How Does the Credit Scoring System Really Work

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First Tax Solution LLC offers Debt Reduction Consultation, Online Advisory Service. We really care about you, your family and your future. We will help you get out of debt and stay out debt while improving your credit at the same time.

Raise your credit score to 740

As lenders continue to tighten credit requirements, getting a good interest rate -- or a loan at all -- requires that you understand how the scoring system works.


In our post-crisis economy, good credit isn't just nice to have -- it's essential if you want to level the playing field with lenders.

Credit scores are three-digit numbers lenders use to gauge your creditworthiness, and until the financial crisis hit, a 720 FICO credit score was enough to get the best loan terms. Even people with lower scores could get decent deals, and at the peak of the lending boom it seemed that no score was so low that it merited a rejection.


How to fix credit report errors
These days, lenders typically demand 740 scores for the best mortgage rates. Lower scores mean higher rates or perhaps no loans at all. Fannie Mae, the giant mortgage-buying agency, recently lifted its minimum score requirement from 580 to 620.

People with top scores are still getting credit card and balance transfer offers. If their issuers raise their rates or lower their limits, they can move their business elsewhere. People with weaker scores, by contrast, are finding their access to credit slowly strangled. Issuers can push them around, and credit seekers have little recourse.

* See which states have the best credit

Less-than-stellar credit can hurt in other ways. After all, credit information is used by:

* Insurance companies to evaluate applicants and set premiums.
* Landlords to decide who gets apartments.
* Employers concerned about higher risk of theft from those with troubled finances.

Clearly, cultivating good credit scores is an essential 21st-century skill.

The good news is that it's possible to boost your numbers if you have a handle on your finances and you know how credit scores work. After all, the median credit score is 720 on the 300-to-850 FICO scale, meaning half the adult U.S. population has a higher score and half has a lower score. Forty percent have scores over 750, and 13% have scores above 800, according to Fair Isaac, the company that created FICO scoring.

Plenty of folks are handling their credit well enough to earn good scores. You can, too. But first you need to recognize that:

* You can't raise your scores if your finances are still in free fall. If you're unable to pay your bills, you certainly can't fix your credit. Real credit score repair will have to wait until your financial crisis has been solved and you have enough money to cover your expenses, plus some extra to begin paying down your debts.
* You can't raise your scores if you don't use credit. Credit scores try to predict how well you're likely to use credit in the future by how well you've used it in the past. So while living a cash-only lifestyle may do wonders for your wallet, it won't boost your scores -- in fact, without continuing use of some type of credit, eventually your credit reports won't even generate credit scores.
* You don't have to pay credit card interest to achieve great scores. "Using credit" is not the same as "carrying a balance on your credit cards." Carrying a balance is expensive, bad for your finances and completely unnecessary. Many of us who have achieved 800-plus scores pay off our balances religiously, and we know you can build and keep great credit scores without ever paying a dime of credit card interest.
* You can't expect overnight results. You're likely to see improvement in your scores within 30 days if you pay down significant chunks of your credit card debt. But otherwise, credit repair takes time, and how much time depends on the many details of your credit reports. If you have serious black marks, such as bankruptcies or foreclosures, you can see significant improvement in your scores as time passes but you may have to wait until those negatives drop off your credit reports before you can join the 700-Plus Club.

Now that you understand the basics, you can use the following techniques to get your scores over 740.
You have to nail the basics
Patrol your credit reports. Your credit scores are based entirely on the information in your credit reports on file at the big three credit bureaus: Equifax, Experian and TransUnion. If the information is wrong, your credit scores could suffer. You can get your reports once a year for free from the government-run AnnualCreditReport.com; you can buy subsequent copies directly from the bureaus or from myFICO.com. Dispute any serious errors, such as:

* Accounts that aren't yours.
* Reports of late payments when you paid on time.
* Bankruptcies older than 10 years or accounts that were wiped out in bankruptcy but are listed as still due.
* Other negative information that's older than seven years. (The seven-year clock typically starts 180 days after the account first went delinquent.)

