Home Sweet Business: Qualifying For The Home Office Deduction
By Dan Ross
Approximately 1.6 million home owners claim a home office deduction each year, according to the Internal Revenue Service, and a single-family home, condo, mobile home, manufactured home, boat or apartment can qualify.
"Just about anyplace with sleeping and cooking facilities can qualify for the home office deduction," according to Nolo.com, Berkeley, CA-based legal self-help publisher.
Along with ordinary business expenses for supplies and equipment you can also deduct part of your rent or take a depreciation deduction to the extent that a portion of your home is used for business purposes.
To qualify for the deductions, the IRS requires that you pass three tests:
# Your home must be your principal place of business. If you work from two locations, in order to take the deduction, the home must be the most important location, generally, the one where you generate revenue, but not always. If, you compare the two locations and it's not clear from which location you generate the most income, also consider time spent at either location. You must spend most of the time in the home for it to be the principal place of business under this consideration. If after you look at revenues and time and you still aren't clear if your home is the primary place of business, you probably shouldn't take the deduction, according to Paul and Sarah Edwards, work-at-home gurus and authors of "Working From Home" (Jeremy P. Tarcher/Putnam, $18.95).
There are two exceptions to this rule.
New for 1999, if your home office is not your principal place of business, you can take the home-office deduction if, for part of your business, you see clients, patients, or customers face-to-face in your home or use the space for administrative duties, paperwork activities and other related activities crucial to your business or work.
"A Dr. Soliman took this to court after he was using his home only for paperwork but did most of his work at the hospital. The Supreme court ruled against him, but effective Jan. 1, 1999, Congress backed off," said Bruce Hahn, president of the Arlington, VA-based American Homeowners Foundation.
Also, if your home isn't your principal place of business but you use some free-standing structure on your property, exclusively and regularly for business, you can claim the home-office deduction for that space. A barn, greenhouse, workshop, studio, detached garage, any freestanding structure is eligible.
# Your home business must also occupy a clear and indentifiable space in your home. Generally, that means it must be in a location apart from the rest of your home, say, an addition constructed for your office, a converted bedroom, attic or basement,but also space in an alcove, nook or say, large walk-in closet space in a larger room.
# You must use your home business space exclusively and regularly for your business. You can't use your business space, say, to watch TV with the kids or to play computer games.
"You can't have the guys over to watch the game and have a few beers in the office," said Hahn
Since 1989 Dan the roommate man has helped 1000's of people find rooms, apartments or roommates. Need help in finding a room or roommate? Contact him at 800-487-8050 or http://www.roommateexpress.com
Are You An Innocent Victim of These Popular Tax Myths?
By Karin Workman
Misconceptions, misinterpretations and just plain “untruths” are floating about income taxes. Believing them could be costing thousands of tax dollars!
Myth: A Professional Tax Preparer knows all there is to know about taxes so you don't have to know anything them.
Truth: Tax Preparer's/CPA's/Accountants are not uniformly informed about ALL tax laws. Most are able to file a personal income tax and know all the laws and how to apply them to personal income tax.
There are thousands of excellent, hard-working accountants doing a great job. And if you use a tax professional, maybe they have done everything possible to reduce your taxes. But many professional tax preparers are just tax preparers.
They may know how to prepare a tax return in their sleep. They know what numbers go on which form. But that's about all they know.
A good tax preparer is not trained in tax reduction strategies.
The only way you are assured to get the tax deductions you are entitled to, as a Home-Based Business Owner, is to become informed yourself.
Myth: You must "itemize" in order to take Home-Based Business expenses.
Truth: Many people misunderstand the terminology here.
When you "itemize" your income tax you file Form A&B and take such things as medical, home mortgage interest etc. You will only "itemize" if the total of Form A is over the standard deduction (for 2003 taxes…$4,700 single, $9,500 married)
Some people call this filing "long form."
All taxpayers have the opportunity to itemize if it is to their advantage.
Whether you "itemize" or not has NO bearing on your Business.
Myth: You're not making a profit so there is no advantage to filing business income taxes.
