Insurance World

Service in a combat zone is tough, arduous duty. Being far from family, friends and comfortable, familiar surroundings is hard. Whether you serve in the Army, Navy Air Force, Marines, Coast Guard, active duty, reserve or National Guard you are entitled to a valuable tax break for your overseas deployment service to our country. Its called the Combat Zone Exclusion and its important for you to be informed about it.

Much of your pay, especially while deployed is tax free. For enlisted personnel and warrant officers, your base pay is tax free when you step foot into a tax free zone. It applies to the entire month. So if you step foot into the zone on the last day of the month, the entire month's base pay is tax free! There is a misconception by many service members that the tax free pay was changed to a day-for-day rate, meaning you only got tax free pay for the days you were actually "downrange" but, it is just that - a rumor. The only catch is that for higher ranking officers your pay is only tax free up to the pay rate of an E-9. Any pay above that rate is not tax free. Your Leave and Earnings Statement (LES) and your W2's will reflect the correct taxable income amount for Federal Taxes: lower than what you actually got paid. That is, if your administration or disbursing offices are doing their job correctly. It's very easy to claim this income exclusion. Since your non-taxable pay is not included on your W2's you do not have to check a box or fill out an additional form for your return. Just report the wages shown on your W2's on your tax form, usually the 1040.

Some other pay that is similarly non-taxable pay includes imminent danger and hostile fire pay, re-enlistment bonuses for agreements signed in theater and leave accrued in theater. Of course, your Basic Allowance for Subsistence (BAS) and Basic Allowance for Housing (BAH) are not taxable whether you are in a combat zone or not.

So where are the current, tax free, combat zones? Afghanistan has been considered a combat zone since September 19th 2001. Yugoslavia and Albania were designated combat zones on March 24th, 1999. The Persian Gulf area (also called the Arabian Gulf) has been a combat zone since January 17th 1991. The Persian Gulf area includes The Persian Gulf, The Red Sea, The Gulf of Oman, The Gulf of Aden, Iraq, Kuwait, Saudi Arabia, Oman, Bahrain, Qatar and the UAE. The combat zone also extends into the airspace above all these areas.

We have all heard the stories of the General who commandeered a plane just to fly over hostile territory to get his tax free month but it is not "supposed" to happen. Contrary to popular belief, you cannot get the combat zone exclusion if you are just using the space to travel from one point outside the zone to another point outside the zone, if you are in the combat zone while on leave from a place outside the zone or if you are just there for your personal convenience.

Serving in a combat zone can be a rewarding experience. There are lots of opportunities for personal and professional growth. Friendships you forge there will last a life time. It can also be financially rewarding. To learn more, consult IRS Publication 3, Armed Forces' Tax Guide.

David Guild, MBA
Owner, Patriot Accounting LLC
http://www.patriotaccountingllc.com/

View the original article here

Do you need a large amount of cash, say around $50,000 or so. This current economic climate will introduce a lot of pitfalls for someone seeking a loan of this amount. You see, many banks and other traditional lenders, such as a credit unions, are a little afraid of what the future may portend. Also, they were badly burned by loan defaults during the economic blowout of 2008. So, large loans are sort of tricky since the lenders are not willing to take big risks.

Unless collateral is offered, qualifying for a large unsecured bad credit loan can be pretty tough. Then again, the other side of this coin lies in the relief $50,000 can supply to a person in a sticky financial. Situation. However, with the amount sought being so high, many folks cannot find some private lenders, friends or family, to offer any assistance. Stand back and weigh your financial situation carefully.

Running the Gauntlet

Mentioned earlier, the likelihood of finding a traditional lender to support you in taking a large unsecured bad credit loan of any size is pretty slim. They are sitting on their cash until this economy starts acting in a more friendly manner. Even the best of borrowers will face a tough time unless they offer collateral. And the traditional lenders will put any borrower through a very serious credit and background check.

They will look at your creditworthiness, your employment history, and your residency. Only the best of the best with sterling reports on all those items will be able to land a large unsecured loan. Banks and credit unions get nervous if they have nothing in the form of collateral or security to fall back on. They have to be absolutely certain that you have the money to repay them and that you are earnest in your intention to repay them.

