How Can I Settle Credit Card Debt Myself?

How To Settle Credit Card Debt On Your Own ("Do It Yourself" Debt Settlement)

I'm often asked, "How can I settle credit card debt myself?"

This is a great question.

    There's lots of info floating around about debt settlement in general; some good info mixed with some dangerously incomplete info... And watch out for all the bad and inaccurate info!


Here's a quick step-by-step guide for you to accomplish your goal of settling credit card debt yourself:

First, let's clear up a few things. Then I have three "keys" for you to follow to successfully settle your own credit card and unsecured debts...

    * Considerable time is required to document, communicate, negotiate and follow up to achieve these results.
    * There are many strategies and factors to consider that may impact results.
    * There are plenty of pitfalls to avoid.
    * Settling yourself for 2/3rds can be a reasonable goal.

The general consensus of industry professionals and insiders I know tell me overall, "doing-it-yourself," consumers settle credit card debt on their own for about 75% on average.

My close friends, however, who are pros and found themselves in financial hardship during recent years, have achieved 10% settlements on many of their own personal credit card debt accounts -- but this is only because they were willing to go the extreme distance and knew exactly what they were doing. These folks are the exception to the rule.

Many people are unsuccessful getting any reduction of their debt at all on their own, without even any relief from double-digit interest rates. These folks remain stuck on the exhausting treadmill of slavery to debt and money.

Professional negotiators (including attorneys and arbitrators) average about 50% settlements (some much better than others), and usually charge about 15% in fees (may vary by program type), putting the total cost to use a professional debt settlement service at an average of about 65% or less of your total unsecured debt.

    Creditors DO give professionals representing a large volume of debt "special treatment" because large professional negotiators are the "bread and butter" for most collectors. They deal with each other every day. When a professional debt settlement negotiator comes to the table representing millions of dollars of client debt held in "bulk" with a single major creditor, it creates serious leverage for the consumers represented by the professional. Creditors are often willing to do these "bulk settlements" for substantially less than individuals would normally ever be able to achieve on their own.

Still, I've helped many folks who have a knack for communicating, negotiating, documenting and following up (the four critical skills you'll need to do this) to get settlements as low as 45-60% regularly.

Make sure you're ready to do all the communicating, negotiating, documenting and following up required all on your own before you start.

If you are...

Here are the three keys to settle credit card debt on your own:

KEY # 1) The accounts must be delinquent.

Creditors will not settle for anything less than the full balance until your accounts are seriously past due. While good settlements are possible after only 60-90 days, typically settlement take place after 180 days + when accounts are "chargied off." This is because when creditors "charge off" an account (an accounting entry), they are taking a tax benefit on the account by writing it off as a loss. This de-values the account, and it is no longer worth the full balance owed. In fact, the normal course of business is to sell the account as "bad debt" to a third party debt collector.

    STARTLING FACT: In 2006, "bad debt" was sold to collectors for an average of $0.034 cents on the dollar. That's 3.4%! Can you imagine? This means a $10,000.00 account is typically sold for only $340. Keep this in mind. This is exactly WHY debt settlement works so well, because it's a better deal to the creditor or collector than any other option, such as a lawsuit, collections or bankruptcy.

With the economy getting worse and bad debt more than doubling in 2009, expect the value of bad debt to drop even further, which means better settlements and more savings for you!

KEY # 2) Documentation BEATS Conversation, every time.

DO NOT make any payments by phone.

Collectors will almost always ask for a check by phone. Say this:

"Unfortunately I'm unable to make a payment at this time; and am hoping to bring resolution to this matter as soon as possible. I understand you want me to make a payment right now, but that just isn't possible. I will have $_________ (state an amount that's roughly 35-50% of your balance, not a percentage but a round number) soon and want to settle at least one of my accounts with whoever will give me the best deal. Can you please send me an offer in writing?"

    HINT: You can do this initially or in response to a settlement offer that's too high... Write a "Hardship Letter." Hand write or type up a letter describing your situation, your inability to pay and include information such as, divorce, medical issues, loss of job, disability or reduced income. Any information regarding your personal hardship will help your negotiation, so don't hold back. Send this letter along with a request to settle the account for $_______ (again, a random amount roughly equal to 35-50% of your current balance).

Talking sincerely about your financial hardship, lack of income and inability to pay when requesting a settlement offer over the phone can help a lot. Think sob story, but be sincere. Still, in this game... documentation beats conversation, every time.

Track everything (documentation)... who you speak to, their name, phone number and extension, date and time. Keep everything organized in a folder, easily accessible.

    NOTE: Certain creditors such as CitiBank, Discover, Kohls, Target and Chase if you live in FL, NY or OH will not settle for such small amounts. You should accept 60% to 75% in these situation and consider it good. All are more likely to pursue legal action as well.

KEY # 3) Use certified mail with return receipt.

Once you get an acceptable settlement offer in writing, send a check. But first... Write your account number for the account you are settling on the check and in the memo write "FOR PAYMENT IN FULL." Send the check along with a COPY of the settlement offer by certified mail with return receipt.

Once the account is paid to a zero balance, you can do the normal process of credit repair and quite possibly have the account removed through disputing it and requesting verification.

But wait, isn't "Do-It-Yourself" Debt Settlement like doing your own taxes or dental work?

Sure, it's possible settle credit card debt on your own. Some people are naturally good at it and even enjoy it, but most of us would rather leave it to a professional to get it done right the first time.

    It's like changing your own motor oil... while most people don't want to get their hands dirty, you certainly can do it yourself.

Debt settlement is by no means an exact science and it's difficult for an individual lacking experience to determine if a settlement is fair or not. In addition, you have to directly handle all creditors' calls and the harassment that come with the job. Many people are simply unable or uninterested in handling that kind of pressure, especially with the daily complexities of managing a job, household or family at the same time.

It does help (big time) to have expert guidance instead of learning on your own through trial and error (expensive and stressful). The cost of professional debt settlement programs may easily be dwarfed by the additional savings you'll realize by "doing right" the first time.

Hiring a professional debt settlement firm with a good reputation can no doubt save you more money, give you better advice and get you out of debt in a much less stressful manner, enabling you to move on with your life.

This sums up the process of settling credit card debt on your own. A professional debt settlement program makes a lot of sense if the cost to you is the same or less than doing-it-yourself and you get to let the pros do most of the work for you.

    FYI: "Credit Counselors" do not settle debt. I'm often asked a similar question, How can you settle a credit card debt without using a "credit counselor?"Credit counselors don't actually settle debt,, but it's a common misconception the general public shares. How many of us really know how this credit and debt stuff works? They often are able to reduce interest rates, and collect the full balance through a debt management plan where you pay them one single payment each month while they turn around and pay your creditors for you (hopefully) in full plus interest.

Of course, hiring the right professional for debt settlement services is a different discussion, but *watch out* because there are only a few "good ones" out there... mixed in with many unscrupulous salespeople who would lead you astray for their own gain in the debt settlement industry.

BUT BEFORE you can be certain debt settlement is the best for you, be sure to educate yourself on how credit works, your options for getting out of debt and how to choose what's best for you.

No matter what...

Make it a Priority to Be Debt Free ASAP, and Stick To It.

Because nothing feels as good as freedom, after you've been a slave!

: )

Need More Help or Resource with Debt Settlement to Settle Credit Card Debt On Your Own ("Do-It-Yourself") or to Find a Trusted Debt Settlement Program?

Professional Proof Reading - Become a Certified Proof Reader and Earn Millions

Thanks to the internet you're going to read an article to change your life. Irritated! Are you tired of noticing English grammar and punctuation errors every day? Do you have fun fixing it up? With ever booming internet industry, the need to write better and without errors is in high demands. You can cash the skills of a hidden proof reader inside, just by getting started to become a certified professional.

Proof reading is an exciting job whether you work online or in a traditional working environment. You can take up the editing job without much challenge and earn a smooth income. On the other hand you can earn fortune with just a little effort. Take up the challenge to get what it takes, become a certified proof reader. It means you will get proper training and a few courses to get the work done smoothly and without errors. Certification is the first step to ensure quality and accuracy as a proof reader. In today's world of recession, earning a steady income is every one's top priority. Freelancing is such a business which never gets affected by this situation. If you are a quality provider, your days are never gone. Getting trained not only improves your confidence level but your reliability for buyers as well. It is certainly an incredible investment for life time with overwhelming returns.

You can literally earn fortune by getting qualified for the job. After all, proof reading business is all about providing high quality documents without errors. The skill set you acquire at an institution or through an online certification, enables you to own loads of money with hundreds of satisfied customers, who will never think of anyone else as they think, you are just the best! This is the point of your hidden treasure. Get certified and have fun doing what you like the most.

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9 Tips to Avoid Unethical Tax Relief Companies to Settle Your IRS Debt

Because the IRS is increasing enforcement to unprecedented levels, there's been an increase in the number of unethical tax relief scams preying on people who owe back taxes. This year we've already seen rising numbers of consumer complaints about these scams. In tough economic times, it's especially important to not ignore IRS problems. Taxpayers must realize that they have to be careful when choosing a tax professional to resolve their back taxes and IRS problems.

Here are 9 tips for protecting yourself from tax resolution scams.

Tip #1: Beware of tax firms that overstate their success rate.

