Classrooms are now filling up as our summer days draw to a close. The IRS recently warned incoming students and their parents of a new scam targeting them. A review of this scam is outlined here. Also included is an article with ideas to consider if you want to prepare for a possible early retirement. An article on the disturbing trend of some taxing authorities targeting revenue from people and businesses that have no voting authority rounds out this month's newsletter.
In the News: The Student Tax Scam
With school just around the corner, the IRS has reminded us to pay attention to a new scam that is targeting students and their parents. Here is what you need to know.
Your data must be stolen
Should this scam occur, one thing is certain. Personal data has been stolen. If you receive this scam call, you may be targeted for other scams. So be alert and consider reviewing your credit reports to ensure someone is not trying to access your identity in other ways.
Tips for Early Retirement
When would you like to retire? Even if the answer is later versus sooner, most of us would like the freedom to decide. To do this, consider what it would take to create financial independence in retirement. Here are some ideas to help plan for an early retirement.
While this list is not meant to be all-inclusive, it should help start the conversation toward your early retirement dream. Remember to ask for help to understand your situation and to develop your own personal plan.
What to Do With Your Social Security Statement
The Social Security Administration is now doing a better job in sending out earnings reports by mailing paper statements to workers every five years beginning at age 25. The reports are also available online. These reports recap historic earnings and contain an estimate of potential benefits.
Should you find any errors in the statement correct them immediately. The last page of the statement provides a means for doing this.
Taxation Without Representation is Alive and Well
Our forefathers launched the Revolutionary War with the claim "taxation without representation." What few of us realize is that taxing the other guy who has no say in the matter is now a prevalent technique. Here are some examples.
What's the big deal?
Unfortunately, the pace of targeting taxes towards people and businesses with no voting rights is increasing. This is often due to legislatures taking the path of least resistance. Why not place the tax burden on someone who does not vote? Here are some suggestions on what you can do to manage this problem for you.
Every state, county, and community is different. Know the tax climate before you buy, move, or work in a community that is not your primary residence. It is often your only defense when you are subject to taxation without representation.