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Manage Your Stress

In Culture, Family, Human Resources on October 25, 2012 by Sufen Wang Tagged: Dyspepsia, Health, Heart disease, Mental health, Stress, Stress management, Time management

Keep Calm and Carry On:

Let’s talk about stress. But first, take a deep breath and relax. Your health will thank you for that.

Stress can cause more than just frazzled hair and bitten fingernails. When you’re experiencing symptoms like insomnia, upset stomach, neck pain, and irritability, your body is basically saying, “Hey you! Slow down for a minute. You’ve been doing too much for too long.” If you ignore these warning signs, you increase your chances of heart disease, depression, diabetes, and other serious health issues.

You might respond, “Well taking a break is easier said than done. I’ve got a mid-term to study for and then I have to take my fiancé to the doctor and then I have to do this, that, and that other thing.”However, there some ways you can make things easier on yourself without dropping everything and going to relax on a beach in Fiji – although if you can afford that vacation, go right ahead. For example:

–Always plan ahead. Writing to-do lists will help you manage your time and set priorities.

-Make sure you put meditation on your to-do list. Set aside a few minutes everyday to focus on achieving an inner peace.

-Relax your muscles with a hot shower or light stretching. Or make your fiancé give you a massage.

-And you should already know this one: exercise regularly and eat healthy.

If you’re set in your ways, it might take awhile (and cause some stress) to stick to these stress-relieving strategies. In the long run though, you’re going to feel a lot better and get sick less often. And now is the perfect time to get started because it’s autumn, which means it’s flu season.

To Your Health, Sufen Wang, Wang Solutions

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AMEX….Refund of $85 Million…..

In Accounting & Finances, Business, Culture on October 15, 2012 by Sufen Wang Tagged: $85 million, American Express, Consumer, Consumer Financial Protection Bureau, Credit card, Credit score, Debt, United States Consumer Financial Protection Bureau

American Express Owes Its Customers Big-Time: $85 Million

American Express: the self-proclaimed world’s largest credit card issuer, the gold standard, the blue chip of credit card providers– well, not anymore. At least, not since the company got caught red-handed using a wide variety of “deceptive consumer practices.” The silver lining is that if you’re one of those consumers, you can expect a refund sometime before March 15^th of next year.

That’s because the Consumer Financial Protection Bureau has ordered the credit card company to refund $85 million to 250,000 duped customers, along with paying $27.5 million in civil fines. For example, many applicants for AmEx’s “Blue Sky” credit card program were promised $300 – except all signs of the bonus disappeared into thin air once they signed up. Any victims of this scam will receive a check for their long-lost $300.

Did you know that it’s a violation of the Credit CARD Act to bill late fees on credit cards based on a percentage of the debt? American Express knew that, but did it anyways. Accordingly, any affected customers will have these illegal late fees refunded, with interest.

AmEx also persuaded some customers that they could improve their credit scores by paying off their old credit card debts – except they conveniently forgot to explain that the debts were so old, they really didn’t even need to be paid off. Oh, and then AmEx conveniently forgot to report the payments to the credit bureaus. These customers will be reimbursed the old debt settlement money, with interest.

AmEx’s bamboozling doesn’t stop there, as CFPB Director Richard Cordbray made clear when he stated that the violations took place “at all stages of the game — from the moment a consumer shopped for a card to the moment the consumer got a phone call about long overdue debt.” The credit card company even used a credit scoring system that discriminated against applicants based on age.

Eligible, affected customers who are still with AmEx (after reading this, you might be switching companies soon) will have their accounts credited, while anyone who has since left will receive a refund check in the mail by the above date. The fines will hardly make a dent in AmEx’s pocket, considering its $30 billion revenue last year, but hopefully these charges will discredit the credit card giant for awhile.

On the Money, Sufen Wang, Wang Solutions

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Breast Cancer Awareness Month….

