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Tips For Taxes on Tips



Understanding the complicated world of taxes is difficult enough for a regular paycheck. Adding tips into the mix just makes everything more confusing. Failing to properly report the full amount of tips you are given can get you into a lot of trouble with the IRS. However knowing what as an employee you need to report or what as the business owner you are responsible for can sometimes be a fine line. Here are some tips and tricks for knowing how to report your tips on your taxes.

“Tips” are defined by the federal government as “a gift or a sum of money tendered for a service performed or anticipated.” Generally if an employee makes over twenty dollars in tips a month, they must report them. After they finish working for the night, a waiter must record how many tips they made for their employer so that the proper tax amount can be withheld from their next paycheck. Social Security Taxes “on the gross amount of tips and wages for all employees” is paid by their employer. Employers should keep track of the tips for every sale made in their establishment each evening. This way, they can remit the proper amount to the government.

If employees do not report all of their tips to their boss, the employer can be held liable for “the employer’s share of the social security and Medicare taxes on the unreported tips.” It is your job, as employer to withhold and pay taxes with the information you do have from your employee. If you have more than ten staff members working on a typical day than you fall into the category of a “large food or beverage establishment” and you are required to allocate or distribute tips to your employees if the amount of tips reported is less than eight percent of gross sales. If the amount of tips is larger than eight percent, you are not required to allocate, but you must still file the “Employer’s Annual Information Return of Tip Income and Allocated Tips” form. Taxes should still be withheld and paid on allocated or non-allocated tips.
Posted on: February 27th, 2010 Author: admin No Comments »
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Moreno Valley Real Estate Market Analysis

Situated in the Riverside County of California, Moreno Valley is a relatively new place that has emerged as one of the growing markets in the state for the real estate industry. People, who have not managed to locate a suitable property in Riverside, often opt for the ones located in Moreno Valley as it comfortably suits their budget and meets their other requirements as well.

On average, the price per square foot in Moreno Valley real estate in 2009 costs around $89. When compared to last year’s figures, this is a decrease of around 19.1%. The average price of homes for sale in Moreno Valley, CA from July 2009 to September 2009 was $143,000. When compared to the statistics of the previous year, home prices have gone down by 20.1%, or around $36,100. During this period the number of properties that were sold decreased by 33.2%.

The real estate market in the Valley suffered a setback due to the sub prime mortgage crisis. The prices of homes for sale in the Valley dropped considerably, and the number of deals closed dropped proportionally. This indicates that people were much more cautious before making any kind of real estate investment. Even the fall in prices was not sufficient enough to make them more inclined to purchase.

The economic crisis has also had an effect on foreclosed properties and the resale of homes. There are many homes for resale in the area. A large number of properties are in the process of beginning foreclosed upon.

All in all, it seems that though the real estate market in this area had undergone a setback, it is slowly trying to come out of the slump. Credit for much of this revival goes to Moreno Valley realtors who have left no stone unturned to ensure that they get more and more people to invest in properties in the region.

Posted on: February 27th, 2010 Author: admin No Comments »
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Anxiety, Panic, Agoraphobia – Using Chat Rooms



Using anxiety and panic agoraphobia chat rooms or forums is an excellent way to gain confidence and support from others in a similar position.

It’s also a great way for someone to ‘get their feet wet’, especially for those who don’t like seeking treatment or going to the doctor. A chat or forum could help convince them, opening the door for improvement.

A Stranger’s Support Can Be Comforting

Support is a very important part of recovery. Support can be in many forms. Obviously, you expect support from family and friends, which is important, but support from strangers in an online chat room can have a major impact.

In fact, sometimes, the impact a stranger’s support in a similar position can have on you may be bigger than support from family and friends.

This is because you may chat with someone who may be worse off than you, not just in terms of their disorder, but in other ways. And you think, “Here’s a person who made progress under great difficulty. Surely I can too.”

By joining a chat room and sharing, you also receive valuable tips and advice from others. You can take heart from their successes and apply it to your own position.

You may also have something to offer to others. Just because you may be hurting right now, don’t underestimate your own strength and courage. You may have words of compassion for someone else, deeply touching them.

