Archive for March 2022
You Don’t See People Hoarding Food . . .
. . .during these trying times because
they can’t afford it.
Many People Born With Silver Spoons . . .
. . . in their mouths,
grow up
unable to stir for themselves.
I Shoulda Been a Boxer . . .
It’s too late now, of course,
but it’s only career I can think of
in which you can wake up and find yourself rich.
Had a Car Show Here Today . . .
. . . and I learned something new.
There were some magnificent machines dating as far back as the 1920s in a variety of vibrant shades, but what I learned is that
I really don’t get much of a kick looking at cars owned by somebody else.
Better to Look Stupid . . .
. . . than be stupid when investing.
Betting on the Super Bowl is easier than gambling on the stock market because you don’t have to do a lot of checking. To begin with, there are only two teams and one of them is sure to be a winner.
Rather than toss the dice against the vagaries of the various markets that contain thousands of stocks, you should do some shopping before buying. And make sure your information is from a reliable source, not some chat room.
Don’t even think about securities offered on the telephone or by e-mail and deal only with a securities firm that you know or one recommended by a person who is familiar with the investment industry. You might ask your tax preparer, attorney, or accountant for a referral.
Beware of promises of quick riches. If it sounds too good to be true, it probably is.
Be sure you understand the extent of the possibility of risk of loss as well as the prospect of gain.
Get all the facts and support them with more research. Don’t buy on tips or rumors.
When dealing with a securities salesperson, ask to see their Securities Commission licenses as well as information about themselves and their company.
If there’s anything you don’t understand, ask them to clarify it. Ask them to write it down so you can consult with someone who does.
Don’t be afraid of asking a stupid question. You’re only being stupid if you don’t ask a question about something you don’t understand.
The More I Hear . . .
. . .read, learn and am told about social media,
the more I come to realize
that it’s really anti-social.
IRS Audit Needn’t be a Four-Letter word
If you’ve been audited by the Internal Revenue Service (IRS), you know it’s a pain in the neck.
If you haven’t been, there are some simple steps to take to alleviate as much of the pain and panic as possible. This is as good a time a year as any to begin.
The first thing is to make certain you have documentation supporting all income and expenses — receipts, canceled checks, and bank, credit-card and dividend statements, for example. Keep these records for at least three years. The IRS has three years from the date you file a tax return to audit it, according to the Financial Planners Association.
The IRS has up to six years to challenge your return if it thinks you have under reported your income substantially. You need the documentation to prove them wrong.
However, if you didn’t file a return or filed a fraudulent one, you’re subject to an audit at any time.
Your state (and your city, if it has an income tax) have time-expiration dates that may differ. If you file tax returns in another country, add those expiration dates to your calendar and make certain you keep tax records long enough so that you don’t get caught without documentation if your return is questioned.
The IRS treats everyone equally: you’re guilty until you prove your innocence.
That’s why a letter from the IRS can send shivers through anybody who receives one. The first rule here is, don’t ignore it.
Most notices include a deadline for responses and the IRS will expect to hear from you by that date.
If you have a tax-preparer, take the IRS notification to him or her immediately.
If you don’t have a tax preparer and the IRS is requesting additional information, make copies of the necessary documents and send them to the agency right away.
Even after all challenge limits expires, it’s a good idea to keep your tax returns for a few years extra, along with such documents as your year-end mortgage and investment- portfolio statements. It’s also a good idea to keep on file all records for assets you still own, ranging from your house to automobile to major appliances and jewelry.
If you don’t maintain your records and if the IRS asks for more information than you have kept, the agency is going to assume that you tossed them out for a reason — that you may be hiding something.
Mature Life Features 