The North Texas Journal v24n03

8/7/2019 The North Texas Journal v24n03

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BI-WEEKLY Volume 24, Number 3 - Jan. 21, 20


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Dean SandersLawyer

2113 Kell Blvd

Wichita Falls, Texas 76308-1245

940-766-0266

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401 N. Scott Avenue

Wichita Falls TX 7630

Phone: 940.322.4121

Fax: 940.716.9333



Start Living Debt Free In The New YearARA) - Jan. 1 arrives every year with the hope and

promise of losing pounds, improving relationships

and paying off those bills from the holiday spending

season.

Unfortunately, at some point most every American

has made a New Year’s resolution only to have thatnew gym membership go unused, the scale ignored

and credit card debt continue to pile up. But accord-

ng to New York Times best-selling author and per-

sonal nance coach David Bach, getting out of debt

his year can actually be fairly simple.

“Getting out of debt is a pretty straightforward pro-

cess,” says Bach, whose latest book, Debt Free for

Life: The Finish Rich Plan for Financial Freedom, outlines

a plan for getting out of debt. “The issue people have is

getting started - the average American family is carrying

oughly $49,000 worth of consumer and mortgage debt and

hat can be daunting.”

To overcome the fear of getting started Bach recommends

changing your frame of mind when it comes to paying off

debt - don’t focus on what you’re giving up, but rather

hink about what debt is holding you back from - family

vacations, buying a new home, or even starting your own

business. Focusing on what living debt-free will enable to

you to do helps keep you focused and motivated.

Bach recommends by starting the process with an honest

self-assessment, asking questions like “Why are you in

debt?” “How much debt do you have?” and most impor-

antly “Why do you want to be debt-free for life?”

“Being honest about your debt, for a lot of people, means

overcoming a major obstacle-getting started,” he says.

“The sooner you get honest with yourself about your debt,

he better positioned you’ll be to start taking real action to

get out of debt.”

After you’ve answered those questions, the next step is to

stop spending on non-essentials.

Bach’s “latte factor” is an example of how eliminating a

store-bought cup of coffee can quickly add up and be ap-

plied to paying off your debt. Beyond cutting spending,

Bach suggests taking a methodical approach to eliminating

debt by charting your debts and determining your “done on

last payment” date, or DOLP, for each account. Facto

in the interest rate and pay off amount you can easily de

mine which debts to pay off rst in order to maximize y

savings on interest.

“If you’re still overwhelmed by charting out a debt rep

ment plan then try an automated system,” says Bach

personally like Debt Wise from credit reporting ag

Equifax - they use the information they already have f

your credit card companies and other lenders to autom

cally prioritize your debts into a personalized plan that

help you save money in interest and get out of debt fas

The tool even updates you as you make progress on y plan.” For more information about Debt Wise, go to w

debtwise.com.





Turn Your Hobby Into A Small Busines

ARA) - Have you ever dreamed of getting paid for

omething you love to do? Like turning those cookies

hat your friends rave about into a cookie store? Expand-

ng the sales of the jewelry that you make for the local

arts and crafts fair to others? Selling used golf equip-

ment that you clean and x up on eBay? Or getting paid

o help people install and maintain their complicated

home electronics?

Each year, thousands of Americans take the leap andtart a business, leveraging their expertise and passion

for a particular interest or hobby. In fact, more than

600,000 new businesses are launched every year in the

United States, according to the U.S. Small Business Ad-

ministration.

f you’re ready to turn your hobby into a business, it’s

ssential, according to FindLaw.com, the world’s lead-

ng online source for legal information, to do your re-

search, build a business plan, tap the expertise of out

professionals such as an accountant and attorney,

keep good records to avoid the ire of the Internal R

enue Service. Through careful research and plann

you’ll discover what the potential is for your busin

idea, and what pitfalls to avoid that may otherwise de

you from realizing your dream.

Here are some tips for turning your hobby into a b

ness from FindLaw.com:

Research your idea. The very rst step in turning y

hobby into a business is to nd out who will buy y

product or service, how much they’re willing to

for it, how many of these people there are, and wh

they’re located. It’s critical to understand your “topli

- the sales potential for your product or service.

Get free help. Trial and error is an essential part of





entrepreneurial experience. But making big, costly mis-

akes that have the potential of killing your business

s something to be avoided. Tapping the experience of

seasoned business professionals can help you avoid

such mistakes, and provide you perspective in times

of great stress. One piece of advice: nd a mentor. If

you’re not comfortable nding one yourself, check out

he Small Business Administration’s SCORE program,

a 12,000-strong, nationwide group of retired executives

who volunteer their expertise to help small businessowners grow and succeed.

Write a business plan. Put your ideas on paper to test

heir viability and improve your chances for success. A

business plan is a very useful tool - it gives you and oth-

ers, such as your accountant, banker or attorney, a clear

dea of your goals, the processes you’ll implement to

achieve those goals and how you’ll measure your suc-

cess.

Have a clear plan for funding. Whether you’re nancing

your efforts out of your own pocket, or require capital

from others to expand, you need to know where your

start-up capital will come from (if you need it), whether

you will be servicing a debt and what resources you can

call upon in the future. Many entrepreneurs start with

friends, family and people in their community to fund

heir initial efforts.

Know how you’re going to bring in revenue. What you

make, after all of your expenses and taxes have beenpaid, is your prot. It’s the ultimate measure of your

business’ success. Before you decide to start a business,

you need to project whether the revenues (sales of your

product or services) will exceed your expenses. This

will give you a clear idea of whether you should con-

sider turning your hobby into a business.

Set up your business structure. Contact an attorney who

specializes in working with small businesses to get ad-

vice on the proper legal structure under which you should

ncorporate your business, or rst visit FindLaw.com’sDo-It-Yourself Legal Forms to learn more about how to

ncorporate your business. Incorporating your business

can help protect your personal assets from liabilities like

creditors or lawsuits.

