SELF-QUIZ: HOW DO YOU RATE AS A MONEY MANAGER?

By John Ingrisano

Smart money management is crucial… especially during these economically challenging times. It is important to monitor how you spend your money.   

Take the following self-quiz,  taken from The Back to Basics Book of Money!  A Couple’s Guide to Financial Peace.  Then see how effectively you are managing your resources:

• Am I reluctant to sit down to pay bills?  Worse, do I ever get behind on my bills?  This is a telling sign of financial stress, and a clear indication that you may be living beyond your means.
•  Do I ever borrow money to pay bills?  Once again, this is a danger sign that you are living beyond your means…and on borrowed time.
• Do I use credit cards for routine purchases?  This makes it too easy to overspend, especially on things you simply do not need.  Best rule of thumb:  If you can’t afford to pay cash, you can’t afford to buy it.
•  Do I count on overtime or income from my and/or my spouse’s second job to make ends meet?  The answer is not always more money, but managing what you have more effectively.
• Do I spend every cent I earn and save little or nothing on a regular basis?  If you are living on the edge, it is only a matter of time before some big (or even small) emergency pushes you into a financial crisis.  Set up an emergency fund. Spend the next year building it up to the equivalent of at least one month of income (three would be even better). 
• Do I make unplanned withdrawals from my savings or checking account or go to the ATM whenever I need cash?  If you pull out just $20 a week more than you’d planned, that’s more than $1,000 a year in unscheduled withdrawals. It adds up.
• Do I consistently come up short the day before payday or race to the bank to cover checks I wrote the day before?  In addition to incurring overdraft fees, a few stumbles and your credit rating will begin to take a dive as well. 
•  Do I make purchases of $50 or more on impulse?  A good rule of thumb:  Learn to avoid all impulse buys.  Give yourself 24 hours to mull it over.  This avoids wasting money and suffering the guilt of buyers’ remorse. 
• Do I fail to keep accurate financial records or to balance my checkbook?  If you don’t know your financial condition, then it is most likely not all that good.  

How you did:  If you came up with no more than two check marks, you are doing a reasonably good job managing your money.  If you have three or four, you are doing okay, but you could do a lot better.  Five or six is a strong indication that you are skating on thin ice and heading into trouble.  If you check more than six, you are in financial danger.  Tear up your credit cards, stop adding debt, set up a budget, tighten your belt and change your spending habits immediately.

The good news:  Whether you are an ace at managing your finances or a disaster in the making, you can improve your spending and money management habits.  By doing so, you will get better and more value from the  money you do spend, actually boosting your standard of living.

ARE YOU A SHOPAHOLIC?

By John Ingrisano

Compulsive spenders tend to shop more from habit, boredom or unhappiness than genuine need.  The problem can be serious.  Fortunately, in most instances, awareness and a little self-discipline are enough to bring “shopaholic” spending under control.

Chronic overspending can disrupt a family’s financial stability.  Just as bad, it can lead to guilt and depression and even undermine otherwise happy marriages.  Danger signs include high debt loads, closets full of unused clothes and gadgets, shopping as an escape when feeling down or to cele­brate when feeling good.   

Self-quiz:  How about you?  Do you — or does some­one you know — have shopaholic tendencies?  Print out this page and answer the following questions, using a rating scale of 0 (ALWAYS) to 10 (NEVER).

____I shop for recreation or re­laxation. 

____I’m not sure how much I will spend when I shop.

­­­____I use credit cards when I shop. 

____My credit card balances are near the maximum. 

____I spend on luxuries, even if it means depriving myself and my family of necessities.

____When my bills arrive, I cannot account for one or more charges. 

____I buy items that I do not wear or use.

____My spouse and I quarrel over my spending.  (If single: Friends comment on my spending hab­its.)

____I spend money when I’m de­pressed or unhappy. 

____I find it difficult to walk into a store without buying something. 

____                                              TOTAL

Rating yourself:  If you scored 50 or below, your spending is out of control; 51 to 70 says you are “average,” but you could be more disciplined in your spending; a score 70 shows that you control your spending rather than the other way around. 

Suggestion:  If your spending is out of control (or even just a little out of line), try the following:

1.     Be honest with yourself.  Acknowledge that your spending is creating affecting your life…or that you could be doing better things with your money.

