Should You Buy a House Just for an $8,000 Tax Credit?

Should You Buy a House Just for an $8,000 Tax Credit?
Wednesday, March 31, 2010 by Doron F. Eghbali

Your agent, friend or others might be telling you to hurry up and purchase your home to take advantage of the $8,000 tax credit expiring soon. In fact, home buyers MUST have a binding contract in place by April 30, 2010 and the sale MUST close by June 30, 2010. Nonetheless, just thinking of the $8,000 and not taking into consideration other factors is impudent and risky. Let us analyze this further…. Read More

Posted at 13:13 PM | PERMALINK
Topic: Real Estate

Tax Relief for Your Business in 2010
Monday, March 29, 2010 by Doron F. Eghbali

The Hiring Incentives to Restore Employment Act (the HIRE Act) went into effect on March 18, 2010. The HIRE Act includes some tax relief for businesses. Let us analyze some of its tax provisions…. Read More

Posted at 10:15 AM | PERMALINK
Topic: Business Law

Why Should You Be Extremely Cautious About Private Placement Securities? Saturday, March 27, 2010 by Doron F. Eghbali

Private placement securities are bonds, stocks or other instruments issued by a corporation to outside investors. These investments tend to be very risky partly because the issuers are usually under no obligation register to them with the Securities and Exchange Commission. The problem arises when investors are not told of the dangers looming and do not know enough about the corporation, the broker, or other intermediaries’ records and credentials to make an informed decision…. Read More

Posted at 12:51 PM | PERMALINK
Topic: Corporate Law


Tax Breaks on Gains for Owning and Living in Your Home for Less Than Two Years 
Friday, March 26, 2010 by Doron F. Eghbali

As we mostly know, if singles or married couples filing jointly own and use their primary residence for at least two of the past five yeas, they can avoid federal income taxes on gains of such property, respectively, up to $250,000 (for singles), and $500,000 (married filing jointly). However, the problem would be for those who have to – for legitimate reasons – sell their primary home before the two-year minimum threshold. Let us see how the tax law helps the latter group of people…. Read More

Posted at 19:12 PM | PERMALINK
Topic: Real Estate

How You Should Choose a Business Card for Your Business
Monday, March 22, 2010 by Doron F. Eghbali

Making an informed decision as to what business card is suitable for a business and whether or not getting a business card is the right choice are extremely important business decisions. As such, let us educate ourselves about what type of business card with what programs and penalties would be helpful or harmful to businesses…. Read More

Posted at 10:15 AM | PERMALINK
Topic: Business Law

 

How to Deduct Your Commuting Expenses From Your Taxes
Saturday, March 20, 2010 by Doron F. EghbaliWhen it comes to tax deductions, nearly every penny counts. Given the economic situation and persistent unemployment, a relatively large number of people work at home and meet their customers outside their homes. These people would be happy to hear, they are the best candidates to deduct their commuting expenses between home and work. Let us see how.Read More

Posted at 09:20 AM | PERMALINK
Topic: Business Law


New Help from Government to Accelerate Short Sales

Friday, March 19, 2010 by Doron F. Eghbali

Short sales, sometimes, are the last resort for struggling homeowners seeking to unload the burden of a property worth less than its mortgage. Nonetheless, short sales are not easy. lenders are usually reluctant to go through with a short sale on borrowers terms and often do not answer to the borrowers whether they agree to the short sale or not. However, a new government program-starting April 5, 2010-aims to change that and accelerate the process. Let us review the specifics of such program…. Read More

Posted at 08:48 AM | PERMALINK
Topic: Real Estate

How to Qualify for a Home Mortgage in This Economy
Wednesday, March 17, 2010 by Doron F. Eghbali

Despite government efforts to encourage banking industry to restart approving and providing home mortgages to worthy potential home buyers, the banks have made their qualification requirements relatively more strenuous and more difficult to overcome. However, there are some guidelines that might help you assess your qualifications for a home loan and approach the process intelligently and prudently.
… Read More

Posted at 10:17 AM | PERMALINK
Topic: Real Estate

Why Should We Be Concerned About CA High-End Housing Market?
Monday, March 15, 2010 by Doron F. Eghbali

There is a real concern about California’s high-end housing market. In fact, even the most affluent have not been immune to the travails of the “Great Recession”. The borrowers of such homes-like other borrowers-have witnessed the value of their properties plummet while their mortgages either rise or keep steady. This has resulted in owning homes worth less than the mortgage and incomes not able to support this financially destructive imbalance…. Read More

Posted at 09:36 AM | PERMALINK
Topic: Residential Real Estate

What Filing Status Might Lower Our Taxes the Most?
Sunday, March 14, 2010 by Doron F. EghbaliWhich filing status we choose could have rather significant implications on the taxes we pay. The US tax system – unlike its counterparts in other parts of the world – has put into place five separate filing statuses. In fact, it is imperative to choose the right filing status to pay the lowest legally allowed taxes possible. Hence, let us further analyze these filing statuses. … Read More

Posted at 11:59 AM | PERMALINK
Topic: Business Law

Why Instant Tax Refunds Are Not A Wise Choice
Friday, March 12, 2010 by Doron F. Eghbali

With tax season in full swing and high unemployment rate, some people need instant cash, so what they would do is they borrow against their tax refunds. However, the hefty costs associated with this unwise practice would be unconscionable and literally immoral and arguably illegal…. Read More

Posted at 09:18 AM | PERMALINK
Topic: Banking Law


How Does The Credit CARD Act Affect Businesses?

