Your credit score, which is also referred to as your FICO score, is a measure that creditors use to assess your potential credit worthiness. Generally speaking, the higher your credit score, the less of a credit risk borrowers will perceive you to be. If you have a low FICO score, then you could be deemed…

WASHINGTON —The Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return. Taxpayers should keep all necessary records, such as W-2s, 1099s, receipts, canceled checks and other documents that support an item of income, or a deduction or credit,…

WASHINGTON – The Internal Revenue Service today urged people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax software providers. IRS phone assistors do not have additional information beyond what’s available on IRS.gov. The IRS and the…

Happy New Year! We pray 2021 will be a much better year for everyone! It is that time of year again. Envelopes will start arriving that say “Tax Documents.” Be sure to put all the documents in the same place so when you are ready to have your taxes done, they will all be together.…

Earlier this year, all of the television stations were running ads screaming “FREE, FREE, FREE.” That screaming was followed by ads for online tax preparation companies where you could file your taxes for FREE. Please be aware, there are restrictions on filing for free. One site I found allowed free filing if you have W-2…

If your employer offers a match, make sure you’re getting all you’re entitled to. Are you contributing the maximum to your workplace retirement plan? And does your employer match your contributions? If you answered yes to both questions, you need to be careful about how much money you place into your account each month. Getting…

A New York schoolteacher held more than $1.6 million in a Swiss bank account for years but failed to file the required Form FBAR (Report of Foreign Bank and Financial Accounts) with her tax return. In an audit, the IRS determined that she willfully tried to conceal the account and assessed an $803,000 penalty. She…

Taxpayer tip 2020-152 The IRS grouped all of the rights taxpayers have under the law into the Taxpayer Bill of Rights. Included in the list is the right to retain representation. Here’s what the right to retain representation means to taxpayers: Taxpayers have the right to retain an authorized representative of their choice to represent…

My sincere blessings for all this holiday season! May your Thanksgiving be a warm and friendly gathering as you celebrate with family and friends. Cherish every moment and take the opportunity to thank God for all you have!

While many are excited about the industry’s growth potential and understand turbulence comes with innovation, others wonder how they can still invest in digital assets with a semblance of stability. Many herald stablecoins as a solution. Palladium-backed cryptocurrency all have bullion as a reserve asset. They will never fall below the underlying asset price but…