Many workers have been laid off or furloughed since the beginning of the Corona virus pandemic. As companies close stores, curtail production and shed employees, some are continuing to pay shareholders. Even though this may be a “bigger” picture issue, the optics of these business practices is not likely to win support. The Washington Post reports that Caterpillar, Levi Strauss, and Stanley Black and Decker have all chosen shareholders over employees. Deciding who will bear the brunt of the current economic climate is tough, but should it be the workers?
Honesty in Spending
Financial Infidelity…
Have you ever been guilty of making a purchase and not telling your partner? What about buying something and then altering the actual cost when forced to admit your indiscretion?
Many couples fall prey to these kinds of buying practices says Jancee Dunn for the New York Times in her article, Your Cheatin’ Wallet. Read more to see how important it is to move towards total financial transparency with your partner and what pitfalls may arise if you don’t.
Who’s Laughing Now
Remember when cameras began to appear everywhere in public? Much like the sentiment from Orwell’s novel 1984, “Big brother is watching you,” our daily routines were recorded and occasionally even private moments were caught on film.
Now the world is listening. If this worries you, Stuart A. Thompson and Freaked Out? 3 Steps to Protect Your Phone. From simply turning off location services in ap to using the Privacy ProVPN ap, you can greatly reduce what companies and trackers are able to see and hear.
The More You Buy, the More You Save?
Credit cards come with all types of rewards currently, but do these programs actually help those with more money? Aaron Klein for the Los Angeles Times explains that since luxury, high-end credit cards come with higher swipe fees (the money charged to merchants every time a card is used), those with more money to spend with these types of credit see a much higher benefits and cost merchants more. He goes as far as suggesting that Congress consider legislation for rewards cards or make these perks taxable income.
Opinion: How credit card companies reward the rich and punish the rest of us
Make the Best of Black Friday
Want to get the best deals and save the most money on Black Friday? Elissa Sanci for Smarter Living, The New York Times offers tips and shopping best practices in her article: 5 Things to Avoid on Black Friday
Black Friday is a money- and time-sucking vortex. Here’s what not to do this year. She highlights her list with entertaining anecdotes of those who fell victim to the seemingly needed purchases and makes recommendations for how to avoid these pitfalls.
Too Good to be True?
Earnin, the latest iteration of payday lending that advertises a no-fee, but tips appreciated model seems too good to be true. Their website boasts having raised over $190 million from investors. Venture capitalists tend to be well informed individuals with a sense for solid business plans and they’ve given Earnin a large amount of money. The pay-it-forward model sounds great and even feels warm and fuzzy, but can it last?
Column: It’s called Earnin. I have no idea how the company ever turns a profit
Paying Taxes on Crypto Currency?
Do you owe taxes on crypto currency? Chances are you’re safe if you have no idea what that is, although some parents were unaware that their high-school and college aged children were trading in Bitcoin. The IRS is currently cracking down on tax evaders with digital holdings through two versions of a warning letter. The first implying the tax payer may have no knowledge of these accounts, and the second enforcing a deadline for recipients to disclose all of their crypto transactions or risk legal recourse. Accounting Today suggests the best ways to handle these tax situations based on the type of letter received in the article, Crypto tax avoiders face IRS roulette: Fess up or try to hide .
Disabilities at Work
Choosing to disclose a disability at work comes with a host of possible outcomes. Many who have hidden disabilities strive to keep them that way, fearing they’ll be treated differently if their co-workers are aware. Accommodations are required under the law but may be viewed as a burden by the employer and even though mandated, often are denied. If you find yourself in this position, what should you do? Liz Schumer for the New York Times thoughtfully explores this topic in her article, How to Disclose a Disability to Your Employer (and Whether You Should)
Getting the Most Out of Your Education
Did you know that by including certain scholarships as income you might be able to increase your education credit, reduce your total tax, or increase your tax refund? The key is finding awards that may be used for other expenses such as books, or room and board.
For detailed instructions on determining what kinds of grants and scholarships are eligible and how to apply these for best tax savings, see Maximizing the higher education tax credits: Including a scholarship in gross income can sometimes save on taxes in the Journal of Accountancy.
Flash in the Pan
When you hear the word Start-up, what do you think of? Lots of venture capital raised quickly to create showy products that cater to a niche market? Almost daily we see the demise of these companies in the news and the reality of the “Fail Fast” model. But this is not true for all start-ups, such as Evernote which opened in 2004. The company is currently facing the harsh reality of two options: slow death or a complete makeover. Erin Griffith for the New York Times offers a detailed look at Evernote as an example of a long standing, 15 years, start-up in her article, A Unicorn Lost in the Valley, Evernote Blows Up the ‘Fail Fast’ Gospel.