Truth: This is so not true! There's many tax advantages to filing a Home-Business tax return and especially so if you are not making a profit. If you also work a job, be it part-time or full time, in addition to your Home-Based business it is especially beneficial to you to file a business tax return.
Expenses incurred in your business can be taken against your job income thus reducing your taxable dollar, which decreases your tax liability.
Myth: Because you work a full-time job your Internet Marketing Business is just a hobby.
Truth: Only another Internet Marketer can truly understand the hours and money spent on what someone else would call a "hobby"!
The rules clearly state you have a business if you meet 8 rules. Four of the most important rules to meet are:
1. Expertise of the taxpayer or his/her advisors. That would mean your expertise in Internet Marketing or those who advise you. If you're learning and actively applying what you learn to your Internet Marketing activities and have a good "handle" on this…you qualify.
2. Time and Effort the Taxpayer puts into ‘running the business’. They just want to make sure you're running a real business, not just engaging in a hobby. How much “time and effort” is enough? The United States Federal Tax Court has ruled that “45 minutes a day, 4 to 5 days a week” qualifies.
I can't see anyone who is in Internet Marketing with a profit motive not qualifying here!
3. The Manner in Which the Taxpayer Carries On the Business Activity. This one is common sense. Do you conduct your business mostly on the telephone, over the Internet and in-home presentations (these are good), or mostly at the golf course, during lunches and at the pub (not so good). Just treat your business like a business.
4. Is the Primary Purpose of your activity to ‘Produce a Profit,” or to ‘Produce Tax Write-offs’? The best way to Pass the profit-motive test, is to have a Business Plan, and That Business Plan should include a table of Income and Expense projections, clearly showing profitability at some point in the future. Note that you are not required to actually produce a profit in order to qualify for home-business tax deductions -- just to show that you have the intent to produce a profit.
If you are doing all this then there is no reason for your business to be considered a "hobby".
Myth: You must make a profit within 5 years to be considered a "business" and file Home-Business taxes.
Truth: That's a generalization. Yes, the government would like to see you make a profit within 5 years but you are not penalized for not doing so. If you are following the above 4 rules and conducting yourself as a business you have nothing to worry about. You are a business and some businesses are not profitable for a number of years.
Myth: Learning how to reduce you taxes is hard and complicated.
Truth: Average Small Business Owners have plenty of tax reduction strategies at their disposal. You just have to know what they are and how to use them.
Once you learn what deductions are allowed you will know what figures your Tax Preparer/Accountant needs and you can configure your accounting accordingly.
Myth: Accounting and tax documentation for the Home-Business is not for the do-it-yourselfer.
Truth: All Small Business Owners can easily keep their own books using any number of software programs. It is not necessary to have an accountant.
No, you will not have to learn accounting. You will just need to be able to "categorize" and record expenses and sales.
Documentation for the government is very easy if you use a pocket calendar and keep your receipts.
In just 5-10 minutes a day you can have records that will withstand any government scrutiny.
About The Author
Karin Workman is a 30-year veteran Home-Based Business Owner who specializes in Tax Preparation for Home-Based Businesses. Karin also wrote the Hot New Ecourse: "Reap the Rewards!" Designed to help you save tax dollars and put more money into YOUR pocket. The course is Free exclusively at: http://reaptherewards.businessoppsunlimited.com
Tax Audits: What Signs Make You More Likely to be Audited by the IRS?
By B. Williams
It's a major fear for most Americans: A notice from the Internal Revenue Service (IRS) summoning you for an audit.
What is it about these three letters that strikes a cord of fear in Americans' hearts? Learning the signs that could put your tax return at the top of the list for an audit, and avoiding them if possible, may put your mind at ease.
Statistically speaking, your chances of actually being audited aren't that high-according to IRS data, one in 150 individual taxpayers were audited in 2003. This number had gone down in recent years-about one of every 79 tax returns was audited in 1998-but then, in 2004, individual taxpayer audits exceeded 1 million for the first time since 1999.
Also in 2004, the IRS gathered a record $43.1 billion in enforcement revenue, a 15 percent increase from 2003. Now in 2005, the IRS plans to add more enforcement to their team, meaning that more tax audits could potentially be performed.
