Banks provide necessary services, but they are there for the money –your money. They are always cooking up new ways to charge you fees: miscellaneous fees, maintenance fees, online banking fees, excessive transaction fees, teller fees, etc.
Do not be taken in by offers of “no monthly fees” checking accounts. You can […]
You receive a check payment which you deposit in your bank account. Don’t assume that you can immediately withdraw or write a check against it.
Out-of-town or out-of-state checks take as much as a week before the amount is actually entered into your account for withdrawals or writing checks against. If you happen to […]
No such thing as a free lunch, specially in bank services. You do a bank a favor by opening a checking account and it charges a monthly fee (which, in some banks, can go over $10 per month).
If you maintain a small balance, the bank will try to seduce you to put in more […]
The New Housing Bill gives grants for the purchase and rehabilitate foreclosed and abandoned properties. The subprime tsunami not only has created financial disasters, but has also given rise to suburban blight. Abandoned houses are detriorating and giving many areas the look of a ghost town.
This feature of the New Housing Bill can […]
Credit cards enable you to spend future cashflow, income that you haven’t earned yet but expect to earn with some certainty (e.g., regular paying job, income from own business, etc).
Credit cards are temptations to live beyond your means. You are living within your means if you are able to pay off the entire balance […]
One big reason for households to spend future income through the use of & dependence on credit cards (and pile up credit card interest & penalties) is the huge portion of monthly cashflow that has to go into servicing a mortgage.
During the previous period of easy housing money, financial institutions were tolerating and allowing mortgages […]
Failure to prepare is preparing for failure.
Benjamin Franklin
We cannot fix our problems with the same thinking we used when we created them.
Albert Einstein
images from Microsoft Clipart
Tags: Albert Einstein, Benjamin Franklin, e=mc2, problem-solving, pushing the envelope, strategic planning, thinking out of the box
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Can cash ever be a de minimis fringe benefit?
Cash is generally intended as a wage, and usually provides no administrative burden to account for. Cash therefore cannot be a de minimis fringe benefit, with one exception:
Occasional meal or transportation money to enable an employee to work overtime. The benefit must be provided so that employee […]
In general, a de minimis benefit is one for which, considering its value and the frequency with which it is provided, is so small as to make accounting for it unreasonable or impractical.
In determining whether a benefit is de minimis, you should always consider its frequency and its value. An essential element of a de […]
The IRS –applying the concept of de minimis non curat lex (the law is not interested in trivial matters)– allows exemptions for De Minimis Fringe Benefits: a de minimis benefit is one for which, considering its value and the frequency with which it is provided, is so small as to make accounting for […]
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