Archive for the ‘Family’ Category

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Man Up and Manage Your Health:

In Culture,Education,Family on June 15, 2013 by Sufen Wang Tagged: , , , , ,

MH900326848June 10-16 is National Men’s Health Week

Father’s Day is Sunday but men should already be celebrating themselves. This week is Men’s Health Week, a time for males to learn to take control of their health. They certainly need the extra encouragement: men were 24% less likely than women to see a doctor last year.

That’s a shame considering that 1) heart disease, 2) cancer, and 3) accidents (unintentional injuries) are the top causes of death for men. Obviously you can’t predict an accident, but you can prevent and treat things like colon cancer and heart disease with earlier diagnosis. That’s why men need to man up and begin having regular checkups and screenings.

MH900442289Health screenings vary based on age, so if you want to find out more about what you’re in for before you check-in, check this out:

Screenings for men, ages 18-39
Screenings for men, ages 40-64
Screenings for men, ages 65 and older
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And here are five more steps every man can take to clean up his bill of health:
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MH9002344781)  Be physically active and make healthy food choices. Take more than a bathroom break from your basketball video game to go outside and shoot hoops at the local park. And instead of ordering takeout as a reward for exercising, take yourself out to the market and buy an apple or two a day.  

MH9002176082)  Get to your healthy weight and stay there. You don’t have to be as bulky as the Hulk. First find out which weight best suits your body and then figure out how to maintain x amount of pounds. It won’t happen in a day, but pretty soon your suit size won’t change. 

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3)  Become tobacco free. This one should be self-explanatory, but just to clarify, don’t smoke, don’t smoke, don’t smoke. Avoid everything tobacco-related like it’s the plague – because it actually is as deadly as the plague.

MH9000230264)  Drink only in moderation. There’s nothing more unattractive than a handsome man who reeks of liquor everyday. Not only is alcohol bad for your body, it causes even the best of us to make stupid decisions, which often results in accidents (see above for the #3 cause of death). If you drink, drink responsibly and save your dignity, your liver, and your life.

MH9004276305)  Manage stress. People who say they never stress out are lying. Stress is inevitable, but the key is to not let anxiety get the best of you. Don’t wait until the last minute to combat a panic attack: take control of your own reactions in general, and focus on what makes you feel calm, cool, and collected. Mental and physical exercise are effective stress relievers, so pick up a book or go for a run – or if you’re really ambitious, try reading while running. 

Men’s health week is the perfect time to learn how to be a man – and that means managing your health before you end up as a man down.

MH900213415Sufen Wang, M.S. Accountancy

Wang Solutions, Long Beach, CA (562) 856-0793

Editor: Hannah Huff, M.F.A. Creative Writing: Poetry, (626) 806-5805

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Taxable or Nontaxable?

In Accounting & Finances,Business,Education,Family,Taxes on March 11, 2013 by Sufen Wang Tagged: , , , , , , ,

MH900442285Question Needs to be Answered: Income Tax Basics

You know (hopefully) that federal income tax returns are due April 15. But do you really know what income is – let alone if it’s taxable or non-taxable? Here’s income by the numbers to help you do the math correctly on your returns.

Income can include money, property, or services that you receive. All income is taxable unless the law specifically excludes it – and those “tips” you pocketed are not excluded. You should notice that income doesn’t just mean money: non-cash income received through bartering is as taxable as wages, and both parties must report the fair market value of goods/services received as income on their tax returns. 

MH900361224Although most income is taxable, there are exceptions to this rule. Gifts, bequests, and inheritances are usually nontaxable, so don’t worry about that luxury car given to you for your birthday. If you buy something and get a cash rebate from the dealer/manufacturer, that rebate is also not taxable. Welfare benefits, child support payments, and reimbursements for qualified adoption expenses are all not taxable. Finally, if you collected damage awards for a physical injury or sickness, those are yours to keep, tax-free – nobody wants to kick you while you’re down.

