tag:blogger.com,1999:blog-7205830959103437462024-03-28T09:45:18.459-05:00Radford & Emerson Personal FinanceHi, I hope to encourage readers, young & old alike, to take a more active role in your personal finances, to learn about your money and how to keep more of it. The goal is not to tell you what to do with your money, but to help inform you about money so that you can make responsible money decisions of your own, and the best possible money choices of your own. Welcome! Glad you could make it. Come on in, get cozy and let’s talk!Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.comBlogger95125tag:blogger.com,1999:blog-720583095910343746.post-26817662253866660762022-07-13T18:03:00.000-05:002022-07-13T18:03:11.230-05:00Here's a little help on the Inflation front<p>The IRS has increased the mileage rates for the second half of 2022 for business and medical miles. </p><p>Business Miles - increases from 58.5 cents per mile (for the 1st half of the year) to 62.5 cents.</p><p>Medical Miles - increases from 18 cents per mile (for the 1st half of the year) to 22 cents. </p><p>Charitable mileage rates remain unchanged at 14 cents per mile as that is set by statute. </p>Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-17016281728696825932022-03-19T23:36:00.000-05:002022-03-19T23:36:04.877-05:00<p><b><span style="color: #cc0000; font-size: large;"><span style="font-family: arial;">It's Tax Time and you got a few extra days that you know you can use</span>.</span></b></p><p><span style="font-family: verdana;">For Federal tax returns the filing deadline this year is April 18th, 2022. Check with your State Revenue office about your State filing deadline, state filing deadlines often fall in line with the federal deadlines, but sometimes not, so check. </span> </p>Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-32461294984294381552020-09-28T14:11:00.003-05:002020-09-28T14:11:54.651-05:00The Oct. 15 deadline for extension filers is almost here<p><span style="font-family: Arial, sans-serif; font-size: 10pt;">If you requested an
extension to file your 2019 tax return, the deadline is fast approaching.</span><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span><span style="font-family: Arial, sans-serif; font-size: 10pt;">The deadline is Thursday, October 15</span><sup style="font-family: Arial, sans-serif;">th</sup><span style="font-family: Arial, sans-serif; font-size: 10pt;">,
2020.</span><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span><span style="font-family: Arial, sans-serif; font-size: 10pt;">You do not have to wait until
October 15</span><sup style="font-family: Arial, sans-serif;">th</sup><span style="font-family: Arial, sans-serif; font-size: 10pt;"> to file.</span><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span><span style="font-family: Arial, sans-serif; font-size: 10pt;">Your
return should be postmarked by the deadline date.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="color: black; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Filing electronically is
the fastest way for taxpayers to get a refund.<span style="mso-spacerun: yes;">
</span>If you choose to get your refund by direct deposit, that refund can be
deposited in up to 3 accounts.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="color: black; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">If you owe taxes, pay as
much as possible by the October 15<sup>th</sup> deadline to reduce interest and
penalties.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="color: black; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">If you are a military
member in a combat zone or a contingency operation in support of the Armed
Forces or if you are affected by a federally declared disaster, you may be
allowed <a href="https://www.irs.gov/newsroom/some-people-get-more-time-to-file-without-asking-anyone-else-can-request-an-automatic-extension">more time to file</a><o:p></o:p></span></p>Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-18633208312803716382020-09-28T13:53:00.000-05:002020-09-28T13:53:47.974-05:00Just Because You Got A Refund Doesn’t Mean You Didn’t Pay Any Federal Income Tax. <p> </p><p class="MsoNormal"><span style="font-family: arial;">So how much federal income taxes did you actually pay?</span><span style="font-family: arial;"> </span></p>
<p class="MsoNormal"><span style="font-family: arial;">Just because you received a tax refund doesn’t mean that you
paid no taxes.<span style="mso-spacerun: yes;"> </span>It simply means that you
overpaid your tax liability, which is the amount you owe the government, and
the Internal Revenue Service has given you a refund of your overpayment.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: arial;">So how do you determine what your tax liability actually was?<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: arial;">If you filed a 1040 form in – <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: arial;">Tax Year 2019 – look at line 16 “Total Tax” <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: arial;">Tax Year 2018 – look at line 15 “Total Tax”<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: arial;">Tax Year 2017 / 2016 – look at line 63 “Total Tax”<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: arial;">Your total tax liability could be further reduced by various
credits which will reduce your liability, e.g. an earned income credit,
portions of a child tax credit, or an education credit among others.<span style="mso-spacerun: yes;"> </span>A credit is a dollar for dollar reduction of
your tax liability.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: arial;">If you filed a different form – look for the line that says
total tax, for example on the 2016 1040-EZ – see line 12.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: arial;">Some folks choose to use the IRS as their savings account, because
they prefer to get a refund each year and that’s fine if that’s what you want
to do, but if you are constantly overpaying your taxes, you may want to
consider other ways to corral those funds rather than giving a loan to the
federal government.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></p>
<p class="MsoNormal"><o:p><span style="font-family: arial;"> </span></o:p></p>Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-90688439712973820532020-07-17T20:11:00.000-05:002020-07-17T20:11:06.999-05:00<span style="color: #e06666;"><span style="font-family: Arial, Helvetica, sans-serif; font-size: large;">Did your taxes? Forgot something</span><span style="font-family: Arial, Helvetica, sans-serif; font-size: large;">?</span></span><span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"> </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">Hmm, its the last thing you want to think about, but did you file all of your income when you submitted your tax return? </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">One bit of income that folks often forget is a distribution from their retirement account. If you took money out of your 401K during the tax year, you should have a 1099-R document sent to you by mail, or more likely its sitting in a recliner sipping a lemonade and waving at you from your broker's website or the website of the company that services your company's retirement funds, trying to get your attention. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">Go out to that website and see if there are 1099-R documents relaxing out there. You may even find that there are forms for previous tax years that you didn't even have knowledge of. If so, hello amendment. You should have one also if you moved your retirement funds from one organization to another. If you did the move directly or within 60 days, that will not create a taxable event, but you should keep track of that form. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">And yes those funds you took from your retirement account is considered income. I know, you may have asked them to withhold taxes, but since they are unaware of your total income, what is withheld may actually not be enough, so just be aware. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">Yep, so you were about to log on to find out if any of those 1099-R's are awaiting your action... good luck. </span>Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-17141738148719855982017-08-25T18:30:00.000-05:002017-08-25T18:30:32.658-05:00Have You Hugged Your Money Recently?
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "Arial",sans-serif; font-size: 12pt; line-height: 107%;">The brokerage statements are piling up on the piano.<span style="mso-spacerun: yes;"> </span>The bank statements, if you still get them by
mail are over in that basket, unopened, and if you get them digitally, you
haven’t even opened the email informing you that they are available. Yes, I
know you say, I check my balance a couple times a day, balances are good, but
it doesn’t have enough money management mojo.</span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "Arial",sans-serif; font-size: 12pt; line-height: 107%;">Yes, you’ll attend to your money right after you come back
from vacation.<span style="mso-spacerun: yes;"> </span>But of course, when you
get back from vacation you’ll find yourself right back in the swing of things
at work, and so it’ll have to wait until </span><a name='more'></a>after Hattie’s wedding.<span style="mso-spacerun: yes;"> </span>Oh, and right after Hattie’s wedding, it’s
your group’s retreat, and well, let’s just wait until after that.<span style="mso-spacerun: yes;"> </span>Then you have to get Charlotte to college, and
well, you won’t have time to do anything while you get her settled.<span style="mso-spacerun: yes;"> </span>In the middle of everything, you air
conditioner goes out and you have to deal with that, and then it’s the holiday
season, you know how hectic that is… Will there ever be anytime available to
look after your money?<span style="mso-spacerun: yes;"> </span><br />
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "Arial",sans-serif; font-size: 12pt; line-height: 107%;">Well, it seems like a lot of time is passing through your
hands, and you are getting a lot done, just not a lot that has to do with your
money except when it comes to spending it.<span style="mso-spacerun: yes;">
</span>Why does this feeling of inertia overtake you when it comes to your
money?<span style="mso-spacerun: yes;"> </span>Why do you feel discomfort when
you think about dealing with it? <span style="mso-spacerun: yes;"> </span>Does
pretending that your financial matters don’t exist provide some relief?<span style="mso-spacerun: yes;"> </span>Because they do exist, and they won’t take
care of themselves. Realize that by doing nothing you are actually making a
choice to be managed or damaged by your money.</span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "Arial",sans-serif; font-size: 12pt; line-height: 107%;">We spend a lot of hours in our businesses or careers earning
our money, and often much less time learning how to manage it.<span style="mso-spacerun: yes;"> </span>Why?<span style="mso-spacerun: yes;">
</span>It won’t manage itself, in fact if you allow it to do what it wants it
will do all the fun things, spend, spend, spend, and sure it’s good to have
fun, but your money should be taught to act just like your mom told you – work first
then play, so you have to teach it how it should allocate itself, paying you
first, by delineating significant amounts to your fund for your non-earning
years, then your monthly operating expenses and finally fun money.<span style="mso-spacerun: yes;"> </span>That sequence is important, and many get it wrong.<span style="mso-spacerun: yes;"> </span>If “bright, shiny objects” become your top
priority, then you must hope that they will be able to be of aid and comfort during
your non-earning years, and they rarely are.</span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "Arial",sans-serif; font-size: 12pt; line-height: 107%;">Yes, you say, I know what I should be doing, but somehow I
just can’t get around to it.<span style="mso-spacerun: yes;"> </span>It seems so
many other things just keep pushing money off of your plate. <span style="mso-spacerun: yes;"> </span></span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "Arial",sans-serif; font-size: 12pt; line-height: 107%;">So how do we shake off this inertia? Well Nike has a good
suggestion: “<strong>Just Do It</strong>.” <a href="http://radfordemerson.blogspot.com/2008/02/make-date-with-your-money-getting-to.html#more" target="_blank">Make a date with your money </a>and get to know it.<span style="mso-spacerun: yes;"> </span>Build a real relationship, one where you are
not backing out of the dates all the time. One where you start opening those envelopes
or emails, checking your credit reports, reconciling your banks accounts, eliminating
your credit card debt, tax planning and monitoring your investments.</span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "Arial",sans-serif; font-size: 12pt; line-height: 107%;">The management process doesn’t have to be threatening, or
intimidating, really once you jump in and set up your processes all the
wrinkles start to shake out and before you know it your process is humming
along smoothly.<span style="mso-spacerun: yes;"> </span>You’ll be able to self-diagnose
your personal economy and determine whether you are on track or have veered off
of the planned route to financial independence, and know you need to get back
on. </span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "Arial",sans-serif; font-size: 12pt; line-height: 107%;">Sure, most of us would probably qualify to be called impatient
at least in some area in our lives, but when it comes to our money, patience is
of utmost importance.<span style="mso-spacerun: yes;"> </span>Think of your
allocation of funds as building your vision, like the <em><strong>daffodil principle</strong></em> –
where the daffodil lady had a vision of an entire hillside in bloom and planted
over 50,000 bulbs, one by one over a period of forty years until she brought
her <a href="http://balisha-neverenoughtime.blogspot.com/2010/03/daffodil-lady.html" target="_blank">vision of a daffodil hillside</a> into fruition.<span style="mso-spacerun: yes;"> </span>If you have a vision of financial
independence, you have to put in the work.<span style="mso-spacerun: yes;">
</span>Start to plant those bulb dollars early to facilitate that.<span style="mso-spacerun: yes;"> </span></span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "Arial",sans-serif; font-size: 12pt; line-height: 107%;">A special word to young adults, who have recently entered
the workforce, you have your whole life ahead of you, time is on your side but
only for so long.<span style="mso-spacerun: yes;"> </span>Time is relentless and
it flies, so harness it while you can, and get it to work for you.<span style="mso-spacerun: yes;"> </span>Let your dollars work smart.<span style="mso-spacerun: yes;"> </span>Use
time wisely and grab the bonus (<em>you can put aside much less if you start early</em>)
you just have to make that choice.<span style="mso-spacerun: yes;"> This is where the patience comes in.
