James L. Paris's Blog, page 219

Why Does Jim Think A Stock Market Crash Is Coming?

In this most recent edition of the members-only Christian Money Plus podcast hosted by Jim Paris and Bob Yetman:

* Jim discusses his continued experiences and perspectives regarding his recent decision to dump cell phone provider AT&T in favor of a prepaid plan option - hear what he has to say;

* Bob and Jim weigh in on the revelation that the IRS’s audit rate of individuals is at a ten-year low, and if that means you should be doing anything different as far as your personal tax planning is concerned;

* Jim discusses why he sold all of the stock positions in his family's retirement accounts; 

* Bob highlights with Jim a recently-published list of what it takes to afford a home in America’s 27 largest cities, with the two sharing their thoughts on just how useful the information really is (or isn’t).

Coming in at nearly an hour in length, this informative and interesting podcast is available to all members of Christian Money Plus…but ONLY to members of Christian Money Plus. If you would like to listen to this audio, access the rest of the enormous (and growing) library of premium content, and enjoy unlimited, email-based Q&A with Jim and his staff on behalf of your financial questions, then pick up a membership today!

Note: Questions pertaining to personalized investment, tax, and/or legal advice cannot be answered as a part of this service.

Jonathon Cahn - The Mystery Of The Shemitah

Bestsetlling author, Jonathon Cahn, joins Jim Paris Live. This year represents the seventh seven year cycle, coinciding with the four blood moons. Cahn believes it could be an apocalyptic year of major signifance, including a possible major financial crash worldwide. Does the Shemitah indicate that we are in the last days? What are the signs to look for that the appearance of the Antichrist is imminent? What role does Barack Obama play in end time events?

Terrorists Threaten Attack On Mall Of America

On this episode Jim discusses the possibility of terrorist attacks on U.S. soil. Kate Brown becomes the first openly bi-sexual governor, is another 'movement' beginning for the rights of bi-sexuals? Tax refund theft now reaching $5 billion dollars annually, how they are stealing your refund with the help of the IRS. U.S. Government sued for taking taxpayer refunds to settle Social Security overpayments from the 1970's. Google plans to jump into the cell phone market with a $10 monthly plan. When should you start taking your Social Security benefits? and free things you can do at Disney.

The New World Of Tax Return Preparation

Things are rapidly changing in the world of tax return preparation. Take for example the notion of mailing in a paper tax return. More than 80 percent of tax returns are now sent to the IRS electronically. Consumer software for tax return preparation is providing more and more people a way of handling their tax filing without having to even set foot in a tax preparer's office.

Should you prepare your own return?

My answer is a qualified maybe. I get asked this question a lot, and the answer is simply not the same for everyone. If you have a modestly simple tax situation, then yes handling your own return is no big deal. If you have W-2 income (employee), a mortgage on a primary residence, participate in an IRA or a qualified plan at work, and nothing more exotic than this, filing on your own is a reasonable option.

Even for a W-2 employee, filing a tax return can quickly become complicated. If you have expenses as an employee that your company does not reimburse you for, they MAY be deductible. There are a lot of rules, and you can only deduct expenses that surpass a minimum threshold. This one wrench thrown into the equation may be more than you want to deal with.

Other situations, such as operating a side business, owning rental real estate, or having gains/losses from investments, raise the level of complexity to a point that is beyond most people. The various software programs are great, but they can only work with the information you input.

What software should I use? What about free software? 

To begin with, much of this has become cloud based. So, for most people, you don't need to go down to Office Depot or Wal-Mart to buy a boxed version of your preferred software. These days, most people will simply navigate online to the provider they want to use and prepare their return 'in the cloud.' 

Major Players In Tax Prep Software

TurboTax

H&R Block

Tax Act

Here is a great side by side comparison from PC Mag.

Many tax software programs today offer a 'free option' for those filing the most basic of returns. If your income is below $60,000 the IRS offers access to free tax prep software as well.