TMH900234599hings get a little tricky with income that’s not taxable except under certain conditions. For example, life insurance proceeds paid to you because of an insured person’s death are usually not taxable. However, if you redeem a life insurance policy for cash, any amount more than the cost of the policy is taxable. Similarly, any scholarship income used for certain costs like tuition and required course books is not taxable, but amounts used for room and board are taxable. And classifying your frat house as  “textbook” college living won’t work.

Don’t forget to report any taxable refund, credit, or offset of state or local income taxes you received, even if you weren’t mailed Form 1099-G. You’ll have to contact the government agency that issued the payment to obtain that form. And don’t miss out on IRS Publication 525, Taxable and Nontaxable Income – it explains everything you ever wanted to know about income.

Wang Solutions, Sufen Wang, M.S. Accountancy, (562) 856-0793

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Tested or Not?! Calling all Registered Tax Return Preparers!

In Accounting & Finances,Business,Education,Family,Taxes on February 21, 2013 by Sufen Wang Tagged: , , , , , , ,

ExamRTRP Program Up in the Air: Testing and Continuing Education are Voluntary


Calling all Registered Tax Return Preparers! You know how the IRS now requires every paid tax return preparer to pass a competency test and meet continuing education requirements in order to be called an RTRP? Not anymore. On January 18, a federal judge ruled that the mandatory RTRP regulatory system is invalid because the IRS had to stretch a law to make it apply to preparers in the first place. Prepare to be very, very confused.


In short, the ruling means the IRS does not have the authority to license tax preparers. Which means that as of right now, according to the IRS, “tax return preparers covered by this program are not currently required to register with the IRS, to complete competency testing or secure continuing education.” The regulatory practice requirements for CPA’s, attorneys, enrolled agents, enrolled retirement plan agents, or enrolled actuaries are unaffected by the ruling.


MH900054685Required is the key word in all of this. The IRS filed a motion to suspend the injunction, which was denied on Feb.1 by the same judge. However, he did clarify that the IRS can allow preparers to “voluntarily obtain credentials that might distinguish them from other preparers.” Thus, the IRS’ testing and continuing-education centers will remain open. Indeed, it might be a good idea to complete the RTRP requirements anyways: the IRS can appeal the judge’s full ruling and his decision could eventually be reversed.

The judge also clarified that the injunction does not affect PTINs, which means that those requirements and fees are still active. The IRS has reopened the online PTIN system, but it’s being updated to reflect current requirements. All of this confusion comes at a bad time with tax filing season just ahead. Tax return preparers need answers from the IRS and they need them fast.

Man pointing chartAnd what does all this mean for us, the tax payers?  Always check your tax preparer‘s background, credentials and ask for references!  “Google” the tax preparer’s name and check out his/her background as much as you are able before you make the hiring.  Just because it is NOT required to be licensed, does not mean that anyone off the street can and should prepare your tax returns!  Hire a reputable tax preparer will paid off in the long run!


On the Money, Sufen Wang, Wang Solutions

M.S.Accountancy, Long Beach, CA 562-856-0793

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Year End Charity Giving Tips from the IRS

In Accounting & Finances,Business,Family,Taxes on January 16, 2013 by Sufen Wang Tagged: , , , , , , ,

MH900432375Happy New Year!  But Wait! 

Do not close the book just yet on year 2012…

Year 2012 is past us and hopefully you rang in the new year with a bang. Although the party is over, you can ensure you get more bang for every buck or item you donated in 2012 by reviewing these tips about year-end charity donations
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Contributions are tax deductible in the year made. As long as the donation was submitted before the end of 2012, it can be deducted for 2012 – even the check hasn’t been cashed or the credit card bill paid yet. However, take my word for it, the IRS won’t just take your word for charitable acts. To deduct monetary donations, you must have a bank record or written document from the charity with the name of the charity, the contribution amount, and the date.
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Also be aware that deductible donations must be made to “qualified” organizations. Only churches, synagogues, temples, mosques, government agencies, and anything on the Exempt Organizations Select Check have the IRS’ seal of approval. So although you might have splurged on gifts for yourself, you still don’t count as a qualified organization – no matter how often you call yourself a charity case.
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MH900044904Maybe you couldn’t spare some change and instead donated clothing or household items to a charity. In general, those items must have been in good used condition or better in order to be deductible. That means the bag of ratty old pajamas you left at the Salvation Army drop site probably can’t be deducted. And if you can’t get a receipt, at least keep a detailed written record of every donation.

