Virtual Solutions to Stay Fit During the Lockdown

Virtual Solutions to Stay Fit During the Lockdown

We are all suffering in many ways because of the current global pandemic and for many people, physical exercise is put by the wayside, at least until things return to normal. You may have a gym subscription and are hoping it is still good after things get back to normal, and there are many fitness, yoga and Pilates studios that now offer virtual classes, which is a great idea.

How do virtual classes work?

When you enrol in a virtual fitness or yoga class, you would be given Zoom meeting IDs and when you download the Zoom software, you can log into the video meeting, which enables you to interact with the instructor and the other students. The studios that offer virtual classes would likely require a service such as server relocation from Rhenus Hightech, a leading UK white glove logistics provider who can set up the dedicated server, which ensures high bandwidth. All you need is some floor space and a laptop and Internet connection and you’re good to go.

Pilates & Yoga Classes

Almost all of the yoga and Pilates studios now offer virtual courses and while you might need to acquire some equipment for Pilates, all you need for yoga is a suitable mat and one cushion. If you would like to locate a suitable Pilates or yoga class, it doesn’t need to be close to your home if it is a virtual course, so do bear that in mind. An online search is all it takes to bring up a list of fitness centres and most offer virtual services, so there’s no excuse for not staying fit and healthy.


This is another great platform for fitness routines and what’s more, they are free to view and if you subscribe, you will receive notifications when new content comes online. Whether you want a fitness routine for an elderly person, or you are a marathon runner who wishes to maintain their fitness and stamina, there are hundreds of video tutorials. Aerobic routines are many, as are yoga positions and specific muscle targeting, so whatever help you need, it is only a few clicks away. Here are a few sports remedies you might not be aware of, which might prove useful one day.

Private Zoom Calls

As you know, Zoom is free to download and use, so ask a few of your friends to join you in a virtual workout, all you do is open Zoom and create a meeting, then invite everyone. It is as simple as that and there are no charges, aside from your obvious Internet connection. If you have a friend who also works out, get in touch and arrange an evening session, which also gives you essential social contact, important during the lockdown. You can download Zoom here for free.

Physical exercise is a vital component for good health and well-being and even though we are on lockdown, it is still possible to stay fit and healthy. Decide what days and times work best for you and search online for virtual fitness course, of which there are many, and you can maintain good physical and mental health until we return to normal.

Surviving Remote Work Made Easy with Sharon Koifman

Surviving Remote Work Made Easy with Sharon Koifman

For some, remote work may seem like a new concept that they’re still adapting to. But some people chose remote work to fit their lifestyle way before the Pandemic hit the world. Either way, this is how most of us work today. So why not make the most of it? Sharon Koifman, CEO and Founder of DistantJob Remote Placement Agency, and author of Surviving Remote Work, shows us how.

Q. What is one lesson from Surviving Remote Work that everyone should know?

Pay attention to people’s mental health. When people go remote, they can disappear into a dark place. It’s up to both managers and fellow employees to catch each other as if they were in the office. It is the ethical things to do, and it will also help you with your bottom line

Find on Amazon

Q. If you could give Surviving Remote Work to one person in the entire world, who would it be?

Sergei Brin to reconsider the entire policy of uprooting people from where they are to join their headquarters.

Q. Have you had any bad experiences with a remote worker slacking off?

I have plenty of bad experiences with bad employees. I don’t associate it with remote. My worst experience was with a salesman hired; on the first week of training, I asked if he like our product, and his answer was, I just like the money. I like to think that I we failed in the interview even before we hired.

Q. What’s the silliest thing your kids have done that distracted you from work?

My kids like to enter my room randomly, and I refuse to put on a lock. I guess as frustrating as it is, I do enjoy the visit. Often, my older one likes to come, sit on my lap, take over my headset and have a conversation with whoever is on the other side. She is really cute and is a great communicator, so no one seems to mind. Unfortunately, or fortunately, this happened in the middle of a podcast interview, and she was wearing the cutest thing, and the interviewer just starting chatting with her during the podcast. She is really lucky she is so cute.

Sharon Koifman

Q. Tell us something about YOU that know one else knows.

I think that you know that I know that you know that I know, that this is probably not a reasonable question, considering that your friends and wife would kill me if you found something first from an online interview, but let me try to play along.  While most people assume I’m a big scotch drinker, my favorite drink is sake. 😊

Q. What’s the funniest thing to happen during a Zoom meeting?

I always find it amusing when I get stuck in a situation with horrible latency. Once in a blue moon, I get a 5 seconds delay, which brings the conversation to a different level of awkwardness. It a bit strange yet so amusing when you make a joke and don’t yet realize the massive latency. One time I chatted with a client where we had approximately 7 seconds latency. So you can imagine when I made a joke not yet realizing the horrible latency. The person on the other side just had a serious face, not even acknowledging I made a joke, making me think my sense of humor is completely off. Then 7 seconds later, that seemed like a lifetime in joke time, he starts cracking up for about a minute.  This was the most awkward comedy routine I have ever had.

Q. What do you love about remote working? What do you hate?

What their not to love? No traffic, seeing my family, no time-wasting, setting up my office the way I like.
The hate is a bit more challenging, but I feel I missed on the experience of going for a happy hour after work with your colleagues.

Rapid Fire Questions and Answers

Q. Morning person or night owl?


Q. Coffee or RedBull?


Q. Suit and Tie or Sweatshirt?

Suit no tie, in such disconnected times; it’s nice to feel like a professional

Q. Desktop or Laptop?


Q. Movie night with the Family or fun night out?

Fun night out

Q. The ability to fly or invisibility?


Q. Visiting the Ocean or camping by a lake?


Q. Eminem or Snoop Dog?

Do I sound like a snob if I don’t consider rap real music? I guess I would go with Eminem. He seems to rap faster.

Q. Selfie or Group Photo

Group  photo

Order a copy of Surviving Remote work on Amazon.

The Main Reasons to Use Search Engine Optimisation Services

The Main Reasons to Use Search Engine Optimisation Services

If you work in the marketing department of a big company, or even if you own a small business, then you should be aware that advertising provides an important function. Indeed, generating leads and sales is one of the most important elements of every business because sales provide the ability to create profit. If your business does not make a high amount of sales, then you will probably generate a very low amount of profit. However, if you can create a high number of leads and convert these leads into actual sales, then you can create a high level of profit for your company. Furthermore, you should also be aware that given most people around the world use mobile devices on a daily basis, you should think about using a variety of new platforms to target specific demographic groups of customers. In addition, is also imperative to understand that your online presence is dependent on the creation of an efficient and effective website, along with engaging content for your potential or existing customers. However, if you are unaware about how to go about the process of implementing a search engine optimisation strategy, then you should be aware that a number of companies are available to assist you.

A.           Contact a specific demographic group

One of the main reasons that you should think about using search engine optimisation is that you can target a specific demographic group of customers. Indeed, if you are looking for assistance with SEO services, then you should be aware of a number of agencies that can assist you, especially if you want to implement a consistent marketing campaign across a variety of different channels. This is especially pertinent if you want to identify potential customers and drive traffic to your website.

B.           Create high quality traffic

Another important tip that you should think about when using search engine optimisation services is how to generate quality traffic to your website while you could also use personalised marketing techniques. However, you should also be aware that you may need to optimise your website in order to create an appealing and engaging experience for any potential or existing customers. Moreover, you should also be aware to develop unique and original content which can engage a particular customer group.

C.           Improve the experience for your potential customers

Lastly, if you want to implement a successful online marketing campaign you will have to create a positive and engaging user experience. Indeed, regardless of whether your potential or existing customers are reading your content or browsing your website, you must create a high level of unique content, as well as an engaging experience for all visitors.

  • Contact a demographic group
  • Create high quality traffic to your website
  • Develop an engaging experience for potential or existing customers

Therefore, in conclusion, if you work in a marketing department or even if you are a small business owner who is looking to drive traffic to your website, you should think about implementing a search engine optimisation strategy as soon as possible because you could enjoy a number of benefits, especially reaching a specific demographic group and creating high quality traffic for your website.

21st Birthday Ideas for the Perfect Party

21st Birthday Ideas for the Perfect Party

This is the party you’ve been waiting for! Gone are the days of having to skip the fun nights out because you’re not old enough, or contemplating borrowing your older siblings ID. At 21, the world will be your oyster and you should have a party to celebrate this exciting milestone. Gather all your friends together and celebrate. Here are some awesome 21st birthday ideas for the perfect party.

