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Not Using QuickBooks Online? What You’re Missing Out On

If you dread every minute of the time you spend on accounting, you should know how QuickBooks Online can change your outlook.

How long would it take you to determine:

  • What your total expenses for this quarter are?
  • Whether or not your business is profitable as of today?
  • How much you’ve sold every month this year?
  • Which invoices are overdue?

If you’re using QuickBooks Online, you can get answers to all those questions—and more—in the time it takes you to sign on to the website.
That’s not an exaggeration. The first thing QuickBooks Online displays is what’s called its Dashboard. This is the site’s home page, which contains an array of charts and account balances that provide a quick overview of your finances. Click on an element here—say, a checking account balance—and you’ll be able to drill down and see the details behind it (in this case, an online account register). Click on the Expense graph, and a transaction report opens.

Your First Hours with QBO

QuickBooks Online is not one-size-fits-all. Its setup tools help you customize it to meet your own company’s needs.

QuickBooks Online works like other online productivity applications you may have used. It uses toolbars and buttons for navigation, drop-down lists and blank fields for data entry, and clickable links to open new related screens to trigger actions. Which is to say, the site is easy to use once you understand its structure. We can walk you through the early steps that are required, which involves tasks like: Using the provided setup tools to customize the site. Connecting QuickBooks Online to your bank and credit card company websites so you can work with transactions. Creating records for your customers, vendors, and the products and services you sell (you’ll be able to add new ones as your business grows). Learning about QuickBooks Online’s pre-built reports. Familiarizing yourself with the site’s workflow. Making the transition from your current accounting system.

How You’ll Benefit

Once you’re comfortable using QuickBooks Online, you’ll discover what millions of small businesses have already learned, that the site helps you:
Get paid faster. You can sign up with a payment processor to accept credit cards and direct bank withdrawals, which can speed up your customers’ responses to invoices. You’ll also be able to accept payments when you’re out of the office on your mobile devices.

Minimize errors. Once you enter data, QuickBooks Online remembers it. No more duplicate data entry that can cause costly mistakes.

Find any detail in seconds. QuickBooks Online has powerful search tools that allow you to find what you’re looking for quickly.
Better service customers. Because your customer profiles include transaction histories, you’ll be able to deal with questions and problems quickly and accurately.

Bill time as well as invoice products. QuickBooks Online supports sales of time-based services with capable time-tracking tools.

Improve your customers’ and vendors’ perception of you. Your business associates will know that you’re using state-of-the-art technology by the forms you share and the customer service you provide.

Save money and time. It does take some time to make the transition to QuickBooks Online. But you’ll quickly make that up with the hours you’ll save on accounting tasks, and be able to concentrate on tasks that improve your bottom line.

Be prepared to grow. Because all of your financial data is organized and easily accessible, you’ll be able to quickly generate reports that help you plan for a more profitable future. Banks and investors will need some of these if you decide to seek financing.

Mobile Access

Although you may do the bulk of your accounting work on your desktop or laptop, you’ll have access to many of the site’s features on your smartphone. Your home page displays both an abbreviated version of your browser-based dashboard and a list of recent transactions. You can view, edit, and build new customer, vendor, and product or service records. Snap a photo of a receipt to document an expense and look up or create invoices, estimates, and sales receipts. Record payments, view critical reports, and add notes. Of course, your mobile data is always synchronized with the site itself.

QuickBooks Online lets you do much of your accounting work when you’re away from the office with its mobile app.

Happy to Help

QuickBooks Online was designed for small business people, not accountants. But it includes features that are best used in conjunction with our consulting services, like advanced reports, payroll, and the Chart of Accounts. In fact, the site makes it easy for us to have access to your data so we have the ability to monitor and troubleshoot.

We’ve helped countless sole proprietors and small businesses move their accounting operations to QuickBooks Online, and we’ve seen the difference it’s made in their productivity as well as their attitude toward financial management. Contact us, and we’ll be happy to do the same for you.

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Still doing your accounting manually? You’re spending unnecessary hours and experiencing needless frustration. Talk to us about QuickBooks Online.

Did you know you can do much of your accounting work and accept customer payments on your smartphone? Let us introduce you to QuickBooks Online.

Are you often away from the office? QuickBooks Online lets you handle accounting tasks from anywhere there’s an internet connection. We can tell you how.

Does your manual accounting system make it hard to keep track of customers and inventory? QuickBooks Online can organize and manage both. Contact us.

