Why Should You Use a Mortgage Broker?

In a home buying process, hiring a broker is the easiest part. Despite the fact, most people don't know what brokers do in the process of home buying. If you don't know these pros either, you may be losing a lot of money. Given below are a few reasons why you should use the services of a good mortgage broker.

1. Lower Rates

The first reason why people hire a broker is that they are in touch with a lot of lenders. Therefore, they can get the rates that may not be known to most people. And the good thing is that these rates are far lower than the ones advertised by credit unions or banks.

2. Accessibility

At times, the rates and mortgages of some lenders can't be accessed without a broker. Also, these pros can negotiate with lenders on behalf of the buyer. Experienced brokers are usually in touch with these lenders and banks.

If you ignore their services and deal with the bank directly, you may get a higher prepayment penalty in case you break your mortgage. You will also have to pay a higher rate of interest, which may cost you a good deal of money over the life of your mortgage.

3. Customization

Hiring a broker can help you customize a mortgage plan to your own needs. They can get you flexible payment terms, which will help you make your mortgage payments easily. This is a great benefit of working with someone who is experienced.

4. Free to you

You don't need to pay these professionals, as they will get paid by the lenders. But this doesn't mean that they are money-hungry and won't care about your needs. Actually, their profit is based on referrals. Therefore, they try to serve their clients the best way possible.

Therefore, we suggest that you interview a broker to find out about their fee structure. Typically, they won't charge you anything upfront.

5. Experience

Brokers have experience working with different types of clients who are in different financial situations. if you want to talk about your future financial situations, the broker can sit with you to talk about your scenarios and options.

6. Convenience

If you are too busy to take care of all the matters related to your mortgage, getting help from a mortgage broker is a convenient option. In fact, they can carry all the burden for you and you won't have to lift a finger. That one person will answer phone calls, text messages, and emails for you. So, it's a great idea to develop a strong working relationship with a good broker.

Long story short, you may want to take your time to look for the right mortgage broker. Ideally, you should get recommendations from your friends, colleagues, and family. Also, it's a good idea to ask the pro for references. Make sure you conduct some research prior to meeting the professional. Taking the time to find the right one is important if you want to avoid the hassle later on.

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Why Your Travel Insurance Claims Can Be Denied

Travelling is a good experience one can have in his lifetime. Most travelers opt to buy a travel insurance coverage to be "safe and secured" when something does not go according to plan or something unexpected happens. Before buying a travel insurance, it is very crucial for customers to understand first what the insurance does and does not cover. It is not guaranteed that you'll be inevitably covered when anything goes wrong. Misinterpretation of an insurance policy can lead you disappointed when your travel insurance claim is denied in time that you most need it.

What if your travel insurance claim gets rejected in time that you most need it? The following are the most common reasons why your claim can get rejected:

Undeclared pre-existing conditions

When buying a travel insurance, state if you have a pre-existing medical condition. Some insurers will cover medical conditions for an additional cost while others may not. If you fail to disclose this info, then your attempt to make a travel insurance claim will be possibly denied when your medical records are consulted. Check and comply with all the rules set by the provider. Remember this particular insurance coverage is intended for unexpected injury and illness only.

Incomplete forms and documentation

Another reason why your travel insurance claim can be denied is simply that of an incomplete form, missing important information or are filled out incorrectly. Always make sure that your form is filled out properly and completely. All the necessary attachments are included before you send off your claims such as doctors' certificate, police report (for theft or loss of item), purchase receipts for your valuables or even the travel delay confirmation from the carrier.

Participating in adventurous or dangerous activities

Travel insurance policies have different coverage in terms of sporting activities and adventure they cover. Usually, they don't cover extreme sports which are deemed dangerous but an additional premium may be available for activities such as parasailing, jumping, trekking at heights, etc. Make sure to check the activities your provider covers before you sign up to a certain holiday activity.

Unapproved destinations (against WHO or FCO advice)

Some insurers will only cover for specified destinations and, usually, they don't cover locations which the Foreign and Commission Office or the Whole Health Organization have advised against travel.

Alcohol intoxication or Drug Use

If you lost valuables, damaged a personal item or have an accident while under the influence of drugs or alcohol, your travel insurance claim is likely to be considered invalid. Though you are travelling to enjoy your life, be responsible and just keep everything in moderation.