</span>Waiting until much later requires larger and larger allocations to
effect the same outcome, and of course, if you set aside much larger
allocations now you can achieve financial independence way sooner, no need to
wait for your 50’s and 60’s, that’s a real incentive.<span style="mso-spacerun: yes;"> </span>Just develop the habit of putting aside regular
allocations early on.</span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "Arial",sans-serif; font-size: 12pt; line-height: 107%;">So shake off the inertia, start today, <a href="http://radfordemerson.blogspot.com/2008/02/make-date-with-your-money-getting-to.html#more">Make a date with your money</a>. <span style="mso-spacerun: yes;"> </span>You’ll be glad you did. You’ll
wonder why you waited so long, and regret all the growth in your portfolio that
you missed.<span style="mso-spacerun: yes;"> </span></span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "Arial",sans-serif; font-size: 12pt; line-height: 107%;">Tell us in comments what’s keeping you from actively managing
your money, or if you have no problems managing your money, share your tips
with the nation.</span></div>
</div>
Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-23006341336059517312017-08-23T18:30:00.000-05:002017-08-23T18:30:15.422-05:00Amending a Tax Return<div style="text-align: right;">
<a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTcwODIxLjc3MTg4MzUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE3MDgyMS43NzE4ODM1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTUyMjc1JmVtYWlsaWQ9cmFkZm9yZGVtZXJzb24ucmVyZUBibG9nZ2VyLmNvbSZ1c2VyaWQ9cmFkZm9yZGVtZXJzb24ucmVyZUBibG9nZ2VyLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&100&&&https://content.govdelivery.com/accounts/USIRS/bulletins/1b232e9?reqfrom=share" target="_blank"><img alt="Bookmark and Share" height="16" src="https://public.govdelivery.com/assets/share_this-795413ad3d604760a450815a10e46c8ea06b7315facb759ffdacbc7b7830f87b.gif" style="border-image: none; border: 0px currentColor;" width="83" /></a></div>
<span style="font-family: Arial, Helvetica, sans-serif;">Made an error on your tax return? You can fix that error by "amending" your tax return. File the correction on IRS Form 1040 X. Currently you have to make amendments on paper.</span><br />
<span style="font-family: Arial;"><br /></span><br />
<span style="font-family: Arial;">Make sure you indicate on the 1040 X, the year of the return that you are fixing. If you want to fix errors for several years, you will need to submit separate forms for each year that you are fixing.</span><br />
<span style="font-family: Arial;"><br /></span><br />
<span style="font-family: Arial;">Unless you are amending the return yourself, it will probably cost you, so generally if you make </span><a name='more'></a><span style="font-family: Arial;">simple mathematical errors, the IRS will catch those and inform you, thus avoiding any necessity to engage a professional to file an amendment for you. Usually if you forget to include a form, the IRS will also inform you of that, however, you cant be sure how soon they will do that. If you neglected to include some income documents, say you forgot to include a distribution that you took from your 401K or IRA, which will significantly increase your gross and taxable income, you may want to make that amendment and payment as soon as possible to avoid all the interest and penalties that will apply and accrue to you.</span><br />
<span style="font-family: Arial;"><br /></span><br />
<span style="font-family: Arial;">If you are due a refund on your original return, wait until you receive your refund before filing the amendment. While you are able to cash that refund, if the amendment that you will be doing will increase your income and therefore increase your tax liability, you should consider holding on to it for your upcoming liability. Usually a filed amendment takes anywhere from 12 to 16 weeks to process.</span><br />
<span style="font-family: Arial;"><br /></span><br />
<span style="font-family: Arial;">You generally have a 3 year time limit in which to file an amended return and claim a refund. So file within 3 years from the date you timely filed your original tax return, or within 2 years from the date you paid any taxes owed, whichever is later. If you filed before April 15th, your return is considered filed on the due date, which is generally April 15th.</span><br />
<span style="font-family: Arial;"><br /></span><br />
<span style="font-family: Arial;">Once you have filed your amended return, you can track your return status at "<a href="https://www.irs.gov/filing/individuals/amended-returns-form-1040-x-/wheres-my-amended-return-1" target="_blank">Where's My Amended Return</a>," or call the IRS at 866-464-2050.</span><br />
<span style="font-family: Arial;"><br /></span><br />
<span style="font-family: Arial;">Here's a <a href="https://www.youtube.com/watch?v=IKtG--p-R9U" target="_blank">video</a> that may be of help.</span><br />
<span style="font-family: Arial;"><br /></span><br />
<span style="font-family: Arial;">Have you amended a tax return? Do you have tips that may help the nation? Let us know in comments, hope to hear from you. </span><br />
<span style="font-family: Arial;"><br /></span><br />
<br />Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-20646843095875826552017-08-21T16:50:00.001-05:002017-08-21T16:50:44.518-05:00Financial Eclipses<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">So, where I am located in this great country, there was
only a partial solar eclipse today.<span style="mso-spacerun: yes;"> </span>Eclipses
are a natural part of our lives, a solar eclipse where the moon blocks the sun,
or a lunar eclipse where the earth blocks the sun’s light hitting the moon.<span style="mso-spacerun: yes;"> </span>At any rate, its one large body blocking out
the other.<span style="mso-spacerun: yes;"> </span>The majesty of it generates a
good feeling, as you could hear from all the oohs and aahs from the total
eclipse viewers across the country today, and the sounds of incredulity lasted
from seconds to a few minutes, but when we see our expenses totally eclipse our
income, or our liabilities totally eclipse our </span><a name='more'></a><span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">assets, it is not such an oohy
aahy moment.</span><br /></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">Yes, I can hear the groans, indicating that that’s a real
stretch, but is it really? <span style="mso-spacerun: yes;"> </span>because that
is exactly what happens when we spend more than we make.<span style="mso-spacerun: yes;"> </span>Our expenses totally eclipse our income, and
while solar and lunar eclipses in totality last only a few minutes before they
revert to partial coverage, for many of us when our expenses eclipse our income
it is either the start of a bad trip or just another stop on the bad trip
journey, that often we have difficulty recovering from.<span style="mso-spacerun: yes;"> </span>So, our wealth building goal really has no
room for total expense or total liability eclipses.<span style="mso-spacerun: yes;"> </span></span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">There are really only a few components of wealth
building.<span style="mso-spacerun: yes;"> </span>Earning, Cost containment and
Growth of Funds.<span style="mso-spacerun: yes;"> </span>You will not be able to
look directly at serious wealth building without glasses made up of these three
components.<span style="mso-spacerun: yes;"> </span>Do you have your watch
glasses ready? <span style="mso-spacerun: yes;"> </span>So, let’s take a look at
the components:</span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">Earning</span></b><span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">: This
is really the main pillar of wealth building. We need to have a means to generate
income on a regular basis, to cover our monthly operational expenses, plus
funds to afford some current enjoyment and to include funds that will be our
set-asides or harvest for funding the portion of our non-earning lifetime. </span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">Cost
Containment</span></b><span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">: This component is critical in order to
actually have those available funds for enjoyment and to plant investment seeds.<span style="mso-spacerun: yes;"> </span>These seeds will provide for the latter part
of our lifetime when we are less able to generate steady income.<span style="mso-spacerun: yes;"> </span>If we act on the idea that we can spend all
we make or worse even more that we make we are actually ensuring that our road
to wealth building will be a tortuous uphill one.<span style="mso-spacerun: yes;"> </span>We can avoid that rough road by setting this
simple rule in motion.<span style="mso-spacerun: yes;"> </span>Spend much less
than you make, and if you can’t do that, find ways to make more income until
you can. <span style="mso-spacerun: yes;"> </span></span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">Growth
of Funds</span></b><span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">: This component is the conscious harvesting of earned
income that we intentionally save and then invest to aid the growth of our
earned income.<span style="mso-spacerun: yes;"> </span>Most everyone has heard
the financial suggestion - <a href="https://radfordemerson.blogspot.com/2017/08/pay-yourself-first-is-just-platitude.html">Pay yourself first</a>. We must do that. </span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">Earning alone is unlikely to get you to the wealth building
space that you want to inhabit.<span style="mso-spacerun: yes;"> </span>Actively
making investments with portions of your earned income, even a small amount
initially will get you on that wealth building road and also to the point where
you are actually able to far eclipse your expenses by your income and your
liabilities by your assets.<span style="mso-spacerun: yes;"> </span>It’s a great
feeling to be on that asset or income eclipse ride.</span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">A total solar eclipse from the specific location you are in
today, may happen only once or twice in your lifetime, but for our financial
well-being we must take action every day to make sure that rather than having
an expense eclipse or a liability eclipse, which can happen way more
frequently, we have an enduring income or an asset eclipse.</span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">So, when we don our 3 component wealth building eclipse
glasses, we can settle in and over time enjoy the financial afterglow of a long-lasting
eclipse not just one for a few seconds or minutes. </span></div>
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<div style="margin: 0in 0in 8pt;">
