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What’s Earned Income Tax Credit?

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Earned Income Tax Credit or EITC also called as EIC is an important benefit for working people who have low to moderate income. The EIC is a refundable credit, enacted as a work incentive in the Tax Reduction Act of 1975. It provides a financial boost to working individuals and families. It has become one of the primary forms of public assistance for low income working taxpayers. A tax credit means more money in your pocket. It reduces the amount of tax you owe and may also give you a refund. Eligibility for the EIC is based on the taxpayer’s earned income, adjusted gross income, investment income, filing status, and work status in the United States. The amount of the EIC is based on the presence and number of qualifying children in the worker’s family, as well as on adjusted gross income and earned income.

The earned income credit generally equals a specified percentage of earned income up to a maximum dollar amount. Earned income is defined as wages, salaries, tips and other employee compensation, but only if such amounts are includible in gross income, plus the amount of the individual’s net self-employment earnings. The maximum amount applied over a certain income range and them diminishes to zero over a specified phase-out range. For taxpayers with earned income (or adjusted gross income(“AGI”), if greater) in excess of the beginning of the phase-out range, he maximum EIC amount is reduced by the phase-out rate multiplied by the amount of earned income(or AIG, if greater) in excess of the beginning of the phase-out range. For taxpayers with earned income (or AGI, if greater) in excess of the end of the phase-out range, no credit is allowed.

An individual is not eligible for the EIC if the aggregate amount of disqualified income of the taxpayer for the taxable year excess $3450 (for 2017). This threshold is indexed for inflation. Disqualified income is the sum of interest (taxable and tax-exempt), dividends, net rent and royalty income (if greater than zero), capital gains net income and net passive income (if greater than zero) that is not self-employment income.

The EIC is a refundable credit, meaning that if the amount of the credit exceeds the taxpayer’s Federal income tax liability, the excess is payable to the taxpayer as a direct transfer payment.

The EIC generally equals a specified percentage of earned income up to a maximum dollar amount. Earned income is the sum of employee compensation included in gross income (generally the amount reported in Box 1 of Form W2, Wage and Tax Statement) plus net earnings from self-employment determined with regard to the deduction for one half of self-employment taxes. Special rules apply to computing earned income for purposes of the EIC. Net earnings from self-employment generally includes the gross income derived by an individual from any trade or business carried on by the individual, less the deductions attributable to the trade or business that are allowed under the self-employment tax rules, plus the individual’s distributive share of income or loss from any trade or business of a partnership in which the individual is a partner.

When to expect EIC Refunds in 2018

Due to changes in the law, the IRS cannot issue refunds before February 15, 2018, for returns that claim the EIC. This applied to the entire refund, not just the portion associated with the EIC.

The Protecting Americans from Tax Hikes Act of 2015 (PATH) made several changes for claiming this credit. The PATH Act made the following changes, which became effective for the 2016 filing season, to help prevent revenue loss due to identity theft and refund fraud related to fabricated wages and withholdings:

  • The IRS may not issue a credit or refund to a taxpayer before February 15th, if the taxpayer claims the Earned Income Tax Credit on their return.
  • This change only affects returns claiming EITC that are filed before February 15.
  • The IRS will hold the entire refund, including any part of the refund that isn’t associated with the EITC.
  • The PATH Act prevents taxpayer from filing retroactive returns or amended returns claiming EITC

Maximum Adjusted Gross Income for EIC

The maximum amount of income you can earn and still get the credit has been increased for 2017 tax year. In order to receive EIC your Adjusted Gross Income (AGI) should be less than the limit listed below:-

· You have three or more qualifying children and you earned less than $48340 ($53930 if married filing jointly),

· You have two qualifying children and you earned less than $45007 ($50597 if married filing jointly),

· You have one qualifying child and you earned less than $39617 ($45207 if married filing jointly), or

· You don’t have a qualifying child and you earned less than $15010 ($20600 if married filing jointly).

The IRS considers disability retirement benefits as earned income until you reach minimum retirement age. Minimum retirement age is the earliest age you could have received a pension or annuity if you did not have the disability. After you reach minimum retirement age, IRS considers the payments your pension and not earned income. Benefits such as Social Security Disability Insurance, SSI, or military disability pensions are not considered earned income and cannot be used to claim the EITC. You may qualify for the credit only if you, or your spouse, if filing a joint return, have other earned income. Payments one receives from a disability insurance policy that one paid the premiums for are not earned income. It does not matter whether you have reached minimum retirement age.