Head to the Neighborhood Dive Bar
Dive bars can be a really fun place to party, especially cause there is always a mix of people there. They often have awesome drink specials, meaning that your money will go further there too. It can be a great place to either end or start the night. Be sure to drink responsibility, especially if you’ve not had much experience with alcohol. I always suggest trying to have a glass of water for every alcoholic drink I’m having and to make sure I have a good dinner first.

Do a Themed Party
Having a themed party can be a ton of fun. Why not get everyone to dress up? There are so many themes you can choose from, but a fun one is a Tiki party. You can get some Tiki related decorations, and even go as far to get beautiful personalized party invites that match your theme. You want your 21st bday invitation to stand out from the crowd, to get people excited about your party and to serve as a reminder of a special night together. Themed parties can be really fun, especially if you take the theme further and do themed food and drinks too!

Consider a Day Time Event
If drinking isn’t your thing, don’t worry, there is plenty you can do without focusing on the booze. Why not consider doing something during the day so that it gets rid of the pressure to drink. You could house a house party at home, perhaps a BBQ if the weather is nice. Get some fun games for people to play such as cornhole and giant Jenga. If you’re fine with people drinking, you can make it BYO booze and provide lunch and/or snacks. Definitely incorporate games so that your guests will be mixing and having a lot of fun together.

Plan a Weekend Away
Some of my favorite birthdays have been those I’ve spent away with friends. A longer trip allows you to create more memories together. Why not rent a house with a pool somewhere and take some floaties, for the perfect weekend away. You could also consider doing a trip around an activity, such as skiing, surfing, or even paddleboarding. Choosing something ‘active’ to do means that you’ll be focused on that during the day and then chilling and relaxing at night.

Your 21st birthday should be a special one that you remember for a long time to come. Hopefully these ideas will help you plan the perfect 21st birthday party!

Jack Plotkin, Former Goldman Sach Banker, on Value vs Growth Stocks

Jack Plotkin, Former Goldman Sach Banker, on Value vs Growth Stocks

Talking about investment styles almost always culminates in the age-old debate around growth or value, and which is the most profitable. Many analyses of investing approaches rest on the inherent duality – or perhaps dichotomy – between the two. Investment managers are often firm believers in one or the other and rarely a mix of both or somewhere in between. Jack Plotkin, a former investment banking strategist with Goldman Sachs, describes the differences between value and growth stocks and why one would choose one over the other.

Growth stocks are those that the investing public believes can outperform the market because of their potential for growth over a period of time. For that to happen, a company either has to have a product or a line of products that are expected to do well on the market, or it appears to be run better than their competitors. “It’s in the name,” says Plotkin. “Growth stocks are growing quickly, meaning the underlying companies are ramping up revenues, grabbing markets, innovating products. We see growth in rapidly evolving sectors, like cloud technology, digital entertainment, and biotech.”

Value stocks, on the other hand, are those that analysts feel have been undervalued by the market, being traded at the prices below their intrinsic worth based on fundamental ratios and benchmarks. Jack Plotkin, who worked at Goldman Sachs for nearly a decade, notes that those are usually larger, mature companies that either have a slow anticipated growth trajectory or have fallen out of favor. They may have reached critical mass or are part of a low growth industry. Still, value managers are ready to bet that the market has overestimated the severity of their setbacks and that they will bounce back. “Value stocks tend to be in sleepier industries, like utilities and consumer staples, and they tend to throw off a dividend,” says Plotkin. “Value stocks is what growth stocks typically turn into once their industry matures and settles down into more predictable financial patterns.”

Growth vs. Value; two sides of the same coin

Jack Plotkin notes that growth and value are two opposing poles of the investment world. Growth stocks generally have high price-to-earnings multiples because investors expect explosive growth moving forward and are willing to pay a premium for that anticipated growth. By contrast, value stocks have low price multiples that reflect their slower growth trajectories and that may be representative of an undervaluing by the broader market.