MH900297557Remember that individuals can only claim deductions for charitable contributions if they itemize their deductions on Form 1040 Schedule A. That form will help you figure out whether itemizing is better than using a short form (Form 1040A and 1040EZ) to claim the standard deduction. Basically, you’ll have a tax savings only if the total itemized deductions (mortgage interest, charitable contributions, state and local taxes, etc.) exceed the standard deduction. Of course, whether or not you end up deducting your donations, giving is something you should do year-round. 

Remember the old saying….”Spend a little, Save a little, and Give a little…”

On the Money,  Sufen Wang,  Wang Solutions

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Holiday Guide Part 2:

In Accounting & Finances,Business,Culture,Entertainment,Family,Taxes on December 14, 2012 by Sufen Wang Tagged: , , , , , , ,

MH900363532Seasonal Strategies for Your Small Business

‘Tis the season to spend time with family, but also ‘tis the season for shoppers to spend money on lots of presents. That means small businesses have to get down to business right now if they want the extra holiday business, especially since Super Saturday (December 22nd)– one of the biggest shopping days of the year – is close at hand.

MH900082871Special offers can easily increase your sales volume. Everybody likes any kind of discount, so come up with deals like “purchase one product and get the other at half price” or “buy one at full price and get a free gift to give.” A business that doesn’t sell seasonal products can be just as successful as one that does, as long as you promote your products as suitable gifts. You can also donate a portion of the price of your product to a charity so that customers feel they too are contributing to that charity. Hand out samples in exchange for customer’s e-mail addresses so you can send them promotions and keep them coming back after the holidays. Finally, get shoppers in the holiday – meaning spending – spirit by decorating your store and offering a free gift wrapping service.

e-Filing BagIf you have a store website and social media pages, also decorate those with festive graphics and designs. Organize merchandise so that it’s easy for online buyers to find holiday gifts – for example, “Gifts for Him,” Gifts under $50,” etc. Use email, blogs, and web banners to make gift suggestions, and to showcase popular items and why people have to have them this holiday season. Offer downloadable gift certificates when holiday shipping deadlines have passed and use your site to make people want to visit your brick and mortar store.

Budget CutYou should also be aware of several business-related tax credits and deductions that you’ll want to take advantage of before New Year’s Day. For example, did you know that you can get a tax credit for hiring an unemployed veteran before December 31, 2012? Or that Section 179 of the tax code provides tax benefits for equipment purchases made before the end of the year? Now would be a good time to review your equipment so you can replace any obsolete assets.

You can read this U.S. Small Business Administration bulletin to find out many more holiday marketing tips, answers to your small business tax questions, and more details on the above tax credits and deductions. If you feel stressed out in the coming weeks, just keep in mind that being busy is always a good thing when you’re a small busyness owner.

MH900354203Happy Holidays!

Sufen Wang,

Wang Solutions

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Holiday Guide Part 1:

In Accounting & Finances,Culture,Entertainment,Family on December 13, 2012 by Sufen Wang Tagged: , , , , , , ,

MH90025087910 Holiday Tips for a Merry Season…

Celebrate on a budget:

Before you buy everything on everybody’s Christmas list, write your own list of how much you can afford to spend on gifts, travel, decorations, and other holiday expenses. Then keep track of your spending as you go. If you’re on a budget too tight for comfort, look around for seasonal employment. Businesses need extra help during the holidays, and if you’re good enough at your job, you could start the new year with a permanent position!