The Maximum amount of credit for Tax year 2017 is:

$6318 with three or more qualifying children

$5615 with two qualifying children

$3400 with one qualifying children

$510 with no qualifying children.

EITC Rules

The EITC is a complex law that involves eligibility rules based on a taxpayer’s income, marital status and parental arrangements, which can often change on a year-to-year basis. To claim EITC on your tax return, one must meet all the following rule:-

· You, your spouse (if you file a joint return), and all others listed on Schedule EIC, must have a Social Security number that is valid for employment and is issued before the due date of the return including extensions. You cannot get EIC if, instead of an SSN your (or your spouse, if filing a joint return) have an individual tax identification number (ITIN). ITINs are issued by the IRS to non-citizens who can’t get an SSN.

If an SSN for you or your spouse is missing from your tax return or is incorrect, you may not get the EIC. If an SSN for you or your spouse is missing from your return because either you or your spouse didn’t have a valid SSN by the due date of your 2017 return (including extensions), and you later get a valid SSN, you can’t file an amended return to claim the EIC.

If you don’t have an SSN, you can apply for one by filing Form SS-5, Application for a Social Security Card, with the SSA. You can get Form SS-5 online at SSA.gov or from your local SSA office or by calling the SSA at 1-800-772-1213

· You must have earned income from working for someone else or owning or running a farm or business. Earned income includes wages, salaries, tips, and other taxable employee pay. Employee pay is earned income only if it is taxable. Nontaxable employee pay, such as certain dependent care benefits and adoption benefits, isn’t earned income.

· Your filing status cannot be married filing separately. If you are married, you usually must file a joint return to claim the EIC. If you are married and your spouse didn’t live in your home at any time during the last six months of the year, you may be able to file as head of household, instead of married filing separately. In that case, you may be able to claim the EIC.

· You must be a US Citizen or resident alien all year. You are taxed on your worldwide income.

· You cannot be a qualifying child of another person.

· You must meet the earned income, AGI and investment income limits.

· You must have a qualifying child. Sometimes a child is a qualified child of more than one person. Only one of such persons can actually treat the child as a qualifying child. He could claim exemption for the child, claim child tax credit, can claim head of household filing status, claim credit for child and dependent care expenses, could claim the exclusion for dependent care benefits and the EIC. You and the other person cannot agree to divide these tax benefits between you. The child must be under age 19 at the end of the tax year and younger than taxpayer (or taxpayer’s spouse, if filling jointly) or under age 24 at the end of the tax year, a student, and younger than taxpayer (or taxpayer’s spouse, if filling jointly).

If the parents don’t file a joint return together but both parents claim the child as qualifying child, the IRS will treat the child as the qualifying child of the parent with whom the child lived for the longer period of time during the year. If the child lived with each parent for the same amount of time, the IRS will treat the child as the qualifying child of the parent who had the higher adjusted gross income for the year.

· If you don’t have a qualifying child, you must be age 25 years but less than 65 years at the end of the year and lived in United States for more than half the year and not qualify as a dependent on another person.

· If you qualify for EITC, you have to file a tax return with the IRS, even if you owe no tax or are not required to file. Many taxpayers miss out because they owe no tax so do not file a tax return. EITC is not automatic.

Taxpayer can also move in and out of EITC eligibility from year-to-year based on your tax filing status, the number of qualifying children you can claim, and your financial situation. Every year, approximately one-third of taxpayers qualifying for EITC are newly eligible.

A Qualifying child with a disability must have a Social Security Number that is valid for employment and is issued before the due date of the return. There is no age limit and the child does not have to be younger than you if the qualifying child is permanently and totally disabled. Your qualifying child is permanently and totally disabled if he or she cannot engage in any substantial gainful activity because of a physical or mental condition and a doctor determines the condition has lasted or can be

Common EITC errors

The population of taxpayers who rely on the EITC share a common set of characteristics, such as low education and high transiency, which create challengers for taxpayer compliance. IRS persists in using traditional audits as its primary compliance tool. Common EITC errors we find the most are that for the qualifying child test, with relationship, residency age and joint return etc. Most common are because the child is not related in one of the listed relationship or the child didn’t live with the person or persons on the tax return. The second common error is more than one person claiming the same child. This is often due to the child lived with more than one person for more than half the tax year. But, sometimes, a person claims a child who did not live with them for more than half the tax year. Third common error is Social Security number or last name mismatches. Look at the Social security card of everyone listed on your return to make sure the number matches and that you use the name the same way the Social Security Administration lists the name. Fourth common error is when you are married, filing as single or head of household. Avoid an audit, additional tax, penalties or interest by making sure all the information on your tax return is complete and correct. There are consequences for filing your returns with errors whether you made a mistake or knowingly did it. Expect your preparer; whether you pay or it’s free, to ask you a great deal of questions to make sure your return is correct.