2.     Look for patterns.  Do you shop because you’re unhappy, angry or bored?   If so, find a new and more productive outlet for your feelings.

3.     Put yourself on a budget.  Figure out how much you can afford to spend each month and what you can afford to spend it on.  Then stick to that amount. 

4.     Leave your credit cards home when you shop.  Live by the motto: “If I can’t afford to pay cash, I can’t afford to buy it.”  If you’re easily tempt­ed, carry little, if any, cash.

5.     Practice premeditated shop­ping.  Shop only with a list.  Sound advice any time of year, this is especially appropriate when we approach the holidays.  Shop with pur­pose, not just for the fun of spending money. 

6.     Avoid temptations such as killing time at the mall or cruising the shopping sites online.  If you’re bored and need a pick-me-up, go for a walk or visit a museum. 

If all else fails, consider profes­sional help.  Spending can be an addiction.  There are a number of “Shopper Stopper” organizations around the country to help the shopaholic.  Final reminder:  The better you control your spending, the more value and satisfaction you will get from the money you do spend. 

                                                                     * * *

THE BAD NEWS ON BANKRUPTCY

By John Ingrisano

By John Ingrisano

Director, Family Finance Conference Center

Times are tough.  A lot of folks these days are upside down on their auto loans, under water on their mortgages, and way in over their heads in credit card debt. 

So, what about bankruptcy?  In a word … don’t.  There may be times when declaring bankruptcy is a good decision, usually if you are inundated by medical bills or have been out of work for two years or so, with no job prospects in site.    

However, in the vast majority of circumstances, bankruptcy is a sign that people have been living way beyond their means, got caught, and have learned nothing.  In other words, it solves nothing.  Plus, even with bankruptcy, you cannot walk away from student loans, tax liens or back alimony.

So, before you jump into bankruptcy, make sure all your other options have been exhausted.  And then only do it after you have shredded your credit cards and learned a new way to manage your money. 

***

Want to learn more about how to manage your money and your life?  Check out The Back to Basics Book of Money! A Couple’s Guide to Financial Peace.  The book contains 10 valuable Couple Money Skills.  Plus, the Back to Basics Book of Money Workbook (which dovetails with the main text) offers 31 practical, hands-on Wealth Builder activities that can help you and your partner build financial and domestic stability.  Both the book and workbook, which retail for $31.98 plus S & H, are available at the Family Finances Conference Center website for $27.99 total.

The Family Finances Conference Center tailors programs to the unique and individual needs of client organizations and their members and employees, based on the principles of the book and workbook set, The Back to Basics Book of Money!  A Couple’s Guide to Financial Peace. 

For more information, contact me at the Family Finances Conference Center by email (john@b2bbookofmoney.com) or my direct phone line (920-559-3722).

John Ingrisano

Director

Family Finances Conference Center

204 Lakeview Drive

Algoma, WI 54201

(920) 559-3722

john@b2bbookofmoney.com

FUN & GAMES WITH INTEREST RATES

By John Ingrisano

By John Ingrisano

Director, Family Finance Conference Center

Ben Franklin was cited as saying:  “Watch the pennies and the dollars will take care of themselves.”  In the same respect, minor differences in interest rates can make big differences over time.

Example: If you ring up a $1,000 bill on one credit card and the annual interest rate is 3.9 %, but 15% on another, you will end up paying $21.25 in interest in one year on the 3.9% card, but $83.10 on the 15% card. So, unless you plan to pay off your card each month, the interest rate does make a difference.

Now let’s look at how the interest rate you EARN makes a difference over time.  Let’s say you deposit $5,000 a year into your IRA at the start of each year and your spouse also does the same.  One of you earns a fixed rate of 2.3%.  The other, which pays a variable rate based on investments, averages 8% over time.  

If you keep depositing $5,000 annually into each account for 40 years, the one account earning 2.3% will have grown to $342,285.  The IRA averaging 8%, over that same period of time, will grow to $1,507,527.81.  That’s a $1.2 million difference.  

The bottom line:  The interest rate does matter … BIG TIME!  When selecting a credit card, make sure you push for the lowest rate possible, and if you must borrow, look for those special deep-discount deals.  And when it comes to retirement, decide how much you intend to balance the safety, guarantees and security of a low, locked-in rate versus the opportunity of a variable rate, which could grow well … but which could also lose money.     

