Network! Network! Network
CRUCIAL TO STARTUPSNetworking can be crucial to ideas at the startup stage. How do you think you’re going to get your message out? There needs to be an audience and more specifically, an audience with a high net worth. Did you know that angel investors backed 48,000 companies to the tune of $22 billion in 2004 alone! I am sure that you are in a position where you could use a chunk of that cash as well, right? Any entrepreneur would like to be in that position. The question is how? How can I tap in to such a wealth of capital and backing as this? The place to start is to build your network.It was Tim Sanders,

Understanding Covered Calls - Part 2
In part 1 we learned the basics of covered call investing. In summary, the investor holds a long position in a stock, and then offers for sale a contract to another investor to purchase that stock at a certain price by a certain date. By doing this repeatedly it is possible to reap significant additional income from an otherwise slowly growing long position.In part two, things become a bit more complex. In this section we will discuss three key methods of writing covered calls respectively known as “In the Money”, “Out of the Money”, and “At the Money”“In the Money” Friday is the payday for most Americans. Getting paid is usually a good start to a great weekend. Unfortunately, for some people payday is a disaster because the IRS has issued a wage levy and they get little or nothing on payday. What could be worse? Calling the bank to find out if you have money to pay your bills and finding out that your account has been frozen with an IRS bank levy. Does this happen? Yes, it does and it is occurring more often now that IRS has adopted a “get tough” policy on collecting tax debts.

IRS keeps an amount from each pay check based on the number of exemptions claimed on the employee copy of the Form 668W. Failure to fill out the 668W may mean the maximum is kept from an employee paycheck. If you are married or have kids, it is critical to fill out the 668W exemption portion. For very low wage earners, an IRS levy may not result in a huge bite due to the allowed amount you can take home; but for anyone making over $10 an hour, the IRS wage levy can be devastating. IRS can also levy on Social Security or Military Retirement, but in those cases normally only 15% of the payment is attached.

The good news for those people who get hit with a levy is this: IRS doesn’t normally plan to collect a tax debt via a wage levy or constant bank levy action. Collection enforcement actions are often used as “attitude adjusters” to get taxpayers into compliance. If you get an IRS bank or wage levy, you just need to respond quickly with a willingness to do what it takes to get the levy released and work out a payment arrangement. Barring rare circumstances; IRS will release a wage levy if you are in current tax compliance, provide them with the financial information they require to make a collection determination, and agree to a payment plan or prove financial hardship.

Current compliance means that you have correct withholding and at least the last 7 years tax returns filed (if you had income or were self-employed). If you don’t have your W2s for prior years, IRS can get the info to you so you can file the returns. Those who are self-employed must start making Estimated Tax Payments for 2006. Failure to get into current tax compliance may mean no wage levy release.

A bank levy is much harder to get released than a wage levy. If IRS issues a levy on your bank, the funds are frozen and placed on hold in escrow for 21 days. If you can get the levy released within that time frame, the bank will put the money back in your account. Otherwise, the bank sends in the cash to IRS after the hold expires. Please note, unless a new levy is issued, you can still deposit money into your account after the initial levy to pay checks. To get a bank levy released, you must show extreme financial hardship or show that the levy is invalid. An example of hardship might be an eviction notice or documentation of a medical condition that requires drugs that can’t be paid for without the money in the bank etc. An invalid levy would be one that was issues for taxes already paid in full or expired, a levy made without proper notice, or a levy attaching to an account of someone other than the taxpayer.

In my career as an Enrolled Agent, some of the toughest battles I’ve fought have been over bank levy actions. In the past year I’ve had two cases where a mother in her 60-70s had an account frozen due to a son or daughter who owed taxes. The child was on their bank account for convenience. They were released but I had to get the Taxpayer Advocate involved both times. IRS is very reluctant to grant relief on a bank levy.

The best course of action is to prevent a levy by filing your tax returns and paying your taxes on time. However, if you know you have an IRS problem, be pro-active and get help now before a levy. Be sure to pick up your Certified Mail and open any IRS letters. I can't tell you how many folks come to me after not picking up letters or opening IRS mail. If you get an IRS letter, call a tax professional or call the IRS ASAP. Many people who think they can "slip through the cracks" get caught in one!