Getting Started with Accounts in QuickBooks Online, Part 1

QuickBooks Online was built to work with transactions downloaded from your online financial institutions. Here’s how to work with them.

The ability to import transactions from financial institutions into QuickBooks Online is definitely one of the best things about the site. You may have even signed up for that very reason. By now, you’ve probably already set up at least one connection. But are you using all of the QuickBooks Online’s account tools? There’s a lot you can do once you’ve imported in data from your bank or credit card provider.

We’ll explore these features in this column and the next.

First Steps

If you’re a new subscriber, you may not have established these critical links yet. It’s an easy process. Start by clicking the Banking link in the left vertical navigation pane. In the upper right corner, click Add Account and enter the name of your financial institution if it’s not pictured. Then follow the instructions you’re given on the screen. These can vary depending on the bank or credit card provider, but you’re always at least asked to enter the user name and password that you use to log into each online.

Need help with this? Let us know.

Viewing Your Transactions

Once you’ve made a successful connection, you’ll be returned to the Bank and Credit Cards page. You should see a card-shaped graphic at the top of the screen for each account you’ve linked. Click on one. The table that opens is not your account register. The view here defaults to For Review, which refers to transactions you’ve downloaded. The All tab should also be highlighted; we’ll get to Recognized transactions later.

When you first download transactions into QuickBooks Online, before you’ve done anything with them, many will appear under For Review.

There’s a lot going on here, so don’t be surprised if you’re confused. Review each transaction by clicking on it. QuickBooks Online will have guessed at how it should be categorized, but you can change this by opening the list in the category field and selecting the correct one. It’s critical that you get this right since it will have an impact on reports and income taxes. If you need to split it between multiple categories, click on that button found to the right. If the transaction is Billable, check that box and choose a customer from the drop-down list. If you don’t see this box, click the gear icon in the upper right and select Account and Settings | Expenses. Check to see that Make Expenses and Items Billable is turned On (click on Off, then check the appropriate box to turn it on).

Next, determine how you want to process the transaction by clicking on one of the three buttons at the top of the transaction box. Do you want to accept it and add it to that account’s register? Do you want QuickBooks Online to Find (a) Match for it (like a payment that matches an invoice, for example)? Or, do you want to transfer it to another account? Once you’ve made one of these three selections, the transactions that you’ve added or matched will move under the In QuickBooks tab (where you can still Undo them) and will be available in the account’s register.

Other Options

You can save time by using QuickBooks Online’s Batch Actions tool or even with DPS Accounting .

Say you run across some duplicate or personal transactions that you don’t want to appear in the current account’s register. Check the box in front of each, then click the arrow in the Batch Actions box. Select Exclude Selected. They’ll then be available under the Excluded tab. You can also Accept or Modify multiple transactions simultaneously by using this tool.

So far, you’ve been viewing All your transactions. Click on Recognized to the right of it. These are transactions that are already familiar to QuickBooks Online because they’ve appeared before and/or have been matched, or because you’ve created Bank Rules for them (we’ll address that concept next month). You’ll need to address these the same way you did the transactions in the For Review section; you can either Add or Transfer them.

If you’re new to QuickBooks Online, this may all sound pretty complicated. It can be at first. But once you’ve worked with downloaded transactions for a while, you’ll understand the flow much better. If you’re not clear on the process from the start, it can lead to trouble. Contact us at your convenience. We’d be happy to sit down with you and go through it all using your own company’s data; the familiarity may help.

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If you’re new to QuickBooks Online, there’s a lot you need to understand about dealing with downloaded transactions out the gate. Let us help.

When you download transactions into QuickBooks Online, the site sometimes automatically “matches” them to existing entries. We’re here to explain and help you navigate this. Tired of reviewing downloaded transactions one by one in QuickBooks Online? Click on the Batch Actions button to explore this feature. We can show you how.

QuickBooks Online often guesses at how downloaded transactions should be categorized. You should always check these for accuracy, and we can show you how.

Pursuing the right path: Which business entity is right for you?

Critical Choices: How the Business Entity You Select Impacts Your Taxes

Entrepreneurs have a long list of special opportunities to save on taxes. However, your eligibility for some tax breaks depends on the decisions you make as you are planning and launching your business. One of the most critical choices is which business entity you will operate under. The Amazon Best Selling book, The Great Tax Escape, walks you through each of your options, spelling out the benefits and drawbacks of the most common business structures.

