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Tax Time Trembling

Hey, maybe MY tax guy should have used a giant mallet!
Hey, maybe MY tax guy should have used a giant mallet!

Many, many moons ago, I went to get my taxes done at one of those famous places. Like, THE most famous one. We had hit a couple of major milestones (buying our first house was the biggest) so it seemed the right time to graduate from the 1040 EZ, do-it-yourself form.

I didn’t know what to expect, but I didn’t expect THIS. My tax preparer was completely incompetent. He was so nervous he was literally trembling. He mumbled and stammered so badly I could barely understand him. And he gave terrible advice, such as “You live in Ohio but you work in Indiana? Oh, it will all even out.” Even I know that, if the city tax in Indiana is 0.9%, and in Cincinnati it’s 2.1%, it’s NOT going to “even out.”

But I was polite (shell shocked, really), paid the guy, and left. Then, I came back the next night and demanded that the branch manager re-do my forms. Believe me, there was a difference – a difference that would have led to penalties.

So, this article in the Consumerist wasn’t really shocking. It’s been 20 years since that incident. There have been so many advancements in software and technology (they have this thing called The Internet now) but one weakness remains: the human element.

An undercover investigation went, um, undercover at 29 different tax places and found all kinds of lapses in the system. Misusing earned income tax credits (EITC), ignoring side income, using incorrect forms, questionable deductions, not understanding the tax software, randomly filling in boxes to see if it magically resulted in less tax owed, and on and on. Sometimes these were honest mistakes…sometimes they weren’t.

Anyway, caution. If you think you are working with an incompetent or dishonest tax preparer, you owe it to yourself to do something about it. Or, you will owe it to the IRS, because if you end up getting caught, YOU’RE the one on the hook, not the tax preparer. So, check out the horror stories in the original piece, share any horror stories of your own at the MindField Online Facebook page, and have a great weekend!

My favorite line of the article: “When she went into a payday loan place to get her taxes done…” Yikes.

Home Improvement Winners & Losers

home improvementThis past Saturday, I was cleaning out the garage (or “rearranging the mess” as my wife calls it.) Meanwhile, wife was potting plants. The lady across the street was laying paving stones on her garden path, and the guy two doors down was planting a palmetto tree. As you can see – in South Carolina, at least – it’s “that time of year.”

Spring home improvement projects… You sit cooped up all winter, and your imagination runs wild. The sun comes out, and where do you begin? Well, as a homeowner, you are trained to do projects that will come as close as possible to “paying for themselves” when you sell your house.

Fortunately, there are a lot of resources out there to tell you which projects meet that criterion. Here’s one called The 2015 Cost vs Value Report. It gives national averages and also breaks it down by region. Here are some highlights, looking at the national average of mid-range home improvement projects…

Biggest return:

  • Steel entry door replacement: Costs $1200, you will recoup $1250, a 102% return
  • Exterior stone veneer: Cost $7100, recoup $6500, 92% return
  • New garage door: Cost $1600, recoup $1400, 88% return
  • New vinyl siding: Cost $12K, recoup $9700, 81% return
  • Deck addition (wood): Cost $10K, recoup $8100, 80% return

Biggest losers:

  • Master suite addition: Cost $111K, recoup $69K, 62% return
  • Backup power generator: Cost $12K, recoup $7000, 60% return
  • Bathroom addition: Cost $39K, recoup $23K, 58% return
  • Home office remodel: Cost $29K, recoup $14K, 49% return
  • New sunroom: Cost $76K, recoup $37K, 48% return

TONS more info at the original piece, so check it out! So, are you doing any home improvements this spring? Have you had any success stories when you went to sell? Any nightmares? Let us know over at the MindField Online Facebook page!

Easter by the Numbers 2015

lily2 copyFavorite Easter memory: I was about five, and it snowed 6 inches the night before Easter (Ohio, y’all!) I came downstairs Easter morning and my father said, “Look outside!” I did, and I saw giant bunny prints in the snow leading from the street to the house. I was thrilled. It took me YEARS to realize that it had been my dad in his size-13 construction boots, heels-in/toes-out, who had made the footprints. By then, I was 19, and hadn’t been into Easter baskets for over a year.

Simple pleasures, right? And I wonder if that has been lost. That commercial on now – is it Sears? Where the kids run downstairs on Easter morning to find TWO BRAND-NEW BIKES!!! Bikes? I was lucky to get a hollow chocolate bunny! Kids these days…

As Americans, we do holidays big, even when (especially when) we can’t afford it. So let’s take a look at Easter Spending by the Numbers 2015!