<span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">If you are not already doing so, make a commitment to start
getting those components together.<span style="mso-spacerun: yes;">
</span>Wealth building will not happen without them. Make them a habit. <span style="mso-spacerun: yes;"> </span>Do not however give up because you feel
overwhelmed that maybe they are beyond your current ability.<span style="mso-spacerun: yes;"> </span>Just start.<span style="mso-spacerun: yes;">
</span></span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">Work on </span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">a) increasing your earnings, either by a better paying job,
or by getting additional streams of income, or </span></div>
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<div style="margin: 0in 0in 8pt;">
<span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">b) reducing each of your monthly expenditures by even 1%,
and for some expenses you may find that you can completely eliminate them, or
find lower cost alternatives.<span style="mso-spacerun: yes;"> </span>Many of
you are great at finding those cost saving solutions for your company, focus those
same skills on your own personal economy, or</span></div>
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<div style="margin: 0in 0in 8pt;">
<span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">c) deciding to make regular savings on a monthly basis (pay
yourself first) and when you have the minimum required for a particular
investment, start investing.<span style="mso-spacerun: yes;"> </span>If you are
currently investing, when your income increases, increase the percentage of
your income that you invest, even by 1%.<span style="mso-spacerun: yes;">
</span></span></div>
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<div style="margin: 0in 0in 8pt;">
<span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">Of course, you can do all three to get there faster.<span style="mso-spacerun: yes;"> </span>In a future post, I will talk about why you
needed to start yesterday, but since yesterday is already gone, the next best
day to start is today.<span style="mso-spacerun: yes;"> </span>In 2024, we will
have another opportunity to have total solar eclipses in the US, use that as a
measure of where you will be in accomplishing your own income or asset eclipse,
and as a spur to get you there – its 7 years from now.<span style="mso-spacerun: yes;"> </span></span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "arial" , sans-serif; font-size: 13pt; line-height: 107%;">We are all on our own wealth building journey, some of us are
on our way and some of us are still preparing to get on the road.<span style="mso-spacerun: yes;"> </span>The nation and I would love to hear from you
any tips you have as you move on down that road, or if you have stumbled on any
obstacles in simply just trying to get on the road, or staying on the road, let
us know that too and we will share any solutions or tips that we have found to
be effective.<span style="mso-spacerun: yes;"> I w</span>ould love to hear your
comments. </span></div>
Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-60842583826733508602017-08-21T16:45:00.002-05:002017-08-21T16:45:52.563-05:00Pay Yourself First is just a Platitude?
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<div style="margin: 0in 0in 8pt;">
<span style="font-family: "Arial",sans-serif; font-size: 13pt; line-height: 107%;">Pay yourself first. You have heard this phrase many times before I am sure. What does it actually mean? Well for me it means, removing from your spending plan,
funds necessary for saving and investment before you satisfy your other
operational expenses.</span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "Arial",sans-serif; font-size: 13pt; line-height: 107%;">I have been told by acquaintances that are regularly in
financial trouble that “pay yourself first” is simply a platitude. Is it? <span style="mso-spacerun: yes;"> </span>I gently suggest that they rethink their position. If
you operate from the other end of the deal where you wait until you have
satisfied all your expenses, you could often find yourself with nothing left to
save or invest. <span style="mso-spacerun: yes;"> </span>We are very comfortable
in our consumer culture and so we really must discipline ourselves to offload
income ahead of time to make sure that it isn’t “accidentally” or “purposely”
spent, on everything else besides savings or investment.<span style="mso-spacerun: yes;"> </span></span></div>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "Arial",sans-serif; font-size: 13pt; line-height: 107%;">As the CEO of your own economy, make sure that you are
<a href="http://radfordemerson.blogspot.com/2009/04/whos-first-on-your-payroll.html" target="_blank">first on your own payroll</a>.<span style="mso-spacerun: yes;"> </span>The
responsibility is on you to make these savings and investment decisions.<span style="mso-spacerun: yes;"> </span>Spending decisions are often made
unconsciously, and they can occur often.<span style="mso-spacerun: yes;">
</span>You must make conscious decisions to save and invest and only you can do
it. <span style="mso-spacerun: yes;"> </span>You will need that stream of income
in your future, you really don’t want to be caught without it.</span></div>
Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-4614606065528078042017-06-16T01:12:00.000-05:002017-06-16T01:17:47.157-05:00IRS warns of new twist to old phone scams<div class="WordSection1">
<div class="MsoNormal">
So scammers aren't taking any time off, they are working overtime and here's what they are up to now, this article from Forbes talks about a new twist to the <a href="http://a.msn.com/00/en-us/BBCJIpE?ocid=se" target="_blank">old phone scams</a>.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<o:p> </o:p></div>
</div>
Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com1tag:blogger.com,1999:blog-720583095910343746.post-91452054077275476902017-05-11T19:12:00.000-05:002017-05-11T19:12:20.929-05:00Be Prepared Before Disaster Strikes<div style="text-align: right;">
<a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTcwNTEwLjczMjA1MjYxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE3MDUxMC43MzIwNTI2MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTM3MDg1JmVtYWlsaWQ9cmFkZm9yZGVtZXJzb24ucmVyZUBibG9nZ2VyLmNvbSZ1c2VyaWQ9cmFkZm9yZGVtZXJzb24ucmVyZUBibG9nZ2VyLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&100&&&https://content.govdelivery.com/accounts/USIRS/bulletins/199a730?reqfrom=share" target="_blank"><img alt="Bookmark and Share" height="16" src="https://public.govdelivery.com/assets/share_this-795413ad3d604760a450815a10e46c8ea06b7315facb759ffdacbc7b7830f87b.gif" style="border: 0;" width="83" /></a></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2NC4KKpWJFeQCVVNPNG-LaMVhP_j9Da-fpgW_fTWdlIWG7ZJEGq2510gJ3EPwMhgf5OGgZyp62Z5_Xj9LGZTVwMmNBgF6Z5HprvkhbDODw9_dsQAIIaTmXCLoINjU-PLYMJB5PS1xMA0/s1600/Supplies+Kit.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="245" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2NC4KKpWJFeQCVVNPNG-LaMVhP_j9Da-fpgW_fTWdlIWG7ZJEGq2510gJ3EPwMhgf5OGgZyp62Z5_Xj9LGZTVwMmNBgF6Z5HprvkhbDODw9_dsQAIIaTmXCLoINjU-PLYMJB5PS1xMA0/s400/Supplies+Kit.jpg" width="400" /></a></div>
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<div style="line-height: normal; margin: 0px;">
<span style="font-family: "calibri light" , sans-serif; font-size: 16pt; margin: 0px;">Nation, like
just about every other scenario, being prepared and organized reduces the
inevitable stress that accompanies any disaster.<span style="margin: 0px;"> </span>Follow these steps to help reduce the feeling
of being overwhelmed should disaster strike.<span style="margin: 0px;">
</span></span></div>
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<div style="line-height: normal; margin: 0px;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "calibri light" , sans-serif; font-size: 16pt; margin: 0px;">Create an Emergency Plan.<span style="margin: 0px;"> </span></span></b><span style="font-family: "calibri light" , sans-serif; font-size: 16pt; margin: 0px;">If you don’t have an emergency plan, create one
now.<span style="margin: 0px;"> </span>If you have one, now is the time to
update it.<span style="margin: 0px;"> </span>You should review and update your
plan at least annually.<span style="margin: 0px;"> </span>Make sure</span><br />
<a name='more'></a><span style="font-family: "calibri light" , sans-serif; font-size: 16pt; margin: 0px;">
everyone in your household is familiar with the plan.<span style="margin: 0px;"> </span>If you have infants, or family members with
special needs make sure you have taken that into account and don’t forget to include
your pets in your plan.<span style="margin: 0px;"> </span>Plan for family
members that may be at school or work.<span style="margin: 0px;"> </span>Set
aside time to practice your plan, and run through those practices once a
quarter.<span style="margin: 0px;"> </span></span></div>
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<div style="line-height: normal; margin: 0px;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "calibri light" , sans-serif; font-size: 16pt; margin: 0px;">Duplicate Your Vital Documents.</span></b><span style="font-family: "calibri light" , sans-serif; font-size: 16pt; margin: 0px;"><span style="margin: 0px;">
</span>Duplicate your documents even if you currently have them in electronic
mode.<span style="margin: 0px;"> </span>Store a copy offsite, probably in
a safe deposit box, and consider storing them in a facility that is outside of
the boundaries of your perceived disaster area.<span style="margin: 0px;">
</span>Of course, now cloud storage is an option, consider it. If you still have
your documents on paper, consider scanning them into an electronic format.<span style="margin: 0px;"> </span>If you want to retain paper, plan for
redundancy by ensuring that a copy is stored offsite.<span style="margin: 0px;"> </span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "calibri light" , sans-serif; font-size: 16pt; margin: 0px;">Document Your Assets.</span></b><span style="font-family: "calibri light" , sans-serif; font-size: 16pt; margin: 0px;"><span style="margin: 0px;">
</span>Photograph or Videotape all your major assets, inside and outside of
your home.<span style="margin: 0px;"> </span>In addition, take a written inventory
of your possession that includes cost and the fair market value prior to the disaster.<span style="margin: 0px;"> </span>You may contact your insurance company to see
if they have an inventory document.<span style="margin: 0px;"> </span>If
they do not, ask them what types of information would they need if you must
make an insurance claim, and use that information to create your own record e.g.