LIKE TO GAMBLE? DO IT FOR FUN, NOT PROFIT

By John Ingrisano

By John Ingrisano

Director, Family Finance Conference Center

Here’s a short quiz.

Question # 1:  At the end of 50 years, how much money do gamblers end up with who “invest” $50 a week on lottery tickets or at the casino? 

Question # 2:  At the end of 50 years, how much money do non-gamblers end up who put $50 a week into an IRA or other long-term investment, one that earns, say, an average 5% return?

Answer to question # 1:  zero!  If you think otherwise, you’re fooling yourself … or maybe you’re that 1-in-100,000,000 who actually hit the jackpot.  (I’ve heard about those folks all my life, but never actually met or even saw one.)

Read on for the answer to question # 2.

First, a brief rant.  One of my biggest pet peeves (this one’s about the size of a male yak) is standing at the counter of the gas station/convenience center waiting to pay for my gas, and I’m behind this guy or gal hunched over and frantically scratching off lottery tickets with more determination than a dog going after fleas.    

Now, I really don’t mind the waiting, and I admit that I do enjoy gambling from time to time, so don’t get me wrong on this.  BUT … these folks almost always are driving a car my father might have traded in fifteen years ago and they look like they’re living from paycheck to paycheck … or even three or four paychecks behind.  (Add in that they’re buying $7/pack cigarettes and I’m ready to blow a gasket.)

I know, I know, it’s not my business.  However, I see some folks who do this every week, who shell out anywhere from $20 to $50 hoping to hit the big one.

So, here’s the skinny on gambling, whether lotteries or casinos:  If you like to gamble, great.  It can be good recreational fun.  However, did you know that, according to Thomas J. Stanley, author of “The Millionaire Mind,” most millionaires almost NEVER gamble.   

So, let’s imagine that my friends at the gas station are “investing” $50 a week in lottery tickets.  That’s $2,600 a year they’re out!  (If they win a few bucks, they almost always buy more tickets.)  They scratched off enough for a mini-vacation or purchase a newer car.  Money down the drain.

Now imagine (yes, this is where it gets boring, but pay attention), they put that money into an IRA, and let’s say again that the rate of return is 5%, compounded monthly.  They start when they are 18 and just beginning their first job.  They continue until they are 68 and ready to retire. 

In 50 years (and here’s the answer to question # 2) that $2,600 per year has grown to $580,000.  That is one sweet retirement nest egg. 

The bottom line:  Like to gamble?  Fine.   However, if you want actually to become wealthy, talk to your financial advisor about where to put your money.            

Now, go out and work hard, make money, have fun and save a little each week for the future. 

* * *

Want to learn more about how to manage your money and your life?  Check out The Back to Basics Book of Money! A Couple’s Guide to Financial Peace.  The book contains 10 valuable Couple Money Skills.  Plus, the Back to Basics Book of Money Workbook (which dovetails with the main text) offers 31 practical, hands-on Wealth Builder activities that can help you and your partner build financial and domestic stability.  Both the book and workbook, which retail for $31.98 plus S & H, are available at the Family Finances Conference Center website for $27.99 total.

The Family Finances Conference Center tailors programs to the unique and individual needs of client organizations and their members and employees, based on the principles of the book and workbook set, The Back to Basics Book of Money!  A Couple’s Guide to Financial Peace. 

For more information, contact me at the Family Finances Conference Center by email (john@b2bbookofmoney.com) or my direct phone line (920-559-3722).

John Ingrisano

Director

Family Finances Conference Center

204 Lakeview Drive

Algoma, WI 54201

(920) 559-3722

john@b2bbookofmoney.com

YOUR VACATION PLANNING CHECKLIST

By John Ingrisano

Some cynics suggest that people spend more time planning their vacations than they do their retirement or estate strategies.  Maybe so, but it is still a good idea to be organized and plan your fun-time getaways.  Yes, you have your reservations set up; maybe you’ve mapped out your route; certainly, you’ve given some serious thought to what to pack and what to wear. 

Well, here are a few more items to add to your vacation planning to-do list, items that will help assure a relaxed, stress-free getaway:

·         Make sure your bills are prepaid.  If you pay your bills online, schedule them to go out a week or so before the due date.  Remember, one or two late payments and your credit score will begin to tank. 

