Business angels fall under the category of equity finance. They form the most popular form of equity finance and can truly do wonders for your business venture.

When it comes to starting up your own business the most important thing to sort out before anything else is your start-up business finance. You will need funding for your business before you even start trading. No matter what type of business you are planning to go into, whether you are selling a product or a service you will need to secure finance before you open your business up for trading.

Funding for your business can come in many forms, ensuring that you choose the one that is best for your business is the tricky part so here’s some helpful advice. Most new business fail due to incorrect funding with many making the mistake of turning to their bank for finance only to find out that the bank refuses to give them the capital they need and with many more finding out the hard way that they can’t keep up with repayments, which ends with them losing not only their business venture but typically their house that they thought was a good idea at the time to use as an asset to their bank loan.

You’re probably left thinking now ‘what am I going to do?’ well lucky for you there are people out their waiting to give you money for your business start-up funding that you, wait for it, don’t have to pay back! Who are these kind people I hear you cry, business angels of course. A business angel is a high net worth, wealthy individual who has already made their fortune through other business ventures. They are often retired individuals who invest their skills as well as capital into new and developing businesses. Business angels invest money into your business that you never have to pay back in return for a growth share of your business.

Business angels typically seek investments that will give them ten times more back than their original investment within five years of your business being active. They invest their own funds and usually invest between ?10,000 and ?750,000.

As well as cash, business angels can offer years of experience in the business world. Although some prefer to become a sleeping partner, others will get actively involved in your business from writing a marketing plan to taking the company through a flotation on the stock market.

Business angels will invest across most industry sectors and stages of business development. They tend to generally look for the following within your business as a basis of whether to go ahead with an investment:

o The expertise and track record of the management

o Your businesses competitive edge or unique selling point

o The characteristics and growth potential of the market

o Compatibility between the management, business proposal and their skills and investment preferences

If you do decide to choose the help of a business angel within your business start-up funding then you must ensure that the angel you choose is right for your business needs. You should choose a business angel that is best suited to the needs of your business.

It is also important to keep in mind that business angels tend to mainly invest locally and within a specialised area.

Claiming the standard mileage rate for an automobile on your taxes takes a little record keeping. Some taxpayers hope to avoid that hassle by claiming actual expenses, instead. Truth be told, even more record keeping is necessary with the actual expense method, and you must keep mileage records either way. These records will not be filed with your taxes, but must be available for review in the case of an audit.

If you use your vehicle for obtaining inventory or supplies for your business, you may deduct the business percentage of your automobile expenses. The first step is to record your mileage. Make a habit of writing down the odometer reading on January 1st each year. You may use a spreadsheet (like the PDF example linked below) or something as simple as a pocket calendar you keep in your glove box. Whatever the method, make sure to write it down. Record your starting mileage, ending mileage, where you went, and the purpose of your trip. Jot down your mileage on a scrap of paper if you have to. When you return home, you can fill in the remaining information on your spreadsheet. Total how many miles you drove for business only – round trip. The remaining miles used on your vehicle this year are either personal or commuting. Vehicles are considered listed property. Therefore, you must keep records denoting business use.

If your office is in your home, you will not have any commuting mileage. If, however, you work in an office on Main Street, instead of your home, the number of miles between your house, that location, and back again are your commuting miles. Write the number of business, personal, and commuting miles down in the appropriate blanks on Part IV of your Schedule C. You figure your total mileage for the year by subtracting your odometer reading on January 1st, from the odometer reading at the end of the year.

You may either claim the Standard Mileage Rate (SMR) or Actual Expenses, not both in the same year.

Standard Mileage Rate

Taking the standard mileage rate means you are able to deduct a certain amount for each business mile driven in a particular year (48.5 cents in 2007). You multiply the number of business miles driven by 48.5 cents per mile in order to figure your standard mileage deduction. This amount is figured in Part IV of your Schedule C, then deducted in Part II, line 9 of the same form. There are spaces to account for commuting and personal miles in Part IV, Schedule C, but those miles are not deductible.

