Bank finance articles and tips

Did you file an extension for your 2010 personal income tax return back in April? If so, here's some good news for you - you have a few extra days to procrastinate! Read on for details.

Normally, by filing Form 4868 by April 15, you get an automatic six-month extension of time to file your federal individual income tax return. But when any federal tax due date falls on a Saturday, Sunday or federal holiday, the deadline is extended to the next non-weekend, non-holiday business day.......

Because of the news coverage provided to high-profile tax evasion cases, they are ideal illustrations for paid tax preparers to promote the value of their services. Some examples occurred in 2011.

One case is the investigation of Credit Suisse for allegedly helping American taxpayers hide their income in offshore bank accounts. This is the same allegation the IRS proved in 2009 against Swiss bank UBS. The IRS is clearly increasing its efforts to battle tax evasion. The publicity for actions against Credit Suisse and UBS not only proves the futility of fighting the IRS, but also serves to remind the public about the value provided by the tax preparation industry to ordinary taxpayers. After all, the ultimate goal of the IRS in pursuing Credit Suisse is to locate individual tax cheaters.

A US citizen living or working in Canada incurs not only a tax obligation to the Canadian government but is also still liable for US income tax. Every tax preparation business is aware that the IRS imposes collection of income tax on worldwide income of US citizens. But US citizens also report holdings of foreign assets to the IRS.....

In addition to all of the subjects covered in enrolled agent training for helping individuals, several important tax matters are addressed for advising business owners. A most important area is tip reporting. Employers bear considerable responsibility regarding tip income.

Employees are supposed to report to their employers the total tips received in a calendar month as long as the amount exceeds $20. Tips of less than $20 per month are still taxable income that employees should reveal to their tax return preparers. However, tax practitioners with an enrolled agent education possess additional knowledge to help the employing businesses.....

Everyone is talking about how lenders do not want to give out new business loans and that their requirements are too strict now, compared to a couple of years ago. But truth is lenders badly want to distribute new business loans. Since the mortgage market has terribly fallen, lenders have millions of dollars caged in foreclosed properties. With their money trapped in foreclosed properties, their main stream of income has been stripped. Since banks and credit unions make profits by lending out money and earning the interest paid on the loan, lenders can now take the route of lending to compensate for their huge loss of income with the mortgage market. Therefore, don't believe having a substantial security and a high credit score is required for a small business loan.

It seems as though every time we turn around, there is a new way that the Internet has added convenience to our lives. Whether this convenience is in the realm of communication or information exchange, it just lends credence to the notion that we would not be the same if we didn't have the Internet anymore. The same holds true for personal income generation, and the Internet is completely full of passive income ideas that if utilized, could lead to a more carefree financial life.

What is passive income?