Good Reads
Here are some articles that you may find to be of benefit. The world is constantly changing, hopefully these can help guide you through.
What is Your Carbon Footprint and How Can You Reduce it?
Your carbon footprint represents the total amount of greenhouse gases, including carbon dioxide, that you produce directly or indirectly. It measures your impact on the environment and our planet's climate. We can make changes to reduce it. Here are some effective strategies to get you started.
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1. Try Alternative Transportation
Consider using public transportation, cycling, or walking whenever possible. If you live in a city with poor public transport, consider carpooling to reduce your emissions. Carpooling can reduce the carbon footprint of an average household by 2,000 pounds. That’s the equivalent of planting 31 to 46 trees!
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2. Lower Your Energy Use at Home
Turn off lights when you leave a room, unplug devices when not in use, and use energy-efficient appliances. Install smart plugs and thermostats around the house to prevent phantom power when not using certain appliances. While little, these changes can have a long-term effect on our carbon footprint. Consider switching to renewable energy altogether!
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3. Eat Less Meat
You don't have to go completely vegetarian or vegan, but reducing your meat consumption can make a difference. Try incorporating more plant-based meals into your diet and consider designating one day a week as a 'meat-free' day. Committing to Meatless Monday saves the same emissions as driving 348 miles in a car.
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4. Reduce, Reuse, Recycle
Before buying something new, ask yourself if you need it. Choose second-hand items or borrow from friends. Rethinking how we purchase and use items can make a huge difference. Furthermore, try to recycle as much as possible. Check out your city’s recycling programs and facilities to help you get started.
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5. Invest in Carbon Offsetting
Carbon offsetting involves compensating for carbon emissions by funding equivalent carbon dioxide savings elsewhere. You could join a local group that plants trees, invest in renewable energy for your home, or start composting, for example.
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Reducing your carbon footprint doesn't have to be a daunting task. You can start with small changes and gradually incorporate more. Even the slightest change can make a significant difference in our environment.
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Written by Geraldine Orentas in partnership with Fed Steel piping distributors.
Explaining the Corporate Transparency Act
Corporate Transparency Act
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Business finances and taxes can be complicated and confusing, which is why it’s essential to have an accounting and tax expert to help with your corporation. Even though the experts can take care of the details, it’s still important for business owners and managers to have a general idea about how taxes apply.
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What You Need to Know About the Corporate Transparency Act
In the realm of financial regulations, a significant development took place with the passing of the Corporate Transparency Act (CTA) as part of the National Defense Authorization Act for Fiscal Year 2021. This act holds significant implications for corporate transparency and accountability. The general idea is that trusts and businesses are required to report their beneficial ownership information to the U.S. Treasury Department.
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CTA applies to both reporting companies and reporting trusts:
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Reporting Companies: A variety of entities fall in this category, including corporations and limited liability companies (LLCs). These reporting companies must file a document with the state secretary or a similar office based on local state laws.
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Reporting Trusts: Documentation requirements are also necessary for reporting trusts. In this situation, they are required to file a tax return.
CTA was designed to prevent money laundering, tax evasion, and terrorist financing. Too often, criminals use corporate structures to hide their activities, so the CTA was designed to implement reporting requirements in order to prevent these fraudulent transactions.
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Requirements for Corporate Transparency Act
Specific information needs to be included in the reporting, disclosing details for “beneficial owners,” including “beneficial ownership information.” The definition of a beneficial owner is anyone who owns or controls 25% or more of a reporting company or reporting trust. This ownership can be direct or indirect. A beneficial owner can also be someone who exercises “substantial” control over the trust or company.
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Here is an overview of what is required for beneficial ownership information:
· The person’s legal name
· Birthdate
· Current residential address
· Unique identification number
· A description of the beneficial ownership interest
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An initial report must be filed. If any changes occur, the report must be updated within 90 days.
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New Reports in US Corporate and Trust Law
As a business owner, there is a lot to keep up with when it comes to compliance, tax filings, reporting, and more. Not only are you carrying the responsibility of running the company, but the paperwork can be overwhelming. Many people agree that it can be daunting to maintain compliance with these reporting requirements.
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The good news is that you don’t have to manage the reporting on your own. An experienced provider can help with the reporting requirements, giving you the peace of mind to know that you are always in compliance.
