President Trump’s 2017 Executive Branch Personnel Public Financial Disclosure Report

Every year, the President of the United States and all other executive branch employees have to prepare a financial disclosure form. Here is President Trump’s for 2017.

https://oge.app.box.com/v/Trump2018Annual278

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Couples & Money: Do Whatever Works for the Relationship

I’ve worked in financial services since 2000. During that time, I’ve had a chance to see how couples handle money together. It’s been insightful. Why?

Because when I first started helping clients manage their money I thought that EVERYTHING should be handled together. Helping them ACTUALLY manage their money changed that idea.

What I came to realize and what should have been obvious from the beginning, is that everyone is different. And that includes how people think and feel about money. Some people don’t care that much about it. Others see it as the ultimate form of security. Again, everyone is different.

What has also emerged from these experiences with couples and money is that there are 3 types of money relationships that couples have. Here they are:

  • Everything together
  • Everything separate and
  • Some joint and some separate

I’ll give a quick summary of each.

The first couples’ relationship type is the type that handles everything together. They have nothing but a joint bank account. They do their taxes together. They have joint investment accounts. The home is in both of their names. They see separate anything as almost “hiding” something from the other and could result in problems in the relationship.

The second couples’ relationship type is the type that handles everything separately. They bank separately, they file taxes separately. One doesn’t know what the other has in credit card debt or student loans or anything else. They just allow each other to handle what they are responsible for.

And finally, there are couples that mesh the two prior ideas. They not only have a joint account for shared bills and responsibilities but they also have separate accounts to handle their responsibilities.

But no matter what type of money couple a couple is, I’ve come to realize that as long as the relationship works for them, that’s all that matters.

So when it comes to handling money, couples just need to see what works for them.

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An Excerpt from Bank Magic: Financial Literacy for Young People

Here is an excerpt from Bank MagicFinancial Literacy for Young People written by TaxAssurances’ owner, Kolonji Murray. The full book can be purchased on Amazon for Kindle and in paperback.

QUESTION: Why are budgets so important?

ANSWER: Budgets help to ensure that you cover all of your expenses, pay your creditors on time, and save, invest, and make money for the future. You will be surprised at just how fast money can go through your pocket without a plan for how you will spend, save, and invest it. So often, people think of budgets as being restrictive, but budgets actually give you the freedom to track how much you spend and to adjust your habits so that you can make better financial choices in the future.

QUESTION: What happens if I go over my budget?

ANSWER: it’s OK! Fortunately as a young adult, you don’t have to worry about big financial responsibilities, like a mortgage or car payment, for now. If you spent a little more than you expected, find out where you can cut back or adjust your expenses until you receive your next allowance or paycheck. Maybe you can cut out one day at your favorite pizzeria or a drink at Starbucks. Little things add up. You can also download spending apps to help you track your expenses.

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Get to Work Wednesdays: Kolonji Murray ’95

Hampton University Pirates' Post

Kolonji Murray Headshot

Introduction:

My name is Kolonji Murray and I’m a 1995 graduate of our ‘Home by the Sea,’ with a degree in accounting. I’m also the owner of TaxAssurances, LLC, based in New Rochelle, New York – a business I started in 2011. Those accounting classes in Buckman Hall paid off nicely.

What is Your Business?

TaxAssurances provides individuals and business owners with the following services:

  • Tax preparation
  • Payroll Processing
  • Business Advisory
  • Bookkeeping
  • IRS & State tax relief and resolution

Background:

Even before attending Hampton, I knew that I wanted to study Accounting, with a focus on finance and investing. In high school, I had taken Accounting classes, and I loved following the stock market and business. I knew that Accounting provided a baseline understanding of the two.

I also knew that with a degree in Accounting I could always go into the tax preparation business, if need be. A lot…

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Co-Parenting and Tax Returns

I’ll say this in my experience with tax refunds and parents with children. Most cases, the mother takes care of the child(ren) most if not every day. New clothes, colds, doctors visits, bedtime stories, homework, sleepovers, school trip money, juice in the middle of the night etc. Also, daycare is not cheap Usually, because of all of this, the mother gets most if not all of the tax refund money.

Depending on the relationship, some mothers may share a portion of the refund. Especially, if the father is very involved but the child(ren) doesn’t live with him.

Some may even trade who claims the child(ren) for a particular year. Even year is for the mother and odd year is the father. If there are multiple children, they may split who claims which child.

But for the most part, mothers claim the child(ren) and keep the refund to use for the remainder of the year or so.

Now every so often, the couples hate each other and they race to the tax preparers’ office to file the return.

Here’s how the IRS decides who gets to claim the child(ren) and get the refund.

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A Checklist and Books from TaxAssurances for the Tax Season

Tax season is here and TaxAssurances is here to help tax payers prepare for it. Every year we give our clients a checklist for all the information we need in order to prepare their returns. Here is that checklist.

TAX PREP CHECKLIST

At TaxAssurances we also recognize that many people want to prepare their own tax return. Here are two books we’ve published to help.
      3D         
   3D

The first book, Top 12 Tax Deductions You Might Have Missed: Tax Tips For People Who Do Their Own Federal Taxes is for tax payers that file simple tax returns but want to make sure they take advantage of all the tax benefits possible.

The second book, Top 23 Tax Deductions You Might Have Missed: Tax Tips For People Who Do Their Own Federal Taxes is for tax payers that file complex and complicated tax returns.

Both books help self filers make sure they uncover all the possible deductions they have available. We hope they help.

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(Guest Post: Robert Beige) Key Ingredients in Starting A Business

In this audio post, veteran banker Robert Beige explains what prospective business owners need to do in starting a business. The audio runs a little over 40 minutes. Enjoy!

Six Points of Advocacy and Knowledge of Small Business Funding

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