If you owe less than 10K in payroll tax or $20K in personal taxes and have all your returns filed, you may be able to just pick up the phone and call IRS to set up an Installment Agreement. For those people who owe more than $10K in payroll tax, $20K in personal tax or have un-filed tax returns, you might be well served by hiring a good CPA, Enrolled Agent, or Tax Attorney. Whatever you do, don't hire some "tax resolution" firm you see on TV or on an internet pay per click ad offering "95% off tax debt" etc. These companies often have you talk with a "Tax Consultant" who is nothing more than a salesman. If you seek professional help, insist on talking to a CPA, EA, or Tax Attorney. They may bill you $75-$150 per hour, but in the long run will likely be much less expensi

he IRS wage levy can be devastating. IRS can also levy on Social Security or Military Retirement, but in those cases normally only 15% of the payment is attached.

The good news for those people who get hit with a levy is this: IRS doesn’t normally plan to collect a tax debt via a wage levy or constant bank levy action. Collection enforcement actions are often used as “attitude adjusters” to get taxpayers into compliance. If you get an IRS bank or wage levy, you just need to respond quickly with a willingness to do what it takes to get the levy released and work out a payment arrangement. Barring rare circumstances; IRS will release a wage levy if you are in current tax compliance, provide them with the financial information they require to make a collection determination, and agree to a payment plan or prove financial hardship.

Current compliance means that you have correct withholding and at least the last 7 years tax returns filed (if you had income or were self-employed). If you don’t have your W2s for prior years, IRS can get the info to you so you can file the returns. Those who are self-employed must start making Estimated Tax Payments for 2006. Failure to get into current tax compliance may mean no wage levy release.

A bank levy is much harder to get released than a wage levy. If IRS issues a levy on your bank, the funds are frozen and placed on hold in escrow for 21 days. If you can get the levy released within that time frame, the bank will put the money back in your account. Otherwise, the bank sends in the cash to IRS after the hold expires. Please note, unless a new levy is issued, you can still deposit money into your account after the initial levy to pay checks. To get a bank levy released, you must show extreme financial hardship or show that the levy is invalid. An example of hardship might be an eviction notice or documentation of a medical condition that requires drugs that can’t be paid for without the money in the bank etc. An invalid levy would be one that was issues for taxes already paid in full or expired, a levy made without proper notice, or a levy attaching to an account of someone other than the taxpayer.

In my career as an Enrolled Agent, some of the toughest battles I’ve fought have been over bank levy actions. In the past year I’ve had two cases where a mother in her 60-70s had an account frozen due to a son or daughter who owed taxes. The child was on their bank account for convenience. They were released but I had to get the Taxpayer Advocate involved both times. IRS is very reluctant to grant relief on a bank levy.

The best course of action is to prevent a levy by filing your tax returns and paying your taxes on time. However, if you know you have an IRS problem, be pro-active and get help now before a levy. Be sure to pick up your Certified Mail and open any IRS letters. I can't tell you how many folks come to me after not picking up letters or opening IRS mail. If you get an IRS letter, call a tax professional or call the IRS ASAP. Many people who think they can "slip through the cracks" get caught in one!

If you owe less than 10K in payroll tax or $20K in personal taxes and have all your returns filed, you may be able to just pick up the phone and call IRS to set up an Installment Agreement. For those people who owe more than $10K in payroll tax, $20K in personal tax or have un-filed tax returns, you might be well served by hiring a good CPA, Enrolled Agent, or Tax Attorney. Whatever you do, don't hire some "tax resolution" firm you see on TV or on an internet pay per click ad offering "95% off tax debt" etc. These companies often have you talk with a "Tax Consultant" who is nothing more than a salesman. If you seek professional help, insist on talking to a CPA, EA, or Tax Attorney. They may bill you $75-$150 per hour, but in the long run will likely be much less expensi

ere self-employed). If you don’t have your W2s for prior years, IRS can get the info to you so you can file the returns. Those who are self-employed must start making Estimated Tax Payments for 2006. Failure to get into current tax compliance may mean no wage levy release.

A bank levy is much harder to get released than a wage levy. If IRS issues a levy on your bank, the funds are frozen and placed on hold in escrow for 21 days. If you can get the levy released within that time frame, the bank will put the money back in your account. Otherwise, the bank sends in the cash to IRS after the hold expires. Please note, unless a new levy is issued, you can still deposit money into your account after the initial levy to pay checks. To get a bank levy released, you must show extreme financial hardship or show that the levy is invalid. An example of hardship might be an eviction notice or documentation of a medical condition that requires drugs that can’t be paid for without the money in the bank etc. An invalid levy would be one that was issues for taxes already paid in full or expired, a levy made without proper notice, or a levy attaching to an account of someone other than the taxpayer.

