Free DBF Viewer is a completely free utility for working with DBF
database files. It allows you to view the data contained with the files
as well as create, edit and index data. A conversion component makes it
possible to convert your DBF files into a variety of other common
formats including dBase, FoxPro, Clipper and Visual FoxPro among others.
Data can also be exported to text-based files. Free DBF Viewer provides
a user-friendly interface which will be immediately recognizable to any
Windows user. It also recognises supported file types and shows them to
the user immediately.
One thing which sets Free DBF Viewer
apart from all of the competition is the very fact that it is completely
free, yet quality and extent of features are not sacrificed in any way.
It's very easy to use thanks to an intuitive interface which doesn't
require any special knowledge or experience. You will be able to see the
tree with the folders contained within the DPF files and any folder can
be easily opened just with a single click of the mouse. Free DBF Viewer
basically allows you to view the contents of a DBF file as though you
are using Windows Explorer itself. Right-click context menus are also
provided as well as a set of preconfigured hotkeys for your convenience.
Using Free DBF Viewer, you can filter the data contained in the DBF
files. There is a basic horizontal filter section which you can enable
through the database indexes or by SQL condition. Vertical filtering
using field selections is also possible. There are three ways to search
for data in the file, either by using a fast index-based search, a
slower serial search and a step-by-step search for more demanding
situations.
With Free DBF Viewer, it is possible to easily
import data from any of the listed text databases. You can also create a
new database file or add records to an existing database. The paper
report feature allows you to export data from the database into
Microsoft Excel spreadsheets or a text-based file. This is useful for
making the data more presentable either for printing or sharing with
others.
It's also possible to run SQL operations using Free DBF
Viewer provided that you download and install the free driver. The
driver is called "OLE DB Provider for Visual FoxPro" and you'll also be
able to find the link to the installation package from the Options menu
within Free DBF Viewer.
Free DBF Viewer is also able to view and
edit MEMO fields. In future versions of the software, it will also be
possible to preview images from BLOB fields. Data can be downloaded and
saved from both BLOB and MEMO fields to the hard disk.
Free DBF
Viewer ultimately allows you to carry out any operations with DBF files.
You can even create and modify the entire structure of the file as well
as create and edit indexes, re-index the database entirely and much
more. For both beginners and professionals alike, Free DBF Viewer
provides a wide set of tools which can come in extremely handy.
Wednesday, May 16, 2012
Make Speed Typing a Reality with FlashPaste Speed Typing
FlashPaste Speed Typing provides one of the most effective and reliable
ways to save time when it comes to typing and coding. It allows you to
configure, categorize and use text templates with just a few clicks of
the mouse. Not only does this exceptionally useful feature save you a
great deal of time; it also helps to negate the risk of misprints. The
clipboard included with Windows is extremely basic and even those more
advanced speed typing features included with many office applications
are simply not enough for many computer users. FlashPaste extends and
enhances the Windows clipboard feature in a variety of ways.
A great variety of people will find FlashPaste Speed Typing extremely useful, since there will no longer be any need to glance over old documents to find text to manually copy and paste every time you need to re-use text or code. Now, every segment of text or code which you need to use frequently will be at your fingertips and you'll be able to insert it into any document with just a couple of clicks. This is ideal for customer service representatives, for example, who regularly re-use greeting messages, support questions and other messages. It's also useful for software programmers and web developers who need to regularly re-use certain segments of code. For technical support people, it is ideal for quickly providing answers to common issues which arise. If, for example, you work in a call center, you can take a considerable amount of work off your hands by assisting customers with frequently uses snippets of information and answers to common problems.
FlashPaste Speed Typing is a straightforward utility to use. Once you've installed the program, you will then need to create your templates. While this may take some time if you have a lot of templates to configure, the amount of time that you'll save in the future will make it very much worth it. Speed typing has never been so easy! What's more is that you can categorize each template. When you have large amounts of frequently re-used text or code, this is essential, since it will allow you to easily find what you are looking for. You can, for example, have a set of templates to use as greetings, questions or closing messages.
Another feature of FlashPaste Speed Typing that saves you time is the provision of macro support. This means that, for example, you can insert a macro for the current date and time into one of your templates. When you use such a template, the current date and time will be inserted as required, without you having to manually modify it every time you re-use the text. Many different types of macros are supported to make it as easy as possible. The speed typing software also provides support for clipboard history, greatly extending the usefulness of the basic Windows clipboard. Everything that you manually copy will be saved to the clipboard and you can go back to it at any time you want.
Learn more about FlashPaste Speed Typing at speedtyping.org.
A great variety of people will find FlashPaste Speed Typing extremely useful, since there will no longer be any need to glance over old documents to find text to manually copy and paste every time you need to re-use text or code. Now, every segment of text or code which you need to use frequently will be at your fingertips and you'll be able to insert it into any document with just a couple of clicks. This is ideal for customer service representatives, for example, who regularly re-use greeting messages, support questions and other messages. It's also useful for software programmers and web developers who need to regularly re-use certain segments of code. For technical support people, it is ideal for quickly providing answers to common issues which arise. If, for example, you work in a call center, you can take a considerable amount of work off your hands by assisting customers with frequently uses snippets of information and answers to common problems.
FlashPaste Speed Typing is a straightforward utility to use. Once you've installed the program, you will then need to create your templates. While this may take some time if you have a lot of templates to configure, the amount of time that you'll save in the future will make it very much worth it. Speed typing has never been so easy! What's more is that you can categorize each template. When you have large amounts of frequently re-used text or code, this is essential, since it will allow you to easily find what you are looking for. You can, for example, have a set of templates to use as greetings, questions or closing messages.