Business Entity Basics

It’s no surprise that you must pay taxes on any income your business generates, but you might not realize that the same income can be taxed differently depending on how your business is organized. While some types of businesses are considered separate taxpayers from their owners, others require that you include your business income on your personal tax returns.

Your tax rates aren’t the only thing impacted by your choice of business entity. The structure you select affects whether you are personally responsible for business debts and whether you can be held personally liable if the business is sued. When your business exists as a separate entity, the business itself can apply for credit, and these types of businesses can continue to operate when you decide to move on or retire, you should check the circumstances where people get a payday loan by negosentro to see if a business is one of them.

These are a few of the most common options:

Sole Proprietorships and Partnerships

When you are starting out and working alone, it is easy to operate as a sole proprietorship. Essentially, you and your businesses are one and the same for tax and legal purposes. Simply register your business name with the state, and you are ready to launch. You can still have employees as a sole proprietor, but you own the entire company.

The simplicity of this structure makes it quite popular, but it isn’t always the best choice for entrepreneurs. Business income is treated the same way as other personal income for tax purposes, and you assume full liability for all business debts and legal issues. That puts your personal assets at risk.

Though there is slightly more paperwork involved, a partnership is quite similar to a sole proprietorship. Taxes and legal liability are the responsibility of all partners, and partners can be sued individually or collectively for the actions of one business owner.

Limited Liability Companies (LLC)

It is common to see initials LLC after many small and medium-sized business names, and there is a good reason for that. LLCs offer business owners many of the protections that larger corporations enjoy, without the complexity and cost associated with incorporation. With LLCs, business owners are considered separate from the business itself for the purpose of taxation and legal liability. This can lead to significant tax savings, and it protects personal assets from business-related debts and lawsuits.

Of course, setting up an LLC is more complicated than operating as a sole proprietor, so some entrepreneurs choose to hold off on this step until the business begins to be profitable. Your choice of business entity can dramatically impact your bottom line tax bill, and it will affect your long-term level of risk as the organization grows. To learn more about your options for structuring your business, contact us today!

Famed Hedge Fund Manager Makes History with Billion Dollar Bet

It was one of the greatest financial bets of all time. Hedge fund manager John Paulson bet big against subprime mortgages ahead of last decade’s financial crisis, earning billions in profits for his funds. It was a gamble that, in the long run, didn’t pay off.

Along with the $4 billion he earned for himself, he nailed a second record-breaking honor when he was slapped with one of the largest personal tax bills in history.

According to people close to the firm, Paulson used a tax provision available at the time to hedge fund managers. After deferring the bulk of taxes on the profits, Paulson’s personal tax bill came due on April 17th when he was required to pay about a billion dollars. This is on top of $500,000 he paid late the year before.

Only one problem.

The sum of his payment surpasses the maximum amount allowable by the IRS for payment by a single taxpayer with a single check. That amount is $99,999,999.

Like many investment managers, Hedge fund managers profit from fees amounting to a percentage of gains generated for their clients. In the case of Paulson & Co. that percentage is 20%.

For years—decades actually—tax authorities allowed hedge funds to defer receipt of this type of income. The reason the IRS permits this deferment of compensation by executives is that it tends to lower the company’s compensation costs, forcing them to pay higher taxes on profits. This offsets income taxes not paid right away by the employees.

Sounds like a win-win situation, right?

Well, maybe not this time.

In the case of offshore hedge funds that don’t pay offsetting U.S. taxes, such as some of those operated by Paulson, the treasury was not on the winning team.

A tax change mandated by Congress in 2008 gave hedge fund managers like Paulson until April 17, 2018 to pay taxes on money accumulated before the law changed. People close to the firm say Paulson turned to his Credit Opportunities fund, which is one of several he operates.

Word has it this fund held about $3.5 billion in assets late last year. The bulk was represented by Paulson’s own interests. He made an initial tax payment late last year by pulling funds from this account. He pulled another $1 billion from the fund and used it for the money due on April 17th.

Guess who was said to be the largest investor in the fund?

Right.

The government wants its money, but paying Paulson’s bill might not be easy. He could wire it if he wanted but might prefer paying by check if he’ll earn interest on the money until authorities cash the check. If so, he might have to submit multiple payments because the IRS will only accept a payment of less than $100 million.

He could do that if he can get past the most common problem: fitting such huge numbers onto the appropriate line on a check.

We should all have such problems….

…from the Team of Professional at RE-MMAP We are just a click or call away. www.re-mmap.com and phone # (561-623-0241).v

Are Entertainment Deductions History?