via a spreadsheet.<span style="margin: 0px;"> </span>The IRS has a Casualty,
Disaster, and Theft Loss workbook – <a href="https://www.irs.gov/pub/irs-pdf/p584.pdf">Publication 584</a>, which helps you inventory
your home room by room.<span style="margin: 0px;"> </span></span></div>
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<div style="line-height: normal; margin: 0px;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "calibri light" , sans-serif; font-size: 16pt; margin: 0px;">Update Your Emergency Contact
Information.<span style="margin: 0px;"> </span></span></b><span style="font-family: "calibri light" , sans-serif; font-size: 16pt; margin: 0px;">Look up and record the contact
information for the disaster administration for your county and state, and
include information for your police and firemen and local hospitals.<span style="margin: 0px;"> </span>Keep hardcopies of this information in your
wallet or purse in case you cannot access it from your phone.</span></div>
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<div style="line-height: normal; margin: 0px;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "calibri light" , sans-serif; font-size: 16pt; margin: 0px;">Update and Refresh Your Disaster Supplies Kit.</span></b><span style="font-family: "calibri light" , sans-serif; font-size: 16pt; margin: 0px;"><span style="margin: 0px;">
</span>We never want to have to use the contents of a disaster supplies kit, so
often the contents are stored there for a long time, so periodically make sure
that the contents of your kit are still usable and edible.<span style="margin: 0px;"> </span>Make sure your batteries still have power for
example.<span style="margin: 0px;"> </span>You should have water and food
to last for at least 72 hours.<span style="margin: 0px;"> </span>In many
cases, you could experience utility and phone outages, so ensure that you have
equipment in your <a href="https://www.ready.gov/kit">Basic Supplies Kit</a> to help manage during these outages.<span style="margin: 0px;"> </span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "calibri light" , sans-serif; font-size: 16pt; margin: 0px;">Review and Update Your Insurance Policy</span></b><span style="font-family: "calibri light" , sans-serif; font-size: 16pt; margin: 0px;">. <span style="margin: 0px;"> </span>Your insurance company probably gives you an
annual reminder on this one, suggesting that you increase your policy.<span style="margin: 0px;"> </span>Take a look at your personal situation
annually and make the appropriate decision to ensure that your hard-earned
assets are protected.<span style="margin: 0px;"> </span><span style="margin: 0px;"> </span></span></div>
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Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-34040007624484604652017-02-14T12:08:00.000-06:002017-02-14T12:08:38.652-06:00Free DIY Tax Services ?
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<div style="margin: 0in 0in 8pt;">
<span style="font-family: "Bookman Old Style",serif;">So, tax
time is here.<span style="mso-spacerun: yes;"> </span>This year there are
increasing numbers of organizations that are offering to do your taxes for
free.<span style="mso-spacerun: yes;"> </span>FREE can be good.<span style="mso-spacerun: yes;"> </span>This may be a way for you to save some
funds.<span style="mso-spacerun: yes;"> </span>There are a couple of things however,
that you may want to </span><a name='more'></a>keep in mind.<br />
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<ol style="direction: ltr; list-style-type: decimal;">
<li style="color: black; font-family: "Bookman Old Style",serif; font-size: 11pt; font-style: normal; font-weight: normal;"><div style="color: black; font-family: "Calibri",sans-serif; font-size: 11pt; font-style: normal; font-weight: normal; margin-bottom: 0pt; margin-top: 0in; mso-add-space: auto; mso-list: l0 level1 lfo1;">
<span style="font-family: "Bookman Old Style",serif;">Ensure that the company making
the offer is a valid company, and not just an organization harvesting
information and potentially stealing your tax refund and your identity. </span></div>
</li>
<li style="color: black; font-family: "Bookman Old Style",serif; font-size: 11pt; font-style: normal; font-weight: normal;"><div style="color: black; font-family: "Calibri",sans-serif; font-size: 11pt; font-style: normal; font-weight: normal; margin-bottom: 0pt; margin-top: 0in; mso-add-space: auto; mso-list: l0 level1 lfo1;">
<span style="font-family: "Bookman Old Style",serif;">Only a <b style="mso-bidi-font-weight: normal;">few</b> companies are offering completely free tax computation with no
conditions.<span style="mso-spacerun: yes;"> </span></span></div>
</li>
<li style="color: black; font-family: "Bookman Old Style",serif; font-size: 11pt; font-style: normal; font-weight: normal;"><div style="color: black; font-family: "Calibri",sans-serif; font-size: 11pt; font-style: normal; font-weight: normal; margin-bottom: 0pt; margin-top: 0in; mso-add-space: auto; mso-list: l0 level1 lfo1;">
<span style="font-family: "Bookman Old Style",serif;">Several companies limit their
free offerings based on any of these factors, your income, the type of return
you need to file, e.g. 1040EZ, 1040A, 1040, or the complexity of your return.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;">Read
the fine print</b>.<span style="mso-spacerun: yes;"> </span></span></div>
</li>
<li style="color: black; font-family: "Bookman Old Style",serif; font-size: 11pt; font-style: normal; font-weight: normal;"><div style="color: black; font-family: "Calibri",sans-serif; font-size: 11pt; font-style: normal; font-weight: normal; margin-bottom: 0pt; margin-top: 0in; mso-add-space: auto; mso-list: l0 level1 lfo1;">
<span style="font-family: "Bookman Old Style",serif;">Some companies that offer free
returns will upgrade their services for a fee.<span style="mso-spacerun: yes;">
</span>In some cases, you may be informed of the charges ahead of time, though several
will allow you to complete the return, before informing you of the additional
charge.<span style="mso-spacerun: yes;"> </span>Of course, after you have worked
hard on your return, possibly for hours, you really don’t want to be
surprised.<span style="mso-spacerun: yes;"> </span>By then they have you captive,
they expect you to throw your hands up and just pay the fee to “get it over
with.”<span style="mso-spacerun: yes;"> </span>You always have a choice. </span></div>
</li>
<li style="color: black; font-family: "Bookman Old Style",serif; font-size: 11pt; font-style: normal; font-weight: normal;"><div style="color: black; font-family: "Calibri",sans-serif; font-size: 11pt; font-style: normal; font-weight: normal; margin-bottom: 0pt; margin-top: 0in; mso-add-space: auto; mso-list: l0 level1 lfo1;">
<span style="font-family: "Bookman Old Style",serif;">If your return is a 1040EZ consider
saving money with a no-charge service.<span style="mso-spacerun: yes;"> </span>However,
simply because you used a 1040 EZ last year doesn’t mean that, that is still
the form you should file this year.<span style="mso-spacerun: yes;"> </span>Make
sure that you have some assistance in determining if you are filing the correct
form. </span></div>
</li>
<li style="color: black; font-family: "Bookman Old Style",serif; font-size: 11pt; font-style: normal; font-weight: normal;"><div style="color: black; font-family: "Calibri",sans-serif; font-size: 11pt; font-style: normal; font-weight: normal; margin-bottom: 0pt; margin-top: 0in; mso-add-space: auto; mso-list: l0 level1 lfo1;">
<span style="font-family: "Bookman Old Style",serif;">If your return is still simple
and your life events haven’t changed, then you may actually want to try the free
service and compare the output to your previous year’s return(s).<span style="mso-spacerun: yes;"> </span>Caveat: There is rarely a case where all your
numbers will be exactly the same, from year to year.</span></div>
</li>
<li style="color: black; font-family: "Bookman Old Style",serif; font-size: 11pt; font-style: normal; font-weight: normal;"><div style="color: black; font-family: "Calibri",sans-serif; font-size: 11pt; font-style: normal; font-weight: normal; margin-bottom: 0pt; margin-top: 0in; mso-add-space: auto; mso-list: l0 level1 lfo1;">
<span style="font-family: "Bookman Old Style",serif;">If you have an obviously complex
tax return, or If you cannot find your way around a tax form, consider
contacting a tax advisor, tax return preparer, CPA, lawyer etc.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>The
costs of the professional are often returned on the bottom line of your return
several times over, reducing your liability as much as legally possible,
avoiding additional tax payments or receiving the largest refund possible.</span></div>
</li>
<li style="color: black; font-family: "Calibri",sans-serif; font-size: 11pt; font-style: normal; font-weight: normal;"><div style="color: black; font-family: "Calibri",sans-serif; font-size: 11pt; font-style: normal; font-weight: normal; margin-bottom: 8pt; margin-top: 0in; mso-add-space: auto; mso-list: l0 level1 lfo1;">
<span style="font-family: "Bookman Old Style",serif;">Some
tax professionals will review your DIY return for a fee, ensuring that you
aren’t missing out on any refunds or credits, that you hadn’t thought about.</span></div>
</li>
</ol>
<br />
<div style="margin: 0in 0in 8pt;">
<span style="font-family: "Bookman Old Style",serif;">If you
have used a free service, please share with our nation your experience.<span style="mso-spacerun: yes;"> </span>Was it good, bad?<span style="mso-spacerun: yes;"> </span>Would you do so again?<span style="mso-spacerun: yes;"> </span>Did you end up paying a fee when you thought
it would be free? </span><span style="mso-spacerun: yes;"><span style="font-family: Calibri;"> </span></span></div>
</div>
Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-56258553943701981312016-12-05T09:29:00.000-06:002016-12-05T09:29:07.442-06:00Cant find your old Pension Plans or Retirement Plans? Hello RE Nation, <br />
<br /><br />
So, maybe you only worked at one or two places your entire life, and you may have decided before leaving the company to sign up for an account to be able to review your benefits (<em>by the way this is something that everyone should do as an employee anyway to ensure that you are aware of and taking full advantages of all benefits that may apply to you</em>), so you have kept track of your retirement accounts. Great. <br />
<br /><br />
But what about if you have been the employee that made its mark on multiple companies in your work life you just may have left behind with that company or who knows how many others, a piece of your current and future wealth. We just helped an individual reconnect with an old Pension Plan, that they completely forgot was even in existence. Nice chunk of change that they were <a name='more'></a>completely entitled to.<br />
<br /><br />
You may not even remember all the companies that you worked for. This article from the Wall Street Journal shares some avenues you can use to track down your old 401K or your old Pension Plan. Here is the link - <a href="http://www.wsj.com/articles/whatever-happened-to-that-old-401-k-1480302720">Whatever Happened to That Old 401(k) You Had</a>. <br />
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This information from a table in the article may or may not come through as you link to it - so here are some resources suggested by the article that may be able to help you track your old retirement plan down:<br />
