Tuesday, June 30, 2009

Scary News About Your Spending Habits and How They Affect Your Credit Score

Credit card companies have always tracked their cardholders' spending for three main reasons:

1) To be able to market goods/services to you that your profile indicates you may like

2) To detect fraud

3) To assist law enforcement agencies

However, credit card companies have now found a fourth, and very scary thing to do with this information...determine your creditworthiness...Here are some trends in your spending that could result in a lower credit score and the reduction/elimination of your credit card limits:

1) Shopping at discount stores/thrift stores and purchasing generic brands

2) Shopping at the same stores that other people who have defaulted on their credit card debt shop at

3) Using your credit cards for the vices...cigarettes, alcohol, massages, casino gambling, online gambling, bail bond services

Congress is now investigating credit card companies for utilizing these practices in determing to lower credit limits, cancel credit lines, and deny applicants for credit. During 2010 and 2011, we can expect to see some public hearings about this issue. In the meantime, it seems like "what's done is done" but that credit card companies will be more careful in using this sensitive information (at least until we hear the results of the congressional hearings).


Effective Tax Planning for the MicroBusiness is in stores now.
Click on this link to receive 20% OFF plus FREE Shipping!

Monday, June 22, 2009

Effective Tax Planning for the MicroBusiness

On Monday, 6/1 my book about effective tax planning for the small business owner & self-employed individual was released (see below for more info). While the book is focused mostly on offering tax planning tips and tax savings strategies to those who currently participate in active tax planning, I started thinking more and more about how to educate people of the benefits of implementing a tax plan.

In my opinion, everyone who owns a business or who is self-employed (gets paid via a 1099, has a "DBA," etc.) should be consulting with a CPA in order to put together a tax plan around the middle of each year. The simple action of deciding to start implementing a tax plan is the most important part of the process...as great as my strategies are, they mean nothing to the businness owner who does not actually implement them through a tax plan.

Effective Tax Planning for the MicroBusiness is available in bookstores nationwide for $24.95 plus shipping & handling. However, if you click on the link below, you can purchase your copy for $19.95 plus FREE shipping & handling: