Cheating on Your Taxes: Why It’s a Bad Idea

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It’s income tax season and I don’t have to remind most of you that it is. But for some of you, it may never actually be “tax season” because you’re cheating on your taxes. If that sounds weird to you, take a minute to think about it.

Cheating on your taxes may be tempting, but it's a bad idea. If you're self-employed, it's easier to do, but you're also more likely to get caught.

Paying taxes are one of our least favorite things to do and our usual goal is to minimize and even avoid paying them in every possible way we can. In fact, I’m going to say this right now, if you thought you could get away with it, you’d probably not pay a penny in income taxes at all! But if that even crosses your mind for a second, let me give you some sage advice: Don’t ever cheat on your income taxes!

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When You’re Playing Catch Up: Rules for Retirement Planning in Your 40s

So you’re now a forty-something. It kind of sneaks up on you, doesn’t it? Yesterday you were more concerned with what you’ll be doing on Saturday night and who you’d be doing it with, and today there’s the spouse, the kids, the bills, and all of the other stuff that being a grown-up entails. Yes, it sneaks up on you in a hurry and suddenly you’re worried about retirement planning in your 40s. Am I kidding?

If you're a 40-something and haven't saved much for retirement yet, it's time to focus. Retirement planning in your 40s isn't easy, but it can be done.

Believe it or not, the answer to that question is a resounding no, it’s no joke! That planning of your grown-up life after you stop working has to be done and focused on retirement now, if not even sooner than age forty. The sooner, the better!

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Will You Ever Find a Job That You Love?

Here’s a topic that I feel that I am totally qualified to talk and advise you about: job satisfaction. Strangely though, it’s not because I am living proof that if you try hard enough, you can and will find that “dream job” that you really, really want. Rather, like most of the people you see around you who work in a job that they seem to be trapped in, I was one of those people for about 98.7% of my working career and you are probably one of them right now too. But wouldn’t be great to find a job that you love, that you really, really love?

I've had many jobs over my career, and to find a job that you love isn't always easy. Follow my must-do behaviors to find your best match.

The Work in the Process of Actually Finding “Work”

I guess they call it “work” because let’s face it, it usually isn’t fun, is it? But the process of actually looking for and finding a job is usually far from fun even if the job actually might be fun. I had more jobs then I’d care to relate to you in my career, but it doesn’t always have to go like that.

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Understanding Our Expanding National Debt and Its Effects

The national debt is something you hear about if you watch any of the endless news programs these days. Its growth has been a significant subject of controversy in U.S. domestic policy for a long time and the issue has become a huge “elephant in the room” that no one seems to have a resolution for.

Most of us could use a little help in understanding the national debt and how it affects us. Here are some of the details to make sense of it.

Given the amount of fiscal stimulus money that has been pumped into the U.S. economy over the past year and the new stimulus monies that will again be added in very soon, it is easy to understand why many people are worrying and paying even closer attention to this issue. So have you asked yourself the question:

How does the national debt affect you?

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What Is Deferred Compensation and the Legend of Bobby Bonilla

Getting good compensation for our time and energy is the reason why we get up every day, go to work, and try to pay all of our bills. For me and for the vast majority of us, it’s an endless challenge to get a good paying job (one we actually like) and then to be paid or compensated fairly for what we do and have it be enough to cover the wants and needs of life! To put it simply, it’s a struggle, but what choice do we really have but to do it? Unless your name is Rockefeller or Donald Trump Jr., not much. So we may know about compensation, but what about deferred compensation?

Deferred compensation can potentially benefit both the employer and employee, but there can be drawbacks as well. Here are some of the pros and cons.

Compensation vs. Deferred Compensation

We understand what compensation is pretty clearly. It can be money, but it can be anything that is valuable and sometimes actually is just that. Vacations, cars, you name it. Now you and I may never see such things as part of our compensation, but some folks see them routinely. Hollywood and entertainment types get that kind of compensation in their contracts for employment and it is possible you may someday get a form of it as well. If you are good…and lucky, that is.

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How 10 Productive Minutes Can Change Your World

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Sometimes you need to just stop your work and take a deep breath. Like when you have a problem that’s pretty serious. It could be a job problem or it could be a family problem. It could be a money problem or a health problem, or any combination of these that are causing you to just stress out and feel like nothing is going right. That’s why taking a deep breath and taking even just a few minutes out can really help boost your productivity. How about taking ten minutes?

Ten minutes isn't much time, but by spending them wisely, you can leverage them into a more productive day. Try some of these ideas to jumpstart your life.

Ten minutes isn’t really a very long time. It’s less time than it takes to play a quarter in a pro football game. You can listen to 2½ songs on the radio in 10 minutes. It’s even less time than it takes you to read your daily e-mails. In other words, it’s just a few minutes, but oh how great it is to have such an opportunity to increase your productivity, save money, build relationships, and move forward in that brief time period. And most importantly, feel better!

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8 Must-Follow Rules for Your Financial Success

Finding your way to financial security and eventually getting you to a comfortable retirement is pretty much what everyone is looking for in life. But how do you find this financial success?

If you want to achieve financial success, there are some basic rules to follow. Here are 8 rules to help you reach financial security.

Now that I am in full retirement mode, I can easily see where I went right and where I went wrong on my path here. That’s why it is good to at least listen to someone who has had the experience on the road to retirement and can offer you what is hopefully sage advice.

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More of What You Need to Know About Your 2020 Taxes

I like to think that I am really good at doing my own taxes every year. I have had a few decades to perfect my skills, so I’d say I am pretty experienced at doing it and I actually look forward to it, believe it or not. But this year for our 2020 taxes, it may be a bit more of a challenge for me and for you.

Your 2020 taxes may look a bit different thanks to these changes, mostly as a result of the pandemic. Be prepared!

A few weeks ago I wrote about some of the tax changes for 2020. But there’s more you need to know about the changes that have been made. Why? It’s mainly because of the pandemic and how that has affected everything and that includes your tax picture.

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