UPDATE ON TRUMP ORGANIZATION’S ALLEGED TAX CRIMES

Donald Trump, the former president of the United States, has been charged with several crimes related to tax. 

The 73-year-old Allen Weisselberg changed himself to the authorities in New York from Thursday. He got charged later with about one point seven million worth of income. 

The prosecutors state that the fifteen-year, very long scheme has helped executives evade the taxes entirely by giving good benefits. These benefits include school fees and rent. These were all hidden from the authorities. 

Donald Trump’s lawyers and people like Mr. Weisselberg begged for Trump. They begged that he wasn’t guilty of any sort or type of tax fraud. 

There wasn’t any form or type of charge which was brought personally to Trump. No one but prosecutors stated that the very old president signed some cheques at the midpoints of cases. 

The entire organization of Trump was a complete family holding firm that generally owned hotels and some other properties of sorts. 

The organization of Trump was a family holding company that owned other properties, golf clubs, and hotels. These were the cornerstone of the globally owned brands, which compiled various book deals. These included Trump TV shows and skyscrapers. 

These criminal charges were one of the first to rise from very long investigations. They also reached into fraud which Trump and his attorneys still claimed he didn’t do. 

The former president ordered everyone to hand out lots of tax returns to the prosecutors. 

What happened to New York after it was said that he committed Tax Crimes? 

New York was one of the latest people to cut all business ties with the former president. 

It was inquired by the District Attorney, also known as Attorney Cyrus Vance, that he focused on things like if Mr. Weisselberg and various other executives of the company got several benefits which included leased cars and apartment rentals without sending them properly through their tax returns. 

These charges got announced on Thursday, and they included falsifying business records and tax fraud. 

What Went Down at the Hearing 

From the Manhattan Criminal Court, the hearing’s prosecutor, known as Carey Dunne, stated that this was an audacious and sweeping scheme involving all of the book’s payments types. 

Several senior executives that benefitted themselves and the company later ended up getting pay raises in secret at the expense of federal and state taxpayers.

Mr. Weisselberg stated he was fully prepared to face and fight all of these challenges in court whenever they come. 

Everything wasn’t about politics

Donald Trump and all of his allies stated that the investigations were nothing but motivated politically. This indictment got served when Mr. Trump discussed a comeback that might occur in 2024 as the president of the United States. 

Donald Trump publicly announced that the witch hunt that occurred politically by the democrats with places like New York was now entirely with the assignment. We feel Trump wants to do everything he can to get back to power. Let’s just watch and see how it all plays out.

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HOW TO ACCESS THE IRS CHILD TAX CREDITS

A few months ago, Congress passed a COVID stimulus plan which entails that any parent with a child under the age of 17, may be qualified for a child tax credit from the IRS. Credit will usually come in form of a direct deposit for a lot of people but the IRS provides tools that can be used online for other people.

The IRS states that, people  who did not file for tax return for 2019 or the year 2020 and those who also did not use the IRS Non-filer tool 2020 to register for Economic Impact Payments, are qualified to use this tool. This tool will allow them to give their needed information details, their qualifying children’s age which is 17 and under, and their direct deposit bank information to make it easier and faster for the IRS to deposit the payments directly into their savings account.

The moment the IRS processes their 2019 or 2020 tax returns, eligibility for advance payments  will be determined by the details or information provided.

In order for families to earn tax credits and other tax benefits, they should avoid using this tool.

Filing for a regular tax return should be their better option.

Here are some other things you need to know:

  • The American Rescue Plan Act, which was legislated in March, expanded and provided a newly-advanceable child tax credit.
  • The IRS usually calculates a person’s payment based on his or her tax returns which includes those individuals who use the Non-filer Sign up tool. The IRS will normally determine the initial amount of payment using the information or details entered using the Non-filer tool that was available last year (2020) if the return has not yet been filed or is still processing.
  • Each child under the age of 6 will be issued a payment up to $300 every month and a payment of up to $250 every month will be issued for each child from the age of 6 through 17.
  • These payments will be issued by direct deposit by the IRS so far as the information or details provided to the IRS is correct.

