For the Month of February 2008 --- Vol. 3, Issue 2
IN THIS ISSUE...
THE BEST THINGS IN LIFE ARE FREE! Ok...ok...maybe they're only "free" for identity thieves, but the Tax Man's a different story! Have no fear. The tax tips below can help you get through the process quickly and efficiently...and get to the real good news: a completed 2007 tax return!
Speaking of returns, how about returning a little peace of mind to your life? Did you know that more than 15 million people fall victim to identity theft each year? The article below can help you put a freeze on thieves that are looking to steal your identity.
Don't forget to spread the wealth. The info below may benefit your friends, family, and coworkers. So pass it along! And call or email me with any questions.
A TAXING TIME OF YEAR
It's that time again...time to start gathering all of that dreaded documentation to send to good old Uncle Sam! Recent stats say the IRS audited 1 out of every 97 returns last year, so it pays to be careful. And even though this may seem like a very painful process, taking just a few simple steps right now will make your tax filing far easier and more accurate.
Keep it together. Make a quick list of all the documents or statements that were needed to complete your return last year--or call your tax planning professional for a checklist. Use this as a checklist to make sure you have a good start on the documents you may need this year. As you receive tax documents in the mail, grab your checklist, and mark the item as received. Then, keep all of the tax documents together in a large file or envelope marked "2007 TAXES."
Do the math. According to the IRS, the most common mistake on tax returns is bad math--from transposed numbers to downright incorrect data. And with one document leading to the other, those errors can make a huge impact. And even if you use tax software, you're not off the hook--since they only add the info YOU put in. Double-check entries carefully.
Every last cent. The IRS receives copies of your Form 1099 earnings each tax season. So, they know how much you make in interest and dividend income, and they will use that info to double-check your filing information. Make sure you collect all your earnings statements and document them on your return.
Sign on the line. It sounds almost silly, but forgetting to sign a return is actually a fairly common oversight. And the IRS won't process a return that doesn't have a signature. So, make sure you sign to avoid resubmitting your paperwork and possibly paying late-filing fees.
*******************************************************
IN THIS ISSUE...
THE BEST THINGS IN LIFE ARE FREE! Ok...ok...maybe they're only "free" for identity thieves, but the Tax Man's a different story! Have no fear. The tax tips below can help you get through the process quickly and efficiently...and get to the real good news: a completed 2007 tax return!
Speaking of returns, how about returning a little peace of mind to your life? Did you know that more than 15 million people fall victim to identity theft each year? The article below can help you put a freeze on thieves that are looking to steal your identity.
Don't forget to spread the wealth. The info below may benefit your friends, family, and coworkers. So pass it along! And call or email me with any questions.
A TAXING TIME OF YEAR
It's that time again...time to start gathering all of that dreaded documentation to send to good old Uncle Sam! Recent stats say the IRS audited 1 out of every 97 returns last year, so it pays to be careful. And even though this may seem like a very painful process, taking just a few simple steps right now will make your tax filing far easier and more accurate.
Keep it together. Make a quick list of all the documents or statements that were needed to complete your return last year--or call your tax planning professional for a checklist. Use this as a checklist to make sure you have a good start on the documents you may need this year. As you receive tax documents in the mail, grab your checklist, and mark the item as received. Then, keep all of the tax documents together in a large file or envelope marked "2007 TAXES."
Do the math. According to the IRS, the most common mistake on tax returns is bad math--from transposed numbers to downright incorrect data. And with one document leading to the other, those errors can make a huge impact. And even if you use tax software, you're not off the hook--since they only add the info YOU put in. Double-check entries carefully.
Every last cent. The IRS receives copies of your Form 1099 earnings each tax season. So, they know how much you make in interest and dividend income, and they will use that info to double-check your filing information. Make sure you collect all your earnings statements and document them on your return.
Sign on the line. It sounds almost silly, but forgetting to sign a return is actually a fairly common oversight. And the IRS won't process a return that doesn't have a signature. So, make sure you sign to avoid resubmitting your paperwork and possibly paying late-filing fees.
*******************************************************
!!!!!!!! FREE RESOURCE!!!!!!!!