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- Labor Department's Employee Benefits Security Administration's Participant & Compliance Outreach, Education & Assistance Program: <a href="http://www.askebsa.dol.gov/">www.askebsa.dol.gov</a> - 1-866-444-3272<br />
- Pension Benefit Guaranty Corporation: <a href="http://www.pbgc.gov/">www.PBGC.gov</a> - 1-800-400-7242<br />
- Pension Counseling Projects: <a href="http://www.pensionrights.org/find-help">www.pensionrights.org/find-help</a><br />
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RE FINANCIAL TIP:<br />
- Keep at least one copy of your previous resume on file it can offer you a timeline over your working life. This should document the companies you worked for over time.<br />
- If you keep your tax records you should also have that contact information from your W2 record. <br />
- I also recommend that you keep a spreadsheet - or a black book / digital record - however you keep records - that list in sequence your employers as soon as you start your first job - List the company name, address, job title (update this with promotions), date you started, date you terminated, the names of your bosses or supervisors. List your starting income and your ending income. List your major accomplishment while at that company - preferably in $saved if possible. This also comes in handy for networking, and eases the creation of your future resumes. (<em>Why is this on a finance blog - duh - the primary input to your personal finances is earnings</em>.) The update of this document should be something you do in your quarterly financial update. <br />
- For folks that do everything online - you can set up alerts on the companies you are employed with or were employed with so that should your old employer merge, you will know the name of the new company. If your old employer goes defunct - you can immediately attempt to communicate and get access to whatever 401(K) or Pension Plan you may have had there. <br />
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Of course, talk with your financial advisor, but if you are not the sort of person who will keep up with these things - you may want to do a rollover of your 401(K) when you leave a company. <br />
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Share with the RE nation in the comments section, if you have had problems tracking down an old 401K or Pension Plan and how you were able to resolve it. Also, if the information shared here has helped you locate your retirement funds, share with the RE nation any information you can. Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-35366914972522743252016-12-05T08:19:00.000-06:002016-12-05T09:34:28.120-06:00Older Worker ? Use your experienceThinking that your options for productive work is diminishing as you age? Well on the face of it, that may be true, but this article from the Wall Street Journal has a different take that suggests that the conventional wisdom that its exceedingly difficult or near impossible to obtain work as you age - say over 55 - might be quite a tad off base. Link to the article here - <a href="http://www.wsj.com/articles/five-myths-about-landing-a-good-job-later-in-life-1480302842">Five Myths About Landing a Good Job Later in Life</a> . <br />
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Share with our RE nation your experiences great or not-so-great in obtaining work in later life in the comment section below.Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-39875060194723047082016-03-16T10:14:00.000-05:002016-03-16T10:14:59.212-05:00Be Aware! Tax Information Phone Scams have increased.Hello Nation, <br />
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The IRS has indicated that the number of phone scams trying to get at your personal tax information has increased. Scammers are calling taxpayers on the phone and indicating that they are IRS employees needing to verify your personal information. The scammers seek to have you confirm the personal information they already have and get you to supply other personal information, the information they need, to do you significant damage. The IRS again indicates that they do NOT call individuals for that type of information. <br />
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The caller who already has some of your personal information aims to <a name='more'></a>catch you off guard and have you supply additional information, e.g. your Social Security number or even your financial account numbers. Should you get such a phone call, and if you are concerned that the IRS may actually need some information, e.g. a new address, because let's say you just moved - you should thank the caller or simply hang up and contact the IRS at the official IRS phone contact number. Never give out your personal information to someone who you did not call, and do NOT call the number that the caller supplies. <br />
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Scammers can use your personal information to file "fake" tax returns in your name, claiming your refunds. Getting your return in as early as possible will reduce the possibility that someone who has gotten hold of your personal information can file a tax return in your name and receive your tax refund. This environment makes a good case for actually having a balance due with the IRS at year end, rather than be in refund status. Of course this is a delicate balancing act, since if you have too large a balance due, you will be penalized for not having paid your taxes on time, because we have a "pay as you earn" tax system, but that may be a smaller price to pay than someone taking off with your big fat tax refund. Talk with your tax advisor. <br />
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The IRS has created <a href="https://www.irs.gov/Individuals/Taxes-Security-Together">some information</a> to make taxpayers aware of these scams, and help them protect their personal information. See this <a href="https://www.youtube.com/watch?v=OPrFbzMNHb8">video</a>.<br />
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We all have busy lives, and you may be working on your taxes right now, just remember if you should get that call, it is not the IRS calling. Be Aware! Don't get caught off guard. Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-52387853353235576012016-01-08T16:13:00.002-06:002016-01-08T16:13:42.748-06:00Happy New Year - Odometer Readings? So I am sure you don't need this reminder, but when you were ringing in the New Year, did you remember to jot down the odometer reading for January 1, 2016? This is helpful in determining just how many miles you drive during the year in 2016, it will also be the ending odometer reading for your 2015 mileage. <br />
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Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:<br />
<ul>
<li class="first-child">54 cents per mile for business miles driven, down from 57.5 cents for 2015</li>
<li>19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015</li>
<li class="last-child">14 cents per mile driven in service of charitable organizations</li>
</ul>
<div class="last-child">
Keep track of your miles, they add up.</div>
Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-86012972587907977512015-04-07T12:05:00.000-05:002015-04-07T12:06:17.855-05:00Around the Corner ©: The Tax Refund Lotto
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<span style="font-family: "Arial","sans-serif";">So you have
filed your federal income taxes, or are preparing to do so by the deadline
(April 15<sup><span style="font-size: x-small;">th</span></sup>), which is - around the corner.<span style="mso-spacerun: yes;"> </span>Think about what you plan to do with your
refund.<span style="mso-spacerun: yes;"> </span>Think about how that sum of
money plays into your overall Spending Plan.<span style="mso-spacerun: yes;">
</span>It’s not free money. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>It’s not a lottery you won, so don’t blow it
like you might – you know the saying “easy come, easy go,” because you worked
hard for your money. <span style="mso-spacerun: yes;"> </span>Think of this pot
of money as being able to:</span><a name='more'></a><br />
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial","sans-serif";">Reduce your debt load</span></b><span style="font-family: "Arial","sans-serif";">.<span style="mso-spacerun: yes;">
</span>Pay off something completely, or add the refund amount as a one time or
annual boost to your “snowball” pay-down.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial","sans-serif";">Source your emergency fund</span></b><span style="font-family: "Arial","sans-serif";">.<span style="mso-spacerun: yes;">
</span>Trying to visualize a fully funded emergency fund can be difficult, but
if you sweep amounts like your tax refund into the pot, the “fully funded”
button pops up that much faster.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial","sans-serif";">Completely fund a top priority item on
your Financial Goals list</span></b><span style="font-family: "Arial","sans-serif";">.<span style="mso-spacerun: yes;"> </span>And you do have a prioritized Financial Goals
list, right? </span></div>
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<span style="font-family: "Arial","sans-serif";">It doesn’t
matter whether your refund is $100 or $5000, put it to work for you
financially.<span style="mso-spacerun: yes;"> </span>Don’t think that $100 is
too small to do anything meaningful.<span style="mso-spacerun: yes;"> </span>A
bucket is filled one drop at a time.</span></div>
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<span style="font-family: "Arial","sans-serif";">So, while I
am not against having fun, if you are going to return from that trip and feel
the pain of your finances, take care of those first and then<span style="mso-spacerun: yes;"> </span>party after.<span style="mso-spacerun: yes;">
</span>Mom was right about homework first and fun after – because guess what,
who wants to stop the fun to do something that even though it is more
gratifying in the long term, can feel way less appealing?<span style="mso-spacerun: yes;"> </span>So “<b style="mso-bidi-font-weight: normal;">Fund
Up</b>” © first, and then party. </span></div>
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<span style="font-family: "Arial","sans-serif";">Of course if
you are one of those “stupid rich” people off to “see sport” as seen in that advertisement,
you probably aren’t reading this.</span></div>
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<div style="margin: 0in 0in 10pt;">
<span style="font-family: "Arial","sans-serif";">Help
motivate others by commenting below on how you put your tax refund to good use to
advance your Financial Goals.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></span></div>
<div style="margin: 0in 0in 10pt;">
<span style="font-family: "Arial","sans-serif";"><span style="mso-spacerun: yes;"><strong>Coming Up:</strong> A post on whether its a good policy to even be getting a tax refund.</span></span></div>
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<strong><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%;">Note:</span></strong><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%;"> The above is for information purposes only.