A lot of families are already signed up for the child tax credits. Whether you signed up or registered with the Non-filer tool in 2020, or you’ve filed for 2019 or 2020 tax returns, you will for sure get the monthly child tax credit automatically without having to sign up or take any other action. In addition to this process, individuals are also eligible to application for recovery rebate credit, also known as stimulus payment. Having at least one qualifying child, earning less than $24,800 as a married couple, you are allowed to use the Non-filer sign up tool provided by the IRS in order to get the child tax credit and get missing stimulus payments.

The list of things needed for you to complete this process include:

  • You are required to have or obtain Social Security numbers for your child or children. And also for you and your spouse.
  • A reliable mailing address is also required
  • You also need an E-mail address
  • Your bank account information or details should be given correctly if you are receiving your payment using direct deposit.
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What is the Main Goal in Creating the Federal Budget?

Hello there, today I’ll be talking about the main reason the Federal budget was created. Without wasting much time, let’s roll. 

Why was the Federal Budget Created? 

The United States Constitution, the First Article’s 7th section, has congress the power to spend and raise revenue. There were about three ejected officials who presented the voters’ will. Those do not stay in offices. Congress needs to agree on where, when, and how the burden of the tax falls. It also needed to decide who received the spending benefit. This budget puts in very hard numbers on where the priorities were. The entire budget allocated funding specifically for each program and its department. 

The process of budgeting made sure every congress’s voice was heard. These provided great debating opportunities. Whenever Federal Government’s budget is followed according to plan, the entire government runs smoothly without little or no problems at hand. 

What would go wrong if the Federal Budget is not Followed 

You don’t want to run your nation like a low-income developing country, trust me. Since the year 2010, congress has followed the national federal budget only twice. Some experts argued that this budget is not workable and cannot be followed no matter how they tried. At first, they shifted the budgetary leadership burden to congress. It was not workable because the burden was too high, and congress had many other things it was handling. The congress body was not structured enough to handle a leadership role.

Secondly, it demanded coordination levels which congress was not created to catch up or meet up with. 

Third, it created deadlines that were impossible, not realistic, fake, and unattainable. 

The events which came forth from the elections at mid-term in the year 2010 supported that argument. The republicans were winners in the house as a result of the tea party movement. Democrats controlled the presidency and the senate. These republicans did not want to support the budgets, as stated by Obama. This forgot about the process of making use of the federal budget. There they used the budget as a bargaining chip to achieve all of their goals. 

My thoughts on the Main Goal in Creating the Federal Budget?

After learning what happens in low-income developing countries, I have realized that nations don’t need to create or use federal government budgets. These budgets are completely unnecessary. There should be bodies, like assigned bodies, who have roles in various ways that could help the society, the communities, states, and the country as a whole. There are different parts of the country, am I right. Why should a federal budget be created to govern and rule the entire nation? What is then the purpose of the president or the governors or the members of congress? Let’s not forget about the senators. What also happens to people, individually and specifically. What happens when the budget doesn’t touch them, and they suffer from a lack of food or clean water. Stable sources of governance are needed instead of using the federal budget, please.

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Why Do I Owe Federal Taxes?

This is a question asked by practically every American. Like why do you owe federal taxes? What did I do? Who did I wrong? Well, this article might answer this serious question. Let me give it a go, shall I? 

What are the reasons I’m told I owe Federal Taxes? 

Whenever you finish handling the tax returns, and you don’t understand why you need to send a cheque to the IRS, one of the only explanations is that you didn’t pay them completely the amount you owed them. The amount of tax you paid during the year was more than the actual amount you paid or the amount of your income level. This is why whenever you think you’re done, it always shocks you, and you wonder, “Why do I still Owe Federal Taxes.”