Thursday, March 11, 2010 by Doron F. Eghbali

The Credit Card Accountability, Responsibility and Disclosure Act (CARD Act) went into effect on February 22, 2010. The CARD Act provides protections to consumers. Nonetheless, such protections do not extend to businesses. Let us analyze the scope such non-protections and perils of using personal credit cards for business use. … Read More

Posted at 17:54 PM | PERMALINK
Topic: Business Law

IRS Softens on Some Foreign Account Holders
Tuesday, March 9, 2010 by Doron F. Eghbali

Last year, the IRS caused a storm by aggressively pursuing tax evaders who had been taking advantage of somewhat little enforced US laws and lax foreign-government rules and regulations. As a result, the laws and regulations governing such tax evasion practices were interpreted broadly to ensnare alleged tax evaders. However, now, the IRS seems to have sought to calm the waters a little bit…. Read More

Posted at 10:47 AM | PERMALINK
Topic: Banking Law


Help for Second Home Loans from the Government

Monday, March 8, 2010 by Doron F. Eghbali

In April, the Obama Administration is due to launch a series of alternatives to foreclosures in a bid to stanch the real estate bleeding. More specifically, the Administration is seeking to induce holders of second loans to forgive the whole mortgage in an effort to facilitate short-sales as an alternative to foreclosures…. Read More

Posted at 11:42 AM | PERMALINK
Topic: Real Estate

How to Build and Maintain Your Business Credit
Sunday, March 7, 2010 by Doron F. Eghbali

It is a daunting and desperate situation for small business owners seeking capital injection. While banks have relatively hardened their lending practices and seem reluctant to ease them anytime soon, business owners lack the stringent credit credentials lenders adamantly are asking for. Hence, building your business credit is a salient task. Like building your personal credit, to a great extent, building your business credit takes time, effort, sacrifice and certainty discipline. … Read More

Posted at 12:54 PM | PERMALINK
Topic: Business Planning

What Are Miscellaneous Itemized Deductions?
Friday, March 5, 2010 by Doron F. Eghbali

How could we take advantage of miscellaneous itemized deductions to reduce our axes? What are some of the “miscellaneous” deductions? What are some of tax strategies we could use to maximize our miscellaneous tax deductions? Let us further educate ourselves…. Read More

Posted at 10:11 AM | PERMALINK
Topic: Business Law


More SBA Help Is Available: Act Very Fast Now

Wednesday, March 3, 2010 by Doron F. Eghbali

The Small Business Administration (SBA) is helping out small businesses with a new loan program called America’s Recovery Capital Loan Program (ARC). ARC provides struggling qualified business owners up to $35,000 over a six-month period with one-year deferment of repayment from the time of last disbursement. However, you should act very fast, since the funding is limited. Here is what could help you with your noble endeavor…. Read More

Posted at 12:50 PM | PERMALINK
Topic: Business Planning

The Perils of “As Is” Home Purchase
Tuesday, March 2, 2010 by Doron F. Eghbali

Nowadays, you might have heard some sellers express their interest in selling a house “as is”. One wonders what does it really mean to buy a house “as is”? In fact, there are inherent perils to purchasing a house “as is”…. Read More

Posted at 18:35 PM | PERMALINK
Topic: Real Estate

How to File an Extension for Your 2009 Taxes
Friday, February 26, 2010 by Doron F. Eghbali
You might need more time from the IRS to file your taxes beyond April 15, 2010. What should you do? What are the requirements? And, what are the caveats? Let us review this rather important topic…. Read More

Posted at 10:00 AM | PERMALINK
Topic: Business Law

Home Mortgage Armageddon Is Not Over Yet
Thursday, February 25, 2010 by Doron F. Eghbali

Unfortunately, the hemorrhaging in home mortgage is doggedly persisting. In fact, a large number of homeowners owe mortgages worth more than their homes’ value. As such, many homeowners are seriously contemplating walking away from their homes and renting. However, there are other repercussions, as well…. Read More

Posted at 10:52 AM | PERMALINK
Topic: Residential Real Estate

How to Optimize Your Chances of Obtaining SBA Loans
Wednesday, February 24, 2010 by Doron F. Eghbali

The Obama administration-in the jobs proposal now before Congress-has asked for relatively significant increase to Small Business Administration (SBA) loans. In fact, such loans might be one of the most promising sources of funding for cash-strapped entrepreneurs and businesses in the face of persistent credit market freeze. As such, this behooves SBA loan applicants to optimize their chances of obtaining such loans. Here is a guide to accomplish this noble objective.Read More

