The FBI says it investigated reported threats to former Cleveland Browns wide receiver Braylon Edwards after he allegedly punched a man outside a downtown night club. FBI Special Agent Scott Wilson said on Saturday that the Browns contacted the Cleveland field office about the threats shortly after the Oct.
Posted by: The Connector
Kimora Lee Simmons, hubby Djimon Hounsou and her two daughters – Ming Lee, 9, and Aoki Lee, 7 – rocked the red carpet at the opening night of Kooza, the new Cirque du Soleil show in Santa Monica, Calif. on Friday (October 16).
No new baby…except for the one that Aoki is holding…Enjoy your weekend!
Posted by: The Connector
By Rush Limbaugh
David Checketts, an investor and owner of sports teams, approached me in late May about investing in the St. Louis Rams football franchise. As a football fan, I was intrigued. I invited him to my home where we discussed it further. Even after informing him that some people might try to make an issue of my participation, Mr. Checketts said he didn’t much care. I accepted his offer.
It didn’t take long before my name was selectively leaked to the media as part of the Checketts investment group. Shortly thereafter, the media elicited comments from the likes of Al Sharpton. In 1998 Mr. Sharpton was found guilty of defamation and ordered to pay $65,000 for falsely accusing a New York prosecutor of rape in the 1987 Tawana Brawley case. He also played a leading role in the 1991 Crown Heights riot (he called neighborhood Jews “diamond merchants”) and 1995 Freddie’s Fashion Mart riot.
TO READ MORE, CLICK HERE
Filed under: Personal Finance, Dr. Boyce Money
Given the growing importance of credit scores in our economy, I thought I would do a Dr. Boyce Money series on credit scores and how they affect your life. These might answer many of the questions you have about your credit report and how the scores are calculated. We will also cover your rights as a consumer and how you might improve the score you’ve got. Enjoy!
Who are the major credit bureaus and where do the scores come from?
In the US, there are 3 major credit bureaus, Experian, Trans Union and Equifax. These are the three agencies that others can ask for credit information about you. Under the old system, your score would range from 375 to 900. There is a new system in place with VantageScore, which ranges from 501 to 990. The system is considered more consistent across the various bureaus, but it does not change much in terms of your credit worthiness. So, if you were a AAA borrower before the fact, you are going to be one now.
How can I get a copy of my credit report?
One way to get a copy of your report is to go to Myfico. You can order a report from any of the 3 bureaus, or you can order all 3. Another method for obtaining a credit report is to go to free sites such as freecreditreport.com (although there are conflicting viewpoints on whether this service is actually free). Under the law, the reporting agencies are entitled to give consumers at least one free credit report every year. Also, if you are denied credit for any reason, you can send a copy of the rejection letter to any credit bureau and receive a free credit report. Otherwise, the report is going to cost you about $8.
How is a credit score calculated?
The model for credit reports is based on what they call “The 4 C’s of Credit”: Character, collateral, capacity, capital and conditions. What are they?
Character is their way of trying to decide if you are a good person or not. Effectively, if you have a history of not paying your debts, they define you as not having the character to repay. This is a bit silly, since some people don’t repay their debts because they are having financial trouble, not because they are bad human beings.
Collateral is represented by assets you are willing to pledge against the loan as additional security in case you aren’t able or willing to pay.
Capacity is represented mostly by income level and future earning opportunities.
Capital is reflected mostly in your cash reserves, and other relatively liquid investments. High capital implies that you can pay the fees that are owed.
Conditions are things that are basically out of your control: the state of the economy, your line of business, or any other issues on your credit report that do not necessarily reflect personal choices made by you.
Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.
