Latency issue with my USB interface

[futbol1097]

I am new to the home-recording game. I have immediately run into a latency issue with my Tascam 122 USB interface - when I overdub on an imported beat or the rhythm track, the latency factor seems to be around 120 ms. Actually, it seems to be early / faster by 120 ms so I have to increase the time location on that track. I have two questions:
1. Will the latency factor always be constant with my set-up? (i.e. every time I record a track it will be exactly 120 ms off). Or does this factor change from track to track and one recording session to the next?
Is there a method to determine exactly what the latency factor is?

2. Given my set-up below (with an average-speed laptop), what are my best options for reducing latency. Does I purchase new studio software, new soundcard, etc.? I was under the impression that my computer soundcard did not come into play when I use the Tascam-122 b/c it actually functions as a soundcard when recording.

Any advice is greatly appreciated.
Thanks, E

Here is my setup:

Shure KSM27 condenser mic
Tascam US-122 USB Audio/MIDI Interface (USB-powered)
Acoustica Mixcraft 2.50 Recording Studio (software)
Laptop - 1.4 GHz, Pentium M, 40GB, 512MB RAM, 400 MHz bus speed, sound card is cheap (Sound Blaster Pro)

[Jova]

Honestly man, you are always going to have latency problems with those USB interfaces. Your best bet is to pick up a firewire interface. There are a few of them out there that are relatively inexpensive.. check out the M Audio Firewire 410 or Firewire Solo... I work for Guitar Center, and I hear complaints about latency with USB interfaces all the time. That Tascam interface you have is a good interface for the money, but if you want 0 latency, you should pick up a firewire interface or possibly one of the creative labs audio cards.. the 0404 is like 100 bucks and it's gonna be a ton faster than that tascam interface.

[DAS19]

Hes right. USB sucks and on an average laptop it wont keep up with memory issues. Though USB is probably fast enough to do what your trying to do unless your computer isn't using any memory you won't be able to use it with out problems.