Times of crisis, when others are suffering and you want to help most, is also when heartless fraudsters tend to strike. If you’re planning a donation, watch for these signs that a charity isn’t on the up-and-up.
The fly-by-night charity. Every legitimate charitable association had a start date, and some are still being formed. But during a major crisis, such as a natural disaster, donate to charities that you trust, which means those with a proven track record. If you’re unsure, check out a charity watchdog group for details.
The evasive caller. If you get a phone call from a charity, don’t be afraid to ask direct questions and expect direct answers. A legitimate caller will be upfront about the charity, the percentage of funds allocated to administration and marketing, and what target groups will be helped by your donation. Beware of vague claims such as “educating the public” or “promoting awareness.”
The urgent online request. Social media postings, fake websites, and emails brimming with desperate pleas for money may originate from the backroom computer of a scam artist. Never divulge your financial information via email and don’t assume that social media messages about a particular charity are legitimate.
You want your donations to provide help where it is most needed, not line a fraudster’s pocket. Take time to make sure the charity you’re donating to is legitimate. If we can help, let us know.
https://www.kellerowens.com/wp-content/uploads/hurricane-tropical-storm.jpg365548Keller & Owenshttps://www.kellerowens.com/wp-content/uploads/2015/11/logo.pngKeller & Owens2016-11-04 11:35:472016-11-04 11:35:47Beware of Bogus Charities
Once you have extended credit to a customer, you have a stake in continuing the relationship even if you suspect trouble is brewing. You don’t want to crack down on a good customer too hard too soon; yet you don’t want to be “taken” by a debtor who has become unable or unwilling to pay. The problem is distinguishing between slow payers and no-payers.
What you need is an early warning system to detect a credit problem in the making so you can stop additional sales to that customer and begin collection procedures in earnest. Here are some telltale signs of an account that is turning sour.
The debtor has begun paying erratically, settling up on smaller invoices while larger ones get older.
The debtor fails to return your phone calls or shows unusual annoyance at your inquiries.
Your requests for information, such as updated financial statements, are ignored.
The debtor places jumbo orders and presses you for a higher credit limit.
Despite the problems you are having, the debtor tries to coax you into providing a good credit report to another supplier.
Any one of these hints of trouble can mean it’s time to turn up the heat on your collection efforts with this debtor, and make no more sales unless they’re cash on delivery. Contact us for more tips.
https://www.kellerowens.com/wp-content/uploads/businessman-with-unpaid-bills.jpg365547Keller & Owenshttps://www.kellerowens.com/wp-content/uploads/2015/11/logo.pngKeller & Owens2016-11-04 11:29:402016-11-04 11:29:40Watch Out for These Early Warning Signs from Credit Customers
Will wedding bells be ringing for you along with holiday sleigh bells this year? If so, add tax planning to your to-do list. Here are tax tips for soon-to-be newlyweds.
Check the effect marriage will have on your tax bill. If you both work and earn about the same income, you may need to adjust your tax withholding to avoid an unexpected tax bill next April, as well as potential penalty and interest charges for underpayment of taxes.
Notify your employer. Both you and your spouse will need to file new Forms W-4, Employee’s Withholding Allowance Certificate, with your employers to reflect your married status.
Notify the IRS. You can use Form 8822, Change of Address, to update your mailing address if you move to a new home.
Notify the insurance marketplace. If you receive advance payments of the health insurance premium tax credit, marriage may change the amount you can claim.
Update your social security information. You’ll need a certified copy of your marriage certificate to accompany Form SS-5, Application for a Social Security Card, if you change your name. Otherwise the IRS won’t be able to cross-match your new name and your social security number when you file your return with your spouse.
Review your financial paperwork. Update your estate plan, making appropriate changes to wills, powers-of-attorney, and health care directives. Also review the beneficiary designations on your retirement plans and insurance policies.
Have questions? Contact us. We’ll help you get the financial part of your married life off to a great start.
https://www.kellerowens.com/wp-content/uploads/2015/08/wedding-flowers-rings.jpg365548Keller & Owenshttps://www.kellerowens.com/wp-content/uploads/2015/11/logo.pngKeller & Owens2016-11-04 11:17:172016-11-04 11:17:17Planning a Wedding Over the Holidays
After your death, the disposition of retirement accounts, life insurance policies, annuities, and accounts at financial institutions are governed by beneficiary designations. If those designations are outdated, unspecific, or wrong, your assets may not be distributed the way you would like. Here are items to consider.
