From Taxable Air Miles to the Market Flying High…
Tax season alert! If you received a 1099 form from your bank or credit card company for air miles received as a “reward” for opening up an account, you might have some extra taxes to pay. While the IRS states that miles earned using your credit card are NOT taxable, the value of anything you receive as an incentive (or gift) for opening an account – yes, even a new toaster – is considered taxable income. Anyone need a barf bag?
Turbo Tax Scam Alert
Another taxing issue? The amount of phony emails, or “phishing scams” from places claiming to be Turbo Tax and other D.I.Y. tax software is on the rise. Be extra aware of who emails are coming from – and DO NOT respond to emails asking you to provide them with your personal financial info!
Auto Sales Pick Up Speed
Upside to sky high gas prices? Auto sales were up last month to the highest rates in years, thanks in part to an increased demand for hybrids and electric vehicles. Though we do wonder… how many of those outraged at spending $4.50 per gallon of gas don’t even blink when paying that much for a latte?!
Dow Jones Flirts with 13,000
Seriously, that Dow is SUCH a tease. This past Tuesday, the Dow Jones Industrial Average closed above 13,000 for the first time since 2008. And while we’re not trying to rain on anyone’s ticker tape parade (does anyone remember those?), we see little reason for the media to take the Dow’s climb as a reflection of the overall economy. What about massive unemployment, Europe hovering on the edge of crisis and unrest in the Middle East? We still have a ways to go before the economy is really on the up & up!
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