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Written by Becki Andrus in partnership with Faxage online faxing service.
Helping People Understand Cryptocurrency
Written by Jack Vale in partnership with Arena Prints screen burning services.
Cryptocurrency has gained a significant following in recent years, but for many people, it remains a mysterious concept of which they have little understanding! Making sense of cryptocurrency can seem daunting, especially for those who are not tech-savvy or familiar with the intricacies of the financial world. However, breaking down the ins and outs of cryptocurrency is essential to enable widespread usage and help individuals to make informed decisions about potential investments or transactions.
Here are a few ways to help people understand what cryptocurrency is and how it works:
Start with the basics: When introducing someone to the world of cryptocurrency, it's important to begin with the fundamentals. Explain that cryptocurrency is a digital or virtual form of money that relies on cryptography for security. Emphasize its decentralized nature, which means it operates independently of any central authority, such as a government or bank.
Use relatable analogies: Comparing cryptocurrency to familiar concepts can sometimes make it easier for people to grasp. For instance, you can liken cryptocurrency to email, highlighting how it enables direct person-to-person transactions without middle men. Alternatively, you might compare blockchain (the technology behind cryptocurrencies) to a public forum, similar to a shared Google Doc where everyone can view and verify its contents.
Provide real-world examples: Sharing practical examples can illustrate the value and potential of cryptocurrency. Highlight the use cases of cryptocurrencies, such as enabling cross-border transactions with lower fees and faster settlement times. Mention the growing acceptance of cryptocurrencies in various industries, from eCommerce to gaming, to help showcase their relevance and impact.
Address security concerns: Cryptocurrency security is often a concern for newcomers. So, why not help calm some of their nerves? Explain how cryptography ensures the integrity and safety of transactions. Emphasize the importance of securing private keys, as they provide access to your cryptocurrency holdings. Educate individuals on best practices, such as using hardware wallets or cold storage for enhanced security.
Encourage hands-on experience: The best way to understand cryptocurrency is to dive in and experience it firsthand. Encourage individuals to create a digital wallet, obtain a small amount of cryptocurrency, and experiment with sending and receiving transactions. This practical approach can help demystify the process and build confidence.
Cryptocurrency is a transformative technology that has the potential to revolutionize our global financial systems. By breaking down the complex aspects and offering relatable explanations, we can help people grasp the concept of cryptocurrency and embrace its benefits. By fostering understanding, we empower individuals to make informed decisions and participate in this exciting digital revolution.
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Written by Jack Vale in partnership with Arena Prints screen burning services.
How Starting Your Own Business Could Bring You Closer to Retirement
Written by Ivan Young in partnership with Checkworks personal and business checks.
Do you find yourself checking your accounts and calculating just how much more you need to save before you retire? Does the talk of delaying benefits until later in life fill you with dread? It may be time to make a power move.
The truth is that the age to enjoy full retirement benefits has risen to 66 years of age and could rise even higher in the years to come.But if you’re thinking of retiring earlier, one way to help yourself toward that goal is to start your own business before you retire. In 2019, 13% of Americans aged 55-64 began a new business. In fact, 54% of all business owners in the U.S. are over 50. What that means is Americans approaching retirement are finding a new way to make more money, increase their quality of life, and hasten the financial feasibility of an early retirement. Some of the reasons to consider starting your own business before you retire include:
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More available resources: While starting a business when you were younger may have seemed unlikely with short reserves, older adults have more financial resources set aside to defray the impact of setting up a new business.
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Less overhead: Young entrepreneurs may face added expenses such as mortgages, child needs, paying for college, and more. However, those in their 50s and 60s are more likely to have paid off houses and cars, to have put their children through college, and can thus more easily absorb the start up costs of a business.
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Acquired business skills: You probably have aquired many of the attributes that make a successful business person over the course of your career. Knowing how to run a presentation, honed social skills, success working with teams, and a network of connections are just a few of the attributes older employees develop that make new businesses successful
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Boosting your income: Starting a business before you retire adds dollar value to your bottom line as you continue to work and allows you to put away more money toward retirement, allowing you to retire earlier.
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Higher return on investment: While retirement savings draws around 5-8% on average, you can double or even triple that running your own business. And that extra return moves you closer to your retirement goals.