Another feature of FlashPaste Speed Typing that saves you time is the provision of macro support. This means that, for example, you can insert a macro for the current date and time into one of your templates. When you use such a template, the current date and time will be inserted as required, without you having to manually modify it every time you re-use the text. Many different types of macros are supported to make it as easy as possible. The speed typing software also provides support for clipboard history, greatly extending the usefulness of the basic Windows clipboard. Everything that you manually copy will be saved to the clipboard and you can go back to it at any time you want.
Learn more about FlashPaste Speed Typing at speedtyping.org.
Paper patrol: 10 steps to a clutter-free office
You're probably thinking, "Oh no, another list that's supposed to
help me get organized." You're right, this is a list, but it won't just
help you get organized; it'll help you stay organized. Follow these
strategies from Stephanie Culp, author of Conquering the Paper Pile-Up, to help you get your papers in order.
1. Open your mail as soon as you get it. Then sort mail into four categories: "To Do," "To Pay," "To File," and "To the Trash. "
2. Be realistic about reading. Evaluate your subscription list on a regular basis. If you're constantly falling behind in your reading, let some subscriptions expire. Have someone prescreen your business-related reading material. Clip only the most important articles for reading; throw the rest of the periodical away.
3. Decide to decide. Make decisions about your paperwork. Stop putting papers in piles "just for now. " Decide to read it, file it, pay it, or do it.
4. Prioritize. Don't let your "To Do" box turn into a burial ground. Start each day by going through the box, prioritizing what must be done. Move these papers to the center of your desk, then deal with those items first.
5. Put off procrastination. If you find yourself procrastinating on your paperwork,, try to address the worst of it first. Or tackle it in small segments-it's a cinch inch by inch. Or, better yet, delegate it. Let somebody else take care of it if you can.
6. Don't dump. Quit using your files as a dumping site. Remember that you may never again look at 80 percent of th you file.
7. Follow the KISS rule-Keep it Simple, Sweetheart. Remember that it's difficult to save and file all your papers. To maintain paper management in your office, you sometimes need to kiss your perfectionist tendencies goodbye.
8. Learn to let go. Be selective about the papers you keep. Save the most important of your paper memories, and let go of the rest of your paper past.
9. Purge your papers regularly. Make it a rule to streamline your files and papers at least once a year, or more often if possible. While you have a file open, clean it out.
10. Daily duty. Spend 10 minutes at the end of each day tidying up your work area and prioritizing your work for the next day. The following day will get off to a better start if your desk is organized. -A. D.
1. Open your mail as soon as you get it. Then sort mail into four categories: "To Do," "To Pay," "To File," and "To the Trash. "
2. Be realistic about reading. Evaluate your subscription list on a regular basis. If you're constantly falling behind in your reading, let some subscriptions expire. Have someone prescreen your business-related reading material. Clip only the most important articles for reading; throw the rest of the periodical away.
3. Decide to decide. Make decisions about your paperwork. Stop putting papers in piles "just for now. " Decide to read it, file it, pay it, or do it.
4. Prioritize. Don't let your "To Do" box turn into a burial ground. Start each day by going through the box, prioritizing what must be done. Move these papers to the center of your desk, then deal with those items first.
5. Put off procrastination. If you find yourself procrastinating on your paperwork,, try to address the worst of it first. Or tackle it in small segments-it's a cinch inch by inch. Or, better yet, delegate it. Let somebody else take care of it if you can.
6. Don't dump. Quit using your files as a dumping site. Remember that you may never again look at 80 percent of th you file.
7. Follow the KISS rule-Keep it Simple, Sweetheart. Remember that it's difficult to save and file all your papers. To maintain paper management in your office, you sometimes need to kiss your perfectionist tendencies goodbye.
8. Learn to let go. Be selective about the papers you keep. Save the most important of your paper memories, and let go of the rest of your paper past.
9. Purge your papers regularly. Make it a rule to streamline your files and papers at least once a year, or more often if possible. While you have a file open, clean it out.
10. Daily duty. Spend 10 minutes at the end of each day tidying up your work area and prioritizing your work for the next day. The following day will get off to a better start if your desk is organized. -A. D.
COPYRIGHT 1991 Freedom Technology Media Group
COPYRIGHT 2004 Gale Group
The Truth about RAID Technology
RAID - Redundant Array of Inexpensive (or sometimes "Independent") Disks
- is a method of combining several hard drives into one logical unit.
It can offer fault tolerance and higher throughput levels than a single
hard drive or group of independent hard drives.
RAID is a mature technology that speeds up data access while at the same time protecting your data from hard disk failure. RAID is quickly becoming a necessary component in every network since data loss and downtime can prove both fatal and financially destructive. Most networks are designed to provide instant access to massive amounts of data. More and more employees have to access customer and other databases. Intranets and corporate Web sites provide access to huge databases online.
RAID provides increased storage capacities, and protects your important data from hard drive failure.
RAID Levels:
RAID 0
RAID 1
RAID 3
RAID 5
RAID 10
There are multiple benefits of using RAID:
Reliability
Scalability
Real-time data recovery with uninterrupted access when a hard drive fails
System uptime and network availability
Protection against data loss
multiple drives working in parallel increase system performance
A disk system with RAID capability can protect its data and provide on-line, immediate access to its data, despite a single disk failure (some RAID storage systems can withstand two concurrent disk failures). RAID capability also provides for the on-line reconstruction of the contents of a failed disk to a replacement disk.
RAID offers faster hard drive performance and nearly complete data safety. Storage requirements are expanding as file sizes get bigger and rendering needs get more complex. If you handle very large images or work on audio and video files, faster data throughput means enhanced productivity. RAID can be backed up to tape while the system is in use.
There are 5 most commonly used RAID levels. These levels are not ratings, but rather classifications of functionality. Different RAID levels offer dramatic differences in performance, data availability and data integrity depending on the specific I/O environment. There is no single RAID level that is perfect for all users.
