BRIAN SCAVO VS CYBER BULLIES

BRIAN SCAVO VS CYBER BULLIES
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Sunday, November 30, 2014

Your 2014 taxes: Here's how to get ahead

Your 2014 taxes: Here's how to get ahead

Tax season is quickly approaching.Photograph by Bloomberg — Getty Images

There’s less than two months left before the year ends, and there are not a lot of changes set to take place.

Despite the fact that it feels like mid-February, from a financial perspective we’ve got another month to go until we turn the page into 2015. That’s enough time to do a little end of the year tax work. The good news, says Greg Rosica, Ernst & Young Tax Partner and a contributor to the EY Tax Guide 2015, is that there are not a whole lot of changes set to take place before the end of the year. “Things are fairly similar in 2015 as they were in 2014” he says. That can change. Sometimes last minute changes do come down the pike. But for now, your job is fairly predictable.
You should start, as you do every year, by getting the lay of the land. Job number one is to sit down and project your tax picture for the full 2014 year. “We’re in November so we have over 10 months of information,” Rosica says. “You can estimate the remaining.” Once you have that, look forward and do a 2015 – and perhaps even 2016 – income projection to try to understand the types of income you’re going to have. See if you’re subject to itemized deductions being phased out, if you’re in alternative minimum taxland, or if you’re subject to the new net investment income tax that went into effect on January 1, 2013 for individuals who have net investment income and modified adjusted gross income of $200,000 or more for singles, $250,000 or more for couples, he suggests. “Once you understand [your overall picture] you can start to look at ways to defer income, accelerate deductions and deflect income down to lower tax-bracket family members.” Specifically:
Consider deferring income. Generally, this is a valued strategy because it allows you to put off paying the taxes on whatever income you push into the next calendar year. Look at bonuses, if you have any flexibility as to when you earn or receive them. Similarly, with stock options, can you take them in January versus December? And if there are any assets you’re considering selling, you may want to wait until January if there will be a gain associated with the sale. Deferring doesn’t always make sense, Rosica notes: “Look at it from a big picture perspective. If you’re already in a fairly high [income] year and you’re going to try to have a lower one next year, you may not want to defer.”
Look at accelerating deductions. When it comes to real estate taxes, state income taxes, even charitable contributions, you want to consider if you get more benefits from paying them – and taking the commensurate tax deductions – this year versus next. By pushing payments into December, you can often lower your tax liability, but again, this is not a no-brainer, notes Melissa Labant, director of tax advocacy for the AICPA. “If you’re subject to the alternative minimum tax, you may not receive a benefit for certain deductions like real estate taxes and state income taxes. That’s why you want to have an income tax preparation prepared as soon as possible. It gives you the opportunity to look at income and expenses.”
Weigh deflecting income to lower tax bracket family members. If you have children who are in a lower tax bracket than you are, it may make sense to gift certain assets to them. They can then sell the assets and pay taxes on that sale at their lower rate. “There is still a zero tax bracket for capital gains, so there are real favorable results that can be achieved by looking at this,” Rosica says.
Max out retirement, college-saving contributions. If you haven’t maxed out your 401(k) contributions for the year (the limit on contributions is $17,500, $23,000 if you’re over 50), and you’re in a position to do so, get in touch with your benefits department pronto. (If you’re self-employed, you may be able to deduct much more — $52,000 or 25% of your compensation — by contributing to a SEP-IRA). Similarly, if you’ve established a 529 college savings plan for children or grandchildren, contributions should be made before the end of the year if you’re looking to capitalize on the break many states offer on state income taxes. And if, like me, you have a college-aged son or daughter who worked over the summer, consider helping them with a Roth IRA contribution. “Many people are concerned about giving their kids money that will impact their motivation,” Rosica says. This shouldn’t. “This is a way to help them start saving for retirement in an extremely tax-efficient way.”
Contribute (wisely) to charity. Finally, if you’re thinking about making year-end contributions to causes you believe in, think about giving appreciated stock that you’ve held for more than 12 months rather than cash. You get a deduction for the full value of the contribution and you don’t have to pay tax on the appreciation. “You can actually get more cash into the hands of the charity this way,” Labant says. It’s a gift that gives back.