In addition, growth stocks are usually linked to higher volatility as they depend more on the overall health of the economy. “It’s like the tortoise and the hare,” says Plotkin. “The hare generates all that excitement, but the hare is unpredictable and therefore risky. That’s your growth stock. By contrast, the tortoise is slow and steady, it has done this a hundred times before and will do it a hundred times again. It’s not as fast, not as sexy, but it’s more of a sure thing. That’s a value stock.”

If an investor cares about stability, in terms of both appreciation and dividends, value stocks are a safer bet. That is why analysts tend to include value stocks in their best stocks to buy right now portfolios. “A growth stock can appreciate in six months as much as a value stock appreciates in six years,” says Plotkin. “But it can also lose more in six months than a value stock ever does. That’s your trade-off, in a nutshell.”

The performance difference

As far as comparative performance, growth stocks tend to do better during economic expansion while value stocks perform better during recessions. “Buy growth for the upside, value for the resilience,” says Plotkin. “Also consider your time horizon. Value does better over multiple decades, but growth can be a rocket over 5-year horizons if you time it well. But these are just rules of thumb. I can show you winners and losers in both value and growth over any time horizon.”

Jack Plotkin Goldman

In recent times, growth has outperformed value. Over the first half of 2020, Morningstar U.S. Growth and U.S. Value indices have had contrasting returns, namely a 14.9% gain versus a 18.5% decline. This highlights a paradigm shift, whereby a pandemic-induced crisis upended conventional wisdom as growth stocks, powered by tech giants who had little or no issues with lockdowns, easily shook off the March losses. Value stocks, on the other hand, took a fall as many traditional industries sharply declined as a result of the virus. Even over longer terms, growth stocks have been doing better even over a longer term. One study, conducted over the last 25 years by UK-based Brewin Dolphin, has shown growth beating value by a 1,072 to 624 score in terms of percentage return.

“The problem with historical analyses is that they are not always the best predictor of future returns,” says Plotkin. “Growth has outperformed value over the last couple decades, in part because you had two massive bull markets and tech booms, first with the internet and then again with mobile. Moving forward we may well be staring into the teeth of a protracted downturn and value might do better than expected.”

Jack Plotkin and the bottom line

In general, investors tend to be drawn toward either value or growth. Some people like the risk and thrill of trying to pick the next star in an emerging industry while others prefer the certainty of steady growth and consistent dividends. “The most accomplished investors know how to pair growth and value strategies for a balanced portfolio and strong returns across the range of market conditions,” says Plotkin. “It’s the equivalent of being ambidextrous. Regardless of the volley the market sends your way, you can take it on either the backhand or the forehand.”

5 reasons why you shouldn’t be a sole proprietorship

5 reasons why you shouldn’t be a sole proprietorship

If you’re a sole proprietor, or someone thinking of becoming one, here’s five reasons for why we think forming a sole proprietorship may not be the best structure for you.

If you’re a sole proprietor, or someone thinking of becoming one, here’s five reasons for why we think forming a sole proprietorship may not be the best structure for you.

Unlimited liability

Sole proprietorships are a type of business structure that is not considered to be legally separate from their owners. This implies that you conduct business under your own name, if you do not have a “doing business as” name (DBA), and that you are entitled to your business’ entire profits. However, as the owner, you will also be held personally liable for the debts and losses of your business. In essence, because you and your sole proprietorship are considered one and the same legal entity, you risk the seizure of your personal financial and physical assets, in the event your business is sued and found legally liable or you default on your business debts. A sole proprietorship does not provide protection for your personal assets.

Sole proprietorships offer no tax benefits

As a sole proprietor, the profits of your business is only taxed once you report your sole proprietorship’s total profit (and your income) on your personal tax return. Yet, as a sole proprietor you are also technically self-employed, which means you also are required to pay self-employment tax alongside your income tax each year. Self-employment tax is a tax imposed on small business owners by the federal government, self-employment tax consists of two parts, the first is Social Security tax and the other is Medicare taxes. To find out more about employment taxes and why you are required to pay them, you have visit the site of the Internal Revenue Service (IRS) website for more information. 

