PART 3: Money Traps IRS Set For You: Flexible Spending Accounts!!

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Just south of ‘Sawmill Creek…..
Hi Attorney Kevin Pritchett here
PART 3:
The Tax And Money Traps
The IRS and Social Security Have Set For You
    I shared how the IRS
schemed to take your IRA/401k money
from you and how Social Security schemed
to take your hard earned money you and
your employer saved for you over 20-30 years..
   Today I’ll explain the outright
THEFT of your Flexible Spending Account savings…

if you’re not vigilant.

Flexible Spending Account(FSA)
   A flexible spending account is
a special account set up by your
employer in conjunction with your
employee benefit health plan.
   You can place up to $2700 pre tax dollars in
your FSA to use for qualifying
medical expenses (to help with the costs
of  deductibles, co pays and other qualified
medical expenses.  Sounds good
so far right?  Read on…
   The FSA Theft
    The FSA funds are a ‘use it or lose it’
fund.  In other words, if you don’t spend YOUR FSA
funds by March 15 of the following year…..
YOU FORFEIT EVERY PENNY YOU HAVE
IN THE FSA ACCOUNT THAT YOU DON’T USE.
  Yes….
All YOUR OWN money you
have paid into your FSA account from the previous
year…
GONE…just because you didn’t use it
by the March 15 deadline…..RIDICULOUS RIGHT???
SOUND FAMILIAR???
   Exactly like the Social Security age 70 rule
that takes your money, Its the equivalent of putting your money
in a bank or brokerage account and the
bank or brokerage saying….
“sorry…you didn’t take YOUR money out
of YOUR account by such and such time…
we keep it!!!”
    Its outrageous and probably unconstitutional
should anyone choose to challenge it!!!
    How To IRS From
Stealing Your FSA Money
Of course the answer is
MAKE SURE YOU ONLY PUT IN WHAT YOU
THINK YOU’LL ACTUALLY USE…AND USE IT
BY THE DEADLINE!!!
 
HEALTH SAVINGS ACCOUNT (HSA)
CAN SOLVE THIS PROBLEM
    Another solution is, if you have a high deductible
plan that has a Health Savings Account (HSA) associated
with it, save for health care costs in THAT HSA rather
than the FSA…( I know, a crapload of government
acronyms…).
    The HSA money rolls over if you don’t use it…
so it makes MUCH more sense…if the medical
plan you’re on has a HSA associated with it.
 These solutions really are pretty simple…
but the trick is…..
==YOU HAVE TO KNOW ABOUT THEM!!!!
==AND YOU HAVE TO ACT ON YOUR KNOWLEDGE
 

Its Now On You    

     I bet you didn’t know about THIS money trap did you??
(unless you’ve been to one of my workshops
or watched my tax trap video of course LOL)
   As with most things..its what you
don’t know you don’t know that can hurt you..
BADLY!!!
No ‘One Size Fits All Solution
   I create such plans for my individual
and business clients every day…..
There’s ABSOLUTELY NO NEED FOR
YOU TO ALLOW SOCIAL SECURITY  TO STEAL YOUR
MONEY!!!
   As with all things financial, there’s no
‘one size fits all’ solution…each person
is different and therefore each plan design
must be different….but to do nothing is
insane….
Now Its On You
NOW THAT YOU KNOW THERE’S A
SOLUTION…if you suffer its now YOUR FAULT.
   Tomorrow I’ll share how the Social Security
Administration literally STEALS YOUR MONEY!!!

Reach Out To Me If You Have Questions.

OR
…send me an email :ironkop@gmailcom
or if reading on my blog or Facebook page
leave your questions or comments below.

Remember…..

“Things Don’t Get Better With Neglect…..”
Kevin Pritchett, Esq
Law Office of Kevin Pritchett, Inc.
312-505-1957
ironkop@gmail.com

PART 2: The Tax and Money Traps Social Security and IRS Have Set For You!