A Chat Room Can Be Fun & Educational

A chat room is also a great way to make friends, wherever they may be in the world. Who knows, when some of you recover enough, there is always the possibility of setting up a meeting, face to face!

You’ll probably have to register before you can join in, but that’s pretty normal. A chat room will be a good learning as well as giving experience. It can be something you look forward to, whether on a daily or weekly basis.

Remember that when you’re using anxiety and panic agoraphobia chat rooms or forums, try not to take anything without first speaking with your doctor. Also, try to be familiar with the chat rules.

Here are some resources you may want to check out which could prove useful for you:

http://www.phobics-awareness.org/chat.htm

http://panicdisorder.about.com/mpboards.htm

http://www.panicsurvivor.com/

Just look around and explore or dive right in. If anything makes you feel uncomfortable, all you have to do is click exit. However, try to hang in there and give it your best shot.

It’s great because you have this ‘wall’ put up before you, and so has everyone else. There’s a little bit of security in that. If you have social anxiety, this is a good way of slowly getting to know others as they encourage you.

Just be yourself. These are people who understand. These are people YOU understand. So relax and use it to the best of your ability. You may even have fun!

Posted on: February 26th, 2010 Author: admin No Comments »
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Do I Need A Real Estate Survey?



Getting a survey before you close on any real estate is very important.

Some people actually buy real estate without having a survey done. It is not a requirement from the financial institute,
so does that mean you don’t need one?

By getting a survey you will not only get a blueprint of your property you will get your property lines marked out for you.
Most importantly, you will find out if there are any infringements on your property like a neighbors fence, a neighbors tree, a neighbors driveway, etc.

A survey can tell you many things.

It will disclose any easements you might have on your property.
Easements can be a fire lane or an access road for the local Power Company. These easements cannot be blocked, built on in anyway to prevent the lanes from being accessed. You could have a city or county easement on your road front property anywhere from two to ten feet into your yard you might not know of. This gives the city or county use of this property for power lines, phone line and even city water drainage. Although you might have to mow this lawn the city has the rights to its use.

A survey will show you if your property has a right of way
for the property behind your property. A right of way is incorporated onto your property and must be available to the property owner behind you to get to and from their property.

If the survey conveys a property infringement you can delay the
purchase until the infringement is moved or back out of the deal
if necessary. Easements will not be removed.

A survey can and will give you peace of mind and knowledge about
your property preventing any unexpected surprises later.
Knowledge saves you money and anxiety.

You decide if you should buy real estate without one!
Posted on: February 25th, 2010 Author: admin No Comments »
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State Taxes



Small businesses owners are dependent upon each state for their liability when it comes to payroll taxes for their state of operation. Each state varies, and there are even some states that do not withhold state tax and require no state income tax filing. Each state requires that an employer deduct and withhold unemployment tax, just the same as at the federal level.

Generally, however tax rates for the state level on unemployment tax will vary depending upon the employment history of the business. Once in business long enough, a tax rate can be established based upon the employer’s experience with benefit charges and taxable payroll.

Taxes are deducted in the same manner as federal taxes, each pay period and filed with the applicable state on a monthly basis. Most states will also require a quarterly information report comparable to the 941 federal forms. Withholding rates on the state level are much lower than the federal rates. Also, there are limits of liability. Once a particular level is reached in income, the tax rate may be reduced, or sometimes eliminated.

Small businesses operating in one more than one state may find themselves liable for payroll tax in each state. If you operate in multiple states, you should contact each state of operation to determine your liability and setup the necessary accounts for deductions. Quite often accountants that handle state taxes in your area will be aware of each state’s filing requirements and be able to assist you.

The greatest concern as a small business that you will have on the state level will be the unemployment tax that you are assessed. Unemployment compensation is administered on the state level, and can therefore greatly affect your tax liability. Your tax rating determines your tax liability, and new businesses are given a standard rating until enough time has passed with operations to assess an individual rating based on employee benefit charges and gross taxable payroll.
Posted on: February 25th, 2010 Author: admin No Comments »
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