Avoid tax relief firms that overstate their success rate. According to Consumer Affairs, it's not uncommon for firms to misrepresent their ability to provide help. In some instances, companies will misrepresent their staff's professional skills and experience in addition to failing to provide promised services. Look for a firm that puts potential clients through a rigorous in-depth interview process to find out if they qualify for an IRS tax settlement - and will not allow a client to retain their services unless the taxpayer is a legitimate candidate.

Tip #2: Know what questions to ask before you hire your tax representation.

There are a number of important questions to ask your prospective tax attorney before hiring them on as your IRS battle-mates. In order to ensure that your tax attorney will be working in your best interest instead of simply charging you enormous service fees, you will need to treat your research process as you would a job interview.

Tip #3: Hire a firm that is responsive to your needs.

A tax attorney is responsive and will make sure you don't pay a penny more than what you owe. They will take over all communication with the IRS and make sure you stop clocking interest and penalties. Unfortunately there are companies out there that won't take you calls, don't respond to the IRS and make your back taxes troubles much worse than if you never hired the unethical tax relief professional.

Tip #4: Qualified tax resolution professionals provide immediate relief through Power of Attorney. When you get tax help from a certified tax professional, you get the benefit of them working completely on your behalf and will file a tax Power of Attorney (POA) with the IRS. This will provide you with immediate relief because from this point on the IRS will be required to contact them instead of you. A separate POA may be required for any State problem.

Tip #5: Beware of firms that guarantee results without even seeing your information.

One of the hallmarks of an unethical tax company is someone who promises you a specific outcome without an in depth review of your specific tax matter. Every situation is unique and the IRS agent on the other side of the table is always an unknown factor. There are no guarantees in life. Anyone who gives you a guarantee is unrealistic and unprofessional at best, or a scam at worst. A Certified Tax Resolution Specialist will get to know their client's specific problem and educate them on options for their specific case so that they have realistic expectations.

Tip #6: Know when to work directly with the IRS to resolve back taxes.

If your back taxes debt is less than $15,000, most tax specialists won't take you as a client. A Certified Tax Resolution Specialist wants to create a win-win situation, where the taxpayer gets needed tax relief and they earn their fee. If your back taxes debt is relatively small (less than $15,000), most often you can work directly with the IRS to resolve you back taxes.

Tip #7: Understand the costs associated with resolving your specific IRS problem.

Unethical tax companies will often low-ball their representation fees, quoting a seemingly low cost but neglecting to you tell you that the average Offer in Compromise takes 6-10 months. Additionally, because a high percentage of Offers are rejected by the IRS, these cases often have to go to the appellate level - at which point these firms will then turn around and hit the client with additional appellate representation fees. Look for firms that charge a fixed fee for their tax resolution services and can explain exactly what will be involved with achieving a settlement for your specific IRS problem.

Tip #8: Know the truth about Offer in Compromise tax settlements.

A Certified Tax Resolution Specialist has a track record of success with the IRS. You get that success rate by negotiating realistic Offers in Compromise with the IRS. An IRS tax relief scam might give you an impressive number of Offers In Compromise they have filed, but the number of OICs a tax resolution firm files is not what matters. Find out what percentage of their Offers in Compromise are accepted by the IRS (their success rate). Because Certified Tax Resolution Specialists are usually realistic with the cases they file, they often have the best track record for getting Offers in Compromise accepted.

Tip #9: Know the difference between a tax specialist and a Certified Tax Resolution Specialist (CTRS)? Tax specialist has no meaning. What matters is being a Certified Resolution Specialist. Certified Tax Resolution Specialists are certified by the American Society of Tax Problem Solvers. The ASTPS is a national, not-for-profit organization of professionals who specialize in representing taxpayers before the IRS.

In order to obtain this certification, licensed professionals (tax attorneys, CPAs and enrolled agents) have to take and pass an exam administered by the ASTPS, prove directly related experience in the tax resolution niche (two years), and be a CPA, tax attorney or enrolled agent in good standing with their respective state that licenses/regulates them. A Certified tax Resolution Specialist is uniquely qualified to successfully solve IRS problems - from negotiating tax settlements and IRS payment plans to removing or modifying IRS and bank levies - day in and day out. So whether you are looking for a tax attorney or a firm comprised of attorneys, CPAs, and enrolled agents you can research the ASTPS site and click on Find a Tax Problem Solver to determine if they are Certified Tax Resolution Specialists.

To combat tax resolution scams, you've got to arm yourself with knowledge. But your best insurance to protect you from tax resolution scams is getting someone you know you can trust on your team.

When Professional Development & Middle-Adulthood Collide - Relaunching Your Career

Most people launch their careers in their twenties and thirties with the focus of career development mainly on early adulthood. And what is the ambition at this age? For many, it's getting to "the top" as soon as possible. Some people achieve this goal in their early forties with twenty to thirty career years still ahead of them. Others perhaps do not use goals in their careers; their careers just evolve!

Nonetheless, middle-adulthood, those years from forty to sixty, are often overlooked in career plans. Some of the thinking goes like this: If I make it to the top by forty I won't have to worry about anything else. But what do you do when you make it to "the top" and still have all those years ahead of you? To this writer, it is a prescription for mid-life crisis!

Consider this: In our Twenties we go through the trial and exploratory stage of career development where we search for direction. In our Thirties we are in the transitional stage, synonymous with movement and advancement. The Forties and beyond are considered the stability stage; ongoing with a sound foundation. The irony is that as we move into our forties (middle adulthood) most of us have not done it all. Some of us are forced to restart our careers due to downsizing, soft industries, red flags in our company, being passed-over etc. In some cases we need to get away from a not-so-perfect situation or jump-start a stalled career. In others, we are searching for personal self-development or for a second career or to strike out on our own.

For these reasons and any number of others, most professionals will experience changes, or even upheaval, in mid-life. The answer in not "buy a Harley". According to the Department of Labor and the Job Search Handbook, most professionals will undergo seven to eleven job changes and two to three career changes over the course of their careers. Not only is the market demand for selected skills and career fields changing, but so are our roles as professionals and the way we manage our careers. Thus, career planning is more important than ever.

If you are in middle-adulthood and wondering what to do for the remainder of your career (and assuming that early retirement is not in the picture), don't panic. I have a simple three-step process that I have found in my many years in career marketing to make all the difference in the world.

First, you need to get to know yourself and what it is that you enjoy most; what it is that when doing it does not feel like work. Dr. Charles Ehl, former Dean of Continuing Education at Stonehill College in Easton, MA: "Regardless of past industry or direction, people can be empowered to control their professional destiny through an approach that fuses self-needs analysis, good targeted research and tactical planning in the use of certain techniques beginning with getting to know themselves." By that Dr. Ehl means understanding for themselves-about themselves: What it is that they really value; what they feel they stand for; what it is that drives them to do what they do; what it is they enjoy doing most-are most passionate about; and finally, although it does not necessarily end with this, where they are looking to take themselves, why, and with what end in mind. Through this exercise, the notion of your optimal market will emerge. For example: If you find that your interest in creative writing is so great, you find you are happiest when you are engaged in it, perhaps a move into editing or speech writing, or a move into the publishing industry at large; or developing newsletters for an association, entering the advertising arena or other creative industries may be best.

Second, you need to figure out how to attract your audience - contacts that can help you move towards your goals. Do what politicians do: Get outside impartial viewpoints to provide you with some idea of how others (your audience) may perceive you, and learn about them-do your research. Developing a networking communication strategy and your "talking points" with this knowledge and the fresh ideas about you that others can provide; and with a focus on the needs of your target audience, you will separate yourself from the average person and ultimately paint your own landscape.

Finally, once you have your audience's attention, you will need to talk about yourself. Don Ventura, R.L. Stevens & Associates, a private career marketing firm, suggests using a Story Technique. Ventura says, "Compelling stories which incorporate specific examples of your experiences, achievements and contributions that relate to your market and put you in the right light will be remembered well after the interview is over." People remember your stories more than duties and responsibilities. Here are three concepts that will help you when developing a communication strategy and talking about yourself:

Success Concepts

You must have a purpose; a personal philosophy. In today's uniquely competitive job market the lifespan in an executive position may only be 5 years in some cases (clearly, not as Evergreen as it once was). Jim Sabin, a CIO with The Shaw Group, Inc. the leading Global provider of services to the power industry: "With executive positions in IT, for example, as interchangeable as mouse pads, the need for a sharply honed purpose for 'Plan A' and stratagem for 'B and C' for that matter, has never been more apparent." Purpose could be what it is you feel is important in running a business or what you feel is the business of business; it must be carefully thought out and presented. Think in terms of a one-page presentation to the company directors. You will need to come up with as many success concepts as you can from your past professional experiences and when you begin to assemble your thoughts for your presentation, try to include as many of them as possible. Here are some relevant themes to consider:

1. Personal mission statement

2. Core values; core strengths

3. Driving factors; motivations

4. Level of integrity

5. Value placed on quality

6. Visioning, strategy and facilitating

7. Performance standards you hold for yourself

8. Professional goals

9. Leadership philosophy; management style

10. Communications capabilities

11. Practiced client/public relations

12. Leveraging skill-sets

13. Creative expertise

14. Business knowledge; market intelligence

15. Managing resources

Trigger Concepts

The easiest way to attract people's attention and to help them get to know you is to adopt simple words and phrases which will have an immediate "trigger" effect, such as:

1. Strategic partnering

2. Impact presentations

3. Bringing ideas / vision to utility

4. Bringing products to markets

5. Entrepreneurial talent

6. Driving revenues; growing profits

7. Structuring and restructuring

8. Building responsible teams

9. Managing talent

10. Start up; turnaround; re-emergence

11. Enterprise development

12. Crafting solutions

13. Staying ahead of the curve

14. Managing change-driven environments

15. Driving "large dollar" projects

Philosophy, along with Success and Trigger Concepts is a winning combination. It provides you with control and sets the tone for all future discussions and posturing for negotiations.