Improper Claim’s made in prior year

If your EIC for any year after 1996 was denied or reduced for any reason other than a math or clerical error, you must attach a completed Form 8862 to your tax return to claim the EIC. You must also qualify to claim the EIC by meeting all the rules mentioned above.

If your EIC for any year after 1996 was denied and it was determined that your error was due to reckless or intentional disregard of the EIC rules, then you can’t claim the EIC for next 2 years. If your error was due to fraud, then you can’t claim the EIC for the next 10 years. Such a system does not promote future compliance.

Some taxpayers would appeal their EITC claim denials to the US Tax Court. This increases systemic costs. The taxpayer may retain a pro bono attorney through his or her local Low Income Taxpayer Clinic (LITC). LITCs represent low income individuals in disputes with the IRS, including audits, appeals, collection matters, and federal tax litigation. Due to litigation, it increases the cost for the IRS for IRS attorneys and Appeals staff, in addition to court’s expenses. It also delays the refund to a taxpayer. IRS would also have to pay interest on the delayed refunds when EITC claims are later allowed due to litigation or appeals.

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Top 10 Tips For Beginners And Veterans – Escape From Tarkov

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Top 10 Tips For Beginners And Veterans - Escape From Tarkov

New at the legendary Escape from Tarkov? Or have you been playing it for quite a while now? In either case, a little help never hurts.

You might be unfamiliar with specific tactics that could enhance your game and make you better. But what are those? To know more about these ways to ace your game, visit Battlelog. Escape from Tarkov hack from their team is the best way to master the game. Plus, we also have these 10 tips and tricks for EFT below that you can check out!

1.  Master Maps One-by-One

Being a trader of all crafts and master of none never benefited anyone. And if you do that with Escape from Tarkov, you’ll never improve your skill. As a beginner, try not to divert your attention to various maps unless you’ve mastered one or two.

When you start playing EFT, begin by trying maps like Customs and Interchange. These maps aren’t too tricky and familiarize you well with the game. Once you’ve mastered them, move on to improving your fighting skills. But remember, learning maps one by one is the best way to become an expert.

2.  Pro-tip: Practice Offline

You’re an EFT pro, but that doesn’t mean you don’t need practicing occasionally. In fact, the more you practice, the better you’ll become. But practicing in the online mode isn’t a wise option. Because you will keep losing health and spend your money unnecessarily.

So to practice, switch to offline mode. It’s the best way to learn how to fight Scavs well, how the maps work, and where extraction points are located. Keep polishing up your skills in the offline mode.

3.  Insurance Works in EFT too

Insurance isn’t just for your car and home anymore. In EFT, you can insure your weapons and belongings. This doesn’t mean that if the enemy loots you, you’ll get compensation for them. But it’s still advantageous because it often lets you have your weapons even after you die.

If you’re an experienced player, insuring your weapons is even better. If the enemy who loots it from you later dies, you can claim your weapons back. This way, you don’t lose those precious guns and rifles after a challenging game.

4.  Be Careful After Killing

You might be tempted to loot an enemy as soon as he dies. Even experienced players often do it. But this isn’t always a wise move.

When you kill someone, there might be some other enemy lurking around. And in your fit to loot the dead, you might not even pay attention to the enemy who’s hiding nearby. So after you kill, wait for a little to see if anyone surfaces or makes a sound. If you feel like the territory is safe, proceed to loot and move on.

5.  Be a SCAV friend when playing as a SCAV

Escape from Tarkov often lets you play as a SCAV. When you do, you don’t have weapons of your own. But you also don’t carry any liabilities. So even if you die in the game, you won’t lose essential weapons.

But here’s something every pro player knows that a beginner should too. As a SCAV, you shouldn’t attack other SCAVs. But why? Isn’t that foolish? Well, not really. In fact, doing that will attract negative attention to you and make the game difficult.

6.  Complete Quests – Lots of Them

Completing quests in a shooting game might sound lame to you. But it is an excellent way to gain experience and some other perks.

In Escape from Tarkov, you can complete various quests to get rewards and gear. Of course, some quests don’t reward you as much, and the items they grant aren’t helpful. But you can always trade them or sell them to stock up on weapons. Use the Flea Market for trading such goods.