Get a major credit card. Retail cards and gas cards can help you build your credit history initially, but to get your scores into 700-plus territory you'll want at least one big kahuna: Visa, MasterCard, Discover or American Express. If you can't qualify for a regular card, consider a secured version, for which you make a deposit with an issuing bank. You can find offers at CardRatings.com, CreditCards.com, LowCards.com and Index Credit Cards, among other sites. Just make sure the card reports to all three bureaus, and try to get a card that converts to a regular credit card after 12 to 18 months of on-time payments.

Arrange automatic payments for every card or loan. Credit scores are extraordinarily sensitive to whether you pay your bills on time, so don't let travel, a busy schedule or a simple brain cramp trash your scores. Most lenders will let you set up automatic payments that take an amount you specify -- the minimum payment, a set dollar amount or the full balance -- every month from your checking account.

Don't let disputes go to collections. Yes, your insurance should have covered that bill; no, you shouldn't have to pay for a broadband connection that doesn't work. But if you let a commonplace problem like these escalate, your account will be turned over to collections and become a big black mark on your credit reports. Pay under protest and get your revenge in small claims court. (Don't get sued yourself, though: Lawsuits and judgments are another major stain on your credit reports.)

First Tax Solution LLC is your answers to all your accounting needs. With our Professional Personalized Accounting Management Team we have the solutions for your tax needs.

Our Motto is Accounting and Tax Service When You Need It

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Don't Stop Advertising During a Recession

When money is tight we cut everything: including our advertising budget.

Believe me when I tell you that is the last thing you should do.

The key is to look at your marketing dollars as an investment not an expense. Use the customer knowledge that you have and implement smart marketing during these times of financial distress.

* First take look at where you have spent your marketing dollars in the past.
* Second do they or are they able to track your marketing results for you?
* Third think about who your customers are? What do they want? and how can you give them what they want? and how much are they willing to pay for your service?
* Be creative
* This is not the time to become a stressed out hermit
* This is the time to do more networking.
* Offer a special lunch to have the local Chamber have their weekly meetings at your restaurants.
* Partner with local business's that are not in direct competition with your business
* Write community letters in your local newspaper about that great things you are doing for your community.

The items listed above are free. But if you decide to spend money on marketing make sure the marketing company can track your results for you. And remember that it takes more than just a couple weeks to see if an add campaign is working. Another thing to know: it takes the average person to have your NAME SHOVED INTO THEIR FACE 7 OR 8 TIMES before they react to your add ; SO BE CONSISTENT. AND SPECIFIC AS WHAT YOUR ADD IS ABOUT.

First Tax Solution LLC we specialize in Accounting for Restaurants. Our CEO has owned and operated restaurants and She knows first hand the challenges associated with owning your own restaurant.

We also specialize in Start Up Business Accounting for any industry. With our Professional Personalized Accounting Management Team we will fill your every need.

Our Motto is Accounting and Tax Service When You Need It

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• Promote Your Business With Practical Common Sense (marketersdaily.com)

Starting Your First Business with little or no money!!

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For starters starting a small business with very little money is not going to be easy, but you can do it.



* Think business, A clear mindset. Open up Word or get a clean sheet of paper and write down in not more than 1 sentence the goal of your business. If you can not do this, then you need to refine your business goal into a clear statement. Here is an example: "The goal of my company is to sell wholesale disposable Eco friendly table ware to all fast food restaurants in Arizona.

* Act business, Advertisement. Most likely the goal of your business will be centered around selling a product or providing a service. Take advantage of free advertising sites such as craigslist and community bulletin websites. Many people use these websites and you need as much exposure as possible. Post more than one ad on more than one category using different wording.

* Run business. If they won't come to you, go to them! If you are selling a product or providing a service then communicate with who you might think is interested. Examples: If you are selling a product you know a restaurant can use, then make a list of restaurants and call asking if they would be interested. Give people a great reason of why they might need your service or product. An example would be: I will beat the price of your current saffron provider, guaranteed.

