Former Pennsylvania state senator Vincent Fumo was sentenced to 55 months in prison for corruption charges stemming from misappropriating millions of dollars of taxpayer money from the coffers of the state senate and two nonprofit organizations. 20 years was the sentence recommended by the prosecutors of the case or at the least 10 years in prison. The sentence of 55 months actually calculates into just over 4.5 years in prison.
Fumo was convicted on all 137 counts brought against him by the jurors but the judge presiding over the case, Ronald Buckwalter, decided that a 55 month sentence would be sufficient enough for what Fumo did while serving as senator in the state of Pennsylvania. The federal prosecutors that worked so feverishly on the case will ask the Justice Department if they can appeal the ruling handed down by Buckwalter because they are so furious over the ruling.
Fumo’s co-defendant, Ruth Arnao, will be sentenced next Tuesday and the U.S. Attorney’s office will wait until then to file an appeal on Fumo’s sentencing. The U.S. Attorney’s office has only 30 days to file their appeal. The prosecutors working on the Fumo case called his sentencing “unduly lenient and unreasonable.” The prosecutors also cite this past week’s outpouring of support for Fumo, which might have led the judge presiding over the case to hand down a sentence lower than what should have been assigned to the former state senator.
Many people in the city of Philadelphia, where the trial was taking place, are sick of hearing about this case because the taxpayer’s money is being wasted on a criminal that is not violent or dangerous to society. Instead, they would rather have their tax money put to better use, for protecting the streets of the city.
Owning a successful business is difficult to do but it can be done and it has been done in the past. What are the tricks of owning a successful business? Well, for starters, the owner must put in a ton of their own time and money to make the business successful. If time and money is not put into the business then it won’t last long at all. Take a look at the Jersey Shore. Businesses come and go each summer but the ones that have lasted the longest are the ones that have received the most effort from their owners.
Another secret to successfully running a business is to treat your employees with as much respect as possible. If you keep your employees happy while at work they will perform well and won’t turn their back on the company. Being loyal to employees, which includes giving them raises when deserved, will help the business in the long run. All businesses that are based on customer service continue to be successful because their employees are happy with their job.
Another secret to successfully running a business is to make sure that the owner and the employees know that the customer is always right when it comes to customer service. Never argue with a customer about price, availability, or any other product problem. Arguing with a customer will get the business nowhere. It will cost the business a customer, which doesn’t seem too important at the time but customers talk to each other and bad word of mouth marketing can kill a business.
If you own your own business or work for yourself then you are required by federal and state laws to pay estimated quarterly taxes to the government of the United States. Estimated quarterly taxes can be figured out with the help of a business attorney or an accountant. Basically, they will need you to provide how much money you have made so far (you really should be honest here), and then they will figure in Social Security tax and other tax to determine how much you must send to the Internal Revenue Service.
Quarterly taxes are due on January 15, April 15, June 15 and September 15 of each fiscal year. If they are not paid by the 15th or postmarked by the 15th then the person paying the estimated quarterly taxes can be suspect to penalties. These penalties are usually 10 percent of the entire quarterly tax amount due to the IRS. Sometimes the IRS will not penalize the person paying the taxes as long as they are paid in full by the end of the fiscal year or the next April 15th with their tax return.
Paying estimated quarterly taxes helps businesses and self employed people in the area of their wallet. Sending in a miniscule estimated payment every couple of months is easier on the wallet then sending in the tax payment all at once on April 15th each year. This way, the business owner or the self employed person will be able to put more money away for profit and not have to save thousands of dollars in a separate account when tax time rolls around.
In these tough economic times many people are struggling with staying out of financial trouble because of limited funds and too many bills needing to be paid. Avoiding financial troubles doesn’t just pertain to a bad economy because people can fall into trouble even when the economy is roaring. But right now is the worst time to fall into financial trouble because of the unsteady job market and economy in general.
Our first tip is to pay off credit card bills when they are due and not to pay the minimum. If you pay the minimum of the bill then the remaining balance will be subject to interest. This is what gets people into trouble in the first place. Pay off the credit card bill in full when the money is due and problems will be avoided.
The second tip we have to offer deals with compulsive shopping or buying. Being a compulsive buyer or shopper means that you spend money on items you do not need for everyday living like soap and toilet paper. Removing any bad shopping habits like being a compulsive buyer can help people avoid financial troubles. Stop spending money on items that are not needed on a daily basis and life will get easier.
The third and final tip we are going to offer today is to acquire medical insurance if you are not already medically insured. Why? Paying for a hospital visit out of pocket can cost thousands of dollars and ruin a person’s financial accounts. Spending roughly $150-$250 per month on medical insurance is better than spending $5,000 at one shot for a hospital visit because you are uninsured.
Buying a home, no matter how large or small, can be an expensive venture for anyone at any stage of their life but it can be especially difficult for a first-time home buyer in this economy. What type of home should I buy? What type of home can I afford? Where should I live? How much in yearly property taxes can I afford? All of these questions are tough to answer and can only be answered by the person purchasing the home. There are some advantages for first-time home buyers in this economy that will be outlined in this article.