Storage Requirements can be calculated through RAID Calculator.
RAID 0: STRIPING
RAID 0 refers to striping data across multiple disks without any redundant information. Data is divided into blocks and distributed sequentially among the disks. This level is also referred to as pure striping. The number of disk drives needed to create a RAID 0 is one or more. In other words, a single drive can be configured as a RAID 0 array. This type of array can be used to enhance performance in either a request rate intensive or transfer rate intensive environment. Unfortunately, striping reduces the level of data availability since a disk failure will cause the entire array to be inaccessible.
RAID 0 was not defined originally but has become a commonly used term.
Advantages:
Easy to Implement
No capacity loss - all storage is usable
Disadvantages:
Not a "true" RAID due to the lack of fault-tolerance
Failure of only one disk will result in loss of all data on the array
RAID 1: MIRRORING / DUPLEXING
RAID 1 is the first defined level that allows a measure of data redundancy. Data written to one disk drive is simultaneously written to another disk drive. If one disk fails, the other disk can be used to run the system and reconstruct the failed disk. Since the disk is mirrored, it does not matter if one of them fails because both disks contain the same data at all times.
RAID level 1 provides high data availability since two complete copies of all information are maintained. In addition, read performance may be enhanced if the array controller allows simultaneous reads from both members of a mirrored pair. Higher availability will be achieved if both disks in a mirror pair are on separate I/O busses, known as duplexing.
Advantages:
Higher read performance than a single disk
Disadvantages:
Requires twice the desired disk space
RAID 3: SRTIPING AND PARITY
In RAID 3, data is striped across a set of disks. In addition, parity is generated and stored on a dedicated disk. With RAID 3, data chunks are much smaller than the average I/O size and the disk spindles are synchronized to enhance throughput in transfer rate intensive environments. RAID 3 is well suited for CAD/CAM or imaging type applications as well as streaming media. Since parity is used, a RAID 3 stripe set can withstand a single disk failure without losing data or access to data.
Advantages:
Good data availability
High performance for transfer rate intensive applications
Cost effective - only 1 extra disk is required for parity
Disadvantages:
Poor random I/O performance
Disk failure has a significant impact on performance
RAID 5: SRTIPING AND PARITY
RAID 5, similar to level 3, stripes data and parity to generate redundancy. However, instead of requiring entirely new disk for parity storage, the parity is distributed through the stripe of the disk array.
In RAID 5 both parity and data are striped across a set of separate disks. Next, the new parity is calculated. Finally, the new data and parity are written to separate disks. Data chunks are much larger than the average I/O size, but are still resizable. Disks are able to satisfy requests independently which provides high read performance in a request rate intensive environment. Since parity information is used, a RAID 5 stripe can withstand a single disk failure without losing data or access to data.
Advantages:
Highest read data transaction rates
Cost effective - only 1 extra disk is required
Disadvantages:
Individual block data transfer rate same as a single disk.
RAID 10
RAID 10 is technically (RAID 1 + RAID 0), a combination of RAID 1 and 0 - mirroring and striping, but without parity. RAID 10 is a stripe across a number of mirrored drives. It is implemented as a striped array whose segments are RAID 1 arrays. RAID 10 has the same fault tolerance as RAID level 1, as well as the same overhead for fault-tolerance as mirroring alone.
Advantages:
Very high I/O rates are achieved by striping RAID 1 segments
Excellent solution for sites that would normally use RAID 1
Great for Oracle and other databases which need high performance and fault tolerance.
Disadvantages:
Expensive to maintain
As with Raid 1 total capacity is equal to half of the total capacity of all disk in the array.
RAID is a mature technology that speeds up data access while at the same time protecting your data from hard disk failure. RAID is quickly becoming a necessary component in every network since data loss and downtime can prove both fatal and financially destructive. Most networks are designed to provide instant access to massive amounts of data. More and more employees have to access customer and other databases. Intranets and corporate Web sites provide access to huge databases online.
RAID provides increased storage capacities, and protects your important data from hard drive failure.
RAID Levels:
RAID 0
RAID 1
RAID 3
RAID 5
RAID 10
There are multiple benefits of using RAID:
Reliability
Scalability
Real-time data recovery with uninterrupted access when a hard drive fails
System uptime and network availability
Protection against data loss
multiple drives working in parallel increase system performance
A disk system with RAID capability can protect its data and provide on-line, immediate access to its data, despite a single disk failure (some RAID storage systems can withstand two concurrent disk failures). RAID capability also provides for the on-line reconstruction of the contents of a failed disk to a replacement disk.
RAID offers faster hard drive performance and nearly complete data safety. Storage requirements are expanding as file sizes get bigger and rendering needs get more complex. If you handle very large images or work on audio and video files, faster data throughput means enhanced productivity. RAID can be backed up to tape while the system is in use.
There are 5 most commonly used RAID levels. These levels are not ratings, but rather classifications of functionality. Different RAID levels offer dramatic differences in performance, data availability and data integrity depending on the specific I/O environment. There is no single RAID level that is perfect for all users.
Storage Requirements can be calculated through RAID Calculator.
RAID 0: STRIPING
RAID 0 refers to striping data across multiple disks without any redundant information. Data is divided into blocks and distributed sequentially among the disks. This level is also referred to as pure striping. The number of disk drives needed to create a RAID 0 is one or more. In other words, a single drive can be configured as a RAID 0 array. This type of array can be used to enhance performance in either a request rate intensive or transfer rate intensive environment. Unfortunately, striping reduces the level of data availability since a disk failure will cause the entire array to be inaccessible.
RAID 0 was not defined originally but has become a commonly used term.