What adds to most people's fear of being audited is that of the unknown: Very few people know just how the IRS chooses which tax returns to audit.
"That's a very closely guarded secret that not many people in the IRS know," said Bernard S. Kent, a partner with the human resource services group at PriceWaterhouseCoopers.
Still, there are some signs that will put your tax return at the top of the "to audit" pile. So take notice of -- and by all means avoid if they're not legitimate -- these red flags that increase your chances of catching the tax examiner's eye.
A computer program called the Discriminant Index Function, or DIF, is the first way your tax return could be marked for an audit. It looks most closely at the following items:
* Higher incomes: If your income is more than $100,000, your chances of being audited increase to one in 20. Says Eric Tyson, co-author of "Taxes 2005 for Dummies," "Higher income earners are more likely to be audited because there is more tax money at stake."
* High incomes compared to the previous year
* Unreported income (investment returns, etc.)
* Income other than basic wages (contract payments, etc.)
* Home-based business: Particular attention is given to returns that claim home businesses in addition to a salary income or excessively high deductions that don't match with the business (for instance, expensive business meals for a virtual administrative assistant.) You should also be careful with how you define your home office. "The room has to be used exclusively for business purposes," said Kent. "You cannot just have a desk in your living room where you have a television set."
* Large business meal and entertainment deductions or excessive business auto use
* Low income with large business deductions: Did you report earning $40,000 and write off a $50,000 car for business? Chances are a tax examiner will find your return warrants a closer look.
* Non-Cash Charitable Deductions
* Hobby Losses: Filing a Schedule C to report income or loss from a sole proprietorship that is not really a business but a hobby is one of the highest risk moves you can make.
* Offshore credit cards
* Large casualty losses: The rules for claiming a casualty loss are very specific, so be sure your loss qualifies before claiming it.
* Having several dependents.
Tax returns that claim the earned income tax credit-a break for those with low-incomes-are also scrutinized more closely by the IRS. That's because its requirements are complex and many honest mistakes are made by those who think they qualify, along with those who intentionally try to increase the credit's payout.
If You Have Legit Deductions, Take Them
This isn't to say that you should be afraid to make honest deductions on your tax return or shy away from credits for which you qualify in order to avoid the IRS. According to Robert G. Nath, author of "The Unofficial Guide to Dealing with the IRS," As long as your deductions and expenses are legitimate and you have documentation, they will be allowed."
In fact, most Americans overpay on their taxes, which is why we highly recommend reading Lower Your Taxes - Big Time: Wealth-Building, Tax-Reduction Secrets from an IRS Insider as soon as possible in 2005 (or you will likely end up paying the government hundreds or even thousands of dollars in taxes that should have been yours to keep.)
Written by a former IRS tax attorney and senior tax law specialist, Sandy Botkin, CPA, Esq., Lower Your Taxes - Big Time is one of the smartest under-twenty-dollar investments anyone could possibly make.
And in the event that you get the dreaded IRS letter in the mail that your tax return is being audited-don't despair. "Just because you get a correspondence audit letter, there's no need to panic," says Nath. "In fact, if you get a letter instead of a call, that indicates the IRS views the inquiry as not particularly earth shattering."
For more money-saving tips in 2005, don't miss these past SixWise.com articles:
* Top 10 Ways NOT to Throw Your Money Away in 2005
* Stop Overpaying the Government Thousands of Dollars for Good
From the FREE SixWise.com e-newsletter, the Web's #1 most read newsletter with original articles in all 6 areas of life leading to complete wellness.
Intellectual Property Defined
by: Paul Hood
Ignorance of the law excuses no one. If you are unaware of your law, then you are in for big trouble. To better understand what are your rights and duties, educate yourself.
Issues regarding intellectual property rights are an important topic of discussion as many things revolve around this theme. Knowing what an intellectual property is the first step in our education. The U.S. Department of State defines it as:
“Creative ideas and expressions of the human mind that possess commercial value and receive the legal protection of a property right. The major legal mechanisms for protecting intellectual property rights are copyrights, patents, and trademarks. Intellectual property rights enable owners to select who may access and use their property, and to protect it from unauthorized use.”