CC Sabathia heated up as the night went on, throwing fastballs past the Los Angeles Angels and pumping his fist for emphasis. On a blustery night more suited to bobsleds than baseballs, Sabathia pitched eight superb innings of four-hit ball to win his second straight postseason start, and the New York Yankees took advantage of a rare sloppy game by the Angels to win the AL championship series…
Filed under: News, Celeb Updates, Deaths
Two weeks following his death, preliminary autopsy results conclude that ‘Real Housewives of Atlanta’ star Ashley “A.J.” Jewell died from a pre-existing bout with sickle-cell anemia. Fulton County Associate Medical Examiners suggest the blood disorder disease may have restricted Jewell’s oxygen supply and infuriated his fatal injuries. “The altercation played a role in that, and his underlying disease process contributed to his overall demise,” medical examiner Dr. Kelly Rose told E! News. “In certain states of stress, the red cells actually become deformed. They deliver oxygen to all parts of your body, but when they have this sickle shape, there’s a backup or plug-in that happens. It’s especially bad in your lungs.” The fiancé of former Xscape member, Kandi Burruss, died from a severe blow during an Oct. 2 altercation at Atlanta strip club Body Tap. The Atlanta hot spot was co-owned by Jewell. For more information on the investigation of Ashley Jewell’s death head over to E! News.
Permalink | Email this | Linking Blogs | Comments
LeBron James isn't quite over the flu. He's not that far off. James scored 22 points in 19 minutes in his return to the Cleveland lineup after staying home sick for the last game, but the San Antonio Spurs beat the Cavaliers 105-98 on Friday night. Though not completely healthy, James said he still felt pretty good after going 7 of 14 from the field and grabbing six rebounds.
Kevin Love went up for a rebound as he always does but this time he banged his left hand. Now, the Minnesota Timberwolves' second-year forward will be watching from the bench for awhile. Love broke a bone in his hand and the NBA's leading rookie rebounder last season hopes to return in late November or early December.
A grounder off a fielder's glove. A bunt that slipped by two players. The Los Angeles Dodgers' latest postseason rally began in the weirdest, wackiest way. Another throwing error by Chase Utley, a pinch-hit single and two walks also were part of the Dodgers' crazy eighth inning that produced a 2-1 victory over the Philadelphia Phillies on Friday, tying the NL championship series at one…
The winless Tampa Bay Buccaneers traded underachieving defensive end Gaines Adams to the Chicago Bears for a second-round pick in the 2010 draft. The deal Friday night came four days before the NFL trade deadline. Adams was the fourth overall pick in the 2007 draft out of Clemson and had 13 1/2 sacks in two-plus seasons with the Bucs, failing to play up to expectations that he'd help revive a…
Filed under: Professional Profiles, Personal Finance, News, The Economy
The other money-mongering suspects include:
+Mark Kurland, New Castle executive
+Rajiv Goel of Intel Capital
+Anil Kumar, director at McKinsey & Co., management consulting firm
+Robert Moffat, executive at IBM
What else do we know about the ringleader? Although a democrat and financial supporter of both Barack Obama’s campaign for presidency and several of Hilary Clinton’s; among the disturbing facts revealed is that Rajaratnam is said to have funded the Sri Lankan noxious terrorist group Tamil Tigers.
.
Illegal insider trading is a capital offense. It is a greedy violation believed to raise the cost of capital for securities issuers, thus decreasing overall economic growth. As if the world’s economy isn’t suffering enough. The financial penalties for such a crime could amount to as much as three times the amount gained or the loss avoided from illegal trading, not to mention the perpetual prison timeinsider trading. In this case the founder of the Galleon Hedge Fund is said to have garnered in excess of $20 million. His bail was set at $100 million to be secured by $20 million in collateral. Do the math. Crime NEVER pays.
Read the full account here at the Huffington Post
Posted by: Jo Jo Simmons
Young Simmons- “Juelz Santan’s album is gonna be a problem!”
Juelz Santana “Mixing Up The Medicine”
Shaka- “Im just trying to bring some reggae flavor to GG”
Blogxilla- “This is a real song!”
Wale feat. Rihanna “Contemplated”
Piper- “I have spidey senses like him”
Beanie Siegel “Feel It In The Air”
Kandy- “Im in a romantic mood this weekend”
Maxwell “Till The Cops Come Knockin’”
A.R.- “its gucci’s version of lol (smiley face) and burrprint 3d is crack!”
