General

Income Taxes

The 100th Anniversary of the Federal Income Tax

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1913 is a year that will live in infamy. On March 1st, 1913, the 16th Amendment took effect providing for a 1% Federal Income tax and on December 23rd President Woodrow Wilson signed the Federal Reserve Act into law. Perhaps an effort to keep tabs on the Federal Reserve is what inspired the Department of Labor to begin tracking inflation that same year. Incidentally, that same year the department of Commerce and the department of labor split into two separate departments. Now 100 years later the average Federal Income Tax rate in 2011 was 11.8%. The top 5 percent of earners paid approximately 58.7 percent of federal individual income taxes while paying an average effective tax rate of 20.46%. The bottom 50% paid an effective Federal Income Tax rate of 1.85%.

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group think

Learning from Past Mistakes like Groupthink

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People who cannot learn from the past are doomed to repeat it.

This popular adage rings true for your business too. As such, business owners must take deliberate measures to avoid repeating past mistakes to secure success in the future. After due reflection on previous investment blunders, one must review them and come up with a report detailing specific steps of avoiding such oversights in the future. A 2010 study by the Ivey Faculty detailed the leadership mistakes that led to the global financial meltdown of 2008. Here are some of the lessons you can learn from these epic business failures:

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Business Taxes

New Factors Affecting Your Business this Tax Season

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In the current tax season, one of the greatest challenges of business, especially in the US, is the inevitable tax increase especially since the government is likely to implement the increases hand in hand with government spending cuts. This situation is causing a high level of uncertainty in business taxes and could potentially have significant repercussions. In view of the uncertainty in this tax season, it is also important for you to understand how various factors may affect your business’ bottom line.

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Car Sales Are Increasing?

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With the current state of the global economy, many businesses within all sectors around the world are struggling to make a profit. Well, known businesses are closing or going into bankruptcy almost every other day, so it is surprising to learn that car sales have remained strong. Particularly given the large expense associated with buying a new car. Recently, it came as quite a shock to many when BMW announced that 2012 was not only a profitable year but actually their most successful year ever. The question arises, how, in an age where money is tightly guarded by consumers, have brands like BMW managed to build on their success?

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Airlines

The Top 4 Most Successful European Airlines

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There are dozens of commercial airlines available for customers to select. Of these numerous airlines, four names come to mind when listing the best of the European Carriers. Ryanair, Lufthansa, British Air and EasyJet are the most successful European commercial airline companies. One thing these companies have in common, aside from quality service and reliable Aircraft charter,

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Trends in Australian Mining Industry

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The rising cost of mining operations and unstable prices of commodities combined with the rising strength of Australian dollar has made times tougher for the Australian mining industry, even at the best mines in the country. Current tends in Australian Mining Industry Increasing Cost of Production and Uncertain Commodity Demand- High rising cost of labor, introduction

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5 Simple Financial Techniques That Will Save You Money

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It’s in everyone’s best interest to ensure they have a cash reserve. This extra cushion of money allows you to deal with any unexpected financial adversity such as an emergency dental treatment or unexpected car repairs. Without such a cash reserve many people will resort to short term loans or advances on their bank accounts. Here are

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Online Banking

Will Online Banking Render Tellers Obsolete?

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Throughout the history of banks, tellers represented the connection between individuals and their money in a financial institution. They handled deposits, transfers, withdrawals, loans, credit increases and account openings and closures. The Internet, however, has started to change all of that. More than ever before bank customers are choosing to process their transactions online or

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