In Culture, Education, Family, Insurance & Liability on October 9, 2012 by Sufen Wang Tagged: Breast cancer, Cancer, Health, National Breast Cancer Awareness Month, Pink ribbon

Pay Attention!: October is Breast Cancer Awareness Month

Take a break from buying Halloween candy early (and eating it) and listen up, because October is Breast Cancer Awareness Month. It’s no exaggeration to say that learning about breast cancer could end up saving your life or the life of someone you love.

Certain things increase the risk of breast cancer. Some are avoidable, such as obesity, alcohol, and exposure to radiation. So, stay far away from Halloween candy, Happy Hour, and anything with a nuclear symbol on it. However, other factors, such as estrogen and inherited risk, are unavoidable. That’s where protective factors come in. Exercising for at least four hours per week is the best thing you can do for your body, even if you’re not at a high risk for breast cancer.

Don’t go for a walk just yet though without reading further– unless you’re walking to your doctor’s office. Yup, get ready to bare those breasts, because women (especially over 40) need to get regular screenings for breast cancer. If cancer is found early, there’s a much better chance of successful treatment. That means there’s no excuse for not getting a mammogram every 1 to 2 years. And if you notice any strange lumps before your next mammogram, ask your doctor to do a clinical breast exam (CBE) immediately.

This year, an estimated 226,870 women and 2,190 men will be newly diagnosed with breast cancer. However, it’s important to remember that breast cancer can be treated, and there are many different options. Some of these include surgery, such as a lumpectomy or a mastectomy, radiation therapy, chemotherapy, and hormone therapy, and even more treatments are being tested as we speak.

Your awareness of breast cancer shouldn’t stop once you stop reading this page. It’s your turn to spread the word. One way you can do that is with the Pink Ribbon Kit, which provides free (yes – free!) publications about mammography screenings. Or you can direct everyone you know to the MedlinePlus breast cancer page, which has a ton of resources to explore. Stay aware and stay healthy!

On Your Health, Sufen Wang, Wang Solutions

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Blaming TurboTax?!

In Accounting & Finances, Business, Taxes on October 1, 2012 by Sufen Wang Tagged: Julian Jacobs, TurboTax

Want to Use TurboTax as a Scapegoat?: It Won’t Work

Everybody knows that you shouldn’t blame other people – or things – for your own mistakes. Everybody except Bartlett apparently, who tried to blame TurboTax for her under reported income.

First, Bartlett under reported her taxable pension distributions not by $101, not $10,001, but by $101,998! Then she got caught. Then she went to court and tried to get out of it, by arguing that she used the TurboTax software program to prepare her taxes, so it must be the software’s fault. Well, the court did not buy “that” argument. Tax Court Judge Julian Jacobs ruled against her, stating that the errors “were not computational…but were the result of Bartlett systematically under reporting her income.” (Bartlett v. Commissioner, T.C., No. 22669-10, T.C. Memo. 2012-254, 9/4/12.)

In other words, Bartlett couldn’t blame her “bad math” on a computer program: the software is only as good as the information entered into it. Garbage in, garbage out….. As a result, Bartlett was hit with a deficiency of $43,668 and an accuracy-related penalty of $8,734.

Maybe Bartlett just wasn’t good with numbers. More likely, she wanted to cheat the system and tried to get smart when she got caught. Either way, the moral of the story is to double-check your numbers if you’re using a tax program – or better yet, just hire a professional tax preparer to file for you.

On the Money, Sufen Wang, Wang Solutions

Turn Off the TV and Video Games…

In Accounting & Finances, Business, Culture, Education, Entertainment, Family on September 21, 2012 by Sufen Wang Tagged: Albert Einstein, Arts, Benjamin Franklin, Colonial Williamsburg, Grown-Ups, Thomas Jefferson, Uncertainty principle, Werner Heisenberg

Kids.gov: Where Your Family Can Have Fun Learning!

Kids these days have it easy. Instead of learning about our government only from boring textbooks and worksheets, now kids get their very own government website. Not surprisingly, it’s called Kids.gov. However, don’t be fooled by the name: there’s something here for everyone.