·         Make sure you have adequate credit available on your credit card.  Many people are unaware that some hotels/resorts put a block on the credit card you use to book your reservation up to the amount you will owe.  That way they are assured that they are paid.  This practice may be good for the resort.  However, if you are not aware of it, you could end up over your credit card limit thousands of miles from home.  Best bet:  Pay off all credit cards before you head out.  Also, check with the hotel so you know if they have blocked your account.  (You might also try to get them to remove the block.)

·         Clean out your wallet.  Leave everything home except one credit card, your driver’s license, cash and/or traveler’s checks, and your medical insurance card.  This can get tricky. On one hand, you want to reduce the risk of identity theft if your wallet is lost or stolen.  At the same time, you need to be darn sure you have proper identification, including something with your photo.

·         Photocopy your important documents.  Leave them in a safe place at home or office.  Then, should an on-the-road emergency arise, have a trusted associate FAX the information to you.

·         If you have health problems, be sure to pack copies of your medical records. 

·         Bring copies of any prescription meds you are taking.  Imagine going through airline security or a U.S. Customs port of entry and needing to document the validity of your prescription.  Also remember that homeland security is not just an international travel issue.  Even if you are just heading to Aunt Jean’s cottage two states away, state and local police can be rigorous in their duties.  Be prepared.     

·         Carry your passport.  In this age of security checks, passports have become the best piece of identification to carry.  Even if you are staying inside the U.S., it is a universally accepted form of identification.  Also, while traveling, keep your passport safe.  Do not leave it sitting on the dashboard of your car or the nightstand of your hotel.  Either keep it with you or locked away. 

·         Buy traveler’s checks.  Yes, they are as good as cash.  The cost is minimal (some banks and credit unions offer them at no charge as a service to customers), and they will be replaced at no cost if they are lost or stolen.  Note, however, that some small vendors may not accept them.  Best bet:  If you are outside the country, cash a certain number of traveler’s checks at the hotel each day.  

·         Pack credit card contact information and financial institution phone numbers – though NOT in your wallet — in case your wallet is stolen and/or you encounter an unexpected financial snag.  You can do this by copying the toll-free number from the back of your credit card.

·         Leave your Social Security card at home, along with all other financial information.  Though Social Security cards generally are not considered to be a valid form of identification in most situations, they attract pickpockets like flies to honey.  

·         Divide up your money and traveler’s checks.  Example:  Keep some in your wallet, distribute some among your pockets or purse, and keep some in suitcase pouches.  This serves two purposes.  First, it helps assure that only a portion of your funds will be lost if you encounter a pickpocket or other problem.  Second, it helps you budget and manage your money.  (Note:  Keep a list of where you stashed your cash.  It is not all that uncommon to unzip a suitcase pocket a year later and “find” that cash you just couldn’t account for on last year’s vacation.)

·         Assume your suitcase will be lost (or at least temporarily re-routed) if you are traveling by air.  That means pack nothing of value or that you may need in a hurry, such as prescription meds.

·         Take home-security precautions while you are away.  Have mail stopped and, if possible, have a neighbor keep an eye on your home while you are away.  You may also want to alert the local police that you will be out of town.  In most municipalities, they will do a drive-by once or twice a day while on their routine patrols. 

A lot of work?  Not really.  Most of all, taking a little bit of time for this advance planning will help assure that your vacation is stress free and trouble free.  Have fun.   

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DON’T JUST COMPLAIN — GET RESULTS

By John Ingrisano

Too often, when something goes wrong with a purchase — a bad meal at a restaurant, a faulty product, a poorly done service — we gripe and make noise.  If you do it right, however, you can get satisfaction.  

Most people suffer in silence.  Fewer than 4 out of every 100 unhappy customers speak up, says the FTC.

Why?  They’re usually not sure what to do.  Some blow their tops and shake a fist.  Most walk away without a word.  They simply take their business elsewhere. 

Reminder:  You owe it to yourself to get your money’s worth when you give a business your business.  When they fail to deliver the value you deserve, the seller should know that you are dissatisfied.   

You may be pleasantly surprised to learn that most businesses are eager to right a wrong.  They want to keep your business.

The key:  Know how to complain in a constructive, goal-oriented manner.  Don’t complain simply to hear the sound of your own voice.  Instead, focus on an appropriate solution.

