“The Turbo Tax Rap”
Of the many tax rap songs on YouTube website I’ve listened to only a few (there are over 170); however, this one by far is the best I’ve heard. Let me know what you think. You can check them out yourself at YouTube
Many mutual funds and brokerage firms have requested and received an extension from the IRS until February 15, 2007 to distribute 1099s for dividends.
Based on the tax laws as to what is considered qualified dividends, subject to the 15% tax bracket these third party investors must receive the dividend information from the individual companies whose stock they hold. The companies do not give their dividend information until January 31, 2007.
The mutual funds and brokerage houses do not want to send amended 1099’s in February after many people have filed their returns. As this would require those who have filed to amend their income tax returns. The IRS has approved their extension to avoid the amended returns.
The AICPA (American Institute of Certified Public Accountants) has released the results of a study of the financial responsibility of Americans age 25 -34 years old. The results show that these individuals “FACE UNCERTAIN FUTURE DUE TO POOR FINANCIAL HABITS“.
People in this age group potentially have a poor outlook in their financial future based on their current spending and savings habits.In addition to the fewer number of people with savings accounts than in 1985 the average account balance was $6,788 and in 2004 it had dropped to 3,746 a drop of approximately 45%.
Additionally, the AICPA study reveals that the average level of debt for this group has increased from $3,118 in 1985 to $4,733 an increase of almost 52%. This age group now makes up the second highest rate of those filing for personal bankruptcy.
The AICPA has created a website feedthepig.org to assist people in learning to become financially sound.
A sub website 360financialliteracy is available to help people understand what financial stability means and provides advice to help turn your financial future around.
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