It’s no secret that many a sale has been closed over a three-martini lunch. Client entertainment is a given in most industries and most salespeople carry a company credit card for just such transactions.

It’s also no secret that more than a little commingling goes on between personal entertainment expenditures and those that qualify as business expenditures. That is no longer an issue; at least for now. Here’s why….

Under the new tax reform, the veil separating business expenses and pleasure has come crashing down with the elimination of entertainment deductions.

Not good news for business owners who counted on this deduction to defray tax bills at the end of the year. Even the limited deduction of 50% is no longer valid for dinners or cocktails with prospective clients or service providers and similar entertainment expenses.

What could be worse?

Well, how about this: sales related entertaining such as:

  • Sporting events—nixed,
  • Boating and Golfing—nixed.
  • Theater and other shows, box seats at stadiums—yes, those too.

What Does This Mean for Tax Planners?

Will they still be able to work their magic? Their expertise as tax planners is founded in creative workarounds and alternatives. The old saying, when one door closes, another opens applies in the tax world too.

What are The Options?

Well, there’s always Internal Revenue Code Section 274(e).

Despite reforming entertainment-related expenses, this will allow some expenses to be deducted, albeit under different circumstances.

For instance, if you pay for the use of club seating or a private box at a stadium, using this as compensation for your employees will still allow this expense to be deductible.

You need to meet two criteria to make this shift:

  • Ensure your employees attend these events.
  • Include the value of each event as taxable wages.

The “downside” for your team is an additional tax that will be subject to withholding and is includable on their form W-2.

The “upside” is it will ensure you can still deduct the expense.

Are Business Meetings Still Covered?

Brace yourself for the GOOD NEWS … YES!

As always, events and entertainment expenses related to business meetings including the board of directors and employee meetings continue to be deductible, . Deductible expenses continue to include meals and beverages, subject to the 50% limitation, facility rental, décor, supplies, and ancillary costs.

Is There Any Other Way to Deduct Entertainment Expenses?

Again, yes. You can still provide entertainment to the public, your clients, or prospective customers by issuing an information tax statement to the recipient. The most common form to use would be the form 1099-Misc. The recipient will need to include it as income and it will be taxable, but your business will still benefit from the deduction.

Let’s get more creative.

You might consider charging for the event or experience, being able to use different services online like an event company in London that specializes in producing events in this city. Sure the income will be taxable, but the cost of the activity will become deductible, transforming your expense from after-tax to pre-tax dollars.

The new tax reform brings big changes but your tax planner will still be able to work with you and provide valuable advice. To find out more about how to navigate the tax laws both new and old, be sure to work with someone who is certified in tax planning. We’ll help you find the new ways to open doors to a lower tax bill!

…from the Team of Professional at RE-MMAP We are just a click or call away. www.re-mmap.com and phone # (561-623-0241).v

Home-Based Business Mixing Business with Pleasure At Tax Time

Want the attention of the IRS? All you have to do is make personal transactions on your business account. RED FLAG!

It’s called comingling funds, and it can get you into big trouble at tax time.

No, pleading ignorance will not save you.

What’s The Difference?

Expenses associated with personal products or services, living expenses or family expenses are not business expenses and generally non-deductable. Buying a new TV, even if you watch a program or two focused on your industry, is no more a business expense than taking Grandma to dinner.

However, if you have expenses that are partly personal and partly business, as long as you divide the total cost appropriately, the IRS permits deduction of the business portion. Doable, yes, but keep in mind this complicates things during tax season.

For example, let’s say you use your credit card to borrow money. You spend 90 percent of it buying a new office phone system and the other 10 percent for a cordless home phone. The 90 percent used for business is deductible. The remaining 10 percent is a personal expense must be divided out. It’s not deductible.

Home-Based Business Expenses

Here is another potentially sticky spot if you try to fudge.

Do you work from home? Many people do these days. It makes good sense, and not only for entrepreneurs. Many corporations allow employees to sign onto their computers and work from home. The company saves money and ultimately, employees can be more productive in a home setting.

It gets sticky when home-based business owners try to claim all of their home expenses and utilities and file for business deductions on the lump sum.

The IRS sees RED.

It’s best not to comingle funds, but if you find yourself needing to make separate calculations for personal and business expenses from the same account, accuracy is paramount, i.e. don’t make mistakes.

There are two options for home-based businesses at tax time. Which one is right for you?