* Be business-y. Professional. You have to sound and look professional once you are out there. Hint hint, don't wear those ripped jeans or talk in slang (slang including words like "hey" "whazzup" "hows it going"). Try not to use umm's and you-know's either. The more professional you sound the more people take you and your business seriously.

* Work for your business. If you need to make money for your business, consider the internet! Writing articles such as this on ehow or blogging and adding adsense and other advertising add-ons can earn you money. You can buy a domain name and make a website. If you are not computer savvy there are websites that do the work for you. Yahoo eCommerce charges about 40 bucks a months.

* Do not purchase any inventory. When your customers orders the product then you order it directly from the manufacturer.

* You can easily make enough money a month online to cover the expenses of a website that caters to your costumers needs and most importantly, YOU! Good luck!

First Tax Solution LLC is the Number One Virtual Accounting firm for Small Business. We offer Start Up Business Accounting for any type of business on the planet.

Our motto is Accounting and Tax Service When You Need It
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• The Art of Cross Marketing in a Down Economy (womenpartner.com)

Tips to Tracking and Calculating your business Mileage

Documenting Mileage is a big Deal according to the IRS. If you do not have accurate and proper documentation the IRS will disallow the deduction.
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Quick Techniques to make sure you have everything you need for your Mileage deduction:

* Keep a mileage log. In each vehicle at all times. ( a calendar with boxes for each day is perfect) Say, Toni House CEO First Tax Solution LLC

* Write your beginning Odometer reading on the applicable day and where you are going and the ending Odometer when the day is finished

* Calculate your personal Mileage and business Mileage weekly, Write the total at the end of each week for personal and for business.

* Write in the appropriate box for the each time you fill up with gas, change the oil, rotate the tires.

* Keep a large envelope in the back flap of the calendar for all your receipts.

* Keep the calendar, a pen and the envelope in the glove box or console of your vehicle.

* This only takes 30 seconds to record and trust me when I say it is simple yet effective.

* Or you can choose many electronic devices that are on the market today. But, the calendar and envelope system really works.




Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

* 50 cents per mile for business miles driven
* 16.5 cents per mile driven for medical or moving purposes
* 14 cents per mile driven in service of charitable organizations


The new rates for business, medical and moving purposes are slightly lower than last year’s. The mileage rates for 2010 reflect generally lower transportation costs compared to a year ago.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for any vehicle used for hire or for more than four vehicles used simultaneously.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

Revenue Procedure 2009-54 contains additional details regarding the standard mileage rates.

For information regarding vehicle deductions for your business or an employee business expense Contact First Tax Solution LLC. We are the number 1 accounting firm for Small Businesses. We offer Virtual Accounting Solutions for your convenience. Contact First Tax Solution LLC, with our Professional Personalized Accounting Management Team we have the solution to meet your every Accounting and Tax needs.

Our Motto is Accounting and Tax Solutions When You Need It.

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• Business owners can avoid common tax time pitfalls (seattletimes.nwsource.com)

Tax Debt Reduction: New Flexibility for Offers In Compromise

New Flexibility for Offers in Compromise

For some taxpayers, an offer in compromise –– an agreement between a taxpayer and the IRS that settles the taxpayer’s debt for less than the full amount owed –– continues to be a viable option. IRS employees will now have additional flexibility when considering offers in compromise from taxpayers facing economic troubles, including the recently unemployed.

Specifically, IRS employees will be permitted to consider a taxpayer’s current income and potential for future income when negotiating an offer in compromise. Normally, the standard practice is to judge an offer amount on a taxpayer’s earnings in prior years. This new step provides greater flexibility when considering offers in compromise from the unemployed. The IRS may also require that a taxpayer entering into such an offer in compromise agree to pay more if the taxpayer’s financial situation improves significantly.

These immediate steps are part of an on-going effort by the IRS to ensure the availability of the Offer in Compromise program for taxpayers.

Contact First Tax Solution to see if you qualify for assistance. With our Professional Personalized Accounting Management Team we can find any tax solution to fit your personal needs.

Our Motto is Accounting and Tax Service When You Need It

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When Did The Inter Net Revolution Really Start?