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Just south of ‘Sawmill Creek…..
Hi Attorney Kevin Pritchett here
PART 2:
The Tax And Money Traps
The IRS and Social Security Have Set For You
   Yesterday I shared how the IRS
schemed to take your IRA/401k money
from you.
   Today I’ll explain the outright
THEFT of your Social Security benefits…
if you’re not vigilant.
Social Security Deadline To Take Benefits
   All during your working life you and
your employer pay money into an account
for your eventual social security benefits.
   You can begin to take Social Security
at age 62, your benefit increases at your
Full Retirement Age (roughly age 66 2/3 depending
on when you were born) and maxes out
at age 70.  Now here’s the part I bet you didn’t know…
   The Social Security Theft
    If you don’t take your benefits by age 70….
YOU LOSE THEM!!!!  Yes….
All that money you and your employers
have paid into your account for decades…
GONE…just because you didn’t claim it
by age 70!!!
    Its the equivalent of putting your money
in a bank or brokerage account and the
bank or brokerage saying….
“sorry…you didn’t take YOUR money out
of YOUR account by such and such time…
we keep it!!!”
    Its outrageous and probably unconstitutional
should anyone choose to challenge it!!!
    How To Prevent Social Security From
Stealing Your Money
Of course the answer is
TAKE YOUR SOCIAL SECURITY BENEFITS BEFORE AGE 70!!!
    Sounds simple and actually it is….
the trick is knowing WHEN’s the best time
to take your Social Security…..
not to mention,
==survivor benefits…
==spousal benefits
==disability benefits
==how much can you earn and not lose your SS
 

Its Now On You    

     I bet you didn’t know about this money trap did you??
(unless you’ve been to one of my workshops
or watched my tax trap video of course LOL)
   As with most things..its what you
don’t know you don’t know that can hurt you..
BADLY!!!
No ‘One Size Fits All Solution
   I create such plans for my individual
and business clients every day…..
There’s ABSOLUTELY NO NEED FOR
YOU TO ALLOW SOCIAL SECURITY  TO STEAL YOUR
MONEY!!!
   As with all things financial, there’s no
‘one size fits all’ solution…each person
is different and therefore each plan design
must be different….but to do nothing is
insane….
Now Its On You
NOW THAT YOU KNOW THERE’S A
SOLUTION…if you suffer its now YOUR FAULT.
   Tomorrow I’ll share how the Social Security
Administration literally STEALS YOUR MONEY!!!
Reach Out To Me If You Have Questions.

OR
…send me an email :ironkop@gmailcom
or if reading on my blog or Facebook page
leave your questions or comments below.
Remember…..

“Things Don’t Get Better With Neglect…..”
Kevin Pritchett, Esq
Law Office of Kevin Pritchett, Inc.
312-505-1957
ironkop@gmail.com

The Tax and Money Traps The IRS and Social Security Have Set For You!!

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Just south of ‘Sawmill Creek…..
Hi Attorney Kevin Pritchett here
The Tax And Money Traps
The IRS and Social Security Have Set For You

    You’ve all heard the old joke…

“I’m from the government and I’m here to help you….

NOT”

    You’re darn right NOT!!  Especially when it
comes to your money….retirement money and

your Social Security benefits.

    In fact, both the IRS and Social Security Administration
have set some hellacious tax and money traps to
literally confiscate your money…right from under
your nose.   Pay very close attention….
IRA/401k Tax Trap
   You all know (or should know) that
when you put your retirement money in
a 401k or IRA you don’t pay tax on
the growth of the money as it grows…

you pay tax when you take it out.

