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Financial Focus: From Cat Deductions to Identity Theft

During income tax season, as a financial adviser, I’m asked many questions. Some of them are great! Some of them are ” lulus.” Let me  educate you to the madness called income tax season and some of the questions people ask when looking for ways to either avoid income taxation or not realizing to protect themselves from fraudent Tax preparers and possible identity theft.

Should I open an account in Switzerland?
Answer: In short, You could. However, since the Obama Administration started looking at “offshore accounts,” an inquiry priority, I wouldn’t risk it.

I want to protest Donald Trump?
Answer: Now, you can protest. Actually, the majority of Americans did that during the election, but that has nothing to do with avoiding your US responsibility. Fail, in that responsibility, The penalty alone is $5000.

Are they any Tax Credits I can fudge?
Answer: In short, no. But yes, it’s true, having fake children,  might quickly bring you an extra $2000 in a tax refund. If you do it, save the money. you will need it for the bail in jail.

My cat had medical expenses!
Answer: Yes, they are our children. We feed them, bathe them, but no these expenses are not tax deductible. Note: cat colony expenses could be claimable under a non-profit and/or state agency approach.

I spoke to another tax preparer who guaranteed me a $5,000 refund!
Answer: Congratulations!. Do all of us a favor, since Tax quotes, at the very least are irresponsible, is , stop by your local police department and bring a cop with you when you go back. I’m sure you’ll be saving many others who are probably getting “fraudulent” refunds.

The IRS wrote me an email and said they were gonna call.
Answer: Identity theft alert! The government, yes, will write you a letter but never call you or email you unless you requested it.

Most of those emails,  when you click on it, will take you to a fake IRS website, so you can deposit information, like date of birth, Social Security, or anything!

Anthony Rivieccio is the founder & the CEO of The Financial Advisors Group, celebrating its 20th year as a fee-only financial planning firm specializing in solving financial problems. Anthony, a recognized financial expert since 1986, has been featured by many national and local media including: Klipingers Personal Finance, The New York Post, News12 The Bronx, Bloomberg News Radio, Bronxnet, The Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Bronx News and The Bronx Chronicle. For financial assistance or a FREE 201Income Tax Analysis. Anthony can be reached at (347) 575 5045.

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