Your Kid Just Received A National Award and a $3000 Bill!

I love my kids.   I really do.  Like any parent, you get excited when they get good grades, their sports teams do well, or they achieve something special that helps you feel like you are the parent of the year.    We all know that sports aren’t cheap.  It costs time and money between the gear you have to buy, the fees to joint different leagues, and potentially extra costs for additional coaching on the side.   With good grades, their also may be time and money for extra tutor’s, computers (which seem to be a necessity today for school), and overall school supplies. But how do you let your kid down easily when they have won something and you think it’s just a gimmick for an organization to make money?    For those of you who have kids who are ten to fifteen years old, you have all run across this scenario at one time or another.    You child comes home from ...

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Consequences of Unfiled Taxes and What to Do Now

Despite common belief, filing unfiled tax returns regardless of how many years have passed is not as scary as it may sound. Do not be deterred from doing so even if you do not currently have the funds to pay for the taxes. In fact, not filing your taxes at all can often have greater penalties and be more detrimental to your financial situation than being unable to pay. Ultimately, the faster you file your taxes the better. In this case the phrase, ‘better now than never,’ could not reign more true. Penalties for Unfiled Tax Returns While many people avoid filing their tax returns because they are unable to fulfill the payments, the penalties and added fees are far worse for not filing at all versus being unable to pay. In best case scenarios, you may even be due a refund without realizing. Keep in mind, the IRS will no longer honor this after a certain period of time. ...

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