   The ‘promise’ is that while you WILL
pay tax when you withdraw the money
‘you’ll be in a much lower tax bracket
then that the tax bite will be less….”
NOT!!
     Not only is this NOT true, the IRS
KNOWS its not true and knew it was
not true when they created the IRA/401k
regulations!!  Why?? Simple…
     The IRS would MUCH prefer to take
its tax on your ACCUMULATED retirement
account corpus rather than tax the money
each year.  Think of it this way…..
“would you rather get taxed on your seed or
your crop?”
   You see it now???
   The IRS would MUCH rather tax your accumlated
20-30 year IRA corpus.  And to MAKE SURE
they get their tax…they REQUIRE YOU TO
TAKE MONEY OUT OF YOUR IRA/401K at
age 70 1/2 whether you need to or not!!!
TRAP SPRUNG!!!
    How To Solve The IRS TAX TRAP    
     I bet you didn’t know about this tax trap did you??
(unless you’ve been to one of my workshops
or watched my tax trap video of course LOL)
   As with most things..its what you
don’t know you don’t know that can hurt you..
BADLY!!!
    The key to diffusing this TAX BOMB is
taking as much money as possible OUT
of your IRA/401k tax bomb environment and
putting it into instruments that allow
you to
==grow your money without tax
     and
==WITHDRAW IT WITHOUT TAX!!!
No ‘One Size Fits All Solution
   I create such plans for my individual
and business clients every day…..
There’s ABSOLUTELY NO NEED FOR
YOU TO ALLOW THE IRS TO STEAL YOUR
MONEY!!!
   As with all things financial, there’s no
‘one size fits all’ solution…each person
is different and therefore each plan design
must be different….but to do nothing is
insane….
Now Its On You
NOW THAT YOU KNOW THERE’S A
SOLUTION…if you suffer its now YOUR FAULT.
   Tomorrow I’ll share how the Social Security
Administration literally STEALS YOUR MONEY!!!

Reach Out To Me If You Have Questions.

OR
…send me an email :ironkop@gmailcom
or if reading on my blog or Facebook page
leave your questions or comments below.

Remember…..

“Things Don’t Get Better With Neglect…..”
Kevin Pritchett, Esq
Law Office of Kevin Pritchett, Inc.
312-505-1957
ironkop@gmail.com

The Most Frightening Crime Risk You Face Right Now… Real Estate Cybercrime!!

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Just south of ‘Sawmill Creek…..
Hi Attorney Kevin Pritchett here
The Most Frightening Risk You Face Right Now:
CYBERCRIME
Cybercrime In Real Estate Transactions
    Here’s some statistics for you….

–in 2018 there was over $300-$600 Billion in attempted cybercrime

–while the average garden variety bank robbery yields $3800
  the average cybercrime yields over $160,000!!!
—you are most vulnerable in a real estate transaction
   where cyber thieves hijack email accounts and
   send you FAKE WIRE INSTRUCTIONS so you
   end up wiring your real estate money NOT to the
   title company but to the cyber thief’s bank account.
How To Protect Yourself
1.  Be vigilant against PHISING emails
    A phising email is a fake email that
pretends to be from a trusted source and
asks for personal information…sometimes
even responding to these emails will hijack
your email account and give access to the
thieves.
    If the email doesn’t make sense or is
asking for personal info; ssn, drivers license,
tax id number, birthday, STOP, THINK AND
INVESTIGATE.
    If you believe the email is fake report it to:
www.IC3.gov so the FBI can begin an investigation
2.  Confirm Everything…verify everything
immediately
    In a real estate transaction..ALWAYS, ALWAYS
ALWAYS, call the title company involved in
your deal and verbally confirm that the wire instructions
you received are the legitimate wire instructions

from that title company.

     Also, independently confirm the phone number
and address of the title company through your
own google search…to make sure the phone
number on the wire instructions you receive
is legitimate and not fake.
3.  What To Do If You’ve Been Targeted
== Immediately call your bank and ask
them to issue a recall notice for your wire.
==Report the crime to www.IC3.gov
==Call your regional FBI office and police
==Detecting that your money has been hijacked
and reporting it within 24 hours is the best chance
of recovering any money lost!!!!
For more info see:
www.stopwirefraud.org

Reach Out To Me If You Have Questions.

OR
…send me an email :ironkop@gmailcom
or if reading on my blog or Facebook page
leave your questions or comments below.

Remember…..

“Things Don’t Get Better With Neglect…..”
Kevin Pritchett, Esq
Law Office of Kevin Pritchett, Inc.
312-505-1957
ironkop@gmail.com