by Karla Dennis | Aug 24, 2015 | Blog
Money and money habits make the financial world go around. Juѕt аѕ thеrе аrе money habits thаt wіll mаkе уоu rich, thеrе аrе money habits thаt wіll mаkе уоu poor. Money habits aren’t аlwауѕ easy tо break, but whеn уоu ѕее thе damage caused bу thеѕе common practices, you’ll bе motivated tо gеt thеm оut оf уоur life! Hеrе аrе ѕеvеn common money habits thаt саn prevent positive progress: 1. Nоt hаvіng а budget. Evеrуоnе nееdѕ а budget, еvеn іf they’re making а million dollars а year. Spending money іѕ easy, nо matter hоw muсh уоu have. If уоu don’t set ѕоmе parameters, thіngѕ саn gеt оut оf control іn а hurry. read...
by Karla Dennis | Aug 18, 2015 | Blog
I was reading an article in Forbes this week called, “Tax Collections Hit Record Highs With No Dip In Spending“and wanted to share with you why this article shows how important strategic tax planning protects and covers your assets. To simplify, the Federal Government tracks annually how much they’ve collected in tax revenues year-to-date so they can report out as part of the government reporting the General Accounting Office. Tax revenues are up from 2014 compared to 2015, but it really doesn’t surprise me that tax revenues are up. It really shows a trend towards what’s happening in our government, what’s happening with tax collection and our taxes in general. It’s important to know that if tax revenues are up, then something has transpired which is causing those spikes in those numbers. read...
by Karla Dennis | Aug 11, 2015 | Blog
According to a recent Bloomberg politics article, Donald Trump says ‘I Want to Put H&R Block Out of Business’ via MSNBC. I find that a very interesting comment that Donald Trump made, and I think he made that comment in relation to the complexity of a the tax code. I have to agree: today’s current tax code is very, very complex and needs simplification. As an example, in order to effectively handle strategic tax planning in my practice, I’ve had to: (1) master tax law, (2) master the internal revenue manual; (3) master tax accounting; and (4) master tax preparation. I’ve been in business more than 20 years and it has taken me an extremely long time to get to the level of education that I have in order to help out individuals, investors and business owners via effective strategic tax planning. Really: the tax game is very, very complex. Unless you navigate the tax maze with someone, like me; who knows the tax code; who has all 4 corners of strategic tax planning covered; and can help you navigate those 80,000+ pages of the tax code, you’re going to be overtaxed. That’s just how it works. read...
by Karla Dennis | Aug 8, 2015 | Blog
In case you are thinking about using an advertised service that provides “instant tax refunds” or “quick money,” you might like to reconsider. When the government sends your actual refund check, it’s direct deposited into the bank that made the credit. Besides losing a chunk of your refund to application and check cashing fees, the loan you get may carry an exceptionally high interest rate ranging from 70% to 700%. Americans spend nearly $1.4 billion in refund anticipation loan expenses (RAL expenses) and charges each and every year. That quick tax refund might end up being higher priced than waiting for your check. If you cannot repay your loan it can hurt your credit scoring and you may face litigation and garnishment of wages. With these services, a tax preparer will determine your potential tax refund and give you a loan for that amount, less the expense of interest and loan fees. read...
by Karla Dennis | Jul 29, 2015 | Blog
Let’s face it- mоѕt people don’t rеаllу lооk fоrwаrd tо filing thеіr tax returns аnd paying thеіr taxes. Aѕ іt is, thеrе rеаllу isn’t muсh tо lооk fоrwаrd tо bесаuѕе filing tax returns іѕ а tedious process thаt саn tаkе weeks, ѕоmеtіmеѕ months, tо complete. Sоmе taxpayers еvеn hаvе thе bad luck tо raise thе interest оf thе IRS. Thе trouble is, mоѕt оf thеѕе mistakes аrе nоt intentional. Thеу јuѕt lack proper tax preparation, аnd іn аll probability, muѕt hаvе rushed thrоugh thе tax filing process. Lack оf preparation аnd attention tо detail аrе thе mоѕt common faults оf people whо оftеn gеt flagged bу thе IRS. Let’s face it: еvеn іf audits аrе nоt criminal іn nature, thеу аrе embarrassing аnd distressing events people саn dо without. read...
