There’s a fine line between pessimism and paranoia, but it’s always a good idea to be prepared for the worst. With the way the economy has been, this is especially true when it comes to your finances.

So without going overboard about it, we all need a financial back-up plan. Here are some tips from DailyFinance.com that can help you be more secure in these unsure times.

1. Invest in yourself — Job security is all about making yourself a clear asset to your company. Even if you’re not an entrepreneur, think of yourself as the individual seller of a unique service: your labor. Just in case, you still might want to have an idea of other jobs you could pursue if worst came to worst.

2. Prioritize your expenses — Many of the things we think we need, we really don’t need. Look at your budget and ask yourself critical questions: “Do I really need to go out to eat? Do I really need new clothes this month? How much do I actually watch cable TV?” If you have a lot of expenses you don’t need, it may be a good idea to get rid of it.

3. Put your home to work — If you’re a homeowner, chances are your mortgage is your biggest expense, but your home is your biggest asset. Make this work for you in terms of equity, and live below your means.

4. Sell what you don’t need — A lot of people have items in their homes that they don’t need, and most of the time, you can turn those items into money. If all they’re doing is taking up space, the money is probably worth more to you.

5. Know where your money will come from — Make sure you know what investments your money is going into. From there, prioritize where you would take money from in case of an emergency. Some investments penalize you for pulling funds, and you want to save those for last.

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There are a lot of ways to consolidate debt, but not all of them are good. This infographic explains some of the things you want to keep in mind when you’re trying to get out of debt.

 

Here’s the second and final part of our series on tax scams. To read the first part, click here.

7. Filling false forms — There are a lot of extra forms you can fill out  for credits and deductions, but they usually only apply to a small group of eligible people. If you’re caught filling such forms with false information, the penalties could be huge.

8. Picking a bone with the IRS — At this point, the IRS has seen just about everything. They’re very used to people arguing with their policies and taking them to court after trying to find loopholes. If you try this and it’s not for a good reason, chances are it’s not going to end well for you.

9. Falsely claiming zero wages — Money people think it’s easy enough to lie about their amount of taxable income, but it’s quite easy for the IRS to catch.

10. Exaggerating charitable donations — Instead of claiming to have less taxable income, some people take a different approach and lie about how much money they’ve given to charity. The IRS is on the watch for donations that seem suspiciously high, so unless it’s real and you have the documentation to back it up, don’t try it.

11. Disguising corporate ownership — Some people are committing tax fraud by not reporting entire businesses. This often happens when the owner uses a third party with its employer identification number, and it’s illegal.

12. Misuse of trusts — Don’t listen to anyone who tries to convince you to lower your taxable income by transferring money to a trust. This is an improper use of trusts and the IRS is aware of people doing it.

For more updates on taxes and finance, be sure to follow us on Facebook and Twitter!

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Every year, taxpayers find new ways to cheat the system– but they may also be trying to cheat you. The IRS is trying hard to catch anyone guilty of these activities, but it’s good to be aware of them so you don’t become a victim.

1. Identity theft — When people think of identity theft, they usually associate the term with bank accounts and credit cards. However, tax fraud is another thing scammers will use your information for. Last year, the IRS stopped over $1.4 billion  from going to identity thieves.

2. Phishing — Scammers have come up with clever ways to get people’s personal information. If you get any suspicious looking messages or offers, don’t open them, and definitely don’t give them the information they ask for.

3. Sketchy tax preparers — It’s difficult to know who to trust with your tax information. All paid preparers are required to have a Preparer Tax Identification Number, so make sure you preparer includes this. Also, make sure you get a copy of your return, and don’t trust anyone who charges a percentage of your refund as a fee.

4. Hiding income offshore — This one either applies to you, or it doesn’t. It’s not a scam, but it’s something the IRS is looking at closely. If you have a hidden offshore account of any kind, the IRS is reducing penalties if you come forward.

5. No such thing as “Free Money” — A lot of scammers are advertising that they can get taxpayers large refunds with little to no documentation. If it sounds too good to be true, it probably is– don’t follow any of these offers.

6. Inflating income and expenses — People try to claim income or expenses that they didn’t actually have all the time, but it’s better not to take the risk. If you get caught, the penalties will be far greater than the money you would have made.

Check back tomorrow for part two of the series, and be sure to follow us on Facebook and Twitter!

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Recently, we’ve been honored with a number of testimonials from our wonderful customers. We’re extremely grateful to have the opportunity to do business with such generous people, and it’s great to hear that the feeling is mutual. Here’s a testimonial we got earlier this week:

To whom it may concern:

Recently I took advantage of a financing offer from US Capital in order to expand my Laundromat. I had previously worked with two other financiers that specialized in financing of laundry equipment.

I could not let the experience with US Capital go unnoticed to my colleagues. In my many years in business I have not encountered such caring, personable, professional and friendly service as I did from this company and especially from Kirk Stone and Susanne Leopold! They wowed me with how they handled our request and had the loan approved in less than twenty four hours!

I regret not having heard about this company earlier and would recommend them to anyone looking for a loan.

Bravo! Thank you US Capital.

-Laundromat Owner, Western New York

If you have financing or leasing needs, call us at 866-590-8506. We look forward to hearing from you!

This is the second and final part on our series about counterfeit goods in the Unites States. If you’d like to read part one, where we discuss the top five most common counterfeit goods, click here.

6. Perfume – Counterfeit perfume can be a dangerous thing, because more effort is put into copying the packaging and bottles than the perfume itself. This can not only cause the scent to be way off, but it means that anything could be in that bottle– things you probably don’t want touching your skin.