That’s why the site is divided into three age categories: Kids (K-5), Teens (Grade 6-8), and Grown-Ups (Teachers/Parents). In the Kids’ area, there’s cool stuff like a down loadable “How to Become President of the U.S.” poster. If your six year old is really enthusiastic about becoming president, you can even order a free print copy.

Even better, Benjamin Franklin makes a special guest appearance on the Kids’ website with “Ben’s Guide to U.S. Government for Kids.” Using cartoons to help him, he explains everything from citizenship to how laws are made. Speaking of Founding Fathers, there’s also a “Constitution Day Activity” where you (and your child) can test your historical document trivia skills.

And this government site isn’t only about government. Kids can watch a video on the “Art of Video Games”, learn how to read music, learn how to read with Reading Planet, or create money with “Design Your Own Bill.” And whether your child wants to play a game about Colonial Williamsburg, acid rain, or washing their hands, Kids.gov has it.

The Teen section has many of the same activities, but also more complicated offerings, such as “Albert Einstein and the Theory of Relativity”, “Werner Heisenberg and the Uncertainty Principle”, algebra basics, and “Shakespeare Online.” Later, if your middle school student needs a break from all of that info, have them play “YouAreHere”, a virtual mall game that helps them become better shoppers.

Grown-ups can also learn a lot from Kids.gov. For example, “Distraction.gov” explains why it’s bad to text and drive. Some of the most popular Grown-Up pages are “Talking to Your Kids About Money” and “Helping Your Child Write a Book Report.” And if you’re hungry, check out “Thomas Jefferson – A Day in the Life – Ice Cream at Home Activity.” Although you might want to visit the “Nutrition and Fitness” page after eating.

Instead of letting your child watch TV all day, change things up a little and show them Kids.gov. It’s a safe place to learn and play!

On the Money, Sufen Wang, Wang Solutions

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Gamble Responsibly:

In Accounting & Finances, Business, Culture, Entertainment, Taxes on September 8, 2012 by Sufen Wang Tagged: Gambling, IRS tax forms, Las Vegas Nevada, Little White Wedding Chapel, Lottery, Tax returns, Taxable income, Uncle Sam

Your Winnings are Taxable Income

Welcome home from your Summer vacation. A special welcome home to all of you who spent your vacation in Las Vegas or at any of its alike gambling town. By now you should know that everything that happens in Vegas, doesn’t stay in Vegas. Hotel bills with hidden fees, a marriage at the Little White Wedding Chapel, and taxable gambling winnings which you must report on your income tax return, will all follow you back home. But hey, you win some, you lose some – and vice versa – you can also deduct your gambling losses.

A “gambling income” is exactly what it sounds like: any money you win from lotteries, raffles, horse races, casinos, etc. Even those lucky $20 grocery store scratch-offs count. And there’s no way to avoid the system. If you pass on the cash and choose a new SUV or 7-day trip to Cancun, you’ll still owe taxes on the fair market value of your prize.

In general, you should record all your gambling winnings on the “Other income” line of Form 1040. So that’s where you’ll put down your $20 pay out from the grocery store scratch-off. But although all gambling winnings are taxable, some require extra paperwork. If you receive a certain amount of winnings or have any that are subject to federal tax withholding, you must get Form W-2G, Certain Gambling Winnings, from the payer. For example, you’ll need Form W-2G if you won $1,200 or more from bingo or slot machines.

Now for something that will make your bank account feel a little better. You can claim your gambling losses (up to the amount of your winnings) on Schedule A, under “Other Miscellaneous Deductions.” So that’s where you would report the $20 bucks you spent on scratch-off lottery tickets before you finally won. If you do decide to deduct, don’t guesstimate; make sure you have documentation of your losses and winnings. So, folks, save all of your “losing” lottery tickets and scratchers!

To find out more about gambling and taxes, check out IRS Publication 529 on Miscellaneous Deductions. Remember that if Lady Luck is on your side, Uncle Sam will be waiting on your other side.