Advantages:
Easy to Implement
No capacity loss - all storage is usable
Disadvantages:
Not a "true" RAID due to the lack of fault-tolerance
Failure of only one disk will result in loss of all data on the array
RAID 1: MIRRORING / DUPLEXING
RAID 1 is the first defined level that allows a measure of data redundancy. Data written to one disk drive is simultaneously written to another disk drive. If one disk fails, the other disk can be used to run the system and reconstruct the failed disk. Since the disk is mirrored, it does not matter if one of them fails because both disks contain the same data at all times.
RAID level 1 provides high data availability since two complete copies of all information are maintained. In addition, read performance may be enhanced if the array controller allows simultaneous reads from both members of a mirrored pair. Higher availability will be achieved if both disks in a mirror pair are on separate I/O busses, known as duplexing.
Advantages:
Higher read performance than a single disk
Disadvantages:
Requires twice the desired disk space
RAID 3: SRTIPING AND PARITY
In RAID 3, data is striped across a set of disks. In addition, parity is generated and stored on a dedicated disk. With RAID 3, data chunks are much smaller than the average I/O size and the disk spindles are synchronized to enhance throughput in transfer rate intensive environments. RAID 3 is well suited for CAD/CAM or imaging type applications as well as streaming media. Since parity is used, a RAID 3 stripe set can withstand a single disk failure without losing data or access to data.
Advantages:
Good data availability
High performance for transfer rate intensive applications
Cost effective - only 1 extra disk is required for parity
Disadvantages:
Poor random I/O performance
Disk failure has a significant impact on performance
RAID 5: SRTIPING AND PARITY
RAID 5, similar to level 3, stripes data and parity to generate redundancy. However, instead of requiring entirely new disk for parity storage, the parity is distributed through the stripe of the disk array.
In RAID 5 both parity and data are striped across a set of separate disks. Next, the new parity is calculated. Finally, the new data and parity are written to separate disks. Data chunks are much larger than the average I/O size, but are still resizable. Disks are able to satisfy requests independently which provides high read performance in a request rate intensive environment. Since parity information is used, a RAID 5 stripe can withstand a single disk failure without losing data or access to data.
Advantages:
Highest read data transaction rates
Cost effective - only 1 extra disk is required
Disadvantages:
Individual block data transfer rate same as a single disk.
RAID 10
RAID 10 is technically (RAID 1 + RAID 0), a combination of RAID 1 and 0 - mirroring and striping, but without parity. RAID 10 is a stripe across a number of mirrored drives. It is implemented as a striped array whose segments are RAID 1 arrays. RAID 10 has the same fault tolerance as RAID level 1, as well as the same overhead for fault-tolerance as mirroring alone.
Advantages:
Very high I/O rates are achieved by striping RAID 1 segments
Excellent solution for sites that would normally use RAID 1
Great for Oracle and other databases which need high performance and fault tolerance.
Disadvantages:
Expensive to maintain
As with Raid 1 total capacity is equal to half of the total capacity of all disk in the array.
Could A One Time Password Already Be Securing Your Industry?
Technology affects every aspect of our life, especially our security.
Luckily there is always new technology being created to help keep our
lives more secure. As our lives become digitized it seems that more and
more sensitive information is being added to databases connected to
networks or accessible from the web. This raises a red flag to anyone
who has been affected by identity theft or fraud. With all of our
personal data being stored in so many places it would seem that we more
vulnerable to malicious attacks than ever. However this is not true, as
technology begins to change the way we interact and share information it
is also changing the way we secure our data.
Two- factor authentication utilizing a one-time password is technology that has been around for decades although the need for such security has risen lately. With many industries going paperless and wireless it opens the gate for hackers to siphon private data. Industries such as education, financial services and healthcare are all in need of higher security since they deal with important information that must be kept confidential.
OTP in Education
The education industry has been utilizing electronic records for a long time to manage students. These records are stored on a computer that is connected to a network for administrative use, the very same network that students are accessing from their laptops, tablets and smartphones.
Even on a password secured network these records are vulnerable since you do not need to be extremely computer savvy to use a key logger. Any student could simple attach a device to their teachers computer or install malicious software that operates discreetly behind the scenes to log keystrokes. Potentially stealing their teacher’s login credentials and gaining access to confidential information.
Any agency collecting, maintaining and storing sensitive information is responsible for managing that data responsibly as stated in "The Family Educational Rights and Privacy Act" also known as FERPA. With security being their government appointed responsibility and malicious attacks becoming easier to perform, many education agencies are securing their confidential information with two-factor authentication through a one-time password.
OTP for Financial Services
Identity fraud is most apparent in the financial services industry for a good reason, it deals directly with money. Just like everything technology has affected the way we bank with online banking being offered by almost every bank. However this poses a threat to client identities. To keep account holders secure a one-time password is used to keep online banking customers safe by authenticating a user when they log in from different IP addresses. Two-factor authentication is also used to identify an account holder at almost every point of transaction through a bank card and PIN.
OTP in Healthcare
The healthcare industry is facing many changes in the future from regulations demanding increased security of patient’s confidential information. With more sensitive data being readily available over the internet for physicians the need to secure that information is extremely critical. Authorization to access a patient’s medical record is crucial and a one-time password provides that security by identifying the physician, issuing the OTP and allowing a single sign on. Even on mobile devices such as laptops and tablets, zero footprint security can allow access to records without leaving any data on the device.
Transmitting data securely is the future of security in almost every industry. Info is power and with almost every industry moving over to wireless interaction between tablets, laptops and smartphones hackers are using technology against us to gain power. Securing that information through two-factor authentication and one-time password services is the future of technology in order to protect the same users it was put in place to help.
