As we pay our taxes this season; Let us remember those who
use America ’s
bounty and pay NO federal income taxes.
Citizens for Tax Justice looked at 288 profitable Fortune 500 companies and said that 26 of them -
including Boeing, General Electric and Verizon - paid no federal income tax in the
five-year period. Some even got our taxes as refunds. The group also said that 111 of the
288 companies paid no federal income tax in at least one of the five years
measured. Yet corporations are allowed by the Supreme Court (Citizens
United) to pay UNLIMITED amounts to decide who gets to spend all our tax
money in Washington . We pay the
taxes, corporate stooges spend it.
Pay your fair share: http://www.amazon.com/The-Tax-Shelter-Young-Americans/dp/1500426520
New Year Resolution—create a Tax-FREE retirement
Start your tax-FREE retirement fund the painless way: your
tax refund. The average refund is $3,000. Use the Vanguard Top Ten
averaging over 10% per year. In 20 years you have $200,000 tax-FREE money. In 35
years, $1,200,000. That can provide $60,000 per year; $5,000 per month. With no
taxes on this money, you won’t need to pay tax on Social Security or your 401k.
Try it! You have nothing to lose except taxes. http://www.amazon.com/Tax-Refund-Millionaires-Let-Uncle-Help/dp/149595644X
Bad brokers have their clients’ complaints destroyed
Brokers who have been caught cheating their clients had
their complaints destroyed as part of their settlements. This means that
checking your brokers’ records is meaningless. They could be Mr Evil himself
and their FINRA record is blank. This is another reason to follow a passive
investment plan. Just set it and forget it as Warren Buffett recommends:
Brokerage firms fight regulators on broker background checks?
Regulators say firms must conduct a search of “reasonably
available public records,” such as those pertaining to criminal history,
bankruptcy, civil litigation, liens and business records. This will cost
more money and so firms are against it even though it protects clients. If a
broker has been sued 10 times, it's important to look at the underlying facts,
advocates say. The new background check rules may force them to think twice
about hiring a hotshot broker with a big book of business but a sketchy
regulatory history. Brokers hide negative issues. Avoid Madoff-style scams.
Avoid brokers/advisors and their fees: http://www.amazon.com/Nothing-Way-Seems-Wall-Street/dp/1492752916
Just 1000 Americans
control 1/5 of all the wealth
According to economists Saez and Zucman, “wealth
concentration has followed a U-shaped evolution over the last 100 years: It was
high in the beginning of the 20th century, fell from 1929 to 1978, and has
continuously increased since then.” The recent rise of wealth
inequality is “almost entirely due to the rise of the top 0.1% wealth
share, from 7% in 1979 to 22% in 2012 — a level almost as high as in 1929.”
Corporate executive are paid pensions worth 1,000
times a worker pension.
What’s causing it? According to the economists,
the increase in wealth concentration at the top of America ’s
economic pyramid is due to a surge of top incomes combined with an
increase in inequality of savings — the wealthy are being paid more (or earning
more from their investments) and the poor aren’t able to save: Like middle-ages serfdom. Make sure you get
your fair share: http://www.amazon.com/Tax-FREE-Wealth-How-laws-free/dp/1475089236
Do you know the car dealer scams?
Do your research before you shop and save $1,000 or more. There are several tips dealers have used in the past, but there is a sure way to avoid losing to a scam. If you know what you are buying and what it costs, you are not likely to fall for the scams. Most of the money lost in buying a car is in the financial part of the sale.
Avoid the money scam: http://www.amazon.com/Money-Scams-2014-insurance-financial/dp/1505437962
Buffett’s investment plan:
"My advice to the trustee could not be more simple: Put
10% of the cash in short-term government bonds and 90% in a very low-cost
S&P 500 index fund," he wrote to shareholders of his company Berkshire Hathaway earlier
this year.
New data from investment adviser SigFig leads to a
similar conclusion.
After analyzing portfolios held by 325,000 users, the robo-adviser
found something interesting: The most
successful investors in the group were also the least active.
SigFig finds that investors who trade frequently — defined
as "investors who have a turnover amount equal to or greater than their
portfolio value in a year" — actually see lower returns than their peers
who are more hands-off. Traders return was 0.13% vs non-traders return of 4.7%.
