It’s one thing to know what you believe in your head and another thing to go through the sobering task of writing down and reciting out loud, the things you hold as your most precious and valuable thoughts… Your beliefs. Today, I read on the air, the things that I firmly believe in. You can find them HERE.
We had a great discussion today about the things the IRS is doing to collect money. Did you know the IRS has the ability to penalize your account value by 50% if you have undisclosed income in a foreign account? That’s right, 50% of the accounts value, not 50% of the amount of taxes unpaid or income undisclosed. So, if you had $3,000 of undisclosed income on a $1,000,000 account, the IRS could penalize you with a $500,000 tax bill. CRAZY.
The FHA has made final the new mortgage insurance for FHA loans and it’s going up drastically in a few months. The example we heard on air today was a $650,000 loan with 5% down, buying a home with FHA financing starting June 3rd, would cost almost $900/month just in MI or Mortgage Insurance. You can get ahead of that by refinancing NOW or saving up more money to buy a house and use Conventional loan financing starting June 3rd.
Also, I threw in a serious trick for “getting away with one” if you catch yourself in a bind out there, Fellas. There are a lot of reasons why I like Starbucks, but one specific reason is discussed in story format during today’s show. It’s about a Homeless person getting coffee at Starbucks and why it made me love the brand even more!
In-Studio Guests today:
Jon Jerotz “JJ”, VP of Mortgage Lending with Guaranteed Rate and San Diego Mortgage Guru.
Jeffrey Kahn, Board Certified Tax Attorney.