7. Watches – People have been making fake watches for a long time, but new technology has made it so counterfeiters can make them look surprisingly close to the real thing. Be sure to look closely at the box, certificate, and serial numbers.

8. Cigarettes – The chemicals used in counterfeit cigarettes are often even worse than the real thing. Also, they don’t have the controlled burn that real cigarettes have, so they’re an even larger fire hazard.

9. Computer Hardware – These may be easy for some counterfeiters as far as looks are concerned, but you’ll be able to tell right away if your motherboard or modem doesn’t work. Another tell-tale sign is the documents and instructions they come with — these are rarely done well.

10. Toys and Games – This category covers everything from video games, to stuffed animals, and even Legos. Since the manufacturing of these products isn’t regulated, there’s a higher chance that they could be hazardous to children.

Thanks for reading! Be sure to follow us on Twitter and Facebook.

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According to CNN Money, over 25,000 shipments of counterfeit goods were being shipped into the country last year. All these shipments totaled to a whopping $178.9 million. Here are the first five most common counterfeit goods, and some ways to avoid being tricked into buying them:

1. Electronics – This category is as broad as it sounds. Everything from music players, smart phones, and even headphones are falsely sold under popular brand names. The best way to avoid this is to only buy the brand’s products from authorized sellers.

2. Shoes – Counterfeit shoes can also come in all brands and styles. Whether it’s athletic shoes or dressy high-heels, no shoe is off limits. Once again, it’s recommended to only buy from trusted outlets, but if you’re a connoisseur, you might be able to tell just from trying it on.

3. Drugs – With the high price of pharmaceuticals in the United States, some people are turning to cheaper, online ordering. Many of these counterfeits contain ingredients that could do even more damage than the malady they’re supposed to cure.

4. CDs and DVDs – Since movies, music, and software can be copied digitally, it can easily be transferred to a disc. From there, the packaging can look stunningly close to the real thing. These counterfeits are usually new releases, so be particularly wary of ordering new products online.

5. Clothing – Counterfeit clothing is often made in foreign countries, and they do a good job of making them look like the original. Logos are easy enough to replicate, but where the counterfeiters usually have trouble is not being able to match the feel of the clothing, since they use cheaper material.

Be sure to come back later this week when we post part two, or see it on Twitter and Facebook.

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Very few people actually enjoy tax season, but that doesn’t mean you should rush the process. This year, taxes are due on April 17th instead of the standard April 15th, due to a holiday. We recommend using these extra two days to get the most out of your tax return.

According to CBS News, there are eighteen credits and deductions to keep an eye out for. It’s unlikely that all of them will apply to you, but as long as you’ve got two more days to work on your taxes, these are worth learning more about:

1. IRA/Roth Conversion
2. Roth IRA Conversion
3. Itemized deductions and personal exemptions
4. Child Tax Credit
5. Earned Income Tax Credit
6. Child and Dependent Care Credit
7. Retirement Savings Contribution Credit
8. Energy and Appliance Tax Credit
9. The American Opportunity Tax Credit
10. Lifetime Learning Credit
11. Tuition and Fees Deduction
12. Miscellaneous deductions
13. Sales tax
14. Medical expenses
15. Mileage
16. Mortgage insurance deduction
17. Enhanced adoption credits
18. Classroom deduction for teachers

Ron Hirsch, President of Direct Machinery, recently shared this testimonial about his company’s experience with United States Capital Corporation:

We are very pleased with the finance partnership we share with US Capital Corporation. We have found their service to be dependable, creative and quick! Their ability to work with each customer and assistance in closing additional sales is appreciated.

The whole team at Direct Machinery truly appreciates the great cooperation and follow- through experienced with all of our finance opportunities.  Laura Bentley in particular has gone to great measures to get all of the information from the customer that is required.  She has made what for us has been typically difficult information for us to obtain an easy and quick process.

US Capital has the same philosophy in customized service that Direct Machinery prides itself on great personalized service!

Ron Hirsch, President

Direct Machinery

Hicksville, NY

Thank you for the kind words, Ron — we look forward to doing business with you in the future!

For many, “taxes” is a dirty word. Even if you’ll get a hefty amount back in your return, the hassle itself is reason enough to put it off until the last minute.

According to U.S. News, that may not be the wisest choice. Having the initiative to file early comes with several benefits:

1. Save money — If you end up owing money, you’ll want to know about it as soon as possible. Filing early will give you the maximum amount of time to budget and plan out how you’ll pay your debt. On the other hand, if you end up getting a refund, you can use it to pay off loans and other debt. This will lower the net amount of interest you pay.

2. Reduce stress — Doing your taxes is one of those tasks that weighs on your conscience until it’s done. If you wait too long, you’ll be more stressed and hurried to get it done, and more likely to make a mistake.

3. Good help is easier to find — The best accountants and tax professionals get taken fast. If you file early, your chances of finding the best help is much higher.

4. Receive your refund faster — In #1, we mentioned the benefits of getting your refund sooner, but if you file early you’ll also get it faster. The wait time for getting your refund is lower the earlier you file, because the IRS isn’t swamped with other filers.

5. Give yourself a grace period — You can never accurately guess how long it will take to file your taxes. Maybe something will happen in your life that demands your immediate attention, or maybe you’ll spend a week looking for a document that you didn’t know you’d need. Things happen, and it’s best to be prepared for the worst.

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