Everyone's financial scenario is specific to them, so check with your tax
advisor to determine how the information stated above applies to you.</span></div>
</div>
Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-86496201826333413162015-04-07T11:09:00.000-05:002015-04-07T11:09:35.081-05:00Moving Forward...<span style="color: purple;"><strong>Erratum:</strong></span> <span style="color: blue;">Hello, just wanted to correct an error I noted in the post. Below I referred to a 1098-T form, that is actual the Tuition Statement form. The Student Loan Interest form is a 1098-E.</span> <br />
<br /><br />
Happy New Year to you..... So hopefully you had a grand old time during the holidays, had fun with family and friends. Ate all the holiday favorites and resigned yourself to taking the weight off in January... well January is here, and while you work on your weight loss or any other promise, take a few minutes to start pulling your tax input documents together to ensure that you leave no tax dollars on the table. Here are a few that folks often either forget, <br />
<a name='more'></a>or figure that the amounts are negligible. The pennies add up. <br />
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<strong>Medical Expenses:</strong> Pick up the phone right now and call your pharmacist and ask them to pull a list of the medications and costs that you incurred last year. If you use more than one pharmacy, make the rounds. You'd be surprised how those numbers add up, and you'd be surprised how many of those expenses you forgot you incurred. <br />
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While you are at it, contact all your medical institutions, your hospital, your physician, your lab and also ask them for a list of all your paid medical expenses for 2014. Most will provide this list for you without charge. If you don't want to pay a charge, make sure you ask if they will charge you for this report before they pull it. In many cases you can go online and pull that information down yourself. Of course you should have copies of all the expenses you incurred, but of course you have to find all those documents first... It unlikely that you'd forget that you had a major surgery, or that you had to pay for medical equipment for several months, but I have seen people who completely forgot about quite a large expense until they were asked directly. <br />
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Remember, even if your medical incident occurred in a prior year, e.g. 2011 or 2013, if you paid for it in 2014, and its a qualified expense you can use that expense for the 2014 tax year. <br />
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If you are self-employed, or an employee who pays your own health insurance premiums after taxes, your health insurance premiums could be adjustable or deductible. Check with your advisor.<br />
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<br />
Don't forget the amounts you pay for deductibles, they often appear invisible, and finally, the mileage to all those medical facilities can add up to quite a bit.<br />
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<strong>Other Expense Documents:</strong> In a few days many of the credit card companies will have your annual transaction reports available online for you to download. This is a convenient way to collate your expenses. In many cases you can download the file as an Excel spreadsheet, and so you can potentially bring multiple reports from different card companies together and avoid having to do multiple totals for various categories. <br />
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<br />
<strong>Student Loan Interest:</strong> This is another document that folks often forget about, probably because most institutions have them online and you have to go locate it. If you have more than one lender, remember to check all of them. This is generally a 1098-T document. <br />
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Let me know which documents you always forget each year. <br />
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<span style="font-size: x-small;"><strong>Note:</strong> The above is for information purposes only. Everyone's financial scenario is specific to them, so check with your tax advisor to determine how the information stated above applies to you.</span><br />
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<br />Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-85173994521493817532015-03-02T15:23:00.000-06:002015-03-02T15:24:13.194-06:00Tax Planners and Tax Organizers
<br />
<div style="margin: 0in 0in 10pt;">
<span style="font-family: Georgia, "Times New Roman", serif;">So you are still trying to find that document that your accountant
or your tax preparer needs to make sure that you don’t get taxed an
astronomical amount on your return, but you just can’t unearth the dastardly
piece of paper.<span style="mso-spacerun: yes;"> </span>Yes, now you are blaming
the piece of paper, but you know jolly good and well where the finger should be
pointed – but let’s not play the blame game, let’s figure out </span><a name='more'></a><span style="font-family: Georgia, "Times New Roman", serif;">how to get it
resolved.</span><br />
<span style="font-family: Georgia, "Times New Roman", serif;">
</span><br />
<div style="margin: 0in 0in 10pt;">
<span style="font-family: Georgia, "Times New Roman", serif;">This is the umpteenth year that you have said I will get my
tax record gathering together, and every year it gets down to the wire and you
still haven’t gotten it together.<span style="mso-spacerun: yes;"> </span>You
could have built a really expensive structurally sound bridge in the same time
span, if you had the know-how and resources of course, but you haven’t built a
bridge and you haven’t got a working tax record collection process in
place.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>So is it the knowhow, or the resources that
are preventing you from accomplishing that task?<span style="mso-spacerun: yes;"> </span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;">
</span><br />
<div style="margin: 0in 0in 10pt;">
<span style="font-family: Georgia, "Times New Roman", serif;">Why does it matter?<span style="mso-spacerun: yes;">
</span>Well the year you forget that you actually took some <a href="http://radfordemerson.blogspot.com/2015/01/retirement-withdrawals-or-distributions.html">money from your IRAor 401K</a> because of that ugly issue that threatened to pull you under
financially, whether it was just an over exuberant spending pattern, or it was
that medical bill that you chose to address this way, is the year that you may
have to take some more bitter pills.<span style="mso-spacerun: yes;"> </span>If
you forget to declare that money you took out, that distribution, it means you
are underreporting your income because those funds are considered income.<span style="mso-spacerun: yes;"> </span>It starts like that, you forget this one
document that you never had the year before, and soon it could snowball.</span></div>
<span style="font-family: Georgia, "Times New Roman", serif;">
</span><br />
<div style="margin: 0in 0in 10pt;">
<span style="font-family: Georgia, "Times New Roman", serif;">So here are a couple ways to fix this.<span style="mso-spacerun: yes;"> </span>Create your own record gathering solution or
purchase one.</span></div>
<span style="font-family: Georgia, "Times New Roman", serif;">
</span><br />
<div style="margin: 0in 0in 10pt;">
<span style="font-family: Georgia, "Times New Roman", serif;"><b style="mso-bidi-font-weight: normal;">Create your own
record gathering solution</b>: You can do something as simple as create some
folders for your various tax categories, e.g. income, investments, medical
expenses, charitable contributions, mortgage interest & property taxes, education
expenses, interest and dividends which include bank account interest, dividends
from your brokerage accounts, student loan interest etc.<span style="mso-spacerun: yes;"> </span>You can delineate as much as you want or as
little as you want – just do it the way your brain prefers things, so for some of
you, you will have very detailed categories and for some only a few broad
categories.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>I am a detailed category person myself it
helps trigger items that I may have forgotten.<span style="mso-spacerun: yes;"> </span>For folks new to the work world who may
only have a few tax paying years under the belt – start making a list, a “trigger
list” of the documents that you receive and the companies that you receive them
from.<span style="mso-spacerun: yes;"> </span>Over time your list will grow as
you start having other life events, like having children, owning a home, student
loans, tuition payments, sale of assets and investments, etc.<span style="mso-spacerun: yes;"> </span>Some things will also fall off your list as
you no longer are in that phase of life.<span style="mso-spacerun: yes;">
</span><span style="mso-spacerun: yes;"> </span>By the way, the problem with the
shoebox method, is that you don’t know what you don’t have, it’s cheaper, but
is it really? </span></div>
<span style="font-family: Georgia, "Times New Roman", serif;">
</span><br />
<div style="margin: 0in 0in 10pt;">
<span style="font-family: Georgia, "Times New Roman", serif;"><b style="mso-bidi-font-weight: normal;">Purchase a record
gathering solution:</b><span style="mso-spacerun: yes;"> </span>This could be as
simple as a multi-tab expandable folder that does the same job as described
above, or you could purchase something like what I use the <a href="http://www.ebay.com/itm/Captio-TaxCase-personal-tax-organizer-ISBN-0-9766614-2-X-/321682556348?ssPageName=STRK:MESE:IT">Captio Tax Case</a> –
this is a very nice portfolio that allows you to keep track of your documents,
it even has a slot where you can stuff incoming documents if you don’t have the
time right away to file them in the appropriate pocket.<span style="mso-spacerun: yes;"> You don't have to purchase this particular one, t</span>here are many other solutions similar to
this one, if you search the web for tax planners and organizers.<span style="mso-spacerun: yes;"> </span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;">
</span><br />
<div style="margin: 0in 0in 10pt;">
<span style="font-family: Georgia, "Times New Roman", serif;">When you get into the habit of using a tool and not just
dumping your documents, which is in effect treating your financial life with
less respect, you may notice that your anxiety level decreases, you can find
your documents, you can get them to your accountant earlier this year than you
did last, you could probably realize that a particular document is missing
earlier – a lot of documents are now distributed online, and sometimes you may
forget to make that stop to pull them.<span style="mso-spacerun: yes;">
</span>Yep, until your accountant calls and says “what about that large
contribution you made to XYZ last year, did you do that again this year?” which
could net your more money on your return, you may not remember that you did,
and the same goes for the income side, you may even forget that you worked for
ABC for 4 months.<span style="mso-spacerun: yes;"> </span>Yep, that is
income.<span style="mso-spacerun: yes;"> </span>Believe me, you do not want to
realize that you forgot to mention that 401K or IRA distribution to your
accountant, by getting a notice from the IRS, 3 years later, yep… pass the acid
indigestion medicine… this isn’t going to look or feel good.<span style="mso-spacerun: yes;"> </span>Take my word.<span style="mso-spacerun: yes;"> </span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;">
</span><br />
<div style="margin: 0in 0in 10pt;">
<span style="font-family: Georgia, "Times New Roman", serif;">So go build that record gathering bridge.<span style="mso-spacerun: yes;"> </span>It’s not rocket science. <span style="mso-spacerun: yes;"> </span>The cost you spend to set it up will be well
worth it.<span style="mso-spacerun: yes;"> </span>Folks who keep good records
tend to get better refunds, so you can save some money in the process, or at a
minimum not leave some on the table.<span style="mso-spacerun: yes;"> </span></span></div>
<div style="margin: 0in 0in 10pt;">
<span style="font-family: Georgia, "Times New Roman", serif;"><span style="mso-spacerun: yes;">Please share with our readers how you keep your records, or why you have started to do so.</span></span></div>
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Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-43267205916492048162015-01-07T21:46:00.000-06:002015-01-07T21:46:51.302-06:00Retirement Withdrawals or Distributions <br />
Often, people forget that they withdrew some money from
their 401K, or other retirement account. Making a withdrawal is
called "taking a distribution." This distribution amount is
generally considered income unless you rolled it over from one retirement account to another.