Other ways you might still owe federal taxes 

Starting in 2018, different exemptions occurred dependently on others, and they were not taken from your income. 

If you work for a firm, company, or organization, the IRS would need your employer to hold some of your salary used to pay your taxes. The number of funds held would depend on different factors. You have a lot of control over the number of funds that are collected from your pay. The W-4 form you filled when your job started allows you to modify how much tax you have from your paychecks. The essential news is that you could always fill out a brand new form whenever you desire. You could increase the amount taken from your income. This would help get rid of that nasty tax bill that accrues at the end of the year. 

If you are not familiar with what the W-4 form is all about, you need to understand the way allowances work before you go and make some adjustments. All allowance you report represents various reductions in your taxable income. Some of these include exemptions dependent on your amount of tax through periods before the year 2018. As you try to get your tax returned, more allowances reported on your form would state that a lower amount of tax has been held from your paycheck. If you report for a higher amount of allowances on your W-4, there are several dependents obtained from your tax return. You could later write a check whenever the IRS comes over in the future. This is simply an example. 

Several different scenarios using the W-4 calculator could test these using calculator available at TurboTax.com. 

My thoughts on the reasons you owe Federal Taxes 

Where I come from, we don’t have the normal tax-paying system. All tax forms are added to every and anything we purchase. It doesn’t matter what you purchase. You could purchase food seasoning, a bucket, a broom, and it wouldn’t matter. You still end up paying tax on that product. It is not fair, but this is the world we live in. We need to pay up and let it go.

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What are Federal Block Grants?

Today I’ll be talking about federal block grants. But what are these federal block grants? Do you have any idea what they are or their use, or why the government created something like this in the first place? If you don’t, I’m here to talk about it and explain a thing or two to you. Are you ready? Let’s ride. 

Federal Block Grants Definition 

A federal block grand refers to a grant which aids different local governments or individual states from the United States. These grants are available to help in support of a variety of purpose programs. These programs include community development, public health, and social services, law enforcement. These block grants have a lower level of oversight from the federal government. They provide a high level of flexibility in different states. Especially when it comes to implementing and designing different programs, these general revenue, definite, and block grants are the three types of federal government grants which aid different programs. 

All through the block grant program provided by Medicaid, a state would get some money from the federal government. These block grants could be organized based on per capita or from the state’s needs. These states need to fill any or every funding gap if there is to be any difference between their spending and the level spent by the government of the United States of America. 

These block grants remain a debated topic in the U.S. The 2014 CRS (Congressional Research Service) has advocated and changed Medicaid to a block grant. It has also stated that these block grants help reduce the federal deficit, aids in increasing the rate of efficiency by the government, help in the redistribution of power, allow flexibility, and increase the rate of accountability. 

Different critics specifically are against changing Medicaid to a block grant. 

Why do these Critics fight against converting Medicaid to a block grant? 

These critics are wits and win against Medicaid becoming a block grant because it doesn’t profess the national government’s objectives. It doesn’t publicly announce what the government is doing to help citizens in the country. It also reduces the rate of government spending on domestic issues, for example. Vulnerable seniors or citizens suffering from disabilities and children with parents with a low income could lose all available access to health care because of the deep cuts that could go through Medicaid. Their critics state that as a result of these block grants, they remain decentralized. Because of this, it is quite challenging to measure the performance of block grants and hold local and state government officials accountable for all of their decisions. 

In the end, you now know what these federal block grants are. You also know the kinds of arguments that go around the white house. Citizens are living in the U.S are going through hell. It isn’t all rainbows and sunshine there. Here’s to hoping for the best and wishing the nation would do what is right. 

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What’s a Ponzi Scheme? (And Other Financial Scams to Avoid)

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Financial scams have only gotten more subtle in the last decades. The most popular examples – the Ponzi scheme and the Pyramid scheme are still happening to date. This is because fraudsters find new ways to keep these fraudulent schemes afloat even when they’re against the law. In this article, we’ll be talking about Ponzi schemes and providing a list of financial scams to avoid at all costs.

