“I choose to rise up out of that storm and see that in moments of desperation, fear, and helplessness, each of us can be a rainbow of hope, doing what we can to extend ourselves in kindness and grace to one another. And I know for sure that there is no them – there’s only…
YESTERDAY, a new client I saw said that she had been in a Chapter 13 paying $400/month for the last 12 months. But next year after her car was paid off, the plan payment would increase to $1,000/month which she would not be able to pay considering that her income had decreased by about $30,000…
HERE 10 tips if you owe but cannot immediately pay the IRS: • Pay What you can: Pay promptly to stop additional penalties and interest from accruing. If you are unable to pay, consider getting a loan to pay the bill in full rather than make installment payments to the IRS. • Additional Time to…
WE previously discussed the question of whether an employee’s signature to an independent contractor (IC) agreement binds the employee to the terms of that agreement. We noted that the law determines the worker’s status, not the parties’ agreement. Even if there was an IC agreement, workers who are treated as employees will not be bound…
MAYBE you’ve experienced this before: You’re driving down the road one cold, chilly day and before you know it, you find yourself surrounded by a thick white wall of dense fog. How did you react to the situation? If you’re like most people, perhaps you felt momentarily lost and confused or perhaps even panicked, not…
WE will discuss two recent cases involving clients who truly need a fresh start in life with no debts owed to anyone. The first case involves an individual who has been self employed with his own business for 10 years. The problem in this case is that the IRS levied his bank account last week…
IF YOU cannot pay all your taxes owed to the IRS, you may make an offer to pay a smaller sum to fully pay all taxes, penalties, and interests. This is called Offer in Compromise (OIC). Let’s discuss the pros and cons of OIC. Advantages: If the offer is accepted, you will be left alone;…
Why a fixed monthly salary may shortchange some employees Q: I WORK as a supervisor/team lead at a manufacturing plant. I supervise a few employees but I can’t hire or fire them. I am salaried and I work a lot of overtime because of a heavy workload. I am not paid overtime because my employer…
HOW much debt is too much? Are you worried that you have accumulated more debt than you can afford to pay back? One of the smartest things you can do in managing your finances is to know at all times how much total debt you have. Look at all your bills every month and review…
INDEED, dentistry is serious business. But that doesn’t mean we have to take ourselves too seriously all the time, right? Here are some dental-related fun facts: • A typical elephant’s molar weighs nearly nine pounds. • In 1994, a West Virginia prison inmate braided dental floss into a rope to escape! • The first toothbrush with animal…
One thing I truly enjoy about my job is my relationship with my clients. I get to speak with CEOs, Presidents from large corporations and small business owners from various industries, which keeps things interesting. The biggest difference that I see between large and small business are resources. The one thing that tends to elude…
SECTION 523(a)(8)(A)(ii) of the current bankruptcy code states that “an obligation to repay funds received as an educational benefit, scholarship or stipend;” is not dischargeable in bankruptcy unless excepting such debt from discharge would impose an undue hardship on the debtor and the debtor’s dependents. An adversarial proceeding is required to determine if a student…
TAX scams via email have become widespread over the last year. Thieves have become bolder. Their bogus IRS website has improved graphics and looks so real that even a veteran IRS auditor unwittingly logged into it. If he can be duped into this bogus website, what about ordinary folks like you and me? The IRS…
When employees are entitled to higher pay ANDREW Prizler worked as an hourly retail sales consultant at AT&T Mobility Services. Being in sales, he was also paid commissions. In June 2012, Prizler sued his employer, alleging that employer failed to pay him and other employees like him, all wages due, including overtime wages. Additionally, when…
ARE you having problems paying your debts? Are creditors calling you day and night threatening you with a wage garnishment, repossession or foreclosure? Are you starting to feel hopeless and depressed about your situation and don’t know where to turn for help? The last few years have been tough for a lot of people. You…
