A colleague of mine informed me that one of his elderly clients was sent an email telling him that he could no longer log into his accounts and that he needed to provide his account number, last 4 digits of his social security number, his email address and his username. He started to provide much of this info and then realized that it may be a scam. It was a scam!
Due to the breach of security for many of the TD Ameritrade accounts, your email address may be in the hands of unscrupulous folks. So, please do not respond to ANY emails that claim to be from TD Ameritrade. TD Ameritrade will never ask you to put that kind of sensitive information in an email.
Always be on guard.
Sunday, September 30, 2007
Wednesday, September 26, 2007
Africa Trip Blog
Dear Friends,
I want to take you with me as we travel to Africa so our group has created a blogspot that you can access and follow us on our journey. The website is http://themzungus.blogspot.com/ We are still working on this blog and adding new stuff every day. Thanks to Marcie Grube for creating this for us. We will do our best to journal on our trip but it depends on whether we can access the internet. We suggest that you check our blog on a regular basis and see what we are up to. We thank you for all your love, support and encouragement and most of all, your prayers, as we embark on this life changing journey.
Much love,
Mzungu Judy
"God is in the slums, in the cardboard boxes where the poor play house. God is in the silence of a mother who has infected her child with a virus that will end both their lives. God is in the cries heard under the rubble of war. God is in the debris of wasted opportunity and lives, AND GOD IS WITH US IF WE ARE WITH THEM."
Bono at the 2006 National Prayer Breakfast
I want to take you with me as we travel to Africa so our group has created a blogspot that you can access and follow us on our journey. The website is http://themzungus.blogspot.com/ We are still working on this blog and adding new stuff every day. Thanks to Marcie Grube for creating this for us. We will do our best to journal on our trip but it depends on whether we can access the internet. We suggest that you check our blog on a regular basis and see what we are up to. We thank you for all your love, support and encouragement and most of all, your prayers, as we embark on this life changing journey.
Much love,
Mzungu Judy
"God is in the slums, in the cardboard boxes where the poor play house. God is in the silence of a mother who has infected her child with a virus that will end both their lives. God is in the cries heard under the rubble of war. God is in the debris of wasted opportunity and lives, AND GOD IS WITH US IF WE ARE WITH THEM."
Bono at the 2006 National Prayer Breakfast
Bookmark this post: | 
|
Monday, September 24, 2007
Refinancing Your Home and Taxes
Is Your Home A Tax Trap?
If you've refinanced your mortgage, you may owe the IRS more than you thought
Have you refinanced your mortgage and taken a chunk of the equity in cash? Will you do so when your adjustable-rate loan resets its interest rate? If you fail to follow some little-known rules for calculating your home mortgage deduction, you may be writing off too much interest. Instead of saving on taxes, you could wind up owing them.
In general, the IRS lets you deduct 100% of the interest you pay on one or more home mortgages, up to a total loan value of $1 million. But when you refinance and withdraw cash, the rules change: Only the interest on your original mortgage balance, plus an additional $100,000, qualifies for a deduction. (If you want to take out more cash, use a home-equity loan or line of credit. The law allows a separate deduction for interest on borrowings of up to $100,000.)
It's easy to get this deduction wrong. Banks and mortgage companies send borrowers a Form 1098 early in the new year, which most use to prepare their taxes. This document shows total interest paid for the year, so many assume the number on the form is the one they should use in filing taxes. Schedule A, the tax form on which you enter home mortgage interest, makes no mention of limits on refi-related deductions, though the instruction booklet does.
Lenders seeking refi customers usually don't play up that little catch. "They have no incentive to educate borrowers about the tax consequences" of refinancing, says Douglas Dachille, CEO of First Principles Capital Management, a New York investment firm. Their promotions may include a fine-print caveat to check on the tax effects of a refinancing, but they don't spell out the rules. Dachille says this refi issue came to the fore when he was considering investing in subprime mortgage-backed securities. "The tax provision could affect homeowners' cash flow, so it's yet another reason to avoid the subprime market."
