With the holidays just around the corner, many people start thinking about gift giving. The holidays are famous for sending many people into a downward credit crisis spiral.
Archive for Barry Fowler
With the exciting 2016 Summer Olympics not too far behind us, the thrill of victory for the American athletes may be diminishing slightly. What’s probably coming up for many of them though is the tiring topic of taxes.
Just how much of their wins will they have to turn over to Uncle Sam?
If you’ve ever been picked up by an Uber driver or know someone who’s rented a room through Airbnb, then you are aware of the ‘sharing economy.’
In the past few years, the ‘sharing economy’ has become a targeted focal point for the IRS. Needless to say, they really want their “fair share” of this rapidly growing business segment.
In last month’s blog entitled “Become and Remain Credit Worthy”, I wrote about the importance of getting and maintaining a good credit score.
With kids getting ready to go back to school, and some maybe heading off to college, this is a time of year when some people tend to overspend and do damage to their credit. Going back to school is second only to the holidays when this kind of overspending happens in families.
I am not sure, if I were asked to, which one I would put my money on in this battle. While both are mammoth forces to be reckoned with, social media giant Facebook might be smarter. However, the IRS has been indomitable for decades.
According to the IRS, Facebook owes them billions – roughly $3 to $5 billion!
If the mass murder in Orlando last month was not tragic enough, another group of criminals are now reaching out to make an unthinkable situation even more heinous.
If you are considering donating money to a charitable organization to help the families of the Orlando Pulse victims, think twice before you give. There will be scam artists calling and reaching out in a variety of ways looking to take advantage of the heartbroken people around the country who want to help in some way.
Being credit worthy is a big deal in our society. While there are host of important numbers in your financial world, few are as critical as your credit score.
As children we all learn that sharing is a good thing. We shared our candy, lunches, and toys. Yet, when we become adults, sometimes sharing gets reprogrammed out of our systems. Sometimes, those who make it to powerful positions in government are not inclined to share.
Well, here we are mid-year, the tax season behind us and yet, the tax scammers just keep coming up with fresh ways to trick taxpayers!
While the rest of us are getting on with our lives, feeling the relief of having satisfied the tax man (or not), the criminals are hard at work finding on new targets. They never seem to sleep.
Just the other day, Accounting Today.com, one of our industry publications posted the following:
You probably know that a Roth IRA can provide tax-free retirement income, but did you know the account must be “aged” before its earnings can be withdrawn tax-free? Unlike traditional IRA accounts, contributions to Roth IRAs provide no tax deduction when they are made, and unlike traditional IRAs, earnings from Roths are tax-free if a distribution is what the IRS refers to as a “qualified distribution.” A qualified distribution is one for which 1)The account has satisfied a five-year aging rule AND 2) Meets one of the following conditions:
The distribution is made after the IRA owner reaches the age of 59.5, The distribution is made after the death of the IRA owner,The distribution is made on account of the IRA owner becoming disabled, OR
I remember the old jingle for 7-Eleven that sang “Oh thank heaven for 7-Eleven!” Well, now we can add the tax collecting IRS to that jingle. Oh, thank heaven for 7-Eleven and the IRS!
Believe it or not, you can now pay your taxes at that convenience store in 34 states. And, you can even make those payments in cash!
According to a recent announcement from the IRS, “Individual Read more
Yes, this year taxpayers have an extra 3 days to get their taxes filed or to file for an extension. And whenever a procrastinator is given more time, they will inevitably stay true to their nature and put off filing until the very last minute.
This behavior is so well known to professional tax preparers and firms that the Wall Street Journal recently published an entire Read more