Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
Are you feeling stuck and unable to move because of lingering debt problems in your life? Considering bankruptcy but not sure if it’s the right solution for you? For those who are struggling with debt problems, the decision to file for bankruptcy is never an easy one. So they put it off and hope that…
WE believe in preventive and yes, much of that depends on you! Cleaning your teeth after you eat is important, but the effects of good habits also have a lot to do with what you eat. Keep your smile healthy by packing great lunches Eating on-the-go can be problematic. In the morning, grabbing a donut is much…
Both clients seek chapter 7 relief to discharge credit cards THE one true GOD YAHWEH, created man and woman with free will. He gave us free will to choose what we want to do, because our GOD doesn’t force us to do anything that we do not want to. If we love Him, He wants…
NYKEYA Kilby worked eight months as a customer service representative for CVS Pharmacy, Inc. (CVS). During the interview and training process, CVS told Kilby it expected her to stand while she did her duties. Kilby’s duties included operating a cash register, organizing and stocking shelves, cleaning the register, vacuuming, and gathering shopping baskets. CVS did…
OFTEN when someone is injured at work one expects the employer to “do the right thing” by assisting you with the process, making sure that medical treatment is timely provided and to help you get back to work as soon as possible. At first this may be the case, but as a claim matures you…
IF you have not filed your income tax returns by the end of March, chances are you do not expect a refund, your tax records are a mess, or you simply do not want to break tradition. Just remember that filing extensions is not exactly a nice habit. Besides prolonging your worries, it also extends…
THE last few years have been financially difficult for a lot of people. When the real estate marked crashed a few years ago, millions of people found themselves with a mortgage they could not afford. A lot of people simply walked away from their homes out of desperation in some cases, they were forced out…
(Part 1) MAJORITY is concerned with saving money on their taxes, but ignore planning to avoid estate taxes, which can consume at least 40% of a family’s taxable estate before it can be passed on to the children. With proper estate tax planning, you could avoid probate and save wealth in estate taxes. Estate planning…
Last week was a relatively tough but gratifying week for my family as we were practically living in a suitcase for 6 nights while traversing Osaka, Manila and Hong kong. My Family Business coaching work in Japan and a speaking engagement in Hong Kong to celebrate Julie’s Bakeshop’s 35th Anniversary were the highlights of the…
“Never start a business just to make money. Start a business to make a difference”. This quote extracted from an online magazine, successtory.com, best applies to the Chinese business tycoon Wang Jianlin. Known as “The Wealthiest person in China”, he never started business with a motive of quick money during that point of time. The real…
IMAGINE that you lived 2016 years ago in Jerusalem and that you were one of the new converts of Jesus Christ. You’re a 50-year old man or woman who was a gentile. You are a retailer of garments with a stall in a busy retail district of Jerusalem. The news was aplenty about the 33-year…
Q: TWO weeks ago I was fired from work. My employer told me my last paycheck will be mailed to me by next payday. I have not received it yet. When I called the company to ask where my check is, I was told it was on the way. I waited again but still no…
MOST of us take medical expenses for granted because we have to spend more than 10% of our gross income before we can deduct medical expenses. However, changes in health care plans make this a good time to brush up on 10 medical expenses. 1. Only Prescription Drugs are deductible. Over-the-counter drugs, even if taken…
ARE you overwhelmed with debt problems that seem insurmountable? Are you starting to feel hopeless about your financial future and thinking you’ll never get ahead? You may be at a critical point in your life where the decisions you make at this very moment will determine the kind of life you will have in the…
WE’VE all been through it, right? Can you remember when your baby teeth were falling out? Did one of your parents yank them out for you? Or, were you one of those do-it-yourselfers? Our advice: No viral video attempts at pulling teeth in crazy ways Have you seen some of the online videos out there…
THERE are two important aspects that should be taken into consideration in your estate planning: 1. Asset reduction which reduces your estate and the amount of estate taxes that must be paid upon death; and 2. Asset protection which safeguards your assets from creditors and lawsuits. Gross estates over the following amounts are taxed at…
I HAVE two chapter 7 cases right now where the trustees are aggressively pursuing debtor houses. Trustees are tasked with the responsibility of getting whatever non-exempt asset they can get their hands on and sell them to liquidate them into cash for distribution to creditors. When the values of houses are high, the calculation of…
Supreme Court upholds pay for employees’ work despite lack of records IN some industries, employees perform work-related activities before they clock in. Some do it after they clock out. These are called preliminary and postliminary work. It is important to know because time spent for these activities, although not recorded, should be paid to employees. However,…
FOR those of you who itemize, the table below should be of interest. For those of you who play the odds (you know what I mean), this table should be of special interest. Having claimed too many exemptions at work to increase your take-home pay or failed to pay estimated taxes, you suddenly find yourself…
BEING in debt can be pretty depressing. I understand how you feel. When you’re drowning in debt, you may feel that your situation is hopeful and you have no motivation to even plan for your future. Your self-esteem may be shot. You may be experiencing anger, depression, guilt- or a combination of all three. You…
Creditor puts lien on client’s house for $16K identity theft credit card TWO clients with issues relating to known and unknown persons who used their names and social security information to borrow credit card in their names. The first client is 51 years old and married. She met this person who became her “friend”. Let’s…
“ A single taxpayer is only required to file if the overall value of his specified foreign financial assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the tax year.” RECENTLY, the IRS issued rules that require you to attach a disclosure statement…
Client seeks chapter 13 again for default on residence WHO said that, first is chance, twice is coincidence and third is habit? I have two new clients who are actually previous clients. The first is 55 and she filed jointly with her husband 12 years ago for chapter 7 relief of credit card debt. To tell…
MELISSA Fong and other hair stylists worked for Regis Corporation, which operates several hair salons all over California. During their employment, the stylists were paid on a “commission” or piece-rate basis for performing hair styling services. According to the employer’s policy, stylists were paid 50% of the sales price of each styling service performed on…
• YOU may deduct donations to qualified organizations. Qualified organizations have tax-exempt status from the IRS. These include corporations or foundations organized in the U.S. for religious, charitable, educational, scientific, literary, or prevention of cruelty to children and animals. • You cannot deduct contributions made to specific individuals – priests, nuns, victims, and political organizations…
“ In some cases you may also be called to appear in court for something called a “debtor’s examination”, in which case, a bench warrant for your arrest may be issued if you ignore it. Sorry, but you can’t mess with the judge!” HAVE you been sued or threatened to be sued by a creditor…
COULD the secret to perpetual youth be found in your smile (wink, wink)? Well, that’s probably a bit of an exaggeration! But as you know, here at our practice, we obsess over our patients’ smiles. We know that a confident smile can be life changing. But what does your smile have to do with aging?…
SHOULD you report the accounts to the U.S. government if you have offshore bank accounts? Yes, if at any time during the year the aggregate balances exceed $10,000. What if you already had the accounts before you left for the U.S.? Yes, you should. There is a rationale why our government wants to know: fight…
Client seeks chapter 7 discharge for $30K credit cards Senior seeks chapter 13 protection for fully paid house CLIENT is a young senior in his early 60’s who took an early retirement last year. He owes $15K of credit card debt and nothing else. He has a community property house that is fully paid with a…
(Part 2) S. YUSUF is an Indonesian native who was brought to work as a housekeeper for Tija and Tija’s wife, Choi, in the United States. The Tijas promised to pay Yusuf $500 per month, plus expenses and meals. Yusuf gave her passport to the Tijas, who did not return her passport but kept it…