Here's how the refi tax trap works. Let's say you borrowed $500,000 at 8% in 1998 to buy your house. By 2003, the house had appreciated substantially and the mortgage balance had been whittled down to $450,000. Then you refinanced, taking a new loan of $650,000 at 6%. At tax time, Form 1098 would show that you forked over about $39,000 in interest on the $650,000 mortgage in 2003.
INCREASING INTEREST
If you use that $39,000 figure to calculate your annual mortgage interest deduction and you're in the 33% marginal tax bracket, you would wind up taking $1,980 more in deductions than you're entitled to, according to William Lazor, a CPA at Kronick Kalada Berdy in Kingston, Pa. That's because you may take a deduction on a mortgage of only $550,000—the $450,000 left on the original loan plus $100,000. On $550,000, the interest paid would be $33,000, says Lazor.
So what's the damage? If you had to repay the IRS for overdeducting, you would owe $2,109 including interest and penalties for one year, Lazor says. For three years, you'd be liable for more than $6,200. Greg Rosica, a tax partner at Ernst & Young in Tampa, says the IRS would not likely come after you for mistaken returns filed before 2004 because a three-year statute of limitations would probably apply.
There's no sign the IRS is currently hunting down taxpayers who may be miscalculating the mortgage deduction, but the error could trip you up in an audit. Rosica says the best way to protect yourself is to make sure you calculate this year's taxes correctly. If you've taken excessive deductions in past years, you can also file an amended return.
By Ellen Hoffman
If you've refinanced your mortgage, you may owe the IRS more than you thought
Have you refinanced your mortgage and taken a chunk of the equity in cash? Will you do so when your adjustable-rate loan resets its interest rate? If you fail to follow some little-known rules for calculating your home mortgage deduction, you may be writing off too much interest. Instead of saving on taxes, you could wind up owing them.
In general, the IRS lets you deduct 100% of the interest you pay on one or more home mortgages, up to a total loan value of $1 million. But when you refinance and withdraw cash, the rules change: Only the interest on your original mortgage balance, plus an additional $100,000, qualifies for a deduction. (If you want to take out more cash, use a home-equity loan or line of credit. The law allows a separate deduction for interest on borrowings of up to $100,000.)
It's easy to get this deduction wrong. Banks and mortgage companies send borrowers a Form 1098 early in the new year, which most use to prepare their taxes. This document shows total interest paid for the year, so many assume the number on the form is the one they should use in filing taxes. Schedule A, the tax form on which you enter home mortgage interest, makes no mention of limits on refi-related deductions, though the instruction booklet does.
Lenders seeking refi customers usually don't play up that little catch. "They have no incentive to educate borrowers about the tax consequences" of refinancing, says Douglas Dachille, CEO of First Principles Capital Management, a New York investment firm. Their promotions may include a fine-print caveat to check on the tax effects of a refinancing, but they don't spell out the rules. Dachille says this refi issue came to the fore when he was considering investing in subprime mortgage-backed securities. "The tax provision could affect homeowners' cash flow, so it's yet another reason to avoid the subprime market."
Here's how the refi tax trap works. Let's say you borrowed $500,000 at 8% in 1998 to buy your house. By 2003, the house had appreciated substantially and the mortgage balance had been whittled down to $450,000. Then you refinanced, taking a new loan of $650,000 at 6%. At tax time, Form 1098 would show that you forked over about $39,000 in interest on the $650,000 mortgage in 2003.
INCREASING INTEREST
If you use that $39,000 figure to calculate your annual mortgage interest deduction and you're in the 33% marginal tax bracket, you would wind up taking $1,980 more in deductions than you're entitled to, according to William Lazor, a CPA at Kronick Kalada Berdy in Kingston, Pa. That's because you may take a deduction on a mortgage of only $550,000—the $450,000 left on the original loan plus $100,000. On $550,000, the interest paid would be $33,000, says Lazor.
So what's the damage? If you had to repay the IRS for overdeducting, you would owe $2,109 including interest and penalties for one year, Lazor says. For three years, you'd be liable for more than $6,200. Greg Rosica, a tax partner at Ernst & Young in Tampa, says the IRS would not likely come after you for mistaken returns filed before 2004 because a three-year statute of limitations would probably apply.