7.  Go to Dorms

This tip isn’t really for beginners. But for experienced players, it makes the game thrilling and more rewarding.

Dorms are a dangerous location because they often contain the best loot in EFT. They are also home to the SCAV boss, and many players frequent this place looking for loots. But when you’re feeling up to it, raid a dorm to get the best loot possible.

8.  Switch between passive and aggressive style

This rule works for any combat game, but for EFT, it does wonders. As a player, you should have enough instincts to know when to play passively and go aggressive.

As a rule of thumb, be as passive as possible unless you’re faced with an opponent. Move around sneakily and make as little sound as possible. But once you’re in a fight, don’t shy away from landing a few hard blows of your own.

9.  Have a CMS Kit

In Escape from Tarkov, it will be too difficult to win if your limbs are dead or wounded. You have to reach an extraction point without your feet working properly. But recently, the makers added a surgical kit called the CMS to the game.

With the CMS kit, you can get your limbs healed quickly. It is a significant investment, and whenever you plan to go for combat, keep this one handy.

10.Know Your Sounds

EFT has an excellent sound mechanism. You can hear your enemies, and they can listen to you. In fact, everything from aiming a gun to moving makes a sound. So you have to be highly conscious.

While trying to ambush or kill someone, aim at them from as far as possible. This way, there’s little chance of them hearing you. Similarly, move stealthily to make fewer sounds. And no matter what, pay attention to enemy sounds too.

Conclusion

Whether you’re an expert veteran or a newbie at the game, you will benefit aplenty from these 10 EFT tips. Comment down below which one helped you the most in your game.

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Work Breakdown Structure and Outsourcing

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Every outsourcing project should create and make a WBS available to all its outsourcing staff. What is a WBS and how can it help you manage your outsourcing project? All projects consist of small tasks and quality control procedures. A Work Breakdown Structure (WBS) breaks down all the tasks that must be performed on the project and estimates timing and resources for each task as well as the order the tasks should be done in. It pays to have a clear and effective WBS in all your outsourcing projects.

An effective Work Breakdown Structure starts with high level activities (these may be your milestones) and breaks these activities down into lower and lower levels until you’ve covered every conceivable step in the process. Before you ever begin work on a project, also confirm with your outsource staff that they understand the overview and the individual components of your WBS and give them the opportunity to ask questions. It is never helpful to assume that they have it all under control. It is preferable that if any questions or problems arise they do so before the project has even started.

An example of a WBS is if one of your milestones is submission of the first draft of chapter one of a book someone is ghostwriting for you. You would then break that down into its smaller steps, like research, outlining, and writing. These steps would then, in turn, be broken down into even smaller steps, like types of research, verification of facts, and so on.

For each low-level task, estimate time needed for completion, start and end dates, human resources required, and in what order each task should be completed. Obviously, facts can’t be verified until the research is done but you get the gist.

If you have the knowledge and background to begin a WBS during the planning stages for your project, please do so. Regardless of whether or not you’ve already started the WBS, work with your provider to nail down the details and finalize the breakdown.

A well thought out Work Breakdown Structure is of immense help to any project, small or large. It enables your freelance staff to work with confidence and it enables you to know that your outsourcers can carry out the work competently. A good Work breakdown Structure will also minimize hiccups, saving time, money and energy.

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Potential Cost Savings Associated With Legal Outsourcing

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“How much can I save?” “What is the cost of legal work done offshore?” “Please give me a quote for 100 hours per month for legal work done in India.” “What is your hourly rate?” “How much do you charge for ______?” These are the questions and requests directed my way at the beginning of conversation when someone contacts me about sending certain legal tasks offshore for completion.

Regularly I advise potential clients that the first question to be asked, either of a lawyer or someone potentially assisting in the outsourcing of a legal project, is not “how much?” Instead, at the outset, determination should be made whether those who would work on the project have the skills, training and experience to complete the assignment(s) in a quality fashion. This necessarily involves a clear delineation of the proposed undertaking and the expectations of the outsourcer. Further, what are the assurances of confidentiality? Can the time deadline for completion be met? What about conflicts of interest? These questions should be asked of every U.S. lawyer whose services might be retained. Likewise, they should be asked of every person or entity involved in outsourcing legal assignments. It should be noted that offshore lawyers are not licensed in the U.S. and do not provide “legal services” or advice. Foreign attorneys, working offshore, complete assignments under the supervision and review of qualified U.S. attorneys in generally the same manner as paralegals, summer law clerks or junior associates in the U.S. Indeed, the Code of Professional Conduct requires such supervision.

