On Taxes, Fairness, Politics – and You

On Taxes, Fairness, Politics – and You

Lately there’s been some (or a lot of) discussion about what is fair when it comes to paying income taxes in America. The gist of what I understand the question at stake seems to be:

Should those who have a boatload of money and can
afford everything they ever want, need, or desire for the
rest of their lives without working another day
be using so-called tax havens to avoid paying taxes?

Before we go any further, let me repeat something I’ve said several times before but that’s worth restating here for my new readers: I don’t care much for politics. By that, I mean I don’t get emotionally bent out of shape discussing it. As you might expect, I have close friends who are diehard party-line members on both sides.

As a citizen and a financial professional, I must stay informed, and of course I have my own opinions – who doesn’t? What I’m saying is that I could go either way, at any time, based on the SPECIFIC issue at stake. So if you don’t like my views, please don’t take it personally.

To Answer the Question

I don’t think anyone – rich, poor, or in-between – should be criticized for paying nothing more than what they are legally required to pay. Isn’t that what fairness is all about? Paying what you must pay?

I can understand people wanting to make sure that the Federal government gets more revenue, especially in this age when America is running unimaginable deficits all over the place, but we must not forget that Uncle Sam makes the laws for us to follow and can take pretty good care of himself when it come to taxes. Trust me on this one and never try to shortchange the IRS on your taxes, because it won’t be pretty when they catch up with you.

I may not be one of the wealthiest folks; however, I know things in the tax code which IF I follow them – LEGALLY – can incredibly reduce or completely eliminate the taxes I need to pay. In fact, some of my clients are thrilled to work with me because of how we have used our proven strategies to position them to keep more of their money, to the extent that the law allows.

Does that make me an unpatriotic, inconsiderate guy? I hope not!

When YOU file your taxes, don’t you wish your tax guy/gal would “save” you all he/she could, as long as it was done legally? Thing is, there’s no law on the books preventing ANYONE from paying more than they’re required into the treasury, or even donating all of their income to Uncle Sam. But I’m not sure I’ve ever met anyone who deliberately pays more than they’re required to pay.

So I’m not sure exactly whose “side” I’m on with this tax issue, but I’m definitely getting some calls and messages from friends on both sides. Feel free to weigh in and let me know what you think below.

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Contact us TODAY to schedule your complimentary, no-obligation consultation and learn how you can LEGALLY reduce your tax liability. These are proven methods – not loopholes or gimmicks. 877.656.9111 or LaserFG.com.

Think the FDIC Means Banks Failures Are a Thing of the Past? Think Again!!

Think the FDIC Means Banks Failures Are a Thing of the Past? Think Again!!

I don’t know about you, but it seems that most people regard bank failures as a thing of the very distant past. Many somehow believe that the existence of the Federal Deposit InsuranceCorporation (FDIC)   means that banks simply cannot fail. The thing is, in reality, that’s not the case at all; in fact, the complete opposite is true. The FDIC’s very existence is due to the fact that banks continue to fail to this very day.

 
I believe this misperception about the security of American banks is due to the fact that most of us tend to automatically equate the “Member FDIC” sign that most banks proudly display to mean they’re immune from failing.  Besides, when was the last time you heard or read about the failure of a bank? Rare news, right?  Well, here’s some news you may have missed.


Did you know between January and December of 2011, as many as 92 banks failed? That’s an average of eight FDIC takeovers per month last year. However, that’s better than 2010, when the number of bank failures was 157. And in case you’re wondering, 140 banks went under in 2009. So we’re talking 389 bank failures in America – yes, these United States – in just the last three years.


Is this surprising information to you? What do we really expect in an age when who wore what to the Golden Globe Awards or who’s divorcing whom is considered more important news than personal finance facts?


Hey, for the record, I’m all in favor of whatever stories any news outlet wants to feature. That’s up to the reporters and their bosses (and it’s unlikely they’d give a damn what I think anyway). 


However, based on the way things are going, I strongly believe that if you’re not really careful, you could be totally blindsided by what is really important to your financial well being. Take control of your financial destiny – start by staying smart and informed!
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Contact a financial professional at Laser Financial Group today to schedule your complimentary, no-obligation consultation to assess your savings and retirement goals. Get savvy information from advisors with a proven track record! 877.656.9111 or LaserFG.com.

Why “Year-End Tax Saving” Tips are a Fraud

Why “Year-End Tax Saving” Tips are a Fraud


That headline may seem a bit strong, but if you’ve followed my columns for any amount of time, you know by now that I don’t just make statements for the heck of it. So what exactly do I mean by my strong words?

Here’s what a ton of folks are missing. Which tax year are we talking about? Of course, it’s 2011. But, my friend, that year has ended and is gone. So the natural question here is: What good are the saving tips going to do anyone? Nevertheless, from now through about April 15, we will be inundated with all kinds of claims from so-called experts about these “year-end” tricks, from local to national media.

