What Happens If You Don’t File Your Tax Return?

The old saying goes there are only two certainties in life: Death and Taxes.

We know we can’t cheat death, but did you ever wonder what happens if you file your tax return late? Or even worse,  you don’t file your tax return at all?

Frankly, I’m too scared to find out what would happen if I didn’t file my taxes .

Just in case you ever flirted with the idea, here’s the penalties you face from the IRS.

What happens if you file your taxes late

If you already missed the boat,  here are some options if you missed the tax deadline.

Warning: You don’t want to mess with the IRS.  Depending on the nature of the actual return, you are either faced with paying interest or even worse, penalties. Consider, at least, filing a tax extension.

When Are Taxes Due in 2015?

Update: The tax filing date for 2015 is April 15th. Since April 15th falls on a Wednesday and there is no government holiday (unlike past years), that is the day your taxes are due.

Interest When You File Tax Return Late

Interest on underpayments or over-payments runs from the extended due date of the tax return, i.e. April 15th of any given year.  Regular interest is set by statute, but underpayment incurs a 1% premium rate, compared with the rate of interest that will be paid by the IRS on over-payments or refunds.

Basically, expect to be paying more interest in you owe money to the IRS, versus if you paid too much.  If you are owed a refund, you’ll still earn interest on the amount entitled to you, just at a lower interest rate.  It’s kind of like getting a loan from a bank versus how much they pay in their savings accounts. [Read more…]

Are Annuities a Good Investment? The Good, Bad, and Real Ugly


You may have heard investment advisors – or insurance advisors – talk about them in the past. In fact, earlier I described several reasons you should and shouldn’t buy annuities.

If you catch me on the street and ask if annuities are a good investment, I’d tell you the short answer is that it depends.

If you press me further, I’d tell you that most of the time they aren’t a good investment.

If you demand clarification, I’d probably just shoot you a link to this article – unless you’d like to take me to In-N-Out Burger and pick up the tab. ;)

are annuities a good investment

Here, I’m going to define annuities, show you why some people buy them, present two particular types of annuities, and show you a few alternatives you might like.

If you have any questions, please don’t hesitate to reach out to me! Let’s get started.
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15 Ways to Invest $10,000

Do you remember the first time you wrote a check for $100?

The first $100 check I wrote was for my cell phone waaayyy back in 1997.  Whoa….that brings back memories.

What about your first, $1,000 check? Even better, your first $10,000 check?

The first time I wrote a check for $10,000 was to pay off my student loan debt.  That was, by far, the best check I ever wrote!

It’s not too often that you have an extra $10,000 lying around, but if you did it would definitely be a good problem to have.  :)

But the answer as to what to do with the money isn’t always clear. Allow me to suggest a few ways to invest it – like 15 of them.  Here’s 15 ways to invest $10,000.

best way to invest 10000 dollars
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5 Ways You’re Networking Terribly Wrong

We’ve all been there.

You’re at an event and get cornered by a narcissist.

You try to escape, but it’s no use.

You’re stuck in networking hell.

In life — and especially in business — your network is everything.

Author and former Yahoo director Tim Saunders says it this way:

“Your network is your net worth.”

One man that knows about networking is John Corcoran, an attorney, entrepreneur and founder of SmartBusinessRevolution.com.

By networking, he was 23 when he landed a job at the White House. He now shares with others how to build better relationships in business.

networking wrong

One of the best ways to grow your income is to grow your network; however, a lot of people get networking wrong. They are in it for just themselves instead of trying to help others. Here are five common mistakes.
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16 Hobbies That Can Actually Make You Money

It all started with the 1986 Donruss Jose Canseco Rated Rookie Card.

At the time, it was the holy grail of any kid that loved sports.

And it was also my introduction of my favorite hobby as a kid: collecting baseball cards.

My dad loved taking me to baseball card shows and we would work the room scanning the vendors tables hoping to score some great finds.

He honestly believed it would help pay for my college tuition. I just hoped I would make a few extra bucks so I could buy a new pair of Nike Air Jordan’s.

Either way, we truly believed that we could make money off a hobby that we both enjoyed.

Unfortunately, that hobby didn’t quite workout for us, but that doesn’t mean that your hobby couldn’t start making you some nice cash on the side.