Regular Method

When using the regular method to calculate expenses, home office deductions will be based on the percentage of your home devoted to business use. Whether you use a part of a room or the whole second floor of your home for conducting business, figure out the percentage of that space and related expenses to determine deductions.

Simplified Option

There’s also a simplified option that makes things easier for many small business owners. It was designed to cut out some of the burdens of tedious recordkeeping associated with the regular method.

In lieu of calculating and dividing expenses, the simplified method allows qualified taxpayers to multiply a prescribed rate by the allowable square footage of the business space.

Mixing Business with Pleasure

Be aware that mixing personal expenses in with business expenses by running them through your business will likely NOT go unnoticed. You won’t be the first to try and the IRS is paying attention.

Never use your business account for personal purposes, and if you do, don’t claim those expenses on your taxes. Home rent, pet care, and other personal expenses are blatantly disallowed.

What surprises many new business owners is that clothing (yes, even though you get dressed for meetings) and groceries are not deductible. Don’t even try.

Certain items, such as gifts and entertainment, may be allowable if they are business expenses. Hold onto receipts and keep good records. Always talk to your tax professional to be sure.

You can avoid a red flag by keeping business and personal accounts separate. Right. Two different accounts. This will minimize issues at tax time, and help you avoid an IRS audit.

 

…from the Team of Professional at RE-MMAP We are just a click or call away. www.re-mmap.com and phone # (561-623-0241).v

How Refinancing Your Home Affects Your Taxes

As the real estate market improves and mortgage rates remain low, many homeowners are considering refinancing their home mortgages. Following are some of the general tax rules for deducting the charges associated with refinancing.

 

Interest

 

Interest on a refinanced loan will be deductible to the extent the loan refinances up to $1 million of home acquisition debt, plus up to $100,000 of home equity debt (limits are $500,000/$50,000 for married taxpayers filing separately). Home acquisition debt is a mortgage loan used to buy, build, or substantially improve a first or second home. Home equity debt is generally any other debt secured by a first or second home.

 

These limits, however, operate separately. For example, if a couple had $300,000 remaining in principal on their original mortgage loan and then refinanced that debt with a new $450,000 mortgage, they would be able to deduct the interest on only $400,000 ($300,000 plus $100,000). Interest on the remaining $50,000 would be nondeductible because that portion is in excess of the combined limits.

 

Points

 

Points paid for the refinancing of a loan that does not exceed the above limits are deductible over the life of the loan. However, any points paid in connection with the portion of a mortgage used to finance home improvements may be deductible in the year of the refinancing.

 

Penalties and Fees

 

Generally, a prepayment fee paid on the old mortgage is considered a payment of interest on that mortgage and, therefore, is deductible in the year it is paid. Most of the times getting an extra loan or re-finance your debts will eventually become worse than the initial point, if you need to pay for debts quickly contact this life settlement broker for instant cash.

 

However, other fees, such as those for credit reports, appraisals, and loan origination, are not deductible.

 

For more help with individual or business taxes, connect with us today. Our team can help you with all your tax issues, large and small.

…from the Team of Professional at RE-MMAP We are just a click or call away. www.re-mmap.com and phone # (561-623-0241).

Planning for Divorce

If you are getting a divorce, taxes are probably not highest on your list of concerns. Still, you should consider a number of tax-related issues.

 

Property Settlements

Dividing property in connection with a divorce generally has no immediate consequences for either spouse. However, if the spouse who receives property in the divorce settlement later sells it, there may be a gain to report for tax purposes. So, potential taxes should be a consideration in deciding which spouse will receive which property. If you like to figure out feasible ways to settle divorce and related property disputes at the earliest, then speak to one of top lawyers from Rochester divorce law firm.

Paterson & Dowding family lawyer Perth

 

Note that a spouse who receives property in a divorce figure any gain on a subsequent sale of the property using the transferring spouse’s basis (e.g., cost), not the property’s value when it was received.

 

Example. Michelle receives 10 acres of unimproved land in her divorce settlement. Her ex-husband bought the land for $25,000. It’s now worth $100,000. If Michelle sells the land for $100,000, she will have to report a taxable gain of $75,000 (the difference between the $100,000 selling price and the $25,000 cost basis).

 

Personal Residence

If a divorcing couple sells their home while they are still married, they are entitled to exclude up to $500,000 of gain from their taxable income if otherwise eligible for the exclusion. If the ownership of the home is simply transferred to one spouse as part of the divorce settlement, there is no taxable gain or loss at the time of transfer. However, should that spouse later sell the house while he or she is unmarried, only a $250,000 exclusion would be available.