Have you ever found yourself asking this question? I asked myself the same 20 years ago, but found the answer. I’ve had many opportunities to work with Asian-owned small and medium-sized businesses. I quickly realized then the lack of knowledge these business owners had when it came to marketing. The most common statements heard were,…
CLIENT is a woman who is 72 years old. She worked as a mental health therapist for 40 years since she was actually a physician abroad. She was happy doing her job helping people to get their sanity back on track. She married her co-employee and they had two children. After 20 years, husband told…
ABOUT a dozen of my clients have complained of receiving threatening phone calls from the “IRS” to pay up or be subject to criminal investigation. This is a problem for us taxpaying folks. And it’s growing. The IRS renewed its warning about an emerging phone scam that continues to target people across the nation, especially…
IN 2005, Carolyn Gregory was assigned by her employer, a home health care agency, to work in the home of 85-year-old Lorraine Cott, who had long suffered from Alzheimer‘s disease. Carolyn was trained and experienced in caring for Alzheimer‘s patients. She knew they could be violent. Lorraine was combative and would bite, kick, scratch, and…
IF YOU are facing the prospect of filing bankruptcy for the first time in your life, this could be a frightening process. You probably have a thousand questions going through your mind as you contemplate your next move. Is bankruptcy the right thing to do or will it only make my situation worse? Will I…
TODAY there are as many women as there are men in dental schools. But 150 years ago it was very different. We admire and honor those women who paved the way. Women in dentistry Unofficially, women in dentistry go back a long way. Although a dental education wasn’t available to women until fairly recently, women have…
When a business owner dies or becomes permanently disabled, the business itself may die or be permanently disabled on the same day – not because something wrong was done – but because nothing was done! ACCORDING to a Forbes article, when Samsung Electronics chairman Lee Kun-Hee suffered a heart attack in May, investors began to…
CLIENT is 48 yrs old and operates a construction business. He also dabbles in fixer uppers to make money. His wife is an accountant and makes $5,000 a month. Business has not been good apparently. Their residence has equity of $200,000. He owes $150,000 of credit card debt which he used for business. Client has…
IF YOU paid someone to care for your child, spouse, or dependent, you may be able to claim the Child and Dependent Care Credit on your federal income tax return. Here are 10 tips on claiming a credit for child and dependent care expenses. • The expense for child and dependent care must be provided…
TERMINATIONS can be difficult situations, particularly where employees see the firing as unfair. Knowing one’s rights upon the end of an employment relationship may help employees weather this challenging time. The following provides some helpful guidelines: First: Make sure that the employment relationship has ended and there is no misunderstanding about this. Employment can end…
A PROSPECTIVE client was consulting with me the other day about credit card debts that have been piling up. He looked shocked and confused as we sorted through all the credit card statements on my desk and added up how much he owed. $65,000! That’s how much the statements said he owed! How could this…
Employees’ right to reimbursement COLIN Cochran sued his employer, Schwan’s Home Service, Inc., in a class action on behalf of about 1,500 customer service managers who were not reimbursed for expenses pertaining to the work-related use of their personal cell phones. Under California law, employees are entitled to reimbursements for expenses incurred in direct consequence…
OF course not. Why should I pay taxes based on the highest tax rates? The lowest rates belong to joint filers and widows, followed by heads of household, and single taxpayers. Certainly, it does not make sense to file married filing separate and pay those sky-high rates. Or does it? Let’s discuss the advantages and…
DO you wish you had less credit card debt than you currently owe? Have you charged more than you can afford to pay? Are you frustrated with the fact that your balances never seem to go down after having paid religiously for years? Do you feel hopelessly trapped in credit card debt? Credit cards are…
Clients, husband and wife are 60 years old and both professionals in the medical field. Their combined gross income is about $200,000 annually. Their children are all adults and no longer their dependents. Their residence has a current fair market value of $1.1 M with a mortgage of $900,000. Their mortgage payment is $3,800 monthly…