Cost savings achievable from outsourcing, however, seems to be the burning issue of the day. Large law firms, in particular, are looking for ways of cutting costs to maintain profitability or to even survive in challenging economic times. Dan DiPietro, client head of Law Firm Group of the Citi Private Bank, offered Storm Warnings (American Lawyer, Dec 2007) in observing “for the first time since 2001, expense growth actually outpaced that of revenue from January through June, depressing profit margins.” Sounding an ominous note, DiPietro observed that the biggest expense increases were in associate salaries and in occupancy and technology costs. His warning proved prophetic, as a number of old-line law firms closed their doors in 2008 including Heller Ehrman, Thelen LLP, and Thacher, Proffitt & Wood. Other large law firms are reducing staff and lawyers, including de-equitizing partners. Corporate clients are cutting the number of outside firms they engage, while pushing them to become more efficient. It is becoming increasingly apparent that difficult decisions are on the horizon for many law firms and their clients. Law firms want to retain their rainmakers, secure the best legal talent available and keep their profits per partner high. Clients want their overall costs for outside counsel reduced. How will these issues be addressed, particularly in a difficult economic climate? Outsourcing is one way of potentially confronting the challenges. Thus, the question, how much can I save?

Assuming the proper initial inquires have been made and adequately addressed, what are the cost savings reasonably attainable by an outsourcing U.S. law firm and its clients? Answering that question necessarily involves a comparative analysis of revenue and expenses. Suppose a large U.S. law firm wishes to consider outsourcing work that might otherwise be performed by one U.S. associate working exclusively for one of the law firm’s corporate clients. The junior associate bills 2000 hours annually at the lawyer’s hourly billable rate of $200.00, for a total annual cost to the corporate client (and income to the law firm) of $400,000. The law firm’s expenses chargeable against the income produced by its associate include the lawyer’s base salary ($160,000) and bonus (say $20,000) plus the associate’s share of overhead expenses for occupancy, support staff, benefits, marketing, recruitment, technology and other expenses. In its 2006 survey, Altman Weil, the well-regarded legal consulting firm, estimated average annual law firm expense per lawyer at $161,893. (Doubtless those expenses have increased since 2006, but, for the purposes of conservatism, we will use Altman’s 2006 number in our example.) Altman’s breakdown included promotion ($7,136), reference ($4,655), equipment ($9,299), occupancy ($25,879), staff ($55,147), paralegal ($17,911) and “other”($41,866). In the Altman survey, “other” includes malpractice insurance premiums and settlements, payments to former partners, recruiting costs, and other expenses not shown separately. Adding the associate’s share of expenses ($161,893) to the associate’s total earnings ($180,000) it is apparent that it costs the law firm a total of $341,893 to produce $400,000 in associate income. Let’s call it a $60,000 law firm profit attributable to the associate’s efforts. Put in other terms, it costs the law firm $171 per billable hour of the associate’s time to produce $60,000 of profit.

Now, assume the same 2000 hours were produced offshore at a cost of, say, $75 per hour instead of $171 per hour. (Higher end outsourced work such as legal research or writing might cost in the range of $75.00 per hour, while other kinds of work such as document review would likely be less. For purposes of our analysis, we estimate the overall offshore costs toward the higher end.) The actual cost to the law firm for 2000 offshore hours at $75 per hour would be $150,000 instead of $341,892. Further, the law firm’s client could be billed, say $240,000, for this work instead of $400,000. (Recent bar association ethics advisory opinions allow for a reasonable supervisory fee by the law firm, providing the client is advised of the off shoring and the Code of Professional Conduct, particularly Rule 1.5, is followed). The client would happily achieve a savings of 40%, while the law firm’s profit would also likely increase. Moreover, the law firm would require fewer associates at the ever-escalating salary structure (now starting at $160,000 base) for lawyers from top tier law schools. Because of overall lower costs and a fewer number of new associate hires, the firm would be able to more effectively compete for a reduced number of premier U.S. attorneys it decides to hire. Over time, partner equity and distributions would be shared with a fewer number of individuals. Thus, an outsourcing program for selected legal assignments, carefully implemented and supervised, can potentially result in greater client satisfaction and retention as well as enhanced law firm profitability.