Story Technique

One of the most important tenets in product marketing applies here in career planning: Differentiate your product from others in the marketplace.

John Folcarelli, Labor Attorney and Human Resource Manager for Laidlaw Education: "Most people involved in planning their career tend to fly by the seat of their pants rather than exercise control over the process as it unfolds. For instance, in the interview, instead of simply reacting to questions imposed by the interviewer, the job candidate can and should attempt to take on more responsibility for influencing the direction of the interview." The Story Technique does just that. It is a method for bridging your qualifications and past successes to the needs the targeted company. It is also a great example of how to use your Success and Trigger Concepts in presenting the right image and distinguishing you from the competition.

Your stories should tell about actions that you took to bring about positive changes. Story techniques cover the "before", the "action" and the "after." You can begin by first explaining what had existed that required your attention: Situation. Next consider how this new challenge may benefit the enterprise and you: Opportunity. Briefly describe what you did: Action. Lastly, describe the outcome and its benefits to you and the company: Results. Here are two examples of the use of the story technique, or, "S.O.A.R":

(S) I was selected by top management to lead a corporation into the US market and (O) recognized an opportunity to have a big impact on operations at a wholly owned subsidiary.(A) Over a two-year period I developed a cohesive staff which went on to develop 1.5 million square feet of office properties at $350 million which (R) produced over $25 million of net operating income and $4 million net cash flow for the corporation resulting a promotion to President of the wholly owned subsidiary.

(S) The ownership of a physical therapy and sports medicine company recruited me to (O) lead, grow and concurrently stabilize a $4.7 million health systems company staffed by 85 professionals. (A) I developed and executed all business plans and opened new markets in industrial and corporate health promotions, (R) positioning the company for its very profitable $6.6 million sale, $2.5 million more than the ownership had anticipated.

A strong, well-articulated Philosophy, sound Success and Trigger Concepts, and persuasive examples of your successes using the Story Techniques (SOAR) are essential for securing a quality position.

More Than Just a Task

There is certainly more to consider beyond these concepts. Nonetheless, the purpose here is to stimulate your thinking if your situation calls for a serious look at your career. There are times when a simple career adjustment may be called for and other times when a complete change is necessary. In any case, restarting your career in middle-adulthood can be one of the most rewarding experiences in your life. Approach it with enthusiasm, dedication and confidence (but for goodness sake, don't forget "technique").

How to Register a Professional Corporation ("PA") In Florida

If you are operating, or plan to operate, a professional service in Florida, then you should consider doing so as a professional corporation. This entity is a type of corporation which is organized to render a specifically designated professional service. Examples of services rendered by a professional corporation, just to name a few, are certified public accountants, chiropractors, doctors of medicine, architects, attorneys and life insurance agents. These types of professional services, as noted above, can operate through the vehicle of a professional corporation in Florida. You should note that a professional corporation is also referred to as a "P.A." or professional association.

To form a professional corporation in Florida, you must take the following steps:

• The first step is to prepare articles of incorporation and file the articles with the State of Florida. The articles of incorporation must state the name of the entity, address of the corporation, the name and address of the registered agent, and must state the specific purpose for which the corporation is organized (e.g., chiropractic medicine, Certified Public Accountant, etc.). Please note, the name of the professional corporation must contain the words "chartered" or the words "professional association", or the abbreviation "P.A." Once the articles are prepared, you must file this document with the Florida Division of Corporations along with the state filing fee of $70.00.

• Once the articles of incorporation are filed, you should then obtain a tax identification number for your entity through the Internal Revenue Service. You can apply for a tax ID either online at http://www.irs.gov or call the IRS. Their contact information can be found on the IRS website.

• Next, you should elect "S" corporation status for your entity. To do so, you must complete and submit Form 2553 to the IRS. You can obtain Form 2553 on the IRS website or seek the help of an accountant to assist you with such election.

Fast and Professional Typing Services - Can You Do Without It?

We can all type, it may be a two-finger job, bashing away at a keyboard, but we can get words on a page and make it look okay. The layout of letters or reports may stump us and okay we are not sure how to really get the best out of our word processing. What we can produce is fine and although it may need a few tweaks here and there it will pass inspection. Close inspection of our work however may prove that what we produce is poor. That is where typing services come in handy.

Who needs these services? The answer is almost anyone can need the help of professional typing services. Students, authors, law firms and teachers are the kind of people that will regularly use a good typing service. Have you got documents that are hard to read or decipher? Do you have a lot of hand written work you would like presented in a more professional way? If you have any documents like that then you need professional services for typing.

Good typing services will cover work such as manuals, screenplays, letters and thesis papers. In fact the work they cover would be an extremely long list. What do you get when you use such a service? You get accuracy, confidentiality and a quick turn around on your work. Good typing services will understand the blood, sweat and tears that have gone into the work you have produced, and will treat it with respect. The prices charged are normally very reasonable.

You may never have considered using services for typing before, but maybe it is time to look at such services. Think of how much more professional you work will look. We all need an edge to what we do and a perfectly turned out thesis or manuscript will give you that edge and make your work stand out. Before you dismiss using typing services, have a look at some and see how reasonable the rates are.

If your still not convinced, sit down at a computer or word processor and have a go yourself at typing up your work. I guarantee that unless you are a professional typist you will be tearing your hair out and cursing at the screen within half an hour. Services for typing are fast, cheap, professional and can make your hard work look great. In short you have nothing to lose and everything to gain by using typing services.

A quick look online will give you an idea of prices charged by any of the professional services. The prices are normally per page or number of words. If your documents are handwritten and not very understandable you may get charged slightly more. You will be pleasantly surprised at the cost involved in turning your hard work into something that looks great and reads well. Give typing services a go and you will wonder how you managed without them before.

6 Tips For Hiring a Good Income Tax Attorney Or Certified Tax Resolution Specialist

While taxpayers are allowed to represent themselves before the IRS, many taxpayers seeking tax relief find dealing with the IRS frustrating, time-consuming, intimidating or all of the above. So they make the decision to hire professional tax help (specialized tax attorney, tax resolution firm, etc.) to negotiate with the IRS on their behalf. An experienced tax attorney or Certified Tax Resolution Specialist (CTRS) who specializes in providing tax relief to individuals and businesses can help resolve tax problems at both the state and federal level. Before you hire a tax resolution professional, check out these top tips for choosing a good tax relief expert to help you resolve your IRS problems.

Understand the cost of going solo: There are many advantages to hiring an income tax attorney or Certified Tax Resolution Specialist, but the greatest advantage is peace of mind and knowing that you are not taking unnecessary risks with your personal and financial freedom. Going in front of the IRS without a tax attorney is like defending yourself in a murder trial. You'll get creamed. To paraphrase the wise old saying, "He who acts as his own tax attorney has a fool for a client." Even if you can't afford to pay your back taxes or have years of unfiled delinquent tax returns, a Certified Tax Resolution Specialist or tax attorney can help you settle your IRS debt by increasing your chances of resolving your back taxes and helping you qualify for a settlement where you only pay back only a fraction of what you owe.

Don't be penny wise but pound foolish: Even when you know you need a tax attorney, it can still be a difficult decision to make when faced with their fees. However, know that not getting professional help can be even more costly. To get the help you need, you need to leverage the specialized knowledge that only an expert income tax attorney or Certified Tax Resolution Specialist can provide. In many instances, retaining professional and reliable tax attorney and tax resolution services will often result in more affordable IRS payment plans and lesser tax penalties. However, when you owe back taxes and you need a tax attorney's help to get the relief you want, the issue at stake is more than just what is on your balance sheet. Issues with back taxes and other IRS problems can be both financially and personally crippling - so you will want to resolve them swiftly and permanently.

Understand your tax settlement options: Your tax attorney or Certified Tax Resolution Specialist should help you understand the process for resolving tax debt so that you have realistic expectations for solving your specific problem. Because the IRS has very strict guidelines governing eligibility for tax settlement, your tax relief professional needs to let you know up front what options are viable for resolving your specific IRS problems.

Know that every tax relief case is different: To get the help you need, you will need personalized attention rather than a one-size-fits-all approach to tax resolutions. Beyond being able to leverage the specialized knowledge only an income tax attorney or Certified Tax Resolution Specialist can provide, you will want to choose a firm with extensive experience and an exceptional track record for success to help ensure your unique case is in good hands.