Andrea- “This is from the movie “Where The Wilds Things Are” which is out now!”
Karen O & The Kids “All Is Love”
The NFL fined Baltimore Ravens linebacker Ray Lewis $25,000 on Friday for two separate plays, including a helmet-to-helmet hit on Cincinnati Bengals receiver Chad Ochocinco. The Ravens said Lewis will appeal the fine. Both plays occurred in the fourth quarter of Baltimore's 17-14 loss on Sunday. The league deemed that Lewis "unnecessarily kicked the opponent" and later…
Posted by: www.huffingtonpost.com
Glenn Beck was in the middle of pining for a ‘simpler time’ in America when he decided the best way to illustrate this idea was to show two advertisements from said ‘simpler time.’ One was a classic Coca-Cola ad, the other a Kodak ad.
Filed under: Television
The one and only Al Scales Reynolds is a featured celebrity notable on TV One’s much buzzed about docu-series ‘Life After,’ which explores the past, present and future hopes of some of black America’s most intriguing bold-faced names.
The eight-episode, half-hour series — which feature candid profiles on Omarosa Manigault Stallworth, Taimak, Eva Marcille and Daryl “Chill” Mithcell, respectively — is part biography, part confessional and an overall celebration of the human spirit.
Though the former husband of Star Jones isn’t a SAG card-carrying thespian (like the aforementioned actors and reality TV stars), his short-lived marriage to and messy divorce from a former TV personality has presented many public and professional challenges for the former Wall Street power broker. He has had more than his fair share of tabloid fodder and wants to set the record straight about any misconceptions and misrepresentations.
Reynolds exclusively offered Blackvoices.com some insight on why he chose to do ‘Life After’ – in his very own words.
When I decided I did not want to be married any more, the truth is I had no idea how it was all going to play out. The one thing I knew was that I did not want to do it any longer–not one extra day with how bad it had gotten.
I knew it was going to be a long road to recovery, but I was ready because I’d had enough, enough of the lies and deceit that existed in my life. It was becoming harder and harder to wake up and be satisfied with the face that stared back at me in the mirror.
I would like to set the record straight: I am not one who advocates divorce. That would be the furthest from the truth, but I am one who advocates happiness and moral responsibility. You see, before I got married, I was a private banker at the world headquarters of one of the most prestigious white-glove financial firms in the world. I had a client list that read like a who’s who of fashion, sports, design and education. I lived downtown in The Ritz Carlton Residence, and I was well on my way to realizing all the dreams I had envisioned for myself. I studied at some of the most prestigious universities and colleges in the country.
This all was the experience of a “country boy” from Virginia who started out in a mobile home in Horsepasture, Virginia, and ended up living in a penthouse in Manhattan.
I managed to defy every single statistic that existed in my era and pushed forward to become what many define today as a success. And guess what, it was not overnight. It was after 25 years of schooling, 12 years of work experience and 33 years of living. It was after three career changes and dozens of setbacks, failures and disappointments.
To accomplish all of that and wake up to find myself in a high-profile marriage that led to what felt like the raping of my character, integrity and namesake was a problem.
How did all of this occur in what felt like a matter of seconds and why was it happening to me? That’s what I found myself thinking about. I would frequently wonder when I heard or read anything about myself who the tabloids were they talking about?
Whether anyone wants to admit it or not, what I’ve experienced and how I’ve been misrepresented in the media is a real-life tragedy. And before now, I didn’t feel comfortable enough to say it and say it out loud. Now, I want to be very clear, I am not looking for sympathy. I only want to take responsibility for any part I had to play in this.
But at the same time, I want the respect that I worked so hard to obtain. How come, within the blink of an eye, people started questioning my sexuality? How come after all that I worked hard to achieve, I was being called a freeloader, a kept man or a fraud?
It was with caution that I originally took the call from TV One Network. Most of the calls I had received from most networks — and you name it, they’ve called — were not interested in showing who or what I was really about. They were interested in me living out the caricature that was so vividly portrayed.
