Allgood Tax Service

08/28/2025

If Lisa Cook made false statements on mortgage applications it should be easily substantiated from the bank or mortgage company records. Why is that not yet determined? The paper trail should be clear. Mortgage documents are legally binding and typically include:
- Signed declarations of occupancy intent
- Loan terms tied to occupancy status
- Closing disclosures and underwriting notes

If the allegation is true, it seems that it would be difficult for someone in her capacity to claim she misunderstood the forms. If she can't understand a mortgage application she shouldn't be on the Federal Reserve Board.

07/22/2025

This is a good article on dividends and how they are taxed.

How dividends are taxed, understanding wash-sale rules, and more.

01/05/2025

Form 1099-K reports payments from payment apps or online marketplaces and from credit, debit or stored-value cards. Use it to help figure and report your correct income on your tax return.

10/26/2024

INFLATION: in May of 2022 I purchased Amazon Basics cotton rounds at a cost of $1.87 per 100 including sales tax. Now that same item costs $2.97 per 100 if you buy a 6-pack. That is an increase of about 60% over 2.5 years. Average increase in price of about 24% per year.

09/11/2024

I admit there are a number things that mat cause one not to like Donald Trump filing for bankruptcy should not be one of them. He has never personally filed for bankruptcy but some of his businesses (casinos and hotels) have. Many much larger companies have filed for bankruptcy and some of them we still buy their products - GM and Chrysler for example. Plenty of famous people have filed for bankruptcy: Michael Jackson, Dave Ramsey, Walt Disney, Michael Vick, Cindi Lauper, John Wayne, Francis Ford Coppola, Mark Twain, Henry Ford, Tom Petty. Presidents like Abraham Lincoln, Thomas Jefferson, Ulysses S Grant and Harry Truman went bankrupt. (Truman refused to file and worked most of his life to pay off the debts - like college students should) The list of successful actors, musicians and athletes that have filed for bankruptcy is extensive.

09/04/2024

https://finance.yahoo.com/news/rich-heres-net-worth-defines-150138779.html

You've heard the terms “upper class,” “middle class,” and “lower class” tossed around in conversations about money and society. But what do these labels mean? And, more importantly, where do you fit in? Don't Miss: Can you guess how many retire with a $5,000,000 nest egg? – How does it...

09/04/2024

Whitney Tilson, the Editor of Stansberry Investment Advisory and founder of Empire Financial Research, has been a close follower of Charlie Munger's life. He's compiled vast archives of transcripts of Charlie Munger's speeches, dating back to when no recordings were allowed during Berkshire Hathaway's meetings.

According to Tilson's notes, Charlie Munger once said the following about inflation and its strange relationship to democratic governments:

"I think democracies are prone to inflation because politicians will naturally spend [excessively] – they have the power to print money and will use money to get votes."

Charlie Munger passed away last year, but his broad outlook on life and decades of experience in the financial markets continue to guide millions worldwide. There is hardly a problem in the economic arena about which Munger didn't talk. As inflation ...

08/29/2024

Beware of any company that says "A 20% gratuity will be added". The word gratuity means:
Something given voluntarily or beyond obligation
Something given without claim or demand.
Given or received without cost or obligation; free.

The Free Dictionary.com, Merriam-Webster’s Dictionary and Dictionary.com all say essentially the same thing: it it something "given". When it is charged without your choice it is no longer gratuity or gratuitous, it is a service charge. Let's make them tell it like it is.

08/24/2024

When you run a small business you be like:
CEO, CFO, COO, AR, AP, IT, HR shipping, receiving, marketing,
maintenance, and......

08/21/2024

How can they get it so wrong time after time and keep their jobs.

Wednesday's release shows the US labor market added fewer jobs than initially reported in the 12-month ending in March 2024 but economists are wary about reading too much into the release.

07/04/2024

It seems to me the greatest problem with taxation is that we are taxed on most everything. Taxes on our income. Taxes on our investments and savings. Sales tax on products we buy and services we receive. Federal and state taxes on fuel for our cars, taxes on utilities and telephone. The list goes on.... and what do we get for our money? Maybe it's time for another tea party.

07/04/2024

I think most would agree we pay too much income tax to the federal government. However, in 1980, a single individual with $108,300 in taxable income would have to pay the IRS $55,697 (51.43%) plus 70% of each dollar of taxable income above that.