Futurity Capital LLC

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[02/27/20]   Issue Number: Tax Tip 2020-26

Here’s why taxpayers should be using direct deposit for tax refunds

With the filing season just around the corner, taxpayers should be aware of the benefits of using direct deposit for refunds. It’s easy, secure and the fastest way to get a tax refund.

Here are 10 quick facts about direct deposit.

It’s the best and fastest way for taxpayers to get their tax refund.
It’s free.
It’s secure.
Taxpayers can deposit their refund into not only one, but also two or three accounts.
Combining direct deposit with IRS e-file is the fastest way for taxpayers to receive their refund.
When using direct deposit, there’s no risk of having a paper check stolen or lost.
The IRS uses the same system to deposit tax refunds that Social Security and Veterans Affairs use to deposit benefits into millions of accounts.
It’s easy. Just follow the instructions in the tax software or on the tax form.
Taxpayers can use direct deposit even if they are filing by paper.
Direct deposit saves taxpayers money. It costs the IRS more than $1 for every paper refund check issued, but only a dime for each direct deposit made.


Coronavirus could drive the US economy into recession, ex-Fed chief Janet Yellen warns | Markets Insider

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There’s been a huge spike in the number of seniors smoking pot and taking cannabis edibles

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Spreading Global Virus Cases Shock the Stock Market

Intersting article from Charles Schwab

Spreading Global Virus Cases Shock the Stock Market

schwab.com How contained is the coronavirus outbreak? That’s the question that rattled markets on Monday.


The Dow tumbled more than 1,000 points and marked its third-worst point drop in history — here’s how the stock market tends to perform after big drops

marketwatch.com A bona fide selloff takes hold on Wall Street after weeks of attempting to come to terms with the spread of COVID-19.


Things taxpayers should remember when searching for a tax preparer | Internal Revenue Service

We are listed in the IRS Directory of Tax Preparers under Tanina Linden.
As a CFP certificant I have a fiduciary responsibility to put every client first.

Issue Number: Tax Tip 2019-23

Things taxpayers should remember when searching for a tax preparer

The tax filing season is upon us, and many people will be looking for someone to help them file a tax return. These taxpayers should choose their tax return preparer wisely.

This is because it’s ultimately the taxpayer who is responsible for all the information on their income tax return. It’s important for people to remember that this is true no matter who prepares the return. Here are some tips for folks to remember when selecting a preparer. Taxpayers should:

Check the preparer’s qualifications. People can use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications. This tool helps taxpayers find a tax return preparer with specific qualifications. The directory is a searchable and sortable listing of preparers.

Check the preparer’s history. Taxpayers can ask the local Better Business Bureau about the preparer. Check for disciplinary actions and the license status for credentialed preparers. There are some additional organizations to check for specific types of preparers:

Ask about service fees. People should avoid preparers who base fees on a percentage of the refund or who boast bigger refunds than their competition.

Ask to e-file. The quickest way for taxpayers to get their refund is to electronically file their federal tax return and use direct deposit.

Make sure the preparer is available. Taxpayers may want to contact their preparer after this year’s April 15 due date. People should avoid fly-by-night preparers.

Provide records and receipts. Good preparers will ask to see a taxpayer’s records and receipts. They’ll ask questions to figure things like the total income, tax deductions and credits.

Never sign a blank return. Taxpayers should not use a tax preparer who asks them to sign a blank tax form.

Review before signing. Before signing a tax return, the taxpayer should review it. They should ask questions if something is not clear. Taxpayers should feel comfortable with the accuracy of their return before they sign it.

Review details about any refund. Taxpayers should make sure that their refund goes directly to them – not to the preparer’s bank account. The taxpayer should review the routing and bank account number on the completed return.

Ensure the preparer signs and includes their PTIN. All paid tax preparers must have a Preparer Tax Identification Number. By law, paid preparers must sign returns and include their PTIN.

Report abusive tax preparers to the IRS. Most tax return preparers are honest and provide great service to their clients. However, some preparers are dishonest. People can report abusive tax preparers and suspected tax fraud to the IRS. Use Form 14157, Complaint: Tax Return Preparer.

