared to pay high amounts on the interest. Cash advance payday loans are associated with exorbitant rates of interest, which may be 30 percent or above on the borrowed amount for only two weeks. Once you have opted for extending the repayment, the rate may be so high that it may even result in debts. Still, if you make a good search on the internet, you can find some of the offers at competitive rates. These loans can also be found at low rates, but you have to meet certain conditions.
You must be a US citizen of 18 years of age or above, having a bank checking account, and you should be in the current job for past six month to qualify for the loan. Usually, approval of the loan is given for the people, whose monthly salary is $1000 or above.
A bad credit history is usually not an impediment, as approval of cash advance payday loans comes without any credit checks. This implies that these loans serve the purpose of improving your credit rating in a short period. However, you should not extend the loan, and repay it at the time of next salary. Spółka Delaware