Less credibility and branding potential 

Because you will be conducting business under you own name, you would have to invoice and receive payments, open bank accounts and market your business in your own name; this decreases your credibility as a formal business and creditors may only be satisfied to make a business deal with your personal assets as collateral if they deem your business assets are insufficient. Banks and other financial institutions may also be less than eager to grant you a financial loan due to the high turnover rates of sole proprietorship generally speaking. As a sole proprietor, you will have less credibility, than an incorporated business, and you will also have less opportunities to market your business as a “brand” if you are conducting business under your own name instead of a DBA name. 

Limited business continuity and potential growth 

How much your sole proprietorship will grow once you have formed it is really dependent on you as an owner. If you happen to pass away, or decide you are no longer interested in running your business, your business will cease to exist. In other words, the continuity of your sole proprietorship is dependent on you being invested in conducting business, the continuity of your business will stop if you depart from your business. The same can be said of the other side of the coin. If your business becomes increasingly profitable and therefore has more risks (financial and personal) associated with it, the need to incorporate your business will also increase. By incorporating, or rather by converting your business into a formal business structure, from a sole proprietorship, you will be able to avoid most of the risks that come with unlimited liability. This is something to think of if your business is getting more and more profitable. 

Difficulty of raising financial capital 

As a sole proprietor, you may also find it very difficult to raise capital or gain access to resources outside your business deals and transactions. One option you can use is to use your own finances to fund your sole proprietorship until it is operational and profitable. But if you, like many others, have limited financial resources to invest into your sole proprietorship, then your next best option is a bank loan, and we have already mentioned the difficulties of getting a bank loan as a sole proprietor, or your other option is debt financing. Debt financing is when you, as an owner, offer a percentage of your business to an outside party in exchange for capital. In all these cases, gaining access to capital and other resources is not easily done and should be thought out before any transactions are made. 

We have just listed the reasons why you should not consider opening a sole proprietorship, however these reasons should not stop you from acting on your business idea. If you want to know more about how you can form your business, visit TRUiC’s site and get the assistance you need to start conducting business today.

Various Ways That you Can Make a Living Online

Various Ways That you Can Make a Living Online

There are many people in the UK who have quit their 9-5 job and now they enjoy the many benefits that come with working online, and if you would like to join them, there are numerous ways that you could make a living online. The many benefits include working when you want, for the duration you want, and from any location, as all you need is a computer and an Internet connection, and with that in mind, here are a few of the ways that you can earn your living online.

  • Teaching English Online – You may not be aware that there is currently a huge demand for English online learning, especially in Asian countries like China, Thailand and other Southeast Asian nations. Don’t worry if you have no teaching experience, as long as you are a native English speaker, you can easily learn how to teach online. Search online for language institutions that offer distance language learning and they would be happy to hire you. Your classes would be in keeping with the student’s location, which might mean having to work at night or in the late evenings, and the language school would pay you a rate for every hour that you teach.
  • Set Up an E-Commerce Website – There has never been a better time to get into e-commerce, as many consumers turn to online shopping, due to the current Covid-19 pandemic. If you choose your products carefully and invest in digital marketing from Move Ahead Media, there’s no reason why your e-store won’t be successful. You will need to outsource your IT needs to a web developer, who would design, create and manage your website, while also providing essential cyber-security. Start by doing some market research to determine a good line of products, then develop your business plan and calculate the amount of money needed to launch the business, and if you need extra capital, take out a short-term business loan which you can repay during the first 12 months. If you are looking for a home loan, here are some tips to save you a little money.
  • Web Content Writer – If you like to write, you can become an online web content writer for one of the many content providers, and with a little training, you can write articles on a wide range of topics. The agency would ask you every morning if you are up for work and they would send you an agreed number of blogs at an agreed rate per word, and you can work as much, or as little as you please. Like most things, the more you apply yourself, the more competent you become and when you have reached a high standard, you can command a high rate for sales copy. Of course, you will need a computer and a stable Internet connection, plus you can use Google as a research tool when working on projects. Click here for UK government updates on Covid-19.

Of course, there are a lot of people in the UK who are looking for employment, but if you possess the skills to do any of the above, then you can live the dream life that goes with working as a freelance operator.