Here are several suggestions that may help the next time you have a complaint: 

1. Anticipate cooperation.  Most of the time, business managers and government agency supervisors want to do what’s right.  Start with the assumption that the problem is an honest mistake.  Do not take an adversarial position.   
2. Be prepared to explain the problem clearly and succinctly…and to repeat your story several times.  Jot down a brief description of (A) the facts: when, where and who was involved, etc.; (B) why you are displeased; and (C) precisely what you want done about the situation (replacement, repair, discount on this or a future purchase, etc.).  On this final point, be reasonable.  Don’t demand free meals for a year because the waitress brought you decaf rather than regular coffee.   
3. Always get a name.  This serves three purposes:  It personalizes the contact.  It raises the level of accountability on the other person’s part.  It tells you who to thank when the problem is resolved.  (See point 4, below.)   
4. Put it in writing if it becomes obvious that a solution will take more than one phone call or face-to-face visit.  This provides a written record of your case.  It also gives weight to your complaint and says you are serious.  Important:  Even if it appears that the problem can be cleared up with a phone call or personal visit, write a brief “thank you” note to the person who helped you.  This documents the conversation and protects you if the problem isn’t resolved as promised.
5. Get to the power person…the one with the authority to do something.  When you call UPS because Aunt Ruth’s holiday present went astray, don’t expect satisfaction from the telephone operator or the person in charge of routine shipping.  You want to talk to a problem solver. 
6. Maintain your composure.  According to one rule of negotiating: “He who loses his temper…loses.”  Be firm.  Be demanding.  If necessary, explain that you are angry and frustrated and that you expect immediate satisfaction.  Do not blow your top.  That may work, but it is just as likely to send your file to the bottom of the stack.  People who may have wanted to help you will no longer champion your cause.
7. Let them — not you — do the leg work.  Don’t let the problem be delegated back onto your shoulders.  Don’t do their work for them.  “Well, you need to call the accounting department first.  Then call me back with the product code.”  When you hear lines like that, explain that clearing up the problem is not your responsibility, but theirs, and they need to take care of this problem and get back to you.  Reminder:  Whether you have a problem with your food in a restaurant or the brake job on your auto that left your car with an annoying squeal, do not accept being treated like it’s your problem.  It’s theirs!
8. Make it your policy to forget company policy…especially if company policy makes you jump through hoops for their convenience.  Explain that you have your own policy that goes something like this:  “I understand your policy, but it’s my policy never to pay for poor service or shoddy work.”
9. Be persistent.  People won’t always call you back or respond to your letters.  Perhaps they hope you will simply go away.  Don’t.  Become a pest…and make it clear that you will continue to be a pest until you get satisfaction.
10. Get help.  If the situation is serious or you are repeatedly stonewalled, contact the appropriate consumer agency.

The bottom line:  You have a right to quality goods and services for the money you spend.  However, it is up to you to make sure that, when you are dissatisfied, you get results.  We hope the above ideas help.  Good luck.

WHAT’S IN YOUR RETIREMENT SAVINGS?

By John Ingrisano

DON’T PAY MORE! SPEAK UP!

By John Ingrisano

By John Ingrisano

Director, Family Finance Conference Center

Do shy people pay more?  You bet! 

Recently, a friend was late paying a credit card bill.  That was something he almost never let happen … as in not once before in the last ten years.  Still, the credit card company assessed him a late payment of $39.  No sweat.  They have the right.  He could have let it go.  He was wrong; they were right.  Still, he decided it was worth a shot to ask. 

So, he invested five minutes in a call and talked to a representative.  He was courteous and direct.  “I have a late payment charge,” he explained.  “Could you remove it, please?”   The representative asked why he was late in paying.  “No excuse.  It just happened.  But please note that this is something that I have never done in the past.” 

She clicked around for a few moments on her terminal before saying, “Okay,” and made the charge go away.  Poof!  That was it. 

It can be the same with pretty much anything.  It happened with me over two delayed airline flights recently.  In one case, I asked about a meal voucher and immediately received one.  In another instance, I asked for a free flight.  I got it without delay.  I do the same in stores and restaurants and have perhaps saved more than $500 in the last year.  Not bad. 

My favorite story:  Years ago, I got a free night in a Chicago hotel when my Amtrak train was delayed by bad weather.  The terminal was in chaos with delays everywhere.  I pulled a desk clerk aside and in a low voice made my request — clearly, politely, firmly.  Maybe it was gratitude that I did not make a public scene (which would have encouraged others to push for this perk) or that I was pleasant and charming while everyone else was starting to suffer from short tempers and frayed nerves.  For whatever the reason, the clerk agreed to help us, and we spent a comfortable night in a four-star hotel, complete with meal vouchers, while I suspect a lot of other folks spent the night curled up on uncomfortable chairs in the drafty train terminal.