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The beginning legs actually started back in 1969. Scientists at the University of California, Los Angeles, were ready for a critical experiment. They had a computer and communications node, while colleagues installed similar equipment up the coast in Menlo Park. They planned to test whether they could link the two computers over telephone lines to operate as one system. The researchers began to tap in the message: 'log in' to make the link. The system crashed.

Thus was the beginning of internet revolution. By the end of the month they achieved the link. Of course, the purpose in those days was to ensure that nuclear missile systems could be kept operative even if part of the network was put out of commission in a war.

With the telecom boom and bust of the 90"s. Technology continued to grow and expand world wide.

Fax machines, cell phones, e-mail and hi speed internet service was the norm, smaller and faster the connection to communicate the better.

With Skype and Google Chat and Video we could now see each other while online.

2010 brings another step into the future of technology with the Internet Video phone.

More and More businesses today will continue to use the internet and more will be home based businesses and more will become virtual with the use of advanced technology like the video phone.

Accounting firms historically have always been very conservative and so therefore are behind the 8 ball in the online virtual world, except for First Tax Solution LLC.

First Tax Solution with their sister company started Online Tax Preparation and Filing Services as far back as 2000 and today First Tax Solution is ahead of the accounting industry by offering Virtual Tax Prep, Virtual bookkeeping and Virtual accounting services.

With the use of the video phone, skype and google chat and video individuals and businesses can have all their accounting needs met and never leave home or their office.

First Tax Solution offers Tax Service When You Need It.

contact us today for all your accounting needs First Tax Solution

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• Startups Focus on AI at South by Southwest (technologyreview.com)

Small Business Owners Under more Scrutiny from the IRS

Self-employed business owners will continue to be the target of more scrutiny, thanks to the Internal Revenue Service's new Small Business/Self-Employed Operating Division. This Division will focus on partnerships and sole proprietors with more than $100,000 in total gross revenues, and small corporations with less than $5 million on their balance sheets. In addition, Congress has approved an increase in funding that the IRS is going to use to try to increase the number of audits conducted.


Congress wants to make sure that every deduction is legal and is documented. Stressed Out Try our Virtual Bookkeeping

Is your record keeping a nightmare? Most small business owners are very unorganized when it comes to bookkeeping and accounting. There just isn't enough hours in the day and enough of us to go around.

Here are some tips to help make the task less painful.

* Keep all your receipts. (everything: whether you need it or not)
* Keep a large envelope in your car; put every receipt in it. Not in your visor, glove box or console.
* Buy a calendar with small boxes for each day. Write down the odometer reading in the box for that day and where you are going. Do this every day.
* At the end of the month calculate the miles driven for business and personal: write the total for each on the calendar.
* Compile your receipts from the envelope and match with credit cards, debit cards and bank account.

And then upload the information to your client portal at First Tax Solution and we will do the rest for you. First Tax Solution is the Number 1 Small Business Accounting Firm. We really do make your life easier. With our On line Business Tax Preparation, our IRS Problem Resolution and Virtual Bookkeeping. We have you covered.

We are the Nations first Virtual Accounting Firm, Our motto is Accounting, Business Consultation and Tax Service When You Need It.

Contact us today First Tax Solution

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CORPORATE TAXES ARE DUE MARCH 15

Corporate taxes are due. Are you a small business? even though you file a corporate tax return.

Your 1120 C or 1120 S corporate return is due on March 15, 2010.

Are you one of the many 1120C's and 1120S corporate tax filers that are required to file electronically?

If you do not meet the requirements to file electronically, small Corporate Business's may elect to file electronically for convenience.

Filing Electronically save a great deal of time and money for you the tax payer. First Tax Solution LLC is a Small Business Accounting Firm; that specializes in Online Business Tax Preparation.

We can help you file you Corporate Business Tax Return in plenty of time to meet the March 15, 2010 deadline.

Our Motto is Accounting and Tax Service When You Need It

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Help I am drowning in Tax worries!!

Are you a working mom or dad? or a professional business person consistently on the go?
Do you regret tax season? Do you regret having to gather all your receipts for the entire year?