Are you tired of trying to figure out how to get out of debt and build wealth?
Do you wish you had a crystal ball that exposed all the unanswered questions about money?
Want to learn how to get out of debt including your home in 7 years or less?
Would you like to discover the secrets to increasing your equity in your home
and building a healthy size nest egg of 1 million or more for retirement?
I am conducting a FREE 70 minute Tele-seminar this Monday Feb 4th 2008
Simply click here to register... www.savemonthly.com/teleseminar
It starts at 7pm eastern time
There is only 97 lines reserved... with only a few remaining.
Jump at the chance to get in on the insider secrets to
eliminating debt and building wealth.
www.savemonthly.com/teleseminar
**************************************************************
Remember, there isn't a lot of room for error when you're dealing with the IRS. A slight miscalculation could mean the difference between getting a return and writing a check--or worse, paying a penalty. It pays to work with a tax professional. If you need a referral, contact me--I'm happy to help!
PUTTING A FREEZE ON IDENTITY THEFT
In the time it takes to count to ten, five new people will become victims of identity theft. In fact, according to the U.S. Department of Justice Statistics, identity theft is now passing drug trafficking as the number one crime in the nation--with more than 15 million victims every year.
Rather than lay awake at night worrying and wondering if your identity has been stolen, you can actually take a simple step to protect yourself... it's called a credit freeze (or, sometimes, a security freeze). Essentially, a credit freeze gives you the ability to "freeze" or lock access to your credit file--which helps prevent someone from opening a new account in your name.
Here's How It Works
When someone tries to open an account in your name, they'll be stopped in their tracks. That's because one of the first things a creditor will do before opening the account is pull a credit report.
By having a credit freeze in place, creditors aren't able to pull your credit report. And, since very few lenders will issue credit without first seeing a credit report, identity thieves can't open fraudulent accounts using your name. However, when you want to apply for credit, you can temporarily lift the freeze using a PIN... thus, allowing your legitimate application to be processed.
The Flip Side
First, it's important to remember that a credit freeze only stops someone from opening a fraudulent account. It can't stop them from using a stolen credit card. So you still need to keep the phone numbers of your credit cards handy, in case your cards are lost or stolen.
In addition, some critics argue that credit freezes have more of a downside than most people realize. That's because you won't be able to purchase a car, get a new credit card, or refinance a mortgage at a moment's notice. Instead, you'll have to plan ahead by lifting the freeze, which usually takes about three days.
For most major purchases, this won't be much of an issue--after all, how many of us buy a car or house on a whim? Typically, we make the decision to start looking and, at that point, can easily lift the credit freeze in anticipation of the purchase. However, a credit freeze can be problematic if you're at a department store and the cashier offers you 10% off your purchases if you open an instant credit card with the store.
Other Options
Opponents of credit freezes also argue that consumers can just as easily fight identity theft with fraud alerts, which require lenders to verify identity before issuing loans or credit. If you have reason to believe you've been a victim of identity theft, you can obtain a 90-day fraud alert. And if you provide reliable evidence that you are in fact a victim--using such documents as a police report--you can extend that fraud alert for up to seven years.
The problem is... fraud alerts only come into play AFTER you've been victimized. So for many consumers, credit freezes offer more protection and more peace of mind.
Here's the Shocker... You May Not Have a Choice!
Believe it or not, credit freezes aren't available in every state. Some states have yet to pass credit freeze laws. Why? Well... it all comes down to a battle between the big business of instant credit and the growing need for more secure personal information.
And, don't kid yourself, billions of dollars are at stake in this battle! Credit-reporting agencies sell credit reports to lenders, landlords, employers and other businesses. Department stores and retailers generate huge revenues by offering instant store credit cards that boost profits through interest and increased shopping. And, finally, we as consumers have simply grown accustom to receiving on-the-spot credit for our purchases.
To learn more about these issues and to find out if your state allows credit freezes, visit www.ConsumersUnion.org/finance/creditfreezeinfo.htm.
Enjoy the super bowl!
Billy Alvaro
P.S Anything and everything is possible when you have a solid plan and take action.
P.P.S would love to hear your comments.
