Worried about an audit from the IRS? Have a stack of old credit card bills and bank statements cluttering your desk? Well, here are some great tips for how long to keep important financial documents: Tax returns and proof of filing: Forever – in case you are audited. Documents Supporting Tax Returns (W-2, 1099, receipts [...]
April 2007
Legislation to repeal last year’s on-line gambling ban was introduced by Rep. Barney Frank (D. MA) , the chairman of the House Financial Services Committee. The proposed legislation, Internet Gambling Regulation and Enforcement Act (link no longer available), proposes to legalize on-line gambling, while enforcing strict regulations and policing. History: There was an attempt to [...]
House Democrats from the tax writing committee have reached a consensus on reforming Alternative Minimum Tax (AMT) laws, according to CNN Money. The proposed revision will give the biggest tax break to middle and upper-middle class households. History: AMT was instituted in 1969 as a means to ensure the wealthiest households paid income taxes. The [...]
At least, the offer is good for up to $50,000 based on preset criteria for credit-worthiness. It’s a legitimate offer too, as it is from my bank. I paid off my auto loan with them about 6 months ago, and I guess they think it’s time for me to upgrade. I have a very reliable [...]
Walter Updegrave, Money Magazine senior editor, and author of the “Ask the Expert” column on CNN Money, received a question from a young reader about the best way to save for a planned trip around the world in 2009, even if it means having to forgo retirement savings. What was Walter’s response? Great idea! Skip [...]
I will start this by stating there are some great brokers out there. But there are also those who pay more attention to their interests than yours. And you know what? There aren’t always laws that require them to act in your best interest. Let me give you two personal examples of times when brokers [...]
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A current scam called the 1-cent deposit scam has been going around. This scam involves Automated Clearing House transactions. ACH is an electronic network of financial transactions. Because ACH transfers clear electronically, people are not asked to verify the transactions. The current scam involves a company that uses a computer program to generate bank account [...]
