Two things in life are certain Death and Taxes - Ben Franklin

US Income Tax Day

April 13, 2014

The clock is ticking for millions of Americans who have not as yet fled their 2013 income tax. It's definitely "crunch time" for individuals and corporations as accountants work overtime. Many people hustle to make the April 15th deadline on a full moon lunar eclipse.

Yesterday, while driving down 4th Avenue, I stopped for a traffic light at 86th street. Just across the street was an H&R Block with senior citizens soliciting business by giving away H&R Block foil balloons while talking to people as they walked by. It looked like fun, but I also wondered about the financial status of the seniors.

On the matter of taxes ... you know the deal. It's easiest when the money is deducted from one's salary. If not we find all the scenarios that are played around the tax game. One thing I do find harsh is that here in New York, if you make a certain amount of money, 50% of it goes to taxes. Bummer.

Most of my clients, who are in debt, do not owe the IRS. They owe credit cards, or both personal and student loans.

If you get a tax refund from the IRS this year, think about what you want to do with it. Do you want to be a little frivolous? Is it better to pay debts or save the money for a rainy day? If you own a home you have to assume a certain amount will go for repairs every year. Electrical appliances always have to be updated. Cars get to a point where they can't be fixed. In other words, if you get a refund, pause and think about what has to be updated in your life to keep it in balance. Sometimes necessity overrides luxury.

4 ways scammers can steal your tax refund   CNN - April 9, 2014
Identity thieves love tax season. "A thief who has your personal information can file a tax return before you do, collect a fraudulent refund and leave you waiting for many months to get your own refund and clear up the problem," said Neil Chase, vice president of education at LifeLock. And it's only getting worse. Last year, the IRS launched 1,492 investigations into tax-related identity theft, where criminals used stolen personal information like Social Security numbers to claim fraudulent refunds. That's up 66% from 2012 and more than 400% from 2011.

The hardest thing in the world to understand is the income tax.
This is too difficult for a mathematician. It takes a philosopher.

Albert Einstein