Be specific and stay current. When you name a beneficiary, your assets can pass directly to that person or entity without going through a legal process called probate. Update the designations for life events such as divorce, remarriage, births, deaths, job changes, and retirement account conversions.
Think about unexpected outcomes. Be alert for the effect of taxes and unintended consequences. For example, if the money in your accounts is distributed directly to your heirs, they may be stuck with a large unexpected tax bill. For wealthier heirs, estate tax may also play a role. In 2016, the estate tax exclusion is $5.45 million and the top estate tax rate is 40%. Another concern: If one of your designated beneficiaries is disabled, government benefits may be reduced or eliminated by the transfer of assets. You may want to consult an attorney to establish a special needs trust to ensure your loved one is not adversely affected.
Name contingent beneficiaries. If your primary beneficiary dies or is incapacitated, having a backup, or contingent, selection will ensure that your assets are properly distributed. In some cases, a primary beneficiary may choose to disclaim, or waive, the right to the assets. In that case, contingent beneficiaries can step up to primary position.
Practice good recordkeeping. Keep your beneficiary designation forms in a safe location, and maintain current copies with your financial institution, attorney, or advisor.
Beneficiary designations are an important part of estate planning. Contact us for more information.
Are you thinking of returning to your childhood home to live with your parents? Although heading home after graduation or a divorce may feel like a setback, a temporary return to living with your parents can present opportunities to improve your financial situation.
For example, living with your parents means you can share the cost of rent, utilities, and food, resulting in reduced expenses. By establishing a realistic budget, you can make the most of these lower costs, and repay student loans or other debt more quickly. You can also build up savings for emergencies and long-term goals, such as buying a home of your own. A sound plan is to avoid additional debt while you’re working toward your financial independence. You also might consider paying expenses in cash to reduce your reliance on credit and help you stick to your budget.
For best results, establish clear expectations for both you and your parents before you move in together. Consider a written agreement that outlines the financial responsibilities of everyone in the household, and what the consequences will be for not living up to your promises. In addition, determine specific milestones you want to reach before you move out, and communicate them clearly. Goals could include accumulating $5,000 in savings, or reaching a six-month work anniversary at your job.
Contact us for suggestions about how to create an achievable financial plan.
https://www.kellerowens.com/wp-content/uploads/moving.jpg365548Keller & Owenshttps://www.kellerowens.com/wp-content/uploads/2015/11/logo.pngKeller & Owens2016-09-20 01:40:062016-09-20 01:40:06Returning Home as an Adult
Beware of Bogus Charities
/in Newsletter /by Keller & OwensTimes of crisis, when others are suffering and you want to help most, is also when heartless fraudsters tend to strike. If you’re planning a donation, watch for these signs that a charity isn’t on the up-and-up.
The fly-by-night charity. Every legitimate charitable association had a start date, and some are still being formed. But during a major crisis, such as a natural disaster, donate to charities that you trust, which means those with a proven track record. If you’re unsure, check out a charity watchdog group for details.
The evasive caller. If you get a phone call from a charity, don’t be afraid to ask direct questions and expect direct answers. A legitimate caller will be upfront about the charity, the percentage of funds allocated to administration and marketing, and what target groups will be helped by your donation. Beware of vague claims such as “educating the public” or “promoting awareness.”
The urgent online request. Social media postings, fake websites, and emails brimming with desperate pleas for money may originate from the backroom computer of a scam artist. Never divulge your financial information via email and don’t assume that social media messages about a particular charity are legitimate.
You want your donations to provide help where it is most needed, not line a fraudster’s pocket. Take time to make sure the charity you’re donating to is legitimate. If we can help, let us know.
Watch Out for These Early Warning Signs from Credit Customers
/in Newsletter /by Keller & OwensOnce you have extended credit to a customer, you have a stake in continuing the relationship even if you suspect trouble is brewing. You don’t want to crack down on a good customer too hard too soon; yet you don’t want to be “taken” by a debtor who has become unable or unwilling to pay. The problem is distinguishing between slow payers and no-payers.