Consult Paterson & Dowding family lawyer Perth to get help in deciding on the property rights prior to a divorce.

Retirement Benefits

A divorce settlement often determines how retirement plan benefits will be divided. However, an employer may distribute retirement plan benefits to a former spouse only after receiving a court-issued document that meets the requirements for a qualified domestic relations order (QDRO). The benefits are taxable to the former spouse who receives them pursuant to a QDRO.

 

Dependency Exemption

While the spouse who has legal custody of a child is generally entitled to claim the dependency exemption, this tax advantage is negotiable and can change from year to year. The custodial spouse can waive his or her right to the exemption, allowing the noncustodial spouse to claim it.

 

Tax Credits

Claiming a child as a dependent may impact other tax benefits. For example, if a child is attending college, the spouse who claims the student as a dependent is generally entitled to claim either the American Opportunity Tax Credit or the Lifetime Learning tax credit for tuition paid, assuming eligibility requirements are met. The law also allows a child tax credit of up to $1,000 annually for each qualifying dependent child under age 17.

 

Alimony vs. Child Support

Payments that qualify as alimony under the tax law are deductible by the paying spouse and are considered taxable income to the recipient spouse. Child support payments, on the other hand, are not deductible by the paying spouse and are not included in the recipient spouse’s income. The IRS characterizes payments that are linked to an event or date relating to a child — such as high school graduation or a 21st birthday — as child support rather than alimony. You can contact divorce attorney in Pensacola for any concerns related to the custody of your child.

These are just some of the tax planning issues that could be important in a divorce situation. Give us a call, as always, we’re available for planning assistance.

 

…from the Team of Professional at RE-MMAP We are just a click or call away. www.re-mmap.com and phone # (561-623-0241).

To settle disputes within a family contact Fresno family lawyers for complete legal support.

Are You Getting Divorced? Here’s what You Need to Know About Your Taxes

Divorce opens up a whole new territory of legal, personal, and financial issues. Here are some things to be aware of on the tax front.

 

Alimony and Child Support

 

Alimony payments are tax deductible; child support payments are not. On the other hand, amounts received as alimony have to be included in income for tax purposes, while child support can be received tax free.

 

Dependency Exemption

 

Typically, the parent who has legal custody of a child has the right to claim the dependency exemption. However, parents can agree otherwise. A custodial parent uses IRS Form 8332 to release the exemption.

 

Tax Credits

 

Generally, the parent who claims the child as a dependent also gets the benefit of child-related tax credits, such as the child tax credit and the credit for higher education expenses.

 

Retirement Plan Benefits

 

Retirement plan benefits received from the retirement plan of a former spouse under a court-issued document called a “qualified domestic relations order” are taxable to the recipient.

 

Personal Residence

 

Gain from the sale of a principal residence is not taxable if certain requirements are met. The tax-free ceiling is $500,000 of gain for a married couple and half that amount for a single person.

 

To learn more about tax rules and regulations and divorce, give us a call today. Our knowledgeable and trained staff is here to help.

 

…from the Team of Professional at RE-MMAP We are just a click or call away. www.re-mmap.com and phone # (561-623-0241).

Do You Need to Purchase Rental Car Insurance?

It’s the same old story: You’re at the booth ready to sign for your rental car when the agent asks if you want to buy the insurance offered by the rental company. While many of the luxury cars rental companies include it in their auto insurance when they provide you the car, not all rental companies follow this ethic. Before you accept or decline, here are a few things to consider.

 

Are you already covered? Check with your auto insurance provider. Chances are, if collision and comprehensive coverage are included in your policy, you’ll be covered for damages to a rental car and other property. Keep in mind, though, that if you have to file a claim, it could result in higher premiums.

 

Did you charge it? Charging the rental to a major credit card may mean you’re protected by a loss damage waiver. Check with the card issuer to find out what protection, if any, is available.

 

If your rental car won’t be covered through these channels, you may want to consider saying “yes” when the rental agent asks about insurance.

 

Whether you have questions about insurance, taxes, or general business best practices, give us a call today. We have the training and experience you need.

Looking for the best way to buy a truck? Bad credit truck loans can be a good option for you.

…from the Team of Professional at RE-MMAP We are just a click or call away. www.re-mmap.com and phone # (561-623-0241).