Two- factor authentication utilizing a one-time password is technology that has been around for decades although the need for such security has risen lately. With many industries going paperless and wireless it opens the gate for hackers to siphon private data. Industries such as education, financial services and healthcare are all in need of higher security since they deal with important information that must be kept confidential.
OTP in Education
The education industry has been utilizing electronic records for a long time to manage students. These records are stored on a computer that is connected to a network for administrative use, the very same network that students are accessing from their laptops, tablets and smartphones.
Even on a password secured network these records are vulnerable since you do not need to be extremely computer savvy to use a key logger. Any student could simple attach a device to their teachers computer or install malicious software that operates discreetly behind the scenes to log keystrokes. Potentially stealing their teacher’s login credentials and gaining access to confidential information.
Any agency collecting, maintaining and storing sensitive information is responsible for managing that data responsibly as stated in "The Family Educational Rights and Privacy Act" also known as FERPA. With security being their government appointed responsibility and malicious attacks becoming easier to perform, many education agencies are securing their confidential information with two-factor authentication through a one-time password.
OTP for Financial Services
Identity fraud is most apparent in the financial services industry for a good reason, it deals directly with money. Just like everything technology has affected the way we bank with online banking being offered by almost every bank. However this poses a threat to client identities. To keep account holders secure a one-time password is used to keep online banking customers safe by authenticating a user when they log in from different IP addresses. Two-factor authentication is also used to identify an account holder at almost every point of transaction through a bank card and PIN.
OTP in Healthcare
The healthcare industry is facing many changes in the future from regulations demanding increased security of patient’s confidential information. With more sensitive data being readily available over the internet for physicians the need to secure that information is extremely critical. Authorization to access a patient’s medical record is crucial and a one-time password provides that security by identifying the physician, issuing the OTP and allowing a single sign on. Even on mobile devices such as laptops and tablets, zero footprint security can allow access to records without leaving any data on the device.
Transmitting data securely is the future of security in almost every industry. Info is power and with almost every industry moving over to wireless interaction between tablets, laptops and smartphones hackers are using technology against us to gain power. Securing that information through two-factor authentication and one-time password services is the future of technology in order to protect the same users it was put in place to help.
10 basics about Keogh and SEP-IRA retirement plans - simplified employee pension - Finance - column
There's still enough time to stash away some of your 1990
self-employment earnings in a tax-deferred retirement account, that
great perquisite of the independent business person.
Gary Lesser, a New York City attorney who specializes in benefits consulting for small- to medium-size businesses, points out that Keogh and simplified employee pension (SEP) retirement accounts can provide great advantages for people who own corporations or partnerships, or are sole proprietors (even if only part-time), but that too many entrepreneurs are turned off by the legal jargon and administrative burdens and complexities that accompany those plans. There's no need to be. Let's cut through the jargon to get at what you need to know.
SEPs and Keoghs are the best financial perks available. It's very profitable to build your nest egg with pretax dollars. In the 28 percent bracket, you'll save $280 in federal taxes alone for every $1,000 you invest in a retirement plan. And as the money builds up tax-deferred, it really makes a difference: T. Rowe Price, a Baltimore mutual-fund company, estimates that if you save $2,000 a year in a tax-deferred account earning 8 percent, you'll have $12,671 in five years and $244,691 in 30 years. If you had been taxed on the interest at the 28 percent margin, you would have only $8,079 after five years and just $109,148 after 30 years.
Keoghs and SEPs are typically better than IRAs. After the Tax Reform Act of 1986, most Americans lost their eligibility for tax-defeffed individual retirement accounts. Even if you still qualify for a tax-deferred IRA (which means you are covered by no other pension plan, even through a spouse, and that you earn less than $25,000 as a single taxpayer or $40,000 as a couple), you can shelter more retirement savings in a Keogh or SEP, also called a SEP-IRA.
A SEP plan is simpler than a Keogh. A SEP works just like an
individual retirement account, except that its eligibility requirements
aren't restricted the way standard IRAs' are. There are no requirements
that you continue contributing to a SEP or that you contribute at all
during lean years. You can establish a SEP even if your spouse is
covered by a pension plan. Even if you have your own pension plan from a
regular job, you can set up a SEP for your self-employed earnings. You
can't do that with a regular IRA. You can set up a SEP-IRA simply by
going to a bank, mutual-fund company, or brokerage house and filling out
one form.
Here's where the government requirements come in: Every year, you are allowed to deduct SEP-IRA deposits of up to 15 percent of your taxable business income after adding back in half of your self-employment tax, but after subtracting the SEP deposit. That means you have to know how much you're going to contribute before you can calculate your contribution. There's a basic calculation that will handle that for you, and it comes down to this: You can deduct contributions of up to 13.0434 percent of your taxable business income every year, after you add back in half of your self-employment tax. If the bottom line on your schedule C is $50,000, your self-employment tax is $7,650 in 1990. Add half of that back in, for a total of $53,825, and multiply it by 0.130434. The result, $7,020, is your allowable SEP-IRA contribution. Your yearly contribution cannot exceed $30,000.
Keoghs are more complicated than SEPs, but potentially more profitable. Keoghs are established under different IRS standards that require a higher level of setup documentation than for SEPs and thus are more complicated. Still, any good bank, brokerage, or mutual-fund company should be able to guide you through the forms if you decide to establish a Keogh. And last year the IRS eased the annual reporting requirement on Keoghs-now you have to report on your plan annually only if it has amassed more than $100,000.
One advantage of Keoghs over SEPs is an income-averaging provision for withdrawal of the funds at retirement. If you retire at 59 1/2 and withdraw a sum from your Keogh account, you don't have to pay tax on it all at once-you can average it as income over five years (or 10 years if you were 50 years old before January 1986), which reduces your tax liabilities. With a SEP, you would have to pay tax on the entire withdrawal in the year you took the money out. However, with either plan you can spread out the tax burden by making withdrawals gradually throughout your retirement.