Making Sense Of Mortgages: How To Evaluate Your Loan Offer

Making Sense Of Mortgages: How To Evaluate Your Loan Offer

Buying a home is an exciting undertaking, but it can also be immensely overwhelming, especially if it’s your first time going through the process. In particular, applying for – and interpreting – a mortgage can be intimidating, not least of all because it can feel like a referendum on your financial success. You hand over information on your savings, investments, earnings and assets, and then the banks offer up a decision. But how do you know if it’s a good offer?

If you’re trying to make sense of the home loan you’ve been offered, there are a number of factors you’ll want to look at. By honing in on these 3 elements, you can get a sense of whether this offer will put you on the path to successful home ownership, or drive you into debt.

Loan Total

When you receive your mortgage offer, two numbers carry the most importance – the loan total and the interest rate, the first of which is fairly easy to make sense of. You’ll need a loan that covers at least the cost of the property less your down payment. If you’re purchasing a home in a competitive area, this may be a substantial loan all on its own. On the other hand, if you’re purchasing a fixer upper in a less expensive part of town, you might not need as large of a base loan, but you might want to tack on some extra funds for repairs.

Reading The Rate

After the total loan, the other important number on your mortgage is the interest rate. Recently, the market has been flooded with ultra-low interest rate loans in response to the global financial crisis. This is, at least in theory, good news for borrowers since it could minimize how much they pay in interest over the long-term. The only applies if that low-rate is attached to a fixed-rate loan, though. Otherwise, you could end up with a different loan rate down the line.

Comparison Strategies

The mortgage total and interest rate are both critical to deciding whether a particular mortgage offer is right for you, but they aren’t the only factors. To get a better sense of your loan options, you may want to apply for a mortgage online where you can more easily compare different loans side-by-side. This kind of comparison is critical because, though you can easily compare the total loan amount and interest rate without any special tools, it can be harder to capture details like monthly or annual fees across multiple documents. Online comparison sites distill this information, which can help you make sense of all the details.

When considering a mortgage, the initial numbers are critical. You want a loan with favorable terms so that, for example, if interest rates hit an upward trend for a few years, you aren’t stuck with a terrible loan that you wish you could refinance. Though refinancing your mortgage may be an option down the line, you don’t want to put yourself in a position where refinancing feels like your only option. Refinancing should be an upgrade, not a financial survival tactic – and when you know how to evaluate your mortgage from the start, it will be.

What U.S. states charge the most and least sales tax?

What U.S. states charge the most and least sales tax?

Sales tax is tax that is paid to a governing body, for the sales of certain goods and services. It is collected by a retailer when the final sale in the supply chain happens, with only the end consumers paying the tax most of the time (businesses get resale certificates for any in-between stages).

Sales tax makes everything anyone buys a little more expensive, and it’s not just state sales taxes you need to keep in mind when looking at which states have the most or least. Some counties and cities also charge sales tax, which needs to be added on to find the overall amount. Some states have cut out sales tax entirely.

Lowest sales tax states

There are 5 states that do not have any statewide sales taxes, being:

  • Alaska
  • Delaware
  • Montana
  • New Hampshire
  • Oregon

While these states don’t charge any state sales tax, Alaska does allow localities to charge local sales taxes, but the average state rate is still relatively low – at 1.76%. 

Rounding up the top 11 states with the lowest tax rates, all under 5%, are:

  • Colorado
  • Wyoming 
  • Alabama
  • Georgia
  • Hawaii
  • New York

Colorado has a 2.9% state tax, while all the rest are joint at 4% state sales tax.

States with the highest sales tax

In some cases, these rates get so high that shoppers will go out of their way and drive across state lines in order to shop somewhere with lower sales tax rates:

  • California: 7.25%
  • Indiana: 7%
  • Mississippi: 7%
  • Rhode Island: 7%
  • Tennessee: 7%
  • Minnesota: 6.875%
  • Nevada: 6.85%

What items get taxed?

Most states exempt essential household items, such as food, clothing and prescription items, from being taxed, to be fair to all citizens. But, many states have taxes for certain purchases such as tobacco, alcohol, beverages and gasoline. Taxes on tobacco and alcohol, as well as gambling, are often referred to as sin taxes. New Hampshire charges a hefty amount on tobacco products – a pack of 20 cigarettes equates to an extra $1.78, and a pack of 25 cigarettes is an extra $2.23. Wyoming is great for sin taxes, though – with the lowest beer tax in the whole of the U.S., at half a cent per litre.