For starters, first-time home buyers are provided with an $8,000 tax credit from the government for the purchase of their first home. Now, the buyer can use $5,000 of that tax credit towards closing costs, another added benefit of purchasing a home in this economy. It doesn’t matter how large or small the home is, whether it is a condominium or an apartment, or if it is a trailer home or a single family home; the $8,000 tax credit applies to all first-time home buyers.
The second advantage of being a first-time home buyer in this economy is if you have nothing to sell on your end. This is definitely a buyer’s market right now and sellers are having one heck of a difficult time right now. So, if you are a first-time home buyer and don’t have another property to sell because you either rent or live with your parents then you are in great shape. You can purchase your new home and not have to wait to sell your current home to use the money from the sale. Keep your head up, the market will improve and so will the economy.
The stock market and the home value crisis was just the tip of the iceberg. These homeowners that owe more than their houses are currently valued have another problem in their portfolio. The last couple of years have been ones of free credit for consumers. Stores, credit card companies, and banks gave out credit like candy. We are about to the see the horrible affects of those loans in 2009-2010.
Credit cards offered o% cash loans to consumers who ate them up. Now these companies have decreased their credit lines and jacked their rates as they realize that their offers were not warranted. They know that many defaults are likely and that they must recoup as much money as possible with higher rates now before the Obama administration makes it easier to get away from these debts.
It is very important for us to get out of debt in any way possible. Their are many unsecured debt relief programs out there that can help you drastically reduce your payment and crawl back into the black. Sure you may have a small blemish on your credit report but it’s much better than carrying huge balances that will never be paid off. If you have a lot of this debt, please seek credit card debt help.
Every aspect of the loan industry has been severely affected by the recession. I was fortunate enough to graduate in a year where the rates were low and the loans were readily available. I refinanced all of my outstanding loans into a 2.9% package and haven’t looked back since. I owe a lot of my success to these loans.
Students pursuing degrees at this time are having a more difficult time getting financing and good rates due to their lack of credit and the amount of defaults on the market. Most cases require a backing from their parents to secure the loan and most parents are in crisis with their homes and jobs. The issue has compounded to the degree that it threatens the higher education of tomorrow’s leaders.
Student Loans are becoming more accessible through private companies and the government. It is very important to make payments on time and not default on these loans. Defaults on these loans can be catastrophic to your credit report for years to come.
April 15th has come and gone. However, some of us still have our lovely extensions to carry the obligations forward for a few months. Taxes can become quite complicated for people as they gain more wealth, luck, and family. We all know that our new tax laws severely affect us small business owners that make over $250,000 a year. Let’s just say that a lot of successful small business owners are now saving every receipt possible to stay south of that mark.
Having a family or dependents is another way to ease your tax gains. Children give significant deductions as they should. It is no secret that it isn’t cheap or easy to raise children. The new stimulus package also allows recent homeowners to get significant tax credits in an effort to stimulate the housing market.
I feel as if the one part of taxes that most people get killed on or forget to claim is gambling winnings. Casino winnings taxes can be significant. In addition, if you choose to defer taxes at time of payout, be aware that government knows that you have won and will call for the taxes eventually. What I didn’t know is that International visitors can receive taxes back for winnings they accumulate while in the States.
It seems as the economy is finally on the upswing. After all of the hoopla about Obama’s first 100 days in office and his progress, many like myself wonder when the stimulus bill will actually trickle down and start helping the middle class. Our taxpayer money has invested millions into banks to keep their liquidity up. These banks in return are supposed to be giving homeowners and businesses access to credit they deserve.
However, I think the banks have taken advantage of the bailout and have tightened their lending criteria compounding the original issue. It’s just another way the consumer is held accountable for a greedy industry. One point that I agree on with Obama is his fight to end senseless credit card rate hikes. Many companies, fearing new legislation to ban increases, have started notifying good customers that their limits have been slashed and their rates have been increased.
I guess being a small business owner that takes responsibility for his original terms and agreement won’t ever understand how corporations can hide behind their customer service and take advantage of lengthy terms that their lawyers so masterfully created for situation like this.
I am a small business owner that started a company without any outside investment. I am going on my third year in which I believe I have survived the hardest times, including the current economic recession. There have been times in which I have had outstanding customer balances in the thousands. However, it is my responsibility as a business owner to pay my bills and manage the money coming in and going out. This leads me to the use of credit cards and their recent practices.
I recently transferred a balance to a card of a major bank that I have done business with for years. They gave me an offer of a zero interest credit card for 6 months on the balance and actually increase my limit on the card the following week to $29 thousand. I was pissed when I received a letter in the mail today saying they were going to adjust my rate to 24% or I could reject and close the card. I called rejected, and told them that they were losing a good customer that had never missed a payment or failed to pay off a balance.
These companies are in a mad dash to jack up your rates before June when impending legislation will disallow the common scam practice. These companies gave money away like candy and are now punishing consumers for their bad choices. It is unfair. Make sure that you compare credit cards and make sure that you follow up on the letter.