There are two types of Keogh plans--one's more flexible, the other allows bigger deductions. When you open your Keogh account, you need to decide which type of plan you want: profit-sharing or money-purchase. Profit-sharing Keogh plans give you flexibility. You can contribute as much or as little as you want every year, as long as you stay below the maximums, which are the same as the SEP limits: 13.0434 percent of your taxable business income, after adding to your income half of your self-employment tax, with contributions not to exceed $30,000. With a profit-sharing Keogh, you don't have to put anything at all into the plan if you don't want to.
Money-purchase plans eliminate that flexibility but let you deduct a larger percentage of your earnings-up to 25 percent of your net business income after including half the self-employment tax and, again, after subtracting your Keogh contribution. That comes to 20 percent of your taxable income plus half of your self-employment tax. With a $50,000 net business income, your money-purchase contribution would be $10,765. You still can't exceed $30,000, so if your income is approaching the $230,000 mark, there's no advantage to the money-purchase plan; you'll hit the $30,000 limit at 13.02 percent.
Money-purchase plans make you decide up front what percentage your contribution will be and stick with it during fat and lean years. If you set up a money-purchase plan, you can't decide to skip a year, or the account could lose its eligibility as a tax-deferred plan, and you would suffer hefty penalties by the IRS.
Combining plans often increases flexibility and ids you make a larger contribution. Set up a money-purchase Keogh with a regular 10 percent contribution and you are still free to set up a SEP-IRA or Keogh profit-sharing plan (or both) for up to an additional 15 percent of your income. Of course, those figures are also subject to the same convoluted calculation-where you have to reduce your qualifying income by the intended contribution to figure out the maximum allowable contribution-so the two plans together would come out to 20 percent of your net income after you've reduced it by half of your self-employment tax. Attorney Gary Lesser calculates that the maximum contribution for a year in which you earned $50,000 would be $3,694 for the money-purchase Keogh and $5,541 for the profit-sharing plan.
That combination of plans gives you the maximum leeway to contribute as much as possible but still refrain from locking into a money-purchase plan at a 25 percent contribution.
You can make contributions (and even set up a SEP) after the tax year is over. You have to establish a Keogh before the end of the fiscal year-for most small businesses, that means the end of the calendar year. However, you have until your tax-return due date-April 15 if you are unincorporated and don't file for extensions-to set up your SEP-IRA for 1990. If you are incorporated and on a calendar-year basis, your tax-return due date is March 15.
If you already have a retirement plan, remember: You can make 1990 contributions to your Keogh or SEP until the date your tax return is due.
If you hire employees, you'll have to cover them with your Keogh or SEP. Now your financial life gets much more complicated, because you may find that your new employees are eligible for a plan you thought you were setting up just for yourself.
If your company grows from a one-person shop to a business with employees, it's unlikely that the same retirement plan that worked for you in the past will work in the future. If you established a plan when you were your company's sole employee and then began hiring others, it is often best to terminate your current plan and draw up a new one with employees in mind.
SEPs let you defer coverage on new employees until they have worked in three of the preceding five years, but then the employees are fully vested, and you must contribute to their plans just as you do your own. Under a Keogh, you can defer employees' participation until they have completed 1,000 hours of service in one year (about 20 hours a week) and then phase in a graduated vesting schedule. These are considerations that must be checked off on the plan contract when the plan is established.
There are a few ways to get at your money. Once you hit age 59 1/2, you can begin taking money out of your retirement account without paying a penalty, even if you are still working. But you will be taxed on the withdrawal as part of your income tax. Once you've turned 70 1/2, you must start to withdraw the money and pay tax on it, even if you aren't retired, don't need it, and would rather keep it socked away in its tax-deferred account.
Since Keoghs and SEPs are legally established retirement accounts, you usually can't withdraw your money before you are 59 1/2 without paying a 10 percent penalty as well as the income tax due that year on the amount of the withdrawal. You can take the money out before then and avoid the penalty if you withdraw it in small, regular amounts calculated to last your lifetime (like an annuity). In that case, you still pay the income tax on the withdrawal annually.
The compounding benefits of saving money tax-deferred are so great that even if you build up your account for 10 years or so and then decide to pull the money out to send your kids to college or for some other reason, you cab end up with more money after paying taxes and a 10 percent penalty than you would have had before.
Let's look at another T. Rowe Price estimate: If you save $2,000 every year for 20 years in a tax-deferred 8 percent account, you will accumulate $98,844. Subtract the 28 percent income tax (which you would have paid anyway) and the 10 percent early-withdrawal penalty, and you're left with $61,283. That's still several thousand dollars better than the $54,598 you would have built up in a taxable account at the same 8 percent interest rate.
Gary Lesser, a New York City attorney who specializes in benefits consulting for small- to medium-size businesses, points out that Keogh and simplified employee pension (SEP) retirement accounts can provide great advantages for people who own corporations or partnerships, or are sole proprietors (even if only part-time), but that too many entrepreneurs are turned off by the legal jargon and administrative burdens and complexities that accompany those plans. There's no need to be. Let's cut through the jargon to get at what you need to know.
SEPs and Keoghs are the best financial perks available. It's very profitable to build your nest egg with pretax dollars. In the 28 percent bracket, you'll save $280 in federal taxes alone for every $1,000 you invest in a retirement plan. And as the money builds up tax-deferred, it really makes a difference: T. Rowe Price, a Baltimore mutual-fund company, estimates that if you save $2,000 a year in a tax-deferred account earning 8 percent, you'll have $12,671 in five years and $244,691 in 30 years. If you had been taxed on the interest at the 28 percent margin, you would have only $8,079 after five years and just $109,148 after 30 years.