On the Money, Sufen Wang, Wang Solutions

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On Her Way Up:

In Accounting & Finances, Business, Culture, Human Resources on August 31, 2012 by Sufen Wang Tagged: business, Glass ceiling, IBM, McDonald, Wal-Mart

What You Should Know About Female-Owned Businesses…

It’s well-known that women must deal with a “glass ceiling” in the corporate arena – lower wages and automatic exclusion from the top jobs. Accordingly, many women are taking a different route: they’re coming through the roof and starting their own businesses.

American Express OPEN realized this and recently conducted a study focusing on women-owned businesses. They wanted to see where there has been improvement and where there are still problems. Here’s what they discovered.

There are 8.3 million women-owned businesses in the United States. That’s a 54% growth in the past 15 years. And that growth is good news for all workers out there, no matter their gender. Women-owned businesses employ 7.7 million people, 40% more than the three largest employers (Wal-Mart, McDonald’s, and IBM) combined.

Female business owners can also hold their own when it comes to making money and the stats prove it. Women-owned businesses now generate revenues of $1.3 trillion, a 58% increase over the last 15 years. In fact, 2% of women-owned businesses bring in more than $1 million in annual revenue, versus 5% of all firms. Moreover, in 7 out of 13 of the most populous industries, women-owned firms are exceeding overall growth. How’s that for surpassing the glass ceiling?

Of course, there’s still a long way to go and not all the numbers are positive. Women own almost 30% of U.S. businesses, but they attract only 5% of the nation’s equity capital. Even worse, women receive 80% less capital than men in terms of first-year funding. And there’s evidence that a glass ceiling still exists when women-owned businesses start to expand: they experience faltering growth at 5-9 employees or $250,000 in earnings.

So how do we ensure that women-owned businesses will be even more successful in the future? We can start by looking to successful female entrepreneurs for advice. Heather Stouffer of Mom Made Foods points out that “Like my own kids, the company needed constant focus, love and nurturing to become a strong company. My advice to entrepreneurs, similar to motherhood, is to know that it’s OK for your company to make some mistakes. It’s the learning from those mistakes and perseverance that are the keys to building your company into the market leader.”

On Women Power, Ms. Sufen Wang, Wang Solutions

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Update Your Job Search Skills:

In Accounting & Finances, Business, Culture, Education, Human Resources on August 24, 2012 by Sufen Wang Tagged: Application for employment, coverletter, Employment, Interview, Job hunting, Job interview, Job Search, Résumé

Look Back at the “Summer Job Search Series”

Whether you’re a teen looking for a summer job, or a more “mature” individual who’s ready to leave the cubicle for greener pastures, the job application process remains the same. Accordingly, it’s always useful to take a refresher course in job search basics. Lucky for you, I posted a special Job Search Series last summer and have included some highlights below. Be sure to read the full posts for all the juicy bits.

Work on your resume before anything else. Keep in mind that you need to keep it clean: both in the sense of providing honest information about yourself and also presenting it in a clear, easy-to-read manner. Resumes usually garner only a 15-30 second scan, so you want your potential employer to see the best of you immediately.

Your cover letter is your resume’s best friend. You need a good cover letter if you want a potential employer to even glance at your resume. Keep it short and sweet, and sound both confident and gracious. Most importantly, research the company beforehand so you can show the employer that you’re familiar with their values.

If you passed the previous two tests, you can expect a phone interview. In fact, it’s crucial that you expect the phone call; otherwise, you’ll sound unprepared to the interviewer. Since you and the interviewer can’t see each other, pay attention to the tone and rhythm of the conversation. Speak loud and clear, be enthusiastic, and be articulate in your responses.

Next up is the job interview. Your goal is to convince the interviewer that you are technically qualified for the job and a good fit for the company’s culture. How do you do that? Practice a lot beforehand, arrive on time (and dressed professionally), make eye contact, sit up straight, and be positive. Additionally, know your resume like the back of your hand and be ready to explain anything and everything on it.

The finishing touch on the job application process is the thank you letter. Send a short note thanking the interviewer for their time as soon as possible after the interview. The note (e-mail is okay, but real paper is even better) will show that you’re courteous and set you one step above the candidates who didn’t send thank you letters. Your goal is to make yourself memorable. Remember that and you’ll be hired in no time!