In 2007 Mayer Brown, a 1500 lawyer Chicago based law firm, purged 45 equity partners. While denying any sort of crisis, James Holzhauer, chairman of the firm, commented on the move: “It’s necessary to manage a law firm like you manage any kind of big business and make sure you have the right staffing going forward.” Outsourcing, seen by some law firms as the enemy of law firm profits, may in fact be the opposite. Without doubt, even if some law firms are reluctant to change the traditional ways, their clients are not. In August of 2007 Bloomberg.com observed that “clients are pushing firms like Jones Day and Kirkland & Ellis to send basic legal tasks to India.” It is significant that this “push” came well before the global financial collapse of the last quarter of 2008. Regarding law firms, Holzhauer cautioned in March of 2007: “This (law business) is to a certain extent a fragile business. Our greatest asset is our people. If you’re not economically strong so that you can retain your best people and attract other strong people from elsewhere, a fragile business can have problems.”

Corporate clients are on a mission to reduce legal costs. Some of those clients would prefer to supervise the outsourced work in house, while others apparently are content with their chosen outside U.S. counsel overseeing the offshore work. Irrespective, legal outsourcing is on the table for consideration of cost control. “How much can I save?” is a question being asked by those who, a few short years ago, never imagined entertaining the concept of legal assignments being completed offshore.

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ICT Outsourcing Definitions and Types

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ICT outsourcing can be said as one of the current trends for companies around the world to do their business processes. It is estimated that ICT outsourcing starts in the early 1990s where Kodak uses external partner to handle its ICT resources. As Kodak does not have the expertise in ICT, they hire another company to help them handle the ICT resources. This phenomenon occurs because companies would like to concentrate their core business functions among other benefits. After merely 20 years, outsourcing is now needed by a lot of companies mostly at customer support and also back-office processes and this affects Malaysia as well. Currently, Malaysia is known as a main outsourcing hub for the world, where it is currently ranked third globally behind China and India in the outsourcing industry. This shows how significant outsourcing is to developing countries in Asia.

Outsourcing Definition

Outsourcing is defined as a concept of contracting out part of the organization’s business process to a third party that has the specific skills and services. The third party must have the skills needed by the organization so that the outcome of the outsourced job is as expected. Outsourcing can also be explained as the movement of one or many business functions of a company including its assets to an outside service provider who gives a defined service for an agreed duration of time and payment on a written agreement.

From these two definitions, we can see that outsourcing can be defined with the following characteristics:

1. A company transferring one or many business process to a third party.

2. A third party has the skills and services required for the business process.

3. Has an agreement or contract between the two parties on the price and expected outcome.

Types of Outsourcing

Outsourcing can be separated into two types, namely total outsourcing and selective outsourcing.

The first one is total outsourcing, where the IT budget being used to pay the external vendors is approximately 80% or more than the total. For outsourcing activities that only took less than 80% from the total IT budget, it will be called as selective outsourcing. It is named as ‘selective’ because the company will select only one or several IT functions to be outsourced to a third party.

Aside from these two main outsourcing types, there are also other types of outsourcing that are usually the sub-division from these two main types like insourcing and transitional outsourcing.

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Medical Transcription Outsourcing – The Great Advantages

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If you haven’t started outsourcing your medical transcription work, it may be time you start considering this option. This process includes taken information that is dictated and putting it into a text format so the information can be put into records for patients. You’ll actually find that there are many advantages to going with medical transcription outsourcing. Here is a look at a few of these advantages that your medical facility will appreciate.

One of the main advantages to going with medical transcription outsourcing is the time that you will save. There are many types of reports that must be done in clinics and hospitals, such as consultation notes, discharge summaries, physical reports, lab reports, and more. Having to take care of these files on your own can take a lot of time. Instead of doing this in-house, you can simply send files to a transcription company and once they are transcribed they can be sent back via the web. Outsourcing gives medical facilities the ability to focus more on core activities that are important, such as patient care.

High end security is yet another of the benefits of going with medical transcription. When you send these files to the company, they are sent securely on the web. Then they are transcribed into a format like HTML, ASCII forma, MS Word, or other formats. Then the files are going to be returned through a process that is password protected so only those who are authorized are able to access these files.

When you choose a company to take care of this for you, you can be assured that the transcriptionists working on your projects are highly skilled in the profession and they have a good understanding of the rules for producing these records. Transcriptionists that understand the terminology helps to ensure that your reports are done error free.

Of course, the cost is definitely a big advantage that you’ll enjoy when you go with medical transcription outsourcing. There are many companies that provide you with low cost outsourcing, which can save your medical facility a lot of money. Instead of trying to take care of transcription within your facility, hiring the work out can save money and ensure you get your records completed as quickly as possible.

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How to Succeed With Business Process Outsourcing (BPO)?