Keoghs and SEPs are typically better than IRAs. After the Tax Reform Act of 1986, most Americans lost their eligibility for tax-defeffed individual retirement accounts. Even if you still qualify for a tax-deferred IRA (which means you are covered by no other pension plan, even through a spouse, and that you earn less than $25,000 as a single taxpayer or $40,000 as a couple), you can shelter more retirement savings in a Keogh or SEP, also called a SEP-IRA.
Here's where the government requirements come in: Every year, you are allowed to deduct SEP-IRA deposits of up to 15 percent of your taxable business income after adding back in half of your self-employment tax, but after subtracting the SEP deposit. That means you have to know how much you're going to contribute before you can calculate your contribution. There's a basic calculation that will handle that for you, and it comes down to this: You can deduct contributions of up to 13.0434 percent of your taxable business income every year, after you add back in half of your self-employment tax. If the bottom line on your schedule C is $50,000, your self-employment tax is $7,650 in 1990. Add half of that back in, for a total of $53,825, and multiply it by 0.130434. The result, $7,020, is your allowable SEP-IRA contribution. Your yearly contribution cannot exceed $30,000.
Keoghs are more complicated than SEPs, but potentially more profitable. Keoghs are established under different IRS standards that require a higher level of setup documentation than for SEPs and thus are more complicated. Still, any good bank, brokerage, or mutual-fund company should be able to guide you through the forms if you decide to establish a Keogh. And last year the IRS eased the annual reporting requirement on Keoghs-now you have to report on your plan annually only if it has amassed more than $100,000.
One advantage of Keoghs over SEPs is an income-averaging provision for withdrawal of the funds at retirement. If you retire at 59 1/2 and withdraw a sum from your Keogh account, you don't have to pay tax on it all at once-you can average it as income over five years (or 10 years if you were 50 years old before January 1986), which reduces your tax liabilities. With a SEP, you would have to pay tax on the entire withdrawal in the year you took the money out. However, with either plan you can spread out the tax burden by making withdrawals gradually throughout your retirement.
There are two types of Keogh plans--one's more flexible, the other allows bigger deductions. When you open your Keogh account, you need to decide which type of plan you want: profit-sharing or money-purchase. Profit-sharing Keogh plans give you flexibility. You can contribute as much or as little as you want every year, as long as you stay below the maximums, which are the same as the SEP limits: 13.0434 percent of your taxable business income, after adding to your income half of your self-employment tax, with contributions not to exceed $30,000. With a profit-sharing Keogh, you don't have to put anything at all into the plan if you don't want to.
Money-purchase plans eliminate that flexibility but let you deduct a larger percentage of your earnings-up to 25 percent of your net business income after including half the self-employment tax and, again, after subtracting your Keogh contribution. That comes to 20 percent of your taxable income plus half of your self-employment tax. With a $50,000 net business income, your money-purchase contribution would be $10,765. You still can't exceed $30,000, so if your income is approaching the $230,000 mark, there's no advantage to the money-purchase plan; you'll hit the $30,000 limit at 13.02 percent.
Money-purchase plans make you decide up front what percentage your contribution will be and stick with it during fat and lean years. If you set up a money-purchase plan, you can't decide to skip a year, or the account could lose its eligibility as a tax-deferred plan, and you would suffer hefty penalties by the IRS.
Combining plans often increases flexibility and ids you make a larger contribution. Set up a money-purchase Keogh with a regular 10 percent contribution and you are still free to set up a SEP-IRA or Keogh profit-sharing plan (or both) for up to an additional 15 percent of your income. Of course, those figures are also subject to the same convoluted calculation-where you have to reduce your qualifying income by the intended contribution to figure out the maximum allowable contribution-so the two plans together would come out to 20 percent of your net income after you've reduced it by half of your self-employment tax. Attorney Gary Lesser calculates that the maximum contribution for a year in which you earned $50,000 would be $3,694 for the money-purchase Keogh and $5,541 for the profit-sharing plan.
That combination of plans gives you the maximum leeway to contribute as much as possible but still refrain from locking into a money-purchase plan at a 25 percent contribution.
You can make contributions (and even set up a SEP) after the tax year is over. You have to establish a Keogh before the end of the fiscal year-for most small businesses, that means the end of the calendar year. However, you have until your tax-return due date-April 15 if you are unincorporated and don't file for extensions-to set up your SEP-IRA for 1990. If you are incorporated and on a calendar-year basis, your tax-return due date is March 15.
If you already have a retirement plan, remember: You can make 1990 contributions to your Keogh or SEP until the date your tax return is due.
If you hire employees, you'll have to cover them with your Keogh or SEP. Now your financial life gets much more complicated, because you may find that your new employees are eligible for a plan you thought you were setting up just for yourself.
If your company grows from a one-person shop to a business with employees, it's unlikely that the same retirement plan that worked for you in the past will work in the future. If you established a plan when you were your company's sole employee and then began hiring others, it is often best to terminate your current plan and draw up a new one with employees in mind.
SEPs let you defer coverage on new employees until they have worked in three of the preceding five years, but then the employees are fully vested, and you must contribute to their plans just as you do your own. Under a Keogh, you can defer employees' participation until they have completed 1,000 hours of service in one year (about 20 hours a week) and then phase in a graduated vesting schedule. These are considerations that must be checked off on the plan contract when the plan is established.
There are a few ways to get at your money. Once you hit age 59 1/2, you can begin taking money out of your retirement account without paying a penalty, even if you are still working. But you will be taxed on the withdrawal as part of your income tax. Once you've turned 70 1/2, you must start to withdraw the money and pay tax on it, even if you aren't retired, don't need it, and would rather keep it socked away in its tax-deferred account.