Save money, save your house, and save the planet:

MH900408841When coming up with a budget, don’t forget to figure in the wintertime electricity bill. Using LED holiday lights will save you energy and money, and since they’re cooler than incandescent bulbs, they reduce the risk of fires. Just to be safe though, don’t overload electrical sockets and make sure your smoke alarm has new batteries. You should also buy rechargeable batteries for all of those electronic gifts to help reduce the amount of harmful materials thrown away. Finally, after the holidays, look for ways to recycle your tree instead of just sending it to a landfill.

Buy age-appropriate toys:

Although we know that every kid ends up playing with the cardboard box instead of the actual toy, you should still remember that toys have age-labels for a reason: it’s not safe to give a two year old something meant for children ages 7+. So don’t give toys with small parts or sharp edges to small children. And if you buy your child a bike or skateboard, please don’t forget the helmet.

MH910217103Give yourself the gift of health:

With the holidays, comes lots of food, and with lots of food, comes gaining weight. Listen to your heart before you add an extra-large slice of apple pie to the extra-large slice of pumpkin pie already on your plate: it will tell you to avoid those extra calories. If you do decide to indulge, balance it out by taking a walk with your family after dinner. And make sure you put away the leftovers as soon as you get back from walking. To save all that still-good food safe from nasty bacteria, never leave it sitting out for more than two hours and store it in shallow containers at the appropriate temperature.

MH900155008Give the gift of service:

Last week’s blog brought up ways you can help foster children. However, there is so much more that needs to be done, especially during the holiday season. Instead of rushing to open presents on Christmas morning, take two hours to help out at a local soup kitchen or food bank. Not only will this will cheer you up if you’ve got the holiday blues, you’ll also ensure that other people have a happy holiday. 

MH900410591Happy Holidays!  

Sufen Wang,  

Wang Solutions

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Families… Come in different shapes and sizes…

In Culture,Education,Family on December 5, 2012 by Sufen Wang Tagged: , , , , ,

MH900435055What You Should Know About Adoption

November was National Adoption Month 2012 – a month dedicated to raising awareness about adoption and drawing attention to the 104,000 children in foster care who still need good homes. But just because November is over, doesn’t mean you have to wait another year to find out more about adoption. In fact, if you’re thinking of adopting, now is the perfect time to start educating yourself about the challenges and steps involved in the adoption process.

For example, you must prepare to be patient. After you first contact an adoption agency, it usually takes about a year for a child to be placed with you. During that time you’ll need to complete an adoption home study, which explores your motivation to adopt and the type of children you are both willing and able to parent. Next, after expressing interest in a child or sibling group, the possible match will go through a series of reviews. If all goes well, the child/children will eventually be placed with you, but the adoption will not be legally final for at least another six months after this placement.

MH900382585While there is no ideal adoptive parent, you should be able to provide a happy, balanced home for the new member of your family. As long as you have stable housing, it does not matter if you rent or own your living space. You must also have adequate income to meet your family’s needs. Just as importantly, you must be a mature and responsible adult. So if you don’t have a job, you live in your parents’ garage, and you play computer games all day, you probably shouldn’t consider adoption – at least not for right now.

MH900183052If you feel ready for both the adoption process and the adoption itself, it can be an incredibly rewarding change in your life. However, even if you aren’t prepared to take that big step, you can still have a positive impact on a child’s life. Many children in foster care have been removed from their homes for their own protection, due to abuse and neglect. As a volunteer for a non-profit organization such as CASA (Court Appointed Special Advocates) of Orange County, you would be assigned to consistently spend time with one of these children, building a relationship and ensuring that he or she receives the necessary support while going through the foster care process. In fact, this one-on-one relationship between the volunteer and dependent child is often the only stable, positive relationship that child has. If you want to help, then consider dedicating your time to becoming a friend and advocate for a foster child.

Mother and DaughterOn The Family, 
Sufen Wang,
Wang Solutions