And gosh where in the world are all your receipts. In the sofa cushions, on the kitchen counter, in the junk drawer, on your desk under all the paperwork that has been laying there for 3 months.

In the ash tray in the car, in the console in the car, in the glove box or stuck in the visor of the car. How many have you washed because you forgot to take them out of your pockets before putting your clothes in the washing machine.

And you look at the calender and see Oh! no it is April 14, and you have not even thought about scheduling an appointment with a tax preparer to file your taxes.

Believe me when I tell you, been there done that and it is no picnic. But, there is a solution. First Tax Solution offers not only full accounting services but Tax Service When You Need It.

First Tax Solution offers Virtual Accounting, Virtual Bookkeeping and Virtual Tax Preparation, while you are in the comforts of your own home. You scan and up load your tax information using our secure on line client portals and 'voila" your taxes are done.

Contact First Tax Solution to schedule an appointment.

Free Tax Organizer

Help for Business Owners

Help for Business Owners
Established as "the Official Link to the U.S. Government," Business.GOV
at www.business.gov is a unique
website for business owners. Operated by the Small Business Administration,
this website offers business owners information on how to find loans and
grants, start a home-based business, register a business name, search or
register a corporation, obtain a business license, get information on
employment laws, and bid on government contracts.
Within the loans and grants area, for example, business owners can search
for loans, grants, and financing using a checklist starting with the
business type. The user may then select the type of financing needed, e.g.,
working capital. He or she is then given a list of several loan programs to
review and pursue to obtain a working capital loan.
This website provides an avenue for business owners to locate financing
or other assistance to help survive the current economic situation.
Contact us at First Tax Solution

Tax And Accounting Services When You Need It.

Are you a working mom or dad? or a professional business person consistently on the go?
Do you regret tax season? Do you regret having to gather all your receipts for the entire year?

And gosh where in the world are all your receipts. In the sofa cushions, on the kitchen counter, in the junk drawer, on your desk under all the paperwork that has been laying there for 3 months.

In the ash tray in the car, in the console in the car, in the glove box or stuck in the visor of the car. How many have you washed because you forgot to take them out of your pockets before putting your clothes in the washing machine.

And you look at the calender and see Oh! no it is April 14, and you have not even thought about scheduling an appointment with a tax preparer to file your taxes.

Believe me when I tell you, been there done that and it is no picnic. But, there is a solution. First Tax Solution offers not only full accounting services but Tax Service When You Need It.

First Tax Solution offers Virtual Accounting, Virtual Bookkeeping and Virtual Tax Preparation, while you are in the comforts of your own home. You scan and up load your tax information in our secure on line client portals and walla your taxes are done.

Charitable Contributions Must Be Made to Qualified Organizations

Tax Payers Be Ware The Irs is cracking down on Charitable Contributions.
YOU MUST HAVE RECEIPTS, STATEMENTS AND DOCUMENTS TO SUPPORT YOUR DEDUCTION.

1. If your contribution entitles you to merchandise, goods, or services, including admission to a charity ball, banquet, theatrical performance, or sporting event, you can deduct only the amount that exceeds the fair market value of the benefit received.

2. For a contribution of cash, check, or other monetary gift (regardless of amount), you must maintain as a record of the contribution either a bank record or a written communication from the qualified organization containing the date and amount of the contribution and the name of the organization.

3. You generally can deduct the fair market value of any property you donate, as well as your cash contributions, to qualified organizations. See Publication 561, Determining the Value of Donated Property.

4. For any contribution of $250 or more (including contributions of cash or property), you must obtain and keep in your records a contemporaneous written acknowledgment from the qualified organization indicating the amount of the cash and a description of any property contributed, and whether the organization provided any goods or services in exchange for the gift.

5. One document from the qualified organization may satisfy both the written communication requirement for monetary gifts and the contemporaneous written acknowledgment requirement for all contributions of $250 or more.

6. You must fill out Form 8283, and attach it to your return, if your total deduction for all noncash contributions is more than $500.

