Bank Magic Visiting Author Announcement

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On  Thursday, December 20, 2018 at 5:15 pm, the Town of Pelham Public Library is hosting TaxAssurances’ Founder & book author, Kolonji Murray.  While there, he will read from his book, “Bank Magic: Financial Literacy for Young People.”

In reflecting on the opportunity Mr. Murray commented that, “this is a great opportunity to engage young people and families around good money management early on.”

The event is scheduled for 45 minutes.

About The Pelham Public Library

The Town of Pelham Public Library serves the information, educational, and cultural needs of the residents of the Town of Pelham, which comprises the Villages of Pelham and Pelham Manor in southern Westchester County. In addition to the library’s holdings of nearly 43,000 books, audio and video recordings, and other materials, library users have access through interlibrary loans to more than 6.1 million items held by the member libraries of the Westchester Library System and over 7.3 million items including electronic materials. In 2015, the library circulated over 105,000 items and held more than 319 programs for children and adults. The library supports the principles of intellectual freedom and the public’s right to know by providing access to information, collections and services that reflect diverse points of view.

Mission Statement

The Town of Pelham Public Library serves the people of Pelham and Westchester County by providing books, materials, information and library services to meet their interests and needs. The Library strives to provide excellent library services and programs which work in concert with other cultural and educational institutions in the Town of Pelham. The Town of Pelham Public Library supports the principles of intellectual freedom and the public’s right to know, by providing people of all ages and abilities, and from all backgrounds, with access and guidance to information, collections and services that reflect diverse points of view.

For more on TaxAssurances, check out our reviews, photos and links on Yelp.

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Dear Cardi B, Here’s How The Government Spent Your Tax Money Last Year

A few months back, entertainer Cardi B wanted to know where the money went for all the taxes she paid. Well, here’s a breakdown of how it was spent.

From October 2017 – September 2018, the federal government spent $4.1 Trillion to pay its bills. Here’s how much of it was spent:

Medicare/Medicaid (Dept. of Health & Human Services)  – $1.1 Trillion

Social Security  – $1 Trillion

Dept. of Defense  – $601 Billion

Dept. of Treasury INTEREST ONLY on our Debt – $522 Billion

Those four “items” alone account for roughly $.79 for every $1 spent by the federal government.

The other roughly $.21 combined spending goes for everything else including Education, Veterans, Homeland Security, Housing & Urban Development, Transportation, Energy, Agriculture, Environmental Protection.

Income

The federal government collected $3.3 Trillion from taxpayers like Cardi and the rest of us.

Here’s the full Department of Treasury report for both expenses and income.  

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It’s also worth keeping in mind, that like last year, over the years the government has borrowed a lot of money to pay its bill. Right now the government owes (national debt) over $21.6 Trillion.

Here is a real time total of what the federal government owes and who it owes it to.

Here’s how much the national debt has grown since 2000:

So there you go Cardi. That’s what the government did with your money last year.

*Source: Department of Treasury, “The Monthly Treasury Statement of Receipts and Outlays of the United States Government” report.

For more on TaxAssurances, check out our reviews, photos and links on Yelp.

 

 

 

Boosie Hates Paying Taxes

When entertainers like Boosie or many of the clients that TaxAssurances sees every year complain about paying taxes, we understand why. They think the money is wasted. And Republicans & Democrats do a horrible job of explaining where the money does go.

So at TaxAssurances, we hope the following explanation helps.

First off, most of the money goes to seniors, healthcare, the military and interest on the debt ($21 Trillion). That’s about 80 cents of every $1 we spend right there. Welfare (SNAP, WIC) is 2 cents of every $1 we spend.

Second, every November the Treasury Department through the Office of Management and Budget (OMB) releases what is called the, “Budget Results for the Fiscal Year.” That one annual report summarizes not only what the federal government spent our federal tax dollars on, but how much individuals and corporations paid in taxes.