What you need is an early warning system to detect a credit problem in the making so you can stop additional sales to that customer and begin collection procedures in earnest. Here are some telltale signs of an account that is turning sour.
Any one of these hints of trouble can mean it’s time to turn up the heat on your collection efforts with this debtor, and make no more sales unless they’re cash on delivery. Contact us for more tips.
Planning a Wedding Over the Holidays
/in Newsletter /by Keller & OwensWill wedding bells be ringing for you along with holiday sleigh bells this year? If so, add tax planning to your to-do list. Here are tax tips for soon-to-be newlyweds.
Check the effect marriage will have on your tax bill. If you both work and earn about the same income, you may need to adjust your tax withholding to avoid an unexpected tax bill next April, as well as potential penalty and interest charges for underpayment of taxes.
Notify your employer. Both you and your spouse will need to file new Forms W-4, Employee’s Withholding Allowance Certificate, with your employers to reflect your married status.
Notify the IRS. You can use Form 8822, Change of Address, to update your mailing address if you move to a new home.
Notify the insurance marketplace. If you receive advance payments of the health insurance premium tax credit, marriage may change the amount you can claim.
Update your social security information. You’ll need a certified copy of your marriage certificate to accompany Form SS-5, Application for a Social Security Card, if you change your name. Otherwise the IRS won’t be able to cross-match your new name and your social security number when you file your return with your spouse.
Review your financial paperwork. Update your estate plan, making appropriate changes to wills, powers-of-attorney, and health care directives. Also review the beneficiary designations on your retirement plans and insurance policies.
Have questions? Contact us. We’ll help you get the financial part of your married life off to a great start.
Designate Beneficiaries to Avoid Unintended Consequences
/in Newsletter /by Keller & OwensAfter your death, the disposition of retirement accounts, life insurance policies, annuities, and accounts at financial institutions are governed by beneficiary designations. If those designations are outdated, unspecific, or wrong, your assets may not be distributed the way you would like. Here are items to consider.
Be specific and stay current. When you name a beneficiary, your assets can pass directly to that person or entity without going through a legal process called probate. Update the designations for life events such as divorce, remarriage, births, deaths, job changes, and retirement account conversions.
Think about unexpected outcomes. Be alert for the effect of taxes and unintended consequences. For example, if the money in your accounts is distributed directly to your heirs, they may be stuck with a large unexpected tax bill. For wealthier heirs, estate tax may also play a role. In 2016, the estate tax exclusion is $5.45 million and the top estate tax rate is 40%. Another concern: If one of your designated beneficiaries is disabled, government benefits may be reduced or eliminated by the transfer of assets. You may want to consult an attorney to establish a special needs trust to ensure your loved one is not adversely affected.
Name contingent beneficiaries. If your primary beneficiary dies or is incapacitated, having a backup, or contingent, selection will ensure that your assets are properly distributed. In some cases, a primary beneficiary may choose to disclaim, or waive, the right to the assets. In that case, contingent beneficiaries can step up to primary position.
Practice good recordkeeping. Keep your beneficiary designation forms in a safe location, and maintain current copies with your financial institution, attorney, or advisor.
Beneficiary designations are an important part of estate planning. Contact us for more information.
Returning Home as an Adult
/in Newsletter /by Keller & OwensAre you thinking of returning to your childhood home to live with your parents? Although heading home after graduation or a divorce may feel like a setback, a temporary return to living with your parents can present opportunities to improve your financial situation.
For example, living with your parents means you can share the cost of rent, utilities, and food, resulting in reduced expenses. By establishing a realistic budget, you can make the most of these lower costs, and repay student loans or other debt more quickly. You can also build up savings for emergencies and long-term goals, such as buying a home of your own. A sound plan is to avoid additional debt while you’re working toward your financial independence. You also might consider paying expenses in cash to reduce your reliance on credit and help you stick to your budget.
For best results, establish clear expectations for both you and your parents before you move in together. Consider a written agreement that outlines the financial responsibilities of everyone in the household, and what the consequences will be for not living up to your promises. In addition, determine specific milestones you want to reach before you move out, and communicate them clearly. Goals could include accumulating $5,000 in savings, or reaching a six-month work anniversary at your job.
Contact us for suggestions about how to create an achievable financial plan.