There's no sign the IRS is currently hunting down taxpayers who may be miscalculating the mortgage deduction, but the error could trip you up in an audit. Rosica says the best way to protect yourself is to make sure you calculate this year's taxes correctly. If you've taken excessive deductions in past years, you can also file an amended return.
By Ellen Hoffman
Bookmark this post: |
|
Saturday, September 15, 2007
TD Ameritrade and your accounts
There has been recent news reports about TD Ameritrade and the fact that some of their database information has been compromised. I attended an audio meeting this morning with the President/CEO of TD and he assured us that, according to the information that they have uncovered, that NO client social security numbers nor passwords were obtained by the hackers. It appears that the unauthorized codes found in their systems were being used to obtain email addresses for spam purposes.
I direct you to a special website that TD has put up and where you can obtain the information needed to put yourself at ease. It is www.amtd.com. I recommend that you check this out. You will also be receiving a letter from TD on the situation.
I remain confident that TD has taken steps to make sure that your assets are SAFE and that this problem can be corrected.
Please call us if you have any questions.
Warmly,
Judy
I direct you to a special website that TD has put up and where you can obtain the information needed to put yourself at ease. It is www.amtd.com. I recommend that you check this out. You will also be receiving a letter from TD on the situation.
I remain confident that TD has taken steps to make sure that your assets are SAFE and that this problem can be corrected.
Please call us if you have any questions.
Warmly,
Judy
Bookmark this post: |
|
Wednesday, September 12, 2007
Judy is going to Africa!
Hello Everyone,
I wanted to let you know that I am going on a 2 week missions trip to Uganda and Kenya from September 30th thru October 13th. I am traveling with an amazing group of 5 other folks and we are a teaching team. We will be conducting business conferences/seminars and one on one coaching to enable folks to start and sustain their own businesses. Business failures in Uganda is the highest in the world! I am going through an organization called Global Partners in Development (www.globalpartnersindevelopment) and while in Uganda will be partnering with Shane Gilbert who has a ministry called www.comeletsdance.org Shane is doing amazing work in Kampala investing in and training up young men and women to be future leaders in their country. She is starting small micro businesses and is starting to see some great results. Shane is organizing the events in Kampala for our team. In Kenya, we will also be meeting with groups of people who are trying to break the "begging cycle" and become self-sufficient. At the end of our trip, we will take a 3 day "vacation" at the Maasai Mara wilderness to witness The Great Migration of animals traveling to the Mara Plains from the Serengeti.
Cheryl Tuz will be in the office while I am away and will be able to help you with any issues or concerns that arise while I am away. I am available until September 28th and starting October 15th--barring any jet lag!
I am most grateful for the opportunity to go on this trip and appreciate your good thoughts and prayers while I am traveling.
Warmly,
Judy
I wanted to let you know that I am going on a 2 week missions trip to Uganda and Kenya from September 30th thru October 13th. I am traveling with an amazing group of 5 other folks and we are a teaching team. We will be conducting business conferences/seminars and one on one coaching to enable folks to start and sustain their own businesses. Business failures in Uganda is the highest in the world! I am going through an organization called Global Partners in Development (www.globalpartnersindevelopment) and while in Uganda will be partnering with Shane Gilbert who has a ministry called www.comeletsdance.org Shane is doing amazing work in Kampala investing in and training up young men and women to be future leaders in their country. She is starting small micro businesses and is starting to see some great results. Shane is organizing the events in Kampala for our team. In Kenya, we will also be meeting with groups of people who are trying to break the "begging cycle" and become self-sufficient. At the end of our trip, we will take a 3 day "vacation" at the Maasai Mara wilderness to witness The Great Migration of animals traveling to the Mara Plains from the Serengeti.
Cheryl Tuz will be in the office while I am away and will be able to help you with any issues or concerns that arise while I am away. I am available until September 28th and starting October 15th--barring any jet lag!
I am most grateful for the opportunity to go on this trip and appreciate your good thoughts and prayers while I am traveling.
