Let's Start to Repair Those Holiday Spending Mistakes by Saving in Other Places...

Be a little extra frugal, so you can afford those payments. Winter is a great time to buckle down with a little extra frugality. It's such an easy season to cook a delicious meal at home. Make a soup in your slow cooker before you go to work, so that you come home to a great aroma and a warm meal that's ready to eat. It's a very cheap treat in the winter months. Instead of going out on the town, spend an evening watching a movie (maybe one you received as a holiday gift) underneath a warm blanket. Instead of shopping, spend a day curled up with a good book or Netflix series. Little steps like those can make a surprising difference. Knowledge is Power and Credit is King! Call 18004421591 - Gaining Financial Stability with Intelligence and Integrity!

Why Not Know Your Credit Report Year - Round?

Less than 10% of people look at their credit score annually, or they'll wait until they get ready to buy a car, real estate, or refinance. * 45% of credit reports contain errors serious enough to result in denial of credit. * 79% of credit reports contain errors of some kind. * 54% contain incorrect addresses, misspellings and long-outdated information. * 30% contain closed accounts or incorrect reporting of accounts. All of these things affect your Credit Report and your ability to be approved. Sometimes you can get approved, and its through a subprime lender with an extremely high interest rate. Call our office to get started with your Credit Restoration Services; 18004421591 - Gaining Financial Stability with Intelligence and Integrity! Credit is King and Knowledge is Power!

Five things you should know about bankruptcy:

1. “What types of bankruptcy are available to individuals?” Chapter 7 liquidation is designed for debtors suffering financial difficulty that do not have the ability to pay their existing debts. The purpose is to obtain a discharge (i.e. elimination) of their existing debts. Chapter 13 repayment is designed for consumers with regular income who are temporarily unable to pay their debts but would like to pay them in installments over a period of time. The bankruptcy courts will approve a repayment plan that will repay their debts in no more than five years.

Considering Bankruptcy?

What Types of Bankruptcy are Available to You If You "think" this is Your Only Option Chapter 7 liquidation is designed for debtors suffering financial difficulty that do not have the ability to pay their existing debts. The purpose is to obtain a discharge (i.e. elimination) of their existing debts. Chapter 13 repayment is designed for consumers with regular income who are temporarily unable to pay their debts but would like to pay them in installments over a period of time - The Bankruptcy Courts will approve a repayment plan that will repay their debts in no more than five years. Knowledge is Power and Credit is King! Let's have a conversation, if you "think" that Bankruptcy is the only way to go. Call 18004421591 - Gaining Financial Stability with Intelligence and Integrity!

Failing to Report Gambling Winnings or Claiming Big Losses

Whether you’re playing the slots or betting on the horses, one sure thing you can count on is that Uncle Sam wants his cut. Recreational gamblers must report winnings as other income on the front page of the 1040 form. Professional gamblers show their winnings on Schedule C. Failure to report gambling winnings can draw IRS attention, especially because the casino or other venue likely reported the amounts on Form W-2G. Claiming large gambling losses can also be risky. You can deduct these only to the extent that you report gambling winnings. And the costs of lodging, meals and other gambling-related expenses can only be written off by professional gamblers. Writing off gambling losses but not reporting gambling income is sure to invite scrutiny. Also, taxpayers who report large losses from their gambling-related activity on Schedule C get an extra look from IRS examiners, who want to make sure that these folks really are gaming for a living.

9 RED FLAGS FOR RETIREES

Just because you may be travelling more in retirement, be careful about sending your money abroad. The IRS is intensely interested in people with money stashed outside the U.S., and U.S. authorities have had lots of success getting foreign banks to disclose account information. The IRS also uses voluntary compliance programs to encourage folks with undisclosed foreign accounts to come clean—in exchange for reduced penalties. The IRS has learned a lot from these amnesty programs and has been collecting a boatload of money (we’re talking billions of dollars). It’s scrutinizing information from amnesty seekers and is targeting the banks that they used to get names of even more U.S. owners of foreign accounts. Failure to report a foreign bank account can lead to severe penalties. Make sure that if you have any such accounts, you properly report them.

Claiming Large Charitable Deductions

We all know that charitable contributions are a great write-off and help you feel all warm and fuzzy inside. However, if your charitable deductions are disproportionately large compared with your income, it raises a red flag. That's because the IRS knows what the average charitable donation is for folks at your income level. Also, if you don't get an appraisal for donations of valuable property, or if you fail to file Form 8283 for noncash donations over $500, you become an even bigger audit target. And if you've donated a conservation or façade easement to a charity, chances are good that you'll hear from the IRS. Be sure to keep all your supporting documents, including receipts for cash and property contributions made during the year.