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HOW TO BECOME A TAX PREPARER

Who is a Tax Preparer?

An individual who prepares, computes, and submits income tax returns for both people and corporations is known as a tax preparer. There are many different types of tax preparers, some of which have certificates issued by outside organizations while others do not. You will get the finest tax outcomes if you are aware of the different categories of tax preparers and their credentials.

Tax preparers complete and submit tax forms on their client’s behalf. To determine which expenditures and circumstances may qualify for tax deductions or credits, a tax preparer can analyze all of a client’s personal information, including Social Security numbers, income statements, and personal and business expenses. Based on the results of calculating a return, a tax preparer may also suggest to customers the best course of action to reduce their tax liability in the upcoming year.

How to become a Tax Preparer?

You intend to work as a tax preparer in California, then. You must register with California Tax Education Counsel, or C Tech for short, unless you are an attorney, CPA, or enrolled agent. Here’s what you need to do first because it’s a state requirement. You must enroll in sixty hours of federal and state law-related qualifying education from a CTEK-approved provider, which you can find on the C Tech org website.

Next, If you want assistance, call an insurance agent. The next step is to apply for a p10, also known as an IRS preparer tax identification number. To learn more, go to irs.gov. Not finished yet? It’s still imperative that you register with SeaTac. Many rookie tax preparers mistakenly assume that education providers will register for them, but this is not the case. You are entirely responsible for visiting C Tech org, clicking on the green box that says “Tax Professionals,” and then selecting the register/renew tab.

After entering your last name and the last six digits of your social security number, some very important information will show up in bold red letters. Please read carefully. If they don’t always regret it, they fill out the form and pay the $33 registration price. Congratulations! You have now achieved the status of “CTEK registered tax preparer,” or “CR TP,” which C Tech will issue to you along with a certificate and registration number valid for only one year.

You can get a list at C Tech org and then go through the rest of the steps again. By October 31st, you must uphold your bail, renew your IRS P-10, and pay the $33 registration cost. The Franchise Tax Board has the right to charge you $5,000 if you don’t comply and keep charging people to prepare their tax returns.

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thefintech.info

WHAT IS A CASH ADVANCE ON YOUR CREDIT CARD AND HOW MUCH DOES IT COST?

Most credit cards have a feature called a cash advance that enables you to withdraw money using your credit card. Usually, you can accomplish this at an ATM or in person at a bank location. Usually, there is a predetermined cap on the amount of money you can withdraw. You are drawing credit instead of using a debit card to draw money from your bank account. When you use the cash withdrawal feature on your credit card to make this credit transaction, interest will be charged.

Other transactions than using a credit card to withdraw money may also qualify as cash advances. When you use your credit card to make casino transactions, when the biller doesn’t accept credit card payments, or when you pay a bill through BPAY.

Since cash advances frequently have higher interest rates than credit card purchases, they are more expensive. Because of this, it’s important to ask your credit card company whose transactions are categorized as credit advances.

What is the cost of a cash advance on your credit card?

Despite the fact that a cash advance could be a practical way to solve a brief financial shortage, you should be aware of the additional fees you’ll have to pay. When compared to using your credit card to make a purchase, the interest rate on cash advances is frequently greater. Financial institutions may charge interest rates on cash advance transactions that are more than 20%. This is a lot higher than the typical credit card purchase rate, which ranges from 15% to 17%.

Aside from this, cash advances often don’t have an interest-free term. This implies that, unlike purchases, where you may have interest-free days where you can pay it off without being charged interest, interest is calculated from the day you make the transaction. If you come across a credit card that offers a cash advance interest-free period, make sure to look into the revert rate, which is the rate applied to transactions after the interest-free period and can be as high as 27%.

You might also be charged a fee for cash advances in addition to the interest charges, which could range from $2 to $10. Some card issuers may charge you a percentage of the entire transaction amount rather than a set cost, which could range anywhere from 1 to 10 percent.

You could occasionally be charged an additional ATM fee if you use an ATM that is not a part of the network for your card because it is owned by a different financial institution.

Your bank will charge you an even greater cash advance fee if you use your card to get a cash advance while traveling abroad. Additionally, overseas cash advance transactions will be subject to the ATM costs of the destination countries.

How much money can you withdraw with a cash advance?

The maximum amount you can withdraw with a credit card differs frequently from your credit limit. Your credit card company probably established a daily cash advance limit. This indicates that there is a daily limit on the amount of money you can withdraw. This cap, for instance, might be up to $800 or $1000 every day, after which you’d have to wait until the following day. This daily cap may occasionally be set as a quotient of your credit limit. For further details about your cash advance limit and fees, get in touch with your card issuer or review the Product Disclosure Statement.