Warmly,
Judy
Bookmark this post: |
|
Tuesday, September 4, 2007
Finding the Joy
These are some excerpts from an article that I would like to share with you. I hope that find it worthwhile reading. Lately, I have been doing a lot of trying to find the joy in my life.
The Joy Factor
Mary L. Duwe, CPF, Master Coach
Everyone longs for a life filled with passion. The human heart was created to be passionate. However, personal and business stresses, disappointments and challenges can often act like cold water thrown on a campfire. Damaged relationships and other life challenges can take their toll and cause the fire of passion to simply burn out. You begin to feel less alive and hunger for the warmth of an inner burning fire.
There are three important steps you need to take in order to find meaning and passion in an industry filled with emotional disease, dismay and disappointing outcomes. It is possible to shift from running on empty to being filled with passion by simply incorporating the “joy factor” into your practice:
Step One: Find the joy. It is critical to discover what brings you true joy. It is all too often we find ourselves doing things we feel we have to do or should do instead of things we want to do. Start to pay closer attention to what gets your attention and ignites a spark inside you. This spark is an important clue in designing your life around what brings you the greatest amount of joy. However, finding what brings you joy will only be a booby prize if you do nothing with your new-found knowledge.
Step Two: Follow the joy. Knowing what brings you joy is critical. Step two is giving yourself permission to follow that joy and develop a life that is full of meaning, purpose and passion. There are several things I noticed that advisors often allow to get in the way of developing a passion-filled life: Often advisors will put themselves last on their list of priorities. As a result, everyone else’s needs get fulfilled before their own. We tend to give too much without getting refueled and as a result, can burn out. Running on empty is the fastest way I know to put out the fire of passion. Never give away more than you have to give and always end the day with something left in your tank.
Step Three: Foster the joy. Now that you have given yourself permission to follow the joy you’ve identified, it is equally important to develop your business and your life around those good feelings. Protect your right to have a life that is passion filled. Expand and create circumstances and opportunities that light the fire within you. You can do things that will drain your energy or you can choose to do things that give you energy. It is your choice. Eliminate anything that drains you and do more of what fuels your passion. The more alive you feel the more effective and powerful you will be.
The Joy Factor
Mary L. Duwe, CPF, Master Coach
Everyone longs for a life filled with passion. The human heart was created to be passionate. However, personal and business stresses, disappointments and challenges can often act like cold water thrown on a campfire. Damaged relationships and other life challenges can take their toll and cause the fire of passion to simply burn out. You begin to feel less alive and hunger for the warmth of an inner burning fire.
There are three important steps you need to take in order to find meaning and passion in an industry filled with emotional disease, dismay and disappointing outcomes. It is possible to shift from running on empty to being filled with passion by simply incorporating the “joy factor” into your practice:
Step One: Find the joy. It is critical to discover what brings you true joy. It is all too often we find ourselves doing things we feel we have to do or should do instead of things we want to do. Start to pay closer attention to what gets your attention and ignites a spark inside you. This spark is an important clue in designing your life around what brings you the greatest amount of joy. However, finding what brings you joy will only be a booby prize if you do nothing with your new-found knowledge.
Step Two: Follow the joy. Knowing what brings you joy is critical. Step two is giving yourself permission to follow that joy and develop a life that is full of meaning, purpose and passion. There are several things I noticed that advisors often allow to get in the way of developing a passion-filled life: Often advisors will put themselves last on their list of priorities. As a result, everyone else’s needs get fulfilled before their own. We tend to give too much without getting refueled and as a result, can burn out. Running on empty is the fastest way I know to put out the fire of passion. Never give away more than you have to give and always end the day with something left in your tank.
Step Three: Foster the joy. Now that you have given yourself permission to follow the joy you’ve identified, it is equally important to develop your business and your life around those good feelings. Protect your right to have a life that is passion filled. Expand and create circumstances and opportunities that light the fire within you. You can do things that will drain your energy or you can choose to do things that give you energy. It is your choice. Eliminate anything that drains you and do more of what fuels your passion. The more alive you feel the more effective and powerful you will be.
Bookmark this post: |
|
Subscribe to:
Posts (Atom)