Hiring A Tax Preparer

The tax preparation field is really made up of two levels of professionals. There are individuals that have a basic knowledge of the tax law gained through a several week training program. You will find them at various retail locations in your community. You will even see these firms open up temporary offices during tax season. 

The second level of tax preparation professionals are those that are formally trained accountants. This would include CPAs but also individuals that practice as accountants year round without a CPA credential. 

If your return involves business income, rental real estate, substantial work related expenses, or gains/losses/dividends from investments, you likely need help from a year round accounting professional.  

Just as in the world of software, you will also hear about 'free tax preparation' in many communities. Honestly, I simply can't recommend this option. I am all for saving money, and these volunteers mean well, but if you have anything beyond the most basic tax return, this is not a viable option.

The Tax Preparation Field Is Largely Unregulated

Hard to believe, but anyone can hang out a shingle as a tax preparer. The IRS had plans of regulating tax preparers, requiring them to register, and pass a competency exam. A federal appeals court ruled in favor of those that sued the IRS wanting to keep the status quo.  Many unregulated preparers get into the business to set up multi-million dollars scams. Miami, Florida is ground zero for tax refund theft.

What about having a friend do your taxes? 

I am hearing more and more about these kind of arrangements. You may know someone that is good with computers and they offer to prepare your return for you. Maybe you buy them dinner in exchange for their time. I recently heard about a scenario where a twenty-something was preparing returns for their entire circle of friends and family. It was also added what a 'great job' they were doing as everyone was getting very large refunds... refunds larger than they had ever received in the past. Hmmm.... well, you can guess what I thought about this. I just don't like the idea of such informal arrangements. My concern is just as much for the good samaritan volunteer tax preparer. Even if they are doing the return for free, they are taking on a liability in the event that there is a problem with that return. The IRS has taken an ever increasingly strident position with tax preparers who push the boundaries of the tax code. While not officially in the business of preparing tax returns, volunteering like this does bring a significant liability to your doorstep.

What about those new health insurance penalties?

Yes, the penalties do really kick in this year for those that do not have health insurance. For those (like me) that have opted out of Obamacare, you must file IRS form 8965 to claim your exemption. Otherwise, you will pay a penalty based on your income. If you did not have health insurance coverage in 2014, you will owe a penalty that is generally based on 1% of your gross income. The penalty goes up to 2% for not having coverage in 2015. 

Biggest Mistakes To Avoid

The most common error is neglecting to report all of your income. It can be easy to overlook a 1099 from your online business, or a side job that you did. The IRS computer system will catch this, and although the taxes may not be significant on a small amount, you may have to file an amended return.

Another common mistake is simply typing in Social Security numbers incorrectly. It is easy to do, especially if you are claiming dependents. Just one digit off and your return will be flagged.

If you have your own tax season strategies for saving money and avoiding headaches, please use the comments section below and we can start a conversation. 

Helping you make the most of God's Money!

James L. Paris 
Editor-In-Chief ChristianMoney.com 
Follow Me on Twitter Twitter.com/jameslparis
Christian Financial Advice 
Jim Paris 24 Hour Radio

Buying From China And Selling On Amazon

If you have been following my series of articles on Amazon Flipping, you are already familiar with the general concept. We find find products that we can sell on Amazon for 2 1/2 to 3 times our cost. I have already covered in my prior articles the myriad of places you can find merchandise to flip. 

Your own used items
Thrift stores
Garage sales
eBay
Retail store clearance items 

 Other Articles On Amazon Flipping 

Amazon Flipping: A Weird New Way People Are Making Money Online

 Finding Items To Resell - Amazon Flipping Update

 Amazon Flipping: Deciding What Items To Sell on eBay Instead

 Planning To Pocket $500 On My First Amazon FBA Shipment

 Saving Time By Using A Desktop Scanner Device

 These Toys Bought For $76.85 Will Be Sold For More Than $300

Retail Flipping Still Works!