Local state sales taxes

Thirty eight states allow local counties and cities to impose their own additional sales taxes. While California does have the overall highest states sales tax rate, the combined state and local sales tax rates for Tennessee reaches 9.53% in some areas: the highest combined rate in the country, which is why it’s so important to look at sales tax rates overall, and not just state sales tax, although those do give you a good idea of which states have lower and higher sales taxes. Not far behind are the following, as of 2020:

  • Arkansas: 9.47%
  • Louisiana: 9.52%
  • Alabama: 9.22%
  • Washington: 9.21%
  • New York 8.875%

Don’t base decisions solely on sales taxes

Many people only look at certain taxes when considering where they would like to relocate to, or live in retirement. If you’re looking at state and local sales taxes, while it is true that they can take a bit out of your income, often the states with lower sales tax rates have other ways of taking money from individuals. States with lower sales tax can have very high income tax rates, and this is the case with Oregon. On the other hand, Tennessee has the highest state sales tax but no wage income tax, so it depends on you personally.

TRUiC has a useful sales tax calculator to help you work out taxes. Visit this site for more.

What can happen if you don’t have an EIN?

What can happen if you don’t have an EIN?

What is an EIN?

An Employer Identification Number (EIN) is a nine-digit number assigned to businesses by the IRS. It is used to identify taxpayers who need to file tax returns. Though the primary reason for getting an EIN for many people is for tax purposes, it can help you to do so much else. For your business, an EIN is just as important as having an SSN for yourself. 

To learn more on ‘what is an EIN’ and how to get one, visit TRUiC’s site; they have a range of useful information.

Do I need an EIN?

For some businesses, an EIN is a tax requirement. If you don’t get it, you are endangering your business and could face hefty fines, which could even end up impacting your personal life. If you fall into any of these categories, you’ll need to get an EIN:

  • You have employees
  • You’re a corporation/LLC taxed as a corporation
  • You’re a multi-member LLC
  • You bought or inherited your business
  • You have a Keogh plan
  • You need to file for bankruptcy

Even if you don’t meet any of the above descriptions, there are good reasons to get one anyway. In fact, you could face many disadvantages from not getting an EIN. And the good thing about getting an EIN is that it’s completely free anyway.

Tax penalties

If you don’t get an EIN and you’re required to, as mentioned above, you could face tax penalties. It’s a good idea to do your research beforehand, and not wait until the last few days – the IRS can take up to five weeks to give you an EIN. 

Furthermore, if you don’t have an  EIN, for certain types of tax deductions, such as home office deductions for businesses, your chances of an IRS audit decrease if you have an EIN. 

Identity theft

If you don’t have an EIN, you will be more susceptible to identity theft. An EIN separates your personal finances from your business finances. If you have an EIN, you won’t need to provide your own SSN to clients or vendors – instead you can give them your EIN. This means your SSN stays more private, lowering chances of a thief stealing it and getting access to your possessions. The problem of stolen SSNs affects millions of people every year in the U.S.

Loss of potential customers and business

For many small businesses the loss of even one potential customer can make a huge difference to a business. Having that customer could even be the difference between whether or not the business goes under. 

You might be thinking, how does having an EIN affect this? Well, having an EIN gives your business a sense of credibility, and signifies that you have a serious business going on – not just some side gig. Sometimes having just an SSN can even make business owners seem as though they are not really official, and can quit at any time. Having an EIN tells customers, as well as yourself, that you are doing serious business – more than just a hobby, especially if you’re a sole proprietor doing something like freelance writing. 

Piercing the corporate veil

A corporate veil is a legal concept that metaphorically symbolises the distinction between the company you have, as a separate legal entity, and the shareholders who own shares in the company. If you have a business in which the business is a separate legal entity – for instance an LLC or a corporation, not having an EIN could mean you end up piercing the corporate veil. This means that the shareholders, rather than the company, are liable for anything the company does. So, your limited liability instantly vanishes. Having an EIN is a great way to prevent this. This means you can open a business bank account and also build up business credit and take out business loans. The key word here is business – even filing business taxes is easier when all spending is in one place. If both finances are in one place, you can easily confuse the two and lose limited liability.