Category Archives: News

10.04.19
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Celebrating Hispanic Heritage Month – September 15th to October 15th, 2019

This time every year is dedicated to acknowledging the Hispanic heritage contributions that have helped to make America the wonderful melting pot that it is. Hispanic and Latino Americans have had a profound positive effect on their communities and because of this our country.

This influence comes through character, the practice of traditions, faith, dedication to family, and hard work and service in their chosen fields. They have helped to shape our national character with traditions that reflect the multicultural customs of their community.

The roots of this month-long tradition of recognition known as Hispanic Heritage Month began back in1968. Each year the celebration begins on the anniversary of the independence of the Latin American Countries: Chile, Belize, Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua.

The term Hispanic or Latino refers to Puerto Rican, South or Central American, or other Spanish culture or origin. Today, 57.5 million people or 18% of the American population are Hispanic or Latino. This represents a significant increase from 2000, which registered the Hispanic population at 35.3 million or 13% of the total U.S. population.

While there are too many to mention in a single blog we wanted to call attention to three very notable and influential Hispanic Americans who have and continue to make a big impact in the world today.

Justice Sonia Sotomayor – Mrs. Sotomayor was born in the Bronx to Puerto Rican-born parents. Sotomayor was in the majority in two major Supreme Court landmark rulings in the last term: King v. Burwell and Obergefell v. Hodges.

Justice Sotomayor was on the board of directors of the Puerto Rican Legal Defense and Education Fund, a judge on the U.S. Court of Appeals for the Second Circuit, and an instructor at New York University School of Law and Columbia Law School.

She was appointed to the U.S. Supreme Court in 2009 by President Obama.

James Edward Olmos – Nicknamed “Olivier of the Latino world,” Edward James Olmos is a talented creative individual. Back in April of 1999, he launched a project called Americanos: Latino Life in the United States. It was to be a celebration of Latino culture through photography, film, music, and writing. The project was co-sponsored by Time Warner Inc. and designed to inspire Latino pride and to build bridges among Latinos and other Americans. Olmos speaks at an average of 150 institutions each year and participates in a multitude of humanitarian efforts.

He is the executive director of a national gang prevention program called the Lives In Hazard Educational Project. This program is funded by the US Department of Justice.

Carlos Santana – Though mainly known as one of the world’s most phenomenal musicians with a huge track record emblazed in music history he is also a major humanitarian philanthropist.

Carlos and his wife Deborah Santana founded the Milagro Foundation established in 1998 www.milagrofoundation.org, which helps disadvantaged youth with grants personally as well as collecting donations of money and instruments for students in groups like Little Kids Rock. Over 7.5 million dollars has been distributed to date.

These are just three examples of a tight nit amazing community which makes our country better on an ongoing basis. Share in this annual tribute month by learning and celebrating the generations of Hispanic and Latino Americans who have positively influenced and enriched our nation and society.

First Pawn Jewelry and Loan Celebrates proudly National Hispanic Heritage Month. All Latin style jewelry and musical instruments are now on sale! Come check out our selection!

889 Airport Road South, Naples, Fl 34104 | 239-434-7296

1331 Homestead Rd N, Lehigh Acres, FL 33936 | 239-369-2274

04.18.18
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Dustin Rinaldi Shares Red Flags that Could Alert the IRS

The IRS audited approximately 1.4 million individual tax returns filed in 2012.1 That amounts to approximately 1% of 146 million individual returns filed that year. However, fewer than one-quarter of those audits involved face-to-face meetings with IRS auditors. The rest were conducted through the mail.

Filers earning less than $100,000 had a .58% chance of being audited. Among filers with income exceeding

$200,000, the audit rate was 2.06%; for those earning more than $1 million, it climbed to 9.20%. Audit risk also increased for self-employed taxpayers who filed a Schedule C, Income and Expenses for sole proprietors.

