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Making the Most of Fringe Benefits for Business Owners

Fringe Benefits

A fat paycheck isn’t the only way to take money out of your company and it’s not always the most sensible tax-wise. Fringe benefits often accomplish more in the way of tax savings. Review these possibilities with your tax adviser: For Company Owners Loophole: Have your company buy a hefty group term life insurance policy on your life. The premiums will be fully deductible by the company as long as the plan coverage does not discriminate against lower-income employees. Through a quirk in the tax law, this strategy creates tax savings for you. How it works: Say your company pays the premium on a $1 million insurance policy on your…

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What are Tariffs? How are We Personally Affected?

What are tariffs

Tariffs – Is A Trade War Upon The World? The trade dispute that is occurring between the United States and its allies is intensifying. Tariffs from the EU (European Union) could make all types of American goods more expensive all over Europe. For example, you could see a higher price for a bottle of American whiskey, a new pair of American blue jeans, or even for those who love to ride Harley Davidson motorcycles and are looking for a new “hog” to ride.   Conversely, in the United States, manufactures of goods which use steel and aluminum, such as automobiles, will have to pay more to import them. It is doubtful…

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The US Tax Bill: Who Are The Winners and Losers?

Trump Passes Tax Bill

According to the 45th US President Donald Trump, “We want to give you, the American people, a giant tax cut for Christmas.” Christmas. A time for giving to others. And American companies are set to receive a rather large present this year. The tax in which they pay their government is set to be reduced from 35% to 21%. That’s a big savings. Can we go as far as saying it is HUGE?!?! And that in turn, Trump’s administration is hoping, will mean presents for everyone. Trickle Down Economics or Voodoo Economics? The logic is that the money these companies save will be invested in American and that will mean more…

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Black Friday Insider Secrets & Hacks From Employees

Black Friday Hacks Secrets

When it comes to holiday shopping and getting deals, nothing gets people revved up quite like Black Friday. Being from Europe, we find it fascinating that Americans trample each other the day after giving thanks for all they have. But what started it all? And why is it called Black Friday anyway? The phrase “ Black Friday ” was actually coined by the Philadelphia police force in the 1950s. Merchants wanted to take advantage of the out-of-towners coming in for the annual Army-Navy football game. Fearing that if they waited until Sunday to have the sale, many travelers would leave so they could be back at work on Monday morning, so they…

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How The Economic Machine Really Works

How The Economic Machine Really Works

Narrator Ray Dalio shares his economic template which covers: 1. Productivity Growth 2. Short-Term Debt Cycle 3. Long-Term Debt Cycle Transactions are the building blocks of the economy. You take part in numerous transactions every day; it’s what we do. Basically, if you understand transactions, you can understand the entire economy. What is a Market? It consists of all the buyers and all of the sellers making transactions for the same types of things. For example, there is a Wheat Market, a Car Market, a Software Market, etc. The economy is the sum of all the transactions from all of the markets. It is money and credit exchanged for goods…

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Revival of Sugar Production Would Create 5,000 Jobs Study

The Irish Sugar Beet Bio-Refinery Group has released a feasibility study into the establishment of a bio-refinery plant which it says would create 5,000 jobs and eliminate imports of up to €200m a year. The integrated plant for the production of sugar and ethanol from sugar beet and grain would be located on a new site in the south east, at the centre of the sugar beet growing region. It would cost €350m to build of which around €200m would be spent on Irish services, equipment and expertise. According to the study, the plant could be built within two years of EU approval being granted for the revival of sugar…

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Global economic data better than sentiment – BoI report

Bank of Ireland appoints

Investor and consumer sentiment are at odds with the facts regarding global economic growth, according to Bank of Ireland’s latest analysis of the Irish and international markets. Author of the monthly Bulletin, Bank of Ireland chief executive Dr Dan McLaughlin, noted that the global economy slowed in the first half of 2011, with annual growth estimated at 3.8pc in the second quarter from 4.4pc in Q1 and over 5pc in 2010. He said the limited data available for the third quarter implies a similar pace to Q2, but that investor sentiment reflects a concern that the pace of expansion has slowed more sharply. McLaughlin said the rhetoric and actions of…

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ESRI expecting lower Irish debt levels

The decision to reduce interest rates on EU borrowing, agreed by the EU Council on 21 July, means that Ireland’s public debt levels will be substantially lower than previously estimated, according to a new article from the ESRI. In coming up with the new figures, John Fitzerald and Ide Kearney, authors of ‘Irish Government Debt And Implied Debt Dynamics: 2011 – 2015’, said they make very conservative assumptions on the interest rates available after 2013, “which could well be significantly lower than we have assumed, with consequential beneficial effects on debt sustainability”. The article estimates that the net debt to GDP ratio will peak at between 100pc and 105pc of…

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Minister proposes changes to JLCs

Weak start to year, but signs of renewed economic momentum

The mechanisms for setting wages for up to 190,000 workers in the services sector may be changed following proposals by the Minister for Jobs, Enterprise & Innovation. Richard Bruton said the measures he had planned would make the system fairer for the lower paid workers who work across various sectors. They include restaurant staff, hairdressers, contract cleaners and other services employees. Last month, a High Court ruling found that the JLC system was “unconstitutional” so Bruton said there was an urgent need to reform the area. The Minister said the new system proposed would help job creation but added that the rate of pay of current workers would not be…

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Moody’s Downgrades Ireland’s Rating to Junk, Warns of Second Bailout

Moody’s has downgraded Ireland’s rating to junk status. Last night, the credit rating agency said it downgraded Ireland’s government debt one notch from Baa3 to Ba1. The outlook on the ratings remains negative, which means a further downgrade is still possible. The move came as a blow just hours after Ireland was optimistic that Europe had taken moves which would help it out of the financial crisis. Moody’s said it decided to downgrade the debt because of the growing possibility that a second round of financing by the EU and IMF will be needed at the end of 2013. The agency said it is possible that Ireland will not be…

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