Phil's Financial Tip of the Day:
What if you can't pay your taxes?
By Amy Feldman
NEW YORK |
(Reuters) - It's one of the worst tax time scenarios: You discover while doing your taxes — or you just know without even doing them —that you owe taxes, and you don't have the cash. What should you do?
You may be tempted to ignore the problem. Don't do it. The worst thing you can do is put off filing your return because you're afraid of the bill. The Internal Revenue Service (IRS) penalties for not filing are more punitive than the ones for not paying.
The failure-to-file penalty runs to 5.0 percent a month that your return is late, up to 25 percent, with a minimum penalty of $135. The failure-to-pay penalty is just a fraction of that, at 0.5 percent a month of the unpaid tax at April 17, and even that is cut in half for taxpayers who set up a formal installment plan with the IRS. Either way, you'll also owe interest, currently at a modest 3.0 percent a year.
To read the entire article from Reuters:
http://www.reuters.com/article/2012/04/10/us-column-yourmoney-taxes-feldman-idUSBRE8390P120120410
If you are not willing to risk the unusual, you will have to settle for the ordinary. — Jim Rohn
Tuesday, April 10, 2012
Monday, April 9, 2012
Financial Headline News for Monday 4/9
Phil's Financial Tip of the Day:
Ten Questions to Ask Before Splurging
You've probably been there: You've succeeded in building up a little in savings -- and then you see something you can't live without. Before you know it, your rainy-day fund is only a memory.
The next time the urge to splurge hits, avoid making an unnecessary purchase by asking yourself the following questions.
1. Why do I want this item?
Analyzing why you want something quickly can make evident if the purchase is a true need. If you want the item because it's attractive or fun, you don't truly need it. On the other hand, if you require the item for work or to fix something necessary that is broken, then you probably do need it.
Read more: http://www.foxbusiness.com/personal-finance/2012/04/05/10-questions-to-ask-before-splurging/?cmpid=cmty_%7BlinkBack%7D_Ten_Questions_to_Ask_Before_Splurging#ixzz1reeCwmCJ
Great spirits have always encountered violent opposition from mediocre minds. — Albert Einstein
Ten Questions to Ask Before Splurging
Published April 09, 2012
SavingsAccounts.com
The next time the urge to splurge hits, avoid making an unnecessary purchase by asking yourself the following questions.
1. Why do I want this item?
Analyzing why you want something quickly can make evident if the purchase is a true need. If you want the item because it's attractive or fun, you don't truly need it. On the other hand, if you require the item for work or to fix something necessary that is broken, then you probably do need it.
Read more: http://www.foxbusiness.com/personal-finance/2012/04/05/10-questions-to-ask-before-splurging/?cmpid=cmty_%7BlinkBack%7D_Ten_Questions_to_Ask_Before_Splurging#ixzz1reeCwmCJ
Great spirits have always encountered violent opposition from mediocre minds. — Albert Einstein
Friday, April 6, 2012
Financial Headline News for Friday 4/6
Phil's Financial Tip of the Day:
Christy's Debt-Free Story
From Dave Ramsey.com
Now, at 28, Christy is completely debt-free, working in a career she loves, and ready to begin a marriage without owing money to anyone.
But getting to that point wasn't easy.
To read the article from Dave Ramsey.com:
http://www.daveramsey.com/article/6-keys-for-young-adults-to-become-debt-free-split/lifeandmoney_debt/lm2/
You must take personal responsibility. You cannot change the circumstances, the seasons, or the wind, but you can change yourself. That is something you have charge of. — Jim Rohn
Christy's Debt-Free Story
From Dave Ramsey.com
Now, at 28, Christy is completely debt-free, working in a career she loves, and ready to begin a marriage without owing money to anyone.
But getting to that point wasn't easy.
To read the article from Dave Ramsey.com:
http://www.daveramsey.com/article/6-keys-for-young-adults-to-become-debt-free-split/lifeandmoney_debt/lm2/
You must take personal responsibility. You cannot change the circumstances, the seasons, or the wind, but you can change yourself. That is something you have charge of. — Jim Rohn
Thursday, April 5, 2012
Financial Headline News for Thursday 4/5
Phil's Financial Tip of the Day:
The ABCs of entrepreneurship
By Harvey Mackay
I was recently asked by master marketer Jay Abraham to appear on his radio program, "The Ultimate Entrepreneur" along with several others including Stephen Covey and Mark Cuban. In that company, I knew I had my work cut out for me!
Start with the basics: What better way than to create the ABCs of entrepreneurship? Over the past few years I have developed my version of the ABCs of selling, leadership, negotiating, networking and team-building, which are among my most requested columns.
A is for ability. Entrepreneurs excel at identifying problems and solving them fast. They anticipate obstacles and opportunities.
B is for business plan. A successful entrepreneur must make one before doing anything else.
D is for delegate. You know what you do well and what you do poorly. Decide what to outsource and delegate these tasks to others.
To read the rest of the article:
http://harveymackay.com/column/
Mackay’s Moral: Being an entrepreneur is a lot like the ABCs – start at the beginning and follow your plan through to the end.
The ABCs of entrepreneurship
By Harvey Mackay
I was recently asked by master marketer Jay Abraham to appear on his radio program, "The Ultimate Entrepreneur" along with several others including Stephen Covey and Mark Cuban. In that company, I knew I had my work cut out for me!
Start with the basics: What better way than to create the ABCs of entrepreneurship? Over the past few years I have developed my version of the ABCs of selling, leadership, negotiating, networking and team-building, which are among my most requested columns.
A is for ability. Entrepreneurs excel at identifying problems and solving them fast. They anticipate obstacles and opportunities.
B is for business plan. A successful entrepreneur must make one before doing anything else.
C is for cash because all entrepreneurs need money. Use it wisely, even when you are rolling in it.