Depending on how much income was reported, the chance of being audited ranged from 1.0% for returns listing gross receipts under $25,000 to 2.7% for those reporting gross receipts of $200,000 or more.1

What Triggers an Audit

The following are some of the red flags that could alert the IRS, aside from earning a lot of money:

1. Running a cash business

2. Claiming the home-office deduction

3. Self-employment

4. Deducting business meals, travel, and entertainment

5. Failing to report all taxable income

6. Claiming 100% business use of a vehicle

7. Making large charitable contributions

8. Claiming a rental loss

9. Taking larger than usual deductions

What the IRS Looks For

Whether the IRS requests a face-to-face meeting or chooses to conduct its audit through correspondence, the following issues may arise:

· Unreported income — The IRS will assess taxes on any “missing” amount plus interest and penalty charges — regardless of whether the omission was accidental or intentional. A finding of significant fraud could even result in criminal prosecution and jail time.

· Personal expenses vs. business expenses — Be prepared to prove that expenses you’ve claimed for business purposes were not actually personal expenses. Auditors pay particular attention to deductions related to entertainment, meals, travel, and transportation. If you own a business, keep all receipts and be ready to answer questions about the connection between each expense and your business.

Even if you don’t expect the worst during your audit, there are several reasons it’s still a good idea to enlist the services of an experienced tax professional to help you navigate the process. For example, a professional is probably more familiar with the complexities of ever-changing tax laws than you, and is also less likely to let emotions cloud his or her judgment. In addition, letting a pro speak on your behalf reduces the chance that you will accidentally volunteer information that could hurt your case.

This communication is not intended to provide tax advice and should not be treated as such. Each individual’s tax situation is different. You should contact your tax professional to discuss your personal situation.

For more information or any questions regarding this topic, contact certified financial planner Dustin Rinaldi or call (239) 444-6111.

1Source: IRS, Internal Revenue Service Data Book, March 2014.

04.18.18
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Dustin Rinaldi’s Steps to Keep Retirement Income Flowing

After years of accumulating assets, the time will come for you to begin drawing on those assets to provide income throughout retirement. Before that day arrives, be sure to consider some steps to assist you in keeping your retirement income stream flowing.

Set a Sustainable Withdrawal Rate

As tax-advantaged retirement savings vehicles such as 401(k)s and IRAs have proliferated, so too has the trend toward self-funding of retirement. In the future, the share of personal assets required to fund retirement is sure to grow, which makes knowing how much you can withdraw from your investment accounts each year — and still maintain a healthy cushion against uncertain market and personal circumstances — a necessity to any retirement income plan.

A number of factors will influence your choice of withdrawal rates. These include your longevity, the potential impact of inflation on your assets, and the variability of investment returns. Therefore, when crafting a retirement asset allocation, a key question will be how much to allocate to stocks.1 Certainly you will want to maintain enough growth potential to protect against inflation, yet you will also need to be wary of being too exposed to stock market gyrations. Generally speaking, those who have planned well and amassed enough assets to comfortably finance retirement may be in a better position to include more stocks in their portfolios than those who enter retirement with less.

Developing a Withdrawal Rate

The goal of your withdrawal plan is to crack your nest egg in such a way as to provide a reliable stream of income for as long as you live. The question is, “How much can I plan to withdraw each year without depleting my financial resources?” Academic studies suggest a yearly withdrawal rate of 4% of your portfolio’s value based on an asset allocation of 60% stocks and 40% cash and fixed-income investments.2 By staying within this withdrawal range you potentially should be able to maintain your portfolio’s value in real, inflation-adjusted terms for an extended period of years, although past performance is no guarantee of future results.

Please contact us for additional help analyzing your specific situation. You should also revisit your personal withdrawal strategy each year, as your situation and tax laws may change.

For more information or any questions regarding this topic, contact certified financial planner Dustin Rinaldi or call (239) 444-6111.

1 Asset allocation does not assure a profit or protect against a loss. Investing in stocks involves risks, including loss of principal.

2 This example is hypothetical and not intended as investment advice. Your results will vary.