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A chance to test your model: That business you’ve always dreamed of can be tested while you’e still working so that the cost doesn’t impact your personal life as much. Should the model work, you can choose to retire early and run your own business on your own hours and as your own boss!
Sure retirement can be a time to travel, spend time with family, enjoy hobbies, and so forth, but some retirees find purpose in running their own business. It provides a social outlet, keeps you physically and mentally active, makes your retirement savings stretch farther, and offers you the chance to pursue your own passions. And starting your business early, before you retire, gives you the opportunity to make mistakes while you still have a steady stream of income. You then can be the master of your own retirement and can either enjoy what you’ve made or continue to pursue your passions into the years beyond someone else’s profit-making enterprise
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Written by Ivan Young in partnership with Checkworks personal and business checks.
Why Everyone Should Have a Side Business....
Written by Jack Vale in partnership with Arena Prints screen burning services
Wednesday April 28, 2023
In today's world, where many people struggle to make ends meet, having a side business can be a game-changer! Not only can it provide additional income, but it can also bring a sense of fulfillment and purpose. Here are some reasons why you might consider launching your own side hustle:
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Additional income: Having a side business can provide extra income to supplement your primary source of income. This can be especially beneficial if you're looking to pay off debt, save for a vacation, or invest in your future.
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Freedom: A side business can provide you with the freedom to work on your own terms, whether that means working from home, setting your own hours, or choosing your own clients. It can also provide an escape from the daily grind of a 9-to-5 job.
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Skill development: Starting a side business can help you develop new skills and gain experience in areas that you may not have been exposed to in your primary job. This can be a valuable asset in your career advancement.
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Passion project: A side business can be a way to pursue a passion project or hobby that you may not have time for in your primary job. This can bring a sense of fulfillment and joy to your life.
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Networking: Starting a side business can introduce you to new people and expand your professional network. You never know who you may meet that could open doors for future opportunities.
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Diversification: Having a side business can provide a sense of security by diversifying your income streams. If something were to happen to your primary job, you would still have income coming in from your side business.
While there are many benefits to having a side business, it's important to note that starting and maintaining one takes time and effort. It's not a get-rich-quick scheme, and it may take a while to see results. However, if you're willing to put in the work, the rewards can be significant!
Whether you're looking to pursue a passion project, develop new skills, or diversify your income, a side business can be a valuable asset. So, if you have an idea or a hobby that you've been thinking about turning into a business, why not give it a shot? You never know where it may lead!
How the New FedNow System Might Affect the Financial Industry
Written by Becki Andrus in partnership with steel piping distributors, Fed Steel.
Wednesday May 1, 2023
How FedNow Will Work
Here is a bit of information so you know how this new financial system can be used:
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Launching July 2023: It’s expected that this new system will launch in July 2023. Once FedNow launches, all banks in the United States (not just the big banks) will be able to join. But there is no requirement for banks to join. Consumers can only use FedNow through a participating financial institution – there will not be an option to use FedNow directly. So far, more than 120 banks and financial providers have participated in the pilot program (which started in 2021).
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Similar to Other Instant Payment Systems: It will be similar to other payment platforms, such as Venmo and Zelle, allowing customers to send and receive money instantly.
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Transfer Money Anytime: The transfers can happen 24/7, every day of the year. FedNow will even work evenings and weekends and holidays when the banks are closed. This system is an upgrade to standard ACH transfers since these transfers can only be processed during regular banking hours. Also, it takes 1 – 3 days for ACH transfers to go through, which can be an inconvenience for people who need immediate transfer services.
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Transaction Limits: Transfer amounts will be limited to $500,000. Each financial institution will have a default transfer limit of $100,000 but have the option to increase or decrease their FedNow transaction limits. Also, FedNow is limited to domestic payments – transfers can only occur between financial institutions in the United States.
How FedNow Will Affect You?
Here is a bit of information so you know how this new financial system can be used:​
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Many people will benefit from this new FedNow system. The launch will allow you to make account-to-account transfers and bill payments instantly. Plus, it will be easier to manage accounts across banks.
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Not only can you send the money right away, but you also receive immediate notification that the payment is accepted. Since sufficient funds must be verified before sending payment, you don’t have to worry about overdraft fees.
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Written by Becki Andrus in partnership with steel piping distributors, Fed Steel.