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As outsourcing becomes an indispensable part of corporate business strategy, especially during economic downturns, BPO (Business Process Outsourcing) has emerged as an important driver of IT Enabled Services. In very recent years, it has progressed from being considered for limited peripheral activities to encompassing very critical business activities that contribute to strategic advantage.

Though traditionally cost reduction has been the key driver for all outsourcing activities, other drivers such as speed of development, flexibility, expert skills and political maneuvering are equally important, if not more.

To succeed with Business Process Outsourcing (BPO), you must first research and determine if outsourcing should be pursued at all – an initial understanding of the expected size and nature of the deal is a must at this stage. This phase is known as the Assess phase as the involved parties try and establish senior stakeholder expectations at this stage. At the end of this phase, stakeholders should have clarity on the expected benefits, costs and risks of the potential engagement.

Next comes the Prepare phase which encompasses the vendor selection process. More often than not, organisations roll out RFPs (Request for Proposal) documents to find the right outsourcing partner. Fundamental elements of all other phases are defined and agreed upon in this Phase.

Evaluate phase is the third stage of the outsourcing lifecycle and it focuses on structured and thorough evaluation of the proposals received from vendors. At the end of this phase, you should be able to negotiate with selected vendors.

This phase paves the way for the Commit phase which is essentially the pre-contract stage. The Commit phase is by far the most resource intensive and commercially crucial phase as the deal design is finalized and the transition plan is developed in this phase.

Next comes phase 5 which is the Transition and Transform phase. In this phase, a robust transition plan is implemented. In addition, a reporting mechanism is also brought in place at this stage of the outsourcing lifecycle.

The Optimise phase, which comes next, focuses on managing the vendor relationship efficiently, tracking the vendor fees against the original proposal and monitoring contractual obligations. In principal, this phase is an ongoing one until the contract is renewed, renegotiated or exited.

When implemented properly, outsourcing contracts are likely to bestow immense benefits on organisations. No wonder that BPO is seen as a disruptive force that has huge impact on the cost-structure of nearly any industry and that is why it is not easy for organisations to ignore it. The hype around BPO may subside soon, but the business advantages that come with it are here to say as it enables many enterprises to succeed.

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Payroll Outsourcing

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Payroll outsourcing is a very common and growing practice these days. Payroll is an important business function that deals with the process of paying employees for services rendered. Payroll outsourcing can be defined as the accomplishment of a payroll task by some external agency. There are many reasons why companies outsource payroll, but the most prominent benefit lies in the fact that it often saves money. Basic payroll outsourcing services include calculating paycheck and tax obligations for each employee, printing and delivering checks, and providing management reports.

Every business owner knows that handling payroll can be a headache. Preparing payroll internally can cost valuable hours of employee time every pay period, and require expensive accounting software and training. Besides, the person handling payroll of an organization internally needs to keep up to date with changes in personnel, deadlines, and tax requirements on an ongoing basis. Payroll outsourcing is an affordable way to take away these burdens, because it is a time-saving and cost-effective alternative to internal payroll processing.

Payroll actually commences with the worker signing up with a company. A typical payroll report contains items such as gross hourly wages and gross salaries, bonus payments including stock given as a bonus, overtime pay, severance pay, per diem and travel allowance, and contributions to deferred compensation by employees.

Today, payroll outsourcing is a vital part of an organization’s payroll and benefits functions. This will improve employee satisfaction and enable the organization to focus its assets on mission-critical areas. The market for payroll outsourcing services is competitive and there are a number of key points, such as speed, accuracy and ease of use, to consider when opting to use a payroll company.

Though payroll outsourcing may prove highly valuable for many organizations, it also has many drawbacks. It is essential that every company precisely assess its requirements to determine if outsourcing is a feasible alternative.

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Why Hire an SEO Content Outsourcing Firm?

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Every small and big company has a website today. A website has all the information about the products and services a specific company has to offer. Websites make the selection process easy for the customers. But what if the customers are not able to access or find the website? This can ruin the company’s business, bringing in losses. Exposure can really help a company sail through.

There are some major elements which can be added to a website to make it more popular, user-friendly and search engine friendly. These elements include the right animation, pictures, colors and content. Content is one of the most important elements of a website. SEO based content can bring in amazing results. A good SEO content outsourcing firm can help you earn more money. Along with this, it can:

· Help in search engine optimization of your website

The search engine optimization process depends on the website’s content to a great extent. An SEO content outsourcing firm can make your website’s content rich and interesting. Along with this, its experts put a lot of relevant content in the website to make it search engine friendly. SEO content writing also includes producing keyword rich content which helps in the link building campaigns. The usage of latest keywords related to your products and services can help search engines read your website’s content more often. This will make the search engines display your company’s website in the first few search results when a user types in a related keyword.