But really?


I’m not claiming to be a tax expert – I don’t even specialize in income-tax filing. But I’m not totally clueless either. I trained and worked professionally in the field of accountancy, and to date I’m a full-fledged member of the Maryland Society of Accountants.

So what I know is that once the calendar rolls over to January 1, your tax-fate for the previous year (2011 in this case) had already been sealed. You are smart, so you get my point by now that it’s completely bogus to talk about tax saving tips in retrospect.

Now to a much bigger point, and one that some tax CPAs are not going to like (except for the really good ones on whom you should spend your money who know I’m stating an indisputable fact): If your tax professional waits until tax-time (after year end) to tell you they saved you money on your income taxes, don’t waste your money on him or her. It makes much more sense (and happens to be correct, also) that you develop your tax-saving strategy at the beginning of the tax year and act on it throughout the year.

Tax professionals who really understand how taxes work in America and are not just entering your data into a computer program know this is the way to go. Besides, successful and financially savvy folks (at least the ones I know) have no use for year-end strategies. At the end of the year, they already know what happened and their expected tax situation.

It’s your money, but if it were me, I’d fire any tax professional whose focus is on all that “year-end” stuff !

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Start the new year off right with sound financial advice from professionals with a proven track record. Learn how to keep every penny of your retirement savings, no matter what the stock market does! Make your no-obligation appointment today: 877.656.9111 or LaserFG.com.

Inexpensive, Effective Tips for Protecting Your Identity (Part 2)

Given that this is Part 2 to my December 12 post, you might want to read that one first – if you haven’t done so already.


I’ll be the first to admit that some of these tips might sound like we should be walking on pins and needles. Remember, though, that identity thieves are growing increasingly sophisticated in the schemes they use to snatch people’s information, so it behooves you to leave absolutely no stone unturned. Better armed than sorry.

Tip #6: One thing you need to bear in mind is that wireless networks in public areas like restaurants, coffeehouses, airports, and hotels most often have very low security settings – because the idea is to allow easy and/or free access. This, however, increases the possibility of someone intercepting your information.

 Tip #7: Always access your financial accounts from your very own computer because “public” computers may contain software that captures logon information, which could wind up in the hands of identity thieves. Of course, not everyone owns a computer, so if you must use another computer, please, be sure to completely delete all history of your use when you finish.


If possible, your passwords should combine letters, symbols, and numbers. It’s a great idea to mix upper and lower cases when composing your passwords. Make it a point to change your passwords on a regular basis – experts suggest doing this every 90 days or so. And desist from using the same password for multiple accounts. I know this is very tempting, but it’s a very dangerous habit. One last thing: Do not store your passwords on your computer or smartphone because should you ever lose it, you don’t know who might gain access to it.


Tip #8: Be sure to “logout” at the end of all your web sessions that involve your personal information. As it turns out, your access does not necessarily terminate by simply hitting the little “x” to close a browser or moving on to a new website.


Before you download anything, be sure you are fully aware of exactly what you are downloading. In this day and age when the face of this crime is getting more and more sophisticated, I’d strongly advise that you surf only those sites you know and trust and do your very best to avoid clicking on pop-up windows, no matter how tempting they may seem.


Let me mention here that, these tips are of course, not a guarantee that you won’t or cannot become a victim. But I believe they will go a mighty long way toward helping you  keep your information secure.


What to Do When You Discover Your Identity Has Been Stolen

• Place a fraud alert on your credit file by contacting one of the three national credit reporting bureaus. Call Equifax at (800-525-6285), Experian (888-397-3742), or TransUnion ( 800-680-7289). You need to contact only one of these credit bureaus, as whichever one you contact is required to notify the other two.

• Close accounts you know or believe may have been tampered with or opened fraudulently.
• Notify your local police department and get an “Identity Theft Report.”
• File a complaint with the Federal Trade Commission’s Identity Theft hotline at 877-438-4338 or by visiting their website. 

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Contact a financial professional at Laser Financial Group for a complimentary consultation to craft a personal plan that works for you. 877.656.9111 or LaserFG.com.

Season's Greetings from the Team at Laser Financial Group!

Season's Greetings from the team at Laser Financial Group!

Dear friend,

As you take some time off to gather with your family and friends, my team of exceptional professionals and I would like to express our sincerest gratitude to you – we thank you for your business, and most importantly, your friendship. We also extend to you and your family our wishes for a holiday season filled with love, joy, and hope.

Take care. Stay warm and blessed!


Samuel


PS: I’ll continue the ID theft series in my next post.

Inexpensive, Effective Tips for Protecting Your Identity (Part 1)

Inexpensive, Effective Tips for Protecting Your Identity (Part 1)

The Federal Trade Commission, estimates that somewhere in the neighborhood of 9 million Americans experience the horrible ordeal of having their identities stolen each year – a number that is growing by the hour.

