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Are you too busy in purchasing fresh turkeys, vegetables, and Christmas gifts from the supermarket? Are you spending your evenings in planning for the Christmas celebrations? Do you even realize that the New Year is knocking at the door? If you make some time out of your busy schedule and have a look at the calendar, then youll realize that the New Year will be arriving within a month. Due to this reason, you should start making your financial plans for the year 2012 at the very beginning of the December 2011. This will enable you to start the New Year at a good financial note. Read along to dig out the secrets to stay financially healthy in the next year.

Secrets to stay financially fit in the New Year

Here are the 7 secrets to remain financially fit in the next year:

1.

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This week the IRS published the following Private Letter Ruling relating to international taxation:

201146004 – Consent was granted for an extension of time for a foreign entity to make an entity classification election under Treas. Reg. §301.7701-3(a) by filing Form 8832.

An offshore bank is a bank that is located at a country different from where the depositor lives. This is done mainly if the offshore bank provides greater interest and also to avail a few legal advantages. This also gives some amount of privacy and definitely a lot of tax benefit.

You can make huge amount deposits in an offshore bank. Along with this there is the facility of credit. Electronic fund transfer and foreign exchange facilities are also available. This is in short your fund management system.

The International Monetary Fund is the governing body that looks into offshore banking. All offshore banks need to report into IMF at least once in a year with the current status of their business.

But, before opening an offshore bank account, you should also know that these are less financially secure and has been associated with underground economy and even criminal activities.

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The Government’s failure to act against legal loan sharks yesterday has angered pressure groups.

As part of its review on consumer credit, the Government announced a voluntary deal for High Street stores to stop offering discounts to tempt customers to sign up for store cards.

However, it failed to cap the interest rate charged on store cards, which can be as high as 30 per cent, as well as failing to take action against payday and doorstep lenders who charge exorbitant rates for loans.

Companies such as Toothfairy Finance, which charges 2,689 per cent interest on loans, are believed to be operating within the law, even though they trap customers in debt.

Other so-called ‘micro-loan’ companies include 247 Moneybox which charges 5,784.3 APR and Wonga which charges 4,214 per cent, and their customers often don’t understand the full implication of these charges when they sign up for the loan.

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Its difficult not to get sucked into the commercial element of Christmas; the shops transform into winter wonderlands and seemingly ordinary items that you wouldnt consider buying suddenly have an appeal thanks to the Christmas packaging. Here are some of our tips to help you enjoy the holiday season without hurting the bank balance.

At the start of January I blogged about a campaign the Office of Fair Trading launched to encourage people to save up for Christmas all throughout the year.

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