Employment and Salary

Being unemployed certainly puts an individual in an earnest need for cash. Having been out of work for almost any length of time, an infusions of cash could be exactly what you need to pay your bills. It certainly would be better than bankruptcy. But, the fact of the matter is, if you do not have a job, you will not be able to qualify for a large unsecured bad credit loan.

Lenders would have little to no guarantee that you can pay them back. Plus, even with a steady job at a good salary, you can still be denied a large bad credit unsecured loan. Unless you make the amount of money offering a benchmark the lender has to abide by, you will not be approved. Some lenders may require a salary above 100K per year to even be considered for a large unsecured bad credit loan.

One Way Out

One way you might be able to qualify for a large bad credit unsecured loan is to find a cosigner. However, the person who cosigns needs to meet or exceed the criteria outlined above to be of any help. Also, the cosigner needs to be aware that should you default on the loan, they will have to assume responsibility for it. If you cannot find a cosigner, you may want to consider taking out a smaller loan in the $1,500 to $5,000 range.

Some Last Words on Large Unsecured Bad Credit Loans

No matter what kind of loan you apply for, make sure your lender is reputable. Especially if you shop online, be aware that there are fraudulent lenders who will take your private information and disappear. Or charge obscene or usurious interest rates and fees. When you do find a reputable lender, borrow only the amount of money you need and pay it back according to the contract. Start to rebuild your credit and get that $50,000 later on down the road.

Hilary Bowman is the author of this article. She works successfully as a financial advisor with years of expertise on Military Loans for Bad Credit. Hilary publishes informative articles about Bad Credit Loans and other financial topics at FastGuaranteedLoans.com.

Credit cards - Most of us have them, and most of us use them on a fairly regular basis. But a lot of the time, we don't realise how we are being taken advantage of. The more you know about your credit, the more you can survive the pitfalls and thrive financially.

It's important to know...

WHO works for whom

Believe it or not, credit card companies are actually meant to work for YOU. They all vie for your business so that they can make money off the bill that you're not paying. It's stiff competition out there, with companies offering loads of incentives to win your approval. Cash back, reward travel, free gas-you have more power than you think, even when it comes to negotiating your interest rate.

But to do that you first have to know....

WHAT you're getting yourself into

Good credit is essential. When you're looking to take out a loan for that dream house, you'll never get it without good credit. And the better your credit, the more pull you'll have when negotiating your interest rate. It's a catch 22-if your credit is already good, then the easier time you'll have keeping it that way.

But the only way to keep your score high is to know....

WHEN to pay and HOW much

Ideally, you'd pay off your bill at the end of every month. Realistically, you barely make your minimum amount due. Card companies love this and always put themselves first so that each month, your money first goes to paying off the interest so that you eventually build more debt and owe more money over time.

So it's important to know...

WHERE the fees hide

Card companies will entice you with a promise of "No annual fee" but then turn around and gouge you two months later. Or even worse, credit card companies are notorious for pitching "0% interest rates" or "no late fees" and then when you receive the card, the terms in the agreement are nowhere near what you originally signed up for. This tactic is so common that it has become known as the "bait and switch" and can be avoided if you read your card agreement carefully.

But credit cards aren't all bad, especially if you know...

WHY you have one

Credit cards offer a lot more protection that debit cards. And if you maintain good credit, you'll receive loads of kickbacks. Some people are even able to get loans with little or no interest rates just based on their high credit score alone.

So while having a credit card does leave you vulnerable to overspending and loads of debt, remember that if you keep up with your monthly payment and pay off your debt at the end of each month, all the fine print reading could pay off huge with cash back, miles, and other rewards.

If you're looking to finally rid yourself of debt and are looking for advice on bankruptcy, visit the ClearDebt IVA site. Apply for an IVA, an Individual Voluntary Arrangement with ClearDebt and get your debt under control.

View the original article here

Chapter 13 bankruptcy is basically a repayment plan that allows people to repay part of their debts using their regular income. The period for repayment ranges between three and five years, and this is determined by the court depending on the applicant's eligibility and current situation.