  • $16.4 Billion: Total Easter spending. (Up half a Bill from last year)
  • $140: Average Americans will spend on Easter (up $3)
  • 86%: Will have a special dinner, and spend $5 Billion, or $62 per household
  • 87% will buy candy, and spend $2 Billion, or $28 per household
  • $2.4 Billion: Spent on gifts, or $47 per household
  • $1 Billion: Spent on Flowers, or $32 per household
  • $1 Billion: Spent on decorations, or $28 per household
  • $700MM: Spent on cards, or $17 per household
  • $61.00: Spent on Easter clothes per household

Well, that’s the tale of the (register) tape for this year. While we’re at it, let’s not forget that Easter (and Passover!) is a very important religious holiday for many millions of folks. However you spend it, at church, temple, with family or friends, we hope it’s GREAT. Happy Easter and Chag Sameach from MindField Online! Share your weekend plans with us over at our Facebook page!

Sources: Natl Retail Federation, StatisticsBrain.com, Forbes

April Foolishness 2015

selfieshoeAs a writer FOR the web, I spend a lot of time ON the web. For me, April 1st is the most irritating day of the year, and it sneaks up on me every time!! I’m reading something (supposedly) serious like Newsweek.com and I see, “The President then said farewell, boarded the mothership and returned to his home planet.” And I’m like “Grrr! April Fools!” I might as well go play in the street for the rest of the day.

So I guess I can appreciate when businesses try to have a little fun with the concept. I mean, I might as well. They’re not going to stop just for me, and playing in the street is dangerous. So, here are some noble April Fools’ Day efforts from companies trying to get in on the fun and irritation.

2015 highlights include:

And, for you Game of Thrones fans…

Side note for 2015… Companies have poured some big bucks into these fake concepts. Um, except for Sears. I am in the loyalty program, and I received an email this morning saying “MERRY CHRISTMAS!” Then, you click on it, and it says “Just kidding!” Comedy GOLD, y’all!

Here are some links for your further enjoyment!

See any that didn’t totally irritate you to death? Let us know over at the MindField Online Facebook page!

Fast Food Funk

sad burgerWe talked last week about people’s favorite fast food joints, with Chick fil A coming in at #1, and Hardee’s at #20. Here is the flip side. An article in Business Insider reports on a survey done by Morgan Stanley asking folks, “If you have stopped going to a certain fast food place, or you’re thinking about quitting…Why?” The answers ranged from Too Expensive, to Quality Going Downhill, to Eating Healthier, and so on. See if any of these sound familiar to you…

Why Would You/Did You Quit…

  • McDonalds: Eating healthier, don’t trust quality, artificial ingredients
  • Starbuck’s: Too expensive
  • Red Lobster: Too expensive
  • Burger King: Quality, service decline
  • Domino’s: Boring, unappealing menu

Now, these are subjective, personal opinions. They don’t always reflect facts on the ground. For more on that, read this piece about how Millennials gripe and complain and disparage McD’s…but they eat there far more than any other place! Anyway, lots more at the original piece, so check it out!

So, how about you? Have you cut back on fast food? Any place in particular? Why? Let us know over at the MindField Online Facebook page, and have a great weekend!

 

 

 

 

Radio Shack, Over and Out

radio shackIt looks like it’s curtains for a retailer with a long, troubled history…

Radio Shack, whose roots trace back more than 90 years — will go on the auction block. The Fort Worth company, once a haven for ham radios and walkie-talkies, but which never fully embraced the digital age, is facing a live or die moment. USA Today

Maybe it’s a guy thing, or a guy-of-a-certain-age thing, but I have a LOT of memories of Radio Shack. As a kid, it was Heathkit DIY projects (“build your own crystal radio for some reason!”)

Later, as an adult, there was a Radio Shack across from my TV studio in Indiana. We kept that place afloat by constantly replacing the video and audio connectors that would roll underneath furniture. We were too lazy to get down on the floor and find them because, hey, we had a RadioShack across the street (and a corporate account!)

So what are some mistakes that doomed Radio Shack? CBS News addresses this in an article entitled “Five Mistakes that Doomed Radio Shack.”

  • The cell phone kiosk: Really got into cellphone services, but in the 90s, signing up a customer took 45 minutes, tying up the sales staff. (As we know, signing up for a phone only takes 40 minutes today!)
  • Failing to ramp up on e-commerce: One of the last big retailers to offer shopping from their website.
  • Weird mix of inventory: These stores were SMALL. They had tough choices to make, and they often chose poorly.
  • Marketing confusion: You need only to remember that bizarre 80s commercial with Cliff the Mailman and Hulk Hogan from last year’s Super Bowl.
  • Failing to catch onto the Maker movement: Finally, when this hipster/artisan/DIY craze hits, aiming right for Radio Shack’s historic roots, they failed to recognize it.

