It may be great that you earn a six-figure income, but if you live a six-figure lifestyle – the occurrence of one negative financial event can cause a financial downward spiral. Nothing teaches us this lesson more than the previous NBA lockout. Read more
You make a lot, but how much do you keep?
Let your budget inspire you
We hear it all the time… we must spend within our budgets. But what does that really mean? Many people spend aimlessly without preparing a budget and as a result, they usually come up short in their financial goals. Trust me, I know. There have been many times in my life, I figured I would just “wing it” or spend according to my feelings. But that type of attitude got me nowhere. It wasn’t until I decided I would commit to a budget, then and only then did I see changes in my finances. Now does this mean that you cannot improvise if needed? Maybe – or maybe not. Things change and times change. We simply can’t predict every single thing in our future, but you must use your budget as a roadmap to help you to reach your financial goals.
So whether your desire is to pay for your kids to go to college or simply become debt free at a certain age, your chances to achieve your financial desires are better if you simply prepare and live within your budget. Read more
Getting Financially Prepared for 2013
Ok, it’s a new year! And like many of us we are busy making resolutions. We vowed to be focused, get organized, and shed those extra pounds. But more importantly, most of us are determined to be in a better financial position for the new year!
So, what steps can you make to have a better financial year than last?
No More “Katrina” …… Not being prepared is simply not worth the risk!
Who would have thought on the seven-year anniversary of Hurricane Katrina, I would once again find myself on the road not knowing when I would return home. But at the very least, I can honestly say, this time I was better prepared.
I know many of us take “warnings” with a grain of salt, thinking certainly Hurricane Katrina could never happen again. Or for those who were not affected by Katrina, may think – I am immune to these types of disasters. But I have to tell you, no matter where you live, you must be prepared.
So, how do you really prepare for these nasty disasters? Read more
Using credit wisely: The taboo conversation your parents never had!
Many of us, while growing up, had discussions with our parents about the dangers of drugs. And despite how uncomfortable it might have been for both you and your parents, it’s quite likely that you also had “the talk” about sex. Our parents regularly urged us to stay in school or to choose our friends wisely. But not many of us had a heart-to-heart talk about credit cards. Read more
Check Please! Who’s Responsible for Paying for a Date?
We’ve all been there before. You get a phone call from that special someone who desires to take you out. You make plans to meet downtown to grab a couple of drinks and appetizers. The music is right, the mood is sweet; and finally the check arrives. She looks to the left; and he looks to the right…so who is really responsible for paying? Read more
Don’t believe the hype! You can’t claim these on your tax return!
Being a CPA, I often get tons of calls from friends I haven’t heard from throughout the entire year. Of course, they are not calling to see how I am doing, but just want to pick my brain about how they could boost their tax refund! Whether it is determining whether they can claim their long lost cousin or file head of household (although they are married and living with their spouse), it is important I help them sort through the “hype!” Read more
Does Money Matter When Selecting a Spouse?
Does money really matter when selecting a spouse? The verdict is out on this topic. I posed this question to my colleagues and friends, both married and single, and was astonished by the responses I received. Many people said it did in fact matter, but differed on why. Read more
Financial Problems are Temporary
If things seem a bit tight or finances are weighing you down, you have to understand it will not always be this way.
I know firsthand. While in college, I made financial mistake after financial mistake. If it wasn’t the mall calling my name, a night out with my girls, or just living beyond my means, I always found myself spending money I didn’t have. After graduating from college, it finally dawned on me; I had to make some financial changes. Read more
When the IRS Comes Knocking
You receive the letter many dread, the Internal Revenue Service (IRS) has requested to audit your tax return. It could be for many different reasons. Maybe your income on your tax return did not match the amount reported to the IRS, or your expenses seem to be a bit questionable. If so, you could be the lucky winner of a full IRS audit. No matter what reason the IRS decides to come knocking, one thing is certain – you must be prepared. As a former IRS agent, I have had the opportunity to participate in a host of audits, and time and time again, the key to surviving these unwanted ordeals, is to make certain you understand your rights and responsibilities. Read more
Self-Employed? Reporting your income may be more beneficial than you think!
If you are a self-employed individual, you have at your discretion to be flexible when reporting your income and deductions on your tax return. Of course, if you receive 1099s, this income will be reported to the IRS, however if you receive cash payments or unreported income, you may be go unnoticed. Besides, will the IRS really know you receive those payments last year? Hey, no one is looking – right?