16 hobbies that can make real money in your spare time

Here are 16 hobbies that you can make money with including some real examples from GF¢ readers.

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8 Secrets Your Life Insurance Agent Might be Keeping From You

We would like to think of life insurance agents as trusted advisers whose only aim is to get us the right coverage.

But the nature of life insurance -– and the job of life insurance agents -– makes them something close to our natural enemy.

bewared bad life agents

One easy way to prevent being taken advantage of is to find an independent agent. “Independent agents save you time and money,” said Chris Huntley, co-founder of JRCInsuranceGroup.com. “Rather than completing applications and medical exams with 15 different insurance companies to see which one will approve you at the best rating, make one call to a qualified independent agent, who can place you with the most appropriate carrier based on your unique personal and medical history.”

In a lot of ways, what hurts us as consumers of life insurance actually benefits life insurance agents. Here are nine examples of what I’m talking about.
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GF¢ 048: 8 Warning Signs You Need to Fire Your Financial Advisor


You’ve been working with a financial advisor for some time now, but now you’re starting to have doubts that you hired the right person for the job.

Hopefully, you did a background check on them first, right?

Is that financial planner more interested in helping you achieve your financial dream or just trying to sell you something?

fire financial advisor

Too often people have handed their money over to a financial advisor without researching whether they were good or not.

Even worse is that when they suspect that they are not getting the service they deserve, they don’t do anything about it.

If you have a suspect financial advisor, here are warning signs that you need to tell them,”You’re Fired,” and move on.
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How to Maximize Your Social Security Income (and avoid these 6 costly mistakes)

We’re all about retirement planning, and we often talk about Roth IRAs and other retirement accounts and strategies.

But what about Social Security? It’s an often overlooked, though highly critical, component of your retirement plan.

There are ways to maximize your Social Security income, but the most effective strategies need to be put in place before you actually begin collecting benefits.

maximize social security income

This can be confusing, because there are several different options as to when you can take Social Security. For example, you can take benefits beginning at ages 62, 67, 70, or any age you choose.

However, know that your age at the time of retirement will affect the amount of your benefit, as well as the benefits you’ll receive for the rest of your life.
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GF¢ 047: Crushing Goals for 2015


“Dream small dreams. If you make them too big, you get overwhelmed and you don’t do anything. If you make small goals and accomplish them, it gives you the confidence to go on to higher goals.”

John H. Johnson

By now, if you’ve been a reader of my blog, you know that I LOVE to set goals. This is a byproduct of joining The Strategic Coaching program 4 years ago. You can read how much I love that program here.

Setting and reviewing my goals consistently has yielded wild and crazy results. My revenue has almost tripled (hopefully soon quadruple!) and I’ve taken more time off than I ever have. #winning

my goals 2015

This was the first goals post I shared on the blog. I then did a few follow up posts here and here.
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What is an “Indirect Rollover”? (and why you should care)

We often hear the term “rollover” in connection with retirement accounts.

People frequently rollover money from one retirement account to another.

One of the biggest types of rollovers occurs when a person leaves a job, and does a rollover of their 401(k) plan to an IRA (here’s how you do a 401k rollover to a Roth IRA).

ira direct transfer

But as casually as the word rollover is used, there are actually two types, direct and indirect. And which one you use will be more important this year – and from this point forward – than it is ever been in the past.
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The Top 10 Good Financial Goals That Everyone Should Have

If you haven’t realized this yet, I’m kind of a goal setting freak.

Some people do New Year’s resolutions.  That’s great, but I think you need to revisit your goals on a more consistent basis.  For me, that’s every 90 days.

Other people don’t bother to set goals. They choose – unconsciously at least – to rely on luck.

“The best luck of all is the luck you make for yourself.”

Douglas MacArthur

Let’s establish up front that goals are something more substantial than dreams or wishes.

They can start with dreams or wishes, but they have an action plan behind them – something that spells out how we convert a desire into something real.

That’s especially important when it comes to financial goals. Since they require regular investments of money and effort over a long period of time, you need to have workable plan to bring them to reality.

good financial goals is key

Start by setting some financial goals. If you’ve never thought much about this, here are 10 good financial goals that everyone should have.
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