Archive for the ‘Personal Finances’ Category
Email from the IRS – It’s a scam!
The IRS does not initiate communication with taxpayers through email. It could be a phishing attempt to steal personal information. Identity thieves sometimes use social security numbers to file tax returns in order to receive a refund. If the thief files the tax return before you do, the IRS will believe you already filed and have received any eligible refund.
If you receive a notice or letter from the IRS in the mail that leads you to believe someone may have used your social security number fraudulently, please respond immediately to the name, address, and/or number printed on the IRS notice. You should be alert to possible identity theft if the IRS issued a notice or sent a letter that states more than one tax return was filed for you or indicates you received wages from an employer unknown to you.
If you receive a letter or notice in the mail claiming to be from the IRS but you think it’s a scam, contact the IRS to determine if it is legitimate. Contact the Treasury Inspector General for Tax Administration at 1-800-366-4484.
Should I Convert my Traditional IRA to a Roth IRA?
Recent tax law changes have made it possible to convert your traditional IRA to a Roth IRA. As of January 1, 2010, the income requirement for conversions or rollovers of traditional IRAs to Roth IRAs has been eliminated.
But just because you can do something does not mean you should do it. There are always pros and cons. There are also many factors to consider when making this decision. How old are you? What is the amount of the investment and how is it invested? Will the funds be needed for retirement income or will they be part of the estate? How would the conversion affect your tax situation and retirement and estate planning.
You should always discuss decisions like these with your CPA and financial planner.
Credit Cards: Top 10 Spending Habits That Will Get You Noticed
Santa Claus may not be watching you. But the Credit Card companies are.
Credit card companies are profiling you and certain types of purchases can be red flags to the card companies that are looking for signs of consumers with questionable finances.
Not too long ago, the Federal Trade Commission filed a suit against CompuCredit, which marketed the Visa Aspire card. Reilly Dolan was on the FTC’s litigation team. Mr. Dolan says, “Compucredit was reviewing how consumers used the credit card, and it would lower the available credit to consumers based on their transactional history.”