Look for a firm that offers transparency. It's unfortunate that there are some firms out there that will lowball their initial fees - without letting taxpayers know about additional fees that may be involved further down the road. This is a popular tactic that firms use to secure a client. They start the process by quoting entry-level fees - intentionally leaving out the fact that the Offer in Compromise process can take up to 6-7 months. Because a high percentage of Offers are rejected by the IRS, these cases often have to go to the appellate level - at which point these firms will then turn around and hit the client with additional appellate representation fees. You will want to choose a firm that will help you understand exactly what's involved with achieving a settlement for your specific IRS problem.

A tax attorney will keep you out of future IRS trouble: Hiring professional tax attorneyand tax resolution servicescan not only help you resolve IRS problems from the past, but it can also help you achieve permanent tax relief, making sure you don't run into tax problems in the future.

Turn Around Management - How to Turn Things Around For the Better

I've survived 3 recessions and several major business upsets over the past 27 years of owning and running my own business. Here are 3 quick tips to turn things around if they start going wrong.

1) Focus. Stop doing 10,000 things and focus on ONE thing that has the greatest chance of producing great results. I wasted too much time in the beginning trying to work on too many activities. THEN, I focused on writing my newspaper column and calling potential clients and the business grew.

At this stage of my life, I focus as much on family as I do on business. I don't want to lose what really matters while I seek business and financial success.

2) MASSIVE ACTION: A little action gets you a little result. Think of turning a huge ship around. The Titanic hit the ice berg in part because the rudder was too small for the size of the ship. Had the rudder been twice the size, it may not have crashed. Don't make 10 calls a day, make 100.

Applying the concept to your personal relationships, don't tell your spouse you love him / her, show it by changing, growing, hugging longer, smiling more and being better.

3) Eyes on the prize: Keep looking at your main goal. Everything in this world will try to distract you from your main goal. Email. Text messages. Low-priority phone calls. Keep your eye on the prize and spend 80% - 90% of your day working on achieving your main goal (business or personal)

I could share 100 more ideas for turning things around but if you don't use these first 3, the rest is really wasted effort. Wishing YOU great success and happiness.

Darn Good Reasons Why You Should Or Should Not Hire A Professional Resume Service

Well, if you live in Michigan, or anywhere else in our country, let's face it. The economy stinks. People are getting laid off and companies are closing down or outsourcing to other countries practically on a daily basis. So, what good would hiring a professional resume service do for you? EVERYTHING.

It's understandable to be cautious about hiring a resume writer, especially online where you can't visually shake a hand or see an office full of certificates, awards, books, or anything else that might prove credibility. Here are a few reasons you SHOULD hire a professional resume writer:

1- PROFESSIONALISM - A professional resume writer knows what he/she is doing. I've had clients tell me over and over that having it professionally written got them the job. They had sent in the old one previously and at my urging, resent the new one and got the job!

Make sure whomever you hire is CERTIFIED. If you are unsure whether or not your writer is certified, go to parw.com and type in their name. If they are certified, it will come up as such. A certified writer has gone through extensive training and was tested on it, ensuring their work meets the standards of the Professional Association of Resume Writers and Career Coaches. If you are going to spend the money, you want the best.

2- BRANDING/PR - A professional resume writer acts as your personal cheerleader, your brander, your public relations firm. You want someone who knows how to present your qualifications in your best light. They will gather the relevant information (career goals, experience, training, etc.) to create a professional image for you. Something you will be proud to hand out to a hiring manager.

3-GHOSTWRITERS- A professional resume writer knows how to craft content that gets people interested. They create a resume that sounds and feels like YOU. A professional resume writer constantly updates their skills and abilities by keeping up with the latest in career news, and attending webinars, teleseminars and conferences.

4- FORMAT - How bored are you when you see a resume that is bullet after bullet of a position description? Would you call that person back? Neither will the hiring person. Professional resume writers are TRAINED in creating unique documents with appealing fonts, borders and styling that is all YOU.

5- RESOURCE CENTER - Your professional resume writer is a career one-stop-shop! Chances are they have a wide range of resources to offer during your job search. Many are also Certified Career Coaches and remain well informed of career events and other services helpful to their clients. Many times employers will contact resume writers for suitable candidates.

Reasons NOT TO HIRE a professional resume writer:

1- They offer you a resume package for $19.95. Most likely this company is a printing or secretarial service that will rewrite everything you gave them, or dump your info into a pre-written template.

2- They tell you they are certified, but you check on the PARW site and they are not. WRONG. Turn around and go back. They are misrepresenting the truth and God knows what they will do with your money.

3- They offer a 30-day guarantee if you don't get an interview. I know this is a touchy one, because many of my colleagues do it, but here is my beef with that: with each client, I put my heart and soul into the resume. I am already writing a resume that I think will knock the socks off any reader. So how can I possibly offer a rewrite on that? I already wrote a killer resume and I stand behind it. I would rather sit down with the client and go over what they have been doing for job search because I guarantee that is where the problems lie.

So, to sum it up, it's important to find a solid and reputable resume service. Check for memberships to professional career organizations with writers that are certified.

A professionally written resume is a good investment and is worth it's weight in gold, not to mention it will get you noticed immediately.

Business Downturns - Advantages of Retaining a Turnaround Professional

Economic distress has ripple-down effects that present significant challenges to most business management teams. Not only do these larger economic events indirectly stress managerial abilities, but they may also introduce legal and financial issues that can impact the turnaround process.

With today's rapidly increasing global competition and what appears to be a business-toxic government administration in Washington, no business owner can sit back and assume their company will remain stable and unscathed by the hostile business climate that is evolving.

As formerly profitable and viable businesses struggle to make a profit, the skills of business turnaround pros are becoming more critical in this economic climate. Businesses that find themselves in trouble and in need of a successful turnaround will significantly increase their chances of a successful turnaround if they utilize external professionals to assist them with the process.

While many failing businesses have chosen to downsize in an attempt to improve their viability, cutting staff alone has its own drawbacks. Also, a poor and deteriorating economy, along with what seems to be an anti-business political administration, causes normally growth-aggressive business leaders to retrench.

Many business owners find themselves in need of a complete business turnaround, and although they may have accounting or legal expertise within your organization, they should seriously consider hiring experts who are external to your organization.

This will eliminate any conflicts internal personnel may have with the turnaround process. For example, the accounting department may deserve some of the blame for the current predicament, and they may be motivated to cover this up. This would clearly be an internal conflict.

The controller or a C-level accounting manager can be included on the turnaround team, but it is best that the external expertise is available so the business will not be solely reliant on someone who may be partially responsible for the problems causing the need for the turnaround in the first place.

The other reason to seriously consider outside help is because it is likely that a certified accountant is not working within an organization, or one who has experience working on a company turnaround, or an attorney familiar with the unique issues associated with a turnaround.

I am not suggesting that a business in need of a turnaround hire all three individuals. The business may be able to accomplish its goals with an attorney who is also a CPA and has experience with turnarounds.

The other reason to retain external assistance is because it will help offload some of the extreme emotional (and physical, time-wise) burden associated with a turnaround. Remember, people will likely be losing their jobs as part of the restructuring, and futures will be changing.

Medical Accounts Receivable Funding Keeps Doors Open, The Lights On, And Growth Strategies On Track

From Independent Rural Hospitals to Sprawling Urban Healthcare Networks

During unforeseen financial downturns, or when unanticipated revenue-generating opportunities present themselves, speed and a strong financial relationship is the difference between success and failure. When CMS demands new information technologies, Joint Commission requires urgent equipment replacement, a boiler bursts, or bankruptcy is looming, an immediate "cash" infusion is the only switch that keeps the doors open, the lights on, and growth (or exit) strategies on track.
"While lines of credit and bank loans are good sources for financing a medical business, nothing is more expedient than medical accounts receivable [MAR] funding," notes E. Paul Hettich, Chief Financial Officer of BryLin Hospitals in Buffalo, New York. He credits the hospital's survival to this often overlooked financial tool. BryLin, the only private treatment facility in the Buffalo/Niagara region providing inpatient psychiatric services and outpatient substance abuse treatment services, was immersed in debtor-in-possession crisis when Hettich learned of the benefits of MAR Funding when a fellow healthcare provider advised him about this alternative financing solution and introduced him to Sun Capital HealthCare, Inc.

"When things looked the darkest, medical accounts receivable funding became the most effectual financial oxygen for saving and reviving our 55-year old institution," he shared. "Over time, the continued immediate cash infusion turned the tide on our balance sheet and was instrumental in our reorganization efforts. It provided working capital which allowed us to add back staff and management cut in previous downsizings, enabled us to add new services and purchase related equipment that quickly increased physician affiliations and referrals, thus generating new revenue streams."

Hettich reported that what truly made the difference was BryLin's relationship with Sun Capital HealthCare, Inc., a national financial services company that specializes in medical accounts receivable funding solely for the healthcare industry. "Anyone can finance you money, but the relationship we had with direct 24/7 access to Sun's principals, their staff's working knowledge of the healthcare industry, and their unwavering trust in our operation and management was both financially and mentally emancipating during that critical time. By effectively utilizing A/R funding as part of our financial strategy for our medical business, we added new services, restored the confidence of our staff and our suppliers, increased referrals from associated physicians and enhanced our financial leverage with banks and other lending institutions."

