There are some basic accounting principles that every business owner who does not have a professional bookkeeper on their payroll needs to know.

The most important thing to know is that you must keep receipts for every purchase no matter how small. You also must keep an accurate record of all sales that you make in a month. These areas of bookkeeping are important to you because they let you know whether or not you are making a profit, and they are the facts you need to file your monthly sales tax and use paperwork.

Each business has to keep an accurate record of their inventory and the amount of money their inventory is worth. This helps to determine the worth of your business, as well as helps when the first of the year comes around and you have to pay taxes on all the inventory that is left in your business. You need to also know how to determine the amount of depreciation you can claim on items you use in your business. Items like vehicles, tools, office equipment all depreciate at different rates but the amount of depreciation can be deducted from the amount of taxes you owe at the end of the year. Read more…

Many of the traditional money lending organizations approve car loans according to the good credit rating of the borrower.  In many situations, if someone has a bad credit history, many local banks and credit organizations might not accept their application for auto financing.  With the recognition that many people are increasing gaining the urge to own cars, majority of such institutions have come up with methods of trying to incorporate people with bad credit into their packages. One can find out that many of the specialized car loans are specially designed for people who are or might be at the risk of facing the problem of bad credit.

The basic steps for applying for auto financing are easy unlike the normal loans which usually require a high credit score and passing of an eligibility criteria test. On the contrary however, people with a record of bad credit can apply for bad credit car loans that are specifically tailored for them.  In order to obtain a bad credit car loan all one needs to do is to furnish necessary papers such as bills and bank statements. In

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Q: I have received a fairly large college scholarship for the upcoming academic school year. This is my first time ever receiving a college scholarship and I am wondering if I will have to pay taxes on the money I have received through the scholarship?

A: Typically, college scholarships are not taxable, nor are they considered as income. However, if an individual uses any of the scholarship money on things deemed to be non-qualified educational expenses, then the individual is required by law to report that amount to the IRS. Non-qualified educational expenses can be anything not directly related to college tuition fees, such as room and board, paying non-education related bills, etc…

If you have used the college scholarship on non-qualified educational expenses, or do not know if what you used the college scholarship money on would be deemed as a non-qualified educational expense, the best thing to do would be to speak with a tax professional or accountant. T

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White households now have a median net worth that is 20 times that of black households and 18 times that of Hispanic ones, according to a new study from the Pew Research Center. Net worth of minorities has been greatly impacted by the housing crisis and other lingering effects of the recession. The wealth gap is at a record high.

Falling home values

Many minorities who obtained mortage loans to achieve the dream of home ownership have been greatly affected by plunging home values, as well as high unemployment rates. Median net income in 2009 was $5,677 for blacks, $6,325 for Hispanics and $113,149 for whites. That contrasted with 2005 income figures of $12,124 for blacks, $18,359 for Hispanics and $134,992 for whites. Also, about a third of black and Hispanic households had zero net worth, compared with 15 percent of white households.

The Pew Research Center’s analysis blames plunging home values for the wealth disparity. Americans of all races, ages and income groups have been negatively impacted by the housing crisis, but Hispanics have been hit hardest by falling home values.

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