Use Warren’s strategy for better returns:
Save $300 on tax prep
The average cost of having your taxes done is $300.
Preparers will charge more for the new
health care forms. If you earn less than $60,000, use the IRS-approved
software providers FREE. It is easy. Just fill in your data from your forms and
see what your refund could be: http://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free
We AARP volunteers will do your taxes for FREE: The IRS
Volunteer Income Tax Assistance (VITA) and the Tax Counseling for the Elderly
(TCE) programs offer free tax help for taxpayers who qualify.
Find a provider for Jan 20 IRS opening: http://irs.treasury.gov/freetaxprep/jsp/vita.jsp
List of items for your tax return prep for 2014
Wait for all your tax forms so IRS won’t reject your
return—delay your refund.
Pension and broker forms will be delayed. ObamaCare
exchanges send forms late too. Congress waited to the last minute so many forms
are in process, including the new 1040. Take these documents with you to your
tax preparer:
GOP crazies
NJ
gov Christie has Cowboys owner Jones fly him and family to the game and lux
suite (costs over $100,000) and gives Port Authority WTC observation contract (est.
$200 million) to Jones’ firm. This is illegal—they are not childhood friends.
It looks like graft.
VA Gov McDonnell has been sentenced to two years in prison
for receiving $165,000. The sentences for elites: http://www.washingtonpost.com/graphics/local/corruption-sentences
If you are poor, stealing a $1,000 used car is punishable by
2 to 20 years in prison in many states.
Millionaire Congress: Almost half of newly installed GOP freshmen
come with big bank accounts. Over half of all House and Senate are wealthy and don’t
know about middle-class struggles.
BEWARE: Salespeople are now pushing this investment:
This is an email that was sent to many salespeople this week
offering an annuity to beat bank CDs. They don’t disclose the fees or the
charges if you cancel. They do mention the 3% rate. If CD rates go up during
the 5 years, you are stuck with a penalty. Ad says:
“Beat bank CD's with our January
Fixed Annuity Top Pick, which features:
3.00% guaranteed five year interest rate. Our January Fixed
Annuity Top Pick with a five year interest rate guarantee of 3.00%.
According to Bankrate.com, the national average interest rate on a 5 year bank
CD is currently 0.85% (as of 1/6/15 ).
Additionally, the interest earnings from bank CD's must be reported on your income
tax return each year. Whereas, interest earnings left to grow and compound in
an annuity are tax deferred, saving you taxes.”
BETTER annuity strategy: http://www.amazon.com/The-Best-Annuity-Strategy-Income/dp/1497532019
Will you have enough?
Nearly 40% of men and 50% of women will live to age 90
according to recent (2008) mortality tables. Can you live on your retirement
income for this long? Annuities will pay an amount for life but most annuities
are fixed payments so $1000 a month
now will be worth $500 in 20 years. The best strategy is to keep growing your
retirement portfolio AND take increasing monthly payments. There is only one
way to do that: http://www.amazon.com/Not-Buy-That-Annuity-Guaranteed/dp/1466494573
Police chief shot his wife in bed—Was he annoyed?
A police chief in Georgia
told a 911 dispatcher he ‘accidentally’ shot his wife while moving a handgun
that was in their bed (????), according to a recording released Friday. Guns
have no safety switch? What can they be doing in bed with a loaded no-safety gun?
The police chief in FL claimed the guy in theater was texting
and it annoyed him. He had just texted his son. Michael Dunn killed Jordan
Davis because music annoyed him.
Tax filing scams
Beware of a trust that promises to reduce the amount of
income subject to tax, offers deductions for personal expenses or claims to lower estate or gift taxes. You
may be caught in tax avoidance schemes that involve various business entities.
Avoid those who use doctored income statements to reduce wages to nothing.
Some scammers use frivolous tax arguments to encourage
taxpayers to avoid filing and paying
taxes. Most tax cheats report less income than they make, so their tax
liability will be less. Scammers impersonate
charities to get money or private information from well-intentioned
taxpayers. And they use a variety of tactics. Putting money into a foreign bank account for the sole
purpose of hiding it from the IRS is illegal. Questionable
return preparers have been known to skim
off their clients' refunds, charge excessive fees for return preparation
services and attract new clients by promising guaranteed or inflated refunds.