7. If you claim a deduction for a contribution of noncash property worth $5,000 or less, you must fill out Form 8283, Section A. If you claim a deduction for a contribution of noncash property worth more than $5,000, you will need a qualified appraisal of the noncash property and must fill out Form 8283, Section B. If you claim a deduction for a contribution of noncash property worth more than $5,000,000, you will also need to attach the qualified appraisal to your return.

For more information contact us a http://firsttaxsolution.com

Move Your Money: More Americans Considering Smaller Banks

www.huffingtonpost.com

“There are more benefits to banking with smaller banks and credit unions than people realize.

1. Cost associated with banking is normally less
2. Convenience for the most part is better (expect if you go to an area that does not have a branch: you just have to plan ahead, and we do have debit and credit cards)
3. With Technology today it really does not matter all banks today offer online banking.
4. The majority of small banks remember what is is like to be a normal person. The President and CEO does not make 25 million dollars a year.
5.. To me the most important part is the bank associates, Branch Manager and staff actually know who you are and knows your name. (amazing)

http://firsttaxsolution.com”

More Americans Considering Community Banks

www.huffingtonpost.com

“To all those that are saying that small banks concoct schemes to increase bank revenue, unfortunately your are so right, but the big difference is that you know who the people in charge at the smaller banks and you do have a voice.

Unlike Bank of America, Wells Fargo, etc., who could care less that you the customer is unhappy.

Smaller banks care more for the most part, and they do want to keep your business.

I am sure as with everything there are some smaller banks that are not very good.

Do your due diligence when looking for and changing banks.

http://firsttaxsolution.com”

You May Qualify Credit for Qualified Retirement Savings Contributions

For tax year 2009, if you make a contribution to a traditional or Roth IRA or to a qualified employer plan (like a 401(k)), you may be eligible to receive a tax credit of up to $2,000 for the year. To qualify, your adjusted gross income for the year must be less than $27,750 if you are single ($41,6250 for head of household and $55,500 if married filing jointly).

This is one of the very many credits tax payers miss. When filing his or her own tax return without a professional tax preparer.

Your tax preparer will need to prepare form 8880 to reflect this credit. See Irs.gov

contact us for more help. http://firsttaxsolution.com

Home Office Deduction Are you taking Advantage

Web site www.firsttaxsolution.com
Generally, you cannot deduct items such as mortgage interest and real estate taxes as business expenses. However, you may be able to deduct expenses related to the business use of part of your home if you meet specific requirements. Even then, your deduction may be limited. Use this section and Figure A, later, to decide if you can deduct expenses for the business use of your home.

To qualify to deduct expenses for business use of your home, you must use part of your home:

*

Exclusively and regularly as your principal place of business (defined later),
*

Exclusively and regularly as a place where you meet or deal with patients, clients, or customers in the normal course of your trade or business,
*

In the case of a separate structure which is not attached to your home, in connection with your trade or business,
*

On a regular basis for certain storage use (see Storage of inventory or product samples, later),
*

For rental use (see Publication 527), or
*

As a daycare facility (see Daycare Facility, later).

Additional tests for employee use. If you are an employee and you use a part of your home for business, you may qualify for a deduction for its business use. You must meet the tests discussed above plus:

*

Your business use must be for the convenience of your employer, and
*

You must not rent any part of your home to your employer and use the rented portion to perform services as an employee for that employer.

If the use of the home office is merely appropriate and helpful, you cannot deduct expenses for the business use of your home.

Exclusive Use

To qualify under the exclusive use test, you must use a specific area of your home only for your trade or business. The area used for business can be a room or other separately identifiable space. The space does not need to be marked off by a permanent partition.

You do not meet the requirements of the exclusive use test if you use the area in question both for business and for personal purposes.

Example.

You are an attorney and use a den in your home to write legal briefs and prepare clients' tax returns. Your family also uses the den for recreation. The den is not used exclusively in your profession, so you cannot claim a deduction for the business use of the den.
Exceptions to Exclusive Use

You do not have to meet the exclusive use test if either of the following applies.