My point:  If you’re too shy to ask for a discount or refund or special deal, you won’t get one.  But if you do ask, you just might.  No guarantees, but still…. 

So, take the initiative.  Don’t lie or play games.  Be polite and just ask.  It can’t hurt.  Good luck.

Want to learn more about how to manage your money and your life?  Check out The Back to Basics Book of Money! A Couple’s Guide to Financial Peace.  The book contains 10 valuable Couple Money Skills.  Plus, the Back to Basics Book of Money Workbook (which dovetails with the main text) offers 31 practical, hands-on Wealth Builder activities that can help you and your partner build financial and domestic stability.  Both the book and workbook, which retail for $31.98 plus S & H, are available at the Family Finances Conference Center website for $27.99 total.

The Family Finances Conference Center tailors programs to the unique and individual needs of client organizations and their members and employees, based on the principles of the book and workbook set, The Back to Basics Book of Money!  A Couple’s Guide to Financial Peace. 

For more information, contact me at the Family Finances Conference Center by email (john@b2bbookofmoney.com) or my direct phone line (920-559-3722).

John Ingrisano

Director

Family Finances Conference Center

204 Lakeview Drive

Algoma, WI 54201

(920) 559-3722

john@b2bbookofmoney.com

The Best Way to Avoid an Income Tax Audit

By John Ingrisano

The best way to handle a tax audit is to avoid it from the start.  Even if you win, an audit can be annoying and unnerving.  At the very least, it will cost you a great deal of time.

 

The odds of being invited to an audit increase with your income and number of deductions.  High-risk categories include small business owners and individuals with lots of deductions and complicated returns.  The lowest risk?  Short-form filers.

 

On the bright side, the chance of being audited is actually fairly slight, around 1%.  Also, there are ways to reduce that risk even further.

 

The best strategy:  Maintain a low-audit profile.  As you approach this year’s tax filing deadline, consider ways to avoid catching the eye of the IRS…so your return passes through the IRS processing machinery without a glitch.

 

Here’s a checklist to help reduce the probability that you will be audited:

 

·         Don’t make any mistakes on your return.  Math or other mechanical errors (or forgetting to sign your return) are sure-fire ways to get your file pulled for closer scrutiny.  Double check all your figures.

 

·         File your return correctly initially, so you don’t have to amend it later.  Amended returns are carefully reviewed.

 

·         Prepare your return in a professional manner, so it looks like it’s been done with care and thought.  If you do your own taxes, make sure all information is legible.  Avoid cross-outs, erasures and whiteouts.  If it looks sloppy, as though you threw it together in 20 minutes, it will be double checked by the IRS.  Sugges­tion:  Do a practice return first, and then transfer the information to the one you’ll submit.

 

·         Avoid unusual positions.  Remember, ALL returns are looked at by a processor, even if only briefly.  Don’t give this individual reason to pause and ask:  “What the heck is this?”  If you have an unusual item or an expense that’s high, attach copies of canceled checks or a letter of explanation.  Don’t make the IRS come to you.

 

·         Don’t get piggish in taking deductions that may be questionable, unless you are prepared to defend them.  The watchwords are “reasonable and relative” in relation to income.  If you earn $45,000 and claim $25,000 in deductions, don’t be surprised if the IRS requests a meeting.

 

·         Don’t play games or vent your frustra­tion on your tax return.  Some people lose their tempers on tax filing day.  They write little notes in the margin, “forget” to sign the check, or mail the return a day late.  That’s just looking for trouble.

 

·         Respond promptly if you get a notice requesting more information.  Such notices are fairly routine and aren’t cause for alarm … unless you disregard them.  They are usually very specific in nature.  Respond in writing, providing complete details and explanations.  Suggestion:  Send your response by certified mail with a return receipt requested.

 

Most of all, don’t cheat.  No one enjoys paying taxes, and the IRS knows it.  Penalties for oversights can be stiff.  When in doubt, err on the safe side … or seek the advice of a tax preparer.

 

Good luck and many happy — or at least unaudited — returns!

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