Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
THE Home Affordable Refinance Program expansion helps today’s historically low rates become available to customers who have an existing mortgage loan owned by Fannie Mae and Freddie Mac. There is a little twist to the new guidelines that might get you in the door of refinancing to historic low rates in the 3’s if you…
LET’S say that you decide to file for Chapter 7 relief this month to discharge $100,000 of hospital bills and credit card debt. You anticipate that you will have an income tax refund claim of $10,000. What is the bankruptcy treatment of this refund? If your Chapter 7 case is filed before you file your…
DOES FREQUENT SNACKING PRESENT PROBLEMS FOR OUR TEETH? Well, it depends. Every time we eat, our mouths go to work cleaning things up and restoring “balance”. Having three meals a day is one thing. But when we continuously snack, our mouths struggle more to maintain that clean, happy balance—especially when we’re eating the wrong kinds…
A CLIENT of mine said he never saw it coming. Everything he ever wanted in life, he always purchased on credit. The “pre-approved” credit cards just kept coming in the mail and he never said NO to any of them. Buy now and pay later, why not? As long as they allow you to pay…
THE common belief is that signing an agreement binds an employee to all the terms in the document. But what if the agreement is illegal or a violation of public policy? Do employees have remedies? Consider the following question: Q: We work for a service-oriented company, which made us sign an “independent contractor agreement.” As…
NEW Income Tax and Sales Tax Laws Income tax California’s maximum income tax rate increases from 9.3% to 12.3% for taxpayers with taxable income of more than $250,000. The rate increases even more for taxpayers with adjusted gross income in excess of $1 million to 13.3% after adding a recent 1% mental health surcharge. Higher…
I SERIOUSLY thought that our short sale days are really numbered, but base on what analyst and realtors are saying this year we would be flooded with short sale. I still don’t see it but that might be a good thing, it will signal the end to problem loans and borrowers. Once the market and…
DEFALCATION is an act of misappropriating funds that were entrusted to a person. The person who is entrusted with the funds is called the fiduciary. For instance, your friend wins $2.0 million in the lottery. He gives you the money and asks you to manage the money for him for one year. You give him…
THERE are two oral fashions causing concern for dentists these days: The prevalence of oral piercing, and the application of dental “grills.” Oral piercing, because of the millions of bacteria in the mouth, brings a high risk of pain, swelling and infection. Piercing the tongue can lead to uncontrollable bleeding, nerve damage, and even enough…
LOOKING at the new iPad she received last Christmas, a young woman noted that it was “Designed by Apple in California, Assembled in China.” She asked what this meant, was the iPad made in the USA or not? In recent years, there has been the common lament that nothing is Made in USA anymore. There…
THE mortgage industry can relax now with the final fiscal cliff deal bringing back a popular tax break on mortgage insurance premiums and debt forgiveness for borrowers who go through a short-sale or some other type of debt reduction. It was on the tip off the house committee voting to amend but the final hours,…
IN California, the equity in your homestead (your residence) is exempt up to a certain amount, depending on your circumstances. For instance, if you are at least 65 years old, you can exempt $175,000 of equity in your residence. So, if your house has a current fair market value of $300,000 and you have a…
THE true measure of a person’s success is not only based on his achievements in his chosen career, but on how he further extends his talents and skills to be able to help others. Catherine Buan Peterson is a perfect example of this, as she faces a new journey as the new PhilDev President. Born…
When debts spiral out of control, bankruptcy can become an invaluable financial recovery tool in stemming the tide and getting you back on the right track. While it’s not for everyone, more than 1.5 million people every year find it to be their only hope of getting a fresh financial start. Debt problems can be…
IN 2012, some very important laws affecting employee rights took effect. These laws included the Wage Theft Prevention Act, increased penalties for willful misclassification of independent contractors, the prohibition of using credit reports for employment purposes, additional protection to pregnant employees on health coverage for maternity leave, and allowing employees to dress consistently with their…