For me, the hardest part of this to believe was that items bought at retail stores like Target, Wal-Mart, CVS, and Walgreens could be resold on Amazon for 2 1/2 to 3 times the purchase price. Now, I regularly grab clearance items at retail stores and flip them on Amazon for a nice profit (Yes, hard to believe but true). This is still quite a viable opportunity, but it is limited. Working this angle is likely to result in earning hundreds of dollars per month, but you will probably not break four figures (still a great little part time gig). The other factor in working this side of the opportunity is that you have to be in the proverbial right place at the right time to get in on clearance priced items. 

Buying Directly From China

It may seem a bit exotic, but buying from China and reselling on Amazon is the next stop on my adventure into Amazon Flipping. Yesterday I filmed a 90 minute video on how to get started importing from China through a method that allows buying in very small quantities. In fact, you can buy items just one at a time! 

I will be filming another video next week which will get into buying in larger quantities from China and getting even lower prices. Becoming an importer from China is easier than ever using the Internet. Let me offer one example. I have always loved magic tricks and it was a huge hobby of mine growing up. I have noticed a renewed interest in this niche in recent years. One of the items that I thought might be a winner is a magic set for children. Within 24 hours I was able to strike a deal to buy a magic set from China that is selling on Amazon for $27. What makes this even more interesting is that my total cash outlay to get my first 24 kits will be only $240! I can buy for $10 and sell for $27! And this does not include the chance to get even deeper discounts if I buy in larger quantities.

So, contrary to what I expected and what most people believe, you don't need thousands of dollars to get started with an import business. I was so excited this week looking at the wide array of items that could be purchased from China for such ridiculously low prices.  

Make Even More With Private Labeling

Private labeling takes things to the next level. Let's say that I buy these same magic sets and print a new box branding them as "Jim Paris' Deluxe Magic Kit." I could even put my own picture on the box. Now, the advantage to private labeling is that no one can compete against you! I would be the only one selling a magic set by this name.

One more example. As many of you know, I am very involved with Taekwondo and I spend a fair amount of money on uniforms and equipment. I found a source from China that will sell me Taekwondo uniforms for $15 each and they will also embroider them for me. So, I could start my own line of 'Jim Paris Taekwondo uniforms.' How cool would that be? 

Once you get the knack of buying from China, the possibilities are truly limitless. In addition to selling on Amazon, you could also sell on eBay. Some might even start a retail location or set up a table at a local flea market.

Destroying The Competition By Bundling

One killer technique that I cover in my videos is bundling. Let's say that you want to import yoga mats. While you can buy yoga mats from China very inexpensively, it might be a challenge going head to head against everyone else selling yoga mats on Amazon. Here is how you can destroy the competition. Put together your own yoga package. You can include a yoga mat, a water bottle, a yoga towel, and maybe a couple of stretch bands. Now, you put that up for sale as a unique value-added package. Bundling provides more value to your retail buyer and gives you a unique product that have exclusivity on.

Special Bonus Offer 

All new subscribers will receive the new 90 minute video I just filmed yesterday on product sourcing from China. Another China sourcing video will be filmed next week, and you will also have access to that video as well. On top of these two new videos on product sourcing from China, I want to include a book that has been an invaluable resource for me - The Official Alibaba.com Success Guide. This is a 288 page hardcover book.

As a new member of my Amazon Flipping course, I also want to send you two additional bonuses:

Bonus #2 Barcode Scanner

Having a desktop barcode scanner saves me hours of work when adding retail items to my Amazon inventory. While you won't need this for your products imported from China, it will be invaluable to you when flipping items bought from retail stores, or even thrift shops. If you can find a barcode on the product, just scan it and you can quickly add it to your Amazon inventory.

 

Bonus #3 Pro Shipping Scale 

At first I resisted dealing with my own shipping, but it was a foolish mistake. I learned that by using the discount shipping within my Amazon reseller account, I could save an enormous amount on shipping. With your own scale, you can prepare a shipment in about 2 to 3 minutes. Just weigh your box and measure it. Next, simply print out your shipping label. You can have UPS pick up the box right at your home or office, or simply drop it off at your local UPS Store. I just shipped an 18 pound box to Amazon for only $7.50! Even the guy up at the UPS Store could not believe how little the shipping costs were. This is huge, and by shipping at such low rates you are able to put all that much more money in your pocket.