TV One approached me about showing the world what I was doing now, using my voice as the platform. Finally, I thought, someone who was interested in exploring who the real Al Reynolds was and not who the media had made me out to be.
The producers said they were only interested in doing socially responsible programming that would allow me to just be me. They were interested in following me mentoring young adults, teaching my personal finance and leadership courses at the university, helping everyday Americans with their financial problems, writing financial articles, doing financial television commentary and exploring the road I have traveled from early childhood to the present.
I felt that ‘Life After’ was finally a project in which I could showcase who I really am, with no scripts, no red carpets, no paparazzi, no endorsements — just the real deal.
The show represents pushing through whatever challenges or obstacles you are experiencing in your life and persevering. It is the” life” you forge “after” your adversity.
This project represents to me the closing of a chapter in my life, as well the beginning of a new and exciting one, one that is filled with giving back to my community, which is thirsting for help in mentoring and motivating in order to achieve and overcome adversity.
It’s the beginning of embracing the entertainment side of my life. I look forward to having a much greater touch by writing, commentating and developing socially responsible projects for everyone to be inspired and uplifted.
Reclaiming my name, my identity and my voice back is the most rewarding and best part. From the bottom of my heart to the tip top of my head, I still say to any and everyone listening: What doesn’t kill you definitely makes you stronger!
‘Life After: Al Reynolds’ premieres Oct. 18 at 10 p.m. on TV One.
Permalink | Email this | Linking Blogs | Comments
One executive with Waterlicious, a Marina Del Rey, California-based water manufacturer found an unconventional way to gain exposure for his brand.
Posted by: ImGlobalNow
It’s no secret how Young Money’s leading general Lil Wayne got his spot as one of the most popular entertainers out today. He continuously expanded his music catalogue by releasing mixtape after mixtape, and collaboration after collaboration with various artists. After doing this for over a year, Weezy released his album hitting platinum success, and continues to be one of the most popular entertainers today.
It appears that rappers are taking notice of Weezy’s strategy, as Atlanta rapper Gucci Mane is on his way to the top. While in jail, a series of mix-tapes featuring Gucci’s music were released, increasing the So Icy MC’s street popularity. Once released from prison, Gucci Mane set off on a campaign to keep the streets hot and conquer the mainstream scene. Collaborating with Mariah Carey on the “Obsessed” remix and appearing on Mario’s hit “Break Up,” Gucci was becoming a crossover artist and being introduced to America. Not forgetting where he came from, he continued to cater to the streets, as his post-prison released mix-tapes, Writing On The Wall, The Movie Part 2, and The Burrprint 3D, have had both the ‘net and streets in a frenzy. Gucci Mane shows no sign of slowing down, as he continues to release new tracks, and was just recently named the #6 Hottest MC of 2009 by MTV. Below are a few of his recent collaborations.
Cam’ron & Vado feat. Gucci Mane: Cuffin’
Sean Garrett feat. Gucci Mane: Up In My Heart
Teairra Mari, Soulja Boy, Gucci Mane: Sponsor
Jagged Edge feat. Trina & Gucci Mane: Tip Of My Tongue
Triple C’s feat. Gucci Mane: Trick’n Off
Big Boi feat. Gucci Mane: Shine Blockers
Mariah Carey feat. OJ Da Juiceman, Gucci Mane: H.A.T.E. U (Remix)
Do you think Gucci Mane is the next Lil Wayne (in terms of popularity), or will his buzz start to go away?
Until Next Time,
Brad Lidge has regained that nasty slider. Ryan Howard and Carlos Ruiz are stroking big hits. Cole Hamels is winning postseason games without his best stuff. Boy, this is looking real familiar for the Philadelphia Phillies. Ruiz and Raul Ibanez hit three-run homers, reliever Ryan Madson got a key out and Lidge finished off the Phillies' 8-6 victory over the Los Angeles Dodgers in Game 1 of the NL…
Mark Teixeira remembers calling Torii Hunter last winter. "After I signed with the Yankees, I said, `You know, good luck to you guys. Hopefully, we'll see you in the ALCS,"' Teixeira recalled. And then he repeated the message when Hunter reached first base during the first series between the teams in May.
