There’s a fine line between pessimism and paranoia, but it’s always a good idea to be prepared for the worst. With the way the economy has been, this is especially true when it comes to your finances.

So without going overboard about it, we all need a financial back-up plan. Here are some tips from DailyFinance.com that can help you be more secure in these unsure times.

1. Invest in yourself — Job security is all about making yourself a clear asset to your company. Even if you’re not an entrepreneur, think of yourself as the individual seller of a unique service: your labor. Just in case, you still might want to have an idea of other jobs you could pursue if worst came to worst.

2. Prioritize your expenses — Many of the things we think we need, we really don’t need. Look at your budget and ask yourself critical questions: “Do I really need to go out to eat? Do I really need new clothes this month? How much do I actually watch cable TV?” If you have a lot of expenses you don’t need, it may be a good idea to get rid of it.

3. Put your home to work — If you’re a homeowner, chances are your mortgage is your biggest expense, but your home is your biggest asset. Make this work for you in terms of equity, and live below your means.

4. Sell what you don’t need — A lot of people have items in their homes that they don’t need, and most of the time, you can turn those items into money. If all they’re doing is taking up space, the money is probably worth more to you.

5. Know where your money will come from — Make sure you know what investments your money is going into. From there, prioritize where you would take money from in case of an emergency. Some investments penalize you for pulling funds, and you want to save those for last.

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There are a lot of ways to consolidate debt, but not all of them are good. This infographic explains some of the things you want to keep in mind when you’re trying to get out of debt.

 

Here’s the second and final part of our series on tax scams. To read the first part, click here.

7. Filling false forms — There are a lot of extra forms you can fill out  for credits and deductions, but they usually only apply to a small group of eligible people. If you’re caught filling such forms with false information, the penalties could be huge.

8. Picking a bone with the IRS — At this point, the IRS has seen just about everything. They’re very used to people arguing with their policies and taking them to court after trying to find loopholes. If you try this and it’s not for a good reason, chances are it’s not going to end well for you.

9. Falsely claiming zero wages — Money people think it’s easy enough to lie about their amount of taxable income, but it’s quite easy for the IRS to catch.

10. Exaggerating charitable donations — Instead of claiming to have less taxable income, some people take a different approach and lie about how much money they’ve given to charity. The IRS is on the watch for donations that seem suspiciously high, so unless it’s real and you have the documentation to back it up, don’t try it.

11. Disguising corporate ownership — Some people are committing tax fraud by not reporting entire businesses. This often happens when the owner uses a third party with its employer identification number, and it’s illegal.

12. Misuse of trusts — Don’t listen to anyone who tries to convince you to lower your taxable income by transferring money to a trust. This is an improper use of trusts and the IRS is aware of people doing it.

For more updates on taxes and finance, be sure to follow us on Facebook and Twitter!

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Every year, taxpayers find new ways to cheat the system– but they may also be trying to cheat you. The IRS is trying hard to catch anyone guilty of these activities, but it’s good to be aware of them so you don’t become a victim.

1. Identity theft — When people think of identity theft, they usually associate the term with bank accounts and credit cards. However, tax fraud is another thing scammers will use your information for. Last year, the IRS stopped over $1.4 billion  from going to identity thieves.

2. Phishing — Scammers have come up with clever ways to get people’s personal information. If you get any suspicious looking messages or offers, don’t open them, and definitely don’t give them the information they ask for.

3. Sketchy tax preparers — It’s difficult to know who to trust with your tax information. All paid preparers are required to have a Preparer Tax Identification Number, so make sure you preparer includes this. Also, make sure you get a copy of your return, and don’t trust anyone who charges a percentage of your refund as a fee.

4. Hiding income offshore — This one either applies to you, or it doesn’t. It’s not a scam, but it’s something the IRS is looking at closely. If you have a hidden offshore account of any kind, the IRS is reducing penalties if you come forward.

5. No such thing as “Free Money” — A lot of scammers are advertising that they can get taxpayers large refunds with little to no documentation. If it sounds too good to be true, it probably is– don’t follow any of these offers.

6. Inflating income and expenses — People try to claim income or expenses that they didn’t actually have all the time, but it’s better not to take the risk. If you get caught, the penalties will be far greater than the money you would have made.

Check back tomorrow for part two of the series, and be sure to follow us on Facebook and Twitter!

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Recently, we’ve been honored with a number of testimonials from our wonderful customers. We’re extremely grateful to have the opportunity to do business with such generous people, and it’s great to hear that the feeling is mutual. Here’s a testimonial we got earlier this week:

To whom it may concern:

Recently I took advantage of a financing offer from US Capital in order to expand my Laundromat. I had previously worked with two other financiers that specialized in financing of laundry equipment.

I could not let the experience with US Capital go unnoticed to my colleagues. In my many years in business I have not encountered such caring, personable, professional and friendly service as I did from this company and especially from Kirk Stone and Susanne Leopold! They wowed me with how they handled our request and had the loan approved in less than twenty four hours!

I regret not having heard about this company earlier and would recommend them to anyone looking for a loan.

Bravo! Thank you US Capital.

-Laundromat Owner, Western New York

If you have financing or leasing needs, call us at 866-590-8506. We look forward to hearing from you!