The one time cost for our new deluxe Amazon Flipping Package is just $249. This includes our 5 1/2 hours of videos, plus the new videos on how to buy from China, membership in our private Facebook group, and unlimited Q and A support for 60 days. Use Coupon code FLIPDISCOUNT and save $75 (through Sunday night at Midnight). Grab our complete deluxe system for only $174! 

*** Ordering Note: After inserting coupon code FLIPDISCOUNT click 'Apply' and be sure the price is reduced by $75 before finalizing your order. This coupon code will automatically expire Sunday night at midnight Eastern.

Helping you make the most of God's Money!

James L. Paris 
Editor-In-Chief ChristianMoney.com 
Follow Me on Twitter Twitter.com/jameslparis
Christian Financial Advice 
Jim Paris 24 Hour Radio

Is The IRS Watching You On Facebook?

IRS problem solver, Dan Pilla, joins us to discuss his new book - How To Win Your Tax Audit. Pilla shares shocking new information about how to protect yourself from a myriad of new tax related scams. How the IRS is going high tech and collecting more information on you than ever before. Are profits on Bitcoin taxable? Should you use software or one of the national tax preparation services? What about audit chances for those operating a small business? Offshore bank accounts and the IRS, and how the IRS collects information on you - including monitoring your Facebook page.

David Cassidy Files For Bankruptcy

Former Partridge family star and teenage heartthrob, David Cassidy, filed for bankruptcy this week. Jim also discusses how he saves 75% on the cost of flowers on Valentine's Day and other special occasions throughout the year. Alex Jones' YouTube channel in jeopardy after copyright claim filed against him. Jim discusses the danger of allowing a handful of companies to control Internet content. NHL star, Steve Montador, found dead at the age of 35. Another mysterious death related to depression caused by a concussion. Will such deaths change how professional sports are played in the future?

Learning Wordpress - Better Than Going Back To College?

The Internet is a lot more than sending emails, watching cute cat videos on YouTube, and reconnecting with old friends on Facebook. The Internet is largely how business gets done nowadays, and whether you are a work-from-home entrepreneur or an employee at a company constantly in search of ways to gain an edge over the competition, the business orientation of the Internet is something to which you should be paying particular attention.

Why Website Building Skills Will Continue To Be In High Demand

This article is not, however, simply a recitation on how important the Internet is to business; it is, really, a call to action for those who have been thinking for some time that they could do a better job of leveraging the business power of the Internet in their personal favor. There are several ways that one can use the skills associated with Internet marketing and website development to succeed as an entrepreneur, but one opportunity that we find remains vastly underexploited is that of the Internet marketing consultant to local businesses. It is stunning here in 2015 to see the number of local businesses…some in existence for many decades now…that still have no material presence on the Internet, to include not having a proprietary website of any kind. You might be thinking at this moment, “What business does not have a website nowadays?” If that’s your reaction, then you likely haven’t spent much time poking around to see how many truly local enterprises have any kind of useful presence on the Internet. Oh, sure, lots of large national and global companies have a strong presence on the Internet…but too-many-to-count businesses in your backyard have little to nothing, and your ability to assist them in gaining a formidable presence online can be a win-win for both you and the numerous, underrepresented local operations in your community.

 

Alternatively, perhaps you’re not an entrepreneur, but a happy employee at your company; good enough. However, even if you’re not the company’s resident Internet expert or social media (Facebook, Twitter, etc.) representative, your ability to operate on the Internet with something more than rudimentary knowledge may well go a long way to solidifying your current position, as well as grant you a more appealing profile when it comes to advancement opportunities.

