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Nicole Rosen

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Owner, Finance Diva

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Nicole, Finance Diva, has been working in the Financial arena since 2003. She has experience with credit repair, accounting, tax preparation, business formation, business formation, and reviewing mortgage refinance agreements.

June 21, 2011

Nicole Rosen and 3 other people answered this question

What legal structure can I utilize to defer 100% of my Income Taxes & put away Income?

The only legal structure I know of which has anything close to these needs is a "Self-Directed Roth IRA" sometimes referred to as a "Checkbook IRA". Although it doesn't allow you to defer your taxes.
A Roth IRA allows you to pay income tax on the ... more

Feb. 9, 2011

Nicole Rosen and 2 other people answered this question

What are the tax benefits for an LLC?

I believe the absolute MOST important benefit to forming and LLC or other type of corporation has been overlooked. It can protect your personal assets from a lawsuit as long as you have not pierced the corporate veil. more

Financial Services

Feb. 9, 2011

Nicole Rosen and 2 other people answered this question

How can I reduce the penalties on my back taxes?

You could always do an "offer in compromise" with the IRS. Basically, you offer to settle the debt for less than you owe and it goes away. more

Business Finance

Finance Management

Financial Advice

Feb. 9, 2011

Nicole Rosen and 1 other person commented on a brief

How Are YOU Preparing Your Small Business Taxes?

I believe that hiring a competent bookkeeper or tax professional to assist with SMB is one of the most important financial decisions you will make as a small business owner.
Even if, you simply hire a professional for the FIRST year and then have them teach ... more

Small Business Taxes

Feb. 9, 2011

Nicole Rosen recommends this answer by Tyler Wells, CPA

What is a good resource for information on payroll taxes?

Lauren, the definitive guide for payroll taxes and how to pay them is the IRS’s Circular E (http://www.irs.gov/pub/irs-pdf/p15.pdf) which should tell you who you need to pay for, what you need to pay, and how to pay it. Of course, if you want a more ... more

Human Resources

Feb. 8, 2011

Nicole Rosen and 8 other people answered this question

How do you ensure customers pay on time?

Create a contract with the customer and add on late fees and interest for late payers..offer a discount for paying on time.
Be wary of how often you contact a client as each state does have laws governing collections. more

Accounts Payable

Feb. 8, 2011

Nicole Rosen and 2 other people answered this question

Are there any other ways to build good credit besides paying credit card and loan bills on time?

1) Check your credit report regularly and dispute any inaccurate information.
2) Ask your current creditors to increase your credit lines which will lower your utilization.
3) Look into becoming an authorized user on a card which will report to the credit bureaus
4) Take out a ... more

Financial Services

Merchant Services

Jan. 11, 2011

Nicole Rosen and 2 other people answered this question

Is it better to hire an accountant in-house or to outsource?

Personally, I believe you would be better served to outsource your bookkeeping/accounting needs. If you only have 8 employees and you have enough income to hire a 9th person..would that money be better spent to higher a full time accountant (and possibly not have enough ... more

Accounting & Audit Services

Jan. 8, 2011

Nicole Rosen and 3 other people answered this question

What online tools can you recommend to create and/or stay on track with a personal budget?

Erica,
The first step to creating and sticking to a budget is truly finding out WHERE your money is going. I suggest starting off with keeping a journal of every single penny you spend from lattes to cable bills and rent. Why is this important? Our ... more

Financial Services

Jan. 8, 2011

Nicole Rosen and 3 other people answered this question

Is there a free income tax preparation resource?

I agree with what the other answerers (is that even a word) have answered. Free is relative. The old adage is true, you get what you pay for. Of course, the major tax preparation chains do offer income tax preparation courses in the August - ... more

Financial Services

Jan. 8, 2011

Nicole Rosen recommends this answer by Wray Rives

What are the top things that SMB owners should take into consideration when hiring a CPA?

Look for experience working with small businesses as not all CPA's will have experience working with SMB's. The CPA needs to understand that the business and owner's finances tend to be highly integrated with most small business.
As Tyler said look for chemistry. If you are ... more

Accounting & Audit Services

Accounting Software

Jan. 7, 2011

Nicole Rosen recommends this answer by Tyler Wells, CPA

Should I run my taxes to zero, if I can?

Why stop at zero, why not go negative? My personal philosophy is to deduct every legitimate expense and to maintain adequate records with the proper substantiation and documentation. Then if the IRS wants to start a fight about anything I tell "What, you want some ... more

Jan. 7, 2011

Nicole Rosen answered this question

how do i register online as a first time tax payer

There is no need to register as a first time taxpayer. Simply gather your tax documents including both income and deduction documents. Then, either complete the taxes yourself or find a tax professional to help you. more

Financial Services

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