Tax ARTICLE - Moneylines

residential mortgage crisis, Collegiate Employment Research, IRS boosts tax break for commuters, epidemic of debt

Target Audience: Business Owners, Financial Managers, Accounting Consulting Firm Advisement Interest, Tax News and Business Updates, Tax Hints and Tips Interest, Small Businesses, Businesses Looking for Financing, Companies Effected by Economic Harship, Tax Return Interest, Personal Finance Interest

residential mortgage crisis

Small businesses may find financing hard to come by. The residential mortgage crisis has caused a number of aftershocks in the business world. One that hasn’t gotten too much attention is lenders giving small businesses a harder time when those companies try to obtain financing. Of business owners surveyed by the National Federation of Independent Business in December of last year, 7% reported trouble obtaining loans. That was a 3% rise from the previous month. If you’re having trouble getting financing you need, don’t overlook alternatives such as Small Business Administration loans and even venture capital.

Collegiate Employment Research

A slowing economy doesn’t necessarily mean college graduates will suffer. If you have a child or grandchild in college, you may be worried about his or her job prospects upon graduation. Well, here’s some good news: Employers contacted by Michigan State University’s Collegiate Employment Research Institute for its annual survey reported intending to open up 7% more positions for applicants with bachelor’s degrees this year over last year. The truth is, no matter how rough the economy gets, with the thousands of baby boomers getting ready to retire, the job market for graduates in many sectors may remain fairly strong.

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IRS boosts tax break for commuters

Do your employees pay bus fare to get to work or commute in van pools? If so, the IRS has raised the monthly amount you can exempt from these workers’ taxable pay to $115. And the employees themselves can exempt up to $220 a month for job-related parking. If you haven’t passed along that second point to your staff, you might want to do so right away. Helping workers lower their tax bills is a great way to boost morale and increase employee retention.

epidemic of debt

Many Americans unclear on the concepts of personal finance. The epidemic of debt in this country could, in some part, be attributable to lack of knowledge. TNS, a market research firm based in New York, recently surveyed 1,000 consumers, only 35% of whom knew how interest compounds over time. Worse yet, over 50% didn’t understand how minimum credit card payments are calculated and applied to an account balance. If you’re in a position to teach young people about finance-related topics like these, doing so could make a big difference in their future.

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