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6 Tax Red Flags That Can Get You Audited
Teach Your Kids About Money (They'll Thank You Later)
Police warn of IRS scams during tax season
Consultant's Corner: Irs Schedule C Audit..
A Quick Guide to Health Insurance for the Newly Unemployed


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6 Tax Red Flags That Can Get You Audited

Nobody wants to be audited. But about 1 in 150 of us will experience some type of audit in our lifetime. That’s the bad news. The good news is that if you avoid these six potential red flags, you may be able reduce your chances of getting the dreaded audit notice in the future.
1. You don’t disclose all of your income.
This one sounds like common sense, but you’d be surprised. The IRS gets copies of your W-2’s, 1099’s that report your interest, dividends, capital gains and losses from investments (sales of stocks, bonds, mutual funds, etc), compensation paid to you as a self-employed independent contractor, and other income items.

Teach Your Kids About Money (They'll Thank You Later)

Money can be a tough subject. In some families it is taboo. Other times it is just too abstract. Here, Kate Ashford outlines a few fun and concrete ways to talk about finances with your children. 

As parents, we pass a lot of wisdom on to our children, but we seem to be leaving money know-how up to chance.

I recently realized that my oldest daughter, who just turned five, doesn’t know a penny from a quarter. That may not seem significant, but part of the problem with financial literacy today is that money isn’t tangible anymore.

Police warn of IRS scams during tax season

During the current tax season, the Police Department has seen a drastic increase in fraudulent IRS related incidents and would like to caution residents who may be purchasing a Green Dot, or other prepaid debit card, under threat of prosecution for tax issues.

Several cases have been reported in which victims received phone calls from individuals claiming to be local law enforcement officers and/or agents with the IRS. In each case, the caller claimed the victim was delinquent in his/her tax payment and instructed the victim to purchase pre-paid debit cards in order to repay the taxes, threatening that the victim would be arrested if he/she failed to comply.

Consultant's Corner: Irs Schedule C Audit..

Question: I have just received my first notice from the IRS indicating that there will be a Schedule C Audit. What should I expect?
The IRS should have provided you with an Information Document Request that will tell you specifically what they want to review in this first meeting. Review this document request with your accountant as a first step. The time spent gathering and organizing the required supporting records is often more than the time that will be spent in the meeting with the IRS.

A Quick Guide to Health Insurance for the Newly Unemployed

Ed Note:When you lose a job, you lose more than just a paycheck. You also lose any employer-paid health insurance benefits. Fortunately, you have lots of options for keeping or replacing your current health insurance policy.

Getting laid off will make you feel bad enough, but realizing that you now have to figure out what to do about your health insurance can fill you with absolute dread. While we can’t get you a new job, we can help you sort out the options you have when you lose employer-paid health insurance.

2014 Tax season: 12% of Americans say it's OK to cheat on taxes

While the vast majority of Americans say cheating on taxes is unacceptable, a good amount think it's perfectly fine to under-report income, claim bogus deductions and inflate credits.

When asked how acceptable it is to cheat on taxes, if at all, 12% of respondents answered "a little here and there" or "as much as possible," according to a survey from the IRS Oversight Board that polled 1,000 people.

That's up slightly from 11% in 2012 and up from a low of 9% in 2008.

Corresponding with that increase, the survey found that opinions about the IRS have grown more negative, with an increasing number of people saying the agency devotes too many resources to enforcement instead of consumer services.

Enroll for Health Insurance Soon or Pay the Price, Litterally

Ed note:There’s a lot to understand about the new Affordable Care Act, but the issue that has many people very confused is the penalty. The Tax Institute’s lead tax research analyst Lindsey Buchholz explains when and how the penalty could affect you. 

If you are required to haveminimum essential health care insurance in 2014, you need to act quickly if you have not enrolled. The deadline for open enrollment in a Marketplace health insurance plan will close on March 31, 2014.

If you don’t enroll before March 31, and are not eligible for an exemption, you will likely be charged the penalty on your 2014 tax return you file in 2015.

Apple Is Increasing Its Staff In China As Work On Bigger iPhones Continues


Apple is said to have been on a hiring spree in China and Taiwan in an attempt to speed up the development of a pair of bigger, phablet-style iPhones, according to a recent report.
The news comesfrom The Wall Street Journal, which explains that Apple has been hiring staff away from companies including HTC, and argues that the Cupertino, Calif.

2014 Forbes Billionare List, Top 10

The ranks of the world’s billionaires continue to scale new heights–and stretch to new corners of the world. Our global wealth team found 1,645 billionaires with an aggregate net worth of $6.4 trillion, up from $5.4 trillion a year ago. We unearthed 268 new ten-figure fortunes, including a record 42 new women billionaires. In total, there are 172 women on the list, more than ever before and up from 138 last year. 

Bill Gates is back on top after a four-year hiatus, reclaiming the title of world’s richest person from telecom mogul Carlos Slim Helu of Mexico, who ranked No.

7 Smart Ways To Spend Your Tax Refund

An income tax refund can never come at a bad time! The only hard thing about getting "free" money is deciding how to spend it. You could always blow it on some gadget you'll forget about in a month. Or, you can spend your tax refund on something that will benefit you in the long run - like, your finances. If you're due a refund, here are some smart ways to spend it that will improve your credit and reduce your debt.

Putting your refund away for a rainy day is a wise decision.
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