Danielle DiMartino Booth tell us what is really going on at the federal reserve board and why this might not end so well. We discuss her new book, Fed Up: An Insider’s Take on Why the Federal Reserve is Bad for America.
When Can I Toss Tax Records?
I wanted to post a really good article from Kiplinger that they sent over to me. These are common questions that this article answers.
Q: How long do I need to keep my tax records in case I get audited? Are there some records I should keep longer?
A: It’s a good idea to keep your returns indefinitely. But you can generally toss supporting tax records three years after the tax-filing deadline, which is the time the IRS generally has to initiate an audit. Several states have four years to initiate an audit (you can find out about the rules from your state department of revenue or taxation; see the IRS’s archive of state tax agencies). The federal audit period extends to six years if you underreport your income by 25%, so Jeffrey Schneider, an enrolled agent in Port St. Lucie, Fla., recommends holding on to your records for at least seven years.
Supporting documents you should hold on to for at least three years include your Form W-2s or Form 1099s reporting income; other 1099s reporting capital gains, dividends or interest; Form 1098, if you deducted mortgage interest; canceled checks and receipts for charitable contributions; and records showing expenses for other deductions and credits. Also keep records showing eligible expenses for withdrawals from health savings accounts or 529 college-savings plans. If you have business expenses, keep records of those costs, such as for equipment purchases, phone bills, business travel and marketing expenses. If you claimed a home-office deduction, keep records of your rent or mortgage interest, homeowners or renters insurance, real estate taxes, utilities, and other eligible expenses. Keep receipts showing any tax-deductible retirement-savings contributions, such as to a deductible IRA, simplified employee pension or solo 401(k). Also keep Form 1095 showing that you had eligible health insurance, or records showing that you met the criteria for an exemption.
Continue reading Kiplinger’s article by clicking on this link- http://www.kiplinger.com/article/taxes/T055-C001-S003-when-to-toss-tax-records.html
LendingPoint Partners with FinWise Bank to Give More Credit Access to Customers Nationwide
ATLANTA – March 7, 2017 – LendingPoint, the company working to revolutionize access to credit, today announced a partnership with FinWise Bank which allows the company to offer its full suite of loan products to customers nationwide.
LendingPoint is a balance sheet lender built for the modern world. It uses a unique credit modeling process that looks for more reasons to say “yes” in seconds – helping customers strengthen their credit and improve their financial lives. The company already holds licenses in 26 states and has funded more than $185 million in loans, fulfilling a pressing need for loans to “fair credit” consumers with credit scores in the 600-700 range.
Through its partnership with FinWise Bank, LendingPoint will be able to expand its reach to tens of millions of new potential consumers nationwide, with standardized rates, loan agreements, product portfolios, marketing and services across the U.S. The company expects to complete nationwide rollout during the first half of 2017.
“We founded LendingPoint on the core belief that a person’s credit score is not their complete financial story,” said Tom Burnside, founder and CEO of LendingPoint. “By partnering with FinWise Bank, we can bring better loans to more people across the U.S., helping them improve their financial story and live better lives.”
“Traditional lending relies too heavily on FICO, which overlooks a lot of creditworthy people who deserve better access to money. And newer lenders often lack the experience to reinterpret creditworthiness,” said Juan E Tavares, Chief Strategy Officer of LendingPoint. “This leaves a lot of good customers with little to no responsible borrowing choices. We’re in the business of unlocking access to affordable loans, and through our partnership with FinWise, we can now provide more financial opportunity for even more people nationwide.”
LendingPoint combines data and technology to create a proprietary model that adds other dimensions to credit analytics. This model allows the company to get a more complete financial story of the customer and approve more people, who otherwise may have been overlooked by traditional FICO results. Loans range from $3,000 to $20,000, with terms from 24 to 48 months. So whether they’re planning a dream vacation or a dream wedding; a home renovation or a cross-country move; or need access to money for debt consolidation or medical expenses — LendingPoint responds to customers in a matter of seconds* with loan offers that meet their needs and transparent terms that take the guesswork out of repayment.
“We are so excited to partner with the LendingPoint team,” said David Tilis, Vice President of Specialty Lending at FinWise Bank. “Their technology and development is seamless and astonishing.”