If you received money, it will generally be considered income. In many
cases, the financial institution will withhold 20% of the amount you withdraw, with the intent that, that amount should cover the taxes, and if
that were your only income it could possibly be enough, however,<br />
<a name='more'></a>since the amount
you withdraw is added to your other income, there is no real way of knowing if
you withheld enough until your taxes are prepared. You can ask your tax
advisor to run a preliminary return on your estimated income to
see what the tax implication will be. This you
should probably do before you make the withdrawal, so you can make adjustments before the transaction, and so that would need to be
done during the tax year. <br />
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So even if that 20% has been withheld, in many cases, a withdrawal from a
retirement account will cause a penalty transaction, usually of 10%, and in
most cases, folks did not take that into account, and so they get a not so
pleasant surprise when they file their taxes. There are several
situations where the 10% penalty is waived, or can be waived, so talk with your tax advisor to make sure that you avoid the penalty if you qualify under any of the conditions. <br />
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You should also be aware that if you rolled over money from a Traditional IRA to a ROTH IRA, you will be required to pay the taxes on that conversion during that tax year. So in that case you would not actually have received any money, but the conversion was a taxable transaction.<br />
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<br />
The input document that you receive for a retirement distribution is
generally a 1099-R. If you do not receive one in the mail, go online to
your financial institution and look for the link to tax documents.<br />
<br />
<br />
Forgetting to include this information on your tax return can really give you heartburn. Since this is income, it almost always means that you underestimated your taxes due, and if you forgot to include that income, you may not remember until a couple of years down the road, when you get a "reminder" from the IRS which comes with all the penalties and interest that have accumulated during the interval between when you filed your taxes and when they actually reviewed your return. Yes, get the heartburn medicine out.... Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-31282338435796547562014-04-14T13:47:00.001-05:002014-04-14T13:47:36.975-05:00Catch a break on Tax Day (Tuesday April 15th)!<span style="font-family: Arial, Helvetica, sans-serif; font-size: small;">So you never feel that anyone gives you the taxpayer a break, but CNN Money posted information on these businesses that are trying to do just that on tax day, and for a few of them, even a couple of days before. Check with your local stores and franchises to see if they are participating:</span><br />
<span style="font-family: "Bookman Old Style","serif"; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">CNN
Money: Stress eat</span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">
<span style="line-height: 115%;"><a href="http://money.cnn.com/gallery/pf/taxes/2014/04/14/tax-day-deals/index.html"><span style="color: blue;">http://money.cnn.com/gallery/pf/taxes/2014/04/14/tax-day-deals/index.html</span></a></span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">
</span><span style="line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">CNN
Money: Drink away your tax day sorrows: </span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">
<span style="line-height: 115%;"><a href="http://money.cnn.com/gallery/pf/taxes/2014/04/14/tax-day-deals/2.html"><span style="color: blue;">http://money.cnn.com/gallery/pf/taxes/2014/04/14/tax-day-deals/2.html</span></a></span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">
</span><span style="line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">CNN
Money: 1040 themed deals:</span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">
<span style="line-height: 115%;"><a href="http://money.cnn.com/gallery/pf/taxes/2014/04/14/tax-day-deals/3.html"><span style="color: blue;">http://money.cnn.com/gallery/pf/taxes/2014/04/14/tax-day-deals/3.html</span></a></span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">
</span><span style="line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">CNN
Money: Sweet tax relief:</span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">
<span style="line-height: 115%;"><a href="http://money.cnn.com/gallery/pf/taxes/2014/04/14/tax-day-deals/4.html"><span style="color: blue;">http://money.cnn.com/gallery/pf/taxes/2014/04/14/tax-day-deals/4.html</span></a></span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">
</span><span style="font-family: "Bookman Old Style","serif"; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">Hope you find something good to enjoy, after all
the stress of completing your taxes.</span></span><br />
<br />Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-91062424327453541342013-12-07T19:27:00.000-06:002013-12-07T19:27:03.199-06:002013 Year-End Tax Planning Tips<span style="font-family: Arial, Helvetica, sans-serif;">So, as you put the final touches on your financial planning for
the year, here are 9 links to year-end tax planning information<span style="mso-spacerun: yes;"> </span>you may want to review, that could impact your
bottom line, from MSN Money, About.com, Morgan Stanley, Charles Schwab, CNBC, 360 Degree's of Financial Literacy, Wall Street Journal's Market Watch and Turbo Tax.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></span><br />
<ol><span style="font-family: Arial, Helvetica, sans-serif;">
</span>
<li><a href="http://t.money.msn.com/saving-money-tips/8-year-end-tax-moves-to-make-now"><span style="font-family: Arial, Helvetica, sans-serif;">MSN Money’s 8 Year- end tax moves to make now<o:p></o:p></span></a></li>
<span style="font-family: Arial, Helvetica, sans-serif;">
</span>
<li><a href="http://moneyover55.about.com/od/taxplanning/a/Year-End-Tax-Planning.htm"><span style="font-family: Arial, Helvetica, sans-serif;">About.com 's 2013 Year End Tax Planning by Income and Age</span></a><span style="font-family: Arial, Helvetica, sans-serif;"> </span></li>
<span style="font-family: Arial, Helvetica, sans-serif;">
</span>
<li><a href="http://www2.morganstanley.com/wealth/wealthplanning/pdfs/YEChecklist_2013.pdf"><span style="font-family: Arial, Helvetica, sans-serif;">Morgan Stanley's 2013 Year End Tax Planning Checklist</span></a></li>
<span style="font-family: Arial, Helvetica, sans-serif;">
</span>
<li><a href="http://www.schwab.com/public/schwab/resource_center/expert_insight/personal_finance/tax/tax_tips_for_year_end.html"><span style="font-family: Arial, Helvetica, sans-serif;">Charles Schwab's Year-end Tax Tips</span></a></li>
<span style="font-family: Arial, Helvetica, sans-serif;">
</span>
<li><a href="http://www.cnbc.com/id/101029419"><span style="font-family: Arial, Helvetica, sans-serif;">CNBC's Year End Tax Planning Info</span></a></li>
<span style="font-family: Arial, Helvetica, sans-serif;">
</span>
<li><a href="http://www.360financialliteracy.org/Topics/Recent-Legislation/Tax/2013-Year-End-Tax-Planning-Considerations"><span style="font-family: Arial, Helvetica, sans-serif;">360 Degree's of Financial Literacy's 2013 Year End Planning Considerations</span></a></li>
<span style="font-family: Arial, Helvetica, sans-serif;">
</span>
<li><a href="http://www.cnbc.com/id/101207096"><span style="font-family: Arial, Helvetica, sans-serif;">CNBC's Five Tips for Year-end Tax Planning</span></a></li>
<span style="font-family: Arial, Helvetica, sans-serif;">
</span>
<li><a href="http://www.marketwatch.com/story/year-end-tax-planning-ideas-for-us-individual-taxpayers-tax-planners-and-tax-preparers-2013-10-10"><span style="font-family: Arial, Helvetica, sans-serif;">The Wall Street Journal's Market Watch - Year-end Tax Planning Ideas for U.S. Individual Taxpayers, Tax Planners, and Tax Preparer's</span></a><span style="font-family: Arial, Helvetica, sans-serif;"> </span></li>
<span style="font-family: Arial, Helvetica, sans-serif;">
</span>
<li><a href="http://blog.turbotax.intuit.com/2013/11/08/start-tax-planning-early-8-great-year-end-tax-tips/"><span style="font-family: Arial, Helvetica, sans-serif;">Turbo Tax’s Start Tax Planning Early: 8 Great Year-End Tax Tips</span></a></li>
<span style="font-family: Arial, Helvetica, sans-serif;">
</span></ol>
<span style="font-family: Arial, Helvetica, sans-serif;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Arial, Helvetica, sans-serif;">Please review this information with your own tax advisor or financial advisor to determine how it applies to your own financial situation. </span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<o:p><span style="font-family: Calibri;"> </span></o:p></div>
Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-35881963212696110862013-09-10T14:43:00.000-05:002013-09-10T14:43:49.439-05:00Apps to track Your Gift Cards<span style="font-family: Arial, Helvetica, sans-serif;">So, a number of people notified me and stated that they would be more likely to remember to use their gift cards if there was an app with features such as 1) ability to track their cards instead of pen and paper, and 2) the ability to store the actual gift card information on their phone. Of course, having the gift card with you when you are out shopping is paramount. Well, I practice what I preach so I have actually used up my gift cards, but I have found a few apps that may provide you with the features you need. I have not tested any of these apps, however, so you will need to evaluate them and <span style="color: #cc0000;"><u>use them at your own risk</u></span>. Some are free and some have a nominal charge.</span><br />