Illegal/reckless behavior

Fraudulent, dishonest and illegal behavior such as going to restricted locations and unauthorized use of facilities are not covered by any insurance. Always abide by all the rules and regulations to avoid any problem during your trip.

Unattended baggage

Take note that unattended items will not be covered unless they're in a locked hotel safe or in a secure car boot. When you claim for a lost item, always get a police report regarding the incident or ask the hotel or travel operator to give you a written statement - this will help with your travel insurance claim.

Events that happen before buying the travel insurance

Events that already happened before you bought an insurance, apparently, won't be covered. If you claim for it then it will be rejected and could even be considered as fraudulent.

As much as possible, we want everything to go as planned: before, during and after our trip. But there are really some instances that something would go wrong and a stress-free and straightforward processing of a claim can ease the situation.

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Make Your Business GST Compliant With ERP

GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and trade. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new taxes. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even though it is far better than the earlier fragmented dicey tax system. However, ERP is providing them with the facility to comply with GST and embrace the changes wholeheartedly. ERP of renowned platforms like Oracle, SAP, Odoo is helping companies to administer and adopt GST system, including taxes computation, configuration, liability accounting, master data amendments, reporting, and so forth.

Read on below to know how ERP systems roll out a complete solution for businesses and services firms to comply with GST rules and undergo tax calculations.

Chart of Accounts

Businesses earlier used to have a separate accounting code for computing VAT (Value Added Taxes) and ST (Services tax) in all goods and services transactions respectively. But, now those codes get combined with GST in the ERP's tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to the new account codes.

Audit

ERP's tax module will help firms to calculate their tax returns on the sales and purchases data. It then audits the amount before filing the GST returns. This saves up enormous time of the company's accountants and helps them immensely when the daily transactions of goods or services are huge.

Error-free Tax Returns filing

Besides supporting all forms of GST transactions, ERP's tax engine help in easy identification and correction of all errors for the painless filing of tax returns. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later share with their Chartered Accountant, or tax practitioner.

Data Archiving & Protection

Businesses can save, archive and safekeep their tax data for a number of years at one place in an organised way. So, they can later access it any time if needed. Being able to access from a cloud source point, tax accountants can work real-time without needing any manual data.

GST billing

ERP is providing the facility to master all information about GST regulations in a separate GST module. It enables the businesses or taxpayers to comply with GST while issuing invoices for transactions. It configures the format for GST compliant invoices as per the business, auto-calculates the GST returns from every sale or purchase invoice and reconciles them.

All said and done, getting an ERP system GST ready is challenging job for the companies. Their existing system needs major revamping and they must know which of the modules will affect and which will correlate to new tax rules.

While smooth transitioning to a GST compliant ERP is still a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their process of GST return filing. With it, instead of filing all the returns manually, they need to just put in all sales and purchase invoices details and the GST returns gets computed automatically.

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Stop IRS Tax Levy

A tax levy by the bureau will prove fatal to your money health. the simplest thanks to avoid such a state of affairs is to heed their notices and warnings, and co-operate with the bureau authorities to figure out an answer. Here, has noncommissioned a couple of ways that within which you'll be able to stop bureau tax levy.

FINAL NOTICE!

If you are doing not answer the ultimate notice sent by the bureau authorities inside thirty days, a tax levy are going to be obligatory on you. it's well to instantly respond when you receive the primary notice.
The bureau (Internal Revenue Service)1 web site defines levy as a legal seizure of your property to satisfy a tax debt. It provides them authority to sell your property or alternative money assets that you just may own or have interest in.

1 it's the agency of presidency, representing the revenue service of the u. s..

First and foremost, i might perpetually repeat the old saw that hindrance is healthier than cure. Thus, rather than looking ahead to the authorities to freeze your assets, why not act responsibly and pay your taxes in time? withal, money burdens will erupt at any time, and it should happen that it's insufferable for you to pay taxes in time. however why wait until the bureau knocks on your door? Before we have a tendency to tell you the ways that to prevent bureau tax levy, let's get aware of the forms and rules concerning tax levy.