There are some benefits that are associated with this program and one of them is that people have the opportunity to rescue their homes from the nerve wracking foreclosure. The chapter has the power to restrain a foreclosure process.This involves the resolution of past mortgage payments that are due. It also allows individuals to repay their secured debts that might have been incurred within the period of bankruptcy.

These provisions help in lowering the monthly payments for these debts quite significantly. It is also important to note that it also protects the co-signer of these debts. The program has been designed in order to function as a consolidation loan such that the debtor is required to make payments to the trustee who is overseeing the entire process. The trustee is then required to distribute these payments to the creditors after the payment.

The process works in such a way that the debtor has no contact with the creditors and this helps in reducing financial burdens in future. It is possible for one to file for this offer without legal representation but this is only if the debtor is a legal expert in his or her own right. This is however not advised since there are some areas that are extremely complex and that would require a legal expert in this field. It is quite easy to make some misrepresentations as an individual and end up having grave legal and financial repercussions that could end up costing a lot of money.

The debtor is not required to give up assets while under this provision but there are some situations that would require one to liquidate some assets for the payment of part of the debt. It is however important to note that in most cases the debt is paid off over time through the monthly plan. The provision also allows for some exceptions to the filing in some cases.

It is important to know that there are specific debts with which can not be included in this program. These include government fines, tax debts, student loans and child support. There are others that are not covered due to their intensity, therefore, one should have this information. Filling for this kind of bankruptcy however ensures that the debtor is not harassed by creditors.

It is important to notify creditors of the filing as this is what causes the automatic stay to have its effect. This means that creditors have no right to seize any of the debtor's assets or cause any kind of discomfort. This could be in form of harassing phone calls, lawsuits, wage garnishing and many others.

The chapter 13 bankruptcy ensures that the debtor does not lose any of their qualified retirement savings, although these exemptions may differ depending on the state. It is important to consult a lawyer to know how you will be affected right from the start.

Before you file for bankruptcy, make sure you check Sam's excellent website on Filing For Chapter 13 Bankruptcy, and if you should you file for bankruptcy.

View the original article here

The idea of consolidating your credit card debts to pay them off once and for all is great if it works. The reality is that it rarely seems to work and can cost you more money than merely making higher payments than the minimum payments on your existing credit card debts. The question is how does debt consolidation work as an alternative to filing bankruptcy and getting rid of debts? When filing for bankruptcy everything is by Court order and it is black and white. Bankruptcy is either right for you based upon your income, expenses or assets or it is not. Debt consolidation is quite gray. The industry is unfortunately not heavily regulated. Before signing an agreement with a debt consolidation company ask them when will you be completely debt free? Also ask them to put in writing that if you have any debts on the date they provide you that they, the debt consolidation company, agrees to pay off your debts. The following discusses how you can help eliminate debts without the help of a debt consolidation company and what services a typical debt consolidation company provides.

1. You Can Consolidate and Negotiate Away Your Debts Yourself

Why do you need to pay a company to negotiate lower interest rates or negotiate a settlement of your debts? Do these companies have some secret that allows them to obtain a better deal for you than you can obtain yourself? The answer is no, they do not. The typical company will tell you that they can take over the payment of your debts and negotiate with your credit card companies and lenders to obtain lower interest rates and reduce the amount of debt you owe. You can do this yourself. Just take a few minutes and call your credit card company and let them know you are having trouble making the payments. You will be surprised at the results you can achieve by being persistent. There are also not-for-profit organizations that you can seek help from for free. You do not have to pay a company to reduce your debt.

2. Pay Off Your Credit Cards With Smaller Balances First

The easiest way to pay off your credit cards is to get rid of the smaller balances first and then apply the money you were be paying to the smaller balance credit cards to the larger balance credit cards. You will then hopefully be making significantly higher payments than the minimum payment on the larger balance credit cards. This is not easy to do and takes a lot of discipline. This approach is also assuming you have a steady income, which unfortunately is not the reality for many given our economy. If you can stay disciplined, over time you will reduce your debt and eventually pay off your credit card debts without a debt consolidation company or having to file for bankruptcy protection.