Are you tired of trying to figure out how to get out of debt and build wealth?
Do you wish you had a crystal ball that exposed all the unanswered questions about money?
Want to learn how to get out of debt including your home in 7 years or less?
Would you like to discover the secrets to increasing your equity in your home
and building a healthy size nest egg of 1 million or more for retirement?
I am conducting a FREE 70 minute Tele-seminar this Monday Feb 4th 2008
Simply click here to register... www.savemonthly.com/teleseminar
It starts at 7pm eastern time
There is only 97 lines reserved... with only a few remaining.
Jump at the chance to get in on the insider secrets to
eliminating debt and building wealth.
www.savemonthly.com/teleseminar
**************************************************************
Remember, there isn't a lot of room for error when you're dealing with the IRS. A slight miscalculation could mean the difference between getting a return and writing a check--or worse, paying a penalty. It pays to work with a tax professional. If you need a referral, contact me--I'm happy to help!
PUTTING A FREEZE ON IDENTITY THEFT
In the time it takes to count to ten, five new people will become victims of identity theft. In fact, according to the U.S. Department of Justice Statistics, identity theft is now passing drug trafficking as the number one crime in the nation--with more than 15 million victims every year.
Rather than lay awake at night worrying and wondering if your identity has been stolen, you can actually take a simple step to protect yourself... it's called a credit freeze (or, sometimes, a security freeze). Essentially, a credit freeze gives you the ability to "freeze" or lock access to your credit file--which helps prevent someone from opening a new account in your name.
Here's How It Works
When someone tries to open an account in your name, they'll be stopped in their tracks. That's because one of the first things a creditor will do before opening the account is pull a credit report.
By having a credit freeze in place, creditors aren't able to pull your credit report. And, since very few lenders will issue credit without first seeing a credit report, identity thieves can't open fraudulent accounts using your name. However, when you want to apply for credit, you can temporarily lift the freeze using a PIN... thus, allowing your legitimate application to be processed.
The Flip Side
First, it's important to remember that a credit freeze only stops someone from opening a fraudulent account. It can't stop them from using a stolen credit card. So you still need to keep the phone numbers of your credit cards handy, in case your cards are lost or stolen.
In addition, some critics argue that credit freezes have more of a downside than most people realize. That's because you won't be able to purchase a car, get a new credit card, or refinance a mortgage at a moment's notice. Instead, you'll have to plan ahead by lifting the freeze, which usually takes about three days.
For most major purchases, this won't be much of an issue--after all, how many of us buy a car or house on a whim? Typically, we make the decision to start looking and, at that point, can easily lift the credit freeze in anticipation of the purchase. However, a credit freeze can be problematic if you're at a department store and the cashier offers you 10% off your purchases if you open an instant credit card with the store.
Other Options
Opponents of credit freezes also argue that consumers can just as easily fight identity theft with fraud alerts, which require lenders to verify identity before issuing loans or credit. If you have reason to believe you've been a victim of identity theft, you can obtain a 90-day fraud alert. And if you provide reliable evidence that you are in fact a victim--using such documents as a police report--you can extend that fraud alert for up to seven years.
The problem is... fraud alerts only come into play AFTER you've been victimized. So for many consumers, credit freezes offer more protection and more peace of mind.
Here's the Shocker... You May Not Have a Choice!
Believe it or not, credit freezes aren't available in every state. Some states have yet to pass credit freeze laws. Why? Well... it all comes down to a battle between the big business of instant credit and the growing need for more secure personal information.
And, don't kid yourself, billions of dollars are at stake in this battle! Credit-reporting agencies sell credit reports to lenders, landlords, employers and other businesses. Department stores and retailers generate huge revenues by offering instant store credit cards that boost profits through interest and increased shopping. And, finally, we as consumers have simply grown accustom to receiving on-the-spot credit for our purchases.
To learn more about these issues and to find out if your state allows credit freezes, visit www.ConsumersUnion.org/finance/creditfreezeinfo.htm.
Enjoy the super bowl!
Billy Alvaro
P.S Anything and everything is possible when you have a solid plan and take action.
P.P.S would love to hear your comments.
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