Wrong! Even if you never been audited or never will, these type of decisions will be certain to catch up with you down the road. Read more
Boost your tax refund
It’s tax time! And if you want to get the most from Uncle Sam, there are certain credits and deductions you shouldn’t leave on the table. Whether you are a single mom, business owner, newlywed or a college student, these tips may help boost your tax refund this tax season. Read more
Run your personal finances like a small business!
Few of us think of our personal finances as a small enterprise. But just like any business or government agency, we must watch our bottom dollar.
How do you run your personal financial house? Do you raise the debt ceiling to meet needs? Or do you operate on a budget and save for rainy days?
Whatever method you use to operate your personal finances, you must run things like a small business. Read more
Make your dreams a reality in 2013
Sometimes, it is not enough to simply pray for our financial dreams. We have to take the time out to not only speak it, but also more importantly see it! So, how do you really see it when you are trying to make ends? Or your home has been foreclosed? Or it simply seems you will never be able to reach your financial goals? 
Read more
4 Ways to Beat Small Business Tax Audit
As a certified public accountant and former Internal Revenue Service agent, I know firsthand the thrills that come along with a tax audit. And more importantly, I understand the eerie feeling when the IRS determines your business owes tax money.
The IRS audits only a small percentage of tax returns. But if your business is one of the lucky few, understanding the appropriate steps to take will determine whether or not your outcome is favorable.
First, it is essential to understand how a tax return is selected for audit. There are many reasons a tax return could be chosen for an audit, including the following..continue reading
Kem Washington featured on Fox 8 News – Retirement tips
Check out Kem Washington’s interview with Fox 8 news this morning! Click on the picture to view!
Kem Washington contributes to Bankrate.com
Good plan can lead to great retirement
By Chris Kissell • Bankrate.com
Life can feel like an exercise in financial chaos. Simply paying your day-to-day bills can be tough. Saving for other priorities — the kids’ college education or that family vacation to California — can put a squeeze on your ability to save for retirement.
In fact, a lack of retirement savings is one of the most important issues facing Americans today, says Kemberley Washington, a personal finance writer and assistant dean of student programs at Dillard University in New Orleans.
Having a retirement plan of any kind is better than having no plan at all, Washington says. And it is best to start drafting that plan today. Click here to read more.
How to Buy Foreclosures and REOs
So often you hear advertisements for foreclosure listings, companies promise to give you a laundry list of foreclosures, but for a small catch – you have to pay for it! But know, there is no need to pay for these listings. There are several ways to view foreclosures in your area and the best part of it all – it’s absolutely FREE! Read more
Using credit wisely: The taboo conversation your parents never had!
Many of us, while growing up, had discussions with our parents about the dangers of drugs. And despite how uncomfortable it might have been for both you and your parents, it’s quite likely that you also had “the talk” about sex. Our parents regularly urged us to stay in school or to choose our friends wisely. But not many of us had a heart-to-heart talk about credit cards. Read more
Broke ’til Payday? Avoid Living Paycheck to Paycheck!
We all heard it before, catch me on payday! Those infamous words from family members, friends and even ourselves are often uttered as it relates to unexpected expenses that arise between paychecks. Let the truth be told, if we lost our job today many of us would be out of luck. Read more
IRS Audit Help Tips!
So what should you do if the IRS comes knocking? Check out my live interview with Fox Channel 8! I provide helpful audit tax tips to help you beat your next tax audit.
Click Here for Fox Channel 8 featuring Kem Washington – IRS Audit Help Tips!
What to do with your tax refund?
Now that tax season is winding down, hopefully you have taken advantage of the many tax deductions available and the IRS has allowed you to walk away with a couple of dollars in your pocket. According to the Internal Revenue Service (IRS), the average tax refund is approximately $3,000. Knowing this – many corporations aim advertisements to snatch your tax refund out of your pocket. Whether it’s a tax day sale or car dealers promising to double your tax refund, there are many sticky financial traps – so be cautious as you decide what to do with your tax refund.You owe the IRS, now what?
You receive the news many of us hate to hear – you owe the Internal Revenue Service (IRS)! So what should you do? Read more
Getting Started in the Market – Investing 101 (Pt.1)
Before creating your investment plan, there are some things you simply need to know. Many people express a desire to invest and often seek investments which they believe could bring about the largest returns. But prior to investing, you have to first identify your purpose for investing, understand how much risk you are willing to take, and then and only then, you would be able to identify the right investments for you. Read more
Prepared for a $1,000 emergency?
If you were faced with a $1,000 unexpected expense, would you be able to pay for it? Or would you have to seek a payday loan?
According to Bankrate’s June 2012 Financial Security Index, 28 percent of Americans do not have any money set aside for a rainy day.
Do you fall within that number? Continue Reading