This definition gives emphasis on the word protect. Indeed, it is designed to extend protection to the creator of a certain creative work or a product. Legal provisions are installed to give the owner the exclusive right to control access and use of his property. The law provides for specific procedures when a violation of these rights is committed.
Copyrights and industrial property are two categories that make up intellectual property.
Copyright laws provide for the owner an exclusive right to control access of his creative work. Variations may exist with different countries but the basic idea is this.
Industrial property includes such things as patents and trademarks. A patent is defined as a legal grant issued by a government permitting an inventor to exclude others from making, using, or selling a claimed invention during the patent's term. A trademark on the other hand is a name or symbol secured by legal registration that identifies a manufacturer's or trader's product or service and distinguishes it from other products and services.
Any infringement on these rights entitles the owner to a day in court. Filing a lawsuit is a must if you want to be compensated for the damages you have received. Of course you won’t know if you are already being violated unless you know what you’re rights are. There is a great need for us to be familiar with the concepts of intellectual property laws for us to know when we are being wronged and what needs to be done to address that wrong. Like they always say, “Knowledge is Power.”
About The Author
Ariel Velasco goes by the author alias of Paul Hood. This author is into books and writing. Reading is an essential part of his life and this has lent a considerable influence in his writing. Well traveled and would always want to travel more. He loves learning more about people and their ways. Took up a Bachelor of Arts in Sociology to further this fascination and had a fulfilling educational experience having been exposed to a wide spectrum of people. Always ready for new opportunities to learn and have a great deal of interest in different fields of expertise.
For additional legal information and inquiries about the article log on to http://www.attorneyservicesetc.com
How Safe Is Your Security Deposit?
By Dan Ross
When you move into an apartment, you and your landlord have to have a lot of blind faith for each other. You could be "Mr. Nice Guy", or "Mr. I'm Going To Throw Parties Here Every Night Guy."
Tenants are usually not into maintenance, therefore they aren't as careful with their rented property as they would be if they owned it. They also tend to see maintenance as the landlord's job. So, in order to assure the landlord that any damages made to the apartment while you are a tenant will be covered, most apartment complexes require a security deposit.
The deposit is usually equivalent to about two months rent. The reasons?
* If you fail to pay the rent one month, it won't come out of the landlord's pocket. He has the right to use your deposit.
* If there are any major damages made to the apartment when your lease is up, he can use the remaining deposit to make any repairs.
But what if the landlord claims you made that hole in the wall when you know it was there before you were? Nothing, really. At that point it's probably too late to fight back. According to MetLife, this is why you take precautions before you sign the lease. When you think you're going to live in an apartment, and it's almost a done deal, go around the apartment and check EVERYTHING for problems. Here's a check list of some of the major things you should check out/look for:
Door locks: Do they turn easily? Can you be assured the landlord re-keyed/replaced them since the last tenant?
Smoke detectors: Are there any? Do they work properly?
Walls: Are they marked, dented, scratched, or cracked?
Pipes: Are they in good condition, or are they rusty?
Leaks: Check under the kitchen sink, by the front door, the ceiling, and throughout the bathroom for water damage.
Tiles: Are they all there? Are they in good shape?
Doors: Are they evenly painted? Are they marked/dented/scraped etc.?
Carpet: Is it fastened securely? Stained?
Paint: Is it smooth or chipping off?
If you see anything that could pose a problem in the future, you'll need to document it. The best way to do this is by taking a picture of the damaged item/area, and then making a log describing all of the pictures. Get the landlord to sign and date the log, and you sign and date it too. This way, you cannot be accused of damage you didn't do.
Robert Irwin, author of The Landlord's Troubleshooter, published by Dearborn, offers some helpful hints: "It is absolutely necessary that you use precise language to describe any exceptions to 'clean and undamaged' that you write down. For example, there may be a mark in a wall caused by the previous tenant having hit it with a dresser while moving out. If you write down, 'back wall of bedroom is marked,' you could be in for real trouble. When this tenant moves out, that wall could be covered from floor to ceiling with marks and when you protest, the tenant will point to the walk-through saying, 'See, you wrote down that the wall was marked!'"