You may also deduct the business percentage of parking fees and tolls, and the business percentage of state and local personal property taxes on the vehicle, in addition to the standard mileage rate. If you itemize your household deductions instead of taking the standard deduction, you may claim the remainder of your state and local personal property taxes on the vehicle on your Schedule A.


Example:

Dawn drove her car a total of 4530 miles this year. She drove her car 453 business miles this year. She multiplies that number by 48.5 cents (453 x 48.5 cents = $219.70). If she does not have any parking fees or personal property taxes to report on her car, she can simply carry the $219.70 to line 9 of her Schedule C.

If she does have parking and state and local personal property taxes on her car, Dawn will figure the business percentage she used her car by dividing the business miles by the total miles. (453 ? 4530 = 10%) Now, she will total her parking and state and local personal property taxes on her car, separately.

If she paid out a total of $150 in parking fees, she will figure 10% of that by multiplying 150 x 10%. Dawn will be able to deduct $15 in addition to the $219.70 for the standard mileage rate. She will then enter $234.70 on line 9, Schedule C.

If Dawn had a total of $200 in state and local personal property taxes for the vehicle, she will find her business percentage (200 x 10%). She may also deduct $20 on line 23 of her Schedule C.

If you want to use the standard mileage rate on a vehicle, you must choose it in the first year the automobile is available for use in your business. Then, in later years, you may choose to use either the standard mileage rate or actual expenses. If you switch from the SMR to actual expenses and want to deduct depreciation, however, you must use straight-line depreciation, as opposed to an accelerated method, estimating the remaining useful life of the car.

When the SMR is NOT allowed:

You may not deduct mileage on a car for hire (taxi). You use five or more cars in your business at the same time. You claimed an accelerated depreciation method in previous years on the same car. You claimed a Section 179 deduction on the car. You claimed actual expenses on a car you leased after 1997. You are a rural mail carrier who received a qualified reimbursement You claimed actual expenses on the same vehicle in the first year you used the automobile in your business.

Beware! When you sell the vehicle or switch to actual expenses for depreciation purposes, you will have reduce your basis by a certain amount (17 cents per mile deducted in years 2005 and 2006).

Payday advance loans may be worth considering if you need some money fast. Sometimes pay day can seem an awfully long time away. You may need to get your hands on some cash for:

a bill that cannot be put off any longer; a car breakdown situation; or just that treat that you do not want to wait for.

Payday lenders typically do not ask for the reason for the loan. As long as you agree to repay it on your next payday (or the one after, depending on timings), that is usually fine by them.

How do you get a payday advance?

Payday advance loans are typically quick to apply for. In order to assess your application and suitability for a cash advance, payday lenders may wish to know the following information on an online form:

your name; your address; details of your job (including when you get paid).

Payday lenders may typically be able to verify your identity electronically if you have a permanent UK address. Unlike paper identity checks, electronic checks are normally instant.

Do payday borrowers’ credit references have to be immaculate?

When deciding whether or not a potential borrower will be lent the money, a payday lender may carry out a fast credit check (rather than a full, in depth one). If you have had some issues on your credit report, it does not necessarily mean that you may be turned down.

Unlike the kinds of loans that banks offer, payday cash advances are typically only available for a short amount of time, which means that payday lenders may perceive the risks of them not being repaid as low.

Likewise, the amounts involved may typically be for hundreds of pounds (for example, from £100 – £250, but this will depend on the lender) rather than for thousands. Accordingly, it may still be worth applying for a payday loan even if you have a less than perfect credit record and have been turned down elsewhere.

How are the loans repaid?

Payday advance loans may typically be repaid with the lender taking the money straight out of the borrower’s bank account. The loan amount plus interest and any additional charges (such as for a bank transfer fee) are typically paid in full on the borrower’s payday that follows the advance.

Using the internet to file your taxes online is a convenient way to complete your tax return.

If you are thinking about preparing your taxes online this year, then don’t worry because it’s easier than ever. Here is a quick guide to help you get your tax preparation and tax filing online done fast and easy.