A Bay Area animal rights group is planning a protest against Michael Vick before his game against the Oakland Raiders on Sunday. The group In Defense of Animals says it will protest outside Oakland Coliseum before Vick plays his first road game for the Philadelphia Eagles since being reinstated to the NFL following an 18-month prison sentence for his involvement in a dogfighting ring.
Filed under: Gossip, News, Legal
Last week reports were circulating stating that R&B superstar Usher had called authorities back in September to report that his car had been keyed, and that he implicated his estranged wife, Tameka Foster. Well apparently TMZ got their hands on the 911 tape which reveals the ‘Confessions’ singer explaining in detail what he believes took place.
“I want to report a situation where my car has been keyed,” Usher said. “…It happened last night apparently. I called [last night] and filed a complaint because of a potential domestic violence [situation] between me and my ex-wife. She had come to my house. They sent the police here last night; we filed a complaint.”
In response to the tape’s release a rep for Foster told MTV News the story is “totally preposterous” and “did not happen.”
Hear the 911 call here.
Recording Artist Usher attends the 6th annual Do Something Awards at The Apollo Theater on June 4, 2009 in New York City..6th Annual Do Something Awards.The Apollo Theater.New York, NY United States.June 4, 2009.Photo by Jason Kempin/WireImage.com..To license this image (57603393), contact WireImage.com
WireImage.com
Recording Artist Usher attends the 6th annual Do Something Awards at The Apollo Theater on June 4, 2009 in New York City..6th Annual Do Something Awards.The Apollo Theater.New York, NY United States.June 4, 2009.Photo by Jason Kempin/WireImage.com..To license this image (57603387), contact WireImage.com
WireImage.com
Singer Usher attends the 6th Annual Do Something Awards at The Apollo Theater on June 4, 2009 in New York City..6th Annual Do Something Awards.The Apollo Theater.New York, NY United States.June 4, 2009.Photo by Mike Coppola/FilmMagic.com..To license this image (57604596), contact FilmMagic.com
WireImage.com
Singer Usher attends the 6th Annual Do Something Awards at The Apollo Theater on June 4, 2009 in New York City..6th Annual Do Something Awards.The Apollo Theater.New York, NY United States.June 4, 2009.Photo by Mike Coppola/FilmMagic.com..To license this image (57604602), contact FilmMagic.com
WireImage.com
(L-R) Maryam Saghatelian, AVP of Cartier Beverly Hills, musician Usher, Larissa Sabadash and President and CEO of Cartier North America Frederic De Narp attend the Cartier 100th Anniversary In America Celebration at the Cartier Boutique on June 3, 2009 in Beverly Hills, California..Cartier 100th Anniversary Exhibition and Cocktail.Cartier Boutique.Beverly Hills, CA United States.June 3, 2009.Photo by Donato Sardella/WireImage.com..To license this image (57597518), contact WireImage.com
WireImage.com
Musician Usher attends the Cartier 100th Anniversary In America Celebration at the Cartier Boutique on June 3, 2009 in Beverly Hills, California..Cartier 100th Anniversary Exhibition and Cocktail.Cartier Boutique.Beverly Hills, CA United States.June 3, 2009.Photo by Donato Sardella/WireImage.com..To license this image (57597472), contact WireImage.com
WireImage.com
Musician Usher attends the Cartier 100th Anniversary In America Celebration at the Cartier Boutique on June 3, 2009 in Beverly Hills, California..Cartier 100th Anniversary Exhibition and Cocktail.Cartier Boutique.Beverly Hills, CA United States.June 3, 2009.Photo by Donato Sardella/WireImage.com..To license this image (57597468), contact WireImage.com
WireImage.com