Your credit statement will show the entire amount charged to your credit card throughout a billing cycle along with any interest that has accumulated. If you have a rewards or travel credit card, you won’t be able to earn any reward points for cash advance transactions.

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thefintech.info

WHERE IS THE CRYPTO MARKET HEADING AFTER THE 2022 CRASH?

The status of the cryptocurrency market has Twitter a-twitter. What will happen to the crypto market is one of the most important issues on everyone’s mind right now due to the presence of fear, uncertainty, and doubt (FUD) in the market.

What Happened to Crypto Market?

Month after month, cryptocurrency prices have been falling, giving rise to the term “crypto winter” from some analysts. Other significant cryptocurrencies are following Bitcoin’s lead, which has dropped more than 50% from its all-time high (ATH).

As a result, an increasing number of recently introduced investors are falling prey to FUD and questioning whether cryptocurrencies have any chance of surviving. However, due to the market’s historically high highs and for certain long-term HODLers, this kind of volatility is really very common and has long been anticipated.

Despite the fact that the market has been in a bearish trend for a while, one particular event had a huge effect on the crypto market as a whole. Investors had second thoughts about their holdings as a result of the “Terra-LUNA collapse” because of its decline, which implied that not all cryptocurrencies would be safe.

How Did the ‘Terra-LUNA’ Incident Impact Crypto Market?

Since LUNA was one of the top ten cryptocurrencies, it caused concern, particularly among cryptocurrency investors who prefer to place their money in projects other than Bitcoin and Ethereum, which some experts believe to be two of the most reliable coins. Some investors may have been scared off by the sharp price declines of the two most popular cryptocurrencies.

The market’s steep decline may be disconcerting to investors who began purchasing cryptocurrency when it was at its peak. This is particularly true for buyers who made their purchases at the height of the bullish season.

Investors are now beginning to look behind the hype and examine the coin’s tokenomics to see whether or not a project is actually safe in the wake of the Terra LUNA crash.

What’s Happening on Twitter?

On Twitter, the discussion about which cryptocurrencies to avoid and why is popular. Analysts are right now learning everything there is to know about cryptocurrencies, including which ones are safe to invest in.

Another major controversy has Elon Musk being sued over what occurred to Dogecoin, with the lawsuit referring to the incident as a “pyramid scam.” These are only a few of the incidents that have made many novice investors frightened.

How Crypto Traders Make Money in the Market?

Certain cryptocurrency exchanges are used by traders so they can implement long or short market positions. With a long position, they can profit when the value of cryptocurrency rises, and in a short one, it can fall. In this manner, they are able to profit from the volatility regardless of the direction the market is headed.

They have a lot of options for the business they want to trade with. Major players in the cryptocurrency industry include exchanges that also function as brokerages, including Coinbase and Bitcoin Profit.

Why Aren’t Older Crypto Investors Worried?

Older, more seasoned investors may partially anticipate the volatility of the cryptocurrency market, and while they may be experiencing some losses, they have been involved in the market for far too long to be unaware that this could simply be the beginning of another negative market cycle. Other investors claim that since the current prices are regarded as market discounts overall, this is the ideal time to purchase more cryptocurrency.

All markets, including those for stocks, foreign exchange, commodities, cryptocurrencies, and others, encounter market volatility. The magnitude of the changes in the crypto market, though, is something that worries many new investors.

Conclusion

You can profit from the cryptocurrency market whether you’re a long-term hodler or a short-term investor if you only invest money you can afford to lose. Due to market volatility, it is essential to consult a financial counselor before making an investment to make sure it won’t affect your overall financial situation.

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thefintech.info

HOW TO MAKE MONEY ON AMAZON BY SHARING YOUR FAVORITE PRODUCTS?

Amazon’s Influencer Program allows you to make money from just sharing your favorite Amazon finds. The best part: you don’t need millions of followers.

You’ve probably heard the phrase “connected on my Amazon storefront” if you use social media. Influencers will blatantly promote their stores since they get paid when they make a purchase from their favorites page. Good news: you can now accomplish it as well. Simply submit an application to the Amazon Influencer Program to start your own storefront.

I am aware that the term “influencer” can be daunting because it is frequently used to refer to an online persona with a sizable following. However, Amazon also permits participation from content producers with a typical number of followers. I got authorized despite having 1.6K Instagram followers and 5.5K TikTok subscribers. In addition to your number of followers, the online retail behemoth considers other interaction data.

Step 1: Go to the Amazon website

Launch your web browser and navigate to Amazon.com using this URL. You’ll be directed to the landing page where you can register for the Amazon Influencer Program. Click the Sign-up button after that.

Step 2: Sign into your Amazon account or create a new one

You will be directed to a page where you can choose the Amazon account you want to link to your influencer account after clicking the Sign-Up button. You may access your buying history, product reviews, and existing lists by logging in with your Amazon account, which is already active. Open a new account if you’d want to keep your current account and your other account separate, or if you don’t have one already.

Step 3: Look for Amazon’s “approval”

Once you’ve linked your accounts, you’ll be asked a few additional questions, such as your social network handles, to see if you qualify or not. Then comes the moment you’ve been waiting for: *drumroll* You’ll find out if your application is accepted. Do not lose heart if your application is rejected. If you’d like, you can improve your social media profile by posting more frequently and applying daily. It’s time to go to the next stage if you were accepted.

Set up your storefront and share the link

You’ve been given the go-ahead. Setting up the storefront is now necessary. You should make concept lists with your favorite Amazon products or suggestions on them. Make lists that, ideally, correspond to your content to keep your followers interested. For instance, CarterPC is a popular influencer who covers technology; as a result, his storefront is filled with his preferred tech accessories.

The battle is not over once you’ve been accepted. If you want to increase the likelihood that others will buy your advice, share the link as you won’t get paid unless they do.

FAQ 

What is an Amazon storefront?

A page on Amazon known as an “Amazon shop” features an “influencer’s” preferred Amazon products. Influencers profit from the followers’ purchases while followers may quickly get product recommendations from reliable sources.

How much do you get paid as an Amazon Influencer?

Depending on the product and category, the commission rates range from 4% to 20%. By publishing a chart online that details the rate for each category, Amazon is open about the prices.

What qualifications do you need to be approved as an Amazon Influencer?

As per Amazon, “All forms of influencers are welcome to apply as long as they have a YouTube, Instagram, or Facebook account. We consider your number of followers along with other engagement indicators while evaluating your application.” Although no precise data are provided, posting consistency appears to be more important than the number of followers.

Can I apply again if my application to become an Amazon Influencer is rejected?

Yes! You may submit as many applications as you wish. Do not give up if you are rejected! By posting on social media more frequently and then checking again, you can improve your online profile. Sometimes, everything is just luck.

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thefintech.info

IS IT SAFE TO GET PAID IN BITCOIN?

Did you know that, according to recent research, more than 60% of firms are either contemplating using Bitcoin as a means of payment or have already started doing so? Additionally, according to a different poll, 22% of small and medium-sized enterprises want to start adopting Bitcoin in the coming year. With figures like these, it’s understandable why more people are enquiring about the security of accepting Bitcoin as payment.

The digital currency known as Bitcoin enables private and secure transactions. It is quite well-liked by both online buyers and merchants as a result of this characteristic. However, because Bitcoin is still a young technology, some people are worried about its stability and security. These worries will be discussed in this essay, along with the benefits and drawbacks of accepting Bitcoin as payment.

Bitcoin Basics You Should Know About

Let’s first go over some fundamentals before delving into Bitcoin’s advantages and disadvantages. Bitcoin is a decentralized peer-to-peer electronic cash system that handles transactions without the need for a centralized entity like a bank. An open blockchain ledger is used to verify and record all transactions.

Mining is the procedure used to create bitcoins. In exchange for using specialized software to solve mathematical puzzles, miners receive a predetermined quantity of bitcoins. This encourages users to mine bitcoins and helps maintain a consistent flow of new bitcoins.

Bitcoins can be exchanged for other currencies like US dollars or euros or used to make online purchases of products and services. A digital wallet, which functions like a virtual bank account, is another place where bitcoin can be kept.

After reviewing the fundamentals, let’s look at Bitcoin’s benefits and drawbacks.

Pros of Using Bitcoin

Let’s start with the positives:

  • One of the most significant advantages of using Bitcoin is that it offers more privacy than traditional payment methods. When you make a purchase with Bitcoin, your personal information, such as your name and address, is not shared with the merchant. This makes it more difficult for businesses to track your spending and target you with ads.
  • Another advantage of Bitcoin is that it’s fast and convenient. Transactions are usually processed quickly and can be made without going through a bank or other financial institution. This makes it an excellent option for online shopping or sending money to friends and family.
  • In addition, Bitcoin is relatively easy to use. You can set up a digital wallet in just a few minutes and make purchases immediately.
  • An unspoken advantage of Bitcoin transactions is access to a cryptocurrency escrow service. This type of service protects both the buyer and the seller in a transaction by holding the Bitcoin until both parties have completed their obligations. This adds an extra layer of security to Bitcoin transactions.
  • Finally, Bitcoin is becoming more mainstream. Major retailers, such as Overstock and Newegg, accept Bitcoin as a form of payment. And as we mentioned earlier, more businesses are starting to adopt it daily.

Cons of Using Bitcoin

Even though there are many advantages to using Bitcoin, there are also some potential drawbacks:

  • One concern is that the value of Bitcoin is volatile. The price of Bitcoin can fluctuate wildly, and this can cause problems for businesses that accept it as a form of payment. For example, if a customer pays for a product with Bitcoin and the price of Bitcoin goes down before the transaction is processed, the business may end up losing money.
  • Another concern is that governments or financial institutions do not regulate Bitcoin. This lack of regulation could make it more difficult to recover funds if something goes wrong. For example, if your digital wallet is hacked, you may not be able to get your money back.
  • A final concern is that Bitcoin is still relatively new and has a little history to go on. This lack of data makes it difficult to predict how Bitcoin will perform in the future.

Is It Safe to Get Paid in Bitcoin?

You might be wondering if it’s safe to receive paid in Bitcoin now that we’ve discussed some of the advantages and disadvantages of the cryptocurrency.

Yes, receiving payment in Bitcoin is safe, to give a quick response. You should be aware of some potential risks, such as the volatility of the Bitcoin market, though. Make sure to conduct your study and comprehend the hazards if you’re considering accepting Bitcoin as payment. However, as a whole, using Bitcoin to transmit or receive payments is secure and practical.

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thefintech.info

IS YOUR FIRM RIPE FOR ACCOUNTING AUTOMATION?

Automation in accounting is nothing new, despite the fact that it seems to be progressing more quickly these days. Although most of us don’t remember them, large paper ledgers and manual entries used to be the standard method of conducting business. Nowadays, we frequently enter a few figures and receive precise reports that flawlessly detail all of our transactions.

However, accounting automation is still growing. According to experts, automation will probably have an impact on the accounting profession.

This has caused some worry, but astute accountants understand that accounting is more than just entering numbers and printing reports—about it’s understanding the context in which those numbers were generated. When filing a tax return for a client, you might be able to scan in W2s and 1099s, but the artificial intelligence that fills in the proper fields on the form won’t tell your client what steps they should take to lower their future tax liability.

The same is true for reporting. Financial reporting is much more than simply pressing the computer’s “print” key. Even if the procedure is automated, only an experienced accountant or CPA can interpret the meaning of the reports.

Your first move should be to switch to a cloud-based accounting software program if your clients (or your company) are beginning to think about introducing automation. You will have greater freedom in the future and will be able to implement additional automation features later on if you do this. Once accounting software is in place, think about including a few of these features, which will cut down on the time spent matching items and entering data into your system while retaining full control over the accounting process.

  • Expense management – expense management typically consists of keeping track of tedious things like receipts and mileage. Using an automated expense management system eliminates the need to spend hours matching receipts with bills, or calculating trip mileage from one location to the next. I don’t believe there is a person in existence that would miss stapling a receipt to a credit card bill.
  • Document management – Having a document management application in place eliminates lost documents, and reduces the need to file documents, while making it easy to locate the documents you need in a hurry. A side bonus – no more stacks of papers on your desk.
  • Bank reconciliation – The bank reconciliation process involves a lot of busy work, in some cases hours that can be better spent serving clients. If you’ve already updated your accounting software, chances are that you already have an automated bank reconciliation option in place.
  • Payroll – Payroll is another area where automation is a proven time-saver. If you don’t have a lot of hourly employees, the entire payroll process from onboarding to paying your staff can be almost entirely automated. While some upfront work is required, once an employee is in your system, paying them takes minutes. Even changes to payroll, such as a salary increase, can be completed quickly.

Both accounts payable and accounts receivable tasks can be automated if you’re so inclined.

Despite the understandable reluctance of many accountants, deploying automation in your company or helping your clients automate their accounting department efficiently shifts the focus away from repetitive chores and frees up time for businesses to concentrate on their customers.

Automation in accounting is here to stay. It can be advantageous to use it to your benefit both now and in the near future.

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HOW CHINA’S ‘PERFECT STORM’ AND ECONOMIC HEADWINDS ARE AFFECTING MARKETS AND INVESTORS

As COVID-19 lockdowns in China threaten to further upend supply chains and the global economy, investors are re-evaluating their exposure to China. In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s Kinger Lau, chief equity strategist in Macro Research, and Hui Shan, Goldman Sachs’ chief China economist, discuss the outlook for China’s economy and markets.

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