Category Archives: Government Laws

Money Monday: Last-minute tax advice

Taxes are due. Have any last-minute questions?

Yahoo has published an advice article put together by certified public accountants: “Your last-minute questions about taxes answered”.

Money Monday: File a tax extension for these reasons

There are a number of reasons to file a tax extension. Does your circumstance fit the bill?

Image from 401kcalculator.org

The deadline for filing your 2018 tax return is April 15, 2019. If you’re not ready, you can apply for an extension to delay filing until October 15 at the latest. But make sure you’re not just procrastinating, and instead have a valid reason for filing an extension, from Forbes’ article:

  • Forms coming from business, real estate investments, etc that bring in income.
  • You’re just now thinking of hiring an accountant…now is when accountants have too many clients and are too rushed.
  • You don’t have time to get your paperwork in order.
  • Forbes has more reasons for filing an extension here: “Not Ready To File Your 2018 Taxes; Get A Six Month Extension”.

Money Monday: Tax changes for 2019

April is right around the corner. And with it, tax day. Here’s a heads up on the tax changes for 2019.

Image from 401kcalculator.org

“Even though the tax reform bill—formally known as the “Tax Cuts and Jobs Act”—was introduced a full year ago, it didn’t apply to the taxes you filed last year… Now that tax season is officially here, it’s time to figure out what all those new tax updates mean for you. ” (Dave Ramsey. “Your 2019 Taxes: What You Need to Know About the Tax Reform Bill.” https://www.daveramsey.com/blog/tax-reform-bill)

And here’s what Dave Ramsey has to say about 2019 tax changes.

Money Monday: Federal law now allows you to freeze your credit

Consumers can now freeze their credit for free under a new federal law.

“A credit freeze restricts access to your credit file, essentially halting anyone from opening any new credit in your name. The rules used to vary by state, but previously it could cost up to $10 to put a freeze in place. That fee often had to be paid again when someone wanted to unfreeze it for any legitimate uses.

“But under a new law that takes effect Friday, consumers anywhere in the U.S. can do so quickly and for free.

“Congress passed the law in response to last year’s massive Equifax hack, which exposed the private information of more than 145 million Americans.”

Read more on this over at Yahoo Finance: “Credit freeze free nationwide as of Friday.”

Money Monday: 3 Ways to Cut Taxes

Nobody likes to pay more in taxes than they absolutely have to. By the time you start preparing your return, it’s too late to use some of the smartest tactics to control the size of your tax bill. Instead, you have to plan in advance to make sure your refund is as big as possible.

Read them here: “3 simple ways to cut your taxes.”

Money Monday: Tax scams to avoid

Here are 12 of the biggest tax scams the IRS is flagging this year:

  1. Phone scams
  2. Phishing
  3. Tax return preparer fraud
  4. Falsely inflating refunds
  5. Falsely inflating income
  6. Falsely padding deductions
  7. Improperly claiming business credits
  8. Making frivolous tax arguments
  9. Abusive tax shelters
  10. Fake charities
  11. Hiding money offshore
  12. Identity theft

Read up on these: “12 tax scams you’ll want to avoid.”

Money Monday: Can you deduct interest on your home equity loan?

“The new federal tax law created a lot of confusion over whether tax filers may still deduct the interest they pay on their home equity loans and home equity lines of credit.

money“The new law suspends the deduction for interest on home equity indebtedness for the next eight years.

“But it turns out the suspension does not apply to all home equity loans (HELs) and lines of credit (HELOCs). It just applies to those that are used to pay for non-home-related things, like paying off your credit card or buying a car. But you can still deduct home equity loan interest that is used to pay for home improvements…”

Read more at Money.CNN.com: “Yes, you can still deduct interest on your home equity loan …”

It’s Labor Day!

Celebrating American workers!

First United States Labor Day Parade, September 5, 1882 in New York City.

First United States Labor Day Parade, September 5, 1882 in New York City.

“Labor Day, the first Monday in September, is a creation of the labor movement and is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country” (“History of Labor Day.” Department of Labor. https://www.dol.gov/general/laborday/history).

Enjoy the holiday! (Perhaps with a San Diego event?)

Thank you for working so hard to make our country an even better one!