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? Continue reading →

Don’t believe the hype! You can’t claim these on your tax return!

taxrefund

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!” Continue reading →

Financial Problems are Temporary

Financial ProblemsIf 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. Continue reading →

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. Continue reading →

Self-Employed? Reporting your income may be more beneficial than you think!

moneyIf 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. Continue reading →

Run your personal finances like a small business!

Business man and woman

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. Continue reading →

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 contributes to Bankrate.com

Good plan can lead to great retirement

By Chris Kissell • Bankrate.com

Kemberley WashingtonLife 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! Continue reading →

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. Continue reading →

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. Continue reading →

Tune in 12/20 to WDSU and WWL!

  Make certain you tune in December 20! I’ll be on the radio with Monica Pierre in the early morning! In addition, I’ll be on live with WDSU at 9:45a discussing last minute money moves before the clock strikes 12!

Be blessed!

Kemcents

Join me! 5 Dumb Things Smart People Do With Their Refunds!

Join Patrice Washington and Kemberley Washington for “5 Dumb Things Smart People Do with Tax Refunds”

LIVE COMPLIMENTARY CALL

Thursday, March 21, 2013

8:30 PM EST

-Ever received a tax refund and thought, “This time I’ll get it together!” 

-Tired of having good intentions, but making bad decisions with your tax money? 

– Ready to make smart money moves that actually help – not hurt you more?

JOIN US TO LEARN:

1) The #1 mindset shift you’ll have to make in order to increase your chances of financial success around this time of year.

2) The 5 mistakes you MUST avoid when making plans for your tax refund this year and every year from this point on.1) How to get more accomplished in ONE QUARTER than most people get accomplished ALL year!!

3) Several SMART ways to start investing and stop spending your tax money!

4) What to say to aggressive bill collectors who ONLY appear during tax time!

CLICK HERE TO REGISTER

What to do with your tax refund?

Taxes chart with green pinNow 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.