Be Careful of Scams When Donating to Charities
The world is full of good Samaritans, those people who see other people suffering, and want to help or who get involved in a good cause. Donating time, talent and money to charities and other good causes is a noble endeavor. However, as with most things in life, there are always those on the other side of the equation that are looking to take advantage of any situation, even of those who want to help the less fortunate.
Recently, the IRS warned Americans about one such catastrophic event that could lead to scammers trying to take advantage of would-be good Samaritans. South Carolina is still reeling from the horrible and widespread damage from the massive flooding the state sustained from the record-setting rain that recently blasted the area. In the midst of all the terrible destruction, many people were already reaching out to donate money for relief efforts. The bad news, scammers are out in full-force as well.
That led the IRS to issue a warning against these scammers who are standing by to take advantage of the good-hearted people who donate. The IRS says that these kinds of events often bring out many people who are looking to profit from others’ misfortune. To that end, the IRS recommends checking the IRS website to make sure that your donation is actually going to a qualified charitable organization and not into a scam artist’s pocket.
Also, remember to avoid giving out personal information, only use legitimate websites and be sure to get receipts for tax deduction purposes. Do not send or give cash and be careful of any unsolicited emails or phone calls. As always, trust your gut and use your best judgment in order to avoid being scammed.
Where Is Your Paycheck Going?
While many of the nation’s high net-worth individuals make much of their income through capital gains, those who still collect a paycheck are doling out of cash to the IRS every time they get paid. The same is true for all taxpayers no matter what income level they fall in. In fact, according to a…
Should the IRS File Your Taxes for You?
Imagine a world where you didn’t have to file your own taxes. Of course, you can use an experienced and professional tax and accounting firm like GROCO to do your taxes for you, but what if you didn’t even have to send your tax return information to an accountant? Could that ever really happen? In…
Unstable Stock Market Could Hurt State Tax Budgets
While many feel the wealthy should be paying more in taxes, the efforts to enforce this strategy does have some consequences for state budgets. Many of the country’s wealthiest individuals hold the majority of their wealth in stocks. That means when the stock market goes down, so do the tax payments of the wealthy. In…
Florida Looking to Lure More Wealthy Taxpayers
The reports regarding many of the nation’s wealthy packing up and moving to different states in order to avoid the high taxes where they currently reside continue to mount. According to one such report, David Tepper, the president of Appaloosa Management L.P., who is the wealthiest resident of New Jersey, is in fact no longer…