A Ponzi scheme is a fraud that often proposes an investment opportunity. They offer unrealistic promises and ROIs (return on investments) within a short time by paying earlier investors with the money from more recent investors. This scheme will often masquerade as a business opportunity for some hidden, untapped well of gold. They will often act as though there is legitimacy and actual business activities going on; however, all the funds are most likely funds received from unknowing investors.

A Pyramid scheme is also a financial scam to avoid. This scheme is quite similar to the Ponzi scheme, except there is the presence of products. A pyramid scheme is a model of business that masquerades as a business with a distributorship program. The real profit, however, comes from convincing other people to register and pay to become distributors themselves.

Some other Financial Scams to Avoid

  1. Advance Fee Schemes – This occurs when a person promises to give you a product of greater value worth more than the funds you will provide. They often end up paying little to nothing in return to the victim.
  1. Charity and Disaster Fraud – In times like these, many fraudsters are masquerading as charity companies. It is important to only donate to credible sources.
  1. Counterfeit Prescription Drugs – Under-the-counter drug sales are often fraudulent, with either the victim being scammed or the drug is hazardous and unsafe.
  1. Credit Card Fraud – This is when a credit card is used without permission. Unauthorized use of debit/credit cards has been used to steal money, assets, and even property.
  1. Illegal Sports Betting – Illegal sports betting happens at underground clubs or events where a lot of money is placed on the results of sporting events. Because these events are so secretive, there is little to no official security which makes it dangerous.
  1. Internet Auction Fraud – Internet auctions can be extremely fraudulent. If you are not sure of the source and the product, it is better to avoid them.
  1. Investment Frauds – Investment frauds are quite similar to Ponzi schemes; however, they can come in several forms. If you’re being coerced into an investment, ensure that the claims being made are true and not false.
  1. Money Mules – A money mule is someone who moves money, usually physically or via internet banking, from one person to another. If the money is stolen or gotten via fraudulent activities, being a money mule can be a criminal offense. If a person you hardly know asks you to hold a large amount of money for them, always ask questions.

The FBI has compiled a list of common scams and crimes to be aware of. If you would like to read the full list, please click here.

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How to Choose an Investment Brokerage

how-to-choose-investment-brokerage

Choosing an investment brokerage is a step that must be taken cautiously. In this article, we’ll be sharing how to choose an investment brokerage.

Before we begin with this article, it is important to define some terms that you will be seeing in the article. A brokerage can be defined as a company or business that purchases and sells goods, assets, and stocks for its clients. It is the business of being a broker. A broker can be a person or a firm that finds excellent deals (whether to sell or buy) for a client and then arranges a safe transaction between the parties for a fee or a commission. Most brokers charge a certain percentage instead of a flat-rate fee. You can review the broker as the middle person between the buyer and the seller. A brokerage account is an account specifically for investments.

Although you are allowed to withdraw money from that account, it is safer to reserve that money for investments. Investments can be stocks, mutual funds, bonds, or ETFs. Your brokerage account holds your funds, and yes, the cash in it belongs to you. However, you may not be able to access your brokerage cash immediately because it could be sitting in stocks or mutual funds. To access it, you’d have to sell your stocks or mutual funds. We hope this has provided you with an adequate and clear explanation.

If you’re interested in investments but do not have much time or knowledge on the field, you can hire the services of a brokerage (a company of brokers). Now, how do you choose an investment brokerage or broker? Here are the steps you should take.