Forms concerning bureau Tax Levy

FORM NO. PURPOSE
CP504 Notice to point that you have not paid the liabilities, and your income-tax refund may be taken thanks to it.
CP504B Similar to the higher than, it's a notice to point that you have not paid the liabilities, and your property or rights to property may be taken.
CP523 In case you have not paid the installments as per the agreement with the bureau, and profaned the agreement, this can be a notice of their call to cancel it.
CP ninety & CP 297 Notice of levy and see of your right to a hearing.
CP ninety one / CP 298 Final notice before levy on social insurance edges.
Letter 668D (LP 68) Notice to point that taxpayer's levy is discharged.
Letter 1058(LT 11) Final notice before levy; your right to a hearing.
Letter disk 59 Please contact US concerning the remunerator levy.



The bureau department is needed by statute to require the subsequent steps before ordering a levy.
A letter for Demand of Payment of Tax and see is distributed to you.
You've not replied to the notice or taken any steps to create payment.
The 'Final Notice before levy; your right to a hearing.' letter is distributed to you, and thirty days have advance when causation the said letter.

Ways to prevent bureau Tax Levy
If you are doing not respond inside thirty days of receiving the ultimate notice, the bureau will order a tax levy. they need the authority to seize your assets or unload your property, or order a checking account court order. It's higher to flee from this juggernaut, and avoid a tax levy by adopting the subsequent strategies.

The most apparent answer
Pay your taxes and alternative charges fully. merely pay your dues to the bureau, beside penalty charges, if any. If you are doing not have funds, you have to use non-institutional sources of cash, like borrowing from relatives or friends. although this can be not a permanent answer as you'll still have a liability to pay off. once more not a foolproof methodology, since you can't take care concerning the provision of such funds. Else, if you have alternative assets out there, sell them off to pay off the liabilities. However, the matter is your quality ought to be without delay marketable and convertible into liquid cash, and thanks to crunch of your time, you will find yourself merchandising it at lesser prices.
Alternative Actions for Avoiding a Tax Levy

Installment agreements
You can confer with the bureau authorities and may negociate some installment agreement to assist you pay your taxes with the out there funds beside interest and penalty charges applicable.

Offer a Compromise
You can confer with the officers if they are willing to just accept a proposal in compromise, which may scale back your tax burden. However, you wish to qualify for the 'Offer in Compromise' as per their rules and rules. Your case are going to be assessed on the premise of the knowledge equipped by you, and if it's accepted, you'll be able to either pay the requisite quantity fully or create periodic payments―as per the negotiations between you and therefore the bureau authorities. However, again, this can be not a foolproof methodology, if you are doing not fulfill their criteria, your compromise quantity is also rejected. Again, seeking legal and skilled facilitate may higher your probabilities of obtaining through the procedure, since they are higher equipped with the money information of addressing such circumstances.

Innocent mate Relief
This type of relief is out there to those that file joint tax returns with their spouses; but, you wish to meet the requisite criteria. By applying, you'll be able to shift the money burden of tax payment to your mate. However, the procedure is extended, and you ought to have honest reasons for availing this relief. Again, it'll be useful to hunt legal facilitate in such a state of affairs.

Apply for Hardship standing
You have to instantly contact the bureau and encourage them that such a levy could cause a real hardship to you, and you can't afford to keep up your basic living standards. Again, you have to fulfill the bureau necessities for applying to urge the "Hardship Status'.

Insolvency
If you have already filed for bankruptcy, and therefore the notice was sent to you, you'll be able to escape the tax levy.

If you suspect you are not guilty of evasion
Challenge the tax levy by filing charm, if you are doing not believe the IRS's claim of tax income, and square measure unwilling to pay it. If the notice has been sent, despite you paying the taxes frequently, or thanks to any error in calculations on their half, you will confer with the bureau officers, and take your stand. unneeded to mention, you wish to stay your documentation updated, to produce proof concerning your tax payments. Of course, make sure that your stand is correct, you do not need to be below the bureau scanner once more for a wrong charm.

Again a preface, though, it's well to pay your taxes diligently, and any error on your half, and ignoring bureau warning notices could prove fatal to your money health. answer their notices in time, and phone them like a shot if you would like to forestall the bureau from taking tight actions. Of course, seeking applicable skilled assistance will perpetually benefit; but, make sure you check his/her credentials. This conjointly highlights the importance of keeping your documents and tax papers updated, just in case you are innocent. Yet, if you are guilty, collaborate and co-operate with the bureau officers, to save lots of yourself from money hardships. bear in mind the recent phrase, 'A sew in time saves nine!'

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