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Dry Cleaners Suffer Under New Trade Sanctions

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Finance expert Mike Periu on stiff upcoming trade sanctions for the dry cleaning industry. The dry cleaning industry has been dealing with a problematic situation since this summer which now may become permanent in January.  The Obama administration recently enacted a duties of 187 percent on wire hanger imports from Vietnam, one of the leading wire hanger exporters in the world. This has increased the cost of wire hangers for dry cleaners. It couldn’t come at a worse time when economic … [Read more...]

How Does Your Company’s Return Policy Compare With Big Retailers?

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Finance expert Mike Periu on the latest return policy trends for retailers. Larger retailers spend a great deal of time crafting return policies. According to the National Retail Federation, 83 percent of retailers kept their policies more or less the same as last year with 7 percent tightening theirs. Those with more restrictive changes usually shortened the period of time during which a customer may return the purchase. During the holiday season, however, many retailers have implemented … [Read more...]

Microsoft to Launch Office 2013, Advance Copies Available

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Finance expert Mike Periu on some of the new features of Microsoft's new Office 2013 and how you can find a trial version. Microsoft will launch Office 2013 during the first quarter of next year, but just as they have done with previous versions, you may download a trial version now to start experiencing the new functionality and features built into the latest version. Excel, the finance and accounting workhorse of the Office suite is packed with more than 50 new and interesting features that … [Read more...]

Retirement Account Contribution Limits Rise in 2013

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Finance expert Mike Periu on the new Retirement Account Contribution amounts set by the IRS for retirement accounts like IRAs and 401(k) plans. December 26, 2012 The Internal Revenue Service announced the annual cost of living adjustments for retirement plan contributions for 2013. Every year the IRS increases the amount you can contribute to retirement accounts to compensate for the ever-rising cost of goods and services to ensure that you are saving enough for retirement: 401(k) plans The … [Read more...]

5 Moves to Make Now to Lower The Tax Liability for Your Business

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Finance expert Mike Periu on smart moves you can make before the end of the year to lower the tax liability for your business. There are less than two weeks left in 2012 but that is plenty of time to take steps to lower your small business tax liability. Given the uncertainty over what will or won't happen with regards to income taxes, it's best to take advantage of every opportunity now in case they disappear next year: Make planned asset purchases now. Equipment bought in 2012 qualifies … [Read more...]

Impress Investors and Lenders With Your Personal Credit Score

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Finance expert Mike Periu on how to get the best possible personal credit score before applying for funding for your business. For small-business owners seeking funds from investors or lenders, it's almost a certainty that your personal credit will be reviewed as part of the process. Since many small-business owners are intimately tied to their businesses, it's difficult to imagine someone investing in a business where the owner has terrible personal credit. Lenders expect owners to have a … [Read more...]

Fiscal Cliff Plan B Fails and Negotiations Effectively Halt

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The latest surprising developments regarding fiscal cliff negotiations. It now looks highly unlikely that a deal to avert the fiscal cliff will be passed before Christmas, if at all. In a stunning turn of events, the Speaker of the House John Boehner was unable to muster enough support from his own political party to pass the Plan B alternative that would raise income taxes on people earning over $1,000,000 annually and maintain existing lower tax rates for everyone else. Even if Plan B had … [Read more...]

The Alternative Minimum Tax May Hit 30 Million Families in 2013

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Finance expert Mike Periu on how the stalled fiscal cliff negotiations could impact how many Americans will need to pay the alternative minimum tax. The Alternative Minimum Tax was created in the 1960s to prevent a few very high-income earners to avoid income taxes all together through large deductions and credits. Taxpayers who earn over a certain amount must prepare their taxes in the standard way and they must also do so using the AMT method, which limits or eliminates certain deductions and … [Read more...]

Fiscal Cliff “Plan B” Is Met With Stiff Opposition From the White House

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Finance expert Mike Periu on the increasingly contentious fiscal cliff negotiations, "Plan B" Is Met With Stiff Opposition From the White House. Fiscal cliff negotiations between the Speaker of the House and the President have suddenly turned chilly and acrimonious. As both sides failed to reach an acceptable compromise yesterday, the House of Representatives will vote on a “Plan B” to partially avert the fiscal cliff. Plan B will increase marginal income taxes rates for those with incomes in … [Read more...]