<span style="font-family: Calibri;"><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #0070c0; font-family: Broadway;"><a href="https://itunes.apple.com/us/app/giftcards-balance-tracker/id318360753?mt=8">Gift Card-Balance Tracker</a></span><span style="color: #0070c0;"> </span><span style="font-family: Arial, Helvetica, sans-serif;">- (iPhone, iPod
touch, iPad)<span style="mso-spacerun: yes;"> </span>App Store .99</span></div>
</span><div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;"><o:p><span style="color: #0070c0; font-family: Broadway;"><a href="http://www.windowsphone.com/en-us/store/app/gift-cards/56d3db29-2295-e011-986b-78e7d1fa76f8">Gift Cards</a></span><span style="font-family: Calibri;"><span style="color: #0070c0;"> <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></span></span><span style="font-family: Arial, Helvetica, sans-serif;">(Windows Phone) Free</span></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;"><o:p><span style="font-family: Calibri;"><span style="color: #0070c0; font-family: Broadway;"><a href="https://itunes.apple.com/us/app/my-gift-cards/id497487649?mt=8">My Gift Cards</a></span><span style="font-family: Calibri;"><span style="color: #0070c0;"> <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></span><span style="font-family: Arial, Helvetica, sans-serif;">(iPhone, iPod touch, iPad) <span style="mso-spacerun: yes;"> </span>App Store .99</span> <o:p></o:p></span></span></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;"><o:p><span style="font-family: Calibri;"><o:p><span style="color: #0070c0; font-family: Broadway;"><a href="http://appscout.pcmag.com/apple-ios-iphone-ipad-ipod/268793-tango-card-app-for-iphone-superior-gift-card-management">Tango Card</a></span><span style="font-family: Calibri;"><span style="color: #0070c0;"> <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></span></span><span style="font-family: Arial, Helvetica, sans-serif;">(iPhone)<span style="mso-spacerun: yes;"> </span>iTunes App Store<o:p></o:p></span></o:p></span></o:p></span></div>
<span style="color: #0070c0; font-family: Broadway;"><a href="https://itunes.apple.com/us/app/wildcard/id336539998?mt=8">Wildcard</a></span><span style="font-family: Calibri;"> </span><span style="font-family: Arial, Helvetica, sans-serif;">(iPhone) Free - This app states that it allows you to transfer your balances to someone else – <span style="mso-spacerun: yes;"> </span>sounds like an easy way to re-gift.</span><span style="mso-spacerun: yes;"><span style="font-family: Calibri;"> </span></span><span style="font-family: Calibri;"><span style="mso-spacerun: yes;"> </span><o:p></o:p></span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">And finally, I came across this article that shows </span><a href="http://appadvice.com/appnn/2012/12/how-to-send-itunes-gift-cards-and-individual-apps-from-your-ios-device"><span style="font-family: Arial, Helvetica, sans-serif;">how to send iTunes gift cards and Individual Apps from your iOS device</span></a><span style="font-family: Arial, Helvetica, sans-serif;"> . </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">If you have used any of these apps, or have a favorite app that solves this issue, would love to hear about it, so would you please leave me a comment on the comment link below. Thank you.</span><br />
Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-35615919435033855462013-09-05T14:57:00.003-05:002013-09-05T14:59:20.212-05:00Gift Cards... Put Them To Good Use!So, you have identified a gap in your budget, and you are trying to figure out how to fill that gap. One way is to take a few minutes to round up all those gift cards that you have received and have not yet used. Even if your budget isn't stretched, there is no reason to have all that money just laying around in your house, pocket or purse.<br />
<br />
So, put down whatever you are doing, unless you are at work of course, its time to go on an excavation dig, so empty those bed-side table drawers, <br />
<a name='more'></a>those wallets, also check that little pocket in your briefcase, your banking file in your office, and anywhere else that you might have stashed a card, and don't forget the bottom of your purses. <br />
<br />
So you have located a stack of cards, half of which you forgot you had - I recently found quite a high value card from William Sonoma which I wish I had found before I went out and spent big bucks on an item. Retailers have noted that if a card isn't redeemed within 24 months, it is unlikely ever to be redeemed, as noted in the <a href="http://blogs.wsj.com/economics/2011/12/24/number-of-the-week-billions-in-gift-cards-go-unspent/?mod=google_news_blog">Wall Street Journal</a> over the years - 2005 to 2011 - approximately $41b. of gift cards have gone un-redeemed. Come on now, who can afford to throw away good money...so let's fill that budget gap, or let's do a turbo re-gift, use those gift cards to purchase gifts for others on your list - think of it this way - it really is only money packaged neatly with sentiment. Redeem them and fill your budget gap, or use them to buy gifts on your gift list for others, or pamper yourself. <br />
<br />
Get out a sheet of paper, a fine point <a href="http://www.sharpie.com/enUS/Pages/Home.aspx">Sharpie</a>, and you may need a magnifying glass, the fine print on the back of those cards is exceedingly fine, for good reason, and generally not to your benefit. (Of course you could do make this list in the notes section of your smartphone, but I would omit noting the card number in that case.)<br />
<br />
List all the gift cards on one side of the paper, then list the associated customer service numbers beside each card. Then call each card and verify the following:<br />
- the balance on each card<br />
- the expiration date if any, (if no expiration date make a note of that too, so you don't have to call again to find that out six months down the road - you know life happens and we forget things.)<br />
- are there fees that accrue against the card diminishing its face value if it isn't used in a specific time frame, for any reason - e.g. in some cases if you have not used the card in 2 years (or any time period, based on the policy of the store or vendor) then a portion of the face value is deducted each month thereafter that the card is not used.<br />
- if your card provider will replace a card if lost or stolen - then note on your sheet the card number (its generally on the back under the UPC code).<br />
<br />
In some cases there will be a website which you can access and make this determination yourself.<br />
<br />
I use a fine point Sharpie to note the balance, the expiration date etc. on the back of the card. By the way, I keep that Sharpie in my bag so that I can make updates in case I don't use the entire balance on a card on one shopping trip. Make the note at the time of the trip, don't wait until later. It takes 2 seconds. Keep the gift card list in a safe place with your financial records, only for your reference, as in most cases if you lose a gift card, or if it is stolen you are out of luck... check the fine print (of course, before you lose it.) If you cross off each card, once its spent you then have a list of the available cards and the total amount of "extra" money that you actually have at your disposal, you may be surprised at the total amount, once you add it all up.<br />
<br />
In the future when you get a gift card - <br />
- use it as soon as possible<br />
- use the customer service number immediately to find out the information noted above, & use that Sharpie.<br />
- if there is no expiration date, give yourself one - so that you use up the card and not forget that you have it - ostensibly flushing the gift down the drain - making the vendor or the state a winner and both you and the gift-giver a loser.<br />
<br />
Some states are attempting to get laws in place to allow unused gift cards to be treated as unclaimed property, thus profiting the state.<br />
<br />
Don't go shopping without checking your gift card list first. The objective is to use up those funds before you use your cash. <br />
<br />
And finally, if giving a gift, just give cash, it is so flexible - it has more features than a gift card - the recipient can use it anywhere - no fees attached, and they really get to choose something that they want without the limitation of a particular store. As the gift giver you can bet it will get used, rarely get lost and it may even be used to start or bolster a savings or investment account - no greater gift. Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0tag:blogger.com,1999:blog-720583095910343746.post-87139492097559566672013-09-05T13:14:00.003-05:002013-09-05T13:14:49.508-05:00America over the next decade. A Forbes perspective.<br />
An interesting look at America over the next decade - from the <a href="http://www.forbes.com/special-report/2013/america-next-decade.html">Forbes</a>. perspective. <br />
Radford Emersonhttp://www.blogger.com/profile/12718670893153569514noreply@blogger.com0