  1. Ask Trusted Friends and Family – The first place to begin is to ask your friends and family. If you have a trusted friend or family member that regularly invests, you should ask them about their broker. This is one of the safest ways to find an investment brokerage. Also, if you’re the sort of person who prefers seeing your broker physically, you’d be better off following this option. A brokerage recommended to you by trusted friends and family will be closer to your location.
  1. Ask Yourself A Few Questions – If you don’t know a broker personally before you start searching for one, understand what your needs are. There are certain kinds of stocks you should be purchasing at different levels of your life. The younger you are, the more risks you can take; once you get closer to retirement, you’ll want to focus on low-risk investments such as mutual funds.
  1. Find the Brokerage that matches your needs – Now that you’re fully aware of the kind of investments you’ll be dabbling in, it’s time to find an investor. You’ll need to narrow the field and know the brokerage firms that focus on the sort of investments you want. If you’re nearing retirement, you can ask your colleagues at work and scrutinize the options.
  1. Look for Security – When you find your options, you’ll need to search for the following. Any brokerage you select must be on the SIPC website as a member of the Securities Investor Protection Corporation. They must also be a member of the Financial Industry Regulatory Authority. You can click here to ensure they are registered. Their checking, savings, and deposit products should be covered by the Federal Deposit Insurance Corporation, and they should have an insurance plan available for their customers.

For more information, please click here.

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How People with No Credit or Low Credit Can Improve Their Credit Scores

increase-credit-score

You can improve your credit score by following a few simple steps. Your credit card score is a number that estimates the owner’s (of the card) financial decisions. A credit card score will show the creditworthiness of an owner. The credit card score is usually a number between 300-850. 300 to 629 is regarded as a bad credit score, 630-689 is regarded as a fair credit score, 690-719 is regarded as a good credit score, and finally, 720-850 is regarded as an excellent credit score.

Your credit card score is extremely important because it can determine if you get an apartment, if you can purchase a car and if you can apply for a loan. Your credit card score can keep you from getting a great (annual percentage rate) APR. For those who are unaware, your APR includes your interest rate and the cost of procuring the loan.

In these unprecedented times, many people need money to get back on their feet or meet up with their bills. Unfortunately, they may have a bad credit score, or they may be unwilling to get another credit card. Bad credit scores are not always a result of poor spending. Sometimes a bad credit score is a result of short credit history or financial mistakes. In this article, we’ll be sharing how people with no credit or low credit can improve their credit scores.

  1. Build Your Credit File –  Your credit file is a file that contains your credit history. By building a file and having a long history, you’ll have a better chance of increasing your credit score. You can do this by opening accounts that will be reported to the top credit bureaus. If you have several accounts open and are active on them, you’ll be able to show that you are a good borrower who can pay back loans.
  1. Don’t Skip Payments – To build your credit score, you’ll need to have consistently paid on time. Don’t skip your payments, no matter how tempting it may be. If you have payments to make, ensure you make them at the right time. If you miss your loan or credit card payments by over a month, you might get reported to the credit bureaus, which will reduce the credit score you’ve worked so hard to increase. You should also make frequent payments.
  1. Use a Credit Builder Credit Card – A credit builder credit card is a card that is made to help people with no credit or people with low credit. You can apply for a credit builder credit card if your income isn’t high enough for the credit card you prefer. You can apply for a credit builder credit card if you have a poor credit score, and you can apply for a credit builder credit card if you’ve never had a credit card before.

Credit builder cards will offer you a low credit limit; however, they also have a high (Annual Percentage Rate) APR. Your APR will get lower in time as long as you’re making your payments on time. Good handling of your credit builder card will help you improve your credit score and can also help you increase your low credit limit. Some credit builder cards are the  Nexo Card, the Gemini Credit Card, and the Bitpanda Visa Card.

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Tips on Saving for Retirement

save-more-for-retirement

Hello everyone. I’m sure today you’ll want to learn about wonderful tips on saving funds for retirement. Well, who’s the best person to ask on how you could plan for retirement than people that are retired. I’m also one of the best people to ask cause my dad has been retired since 2005 and he’s living his life as a very happy man. So come on, get on, giddy up, let’s ride. 