In many cases, you can insist that the landlord make the repair before you move in, especially if it is likely to get worse, or put you or others at risk. If you do this before you sign the lease you will avoid future misunderstandings.
Your landlord could be the friendliest person in the world and turn into a pit bull when it comes time to return your security deposit. So, make sure there isn't a fine print clause in your rental contract that allows the landlord to keep some of your deposit for "cleaning." Again, before you sign the lease, ask the landlord to define the conditions in writing under which you would get or not get your deposit back.
Also, when your lease is up, plan to have the landlord walk through the apartment with you again. Compare the apartment to the pictures taken before and make sure you both agree on everything.
Understanding what you need to do in order to earn your deposit back will go a long way toward parting company with your landlord on good terms, with your security deposit safely back in your pocket.
Since 1989 dan the roommate man has helped 1000's of people find good roommates. http://www.roommateexpress.com
What To Do When You Get Into An Accident
by: Paul Hood
Accidents are unexpected occurrences in life. These are traumatic events that nobody wants to encounter. Because of the shock an accident causes, people tend to lose their ability to think correctly resulting to serious injuries, even death, to himself or to another party.
How can we overcome shock during or after an accident? Presence of mind is very vital in situations like this.
There are several kinds of accidents. Examples are vehicular accidents, industrial accidents and aerial accidents. Different accidents need different approach.
Car accident is an example of vehicular accidents, which claimed millions of lives and caused many people to suffer. Damages a car accident can cause include disability, emotional distress and permanent disfigurement. A lot of victims endure from injuries such as broken bone injuries, scar injuries, head and neck injuries, and nerve damage.
We cannot do much during an accident because it happens so fast that we are not able to control it. What is important is that we have to learn how we should behave after the incident and what actions we have to take. It will be hard for an injured person to think of the people or things around him. His only concern is the pain that he is feeling. In situations wherein you are still able to talk, walk and move without difficulty, you might as well do the following steps.
Ask or know the names, addresses and telephone numbers of the individuals involved in an accident. Car owners involved must secure car insurance. If there are witnesses in the area, ask for their names, addresses, and telephone numbers, too. Assist the police with the investigation, be cooperative. Take note of important visual information, like scratches and marks on the car and the weather condition. If you do not have pen or any writing materials, review the scene in your mind so that you can remember it. You have to tell the police exactly what happened. Take pictures of the cars involved in the accident. The picture must tell a detailed story. If you feel any pain or discomfort after the accident, consult a physician right away, or else it will raise questions whether the injury was caused by the accident or not. Consult an attorney before filling out any documents or giving your statement. Photograph wounds that heal quickly, you might need it during a case hearing or investigation. You might also need a lawyer to assist you in filling important papers, assist in court proceedings, and getting your claims.
About The Author
Ariel Velasco goes by the author alias of Paul Hood. This author is into books and writing. Reading is an essential part of his life and this has lent a considerable influence in his writing. Well traveled and would always want to travel more. He loves learning more about people and their ways. Took up a Bachelor of Arts in Sociology to further this fascination and had a fulfilling educational experience having been exposed to a wide spectrum of people. Always ready for new opportunities to learn and have a great deal of interest in different fields of expertise.
For comments and questions about the article you may contact The Personal Injury Site Moderator at their website at http://www.personalinjurylawyersinc.com
contactus@personalinjurylawyersinc.com
Overwhelmed By Student Loan Debt? Consider a Consolidate Student Loan
by: Mike Yeager
A consolidate student loan is the perfect solution for people who need help managing their debt. If you have several different loan payments but want to make only one payment per month, you should apply for a Federal Consolidation Loan. With loan consolidation, your lender will combine your present loans into one single loan. If you do decide to get a consolidate student loan, you will pay interest on a fixed rate. The rate is determined by the average of your loans, and is averaged up to the nearest .125 percent. If you make direct loan electronic payments, you may get a lower interest rate. As student loan debt is usually not the largest debt a person has, it may make sense to include it in a consolidate student loan.