Make it real. One of the advantages of starting a small

business is that you can deduct losses such as your ex-

penses and depreciation on assets you purchase - to off-

set taxable income. It’s best to consult an accountant

who specializes in small business to obtain advice

preventative measures you can take to avoid being

dited. Some basic steps to take to clearly demonst

you’re in business, versus treating your efforts as a h

by, are to obtain federal and state tax identication n

bers, print up business cards and letterhead, mainta

set of books to record sales and expenses, set up a se

rate bank account for your business and keep a logb

in your vehicle to record mileage.

Get the proper licenses and permits. Depending u

the type of business you start, you may need to g

permit(s) or occupational license from your city or st

Many cities and counties require every business - e

single-owner, home-based operations - to get a busi

license (tax registration certicate). You also may h

to get a sales tax permit from your state.

Protect your idea. In the course of pursuing your hob

you may create a new process for doing somethin

product or a creative brand name. If you think it has

potential, run - don’t walk - to an attorney who spec

izes in intellectual property to seek a trademark or pa

on your idea. Be very cautious about sharing your

with anyone, who, in the future, could claim that h

she helped you with developing that idea and there

deserves a cut of your revenues.

Invest in a website. If you want people to know ab

your new business, you must have a website. Most p

ple now immediately turn to the Internet to nd prodand services to meet their needs, as well as to nd in

mation such as directions and contact information. N

ly equally as important, invest time to set up a Faceb

and LinkedIn page for your business, advertise your

vices online through Google, and consider banner ad

other websites.

Create a workspace. What are the space needs for y

new business? Do you require storage space? In

trial strength refrigeration? Extra power? Two sew

machines? A quiet place to make uninterrupted phcalls? According to the Small Business Administrat

more than half of America’s small businesses are o

ated from a home, which offers important tax adv

tages. However, it’s important to carefully follow

rules and clearly designate space for your business f

personal space.

To learn more about how to start a new business, v

FindLaw.com.





Seven Tips To Save Time And Money This Tax Seaso

ARA) - New for tax year 2010, the IRS is no longer au-

omatically mailing tax forms to taxpayers. This move is

xpected to save the IRS $10 million. If it encourages more

people to electronically le (e-le) tax returns online, it

lso will save the IRS time and taxpayers as well.

This income tax return ling season, taxpayers should besking themselves what they can do to save time and mon-

y.

Most people probably spend more time dreading their tax-

s than it would take to actually do their taxes and get back

o the things they enjoy,” says Gary Lundberg, product

management director for CompleteTax, an online tax prep-

ration and e-ling software program. “They may end up

waiting until the last minute and rushing through the pro-

ess only to spend more time and money than they should.”

A few things people can do to save time and money this tax

eason include:

. Get ready. Spend a few minutes up front to gather the in-

ormation you need to do your taxes, for example, the W-2

orm from your employer and any 1099 statements from

our bank or other nancial institutions.

. Start early. Historically, prices for tax software go up as

ax season progresses. Starting early can help you

ave money. Check to see if your program guaran-

ees that the price will remain the same from the

ime you start doing your taxes to the time you

nish.

When you start preparing a tax return online,

ou want the reassurance that you can come back

few days or weeks later to nish up without it

osting you more,” says Lundberg. “You’ll want

o look for an online tax preparation solution that

uarantees not to change prices on you after youtart a return.”

. Use the tax program that’s right for you. Unlike

ackaged software that you have to purchase and

nstall, most online tax preparation programs let

ou try them out before requiring you to pay. So,

f a program seems complicated, move on to one

hat’s simpler.

“Those who are unhappy with the price or performa

of their current tax software should also shop around. Y

may even get a free return for switching,” says Lundb

“But be sure to look for guarantees.”

4. Get the help you need. Different taxpayers want diffe

types of help. So, it’s important to ask yourself what tof support you expect. For example, do you want to re

ence or search an online tax guide on your own, chat w

customer support or have the ability to speak directly w

tax professional if you have a question? Then make cer

your tax program offers the help you expect you’ll nee

“You’ll want a program that offers affordable access

tax expert to provide tax help if, when and where you n

it,” Lundberg says. “Even if you don’t think you’ll h

questions, it’s a good to know it’s there just in case -

steer clear of those that charge per question or per sessi

5. Claim all the tax credits and deductions available to y

The average federal tax refund for 2009 was about $3,

Still, many taxpayers believe they may not be realizin

the tax breaks they should be getting. The interview pro

in the online tax preparation program should help m

sure you are maximizing your credits and deductions

some will even guarantee they are providing the maxim

tax refund. Also, make sure the program includes charit



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deduction tools to help you substantiate the value of goods

you give to charity so that you can claim the full charitable

ontribution deduction you deserve.

6. Don’t pay more than you have to. Depending on what

your tax situation is, you may be able to prepare your fed-

ral tax return for free. For example, programs like Com-

pleteTax offer a basic version for free, as well as free use

of higher-end programs for people who were unemployed

n 2010 or owe the IRS on their 2010 returns. Even if youhave to pay, it should cost less than $60 to prepare a federal

and a state tax return.

7. E-le and use direct deposit. About 70 percent of taxp

ers e-led last year, with about 35 million people doin

from their home computers. It’s easy, secure and accur

And, if you e-le your tax return and choose direct dep

you can get any refund coming to you in as little as e

days deposited right into your account.

Find more money- and time-saving tips on tax prepara

at www.CompleteTax.com.



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New Hope Church

300 Wichita Steet, Wichita Falls, Texas 76307

Please Join Us For Sunday Services







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The North Texas Journal v24n03