Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
SARAH Wellens works as a sales representative for Daiichi Sankyo, a Japan-based pharmaceutical company with about 3,000 employees in the United States. The company hired Ms. Wellens, an experienced sales rep, in September 2009. Upon her hiring, she was assigned to a lower level position and lower compensation tier than similar male employees. Over time,…
1. CAPITAL assets include almost everything you own and use for personal purposes, pleasure or investment. 2. The following are capital assets: your home, household furnishings and stocks held in a personal account. 3. The following are not capital assets: • Inventory held mainly for sale to customers in a trade or business. • Accounts…
I KNOW that our economy in the last several years has caused a lot of financial problems for a lot of people. A lot of families are struggling financially every month and are living paycheck to paycheck, thus making it impossible for them to save for their future. They feel like no matter how hard…
Q: EVERY pay period, I receive a check from my employer for my wages. Recently, there is news at work that our company will be requiring employees to receive our wages through a payroll debit card. Is this a legal way to be paid our wages? A: Generally, employers are allowed to fulfill their wage…
A DEBT-free life is something that a lot of people aspire to have. And yet it is a known fact that sadly, many will never attain it because of their unwillingness to make the necessary adjustments in their lifestyle to make it possible. I am talking about people who continue to accumulate debt for immediate…
WHO doesn’t love a little sunshine? Not only does it feel fantastic, but it also has numerous health benefits. Sunshine improves our mood, our immune functions, and catalyzes vitamin D production in our bodies. Vitamin D is important to our healthy smiles Vitamin D supports oral health in two ways: 1. It helps our bodies absorb and utilize calcium. One of…
Client with good income wants chapter 7 to discharge $70K credit cards NO one has anything good to say about the IRS. Tax collectors were much hated even during the time of Jesus two thousand years ago. Jesus was walking along the street when He saw Matthew sitting in his tax collector booth, then Jesus called…
THIS column has often stressed the general rule that most employees should be paid overtime rate if they work more than 8 hours per day or 40 hours per week. However, there may be exceptions in the case of some who work in certain industries. It is in this instance that the employers’ classification…
HERE are the top 10 things the Internal Revenue Service wants you to know about this valuable credit: 1. If you qualify, it could be worth up to $6,143 this year. EITC not only reduces the federal tax you owe, but could result in a refund. 2. The amount of your EITC is based on…
FILING Bankruptcy is a serious decision for most people. Most don’t have a clue about how the process works until they actually consult with an attorney. Confusion often results from hearing conflicting personal opinions from people they know. Sad to say, well-meaning friends and family often give the wrong advice and the results can sometimes…
CLIENT is 53. She has two sons who are just entering college. She divorced ten years ago. Ex-husband does not pay spousal or child support but left her with the community property residence. The house has a small equity. Not much. In plain language, ex-husband, left her with two kids to raise all by herself,…
IN February 2011, Michael Rodman signed up on Safeway.com to buy his groceries online and have them delivered to his home for an additional delivery fee and fuel surcharge. After reading Safeway’s online FAQs and terms and conditions, Rodman believed that prices on items he selected online would be coming from a specific brick-and-mortar close…
• AMOUNT of exclusion. When you have gain from the sale of your home, you may be able to exclude up to $250,000 of the gain from your income. The exclusion amount is $500,000 for taxpayers filing a joint return. • Ownership test. To claim the exclusion, you must have owned the home for at…
WHEN people are going through financial difficulty and are unable to pay their bills, their first reaction is often to ignore their debts and avoid contact with creditors. They think that by doing this, somehow the creditors will simply give up and go away. Then one day the problem blows up in their face. They…
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…
FOR both children and adults with special needs, dental care can be challenging. In some cases, limited coordination can make brushing and flossing tricky. In other cases there may be less access to professional care. Some patients may experience high anxiety levels too. Medications that lead to dry mouth can also contribute to dental care challenges. But…
“ Chapter 13 does not exclude or kill the loan modification process. In fact, Chapter 13 enhances debtor’s chances of successfully resolving her claim of fraud with the bank. Under the worst situation, client can file an adversary proceeding in Chapter 13 to ask the bankruptcy court to rule on her claim of fraud against…
RAYMOND Adame was a machine mechanic for Alcoa Fastening Systems and has worked there for more than 30 years. He was seriously injured at work and had to take a medical leave of absence for about 2.5 years. When he was cleared to go back to work, he had lifting restrictions due to the injury…
A LOT of people who consult with me about their debt problems are going through the worst time of their lives. Unlike other problems in life that sometimes just go away on their own, debt problems will only get worse unless you do something about them. While dealing with debt and coming up with a…
Practically everyone knows that the good times of loan modification are going to end next year. Loan modifications under HAMP are set to expire December 31, 2016 after several extensions. HAMP was a direct result of the mortgage bubble in 2007 to 2009 when everyone, including your dog, could qualify for a zero down mortgage…
It is common for field workers like service technicians to drive company vehicles to the customer’s home or place of business to service or install a product. Generally, an employee’s commuting time between home and work is not considered hours worked. Travel time between an employee’s home and the changing worksites (where an employee may…
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…
Are you facing a mountain of debt and don’t know what to do in order to avoid getting buried? Debt problems can wreak havoc on your personal life in many ways. And left unsolved, they can spill over into other areas of your life, causing problems not only at home but maybe even at work…
Tagaytay City, Philippines — Dubbed as the City of Character where food and nature are at its best, Tagaytay has long dominated the preference for a weekend getaway. For many years, this city has served as the most convenient escape for people seeking to unwind from the stress of corporate life. Location in mind, it…
Senior seeks Chapter 7 relief for $5K debt “ Don’t throw away your hard evidence. Gather them and compile them into an easily readable format so that in case you have to file for bankruptcy relief, you have a bulletproof defense to justify the fact that you used the cash legitimately.” THERE are clients who…
Q: I RECENTLY heard from a friend who sued her employer for unpaid wages. However, the court threw out her case and she had to go to “arbitration.” She said she lost because the arbitrator was biased and she could not appeal. My company is now asking me to sign an “arbitration agreement.” What should…
MARRIED couples buying property are asked to decide how they should hold title: • Joint tenancy or • Community property. Basically, it is a choice between the ease of transfer to the survivor for joint tenancy and the tax benefits of holding property for community property. Unfortunately, it also a choice between the loss of …
EVERY day, I meet with couples who are deeply in debt. In a lot of cases, I can feel the stress level that they are experiencing while the couple is in my office. Emotions often run high and you can feel the tension in the air. There can be a lot of finger-pointing, resentment, anger,…
FOR 2015 INCOME TAX RETURN IT’S the last quarter of 2015 and in a few months during income tax season, you would want to minimize any income tax dues as much as possible. After all, for most individual taxpayers, paying in increments is much better than paying in lump sum. Below is a checklist of…
Senior seeks discharge of $40K credit card debt CLIENT no. 1 is 55 years old. She is now divorced and living by herself. The divorce judgment gave her the marital home six years ago. Ex-husband was not interested in owning the property. Divorces not only settle property rights between the spouses. It also settles the…