Posted at 10:48 AM | PERMALINK
Topic: Business Law

California Real Estate Dichotomy: Improvement on the Coastal Areas and Exacerbation in Inland Areas Monday, February 22, 2010 by Doron F. Eghbali

California real estate recovery is a rather complicated case. In fact, statistics show the coastal areas’ economy and real estate are improving while the inland areas’ economy and real estate are still tangibly struggling. This dichotomy presents rather novel and discomforting challenges to homeowners, investors and policy makers alike…. Read More

Posted at 10:22 AM | PERMALINK
Topic: Real Estate

What to Do If You Cannot Pay Your Tax Bill
Sunday, February 21, 2010 by Doron F. Eghbali

We all know that if we do not pay our tax bill, the IRS heavily penalizes us. Yet. we might not afford to pay our tax bill on time. So, what could we do? In fact, assistance could come from an unlikely place: the IRS itself. Let us see how…. Read More

Posted at 10:56 AM | PERMALINK
Topic: Business Law

How Does Credit CARD Act Affect Us?
Thursday, February 18, 2010 by Doron F. Eghbali

On February 22, 2010, Credit Card Accountability Responsibility and Disclosure Act (CARD Act) takes effect. The CARD Act is, arguably, the most consumer protective piece of legislation regulating dreaded credit cards. However, as always, the devil is still in the details. Let us educate ourselves about this new piece of legislation affecting all of us. … Read More

Posted at 09:33 AM | PERMALINK
Topic: Banking Law


Tax Tips for Charitable and Standard Deductions for 2009 Filing

Wednesday, February 17, 2010 by Doron F. Eghbali

This year with the Haitian calamity and the volatile economy, the IRS offers some respite from paying taxes. In fact, until March 1, 2010, you could donate contributions to Haitians and get relatively more money back if you choose standard deductions for your 2009 tax filing. Let us look at some of the 2009 tax deductions available. … Read More

Posted at 10:25 AM | PERMALINK
Topic: Business Law


Vacancy High and Rents Down in Commercial Real Estate Market

Monday, February 15, 2010 by Doron F. Eghbali

Small businesses who have survived the “Great Recession” should take advantage of the down commercial real estate market and obtain relatively better office deals…. Read More

Posted at 10:29 AM | PERMALINK
Topic: Commercial Leasing


How Ponzi Scheme Victims Can Benefit from Tax Relief

Sunday, February 14, 2010 by Doron F. Eghbali

The prevalence of Ponzi schemes make us think of tax consequences of these mostly costly and painful losses. Fortunately, the IRS has provided some relief. Let us review some of the basic principles.
… Read More

Posted at 11:04 AM | PERMALINK
Topic: Business Law

How Banks Paradoxically Benefit from Holding Junior Mortgages
Friday, February 12, 2010 by Doron F. Eghbali

Many of us thought the tax-payer funded bank bailouts of the last two years would be over by now. Nonetheless, the government programs to help homeowners with their first mortgages are indirectly benefiting banks….Read More

Posted at 12:15 PM | PERMALINK
Topic: Banking Law

How to Make Sure Your Customers Pay YouThursday, February 11, 2010 by Doron F. Eghbali
The volatility and uncertainty engulfing the economy have plagued business owners and customers alike. In fact, customers do not pay on time and request payment extensions on bills. This causes a ripple effect on business cash flow and outstanding balances. As customers do not pay, businesses fall behind on their debts. However, there are several things businesses could do to relatively mitigate such damage…. Read More

Posted at 11:20 AM | PERMALINK
Topic: Business Law


Loans to Help Small Businesses and More?

Wednesday, February 10, 2010 by Doron F. Eghbali

President Obama recently unveiled a $30 billion small business lending program as part of a broader jobs proposal. President Obama had already unveiled a $33 billion program to provide tax incentives to small businesses. However, the programs face some hurdles and their success is not guaranteed…. Read More

Posted at 10:01 AM | PERMALINK
Topic: Closely Held Business Law

How to Avoid Hiring Irresponsible Employees
Monday, February 8, 2010 by Doron F. Eghbali

How could you ensure your prospective employee is someone whom you can trust? How could you ensure you can leave your business to someone whom you barely know? These are the types of questions a vigilant and diligent employer should seriously entertain before hiring. Let us analyze some procedures and practices to protect employers from hiring irresponsible employees…. Read More

Posted at 08:57 AM | PERMALINK
Topic: Closely Held Business Law

How Banks Charge Us Overdraft Fees
Saturday, February 6, 2010 by Doron F. Eghbali

Unfortunately, most of us at one time or another has experienced the dreaded overdraft fees. Banks used to charge consumers up to $35 for $1 overdrawn from a checking account. However, unless we understand how banks charge exorbitant fees as overdraft charges, we cannot protect ourselves…. Read More

Posted at 15:05 PM | PERMALINK
Topic: Banking Law