Scams are on the rise now that it’s tax season. The IRS has made taxpayers aware of popular scams on their website, including: Charity Impersonators To make sure the charity you are donating to is legitimate, then you can use the tax exempt organization search function at https://apps.irs.gov/app/eos/ Unfortunately, a contribution to a fake charity […]
Debt
Don’t Make These 2 Mistakes When Paying Your Taxes
When paying your tax balances or estimated tax payments, there are two ways that commonly create issues with the IRS and the states. These are: Paying by Check Making a tax payment with an old-fashioned check creates issues in multiple ways. Making a Payment from Your Spouse’s Tax Account or Social Security Number For some […]
Useful Online Tools at the IRS
The IRS has some useful tools on their website irs.gov. Be careful to make sure you use .gov after typing irs. Here are some of the tools: Where’s My Refund? To track the status of your refund after filing your individual return, click on Get your refund status. You will need: Make a Payment You […]
Why You Should Know Vilfredo Pareto
According to Wikipedia, Vilfredo Pareto was born during 1848 and was an Italian polymath. I know it sounds boring, but his observations are so important to business, finances, and virtually all aspects of life. Let me explain . . . Background Pareto had an interest in sociology, civil engineering, economics, political science and philosophy. One […]
Unorthodox Emergency Funds
We are all told to set aside 3 – 6 months’ worth of expenses in a traditional savings account towards an emergency fund. It’s not a bad idea, but what if that isn’t enough for an uncommon occurrence and you’re in a bind? There are a few alternative options to accessing a larger amount of […]
Overlooked Financial Maneuver
I’ve noticed a recurring theme over the years, and it’s more common than you would think. It’s helpful to do this one thing, especially as a business owner, and I’ll explain why. Because it’s simplistic it is often overlooked, but I’ll tell you why it is so important. The one overlooked financial maneuver is to […]
Tax Outlook After the Election
What will the tax landscape look like with President Trump back in office? Here are a few highlights of what to expect: Permanent Extension of the Trump Tax Cuts During President Trump’s first term, the standard deduction doubled, child tax credits were expanded, tax brackets were lowered, the individual health coverage mandate was eliminate (although […]
IRS is Stepping it Up
The Inflation Reduction Act increased the budget of the IRS substantially, and their efforts are already proving to be effective. Think of them as a bully who started to take steroids while training in jiu-jitsu. Here are the latest reported examples of their efforts: $172 Million Recovered from 21,000 Wealthy Taxpayers In February 2024, the […]
Bank Failure Q&A and What to Do
After the collapse of Silicon Valley Bank, Signature Bank and the rescue of First Republic Bank, there are many questions about what happened and how you can protect yourself. Q&A: Why did Silicon Valley Bank Collapse? There are several reasons. We all know that there was a run on the bank, but let’s dig a […]
Know These 4 Economic Terms to Sound Like an Economist
Do you want to better understand what is happening in the economy and sound extra smart? Here are 4 terms you should know and understand. Inflation: Inflation is the decrease of purchasing power of your money. What used to cost $10 now costs $12 because your money is not as valuable. Good economists know that […]