Tips on repaying your Consolidate Student Loan
Most people use student loan consolidation as a way to manage debts. Most often, a consolidate student loan will save money. Be aware that although a consolidate loan reduces monthly payments, it will likely raise the interest amount. Because of this, it is a good idea to try to pay off as much of your consolidate student loan as soon as possible. Do this by trying to increase your monthly payments. Be aware that there are certain deferment programs available. For example, unemployment or economic hardship may cause the consolidate student loan to be reduced.
Personal Injury Settlement
by: Wensley McKenney
Personal Injury Settlement is an art, not a science like many personal injury attorneys may think. Understanding all of the moving parts and motivation of all parties interested in the settlement process may be the most important aspect of achieving the highest settlement amount for a client. Companies like Global Financial, which provide cash advances against personal injury and worker compensation cases in 48 states (http://www.glofin.com) can help with the settlement process. There is nothing worse than a financially desperate plaintiff when trying to achieve the highest settlement offer.
Personal Injury Settlement is a very delicate process when you have a deep pocketed defendant trying to low ball offers to a financially desperate plaintiff. In many personal injury settlement situations an attorney will seek the financial support of a funding company to give his/her client the support to stand up to a low ball insurance offer and fight for a higher settlement offer.
The settlement process in itself is a cat and mouse type of game with the personal injury settlement attorney trying to convince the insurance adjuster that his/her client has a strong case and that the insurance carrier should offer money even before a lawsuit is filed. If the personal injury settlement process is not successful then the litigation process may take place. Although this may be an expensive and lengthy process it can often yield far more money for the plaintiff.
It is unfortunate that the playing field among personal injury victims and large insurance carriers is not level. It is actually a shame to think that a billion dollar company will low ball their offer to end a personal injury settlement when a severely injury victim is just looking for a fair shake! Unfortunately this happens everyday and if not for companies like Global Financial (http://www.glofin.com) plaintiffs may be financially desperate enough to accept far too much for their injuries.
FELA
by: Wensley McKenney
Global Financial Credit, LLC (http://www.glofin.com) (866) 709-1100 is a specialty finance company which aims to provide financial strength to all working families & level the playing field with the corridors of power at America’s largest corporations. To provide low cost financing to injured workers who may not have the assets or current income to obtain funding from traditional banks & credit unions. To help build better lives for working families of those who have been injured on the job by providing the necessary financing to get them there.
UTU & BLE Union members and their designated counsel have been facing a problem with regards to injured railway workers and the protection they are entitled to. These union members are covered by the Federal Employee Liability Act or FELA which protects them due to their dangerous occupation, however, in recent years the large Railroad companies have been using sly tactics to try and show that on the job injuries are declining and that the FELA should be repealed. They are offering Maintenance Income or Maintenance Wages if an employee who is claiming to be injured does not hire an attorney to represent him/her in a FELA claim. The railroads have even been known to try to influence doctors in how they treat injured railway workers in an effort to reduce the number and severity of reported injuries.
The conditions that railroad workers face each day is deteriorating at a rapid pace. Old tracks and switches that have not been updated for decades are being ignored until there is a major injury or death caused. It seems that the railroad companies believe this is the most cost effective way of dealing with the maintenance of their equipment which is at the cost of the health of the very employees that run their trains.
Pressure should be put on the railroad companies at the highest level and all railroad workers. It is important that the members of the UTU and BLE unite together in this common effort to make the railway a safer place to work. These unions have not typically worked together, however, this is a common cause that affects each organization and its’ members alike and should be addressed in unity.
The National Association of Railroad Passengers (http://www.narpail.org) is responsible for investigating major accidents. Train accidents have been occurring ever since trains have been running.
OUR VIEW OF THE CURRENT FELA SITUATION
Our own view of the Federal Employee Liability Act (FELA), as it relates to Union Railroad workers, is that something must be done now to stop the major railroad companies from convincing the United States Federal Government that railroad workers are much safer today and that the FELA should be abolished. Their lobbying efforts and financial tactics of advancing wages to injured workers are having a real affect on the future of FELA and the protection it brings to BLE members and UTU members (http://www.ble.org, http://www.utu.org) . They are making the argument to the government that railroad injury claims are steadily declining and that this is a direct correlation to a safer working environment for its railroad workers. This is not true and the only statistics we believe to be true are that injuries remain steady amongst railroad workers while injury claims have declined since the railroad companies began offering maintenance income to injured workers.