Wednesday, November 12, 2014

Lower Bills With Low-Cost Winter Fixes

Lower Bills With Low-Cost Winter Fixes

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    Energy bills tend to rise while the outside temperature drops, and no one wants to spend more money than they have to. Before there's snow on the ground, check out a few simple ways to lower your expenses in the fall and winter months.
    One easy way to warm up a room is to reverse your ceiling fans. In the summer you want your fan to run counterclockwise so it blows down. However, in the colder months, you should reverse the direction of the fan to pull cool air toward the ceiling. Simply flip the toggle switch underneath the fan and put it on a low setting. You should feel the difference in no time.
    Another way to save on energy costs is by flushing out your water heater once a year. As sediment and debris build up, they can cause a drop in efficiency or even leaks over time, which will ultimately cost you.
    To flush, turn off the water heater and fasten a hose to the faucet at bottom of the tank. Run the other end of the hose outside or to a laundry tub. Open the valve and let the water and residue drain out. Do this yearly and you'll be good to go.
    Lowering your monthly bills doesn't have to take too much time and energy. Using these simple tips, you can beat the cold without beating up your budget.
    Lower Bills With Low-Cost Winter Fixes

  • DONATE HEREGoogle Plus
  •  

    Energy bills tend to rise while the outside temperature drops, and no one wants to spend more money than they have to. Before there's snow on the ground, check out a few simple ways to lower your expenses in the fall and winter months.
    One easy way to warm up a room is to reverse your ceiling fans. In the summer you want your fan to run counterclockwise so it blows down. However, in the colder months, you should reverse the direction of the fan to pull cool air toward the ceiling. Simply flip the toggle switch underneath the fan and put it on a low setting. You should feel the difference in no time.
    Another way to save on energy costs is by flushing out your water heater once a year. As sediment and debris build up, they can cause a drop in efficiency or even leaks over time, which will ultimately cost you.
    To flush, turn off the water heater and fasten a hose to the faucet at bottom of the tank. Run the other end of the hose outside or to a laundry tub. Open the valve and let the water and residue drain out. Do this yearly and you'll be good to go.
    Lowering your monthly bills doesn't have to take too much time and energy. Using these simple tips, you can beat the cold without beating up your budget.

    Monday, November 3, 2014

    Trains and self-driving cars, headed for a (political) collision

    A conceptual rendering of "Cloud Station" at Largo Town Center for the Greenlight Pinellas project.Courtesy: Greenlight Pinellas

    The promise of autonomous vehicles is becoming a talking point for opponents of mass transit systems.