"We have returned our business to profitability, recapitalized and reformulated our capital structure and repositioned our organization for growth," added Hettich. "Even as we become more bankable, we will utilize the immediacy and flexibility of MAR funding to invest in opportunities that can increase revenues and proactively address capital equipment needs in a timely manner."

An indispensable tool for financial turnaround and a dependable ally in growth

A key factor in a provider's fiscal downfall, or lack of growth, is the lack of working capital. A solution to prevent this lies in the providers' accounts receivable, an asset often wasting away accumulating dust on the balance sheet. With the specialized MAR funding program of Sun Capital HealthCare, there are no ceiling caps and the transaction is debt-free. Simply put, Sun Capital purchases a provider's accounts receivable and advances it cash within 24 to 48 hours of submission of claims.

"With this tool, companies can take charge to regain or significantly amplify their financial leverage with the immediate infusion of cash," stated Certified Turnaround Professional Thomas M. Vivaldelli, a principal and managing director of Distressed Real Estate Solutions with more than 25 years in turnaround, crisis management, restructuring and renewal of troubled businesses. "By using some of the cash to reduce debt, a company increases its value for a potential sale or strengthens its ability to be bankable with a bigger line of credit and lower interest rates." Vivaldelli added that A/R funding works as an indispensable tool to help turnaround the capital structure of a company in eminent danger, or as a dependable ally for companies poised for great growth.

The challenges for healthcare providers include growing revenues to keep ahead of rising overhead, remaining a leader in the healthcare industry, and delivering projected returns to shareholders or the anticipated revenue levels directed by nonprofit boards of directors. Sun Capital HealthCare's MAR funding program is an effective financial tool in this environment.

UK Business Rescue Organisations

Despite being such a small world, the UK's business rescue and turnaround management industry has developed a bewildering number of acronyms and abreviations. So this article provides a guide to who's who and what's what in the world of business rescue and turnaround management consulting:

ABRP - rather inelegantly often pronounced as sounding like 'a burp', the Association of Business Recovery Professionals is the trade body for the UK insolvency profession (also known as R3) but now avoids the 'I' word having changed its name from SPI as part of the process of widening membership to the turnaround profession by assisting with the set up of the IFT (nee STP). Most IPs, see below, will be members.

ACTP - Association of Certified Turnaround Professionals, is an American based body associated with the TMA which accredits turnaround professionals by way of a professional exams based on American law and practice (although there have been some steps taken to develop a syllabus for the UK as well).

CRO - Chief Restructuring Officer, a turnaround professional appointed to a company specifically to take overall charge of all aspects of its turnaround project.

CTP - Certified Turnaround Professional, a qualified member of ACTP above and therefore probably still an American.

CVA - Company Voluntary Arrangement is an Insolvency Act business rescue procedure that allows a business to agree a binding compromise deal with its unsecured creditors in full and final settlement of its debts.

IBR - Independent Business Review is an investigation into a business's viability and prospects, carried out by the insolvency or business recovery arm of an accountancy firm on behalf of a lender.

IFT - Institute for Turnaround, originally known as the STP, the IFT is a body set up with R3's assistance to accredit turnaround professionals in the UK through a rigorous case study and referencing process. It and its members therefore broadly represent the turnaround professionals in the UK. It has a national membership and holds regional meetings as well as an annual conference. It has now become independent of ABRP/R3, which in turn is rumoured to be thinking of setting up its own special interest group of IPs specialising in business rescue and turnarounds.

IM - Interim Manger, a usually highly overqualified individual hired at manager level on a temporary basis, usually to deliver a project or cover for a vacancy.

IP - Insolvency Practitioner, someone who is licensed to take formal insolvency appointments and can therefore act as a Liquidator or an Administrator.

IPA - Insolvency Practitioners Association, an independent insolvency licensing body that operates in addition to the accountancy institutes, the law society and the government.

JIEB - Joint Insolvency Examinations Board are the very tough exams which most IP's have had to pass to obtain their insolvency licence.

MTA - Minerva Training Associates is the only UK based training company which specialises in providing practitioner led turnaround training courses for people entering or already within the turnaround profession.

R3 - stands for Rescue, Recovery, Renewal, and is the business rescue friendly trading style adopted by ABRP when it stopped being SPI.

SIP 16 - Statement of Insolvency Practice 16 sets out the information an Administrator will need to subsequently disclose where they have completed a pre-packaged sale of a business on their appointment.

SofA - Statement of Affairs is the document prepared by directors in an insolvency setting out the businesses assets at their expected realisable value and the full value of its creditors so as to show the net deficit. Variations of this will often be prepared prior to insolvency, such as say an estimated outcome statements or an estimated security position included in an IBR to show the a secured creditor such as a bank how they stand both now and in various potential scenarios.

SPI - Society of Practitioners of Insolvency (you do have to ask what would have been wrong with Insolvency Practitioners Society instead?) is the old 'I word' name for ABRP/R3.

STP - Society of Turnaround Professionals was for many years the name of what is now the IFT. The name was changed after it was realised that the name and logo were far too similar to a brand of oil additive for comfort - just goes to show that everybody makes mistakes...

TD/TE/TP - Turnaround Director/Executive/Professional, an individual who undertakes business rescue and turnaround work, the modern term for what used to be known colloquially as a 'company doctor'.

TMA - Turnaround Management Association is the UK chapter of what is principally an American (although there are other chapters around the world) organisation. An association of a wide range of professionals and service providers interested in the area of turnaround the TMA is a broad church. It has a national structure and runs a variety of networking events as well as an annual conference. It therefore represents the wider area of turnaround management in the UK.

Of course the information contained in an article like this can never be a full statement of the legal position as the relevant laws are complex and liable to change. This article can only therefore be a general guide as to the issues involved and as these can have serious implications you should always seek appropriate professional advice on your own particular circumstances before taking any action.

Business Downturns - Selecting a Turnaround Professional

When selecting a turnaround professional to assist you with your company turnaround, there are certain features you should require.

First and foremost, this professional should be a person you feel comfortable with. You should like this person in a way that you can only assess personally.

Some people are likeable and others not. I can't explain exactly how to determine this, but if you feel comfortable with them, that is usually the very good indicator.

As a business leader and entrepreneur, I think you know what I mean. This feature may also have something to do with leadership qualities or charisma or trust, but it is probably the most important characteristic because the last thing you want to do is bring in someone that your employees don't like and have this person irritate the situation worse than it needs to be.

Advanced education degrees are nice, but they are hardly the most important credential. Someone who has an MBA or a CPA will certainly be a benefit, but if they have no experience, those degrees will not add up to much.

The turnaround professional you select should therefore have a fair amount of experience with turnarounds (successful ones), and if possible with turnarounds in your business sector. Ideally, this person should be a self-started and a leader. They should be able to deliver an honest opinion even if it is one you may not want to hear.

C-level experience is necessary, and a good understanding of accounting issues would be a huge benefit. This person must also confirm to you that they believe they can turn your company around if you hire them. They should also have a solid grounding in negotiations, and if possible in debt negotiation. Debt negotiation plays a key role in freeing up capital for the turnaround, so these skills are critical.

Ideally, here are the credentials you are seeking in a turnaround expert:

    * Personable, likeable, and trustworthy
    * Honest and forthright, even when presenting unpopular opinions
    * Multiple first-hand experience leading successful turnarounds
    * Experience with turnarounds in your business sector
    * Solid C-level experience with leadership qualities
    * Accounting experience and understanding
    * A positive expectation on the outcome of your turnaround
    * Negotiation background, preferably debt negotiation

In addition to these qualifications, a turnaround professional may also be a member of, and certified as a Certified Turnaround Professional (CTP) by, the Turnaround Management Association (TMA). Here again, education plays a key role, but hands-on experience trumps it by a mile when it comes to a successful turnaround expert.

UK Business Rescue Organisations

Despite being such a small world, the UK's business rescue and turnaround management industry has developed a bewildering number of acronyms and abreviations. So this article provides a guide to who's who and what's what in the world of business rescue and turnaround management consulting:

ABRP - rather inelegantly often pronounced as sounding like 'a burp', the Association of Business Recovery Professionals is the trade body for the UK insolvency profession (also known as R3) but now avoids the 'I' word having changed its name from SPI as part of the process of widening membership to the turnaround profession by assisting with the set up of the IFT (nee STP). Most IPs, see below, will be members.

ACTP - Association of Certified Turnaround Professionals, is an American based body associated with the TMA which accredits turnaround professionals by way of a professional exams based on American law and practice (although there have been some steps taken to develop a syllabus for the UK as well).

CRO - Chief Restructuring Officer, a turnaround professional appointed to a company specifically to take overall charge of all aspects of its turnaround project.

CTP - Certified Turnaround Professional, a qualified member of ACTP above and therefore probably still an American.

CVA - Company Voluntary Arrangement is an Insolvency Act business rescue procedure that allows a business to agree a binding compromise deal with its unsecured creditors in full and final settlement of its debts.

IBR - Independent Business Review is an investigation into a business's viability and prospects, carried out by the insolvency or business recovery arm of an accountancy firm on behalf of a lender.

IFT - Institute for Turnaround, originally known as the STP, the IFT is a body set up with R3's assistance to accredit turnaround professionals in the UK through a rigorous case study and referencing process. It and its members therefore broadly represent the turnaround professionals in the UK. It has a national membership and holds regional meetings as well as an annual conference. It has now become independent of ABRP/R3, which in turn is rumoured to be thinking of setting up its own special interest group of IPs specialising in business rescue and turnarounds.