There are many websites where you can prepare and file your taxes electronically to the IRS. Some of these sites are free and others will charge you a fee for filing your tax return. In order to file for free you must meet certain requirements set forth by the IRS.

What you’ll need to get started Your personal information, including name, address, telephone number, date of birth, and social security number. You will also need information for your spouse and dependents you plan to include on your tax forms. And don’t forget W-2s, 1099s and any other paperwork showing income for the year 2006. You will also need the totals for items you plan to deduct like, mortgage interest, charitable contributions, and medical expenses.

If you want to have your refund deposited directly into your bank account then you’ll need your bank name, routing number, and account number.

Most of the online tax preparation programs have an easy to follow interview system. The program asks you simple questions and all you have to do is type in the answers.

As you work through your tax return, the online program will put your answers on IRS-approved tax forms then double check for errors and missed deductions you may qualify for.

Once you complete your tax return, you can then electronically submit your tax return online to the IRS. If you expect a refund check, filing online is a great option. The IRS can process your return and issue your refund directly into your bank account much quicker than if you mailed a paper return.

If you’re still using pencil and paper to for your tax returns, consider trying an online website for your tax preparation and filing this year.

Most income tax preparation services offer a legitimate, if over-priced, service. They help prepare a legitimate tax return. There are others, however, who might prepare an illegitimate return to make extra money.

Be careful of any income tax preparation service that promises to get you a refund, this is a good sign that this service is not legitimate. Such service cannot guarantee you a refund before they know anything about your finances. Such statements are frivolous. You should avoid any tax preparation service that charges a percentage of your tax refund as payment.

Ask yourself if you believe this person will be able or willing to support you in an IRS investigation.

Check on his or her credentials. Only attorneys, accountants, and enrolled agents have the right to represent the taxpayer in all matters. The income tax preparation service you hire can only support issues regarding returns they have prepared.

Ask for references from people for whom they have prepared income tax returns. They might try to tell you that this is proprietary because it is tax information, but taxpayers can volunteer a testament of good business conduct with no risk or violation.

Look for affiliations and memberships in things like the Chamber of Commerce or the Better Business Bureau.

Ask if they have any certification or accreditation.

Find out how long they have been in business. Finding out how long they have been preparing taxes is a good barometer of how reputable their business dealings have been. Generally, the most reputable income tax preparation services are the ones in business the longest.

Ask them if they have ever supported a client in an Internal Revenue Service Tax Audit.

Be sure to compare prices. When doing this, check out the rates of a small CPA office and compare them to the major chains. You will certainly get a more qualified person t prepare your income tax return, and the fees might be closer than you think.

The IRS income tax rates are not only about collecting revenue to support the government. The different tax rates were established so that those Americans that can afford to pay more, do so. This is the reason for the tier levels of taxes which citizens pay.

It is neither logical nor fair for the poorest citizens to pay the same amount in taxes as the rich, nor is it even possible. With the different levels of rates assigned to the different income levels, those that can afford to pay more usually do.

This has not always been so. Every few years a new tax law is enacted that affects the way citizens are taxed and at what rate. At the present time, the progressive taxing system is so that the more you make, the higher your percentage of taxes you will pay. 30 years ago, it was those in the middle that paid the highest percentage of taxes. Most of the variations from tax act to tax act are politically motivated. This will never leave the equation when taxes are involved.

There will never be a day when a government does not have to collect taxes, but being fair is the goal that usually appears on the surface from politicians. It is just that many times, what they think is fair is dependent on who has the strongest and most influential lobbyist. Before a few years ago, they were just called “Tax Act of (the year). In more recent years, they now have a tag like the 2005 tax act was called “Tax Increase Prevention and Reconciliation Act of 2005″. It is congress’ way of justifying the current income tax rates they apply to the American citizens.

Of course, the above is not legal or accounting advice — it is for informational purposes only. Before making any decisions regarding legal or tax matters, it is vital that you consult a licensed professional lawyer or tax accountant.