At Global Financial Credit, LLC (“GLOBAL”), we believe all workers need access to affordable financing so they can make their own choice about whether to report an injury or not. Union workers should not be forced into letting short term financial requirements determine the choices for their future and that of their family. Our Maintenance Income financial products are designed to provide low cost financing to injured workers so they can make their own choices without influence from their employers.
THE PROTECTION OF FELA
Since 1908 the Federal Employee Liability Act (FELA) has protected railway workers from the dangerous job they face every day. In concept the FELA is very similar to both the Jones Act and the Labor Laws in each state. This law protects injured railway workers in the same fashion as the Jones Act. If a railroad worker is injured on the job then their injury is not subject to worker compensation laws but rather to FELA. The FELA allows injured railway workers who may be members of the BLE (http://www.ble.org) or UTU (http://www.utu.org) to sue their employer for lost wages, future lost wages and pain & suffering. The FELA dates back to the early 1908 when the average life of a railroader was only 9 years. The railroad conglomerates have been lobbying the United States congress to repeal the FELA which shows very little simpathy to the hard working BLE & UTU Union members who risk their lives every day so the people of our country can receive the transported goods which must travel by railway. When workers are injured they may have some type of disability insurance or they may apply for a lawsuit loan cash advance from companies that offer low rates on FELA cases. Global Financial (http://www.glofin.com) is one such company that offers low cost cash advance on pending FELA claims.
Litigation Funding is a new industry which will grow substantially so that the under-financed plaintiffs of this country can stand up to the deep pocketed defendants and receive the settlement they deserve from the injuries they sustained by the negligent acts of another. Global Financial has become a specialist in the field of providing litigation loans.
EXPERIENCE & FINANCIAL STRENGTH
Our team brings to BLE and UTU Union Members and their families the unlimited financial resources needed to achieve a truly fair settlement or judgment from their FELA claim. GLOBAL is not capital constrained and does not have to raise money every time a case is funded.
GLOBAL’s infrastructure was designed to fund more than 5,000 advances per month totaling over $20,000,000. Our experience from evaluating more than 23,000 personal injury, FELA & Jones Act cases in the past 5 years qualifies us to serve Union Workers by quickly evaluating their claims and approving them for financing within hours of their application.
WHAT GLOBAL CAN PROVIDE
GLOBAL can provide the following to Union Worker’s sanctioned under the division of the IBT Conference that have hired a designated union attorney and have a pending FELA claim.
- Standard Maintenance Income equal to that offered by railroad
- No taxes deducted from income so more money into their pocket.
- Our lowest fees ever offered (see below)
- Direct Deposit available
- GLOBAL plays no role in the FELA claim itself.
- Designated Toll Free number for Union Worker applications.
- If the case is lost then the Union Worker keeps the money and has not obligation to re pay it. It is not debt. It is only repayable if the case is successful.
- Financial independence to see their FELA case through.
- Security knowing that repayment is contingent upon a successful resolution in the FELA claim.
MAINTENANCE WAGE RATES
GLOBAL offers and exclusive, low rate to BLE & UTU Union Workers in exchange for a portion of the FELA settlement amount. Following a train accident or train wreck the Railway Companies offer Maintenance Wages to BLE & UTU members if the member does not hire counsel to represent them. These members can now report the injury and get Maintenance Wages from Global while they are waiting for their settlement. The rates would be as follows and applies to:
- BLE & UTU Union Workers - 1.99% per month
- ARLA Member rates - 2.99% per month
- GLOBAL standard rates for non members - 3.99% per month
All Fees and the repayment of principle are contingent upon the successful resolution of the FELA claim. If the case is lost then we lose all of our money and so our Fees must reflect this risk. This level of risk is not acceptable to conservative banks or credit unions, which is why they are not in our business.