Tax con artists claim they can get filers free money from the IRS based on fictitious Social Security benefits or false tax credit claims. Tax phishers usually pose as an IRS representative. The IRS doesn't send unsolicited emails to taxpayers. Some scammers tell folks who take the calls that they are entitled to huge refunds; all they need to do is provide some personal information. Identity thieves use your personal information to file and claim a fraudulent refund. Learn the signs of scammers:
Tax con artists claim they can get filers free money from the IRS based on fictitious Social Security benefits or false tax credit claims. Tax phishers usually pose as an IRS representative. The IRS doesn't send unsolicited emails to taxpayers. Some scammers tell folks who take the calls that they are entitled to huge refunds; all they need to do is provide some personal information. Identity thieves use your personal information to file and claim a fraudulent refund. Learn the signs of scammers:
Are you exempt from ObamaCare penalties 2014?
Choose the exemption you want to apply for
- Exemptions
based on coverage being unaffordable
- Exemptions
based on hardship
- Exemptions
for membership in a health care sharing ministry
- Exemptions
for membership in a federally-recognized tribe or ANCSA corporation
- Exemptions
based on eligibility for services through an Indian health care provider
- Exemptions
for being incarcerated
- Exemptions
for membership in a recognized religious sect whose members object to
insurance
- Exemptions
for low income, short coverage gaps, and not being lawfully present
Instructions for filling out exemption forms.
Call to apply, compare plans, enroll or ask a question. 1-800-318-2596
GOP trying to eliminate health care regs by redefining
working hours
GOP pushing for ObamaCare to define “full-time” 40 hours not
30 hours. If every worker has their hours cut to 39, employers can avoid
providing help with health care expenses.
SCAMS Why are we still paying $700 Billion a year for WWII
deployments? That is 27
cents of each dollar in taxes—the largest part of our money—and we aren’t
even at war. We could pay off our debts and fix our schools, roads and
bridges!
We are paying for 164,253 of our active-duty armed personnel
to be in 150 countries around the world. We have about 50,000 in Japan Germany
Are we preparing for WWII again? There are 1,208,083[1] armed
personnel in the United States .
Our taxes pay for about HALF of the WORLD’s military expenditures
every year. We have wasted $398.6 billion
so far on the F-35 program—they can’t
fly safely.
We just can’t afford to pay for everyone else’s defenses
anymore.
Japan, Germany and S.
Korea can pay for their own defenses.
The War on Terror requires SEALS’ attacks on top terrorists
at their homes. Iraq
proved converting a nation to Western-style republic doesn’t work.
Shareholders get the shaft—CEOs increase their
pay/bonus/deals/control/etc
Last month, government
ruled in favor of big business, allowing them to exclude from its proxy a
shareholder proposal on director nominations. Other companies will surely followed
suit, asking the regulators to rule the same way for them. The owners of
corporations—the shareholders—will not be allowed to propose the directors who
are supposed to rule management for them.
Bank bailouts again?
Moshe Marc Cohen, a former Woodbury Financial broker who
participated in a scheme to profit
from the death of terminally ill patients through variable annuity sales,
must return $768,000 in commissions, an SEC judge ruled. SEC did not stop Cohen
from stealing from other clients because he was not caught within 5 years.
Jeffrey M. Knutsen, Bellwether Wealth Management, was barred
in 2005 from working as a broker after a customer complained that he embezzled
from the client’s account. Despite being barred, Knutsen continued to work with
clients, many of them elderly. Knutsen
was finally caught 10 years later and was sent to jail for 4 years. He
created more than 200 checks on the clients’ accounts and used the money for
himself, according to the FBI.
Arthur Nadel as a poster child of the Ponzi scam. His ersatz
hedge fund bilked investors out of close to $350 million dollars. An investor
thinking about investing with Nadel could have seen a disaster waiting to
happen by doing an elementary
public records search of the financier before giving him money. Nadel had
been disbarred as an attorney for fraud and had listed himself as indigent in a
divorce filing.
IAN
41 Watchung Plaza, B242
973.746.2014
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