According to California state law, all tax preparers must comply with the continuing education act and be CTEC certified every year. This is the time of year that tax professionals in the state of California dread or procrastinate until just days or worse, hours before the deadline.

That’s probably because before, it was a hassle to find the materials, take the test, and mail in your results. Now, thanks to the many online courses available, getting your CTEC registration renewed couldn’t be easier!

For as low $17, you can take the 20 hour course online from the comfort of your own home or office. Most CTEC courses are designed to cover the most recent federal and state changes that will impact you as a tax preparer for the current tax year. After you take the course, you’ll receive 5 hours of state credit and 15 hours of federal credit. That’s everything you need to apply for your CTEC renewal. (more…)

Self employed people are allowed to deduct several expenses from their income before working out how much tax they need to pay. Sadly, most self-employed people are unaware of all the expenses they can deduct, and so most end up paying more tax than they should.

By taking the time to learn about which tax-deductible expenses apply to you, you’ll be able to claim back the maximum allowable within the law, but without increasing your chances of being audited. The following are common mistakes which many self-employed people make, and which can end up being costly in more ways than one: (more…)

Paying property taxes to your city, town, or county is part of a home owner’s responsibilities. Property taxes are computed based on your home’s assessed value. Don’t get confused because the assessed value and appraised value are two different things. To make it simple, the appraised value is simply the market value of a property in today’s market while the assessed value is used by taxing authorities to put a dollar value in the property for taxing purposes.

Most states do offer a property tax reduction for Veterans. Though each state has its own guidelines, most states measure property taxes by mils (one mil means $1 for every $1,000 value of a home). So for example, if you have a house worth $100,000 with a 3.5 mil property tax the owner will have to pay $3.50 for every $1,000 in value or simply $350. However, regardless of how these taxes are computed, a home owner owes this amount to the government. If you have a mortgage, some lenders require monthly property tax payments as part of the mortgage payments. If this is not your case, then your town will ask you to pay property taxes every 3-6 months wherein you have to pay in full on its due date. Check with your local taxing authority to find out more. (more…)

As the statistics of individuals who experience debt increase, consumer credit counseling service companies grow rapidly and can now be found everywhere from the classic yellow pages to the advance technologies of the internet. But the question is, how would you know which company to pick? It can get quite mind boggling, isn’t it.

Well, first of all, do your research and check the background of the company. Take the time to read forums and client feedback and widen your knowledge on all the companies available. It would also help to check the history of the company and see that they don’t have any legal history or scamming records.

Besides that, when you go for your first walk in meet with your CCCS agent, they should go over your financial condition first, understand your situation, your goals and then work together with you and come up with a debt management plan. So, if they ask you to sign a plan without going over it with you first, walk away and cross the company off your list. (more…)

Though it may seem impossible, there are ways to plan ahead for Medicaid. Most people believe they have to rid themselves of all income and assets in order to receive benefits, but this is not always true. These strategies will help you plan for the future so your medical care expenses will be covered.

It is said that the average stay in a nursing home is 30 months. The cost can range between $3,000 and $5,000 per month or $90,000 to $150,000 in total. This is why it is so important to plan ahead. The financial burden can be massive if proper planning is not done. The eligibility requirements are based on the need for medical care as well as the individual’s financial situation. Since the program is controlled by the state government, each state may have different eligibility guidelines. Assets and income will always be the most important eligibility factors. In most cases, almost all of your savings and assets will have to be depleted to become eligible. (more…)