In my career as an Enrolled Agent, some of the toughest battles I’ve fought have been over bank levy actions. In the past year I’ve had two cases where a mother in her 60-70s had an account frozen due to a son or daughter who owed taxes. The child was on their bank account for convenience. They were released but I had to get the Taxpayer Advocate involved both times. IRS is very reluctant to grant relief on a bank levy.

The best course of action is to prevent a levy by filing your tax returns and paying your taxes on time. However, if you know you have an IRS problem, be pro-active and get help now before a levy. Be sure to pick up your Certified Mail and open any IRS letters. I can't tell you how many folks come to me after not picking up letters or opening IRS mail. If you get an IRS letter, call a tax professional or call the IRS ASAP. Many people who think they can "slip through the cracks" get caught in one!

If you owe less than 10K in payroll tax or $20K in personal taxes and have all your returns filed, you may be able to just pick up the phone and call IRS to set up an Installment Agreement. For those people who owe more than $10K in payroll tax, $20K in personal tax or have un-filed tax returns, you might be well served by hiring a good CPA, Enrolled Agent, or Tax Attorney. Whatever you do, don't hire some "tax resolution" firm you see on TV or on an internet pay per click ad offering "95% off tax debt" etc. These companies often have you talk with a "Tax Consultant" who is nothing more than a salesman. If you seek professional help, insist on talking to a CPA, EA, or Tax Attorney. They may bill you $75-$150 per hour, but in the long run will likely be much less expensi

r without the money in the bank etc. An invalid levy would be one that was issues for taxes already paid in full or expired, a levy made without proper notice, or a levy attaching to an account of someone other than the taxpayer.

In my career as an Enrolled Agent, some of the toughest battles I’ve fought have been over bank levy actions. In the past year I’ve had two cases where a mother in her 60-70s had an account frozen due to a son or daughter who owed taxes. The child was on their bank account for convenience. They were released but I had to get the Taxpayer Advocate involved both times. IRS is very reluctant to grant relief on a bank levy.

The best course of action is to prevent a levy by filing your tax returns and paying your taxes on time. However, if you know you have an IRS problem, be pro-active and get help now before a levy. Be sure to pick up your Certified Mail and open any IRS letters. I can't tell you how many folks come to me after not picking up letters or opening IRS mail. If you get an IRS letter, call a tax professional or call the IRS ASAP. Many people who think they can "slip through the cracks" get caught in one!

If you owe less than 10K in payroll tax or $20K in personal taxes and have all your returns filed, you may be able to just pick up the phone and call IRS to set up an Installment Agreement. For those people who owe more than $10K in payroll tax, $20K in personal tax or have un-filed tax returns, you might be well served by hiring a good CPA, Enrolled Agent, or Tax Attorney. Whatever you do, don't hire some "tax resolution" firm you see on TV or on an internet pay per click ad offering "95% off tax debt" etc. These companies often have you talk with a "Tax Consultant" who is nothing more than a salesman. If you seek professional help, insist on talking to a CPA, EA, or Tax Attorney. They may bill you $75-$150 per hour, but in the long run will likely be much less expensi

ot picking up letters or opening IRS mail. If you get an IRS letter, call a tax professional or call the IRS ASAP. Many people who think they can "slip through the cracks" get caught in one!

If you owe less than 10K in payroll tax or $20K in personal taxes and have all your returns filed, you may be able to just pick up the phone and call IRS to set up an Installment Agreement. For those people who owe more than $10K in payroll tax, $20K in personal tax or have un-filed tax returns, you might be well served by hiring a good CPA, Enrolled Agent, or Tax Attorney. Whatever you do, don't hire some "tax resolution" firm you see on TV or on an internet pay per click ad offering "95% off tax debt" etc. These companies often have you talk with a "Tax Consultant" who is nothing more than a salesman. If you seek professional help, insist on talking to a CPA, EA, or Tax Attorney. They may bill you $75-$150 per hour, but in the long run will likely be much less expensive than those "tax resolution" firms. Also, instead of making wild promises, they will likely deliver results.