On the Job Search! Sufen Wang, Wang Solutions

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Take a Vacation from Taxes

In Accounting & Finances, Business, Culture, Entertainment, Family, Taxes on August 20, 2012 by Sufen Wang Tagged: Internal Revenue Service, IRS tax forms, Renting, Residential Rental Property, Tax, Vacation property, Vacation rental

Rent Smart and Take a Vacation from Taxes:

Hopefully you were able to sneak away from work this summer and relax with your family at your vacation home: swimming, fishing, trying to keep up with the kids on breath-taking hikes. Unfortunately, it’s time to go home. The kids are tired of wearing sunscreen, and just want to go back to their air-conditioned rooms, and video games. Worse, your boss already sent you a dozen e-mails about what’s due next week. As you’re loading up the car, you wish you could find a renter to put the vacation home to good use for the last few weeks of summer.

Actually, that’s a very good idea. See, if you rent out your vacation home for fewer than 15 days a year, you don’t have to report it to the IRS. And if you don’t report something to the IRS, you don’t have to pay taxes on it. In other words, your rental income for 14 days or less is tax free.

14 is the magic number though (or more specifically, 14 days, 23 hours, 59 minutes, and 59 seconds). Anything over that and you must report the income on Schedule E. So if Joe Schmoe Renter is really enjoying the lake house after two weeks and wants to stay longer, you have to decide if you want to deal with the hassle of kicking him out, or the hassle of filling out Schedule E.

If you choose the latter option, things get a little confusing. You have to start looking at how much you used the vacation home for personal use versus how many days it was occupied by a renter. Then you’ll be able to figure out how much you can deduct, which expenses you can claim, and how you report them. You can check out how to do the math on Publication 527: Residential Rental Property. If only vacation could always be all play and no work…

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State Sales Tax Holidays

In Accounting & Finances, Business, Culture, Family, Taxes on August 10, 2012 by Sufen Wang Tagged: Alaska, Connecticut, Energy Star, Memorial Day, Oregon, Sales tax, Texas

Almost Better than Christmas…

A lot of people accept the fact there’s sales tax on most products and they pay it without complaint. Other people accept the fact that there’s sales tax, and they pay it, but grumble every time they do so. And then there are the people who order everything online so they don’t have to pay sales tax, or if they can’t find an item online, they drive around from city to city, looking for the one with the lowest sales tax rate. And finally, there are the die-hard-no-sales-tax believers, who have moved to Alaska, Delaware, Montana, New Hampshire, or Oregon by now, so they don’t have to worry at all about a state sales tax.

Now is the perfect time for anyone in those last three groups to take an end-of-summer trip across the United States. Many states have an annual, back-to-school State Sales Tax Holiday where consumers can buy certain items without paying sales tax. For example, from August 10-11 in Georgia, you can purchase school supplies worth up to $20 each, clothing items up to $100 each, and computers worth up to $1,000 each, without having to pay – you guessed it – sales tax.

In Connecticut, you have from August 19-25 to update your wardrobe – tax-free – on any clothing and footwear items under $300 each. While you missed your chance to buy a tax-free Energy Star air conditioner in Texas on Memorial Day weekend, you can still purchase tax-free clothing, backpacks, and school supplies ($100 max. cost each item) from August 17-19. Or you could just head over to Virginia anytime from October 5-8 to get your Energy Star products with no sales tax, at a maximum cost of $2,500. Louisiana had the best offer in the first days of August with all tangible personal property (pretty much any item you can think of under $2,500) tax-free.

Unfortunately, there seems to be an absence of sales tax holidays on the west coast – perhaps that’s the price of good weather year-round. However, Georgia just got on the State Sales Tax Holiday bandwagon in 2012, so it’s likely that other states will participate in the near future. Texas, Connecticut, and the Carolinas have been doing this for over a decade, so if you missed the holiday this year, you can be pretty sure it will be back next year. That gives all of those “frugal” individuals out there time to look for the cheapest deals on flights and hotels.

Happy Shopping, Sufen Wang, Wang Solutions

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