Having said that, here’s a quick summary of how much was spent from October 2016 – September 2017 in those 4 major categories:

* Medicare/Medicaid (Dept. of Health & Human Services) – $1.1 Trillion

* Social Security – $1 Trillion

* Dept. of Defense – $568 Billion

* Dept. of Treasury INTEREST ONLY on our Debt – $457 Billion

So again, right there, of the $3.98 Trillion that the federal government spent last year, roughly 80% of it went to just those four categories.

The other roughly 20% went for everything else including Education, Veterans, Homeland Security, Housing & Urban Development, Transportation, Energy, Agriculture, Environmental Protection, etc.

Here’s a quick link to last year’s full report:

So when Boosie or any other taxpayers wonder where their taxes go, the “Budget Results of the Fiscal Year” report released every year by the Treasury Department tells us.

Yeah, it needs a better name and more publicity.

What Should I Charge My Client?

Fairly often, TaxAssurances meets with new business owners that aren’t sure what to charge their potential client and even more nervous about actually asking for it. After all, they’re new and they don’t want to overcharge and lose the potential client.

It’s always recommended that they research competitors in the industry for guidance. But more importantly, when they’re starting out, tell them to do what’s necessary to get the business and experience. The relationship can be a huge boost in terms of credibility and confidence. As well as in pay.

The best part about this experience has been when the new business owner has that horrible, “ah ha” moment. That moment when they realize they dramatically undervalued themselves and the client got away with murder.

TaxAssurances has its own horror stories. Ten seconds of advice saved a potential client millions in taxes and they never paid for the advice.

Those are breakthrough moments. It’s at that point the new business owner says, “oh, we’re not doing that again.”

So new business owners, just do what’s necessary to get as close as possible to what you should charge, but look to do the business. Over time, you’ll figure out what to charge and stand firm on it.

For more on TaxAssurances, check out our reviews, photos and links on Yelp.

Bank Magic Event Announcement

On  Saturday, June 16, 2018 at 11:15 am Mount Vernon Public Library is hosting TaxAssurances’ Founder Kolonji Murray  to talk about his book, “Bank Magic: Financial Literacy for Young People.”

In inviting him to present the library believes, “This program gives children sound advice about managing finances and they will learn some tools to prepare them for today and the world ahead tomorrow.”

In reflecting on the opportunity Mr. Murray commented that, “this is a great opportunity to return to my home library and give back a piece of what it has given me.”

The event is scheduled for 45 minutes.

 

About Mount Vernon Public Library

The mission of the Mount Vernon Public Library is to provide a safe, accessible facility where people, information, and ideas come together to enrich lives and build community, and where lifelong habits of learning, self-improvement and self-expression are championed. As the Central Library of Westchester, the Mount Vernon Public Library focuses on developing unique and current collections that build on technological advances, and serving the diversity of patrons throughout the county.

The Mount Vernon Public Library is guided by the following principles to achieve excellence: support for intellectual freedom, literacy promotion, respect for and inclusion of the entire community, fostering a healthy democracy, forming strong partnerships, adaptability, innovation, and a professional and skilled staff that serves people of all ages, interests and abilities with fairness and equality.

For more on TaxAssurances, check out our reviews, photos and links on Yelp.

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.

“Your piggy bank can become your magic tool for saving money for all the special things you want. Using a piggy bank is a great way to start saving money. You can start by collecting your spare change and adding your coins to your piggy bank every day or every week. Pretty soon, you will have a nice collection of coins that you can put towards a future purchase. Ask your parent, guardian, or a trusted adult to allow you to open your piggy bank every month or so to count how much you have saved.

Joining a Money Club

You can create a larger piggy bank by starting a money club with a few friends or classmates. Creating a money club can go a long way in helping you understand how to earn, save, and invest money. You can plan monthly meetings to talk about your money plans and schedule time to go to a bank together.

Opening Up a Savings Account

Once you’ve filled a piggy bank (or two!), you can now open up a savings account. You can still use both your piggy bank and savings account. You can use your savings account to store money from your piggy bank, allowance, and birthday and holiday money. Once you start building your savings account, you can begin saving for a special purpose like a summer program or money toward your college savings fund.”

For more on TaxAssurances, check out our reviews, photos and links on Yelp.

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

For more on TaxAssurances, check out our reviews, photos and links on Yelp.