Vioxx Withdrawl and Drug Litigation
by: Richard Martin
On Sept. 30, 2004 Merck announced a worldwide withdrawal of Vioxx® (rofecoxib). Vioxx had previously been prescribed in the treatment of arthritis and pain. Worldwide sales of Vioxx in 2003 were an estimated $2.5Billion and the drug was marketed in more than 80 countries around the world. This is one of several recent pharmaceutical products to have been put in the spotlight by both the national media and plaintiff lawyers.
Since sometime in the mid to late 90s a substantial number of pharmaceutical medications and medical devices have been removed from the market due to possible adverse health implications. The FDA acts as a regulatory body in approving health related products before they are marketed to consumers. The FDA moved to ban Ephedra in the US in 2004. However, the recent headlines about voluntary drug withdrawals have produced questions as to the FDA's recent performance.
Many people believe that the FDA did not test the drugs rigorously enough to determine all the possible health problems that they might cause. People believe that the rise in litigation over these medications was due to the fact that the FDA now allows pharmaceutical companies to “fast track” their products and get them through the process in a year. In fact, Vioxx was only released in 1999.
Some of the latest drugs where concerns have also arose are Bextra, Celebrex and Zyprexa. Litigation over these drugs may commence in the near future. US plaintiff lawyers have begun to put some serious time and research into possible claims that may arise from pharmaceutical drugs. Plaintiff lawyers also handle Mesothelioma, Car Accident, and a wide variety of different personal injury cases.
If you think that you may have been injured by a prescription drug that has recently made headlines, you may consider consulting with a lawyer. Many plaintiff attorneys handle cases on a contingency basis.
More law information can be found at http://www.legalclips.com.
Stopping Home Foreclosure
by: Kevin OHara
A Foreclosure Prevention Service has numerous ways it can help you deal with the foreclosure process. Under the law, you have a right to remain in the property for a certain period of time. If you can’t pay the full amount owed without creating a hardship for your family you need a legal review of your situation, your rights, and your choices before you agree to anything. Protect yourself and your family.
Forebearance:
The lender stops or postpones legal action. Usually granted when homeowner makes satisfactory arrangements to bring the overdue mortgage payments current.
Loan Modification:
A loan modification seeks to avoid foreclosure by negotiating with the lender to modify the terms of the loan. Loan modifications may include adjusting the interest rate, extending the loan period or adding the delinquent portion and fees back onto the principal of the loan to be repaid over time.
Mortgage Refinancing:
In most cases, once foreclosure has started, homeowner has been through several months of late payments or no payments. These late payments have a devastating effect on homeowners credit rating. In addition, the new mortgage company will easily find out about the current foreclosure action. This most often leads to a denial of the refinance loan application. If homeowner is approved homeowner can bet it will be at a very high interest rate with higher than normal closing costs.
Sale Of The Property:
If a homeowner has been unable to work with a lender, or find another suitable solution in a timely manner, it is time to seriously consider selling. When time is of the essence homeowner should consider selling your property to an investor who offers "a quick closing". Typically, this will be for less than fair market value, but can be a benefit to homeowner because it is a quick "as is" sale with no real estate commissions. "As is" means homeowner would not have to spend any money doing repairs, or spend time putting the house in perfect shape. By selling the house "As is" to an investor, homeowner gets a quick sale - allowing homeowner to instantly stop the foreclosure and salvage your credit.
Deed In Lieu Of Foreclosure:
This service is when homeowner voluntary deed title to homeowner property to the lender. A homeowner basically gives the house back to the bank. The ordinary effect of the taking of a Deed in Lieu is to extinguish the lenders deed of trust and vest the lender with the title subject to all other existing liens and encumbrances. In effect, the lender becomes the new owner. The lender is not required to accept the Deed in Lieu and can show his/her refusal by filing a Notice of Non Acceptance with the County Recorder.
Bankruptcy:
Bankruptcy is not the best option but does delay the process and place everything on hold for a while. Bankruptcy should only be an option if homeowner needs to buy time so homeowner can raise the cash to payoff the entire debt.
Have your rights been violated in this foreclosure? Keep your home and defend your rights.