IM - Interim Manger, a usually highly overqualified individual hired at manager level on a temporary basis, usually to deliver a project or cover for a vacancy.

IP - Insolvency Practitioner, someone who is licensed to take formal insolvency appointments and can therefore act as a Liquidator or an Administrator.

IPA - Insolvency Practitioners Association, an independent insolvency licensing body that operates in addition to the accountancy institutes, the law society and the government.

JIEB - Joint Insolvency Examinations Board are the very tough exams which most IP's have had to pass to obtain their insolvency licence.

MTA - Minerva Training Associates is the only UK based training company which specialises in providing practitioner led turnaround training courses for people entering or already within the turnaround profession.

R3 - stands for Rescue, Recovery, Renewal, and is the business rescue friendly trading style adopted by ABRP when it stopped being SPI.

SIP 16 - Statement of Insolvency Practice 16 sets out the information an Administrator will need to subsequently disclose where they have completed a pre-packaged sale of a business on their appointment.

SofA - Statement of Affairs is the document prepared by directors in an insolvency setting out the businesses assets at their expected realisable value and the full value of its creditors so as to show the net deficit.

Variations of this will often be prepared prior to insolvency, such as say an estimated outcome statements or an estimated security position included in an IBR to show the a secured creditor such as a bank how they stand both now and in various potential scenarios.

SPI - Society of Practitioners of Insolvency (you do have to ask what would have been wrong with Insolvency Practitioners Society instead?) is the old 'I word' name for ABRP/R3.

STP - Society of Turnaround Professionals was for many years the name of what is now the IFT. The name was changed after it was realised that the name and logo were far too similar to a brand of oil additive for comfort - just goes to show that everybody makes mistakes...

TD/TE/TP - Turnaround Director/Executive/Professional, an individual who undertakes business rescue and turnaround work, the modern term for what used to be known colloquially as a 'company doctor'.

TMA - Turnaround Management Association is the UK chapter of what is principally an American (although there are other chapters around the world) organisation. An association of a wide range of professionals and service providers interested in the area of turnaround the TMA is a broad church. It has a national structure and runs a variety of networking events as well as an annual conference. It therefore represents the wider area of turnaround management in the UK.

Of course the information contained in an article like this can never be a full statement of the legal position as the relevant laws are complex and liable to change. This article can only therefore be a general guide as to the issues involved and as these can have serious implications you should always seek appropriate professional advice on your own particular circumstances before taking any action.

From Manuscript to Publication - How I Published My Book

"I hate writing. I love having written". That quote from Dorothy Parker sure summed this labor of love for me. One thing's for sure, writing my book was not an easy undertaking. The writer's block; discipline of writing at dedicated times; writing in the dark because my best ideas always seemed to come just before falling asleep or in the early morning hours are all, thankfully, behind me now.

Finally my manuscript was finished. I knew because I didn't even consider rewriting or editing - not one chapter, verse or dialogue. I was done! It's hard to explain the sense of pride of committing one's vision to paper and watching it grow into a finished book. However, there was no time to stand on laurels. What was I supposed to do next? How do I get my writing from manuscript to a published book?

The first thing I did was copyright my work. I could put the copyright symbol on my manuscript and the law automatically protects this creative work. However registering officially with the U.S. Copyright Office in Washington DC gives me the advantage of having a public record of copyright claim in the event of an infringement suit. It also protects my work for my heirs some seventy years after I die. The fee as of this writing was $45 - money I considered well spent.

Next, I hired a professional editor. Even if I were an English major or my best friend taught it, there are writing styles that go beyond typos, mistakes in grammar or redundancy. Professionally published books have an established contextual style for format, punctuation, citations, quotations, etc. and only a professional editor could help me with this. In order to keep an eye on costs I hired an editorial service that charged by the word. It was much easier to prove the costs per word versus an editorial service that charged by the hour.

Now I was ready to select a publisher. I learned that in order to submit my manuscript to traditional publishers, I needed to consult the Writer's Market publication. It is the source for where, when, how and who to sell what one has written. After some research, I decided not to go with a traditional publisher for several reasons: (1) I'd probably have to hire a literary agent as most publishers wouldn't even look at my work without one. (2) Most traditional publishers work on an 18 month production cycle which means I wouldn't see my work in book form for at least a year or more. (3) The rejection letters that comes before some one editor decides my work is worth publishing - need I say more? And (4) publishers' royalties run between 5-15% after sales, manufacturing costs, etc. Now, of course, if my book becomes a best seller that 15% would look pretty good. However I wanted to keep more than 5 to 15% profit from the sale of my book.

This led me to research self publishing options. What I found was:

(1) Local Printer - Offset Process would be too costly. I have a friend who attempted to publish a children's book this way. She found that she would have had to price each book over $100 just to break even!
(2) Print on Demand (POD) - Pays a royalty to writer of 1-1.5%
- I'd pay ($$$) upfront and again when each book sold - I'd receive one or two copies of my book for the ($$$) - Ownership rights are held by POD for a specified period - Examples: Lulu, Xlibris, iUniverse
This is the way to go if I just wanted to see my work in print or wanted to leave a legacy for my family. In addition I learned that it would be a mistake to skip the editorial service before using a POD - the manuscript submitted is not edited, spell checked or checked for typos. In other words what I submit is what I get back in book form.
(3) Book Packager - Independent contractor prints all phases of book
-Prints amount of books I wanted at a reasonable cost. -Professional bookstore quality. -Ownership rights remain with me -All proceeds from sales belong to me. -Examples: BooksJustBooks.com, blurb.com
The book packager option was the one I chose. This process is very hands on - which I like. I was involved in every aspect, from the choice of type font to the layout and finally the cover art - which I selected from my own sources. The final product reflected my vision for my book.
Self-publishing satisfied my desire to see my work in print in a timely manner. The new technology using laser printing and the ability to use word publishing software all offered a fast turnaround. In just a couple of months I had professional quality books delivered to my door. I was completely satisfied and impressed with the final product.

Early in the process I applied for an ISBN (International Standard Book Number). This number identifies the book title and me as the publisher for marketing purposes. An ISBN is absolutely necessary to sell to bookstores, place with distributors, wholesalers and libraries nationally and internationally.
I went one step farther and applied for an LCCN (Library of Congress Catalog Number) to register and catalog my title in the centralized Library's Catalog Collection in Washington DC.
And there you have it, the step-by-step process of how I published, When You Need a Timeout. You can read an excerpt from the book on my website.

9 Tips to Avoid Unethical Tax Relief Companies to Settle Your IRS Debt

Because the IRS is increasing enforcement to unprecedented levels, there's been an increase in the number of unethical tax relief scams preying on people who owe back taxes. This year we've already seen rising numbers of consumer complaints about these scams. In tough economic times, it's especially important to not ignore IRS problems. Taxpayers must realize that they have to be careful when choosing a tax professional to resolve their back taxes and IRS problems.

Here are 9 tips for protecting yourself from tax resolution scams.

Tip #1: Beware of tax firms that overstate their success rate. 

Avoid tax relief firms that overstate their success rate. According to Consumer Affairs, it's not uncommon for firms to misrepresent their ability to provide help. In some instances, companies will misrepresent their staff's professional skills and experience in addition to failing to provide promised services. Look for a firm that puts potential clients through a rigorous in-depth interview process to find out if they qualify for an IRS tax settlement - and will not allow a client to retain their services unless the taxpayer is a legitimate candidate.

Tip #2: Know what questions to ask before you hire your tax representation.

There are a number of important questions to ask your prospective tax attorney before hiring them on as your IRS battle-mates. In order to ensure that your tax attorney will be working in your best interest instead of simply charging you enormous service fees, you will need to treat your research process as you would a job interview.

Tip #3: Hire a firm that is responsive to your needs.

A tax attorney is responsive and will make sure you don't pay a penny more than what you owe. They will take over all communication with the IRS and make sure you stop clocking interest and penalties. Unfortunately there are companies out there that won't take you calls, don't respond to the IRS and make your back taxes troubles much worse than if you never hired the unethical tax relief professional.

Tip #4: Qualified tax resolution professionals provide immediate relief through Power of Attorney. When you get tax help from a certified tax professional, you get the benefit of them working completely on your behalf and will file a tax Power of Attorney (POA) with the IRS. This will provide you with immediate relief because from this point on the IRS will be required to contact them instead of you. A separate POA may be required for any State problem.

Tip #5: Beware of firms that guarantee results without even seeing your information.

One of the hallmarks of an unethical tax company is someone who promises you a specific outcome without an in depth review of your specific tax matter. Every situation is unique and the IRS agent on the other side of the table is always an unknown factor. There are no guarantees in life. Anyone who gives you a guarantee is unrealistic and unprofessional at best, or a scam at worst. A Certified Tax Resolution Specialist will get to know their client's specific problem and educate them on options for their specific case so that they have realistic expectations.

Tip #6: Know when to work directly with the IRS to resolve back taxes.

If your back taxes debt is less than $15,000, most tax specialists won't take you as a client. A Certified Tax Resolution Specialist wants to create a win-win situation, where the taxpayer gets needed tax relief and they earn their fee. If your back taxes debt is relatively small (less than $15,000), most often you can work directly with the IRS to resolve you back taxes.

Tip #7: Understand the costs associated with resolving your specific IRS problem.

Unethical tax companies will often low-ball their representation fees, quoting a seemingly low cost but neglecting to you tell you that the average Offer in Compromise takes 6-10 months. Additionally, because a high percentage of Offers are rejected by the IRS, these cases often have to go to the appellate level - at which point these firms will then turn around and hit the client with additional appellate representation fees. Look for firms that charge a fixed fee for their tax resolution services and can explain exactly what will be involved with achieving a settlement for your specific IRS problem.

Tip #8: Know the truth about Offer in Compromise tax settlements.

A Certified Tax Resolution Specialist has a track record of success with the IRS. You get that success rate by negotiating realistic Offers in Compromise with the IRS. An IRS tax relief scam might give you an impressive number of Offers In Compromise they have filed, but the number of OICs a tax resolution firm files is not what matters. Find out what percentage of their Offers in Compromise are accepted by the IRS (their success rate). Because Certified Tax Resolution Specialists are usually realistic with the cases they file, they often have the best track record for getting Offers in Compromise accepted.

Tip #9: Know the difference between a tax specialist and a Certified Tax Resolution Specialist (CTRS)? Tax specialist has no meaning. What matters is being a Certified Resolution Specialist. Certified Tax Resolution Specialists are certified by the American Society of Tax Problem Solvers. The ASTPS is a national, not-for-profit organization of professionals who specialize in representing taxpayers before the IRS.

In order to obtain this certification, licensed professionals (tax attorneys, CPAs and enrolled agents) have to take and pass an exam administered by the ASTPS, prove directly related experience in the tax resolution niche (two years), and be a CPA, tax attorney or enrolled agent in good standing with their respective state that licenses/regulates them. A Certified tax Resolution Specialist is uniquely qualified to successfully solve IRS problems - from negotiating tax settlements and IRS payment plans to removing or modifying IRS and bank levies - day in and day out. So whether you are looking for a tax attorney or a firm comprised of attorneys, CPAs, and enrolled agents you can research the ASTPS site and click on Find a Tax Problem Solver to determine if they are Certified Tax Resolution Specialists.

To combat tax resolution scams, you've got to arm yourself with knowledge. But your best insurance to protect you from tax resolution scams is getting someone you know you can trust on your team.

How to Work With Turnaround Professionals - How They Operate and How to Find Financing

The turnaround specialist offers a new set of eyes, skills and understanding of troubled situations to independently evaluate a company's circumstances. The turnaround specialist very quickly must face a series of questions that existing management may never have asked, such as: What is the purpose of this business? Should it be saved? If so, why? Are those reasons valid?

The turnaround specialist must gather information, evaluate it for accuracy and analyze it quickly so that those initial questions can be addressed openly and honestly. That process generally focuses upon the following issues:

* Is the business viable?
* Is there a core business?
* Are there sufficient sources of cash to fuel a recovery?
* Is existing management capable of leading company?

The specialist should discuss those questions openly with his client, and if it is determined the answer to any of the above questions is "No," the parameters of the engagement should be reexamined. Should a specialist still be engaged? What kind of plan is needed to otherwise minimize the losses and to maximize the value of the business for the benefit of his client.

The process of recovery undertaken by the turnaround specialist involves several stages.
Fact-finding. The turnaround specialist must learn as much as possible as quickly as possible so that he can assess the present circumstances of the company.


Analysis of the facts. The turnaround specialist should prepare an assessment of the current state of the company.

Preparation of a business plan outlining possible courses of action. Depending upon the engagement and who his client is, the specialist will seek client input to determine which of alternative courses of action should be undertaken.

Implementation of the business plan. Once the course of action has been chosen, the specialist should be involved to put the plan in place whether as interim manager or as a consultant to management. This is the time a specialist begins to build a team both inside the company and from outside resources.

Monitor the business plan. The specialist should keep vigil over the plan, analyzing variances to determine their causes and the validity of the underlying assumptions.

Stabilization and transition. Assuming liquidation is not a cornerstone of the business plan, a specialist should remain involved in an engagement until stabilization is achieved and to assist a business in transition of management if necessary.

Turnaround specialists immediately focus on cash flow since it is often a cash shortage that causes troubled businesses to seek help. The specialist's first goal is to stabilize cash flow and stop the hemorrhage. The specialist performs a quick analysis of the company's sales and profit centers and of its asset utilization.
In many cases, these factors indicate that the business may have lost focus of its core. To remedy cash shortage, turnaround specialists generally analyze which assets are available to generate a quick infusion of cash and which operations could be terminated thereby stopping the cash outflow. These are difficult decisions since they intrinsically involve down-sizing the company and eliminating some jobs. On the other hand, it has the effect of saving the good parts of the company - and many jobs.

After the specialist has been engaged and a business plan designed, the specialist plays many roles. Since many troubled businesses often lose much of their credibility with lenders, trade suppliers, employees, customers, shareholders, and the local community at large, retaining a turnaround specialist is often the first sign to outsiders that the company is taking positive steps toward both recovery and rebuilding damaged relationships. The turnaround specialist usually serves as a liaison or intermediary with these outside constituencies to calm troubled waters and to present bad news as a preamble to a plan for recovery.

Because management's credibility is often strained, the specialist actively assists in the preparation of a viable business plan and advocates its approval and adoption by the various constituency groups whose cooperation is necessary for implementation. The turnaround specialist is experienced in negotiating both with lenders and with trade suppliers in the midst of a crisis. The turnaround manager brings their personal integrity, their own credibility, and their track record to the table in contrast to that offered by existing management, which finds itself in a downturn.

The turnaround specialist often directs communication for the troubled company with outsiders and company employees. The job of the turnaround specialist is to determine what is in the best interests of the business objectively, regardless of any other agendas. The turnaround specialist must take into account the objectives of the assignment and approach difficult decisions without the weight of historical expectations on his back.
The effective turnaround specialist is a teacher and knows that it is critical to success that a capable management team with acute awareness of its goals must be left behind. If management is deficient, the turnaround specialist has the very delicate task of communicating that message, identifying appropriate roles for existing managers and facilitating a transition.

Special skills the turnaround specialist may also bring to the engagement include knowledge of sources of de nova financing and familiarity of trade relationships necessary to assure the flow of product the company needs to fuel its recovery.

Business Ownership's Resistance to Turnaround Specialists 

Given difficult questions that a troubled business must face, there is often tension between owners, management, employees of the company and the turnaround specialist. One main problem is that businesses in trouble will often postpone action because their own owners no longer can tolerate jarring change and an uncomfortable transition to something new. Despite statistics indicating otherwise, owners and management may generally believe that its particular situation fits within those minority cases in which decline is attributable to uncontrollable external factors.

A variety of misconceptions and myths abound, which make businesses leery about hiring a turnaround specialist.

The turnaround specialist has "no heart". He does not care about employees, long-time suppliers or bank with whom the company has been doing business for many years. He is cutting employees and telling creditors that they are not going to be paid. Do not forget that the specialist is goal oriented and recognizes that his job is to make hard decisions. The turnaround specialist is an experienced negotiator with creditors to whom he tells the truth, be it good or bad and relies upon his credibility to build the consensus necessary to build for the future.

The turnaround specialist does not understand the company's corporate culture. This is a legitimate observation, but it does not follow that without history on his side, the turnaround specialist is not capable of bringing order out of chaos and adding value to the client. One of the most appealing aspects of a turnaround specialist is that he brings a new set of eyes to a situation as well as an experienced and knowledge base of managing businesses through the turnaround process.

The company's employees have no loyalty to the turnaround specialist. Just remember that management, labor and the turnaround specialist have a responsibility to the organization to work together for the common good, and any power struggles will ultimately hurt the company and the turnaround effort.
The turnaround specialist does not know the client's particular business or industry. The skill the specialist brings to the table is his management ability, his ability to marshal resources and maximize the value from those diverse resources. If the business requires special expertise, the turnaround specialist should assist in attracting that expertise. Most importantly, these issues should be discussed prior to the engagement.

The turnaround specialist has a private agenda. The specialist is ultimately interested in purchasing the business, is using the business as a springboard into other ventures, or is there to maximize value to his referral source without regard to the other stakeholders. These issues with particular emphasis on independence should be addressed pre-engagement and potential conflicts should be addressed in an engagement agreement.

The turnaround specialist will not have to live with his recommendations for change and probably will not even live in the community beyond the period of the engagement. As a result, the turnaround specialist is not accountable to anyone. In reality, however, the turnaround specialist is motivated to perform the best if the troubled company is used for purposes of future references or if the company reports the results of the engagement to the referral source. The turnaround specialist's credibility and recommendations are the basis upon which lenders and trade suppliers will ultimately rely in deciding whether to offer support - and throw future business his way.

The turnaround specialist will steal ideas, techniques. If the company has proprietary property, it should legally protect itself. Otherwise, engagement agreement should cover points of privacy or proprietary content which the turnaround specialist must leave behind or be restricted through contract provisions similar to non-disclosure and non-compete agreements.
Remember to Be Cautious
Because the number of successful corporate turnarounds has been steadily increasing during the past few years, the increased visibility of the industry has attracted operators masquerading as qualified turnaround specialists. The expression "Ready, Shoot, Aim," rings all too familiar. Businesses seeking management assistance should be cautious to carefully consider each turnaround candidate.