So, lots of missteps. What’s the future? They are hoping to keep some store open, somehow. I hope they do, mainly because of the JOBS. What do you think? Are you a Radio Shack fan? Me, despite my nostalgia, haven’t been inside one in YEARS. Any thoughts? Let us know over at the MindField Online Facebook page!

This Fast Food Survey is Making Me Hungry

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hamburgerThere’s talk of a fast food backlash, but I don’t know. McDonalds is certainly hurting; Millennials just don’t want to go there. Others are doing OK, however, and it’s not just the new upstarts. Old warhorses like Dairy Queen are getting excellent scores in public opinion.

A recent survey asked 10,000 people to rate fast food chains, and here are the top 20 achievers for 2015:

  • Chick-fil-A
  • Papa John’s
  • Dairy Queen
  • Panera Bread
  • Subway
  • Sonic Drive-In
  • Dunkin’ Donuts
  • Pizza Hut
  • Popeye’s
  • Taco Bell
  • Starbucks
  • Chipotle Mexican Grill
  • Wendy’s
  • Arby’s
  • Little Caesar’s
  • Domino’s
  • Panda Express
  • KFC
  • Burger King
  • Hardees

It’s a pretty tight spread, with #1 Chick-fil-A earning 82% satisfaction, and #20 Hardees earning 72. By the way, McDonalds was in 21st place. Of course, your mileage will vary. Asking folks to describe their feelings is a pretty subjective thing!

How about you? Does this look like a good list? Any of your favorites missing? Any here surprise you? Let us know over at the MindField Online Facebook page, and have a great weekend!

St. Patrick’s Day Stats 2015

st patsLet go of my Lucky Charms, and listen up! Here’s where all your “green” will go this year on St. Patrick’s Day, according to the National Retail Federation:

How are we celebrating?

  • 82% will wear green
  • 30% make a special dinner
  • 29% attend a party at a bar or restaurant
  • 29% decorate the home or office
  • 19% attend a private party

How much are we spending?

  • $4.8 billion in spending
  • $36.52 per person
  • $245 million spent on beer

AND THE RADDEST STATISTIC OF ALL: Dentist visits spike by 64% on the day after St. Pat’s due to getting punched in the mouth during bar fights! MSN Money

How about you? Any special plans for St Pat’s (other than visiting the dentist on Wednesday?) Let us know over at the MindField Online Facebook page! Have a good weekend and a Happy St. Patrick’s Day!

Stressing Over Money

dollarPretty much everybody stresses about their personal finances to some degree. These days, it’s only natural to wonder how you would cope if you or your spouse lost a job, had a big medical expense, etc.

The Wall Street Journal has an interesting piece out today, entitled “5 Tips for Passing a Personal-Finance Stress Test.” Here are the bullet points…

  • Debt-to-Income Ratio: How much money comes and goes out each month
  • Discretionary Expenses: Which things can you cut back (gym membership) and which you can’t (your mortgage.)
  • Emergency Savings: Enough to pay 3 months of expenses at the minimum
  • Additional Income: Cutting grass? Paper route? Sell your stuff? Etc.
  • Total Assets: Everything you own, divided by monthly expenses, to see how much cushion you have

There’s more info at the original piece, so check it out!

Figuring out where you stand in your personal finances may not change any facts on the ground. You may not like the result, but it can help erase the uncertainty and maybe help you focus on solutions.

So, have YOU done an inventory like this? Did it help you focus and make some changes? Let us know over at the MindField Online Facebook page, and have a great weekend!

Practical Savings Tips

changeThey say that we aren’t saving enough for the proverbial rainy day. But saving is hard for many folks. It’s a habit that must be learned, and we have to stick to it for it to make a difference.

So, what are some saving strategies we can try? This article, “13 Easy Ways to Save Money From Robert Kiyosaki, Clark Howard and Others,” has a few ideas, some better than others. Here are a couple of my favorites.

Automation: If you’re lazy like me, taking the thought out of things is a plus. Set up an automatic transfer system at your bank. When you deposit your check, send some to savings. You will forget you’re even doing it, and you might be surprised at how much you are saving.

Save your change: I am a total change-saver! I have a glass 1-gallon apple cider jug and every time I walk in the house, the change goes in. Last time I counted, there was $150 in there. That’s a nice emergency fund, or fix a flat tire money, or vacation money. Try it out!

As I said, some of their examples are a little bogus. “How did you make your millions?”….”I met a need in the marketplace.” Er, thanks? Still there is some useful stuff in the article. Check it out!

How about you? Are you saving? Do you have any tricks to share? Let us know at the MindField Online Facebook page!