· Help in link building campaigns

The SEO content writing firms offer an array of services today. These services include SEO content writing as well as article writing. The latter basically helps a website get more exposure. The articles written by the experts of these companies are submitted on various article submission websites. This helps in the process of your website’s link building. Article writing services can help your website receive more traffic which can ultimately help you get more customers.

· Help people to know your company better

A good SEO content outsourcing firm can help people understand your company better. The website content and company related articles can be used to express your mission and vision. You can even use these platforms to share the background of your company. All these things may help the customers connect with your company.

SEO content writing and article writing services can help you earn people’s trust. They can bring in huge traffic, high conversion rate and many other benefits. You can use these services to set up your company’s rapport and to make it even more popular internationally. So, hire an established SEO content outsourcing company and gear up to earn the profits!

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Things to Consider When Outsourcing Support Functions of Your Organization

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Outsourcing is defined as hiring a third party provider to take care of certain non-core areas of business like technical support and customer care support. By outsourcing support functions of a company, one can save on a lot of skilled manpower that can be used to develop core areas like business development while at the same time cutting costs by outsourcing without compromising on the standards of excellence of the company. Technical support and customer care support are the two main areas where large companies or even relatively new startups outsource.

Usually, technical or IT support is outsourced to other countries to cut costs. This can prove beneficial to the company in the perspective of a long term contract. But at the same time, this requires a lot of careful planning and research. Some of the main points to be bare in mind while outsourcing these tasks are outlined briefly below.

In the extremely competitive business environment of today’s world, outsourcing supportt especially customer support is a crucial factor in determining the position of a company among its peers. While outsourcing customer support services to a service provider, one should always research the credentials and client history of the company. This gives a fair idea of the company’s standing and what you can expect from it. Also, one needs to determine whether the company holds regular accent training classes to make its employees familiar with the language they are required to speak in.

Outsourcing support of the technical kind is a very lucrative option for companies since many countries offer highly skilled technical expertise which can be utilized to further the company’s prospects in a global environment. But you should always do a thorough background search on the level of competence in technical areas of a business and the best way to do it is to visit the place personally and get a first hand account of the way things are done. Also, one can ask the service providers to complete a few projects on a trial basis and a fair judgement of the service can be done to analyze their potential.

Before outsourcing support of any business process the first factor to be considered is whether it is a viable option for the company. Sometimes, certain companies spend more on outsourcing than on the core areas of the business like business development. A detailed analysis of the company should be done and after considering the various risk factors and the benefits, a final decision should be taken in the light of the company’s future plans.

Another point to be taken into account is the commitment of the service provider in executing the projects in time. There is a difference in the time between any two countries which could lead to a lot of confusion in the setting of the deadlines. The company should have a strict policy in case of assignments submitted late or projects not done satisfactorily. If all factors are kept in mind, then the company can have a very lucrative future due to outsourcing support.

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TPF Outsourcing – What Does It Mean And Why Are More Businesses Doing It

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When was the last time that your made a major purchase or even a small purchase for that matter? Do you remember what took up most of the businesses actual man hour time when you made the purchase? If you stop to think about for a moment, it was when you were completing the transaction or paying for what you were purchasing that occupied the most amount of time of the person or business that you were dealing with.

TPF – Transaction Processing Facility

TPF stands for “transaction processing facility” and this, in simple terms means anywhere in a business where the actual money and paper work is changing hands. This, in most businesses that you visit on a daily basis would be the main focal point of their operation many times. It is the “front office” or the “check out counter”.

It All Makes perfect Sense

TPF outsourcing is the means by which a business hands the responsibilities of this mundane task to a source that is outside of the main business operation. If you stop to think about it, it makes perfect sense, because once a customer or client has made the decision to patronize an establishment, the job of the business should then shift to finding more customers or clients and also servicing the customers or clients that are active.

TPF Outsourcing for the Travel Industry

The travel industry is one area where TPF outsourcing has began to take hold in a big way for a number of reasons. One of the big reasons this is so, is because unlike other business where the customer or client leaves after they have made a purchase. In the travel industry the client has to be dealt with after the purchase is made. In simple terms TPF outsourcing in the travel industry frees up the businesses to fly the planes instead of manning the ticket counters.

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