Note item #5 in “Career Doctor” Randall S. Hansen’s list of 10 Strategies for Getting Yourself Promoted: “Acquire New Knowledge and Skills.” With rapidly-increasing frequency, the ability to deftly operate within the realm of the Internet to enhance the revenue opportunities within one’s own company is something that is separating up-and-comers from the also-rans within a business. As noted, the Internet is now the primary medium through which business is largely done for so many companies, and your ability to help your place of employment with expert knowledge in a variety of different Internet-based marketing techniques and strategies may well prove to be a career difference-maker for you, in the long run.

So, whether you’re an entrepreneur looking for another solid opportunity to which to apply your vision, or a company man (or woman) who’s seeking to both help the business as well as gain even greater appreciation from those for whom you work, consider enrolling in the James L. Paris Internet Marketing and Website Development Course. This has been our benchmark program offering for going on seven years now – a membership program packed with hundreds and hundreds of hours of archived webinar workshop trainings, access to several new webinar workshop trainings each month, unlimited email-based support to assist you with all of your Internet marketing and website development questions, and lots, lots more; it is all available to you for an initial cost of $149, and a recurring, monthly charge of just $9.95 per month.

Special Bonus Offer through Midnight of this Sunday, February 15! 

While the James L. Paris Internet Marketing and Website Development Course remains an outstanding bargain in and of itself, we thought we’d have some fun this weekend and sweeten the pot just a bit with a couple of bonus materials to help you to jumpstart your foray into professional Internet marketing and website creation. So…for those who enroll by midnight of this coming Sunday, February 15, we will send you, as a bonus, the book WordPress Webdesign for Dummies, as well as the book How to Perform the Ultimate Local SEO Audit. 

 

At nearly 400 pages, WordPress Webdesign for Dummies is an excellent complement to the material featured in the course, as so much of what we do is centered on the popular WordPress content management system that allows you to easily create websites and blogs. Regardless of why you want to become proficient at Internet marketing and website-building…for personal reasons, to start a business, to gain additional skills for your job, to help your church spread its message, or something else entirely…becoming well-versed in WordPress is likely going to be important for you, and you will surely find this book to be an invaluable resource to that end.

 

For those particularly interested in helping local businesses…maybe even your own…become giants in the community, How to Perform the Ultimate Local SEO Audit is a compelling guidebook. One of the ways that local businesses “score” on the Internet is when they can sit atop the Google search results for whatever it is they do. SEO is an abbreviation of “search engine optimization,” which refers to the techniques one can apply to enhance the visibility of a website or blog in search results, and local SEO is all about how to increase that visibility when going up against other businesses in the same, local marketplace. With How to Perform the Ultimate Local SEO Audit, author Casey Meraz has written a step-by-step guide for local business owners, as well as for Internet marketing consultants to local businesses, on how to crowd out the local competition in the realm of the all-important search engine results.

We’ve never before made these books available as bonus materials on behalf of the program, but we’re thrilled to be doing it now. If you have ever harbored any interest in becoming something more than an Internet “spectator,” this is a great weekend to take action. To enroll as a member and gain immediate access to the enormous…and growing…resources of the James L. Paris Internet Marketing and Website Development Course, including the unlimited email support…AND both the WordPress Webdesign for Dummies and How to Perform the Ultimate Local SEO Audit bonus books, Click Here.

*** Note: All Of Our Regular Bonuses Still Apply! (free headset/Microphone, Free Blog, Free Website Building Account, etc...). 

Dan Harris, Author Of 10 Percent Happier, Joins Jim Paris Live

ABC News anchor, Dan Harris, joins Jim Paris Live to discuss his book 10 Percent Happier. Harris shares his story of dealing with anxiety and panic attacks and how he found an answer through meditation. He also discusses his role as a religion reporter for ABC News, including his coverage of the Ted Haggard story.

Is The Sports Illustrated Swimsuit Issue Pornography?

Jim discusses a new kind of business of buying merchandise in retail stores and selling it on Amazon. Is Brian Williams a liar? Is he being treated unfairly? Meditation - is it for Christians? Radio Shack is bankrupt, why Amazon wants to buy hundreds of its locations. Has the latest issue Swimsuit Issue of Sports Illustrated gone too far?