Usher and Kanye West at MTV and ServiceNation’s “Be the Change: Live From The Inaugural Ball” at the Washington Hilton on January 20, 2009 in Washington, D.C..MTV and ServiceNation’s “Be The Change: Live From The Inaugural Ball”.Washington Hilton.Washington, DC United States.January 20, 2009.Photo by Kevin Mazur/WireImage.com..To license this image (16491330), contact WireImage.com
WireImage.com
Usher and Rosario Dawson at MTV and ServiceNation’s “Be the Change: Live From The Inaugural Ball” at the Washington Hilton on January 20, 2009 in Washington, D.C..MTV and ServiceNation’s “Be The Change: Live From The Inaugural Ball”.Washington Hilton.Washington, DC United States.January 20, 2009.Photo by Kevin Mazur/WireImage.com..To license this image (16491244), contact WireImage.com
WireImage.com
Rosario Dawson and Usher at MTV and ServiceNation’s “Be the Change: Live From The Inaugural Ball” at the Washington Hilton on January 20, 2009 in Washington, D.C..MTV and ServiceNation’s “Be The Change: Live From The Inaugural Ball”.Washington Hilton.Washington, DC United States.January 20, 2009.Photo by Kevin Mazur/WireImage.com..To license this image (16491143), contact WireImage.com
WireImage.com
Permalink | Email this | Linking Blogs | Comments
Discover The Secret of How To Get Free Whiter Teeth Do you try to cover your mouth when you smile because you are embarrassed by your dull off-color teeth? Do you try not to laugh or smile in fear of showing others your stained yellow (or green) teeth? We…
LeBron James didn't get any sympathy from his teammates when he came back to work after spending two days sick in bed. They ran the other way. "You come back around and everyone is like, 'Ugh, you got the cooties,"' James said Thursday. "They don't want to be around you." James and two Cleveland teammates have tested positive for Influenza A, and are being treated…
Posted by: ImGlobalNow
It’s no secret how Young Money’s leading general Lil Wayne got his spot as one of the most popular entertainers out today. He continuously expanded his music catalogue by releasing mixtape after mixtape, and collaboration after collaboration with various artists. After doing this for over a year, Weezy released his album hitting platinum success, and continues to be one of the most popular entertainers today.
It appears that rappers are taking notice of Weezy’s strategy, as Atlanta rapper Gucci Mane is on his way to the top. While in jail, a series of mix-tapes featuring Gucci’s music were released, increasing the So Icy MC’s street popularity. Once released from prison, Gucci Mane set off on a campaign to keep the streets hot and conquer the mainstream scene. Collaborating with Mariah Carey on the “Obsessed” remix and appearing on Mario’s hit “Break Up,” Gucci was becoming a crossover artist and being introduced to America. Not forgetting where he came from, he continued to cater to the streets, as his post-prison released mix-tapes, Writing On The Wall, The Movie Part 2, and The Burrprint 3D, have had both the ‘net and streets in a frenzy. Gucci Mane shows no sign of slowing down, as he continues to release new tracks, and was just recently named the #6 Hottest MC of 2009 by MTV. Below are a few of his recent collaborations.
Cam’ron & Vado feat. Gucci Mane: Cuffin’
Sean Garrett feat. Gucci Mane: Up In My Heart
Teairra Mari, Soulja Boy, Gucci Mane: Sponsor
Jagged Edge feat. Trina & Gucci Mane: Tip Of My Tongue
Triple C’s feat. Gucci Mane: Trick’n Off
Big Boi feat. Gucci Mane: Shine Blockers
Mariah Carey feat. OJ Da Juiceman, Gucci Mane: H.A.T.E. U (Remix)
Do you think Gucci Mane is the next Lil Wayne (in terms of popularity), or will his buzz start to go away?
Until Next Time,
Wizards forward Antawn Jamison will miss the rest of the team's exhibition games with a right shoulder injury. Jamison will be re-evaluated next week, after the swelling goes down. He had an MRI exam Thursday, a day after getting hurt while trying to block a shot by Zydrunas Ilgauskas in Washington's 109-104 preseason victory over the Cleveland Cavaliers.