    “It’s like they’re designing the pony express in the world of the telegraph.”
    Florida state senator Jeff Brandes, a Republican representing District 22, uses that line frequently to characterize Greenlight Pinellas, a comprehensive transit plan for Florida’s Pinellas County. Up for a public referendum on Election Day this Tuesday, Greenlight will fund increased bus service and a new light rail system. Supporters say it represents a tried, true, and long overdue solution to the area’s perennial transit woes. Pinellas, the city of St. Petersburg, and the broader Tampa Bay region are consistently near the bottom in a number of transportation and livability indexes. They suffer high average commute times, astronomical pedestrian fatality rates, and massive per-capita spending on the private automobiles that, given today’s inadequate public transit system, even the very poorest need to get by.
    But Brandes argues that the entire idea of bus- or train-based public transit is on the verge of obsolescence. Instead, he sees a future in which autonomous vehicles—also known as automated vehicles, or AVs for short, and best embodied by Google’s self-driving cars—solve the region’s transit problems. “I absolutely believe that technology is going to transform mass transit in a way that very few people can see,” he says. “It’ll definitely be within 15 or 20 years, which is right when the light rail system for Greenlight Pinellas would be coming online.”
    Most analysts agree with Brandes’ timetable, if not necessarily his position. Sven Beiker, executive director of the Center for Automotive Research at Stanford (or, naturally, CARS), says that within this decade we’ll see intra-urban autonomous vehicle networks—systems that will deliver small personal mobility “pods” within dense core areas. Such a system is already set to deploy in Milton Keynes, Buckinghamshire, England by 2017. Such systems, both Sen. Brandes and AV specialists say, will reduce congestion, lower parking demand, increase rider safety by reducing wait times, and, in the case of public systems, provide universal access.
    But the unknowns become more pronounced when discussion moves from small-scale intra-urban systems to the kind of long-distance people-moving accomplished by inter-urban light rail and bussing. Beiker says the challenges of fully autonomous highway driving push the possible technological horizon for autonomous transport past 15 years. An even bigger hurdle may be social. Do you really want to share a 45-minute commute in a car-sized pod with three strangers?
    Broadly, public transit development is trending up, thanks in part to higher demand among millennials and technology enthusiasts. Tampa Bay exemplifies the many southern and western U.S. cities where projects are playing catch-up after decades as political nonstarters. Transit planners, officials, and voters in cities like Austin and Charlotte will certainly find themselves wrestling with the unknowns of autonomous vehicle development as they try to decide whether to expand systems now or wait for what’s next.
    Political ideology, as it tends to, may rush into the vacuum of facts. Florida offers a preview where driverless cars have become part of right-wing pushback to mass transit plans. It was Brandes who introduced legislation that made Florida one of only four states to allow monitored testing of driverless vehicles on public roads. Republican governor Rick Scott, who once was strongly associated with the populist Tea Party movement, has made public appearances to support driverless car development in Florida even as he has rejected federal funding for a Tampa-to-Orlando high-speed rail line.
    Put them side by side with rail systems and the appeal of autonomous vehicles to conservatives is clear. Though many predict networks of AVs will be publicly financed, they can also be privately owned, and by most projections will require far less government-funded infrastructure than rail. Unlike trains or busses, they’ll take you wherever you want to go, when you want to go there, alone if you wish. Driverless cars will, in many of the ways so central to American identity, still be cars. But they’ll also make getting from one place to another easier for everyone, reducing strain on existing road systems and increasing access. As Sven Beiker puts it, “Vehicle automation is the point where personal mobility and public transportation come together,” a physical manifestation of Silicon Valley’s ideological mix of the utopian and libertarian.
    By contrast, while they don’t oppose autonomous vehicles per se, mass transit boosters in Pinellas County are less sanguine. “We don’t see autonomous vehicles solving the public transportation dilemma,” says Chris Steinocher, President and chief executive of the St. Petersburg Chamber of Commerce, which has endorsed the Greenlight Pinellas plan. “One solution isn’t going to fit all.” Steinocher predicts that AVs will be part of a “multi-modal” transit system, providing first mile/last mile connections to conventional bus and rail lines, or coverage in low-volume use cases, such as late-night service. Beiker agrees that this is the most practical future scenario.
    Others in the fight see the autonomous vehicles argument as little more than a political stalling tactic, deployed by those who oppose mass transit for ideological reasons. “We are the last metropolitan area in the United States to develop a regional transit system,” says Phil Compton, a national Sierra Club staffer who has been tasked with supporting Greenlight for the past three years. “That is an objective fact. How many more decades do we have to wait for an alternative to what we have now?”
    The fate of Pinellas County’s transit system is uncertain. Polls over the past two years have shown broad public support for the Grefenlight project, and a coalition of officials on the right and left is behind the plan. But Brandes and other opponents are gaining ground, with some carefully worded private polls placing the outcome of Tuesday’s vote in question. Brandes suggests that a less capital-intensive rapid bus transit system is the more sensible path forward into a rapidly changing transportation landscape.
    The possibility of autonomous vehicles has played a far smaller role in Pinellas County’s transit debate than the one-cent sales tax hike that would fund the system. But if its innovation does help sway the vote, Google  GOOG 1.59%  wouldn’t be the first large corporation to impact the transit equation in Pinellas. The City of St. Petersburg was home to one of the country’s many successful electric intra-urban tram systems from 1919 to 1949, when a coalition of interests backed by General Motors  GM 2.01%  and Firestone bought and dismantled most of the system. It was replaced with less appealing and efficient busses, accelerating the adoption of private cars and pushing the entire region into the predicament it’s still trying to fix today.