Beware of the turnaround specialist who refuses to supply references. Since the profession is relatively young, there is limited general knowledge in the marketplace regarding the capabilities and backgrounds of turnaround specialists. Particularly, check with attorneys and CPAs with whom the turnaround specialist has worked and obtain as much specific information regarding the turnaround specialist's actual experience as possible. The TMA has implemented a Certified Turnaround Professional (CTP) designation, which checks professional and client references, and requires CTP to pass a three-part rigorous examination before qualification.

Like any professional, the competent turnaround specialist will not guarantee results whether it be a recovery, new funds, a renegotiated loan, an equity investor or buyer, or any other guaranteed result. A guarantee of any result, other than a best effort, is a signal to keep interviewing.
If the turnaround specialist makes an effort to impress the company with his particularly close relationship with banks, trade suppliers, investor, or any particular resource the business may need, investigate that particular relationship further. Make sure that the turnaround specialist has adequate independence from other sources so that he can provide the company not only with his undivided attention, but also so that the company can be comfortable that his advice and leadership will be void of any possible conflicts of interest.

A turnaround specialist who tries to impress the company with a "look how much our firm has grown" sales approach is equating quantity with quality. The implication is that the firm has grown because the marketplace recognizes the quality of the work performed.

The issue of the turnaround specialist taking equity is a double-edged sword. Some turnaround specialists believe that taking equity or having an opportunity to receive an equity position with a client is a conflict of interest, which could impair their management judgment. Others believe that, as an equity holder, the turnaround specialist not only shares the risk but also must maximize shareholder value, and therefore, benefit all constituents, to receive the full compensation. This is effectively the same theory underlying stock option plans for management in many companies. Regardless of whether equity participation is good or bad, the company and the turnaround specialist should fully discuss equity participation prior to the engagement and define the potential role of equity, if any, in the engagement agreement prior to employment.

Investigate the turnaround specialist's actual experience. Ask what portion of this business has actually been in turnaround situations rather than in other executive or consulting capacities. Although the number of turnaround specialists is rather small at this time, try to avoid providing a job in transition for an executive or a training ground for a consultant.

When discussing fees, provide specifically for what expenses are to be reimbursed and the level of reimbursement generally expected. Most importantly, do not let it become either a surprise or a source of disagreement. Again, cover as much as possible prior to the engagement in a written engagement contract.

Engagement Agreements 

Always insist upon a written engagement agreement to outline the terms of the engagement. Provisions that should at least be considered include:
* The purpose of the engagement.
* General responsibilities of the turnaround team, the company's management and staff.
* Time the specialist will devote to company. (What other commitments must specialist deal with simultanously?)
* Specialist's staff.
* Company staff.
* Specialist's core of professional support for the business (attorneys, accounting firms, etc.).
* Terms of any equity opportunities for the specialist (The entire question of the turnaround specialist and equity is one of the more troublesome in this growing profession. It is critical that all parties understand the rules up front. For example: discuss equity kickers, the specialist as an equity participant, finder's fees, etc.).
* Term of the engagement (Define the time period of the engagement).
* Fee arrangement, terms of performance bonuses, payment schedule.
* Project "deliverables" (What the specialist is expected to deliver, even if it is only a best effort. A schedule of anticipated benchmarks where both parties may measure progress and satisfaction with the other.)
* Fee for acting as a broker in selling the business.
* Regular reporting mechanism (to assure communication between the parties.)
* Specialist's follow-up responsibilities after the engagement is concluded.
* Termination provisions (includes notification periods, for both parties.)

Turnaround Financing For Financially Distressed Companies 

While most owners of distressed businesses believe that access to more money would solve their company's financial problems, turnaround specialists recognize that the shortage of capital is often only a symptom, rather than the primary problem facing a distressed company. Although sufficient and available financial resources are necessary to implement turnaround plans, a successful turnaround must first attack and solve the business problems which produce the cash crisis.

Financing is an integral part of a troubled company's plan of reorganization. An effective financing plan will stabilize the cash position during crisis, provide necessary capital base to allow the company to return to profitability, and restructure the balance sheet so it can support the company into the future.

Financing strategies differ from situation to situation according to the liquidity and viability of the distressed business. Initially, turnaround specialists attempt to maximize the liquidity to provide sufficient time to evaluate the viability of the business. In addition, the turnaround specialist is likely to implement cost reduction plans and attempt to renegotiate the terms and covenants of existing financing arrangements to a level the company can live with during the recovery period.

When necessary, the turnaround-financing plan can involve a recapitalization, or a restructuring of the right side of the balance sheet. This involves changing the relationship between existing financial stakeholders through a combination of debt and equity conversions, exchange offers, stock rights offerings, and the addition of new financial stakeholders. Obviously, the more sever a company's situation is, the more difficult it is to work out an arrangement with existing trade creditors, lenders, equity holders, and the harder it is to attract new stakeholders.

Turnaround financing specialists provide financially distressed companies a number of financial resources and expertise to draw upon. Capital resources and the range of services differ widely among lenders, equity investors, and purchasers of securities and claims of distressed companies.

Historically, asset based lenders have been a primary source of loans to distressed businesses. These loans are often made at premium rates while the lender requires an enhanced security position. With the increasing number of Chapter 11 bankruptcies, debtor-in-possession lending departments emerged in many large commercial banks and investment banks. Debtor-in-possession loans are made to a company after it files for bankruptcy protection. To encourage these lenders to undertake the risks, the law provides a super priority status for repayment of their loans.

Actually, because of this super priority status, some companies must file a bankruptcy case to provide the lender with the level of security it seeks. Ironically, many lenders prefer the control aspect of the bankruptcy process. Without court's protection and supervision, in a non-bankruptcy environment, these same lenders may well lend to a distressed company but with restrictive covenants and fees that may seem burdensome. In addition, taking into account the higher fees and rates - coupled with other restrictions to be anticipated in a distressed situation - management flexibility is limited and higher interest rates often slow the recovery. Therefore, the turnaround-financing plan is only effective if viewed on a long-term basis, and if it ultimately helps the company achieve recovery.

When a distressed company is unable to find a suitable lender, management should consider turnaround equity investors who will infuse equity capital into the business. As one would anticipate, equity funds are also an expensive alternative. Equity investors typically require a controlling interest in the company in exchange for their capital and in consideration of the abnormal risk. Equity investors often specialize in particular industries, company sizes, investment minimums and maximums, and anticipate varying management roles. Since investors bring different capabilities to the table, management should determine whether the company would best be served by financial or strategic assistance.

Financial investors sometimes have turnaround management and bankruptcy experience and are able to assist management through the complexities of the reorganization process. Investments are often made at a significant discount compared to the business's underlying asset value. While most financial investors remain involved only at the board of director level, they occasionally fill top management positions if necessary to protect their investment.

While some financial equity investors have funds committed and immediately available, others act as financial intermediaries receiving an equity position in the company as their compensation upon completion of the investment. These investors act as a "gate keeper" between the financially distressed company and the alternative sources of financing. While many financial intermediaries are skilled financial advisors and have a wide network, management should be aware of possible conflicts of interest between the advice they receive from the financial intermediary and his compensation arrangement. Full disclosure should be sought to assure that the primary motivation for putting the deal together is not the fee involved.

Alternatively, strategic equity investors are identified by their specific industry or geographic requirements and generally provide specialized experience and knowledge with their investment. These investors often acquire financially distressed companies to consolidate with their existing companies and typically become involved in the management of the acquired business at a senior operating level. Since the passage of time usually works against a financially distressed company, the strategic investor may provide the company with a more timely, or occasionally, the only solution.

Regardless of the type of equity investor, the financially distressed company will often benefit from the increased negotiating leverage with its constituencies that a credible new investor brings to the turnaround. Once new equity funds are infused into the business, the company's existing lender may be more willing to modify the loan agreement if they feel that their loan is protected from further impairment. Trade creditors may agree to credit terms more favorable to the troubled business if they believe that future payments have become more certain and if no trade creditors are being preferred over others. A local government may be more willing to provide tax concessions and financing if it believes jobs will be saved so that the business can continue to contribute positively to the local economy. Of equal importance, employees may be more willing to consent to concessions if they believe that the company's survival is at stake, that their jobs are in jeopardy, and that they are an integral part of the recovery process.

Purchasers of securities and claims of financially distressed companies do not infuse capital directly into the business. However, management should be aware that these investors can have a tremendous impact on the company's turnaround efforts through their purchase of securities and claims from the existing financial stakeholders. Investments are typically made in company's debt, since in a bankruptcy, debtholders have a higher priority status than equity holders and are able to influence management's reorganization efforts through participation on the creditors' committee. In some cases, these investors will infuse equity capital into the business as part of the plan of reorganization to increase the returns on their investments.

This growing number of investors look for opportunities to purchase securities and claims at significant discounts from financial stakeholders who prefer immediate liquidity rather than the uncertainty of recouping their investment over the long term. They believe that their investments will yield considerable returns upon the successful reorganization of the financially distressed business.