Today is Tax Day April 17th
Today is tax day! If you are not ready you still have a few hours to file your return. If that is not enough time you are still able to file an extension. An extension is an easy tool from the IRS to allow you until October 15th to get your filing in order (or time to procrastinate longer). There is a catch with an extension..tax payments are still due April 17th. Any balance due after April 17th can be subject to heavy penalties and fees. If you can't pay... file anyway. The IRS penalty for failing to file your tax return (or for an extension) is much more severe than the penalty for failing to pay.
Maybe you have filed but are worrying about your risk of being audited. A few things to consider (and hopefully ease your mind) from MarketWatch.
- Primary reason for your selection in an audit: An IRS software program may randomly select the taxpayer and compare the return to other similar returns to detect any anomalies, or the taxpayer in question may be linked to a family member or business partner who is being audited.
- IRS audits can go back 3 years and you can be penalized for claiming erroneous or frivolous items/returns.
- Audits, though scary, effect 1% or less of the US population
Things that get you audited:
- Higher-than-average deductions in relation to income. This can come from various types of deductions: Charitable contributions, real estate interest or student loans interest.
- Claiming a loss on your hobby (for those with a side-hustle take note)
- Withdrawing from your retirement account early
- Spike in business expenses that you claim were not reimbursed
Good news! Some of our favorite restaurants hope to take the sting out of tax day with some freebies and deals. Applebees and Chili's have drink specials, Firehouse Subs has a free sandwich and Kona Ice will have some freebies (National Chill Out Day). Check out this full list of Tax Day Freebies and Deals.
Facebook May Have Your Data Even If You Don't Have An Account
Concerning privacy news has come out about the reach that Facebook may have on our personal data. In a report shared by USAToday, they advised that Facebook will create "shadow profiles" on people who do not have Facebook accounts. Basically Facebook is collecting your data even if you have never logged in.
Your personal data can be collected when one of your friends gives Facebook permission to access their contact list in their cellphone. Though the user has to give permission you did not give it. Being tagged in photos is another way Facebook can learn about you. Facebook also controls several marketing platforms that track online activity on websites. Even clicking the Facebook tagged photos or links in an article generates usable data for Facebook.
What can we do to protect our data?
- Be very cautious of what permissions we grant to Facebook.
- Clean out cookies routinely on your web browser
- Look for enhanced software to protect your accounts
Romaine Lettuce Recall
If you have been to the grocery store you might have noticed empty shelves in the bagged lettuce section. The FDA has announced that there has been another recall of Romaine Lettuce due to e.coli contamination. This recall targets bagged lettuce only, however experts are not entirely sure the extent of the contamination and advise to avoid roman lettuce all together. If you have romaine in your fridge toss it out. Why does this keep coming up? Investigators are still looking in to the matter but in the past this has been from fecal matter contaminating the water source for the lettuce plants. Romaines shape provides many nooks and crannies that are hard to wash thoroughly. E.coli causes severe stomach issues that may even result in hospitalization or death.
Movie Tavern Little Rock Giveaway
This week only, enter to win a $25 Movie Tavern gift card exclusively from Little Rock Mommy/Saving in Little Rock.
The Movie Tavern kicked off their “Summer Kid’s Flick” series April 14th! This is a great way to keep the kiddos cool and entertained during those hot summer months. Films to be shown throughout the “Summer Kid’s Flick” series include Trolls, Sing, Boss Baby and Despicable Me 3, among others.
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