Inasmuch as I wish no one would ever have to deal with the quite costly and cumbersome aftermath of this insidious crime, identity thieves are, unfortunately, REAL. And they have come up with countless, unassuming schemes (with new methods being discovered daily) that make it possible to rent apartments, obtain credit cards, sign up for cable TV and just about anything in their victims’ names.

So how do you ensure the safety of your personal information? Personally, (and I’m not an expert on this), I don’t think there’s any silver bullet, but I believe that by implementing these simple, everyday steps, you can greatly increase your chances of not becoming the easy prey of these good-for-nothing idiots who think they should make a living out of stealing other people’s credit and identities.

Tip #1: Understand that legitimate institutions will not and should not ask you to provide sensitive personal information via email. So, no matter how “official and legitimate” it may seem to you, DO NOT respond to any emails requesting personal information, such as your social security number, user IDs, passwords, credit card numbers, etc.

In that same spirit, NEVER release your personal information over the telephone, unless you initiated the call – as in, you dialed the institution’s number and know exactly whom you’re talking to.

Tip #2: Make a habit of reviewing all your account statements immediately after you receive them. Please pay attention to the transactions reported and be sure to promptly report any mistakes to your financial institution(s). 

Tip #3: Keep all documents containing your personal information in a secure place. It may be true that you live by yourself and that you allow only those you trust into your home, but there have been many cases of breached trust that resulted in stolen identities. Besides, keeping those critical information in a secure place does not necessarily mean you don’t trust people – it’s just good, old common sense.

Oh, and while on that subject of trust, remember to shred such documents before disposing of them, because some bad folks make a living out of Dumpster-diving, and you do not want them gaining access to your personal information.

Tip #4: Review your credit report for inaccuracies and unauthorized activity. Be sure to check and double-check for inquiries from companies you haven’t contacted, because someone else could have contacted them claiming to be you.

Everyone is entitled to a free copy of their credit report – each year – from the three major nationwide credit bureaus (Experian, Equifax, and TransUnion), so that could be a great starting point. The caveat here is that you must actually ask for your free report by calling (877) 322-8228 or visiting AnnualCreditReport.com.

Tip #5: Make sure your computer has security software and firewalls with the latest updates. Almost all security software has automatic update features, but to be sure and for the sake of safety, which by the way is the whole idea here, double-check that yours is configured to routinely perform those updates.

In my next post, I’ll share Tip #6 through #10, all of which are simple yet very effective ways of shielding your personal information from bad guys and gals.
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Contact a financial professional at Laser Financial Group today to schedule your complimentary, no-obligation consulation to review your financial goals and the best ways to reach them. 877.656.9111 or LaserFG.com.

The Surefire Way to Manage Your Holiday Shopping Budget

The Surefire Way to Manage Your Holiday Shopping Budget

It’s once again that time of year when we go shopping for our loved ones. Just so I don’t raise your hopes, this column is not about where you can get the best deals. Instead, let’s talk about what I call the “year-end shock syndrome.” Have you noticed that most people end up spending w-a-a-a-y much more than they actually “intended” – or rather, “expected” – when it’s all said and done?

Of course, that doesn’t happen to everyone, and I am by no means claiming to have a crystal ball, but I think I do know how it happens. You see, most of us want our loved ones to know how much we really care about them by the kind or size or price of the gift we give them. So we make a list of people (sometimes with gift items intended for them), and then we shop for the best deals we can find.

But at the end of it all, nine out of 10 people end up breaking their budgets – that’s if they had a budget to begin with. To be totally honest, that used to be me many, many years ago before I came up with this slightly different (yet powerful) approach that ensured that I stick to my budget.

Here’s what you need to do:

Understand the fact that the true value of a gift is not measured by its retail price. Just the thought behind presenting the gift trumps the price you paid for it at the store. I realize that conventional theory seems to suggest the opposite, but you’re going to have to make a shift in your thinking or be prepared to face the ugly consequences of excessive spending.

Just to be clear, I’m not suggesting that you give inexpensive gifts. Not at all. Who wouldn’t want to give their loved ones the entire world, so to speak? But to do that at the expense of staying financially sound is quite frankly foolish, wouldn’t you agree?


With that in mind, when you make your list of names, you MUST place dollar amounts next to them. As simple as this sounds, without this step you are sure to spend more than you intended to. If you think about it, why shouldn’t that happen? It’s an open check book (or credit), because you’ve placed no limit on your spending. 


To state the obvious, by actually including dollar amounts, you’ll know how much you will be spending so that it doesn’t come as a surprise after the fact. This is the best way for you to make the necessary adjustments to prevent any unintended negative consequences down the road. Have fun shopping!