Do your own Taxes!Written by Brian Neuman
So, it’s second week in February - have you done your taxes yet? What, you don’t do your own taxes? You pay someone else to do it for you? Well, I’m one of those people who can’t stand paying anyone for something I can do myself. Am I a glutton for punishment? Maybe. Cheap? Definitely. And I’m a Jack of all trades and master of none. I’ve dabbled in auto mechanics, small electronics repair, ceramic floor/wall tile, drywall, carpentry, and list goes on. I’ve even been going by Webmaster as of late. But, getting back to subject at hand, I’ll put on my Tax Accountant hat for a moment.I’m writing this to encourage everyone to do your own personal income tax return. Aside from fact that misery loves company, there are several legitimate reasons I feel you should join me in performing this annual ritual: 1. It’s fun! (okay, I didn’t think you’d buy that…) 2. It’s easy! (no?) 3. It’ll change your life! (?) Alright, so above statements are a little exaggerated - there are elements of truth in each statement. First, while not necessarily fun, doing your own taxes will definitely provide a feeling of accomplishment and perhaps even a boost of confidence. Having tackled this task that is perceived by most to be difficult and daunting at best, you may raise your fist victoriously and cry “Ha!” in face of bureaucrats responsible for current tax code. After trudging through overly complex and horrendously long and confusing forms, instructions and IRS supplementary documentation, you will emerge brimming with confidence that having successfully completed your own return, there is not anything you can’t conquer – well, at least anything that comes on 8-1/2 x 11 forms. And hey, what’s more “fun” than staying up until all hours of morning, fueled by chasing caffeine pills with coffee, with Jay Leno pontificating in background while you stare at computer screen and fine print until your eyes throb from strain? Now – about it being easy. Maybe that is oversimplifying process a bit. Still, with tax return software available, it’s certainly much easier than paper and pen. This is a must – go get a copy of Taxcut or TurboTax, it doesn’t matter which. But, since it doesn’t matter, I’ll tell you that I prefer Taxcut. Not because it’s superior or cheaper than TurboTax (it’s same price and as for it’s superiority, I’m making an educated guess as I’ve never used Turbotax), it just happens to be one I’ve always used. I’ve done my returns with Taxcut since 1996. It hasn’t let me down and I’m familiar with their processes, so I’ve stuck with them. Another reason might be that they are typically offered each year with Microsoft Money’s latest version free after rebate. As I have always used MS Money, this allows me to stay current by upgrading to latest version for free after rebate included with my Taxcut purchase. Similarly, Turbotax is paired with Quicken, so if you prefer Quicken to Money, go with Turbotax.
| | Ten Ways Start-ups Use Venture Leases And Loans To Generate MillionsWritten by George A. Parker
The rise of venture leasing and lending has created an opportunity for sophisticated entrepreneurs to gain a competitive advantage. Savvy entrepreneurs are using venture leases and loans to generate millions of dollars for shareholders by leveraging existing venture capital. They have discovered ways to use this flexible financing as a tool to build enterprise value between equity rounds and to leapfrog less sophisticated competitors.Venture leases and loans are usually asset-based, financing arrangements. These financings are available to qualified pre-profit, early-stage companies funded by venture capital investors. Start-ups need equipment and working capital to help them execute their business plans and to reach profitability. Venture lenders and lessors provide financing to these firms to help them acquire computers, lab and test equipment, production equipment, phone systems and other needed business equipment. These specialty financing firms may also provide financing for working capital in form of accounts receivable and/or inventory loans. Start-ups that qualify usually have promising business prospects, well-defined business plans and have raised more than $ 5 million in venture capital from reputable venture capitalists. How are these savvy entrepreneurs using venture leases and loans to boost shareholder value and to gain an edge on competition? Here are some of ways: 1. To stretch equity capital and to increase shareholder value between equity rounds. By using venture leases and loans, entrepreneurs can forestall going out for more equity while they continue to build and increase value of their companies. 2.Use of loans and leases instead of internal cash helps to stem negative cash flow. Most start-ups are faced with negative cash flow until revenues build sufficiently to cover costs. Using limited internal cash for equipment purchases, to invest in inventory or for accounts receivable is not wise, if there are better options. 3.To protect working capital. Purchases of intermediate-term assets with internal cash will remove those funds from working capital. Use of venture leases and loans helps to keep pressure off of working capital as cost of these assets gets spread over an extended period. 4.To supplement other capital sources. Venture leases and loans supplement equity capital, mortgage financing and other financing available to start-ups. 5.To liberate cash from equipment, accounts receivable and inventory already financed internally. By doing a sale-leaseback, start-up can liberate cash from equipment already owned. Likewise, start-up can finance inventory and accounts receivable that have been funded internally by using a venture loan.
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