Since Keoghs and SEPs are legally established retirement accounts, you usually can't withdraw your money before you are 59 1/2 without paying a 10 percent penalty as well as the income tax due that year on the amount of the withdrawal. You can take the money out before then and avoid the penalty if you withdraw it in small, regular amounts calculated to last your lifetime (like an annuity). In that case, you still pay the income tax on the withdrawal annually.
The compounding benefits of saving money tax-deferred are so great that even if you build up your account for 10 years or so and then decide to pull the money out to send your kids to college or for some other reason, you cab end up with more money after paying taxes and a 10 percent penalty than you would have had before.
Let's look at another T. Rowe Price estimate: If you save $2,000 every year for 20 years in a tax-deferred 8 percent account, you will accumulate $98,844. Subtract the 28 percent income tax (which you would have paid anyway) and the 10 percent early-withdrawal penalty, and you're left with $61,283. That's still several thousand dollars better than the $54,598 you would have built up in a taxable account at the same 8 percent interest rate.
Health Insurance Exchanges Vs SHOP Exchanges
Anyone who has been following the U.S. healthcare landscape closely is
well aware that President Obama’s Affordable Care Act of 2010, mandates
U.S. states to set up online insurance marketplaces. The marketplaces or
‘exchanges’ for both individuals and small businesses are to be
addressed as – Health Insurance Exchange (HIX) and Small Business Health
Option Program (SHOP) Exchange, respectively.
The fundamental principle behind setting such exchanges is to make the U.S. consumers well-informed about the health insurance choices available to them, so that they can take an educated decision while purchasing a plan for themselves, their families or employees. Both HIX and SHOP will serve the basic purpose of providing affordable insurance options to individuals, groups and small businesses. The exchanges will allow consumers to avail of high-quality health plan choices from various insurers and carriers, albeit at standardized rates.
Although the basic premise on which both health insurance exchanges and SHOP exchanges have been proposed remains the same, both the individual exchanges and SHOP exchanges have a few key administrative differences between them.
In health insurance exchanges, individuals can apply for federal subsidies and tax credits if they are eligible, so individual exchanges need to verify applicants’ income data and also need to offer an online functionality where consumers can calculate their net costs after subsidy deductions etc.
SHOP exchanges have been proposed to primarily cater to the small business community. Small businesses offering employer coverage through the SHOP exchanges will not be eligible for premium tax credits except in certain cases where the premiums from SHOP-coverage exceed 9.5% of employees’ income.
Secondly, Individual exchanges are not required to act as health premium collection centers or transfer these collected premiums to health plans. Also, to reduce the administrative burdens for small employers, the SHOP exchange may need to collect premiums from employees and transmit the appropriate amount to the respective health plans.
Health insurance exchanges and SHOP exchanges also differ with respect to the time period for which the premium rates of health plans remain fixed. In Individual exchanges, every new health plan applicant receives the assurance that his/her premium rates will not increase for a defined period of time, which is usually set for 6 or 12 months.
On the other hand, employers usually prefer having a precise idea about their yearly contributions in employees’ plans, before they even decide to offer health insurance coverage. So, SHOP exchanges may also need to devise a clearly defined strategy that addresses the premium rate escalation concerns of small businesses participating in SHOP exchanges.
Health Insurance Exchanges and SHOP exchanges were proposed to service different insurance markets – individual and small business, respectively. While there are talks about the efficacy of merging both SHOP exchanges and Individual health insurance exchanges together, it may not be a viable option as in spite of functional similarities, both the exchanges differ on several key administrative aspects. Nevertheless, it would be too early to surmise which insurance exchange model will be a better option vis`-a-vis´ other models.
The fundamental principle behind setting such exchanges is to make the U.S. consumers well-informed about the health insurance choices available to them, so that they can take an educated decision while purchasing a plan for themselves, their families or employees. Both HIX and SHOP will serve the basic purpose of providing affordable insurance options to individuals, groups and small businesses. The exchanges will allow consumers to avail of high-quality health plan choices from various insurers and carriers, albeit at standardized rates.
Although the basic premise on which both health insurance exchanges and SHOP exchanges have been proposed remains the same, both the individual exchanges and SHOP exchanges have a few key administrative differences between them.
In health insurance exchanges, individuals can apply for federal subsidies and tax credits if they are eligible, so individual exchanges need to verify applicants’ income data and also need to offer an online functionality where consumers can calculate their net costs after subsidy deductions etc.
SHOP exchanges have been proposed to primarily cater to the small business community. Small businesses offering employer coverage through the SHOP exchanges will not be eligible for premium tax credits except in certain cases where the premiums from SHOP-coverage exceed 9.5% of employees’ income.
Secondly, Individual exchanges are not required to act as health premium collection centers or transfer these collected premiums to health plans. Also, to reduce the administrative burdens for small employers, the SHOP exchange may need to collect premiums from employees and transmit the appropriate amount to the respective health plans.
Health insurance exchanges and SHOP exchanges also differ with respect to the time period for which the premium rates of health plans remain fixed. In Individual exchanges, every new health plan applicant receives the assurance that his/her premium rates will not increase for a defined period of time, which is usually set for 6 or 12 months.
On the other hand, employers usually prefer having a precise idea about their yearly contributions in employees’ plans, before they even decide to offer health insurance coverage. So, SHOP exchanges may also need to devise a clearly defined strategy that addresses the premium rate escalation concerns of small businesses participating in SHOP exchanges.
Health Insurance Exchanges and SHOP exchanges were proposed to service different insurance markets – individual and small business, respectively. While there are talks about the efficacy of merging both SHOP exchanges and Individual health insurance exchanges together, it may not be a viable option as in spite of functional similarities, both the exchanges differ on several key administrative aspects. Nevertheless, it would be too early to surmise which insurance exchange model will be a better option vis`-a-vis´ other models.
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