3. Save Up Some Money and Settle Your Debts With Lump Sum Payments

Another approach is to save up a few thousand dollars and offer your credit card company a lump sum payment to settle the debt for less than what you owe. This approach is again assuming you are able to save a few thousand dollars, which is not easy to do for many. Many credit card companies will accept one-time lump sum payments for far less than what you owe them. This is one way a debt consolidation company will assist you too, for a fee of course. The debt consolidation company will request monthly payments from you until they have a lump sum to pay your credit card company and settle the debt. Again, you can do this yourself.

4. What Does a Typical Debt Consolidation Company Actually Do For You Then

The answer is they make money at your expense and usually do not obtain the debt relief you originally thought you were going to get. You may get some peace of mind for a little while, but ultimately if you did not have the money to make your credit card payments debt consolidation will not work. The company will show you how much money you will save over a few years by allowing them to pay your bills for you with lower interest rates. These figures do not usually exist in reality. These are marketing gimmicks that show results that debt consolidation companies never achieve. They will charge a fee, sometimes a flat monthly fee or a percentage of the monthly payment they request you pay to them. The problem is not all of your credit card companies will do business with these companies, so you will have four of your credit cards being paid by a debt consolidation company and then you will continue to pay your other debts. Time and time again we have clients that get sued by one or more of their credit card companies even though they are using a debt consolidation company. It is usually the credit card company that will not participate in the debt consolidation company plan. Once a lawsuit is filed, there is nothing a debt consolidation company can do for you and this is when most people seek the counsel of a bankruptcy attorney to finally obtain debt relief by Court order. New laws have been passed to limit the business practices of debt consolidation companies. The reality is that these companies are marketing machines. It sounds great, but debt consolidations does not seem to work.

West Coast Bankruptcy Attorneys is a bay area and California consumer bankruptcy firm filing Chapter 7 and Chapter 13 for individuals in need. Visit West Coast Bankruptcy Attorneys online to find an San Mateo Bankruptcy Attorney or a San Jose Bankruptcy Lawyer committed to providing the best experience for a reasonable fee.

View the original article here

For those of you who are not familiar with The Elevation Group, you may be wondering who is Mike Dillard, the group's founder.

I know that when I came across The Elevation Group for the first time, I was unsure about who Mike Dillard was having no past knowledge about him. As some of you may be in the same situation that I was in, I think my brief introduction about Mike below will shed some light on who is the man behind the wealth building program - The Elevation Group.

Mike Dillard, who is based out of Austin, Texas, is a successful Internet marketer and owner of several businesses. Currently in his early 30s (33 years old I believe), Mike started The Elevation Group, which is also known as EVG, in late 2010 with the purpose of informing the masses about what he calls the "secret black-box investing strategies of the ultra-rich".

Even though Mike is a successful businessman now, he did not come from a wealthy family or win the lottery. He wasn't even a great student. His first semester in college resulted in a failing 1.3 grade point average. To graduate, he had to spend five years in summer school to make up for the math, finance, and economics classes that he continued to fail until he could finally pass them and receive his diploma, albeit with a grade point average of 2.0.

After graduation, he spent the next five years bouncing from one corporate job to another while even working as a waiter in order to pay the rent. Just to give you an idea about how he had fallen on hard times, his apartment consisted of a bed, desk, and a small TV perched upon a food tray, while his diet consisted of frozen vegetables mixed into ramen soup and $.99 cent boxes of Kraft spaghetti.

But in a "rags to riches" kind of story, Mike overcame his lack of finances dilemma and went from waiting tables to a millionaire in less than 18 months by the age of 26.

Fast forward several years later and Mike has gone on to found two publishing companies that produce $20,000,000 in revenue with over 1,000,000 entrepreneurs subscribing to his online newsletter from 65 different countries.

After solidifying the foundation of his businesses, Mike started to focus his interests on wealth creation and wealth income building in 2007. This led Mike to create EVG as he saw an untapped market when it came to educating the masses on how to build wealth and how to become wealthy as opposed to the hundreds and thousands of programs and courses available on how to get rich and how to become rich, which is a much different concept than wealth building.

And that's about Mike Dillard in a nutshell. I hope this brief introduction has given you some more insight into the founder of EVG.

For more information about the Pros & Cons of the Elevation Group and the "secrets of the rich" that Mike reveals, click here: The Elevation Group Review.

Article Source:http://EzineArticles.com/?expert