Peace and blessings, fam! Allow me to re-introduce myself… My name is ASH! C-to the-A.S.H… a.k.a. Mr. “Mind Right Money Right.” NYC is the home base, but lately, people far and wide have been learning about my mission to help people live better – both financially and mentally. And, along with my self-diagnosis of Adult ADHD, I’ve been called “5 Hour Energy” on a regular basis. LOL
Welcome to the second installment of my new “Ash Wins’Days” column here on TheSource.com! I told you last week that I have a lot of ground to cover when it comes to helping you get your mind and your money right. So stick around weekly, and get what you need!
Okay, I hate to call them out, but let’s start out by examining an All-Star Cast:
Wesley Snipes
Ron Isley
Beanie Sigel
Lauryn Hill
Mary J. Blige
Kelly Rowland
Kelis
Fat Joe
…and the list goes on.
What do all of these people have in common? Well, it’s not a ticket for the next Grammy Awards. Today’s topic might seem a little early for the calendar, but all you have to do is scan the internet or read the paper daily to hear about the latest celebrity to get into trouble in this area. So, what am I talking about?…
UNCLE SAM WANTS YOU!
And I’m not talking about the iconic poster where he points you in the direction of the Army recruiter office to sacrifice for your country. I’m talking about Uncle Sam who works down the street at the I-The R-And The-S. That’s right. The IRS wants you. Every year. By April 15. No questions asked.
But we all know that, right? Yes and no. Like I said, the list of celebs alone who find themselves in tax trouble is staggering. The numbers that are doing actual prison time is bananas. (Side note – does it seem like the IRS is coming after “our” stars with a little more vengeance than others? With the exception of Lindsay Lohan, I’m just saying.)
The bottom line is, whether you make a lot of money or just a little, we all have to pay taxes on the income we earn. The first step is to practice good accounting – know how much you’re bringing in versus how much you’re spending. Secondly, make sure you’re claiming the right amount of dependents and other deductions on the tax forms you fill out with your employer. That controls how much the IRS takes out of your wages, and ultimately, you’ll owe (or the IRS will owe you) based on these figures.
If you make under $25,000 per year, you probably qualify for the Earned Income Tax Credit (EITC) – make sure you or your tax preparer check into that good one. If you’re lucky enough to receive a refund, be smart. Buy yourself a little somethin’ somethin’, but put most of it away as savings for emergencies and other needs you can’t see down the road. And seriously, if you owe, the IRS will work out a plan with you, so don’t run away, whatever you do.
So, what’s today’s lesson? April 15 is tax day! Every year! That seems far away, but it’s really not. Please, please, please look for all of the deductions you qualify for now, make sure you claim the correct tax status, and file your taxes on time. Take a note from the tax woes of your favorite rappers, singers, and many more!
Make sure Uncle Sam doesn’t want YOU!
Get At Me!
Yep. You CAN Ask Ash’Cash! Tweet me your questions at @IAmAshCash. For more info on my latest endeavors, visit www.IamAshCash.com, and check out my latest book, “What the FICO,” HERE.