1. FORGETTING to sign and date the return: An unsigned tax return is considered unfiled. 2. Missing or wrong Social Security Numbers: When entering SSNs for anyone listed on your tax return, be sure to enter them exactly as they appear on the Social Security cards. 3. Misspelled or wrong dependent’s last name: When entering…
IS THERE a difference between a bank loan officer and a mortgage broker? Nowadays, bank loan officers don’t have a generalize rates, meaning if you call a major bank loan officer in one branch for a loan quote, you could possibly shop the same bank but different branch and get a different price quote? Why…
NOT many people know that parents can transfer their retirement accounts such as 401k and IRA to their children tax free. For instance, you have a 401k of $150,000. At the age of 65, you transfer the 401k to your son and your son keeps the $150,000 as a 401k in your name in his…
We are now living in the worst economy since the Great Depression. With millions of people being unemployed and struggling with foreclosure, debt problems have become common. Of course, debt is a very personal matter so most people don’t talk about it. You may not realize this but chances are that someone close to you,…
Q: I WILL be working on Christmas and New Year days. Am I entitled to holiday pay? A: Hours worked on holidays are treated like hours worked on any other day of the week. The law does not require payment of overtime or other special premiums for work during holidays, unless such work goes beyond…
1. DON’T ignore the IRS. 2. Don’t mess with the IRS. 3. Don’t go to your appointment unprepared. 4. Don’t be late for the appointment. 5. Don’t volunteer information. 6. Don’t be condescending of education, experience, age, or gender. 7. Don’t be arrogant, even if you clearly have an upper hand. 8. Don’t flaunt your…
“ The mortgage debt relief extension ultimately could affect millions of families who are underwater on their loans, delinquent on their payments and heading for foreclosure, short sales or deeds-in-lieu-of-foreclosure settlements. Under the federal tax code, all types of forgiven debt are treated as ordinary income, subject to regular tax rates.” SOME encouraging news for financially…
“In Re Todd, the 63-year old debtor had an autism disorder since early childhood. The court described the debtor as articulate and intelligent. If one were to read select portions of the transcript without having watched the trial, one might be fooled into thinking that she can function normally. But that conclusion would be a…
THERE ARE LOTS OF REASONS people chew gum. For some, perhaps it’s just a long-standing habit. But ever since a man named Thomas Adams invented chewing gum back in 1870 it’s been used to freshen breath and relieve nervousness too. But did you know… Chewing Sugarless Gum Can Help Prevent Cavities! That’s right. Chewing sugarless…
IF YOU are searching for debt reduction solutions, no doubt you’ve been inundated with advertisements for various debt management programs, companies and solutions. The choices seem confusing to the average consumer. The truth is that every situation is different and what may work perfectly for others is not necessarily going to work the same way…
NICODEMUS Plumbing, a company in Cypress, California was ordered to pay its 44 employees $858,840.20 in wages and $230,050 in fines for violations of California’s laws concerning overtime pay and record-keeping. The California Labor Commissioner’s office had investigated the plumbing contractor and found that the company failed to pay overtime to its employees. It accused…
ANY individual who has worked and contributed to the FICA/Social Security System for 10 years (40 quarters) can start receiving Social Security Retirement benefits at age 67. You may elect to start receiving your SS benefits as early as age 62. You permanently lose about 30 percent of benefits if you retire early at 62….
“ The only reason why the Real Estate Market is better is because banks have kept interest rates low but he claims that those rates are bound to move up and can’t stay this low forever. The concept of whatever goes up has to come down applies both ways.” I AM fairly confident that the Real…
IMAGINE that you are a Chapter 13 debtor. You owe $100,000 of credit card debt. You receive a pension of $1,000, $1,500 from a part time job, and $1,500 from social security. You propose a plan payment of $500 a month for 60 months which will pay 30% of your credit card debt. Your plan…
IMAGINE how frustrating this could be. You anxiously waited for months and months for your lender’s response after submitting your loan modification request. After countless hours of frustration on the phone, being put on hold, and the tedious task of compiling, completing and faxing tons of paperwork, you feel that you’ve done your part. Perhaps…