*

You use part of your home for the storage of inventory or product samples (discussed next).
*

You use part of your home as a daycare facility, discussed later under Daycare Facility.

Storage of inventory or product samples. If you use part of your home for storage of inventory or product samples, you can deduct expenses for the business use of your home without meeting the exclusive use test. However, you must meet all the following tests.

*

You sell products at wholesale or retail as your trade or business.
*

You keep the inventory or product samples in your home for use in your trade or business.
*

Your home is the only fixed location of your trade or business.
*

You use the storage space on a regular basis.
*

The space you use is a separately identifiable space suitable for storage.

Example.

Your home is the only fixed location of your business of selling mechanics' tools at retail. You regularly use half of your basement for storage of inventory and product samples. You sometimes use the area for personal purposes. The expenses for the storage space are deductible even though you do not use this part of your basement exclusively for business.
Regular Use

To qualify under the regular use test, you must use a specific area of your home for business on a regular basis. Incidental or occasional business use is not regular use. You must consider all facts and circumstances in determining whether your use is on a regular basis.
Trade or Business Use

To qualify under the trade-or-business-use-test, you must use part of your home in connection with a trade or business. If you use your home for a profit-seeking activity that is not a trade or business, you cannot take a deduction for its business use.

Example.

You use part of your home exclusively and regularly to read financial periodicals and reports, clip bond coupons, and carry out similar activities related to your own investments. You do not make investments as a broker or dealer. So, your activities are not part of a trade or business and you cannot take a deduction for the business use of your home.
Principal Place of Business

You can have more than one business location, including your home, for a single trade or business. To qualify to deduct the expenses for the business use of your home under the principal place of business test, your home must be your principal place of business for that trade or business. To determine whether your home is your principal place of business, you must consider:

*

The relative importance of the activities performed at each place where you conduct business, and
*

The amount of time spent at each place where you conduct business.

Your home office will qualify as your principal place of business if you meet the following requirements.

*

You use it exclusively and regularly for administrative or management activities of your trade or business.
*

You have no other fixed location where you conduct substantial administrative or management activities of your trade or business.

If, after considering your business locations, your home cannot be identified as your principal place of business, you cannot deduct home office expenses. However, see the later discussions under Place To Meet Patients, Clients, or Customers or Separate Structure for other ways to qualify to deduct home office expenses.
Administrative or management activities. There are many activities that are administrative or managerial in nature. The following are a few examples.

*

Billing customers, clients, or patients.
*

Keeping books and records.
*

Ordering supplies.
*

Setting up appointments.
*

Forwarding orders or writing reports.

Online Client Portals 24/7 access to your financial records

With Our NetClient CS, you can increase both the productivity of your business services:
Document Presentation

Our clients are provided with 24/7 access to electronic copies of your financial documents—tax returns, financial reports—or any other files that you make available to you via your private NetClient CS portal.
CBS ASP

Our clients can use an online version of our client accounting software, Client Bookkeeping Solution , including check writing, payroll, accounts payable, and/or accounts receivable.

Remote Payroll Data Entry

Enjoy the time saving benefits of a paperless payroll process. Allow for fast and efficient payroll data exchange with your employees and seamless data flow directly into your Payroll CS software. Combined with Remote Check Printing , you have the convenience and speed of printing your own payroll checks.
UltraTax/1040 Portals

Our clients have their own private and secure portals to access, complete, and submit your web-based Client Organizer and receive an electronic copy of completed tax returns.
UltraTax CS Web Organizer

Our clients have a convenient way to organize tax information and upload it directly to our firm First Tax Solution via our firms website. By doing this our clients will not longer have to actually come into our office. Everything can be done via our firms web site. And using Skype
Web Employee

Provide your employees with read-only access to electronic copies of their payroll information, including paycheck stubs, W-2s, and earnings history. Employees can access information from our firms website First Tax Solution using private and secure portal technology.
File Exchange


Remote Payment Authorization

Our firm First Tax Solution can simply transfer control of your check writing and accounts payable tasks to if you our client prefers we can make the payments on your behalf.
Account Aggregation

Our online clients portals enable you our client to retrieve financial information from a variety of sources and view it in a single location, making it easier to analyze your total financial holdings.