Filed under: Celebrity News, Personal Finance, Dr. Boyce Money
I’ve met Method Man only one time, and I’ve never met Wesley Snipes or Nicolas Cage. In spite of his mixed public image, Method Man actually comes across as an intelligent, attentive and down-to-earth human being. At the time I met him, I’d only been on national TV a couple of times, but he talked to me as if he’d known me his entire life. He even recited the lyrics to Ice Cube songs that I brought up and told me stories about Tupac. I was quite impressed.
The closest I’ve ever come to Nicolas Cage is when his movie came out about the 911 attacks and they forgot to include the black guy’s character. It was incredibly tacky, but effectively, there was an African American named Jason Thomas who played a huge role in 911 – large enough for them to include his character in the film. But somehow, in all their exhaustive research for this multi-million dollar blockbuster movie, they simply forgot that his character was black. Instead, he was cast as a white man. How the producers could have overlooked something so obvious was beyond me. In fact, I find it hard to believe that this was an accidental oversight.
I don’t have much to say about Wesley Snipes, except for the fact that he should watch what he says about black women. Oh yeah. He needs to also pay attention to his tax bill.
Where Nicolas Cage, Wesley Snipes and Method Man cross paths in my psyche is on the touchy issue of tax evasion. I listened to Method Man (in this interview) take full responsibility for the fact that he was arrested for owing $33,000 in back taxes. He even jokes about it, which is better than I’d be able to do.
Nicolas Cage owes far too much money to joke about anything. In various media reports, Cage owes over $6 million dollars to the IRS. Now, I have no idea why Method Man is in handcuffs, Wesley got a prison sentence and Nicolas Cage just has to put his castle and mansion on the auction block (yes, the dude really owns a castle – that’s what my friends might call “Intergallactic ballin” – I came up with term that myself). I am also unsure how a man who’s made so much money could be so far behind on his taxes. At the same time, tax problems are human, and there are tons of Americans in all income brackets who have tax trouble every year.
As you know, I enjoy finding true teachable moments in everyday life. Given that an IRS audit increases your chances of getting you into tax trouble, I thought I’d bring the classroom to the web and share a few facts with you about taxes, audits and finance.
Here are 4 things that can increase your likelihood of being audited by the IRS:
1) Having an income that is greater than $50,000 per year – When you make the cheese, you become a big fish and worth the time to audit. The IRS doesn’t have time to go after little wallets.
2) You are self-employed – Statistics show that self-employed people tend to do the most wiggling and fudging on their taxes, so having your own business flags you as an audit risk.
3) Making a mistake on prior tax returns – if you’ve made mistakes in the past, you are likely to make another one…at least more likely than everyone else. This will flag your return for a possible audit.
4) An excessive number of tax write-offs – if the dollar value of your deductions exceeds a certain percentage of your income, then the IRS may come after you. Make sure that any write-offs you have are well documented and legal. You don’t want to cheat on your taxes or get too greedy when filing.
Remember that tax problems can happen to anyone, so if you are subjected to an audit, don’t panic. Go buy a book on dealing with audits, “fess up,” pay your fine and go on with your life. You’re not in the same boat as Method Man.
If you want to hear this right out of my mouth, feel free to click on the video below. I’m going to hang out in Chicago:
Dr. Boyce Watkins is a Finance Professor at Syracuse University, a leading African American Speaker and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.
Conservative radio personality Rush Limbaugh lashed out at NFL union leader DeMaurice Smith, Al Sharpton, Jesse Jackson and the media a day after being dropped from a group trying to buy the St. Louis Rams. On his syndicated show Thursday, Limbaugh said he was approached by St. Louis Blues chairman Dave Checketts earlier this year about participating in a Rams bid.
For potential investors who have good credit, savings, and a dose of patience, the time is ripe for being a landlord. Like many potential real estate investors these days, you may be worried that the national trend toward declining property values might crimp your ability to draw income from rental property.