Moore Colson Newsletter

Moore Colson Newsletter - July 2005

What about applying for loans online?

Applying for a loan online can be very convenient, but it may pose security risks if you’re not careful. Beware of spam e-mail invitations to apply for loans. The e-mails, which may promise instant approvals and low rates, are often sent by loan scammers.

Also don’t access a supposed lender’s Web site from links provided in e-mail offers, as the links may be directed to a phony Web site. It’s generally safer to locate and access a lender’s site through your browser. You should still further verify that the business and Web site are legitimate through other public sources.

Before entering your personal information on a Web site, check to make sure there is a locked padlock icon at the bottom of your browser screen. The symbol ensures that the data you enter will be encrypted for security purposes when it’s transmitted, so that only authorized individuals can read the information.

Don’t be led astray by loan scammers

Many consumers take out personal loans at one time or another. And in tight economic times, the number of loan scammers increases as more potential victims become available. This article explains the most common schemes employed by these predators, such as posing as legitimate loan brokers who request payments upfront for processing fees and using bogus letterhead to catch borrowers unaware. The article also offers tips on how to identify scammers and how to safely apply for loans online.

Charitable contributions face scrutiny

Both the IRS and Congress have turned up the heat on charitable contributions as a result of allegedly excessive deductions being claimed. This article gives pointers on how to ensure donations receive the deduction they deserve, including getting a receipt, donating to qualified charities, attaching an appraisal if needed, taking proper deductions for services, and so forth.

8 steps to maximizing your retirement savings

A recent survey by Putnam Investments claims that over 78% of retirees surveyed regretted not saving more during their working years. And the 2004 Retirement Confidence Survey found that 45% of those surveyed reported the total value of their household assets (excluding their homes) was under $25,000. This article offers eight tactics for building up retirement savings. These tactics include contributing the maximum possible, taking advantage of company matches and diversifying investments, among others.

Feeling experimental?
Discover the R&E tax credit before it expires

The research and experimentation (R&E) tax credit may conjure up images of white lab coats and test tubes. In reality, any type of business — not just science-oriented firms — can qualify for this credit, which is available for a surprising variety of activities. For example, service companies have obtained the credit for software development while manufacturers’ product and process improvements have also qualified. This article looks at what requirements your business must meet to benefit from this credit.

Double up on tax savings
Combine the home-sale exclusion with a like-kind exchange

Homeowners can qualify to exclude from income up to $250,000 ($500,000 for joint filers) in gain when they sell or exchange their principal residences. This is a very attractive tax break, but it doesn’t go as far as it used to. In many parts of the country, real estate prices have increased dramatically, so home-sale profits that exceed the exclusion are more common. In some cases, homeowners can reduce their tax bite by combining the benefits of the home-sale exclusion with a like-kind exchange. The IRS gave the green light to this strategy in a ruling earlier this year. This article explains how you can apply both tax breaks.

This is an e-newsletter Moore Colson distributes to members of their community. If you do not wish to receive future electronic newsletters from Moore Colson please click on the link below. Please note, by unsubscribing to this type of communication, you will no longer receive future emails and enewsletters from Moore Colson.
Unsubscribe