About FinWise Bank
Based in Sandy, UT, FinWise Bank, subsidiary of All West Bancorp, is a community bank and offers a broad range of services, deposit and loan products to the general public.
LendingPoint is a balance sheet lender built for the modern world, with a vision to revolutionize access to credit. The company is creating a better lending environment by looking for more reasons to say “yes” — helping fair-credit consumers unlock access to affordable loans and live better financial lives. Its award-winning leadership team brings unmatched experience in FinTech and credit, having previously built a $1 billion lending company from the ground up, and holds a series of patents in data modeling technology and credit scoring. Founded in September 2014, LendingPoint is a privately-held company with headquarters in Atlanta. For more information, visit https://www.lendingpoint.com.
* If additional identity verification is needed, the loan offer process may take longer.
St. Patrick’s Day Deals – Coupons.com
Coupons.com is a great resource for good deals. Here are the deals for St. Patrick’s day!
St. Patrick’s Day Sales from Coupons.com
- Kohls – $10 off $25+ (Ends 3/12)
- Kohls – 20% off Sitewide (Ends 3/13)
- jcpenney – Extra 25% off $100 or more with your JCP Credit Card or extra 20% off $100 or more with any other method of payment ( Ends 3/15)
- Spencers – St. Patrick’s Day! 20% Off 1 Item (Ends 3/17)
- Cheryl’s – 15% Off St. Patricks Day Cookies (Ends 3/17)
- LightInTheBox – St. Patrick’s Day! $7 Off $70+ Orders (Ends 3/18)
- Macys – 30% Off VIP Sale (Ends 3/20)
- Kohls – $10 off $75 Women’s Apparel, Jewelry, Accessories, Beauty, and Shoes Purchase (Ends 3/26)
- Lord and Taylor – Up To 50% Off Kids’ Spring Dresswear (Ends 3/26)
- Spa Week – St. Patrick’s Day! $10 Off $100+ Gift Cards (Ends 3/30)
- Kohls – $10 off $40 Kid’s Apparel and Footwear Purchase (Ends 4/2)
How to Build an Effective Emergency Fund
Part 2 of a 2 part series – Bob explains in detail how to create an emergency fund that fits your financial life.
Passive Investing – Another Reason Why the 401 K Plan Is Not for Everyone
The Financial Services Industry (Pop Culture Finance) desperately wants you to believe that passive investing is better than active investing and 401 K providers are drinking the Kool-Aid.
As a review, there are two different types of mutual funds. A mutual fund is either a passive fund or an actively managed fund. Index mutual funds are the vehicle of choice for passive investing. They mimic different stock and bond indexes and are very low cost. They are low cost because there is no management involved. Actively managed funds are as the name implies. They are actively managed and have higher costs.
The reality is that index mutual funds out perform actively managed funds the majority of the time. So, why invest with an actively managed mutual fund when you can invest in an index fund that year in and year out will capture 99% of the gains of the market?
The trend of the 401 K market place is to dump actively managed funds and just provide index funds and target date funds. The concern is that the company will be held liable for high cost actively managed funds that don’t perform. They know that index funds will perform and they are low cost. That is a win/win for the employee -right? Well, not for everyone.
Conservative Investors Get the Bad End of that Deal
There are two types of actively managed funds. First, there are actively managed funds that try to beat the market and then there are actively managed funds that truly manage for growth and risk. They are conservatively based funds.
For those that think passive is the way to go, I agree with the notion that it makes no sense to invest into an actively managed fund that is trying to beat the market. It makes no sense for an investor to risk the performance of an actively managed fund when they can simply track the market with an index fund. For investors who want market type returns, index funds are the way to go.
I disagree with the notion that passive investing with index funds are for everyone. If 401 K plans convert their investment options to mainly index funds, what is the conservative investor going to do?
Conservative investors don’t want to take 100% market risk with their stock market investments. Conservative investors are not concerned with the cost of a mutual fund. They want less exposure to risk and grow their investments conservatively. Index funds that you will find in a 401 K plan can’t do that. During the financial crisis, most traditional index funds lost 40 to 50% where as conservative actively managed funds lost 10 to 15% and made their losses back much quicker.
So, what is a conservative investor going to do? Without options that fit conservative risk levels and especially for the company that doesn’t provide a matching contribution, it might be another reason why 401 K plans might not be a good fit at least for the conservative investor.