If you are thinking about starting a business in a city, then it is important to find out the needs of the people who live there so that you can ensure that your business fulfills a need. One way to do this is by looking at how these people spend their money.
A study recently published in the New York Times outlines how people spend their money in cities across the nation, including Miami. This study gives us a general overview of how people in Miami spend their money compared to other U.S. cities
1. New Cars
4. Parking Spaces
5. Car leases
Miami spend significantly less than the national average on:
1. Education (but above average in giving away their money to schools)
2. Personal Computers
3. Social and health clubs
4. Prescription drugs
On average, the study found that people in Miami spend less on status goods then people who live in New York, Dallas, Los Angeles or San Diego.
Some strange findings:
San Diego spends 3.5 times the national average on nonalcoholic beer
San Francisco spends 3.5 times the national average on alimony
Boston spends 7.5 times the national average on rental of campers for out-of-town trips
Boston spends 2.7 times the national average on dried peas
Additional Source: South Florida Business Journal
ITINS are designed for tax administration purposes and are only issued to people who are not eligible to obtain a Social Security Number (SSN). ITINs play a critical role in tax administration for foreign nationals, resident and nonresident aliens and others who have tax filing or tax payment obligations.
Due to an overwhelming number of unused ITINs, the IRS will deactivate an ITIN that has not been used on at least one tax return in the past five consecutive years beginning in 2016.
It is estimated that only about ¼ of the ITINs issued are actually being used on U.S. taxes for foreign taxpayers. This new system is designed so that the ITINs not being used will expire and the ITINs that are being used will no longer expire after five years, forcing the foreign taxpayer to apply for a new ITIN, as long as the foreign taxpayers continue to file U.S. tax returns.
Part of running a successful business is to know how your business is performing on a financial level and to know the key actions to take in order to constantly improve the finances of your Florida business.
If the following action are being taken by you or your company, it may be a sign that your business should consider bankruptcy, or should at least consult an experienced business law attorney to discuss your options to prevent your business from going bankrupt.
Signs that Your Business Should Consider Bankruptcy:
1. You are using payroll taxes for your business use between payroll and their remittance date, or worse, you are not paying them anymore.
2. You have not made your estimated tax payment for the quarter, or the quarter is approaching and you will not be able. Worse, you are two payments behind. While you certainly can re-estimate your tax payments to lower the amount, you do not do it.
3. You are using personal credit cards, personal lines of credit and/ or retirement funds to keep your business going.
4. You receive numerous debt collection calls and are past due on several bills.
5. You are losing money most months.
Bankruptcy will not make an unsuccessful business successful again. However, good timing of a business lawyer teamed up with a bankruptcy attorney can provide the insight, advice and skills necessary to prevent your business from even filing for bankruptcy.
While at Boyer Law Firm we do not handle bankruptcy, we can recommend attorneys who do to you. It is important to know when to call a business lawyer to potentially renegotiate debts and terms, cancel or negotiate an end to contracts, including equipment lease agreements, commercial lease agreements, and more.
If your business is facing bankruptcy, or if you simply need to consult a business law attorney regarding debts or renegotiations of contracts to improve the finances of your Florida business, contact Boyer Law Firm today to see how we can assist you.
Don’t wait until it’s too late.
Fannie Mae and Freddy Mac have released news that they will begin to accept mortgages for first-time homebuyers in Florida and throughout the U.S. with down-payments of as little as 3%. The mortgage giants have stated that there will be procedures put into place to ensure the borrowers will be able to repay the loans. This will include income verification requirements.
In addition to choosing a real estate agent who can properly assist you, it is just as important for first-time homebuyers in Florida to choose an experienced closing agent, such as Boyer Law Firm, P.L.
If the closing agent does not properly conduct the Title Search and closing process, then you could be subject to a Title Insurance Horror Story. Not conducting a proper title search could result in issues such as forgery, contractor’s liens, easements, zoning and building restrictions, unpaid mortgages, and more.
Things to consider for first-time homebuyers in Florida:
1. Perform a title search on the property before making an offer so that you may discover any blemishes on the Title that need to be corrected. These “blemishes,” such as an unpaid mortage, could affect both the closing costs and the closing timeframe.
2. Perform a home inspection on the property before making an offer
3. Consider having a land survey performed on the property.
4. Ensure that all utility bills are paid and up to date
5. Determine if the property will need flood insurance
If you are a considering purchasing or selling real estate, then contact Boyer Law Firm, P.L. to see how we can assist you.