Share this tip on social media -- #IRSTaxTip: Things taxpayers should remember when searching for a tax preparer. https://go.usa.gov/xdPKC

irs.gov Tax Tip 2019-23, February 24, 2019


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[02/24/20]   From The New York Times
Intuit, the home of TurboTax and Mint, is nearing a deal to buy Credit Karma, a start-up that grew to fame by offering consumers free access to their credit scores, for about $7 billion in cash and stock, two people briefed on the matter said on Sunday.


Gold, Treasury prices soar as coronavirus fears spark global stock-market selloff and flight to safety

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Nasdaq hits record as China pledges to stimulate coronavirus-hit businesses

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Sanders ‘a bigger threat’ to the stock market and economy than coronavirus, Wall Street billionaire Cooperman says

Another Goldman Sachs alum weighs in

marketwatch.com Speaking on CNBC on Tuesday, the outspoken billionaire Cooperman says that he views the infectious disease, known as COVID-19, as a short-lived problem.


Bloomberg makes debate stage, setting up first showdown with rival Democrats

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Oil heads higher for a third straight session as traders eye coronavirus news and await OPEC’s next move

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NASA says SpaceX is just a 'load' of paperwork away from launching its first astronauts. The target launch date is May 7.

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Ex-Goldman CEO Lloyd Blankfein laid into Bernie Sanders after his New Hampshire win, saying he'll wreck the economy and let Russia 'screw up the US'

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[02/12/20]   Issue Number: Tax Tip 2020-18

Gathering records before preparing tax return makes filing go smoother

As taxpayers are getting ready to file their taxes, one of the first things they’ll do is gather their records. To avoid refund delays, taxpayers should gather all year-end income documents before filing a 2019 tax return.

It’s important for folks to have all the needed documents on hand before starting to prepare their return. Doing so helps them file a complete and accurate tax return. Here are some things taxpayers need to have before they begin doing their taxes.

Social Security numbers of everyone listed on the tax return. Many taxpayers have these number memorized. Still, it’s a good idea to have them on hand to double check that the number on the tax return is correct. An SSN with one number wrong or two numbers switched will cause processing delays.

Bank account and routing numbers. People will need these for direct deposit refunds. Direct deposit is the fastest way for taxpayers to get their money and avoids a check getting lost, stolen or returned to IRS as undeliverable.

Forms W-2 from employers.

Forms 1099 from banks and other payers.

Any documents that show income, including income from virtual currency transactions. Taxpayers should keep records showing receipts, sales, exchanges or deposits of virtual currency and the fair market value of the virtual currency.

Forms 1095-A, Health Insurance Marketplace Statement. Taxpayers will need this form to reconcile advance payments or claim the premium tax credit.

The taxpayer’s adjusted gross income from their last year’s tax return. People using a software product for the first time will need their 2018 AGI to sign their tax return. Those using the same tax software they used last year won’t need to enter their prior year information to electronically sign their 2019 tax return.
Forms usually start arriving by mail or are available online from employers and financial institutions in January. Taxpayers should review them carefully. If any information shown on the forms is inaccurate, the taxpayer should contact the payer ASAP for a correction.


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Exercise makes you happier than money, Yale and Oxford research suggests

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A parking space in a garage in San Francisco is selling for $100,000


businessinsider.com The parking spot is currently leased out for $300 a month, and the realtor is promoting it as an investment to "park your money" in.

[02/10/20]   Update of the week ending Feb 7th
Global Equities: Solid US economic data helped global equities to steadily rise during the week despite the coronavirus causing widespread shutdowns in China, disrupting global supply chains. Reports of promising treatments and liquidity injections by the Chinese central bank have helped quell concerns amid conflicting reports of the severity of the spread of the virus. Continued outperformance from Technology stocks drove the tech-heavy Nasdaq Composite to fresh highs, finishing the week up 4.04%. The S&P 500 and the Dow Jones Industrial Average trailed slightly, rising by 3.21% and 3.06%, respectively. Broad emerging market (EM) equities bounced back from recent underperformance to perform largely in-line with US indices, as the iShares MSCI Emerging Markets ETF (EEM) rose 2.97%. Developed international markets were able to rise despite evidence of a continued slowdown in Germany, as the iShares MSCI EAFE Index ETF (EFA) gained 2.19% on the week.

from Hanlon


Trump’s proposed $4.8 trillion budget will seek cuts to Medicare, Medicaid

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