Debt Reduction: It does work!!

Debt Reduction: It does work!!

We have helped thousands of people just like you, get out of debt. Our debt reduction system does one thing and does it very well.

Do You Want to Get Rid of the Fear and Stress?

Do You Want to Stop The collections calls?


We focus on helping you build a step by step, get out of debt payment plan that is custom tailored to your specific financial situation.

Would You Like To Save Money?

By following your personalized get out of debt payment plan, you will save thousands of dollars in interest penalties you would have otherwise paid to creditors.

Would You Like A Renewed Sense Of Hope?
How About Feeling Excited Again?

Because you can see the actual date you will be debt free, there is a tremendous feeling of hope. Hope turns into belief because there really is an end to your debt burden. You know you will get out of debt soon. Now that's exciting.

* You have a plan.
* You can see it.
* You will make it happen.


Would You Like Financial Peace Of Mind?

You will experience financial peace of mind and a sense of accomplishment as you watch your debts shrink and your accounts get paid off.



Budgeting for the rest of your life?

We offer you more than just a quick fix: We offer you a new life, by helping you learn new life skills

We work hand in hand with you for a period of 9 to 12 months: We meet with you monthly to continue to support you through this learning process. We are the only company that does this. We at First Tax Solution LLC really want you to succeed and to become completely debt free and financially independent.

How would it make you feel once it is time to purchase your childs first car and you the parent could actually pay cash for the car ?

How would you feel?

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Polls

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Homebuyer Credit Extended and Expanded

The First-time Homebuyer Tax Credit (Credit) allows new homeowners the opportunity to receive a tax credit of up to $8,000 to help them purchase a home. The Credit was originally set to expire on December 1, 2009, but was recently extended and expanded.

The Worker, Homeownership, and Business Assistance Act of 2009 (Act) extends and liberalizes the Credit by making it available to (a) higher income taxpayers and (b) existing homeowners who are qualifying long-time residents and purchase another principal residence. However, for the first time there will be a dollar cap on residences qualifying for the credit.

The Credit is now available on a principal residence purchased before May 1, 2010. The Credit also applies to the purchase of a principal residence that is closed before July 1, 2010, where the contract to purchase was binding before May 1, 2010. In addition, the homebuyer may elect to treat a qualifying home purchase after 2008 as made on December 31 of the calendar year preceding the purchase. Making this election allows homebuyers to claim the Credit on their prior year's tax return and may allow them to receive their money sooner.

The Act allows more taxpayers to qualify for the Credit by increasing the modified adjusted gross income (MAGI) limitations. For home purchases after November 6, 2009, eligibility for the Credit now phases out for individual taxpayers with a MAGI between $125,000 and $145,000 for the year of purchase. For joint filers, the phase-out range is $225,000 to $245,000. Prior to the Act, the phase-out ranges were between $75,000 and $95,000 ($150,000 and $170,000 for joint filers).

The Credit is now available to long-time residents for home purchases after November 6, 2009. An individual, and spouse if married, who has maintained the same principal residence for any five consecutive years during the eight-year period ending on the date of purchase of a subsequent principal residence is eligible for a reduced Credit. The maximum credit available for these taxpayers is $6,500 ($3,250 for a married individual filing separately).

Example: Homebuyer Credit Available to Long-time Residents. Joe and Cass purchased their home on Magnolia Street 15 years ago, and it has been their principal residence since. In 2010, they decide to downsize and close on a smaller $240,000 home on February 12. Their 2010 MAGI is estimated to be less than $150,000. At the time of purchase, Joe and Cass will be eligible for a Homebuyer Credit of $6,500, the maximum credit available to taxpayers who meet the definition of long-time resident.

The Act sets a maximum purchase price of $800,000 with no phase-out on homes qualifying for the Credit. Prior to the Act, there was no such limitation.

Please contact us if you have questions about how you might qualify for or benefit from this Credit.


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