D is for delegate. You know what you do well and what you do poorly. Decide what to outsource and delegate these tasks to others.
To read the rest of the article:
http://harveymackay.com/column/
Mackay’s Moral: Being an entrepreneur is a lot like the ABCs – start at the beginning and follow your plan through to the end.
Wednesday, April 4, 2012
Financial Headline News for Wednesday 4/4
Phil's Financial Tip of the Day:
Know your options if seeking help with debt
By Christine Dugas, USA TODAY
The national household debt now totals $13.3 trillion, and although millions of Americans are in financial distress, not many are seeking help. Some worry that they'll get ripped off by debt scams. Others don't think they can afford to pay for the advice they need.
For those getting crushed under the weight of what they owe, the key to taking advantage of debt relief is avoiding traps and understanding your options, because not all of them can fix every problem. And you should know about industry reforms. What are the different types of debt relief — and factors you should keep in mind?
To read the complete article by Christine Dugas, USA TODAY
http://www.usatoday.com/money/perfi/credit/story/2011-11-15/debt-relief/51223354/1
Success is how high you bounce when you hit bottom. — George S. Patton
Know your options if seeking help with debt
By Christine Dugas, USA TODAY
The national household debt now totals $13.3 trillion, and although millions of Americans are in financial distress, not many are seeking help. Some worry that they'll get ripped off by debt scams. Others don't think they can afford to pay for the advice they need.
For those getting crushed under the weight of what they owe, the key to taking advantage of debt relief is avoiding traps and understanding your options, because not all of them can fix every problem. And you should know about industry reforms. What are the different types of debt relief — and factors you should keep in mind?
To read the complete article by Christine Dugas, USA TODAY
http://www.usatoday.com/money/perfi/credit/story/2011-11-15/debt-relief/51223354/1
Success is how high you bounce when you hit bottom. — George S. Patton
Tuesday, April 3, 2012
Financial Headline News for Tuesday 4/3
Phil's Financial Tip of the Day:
Last-Minute Tax Tips-From The Wall Street Journal
The tax filing deadline, April 17, is coming up soon—and experts say this year's returns are littered with potential land mines.
Among them: a new form for reporting foreign financial assets (with large penalties for not filing) and a new form for small businesses reported on individual returns that will make it easier for the Internal Revenue Service to find unreported income.
But the biggest new hurdle involves capital gains on investments. Tax preparers say they are finding serious snafus involving "cost basis," or the amount an investor paid for a stock he later sold.
To read the rest of the article from The Wall Street Journal:
http://online.wsj.com/article/SB10001424052702304177104577310121246685642.html?mod=ITP_businessandfinance_4
Matthew 19:26 — Jesus looked at them and said, "With man this is impossible, but with God all things are possible."
Last-Minute Tax Tips-From The Wall Street Journal
The tax filing deadline, April 17, is coming up soon—and experts say this year's returns are littered with potential land mines.
Among them: a new form for reporting foreign financial assets (with large penalties for not filing) and a new form for small businesses reported on individual returns that will make it easier for the Internal Revenue Service to find unreported income.
But the biggest new hurdle involves capital gains on investments. Tax preparers say they are finding serious snafus involving "cost basis," or the amount an investor paid for a stock he later sold.
To read the rest of the article from The Wall Street Journal:
http://online.wsj.com/article/SB10001424052702304177104577310121246685642.html?mod=ITP_businessandfinance_4
Matthew 19:26 — Jesus looked at them and said, "With man this is impossible, but with God all things are possible."
Monday, April 2, 2012
Financial Headline News for Monday 4/2
Phil's Financial Tip of the Day:
Employees, Measure Yourselves
Encouraging workers to keep track of what they're doing can make them healthier and more productive
Imagine how much better workers could do their jobs if they knew exactly how they spend their day.
Suppose they could get a breakdown of how much time they spend actually working on their computer, as opposed to surfing the Web. Suppose they could tell how much an afternoon workout boosts their productivity, or how much a stressful meeting raises their heart rate.
Thanks to a new wave of technologies called auto-analytics, they can do just that. These devices—from computer software and smartphone apps to gadgets that you wear—let users gather data about what they do at work, analyze that information and use it to do their job better. They give workers a fascinating window into the unseen, unconscious little things that can make such a big difference in their daily work lives. And by encouraging workers to start tracking their own activities—something many already are doing on their own—companies can end up with big improvements in job performance, satisfaction and possibly even well-being.
To read the rest of this article on Work Time Management from The Wall Street Journal:
http://online.wsj.com/article/SB10001424052970204520204577249691204802060.html?mod=ITP_thejournalreport_0
Success is how high you bounce when you hit bottom. — George S. Patton
Employees, Measure Yourselves
Encouraging workers to keep track of what they're doing can make them healthier and more productive
Imagine how much better workers could do their jobs if they knew exactly how they spend their day.
Suppose they could get a breakdown of how much time they spend actually working on their computer, as opposed to surfing the Web. Suppose they could tell how much an afternoon workout boosts their productivity, or how much a stressful meeting raises their heart rate.
Thanks to a new wave of technologies called auto-analytics, they can do just that. These devices—from computer software and smartphone apps to gadgets that you wear—let users gather data about what they do at work, analyze that information and use it to do their job better. They give workers a fascinating window into the unseen, unconscious little things that can make such a big difference in their daily work lives. And by encouraging workers to start tracking their own activities—something many already are doing on their own—companies can end up with big improvements in job performance, satisfaction and possibly even well-being.
To read the rest of this article on Work Time Management from The Wall Street Journal:
http://online.wsj.com/article/SB10001424052970204520204577249691204802060.html?mod=ITP_thejournalreport_0
Success is how high you bounce when you hit bottom. — George S. Patton
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