How you can Save Properly for Retirement 

You need to check up on your investments before you retire.

The funds that are needed five to ten years after you retire are highly vulnerable. Make sure you don’t overspend. If those funds get lost, it is very difficult to get them back over time. You need to look out for investments that have income sources that you could easily predict. You need to know that if an income source is predictable, the return would be lower. 

You need to know that inflation occurs naturally 

Rising prices and inflation could chew away at all of your retirement. As you plan to retire, make sure you assume for a fact that prices would rise. Don’t stop planning for this. 

You need to talk to your partner about how you’ll spend after retirement 

Your latter needs to know all of your plans. You need to be open with them. If both of you are on the same page, just the way couples talk about buying a new house or a new car when they are working. It’ll end up being a great habit/character to talk to your partner about retirement financial plans too. 

Don’t forget about your physical health 

Some seconds ago I wrote an article about the link between your financial health and your physical health. Make sure that you take very good care of yourself physically. It is someone alive that can talk about plans for retirement you know. 

You know the costs of health care are quite much. You need to remain fit today so when you’re tired, your fitness would carry on. The costs for health care are usually overlooked by retirees. This still makes things spin out of control whenever issues related to health come alone. You should always think about the projections assigned to your physical health needs. 

You need to create a retirement budget and make sure you always follow it.

This is a great way to plan for your life after retirement. For you to know how much you spend. A lot of people never care about the amount of money they spend when they retire. If you need some assistance starting, you could converse with one of our investment professionals. Several people have stated they could calculate their spendings done by the year after retirement. You could join them you know. 

So there we have it. Using the tips I mentioned above, you can properly save for retirement. Enjoy!

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Why Were U.S. Stimulus Checks Delayed for Social Security Recipients?

stimulus-check-delayed

Recipients of Social Security checks and several other Americans that don’t file taxes could expect their stimulus payments to get processed this weekend. There’s the treasury department and it announced that on Tuesday. Several payments got sent electronically and they entered bank accounts on the birthday of this writer, 7th of April. 

All through the IRS, it started issuing the third payments for stimulus reasons in the middle of March. These deposits from about thirty million people that received the Social Security checks got delayed. This article would be explaining why it got delayed. 

It got delayed because the Social Security Administration lagged from sending the Internal Revenue service the necessary information it is needed. 

The IRS got information last week after some lawmakers pressured the SSA to send the necessary information.

If any other issue is absent, the Internal Revenue Service would with immediate effect complete their jobs and start processing the files necessary for payment at the end of the week. That’s what the agency stated when conversing with the public. 

Several people in the group would get their payments straight to their bank accounts. Either through direct deposits or Direct Express cards. 

The IRS could get my payment tool would get updated as soon as these payments get processed. This would not be till the weekend. Some beneficiaries are from the federal government. These would not get their payments till the next week. 

All about Social Security Recipients 

It’s nice to be a Social Security Recipient. Like, I would just love to be a fly on the wall when my electronic credit alert comes through. It’ll be nice, to be honest. 

What are these stimulus checks for anyway 

You do know that the pandemic has affected a lot of people in ways you can’t imagine right. These social security checks are for people that were simply trying to live their lives when the pandemic came and chased them home. It is a means for them to survive and to keep thriving. That should simply be it I guess.

Who are the recipients Of these social security Stimulus checks 

Anyone and everyone. The thing is. It depends on the kind of job you were performing before the pandemic started. This is important to know the amount of check you’ll be receiving. I don’t think everyone gets the same amount. Do you understand?

My thoughts on Why Were U.S. Stimulus Checks Delayed for Social Security Recipients?

I don’t like it when I am promised money at a time and a date and then when the checks are supposed to come, it gets delayed by one thing or the other. Honestly, it is very painful. Especially in this case that these recipients of these funds are really in need of it. Times are difficult now, delay in sending funds and obtaining checks is not funny. The IRS should do all they have to as soon as possible.

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