News Stories and Articles
A
Brother's Death Brings Money Lessons to Life
Two years ago, my sister-in-law Eileen went kicking and screaming to
meet with lawyers and do some estate planning. She didn't want to think
about the possibilities. But my big brother Rob was insistent. And so,
despite Eileen's objections, they met the lawyers.
And then my brother got ill. On July 16, just 47 days after being diagnosed, my brother died. He was 57. I will miss him more than I can conjure words to describe. I wrote about him, at his insistence. "If you had only [47] days to live, what would you not want to do and not want to worry about?" he asked. You would not want to be in a position where you still have to put your affairs in order, where you have to think about every little detail, and wonder about every dollar; where you have to rush into decisions that are filled with the emotion that comes from your own terminal condition and looming deadline.
"People need to understand," he told me, "how big a blessing it is
to know -- when their time comes -- that they have everything in order,
that they don't need to stress or worry about how things they worked
their whole life for are going to turn out. He was comforted knowing
that Eileen didn't have the financial and estate concerns added to her
burdens at his time of need. That he was able to make that journey without
mundane financial worries was a blessing. He hoped that you, too, would
have that peace when your time comes.
To read the entire story, click
here. From MarketWatch
5
Tax Scams to Avoid This Summer
The Internal Revenue Service issues a list of the top 12 tax scams each
year - known as the Dirty Dozen. The scams are illegal and can lead
to problems for taxpayers including significant penalties, interest
and possible criminal prosecution. These scams don't just happen during
the tax filing season, they can happen anytime during the year. Here
are five scams from the 2010 Dirty Dozen list every taxpayer should
be aware of this summer.
1. Phishing This is a tactic used by scam artists to trick unsuspecting victims into revealing personal or financial information in an electronic communication. Scams can take the form of e-mails, tweets or phony websites and they try to mislead consumers by telling them they are entitled to a tax refund from the IRS and they must reveal personal information to claim it. Regardless of how official this e-mail may look and sound, the IRS never initiates unsolicited e-mail contact with taxpayers about their tax issues. Phishers use the personal information obtained to steal the victim's identity, access bank accounts, run up credit card charges or apply for loans in the victim's name. If you receive an e-mail that you suspect is a phishing attempt or directs you to an imitation IRS website, please forward it to the IRS at phishing@irs.gov. You can also visit IRS.gov and enter the keyword phishing for additional information.
2. Return Preparer Fraud Dishonest tax return preparers can cause trouble for taxpayers who fall victim to their ploys. Such preparers are skimming a portion of their clients' refunds, charging inflated fees for tax preparation or are attracting new clients by promising refunds that are too good to be true. To increase confidence in the tax system, the IRS is requiring all paid return preparers to register with the IRS, pass competency tests and attend continuing education.
3. Hiding Income Offshore Taxpayers have tried to avoid or evade U.S. income tax by hiding income in offshore banks and brokerage accounts. IRS agents continue to develop their investigations of these offshore tax avoidance transactions using information gained from more than 14,700 voluntary disclosures received last year. Taxpayers also evade taxes by using offshore debit cards, credit cards, wire transfers, foreign trusts, employee-leasing schemes, private annuities or life insurance plans.
4. Abuse of Charitable Organizations and Deductions The IRS continues to observe the misuse of tax-exempt organizations. This includes arrangements to improperly shield income or assets from taxation and attempts by donors to maintain control over donated assets. The IRS also continues to investigate various schemes where donations are highly overvalued or the organization receiving the donation promises that the donor can purchase the items back at a later date at a price the donor sets.
5. Frivolous Arguments Promoters of frivolous schemes
encourage people to make unreasonable and outlandish claims to avoid
paying the taxes they owe. If a scheme seems too good to be true, it
probably is. The IRS has a list of frivolous legal positions that taxpayers
should avoid on IRS.gov. These arguments are false and have been thrown
out of court.
For the full list of 2010 Dirty Dozen tax scams or to find out how to
report suspected tax fraud, visit IRS.gov.
IRS Summertime Tax Tip 2010-08
12
Obscure Websites That Can Save You Money
Searching for legitimate money-saving websites can be daunting. That's
why editors of Wise Bread compiled a list of over 190 best online resources
for saving money. These websites have been hand-picked for their innovation
and effectiveness. Here are 12 of the most unique and relatively unknown
websites from the list. Take
a look - chances are you'll be able to put several of them to good
use right away!
