How to choose a debt collection law firm safely? Document Everything. While talking to the customer about the outstanding debt, take careful notes about everything that was discussed, including the customer’s comments in case there is a future debt dispute. If your company has tracking software, input everything into the system while the conversation is fresh in your mind. Over time, continue to add any additional details to your file to keep it as up-to-date as possible. Debt collections are common, especially in difficult economic times. Using these collection techniques should increase your odds of success. But, if all this effort doesn’t result in getting paid, you may want to use the services of a reputable collection agency.
Make 401(k) and HSA Contributions: People can make tax deductible contributions to traditional IRAs up to April 15 of next year. However, the door closes on Dec. 31 for 401(k) and health savings account contributions. “It’s a hard stop,” says Wendy Barlin, a Los Angeles-based CPA and author of “That’s Deductible!: Simple Tips and Tricks to Find More Business Tax Deductions.” “Whatever opportunities you have at work (for retirement savings), make sure you maximize them before the end of the year,” she says. Taxpayers with a qualified high-deductible family health insurance plan can deduct up to $7,000 in contributions to a health savings account. Individuals with self-only coverage can deduct $3,500. Those age 55 or older are eligible for an additional $1,000 catch-up contribution. Tax deductible contributions to a traditional 401(k) are capped at $19,000 for 2019. Workers age 50 and older can make an additional $6,000 in catch-up contributions.
You have given a product or service of yours to your clients, and they are obliged to pay the money for it. If you keep waiting patiently for the payments or mail your client the monthly statements, it won’t get the job done for you. If any of your client’s payment is due, you need to contact them at your earliest and remind them to pay the bills. A lot of times, just a simple payment request to the client can act as a reminder, and they pay their pending bills. As a business owner who provides professional services to the clients, you feel uncomfortable asking them for payments, you can ask someone else to do the job for you. See even more details at How to choose a collection agency.
Discovery is a formal request for information and documents during the lawsuit process. If the case is pending in a justice of the peace court, court approval must be given prior to either side beginning the discovery process. If the case is pending in a county court or a district court, court approval is not needed. Typically, but not always, discovery must be concluded thirty days before the case is set for trial. If the ‘Plaintiff’ (the person or company doing the suing) believes that they have all the proof they need to win the lawsuit (and there are no disputed facts), they can file a writing with the court asking for a judgment to be entered. This writing is called a motion for summary judgment. If the ‘Defendant’ (person being sued) believes that the Plaintiff is absolutely lacking some of the proof required to win the lawsuit, the defendant can file a writing asking that the case be dismissed. This writing is called a no-evidence motion for summary judgment.
We have 30 years of experience in the accounts receivables industry. Over the years, we tested hundreds of Collection Agencies and Legal, Billing Networks; by gut-wrenching trial and error, we found out who is the BEST, the WORST, and the completely OVERRATED. To find the right collection agency for your business, pick your State and click the link for Free Quotes from Qualified Service Providers today. See even more information on https://www.placeyourdebt.com/.