Syrian Refuge Scam ► How it Works
Scammers always seem to take advantage of current events and the tragic circumstances of others. The Syrian refugee crisis is just the latest disaster to get the scam treatment.
How the Scam Works:
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You get an email from someone claiming to be in Syria. He or she is contacting you to get help transferring money out of the country. "I am looking for honest person to help us sell our gold," reads one version. "So we can leave Syria because of war here."
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If you reply, the scammer will offer you a percentage of the funds he/she is looking to transfer abroad. Don't take the bait. Getting the "money" out of Syria doesn't prove to be easy. The scammer will encounter plenty of "setbacks" that you will need to pay, such as bribes, taxes etc. Even if you pay all these demands, the money will never materialize. There are no funds, and it's all a con.
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This isn't the first time these types of scams have used a war torn regions to lend credibility to their con. In other versions, scammers pretend to be from Afghanistan or Iraq. The scam is even sometimes referred to as the "419 Scam" after a section of the criminal code in Nigeria, because scammers use to pose as Nigerian princes and others trying to get funds out of that country.
Tips to Spot a 419 Scam: No matter the story, these scams fool victims with the promise of a lot of money for little effort.
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Use the "too good to be true" rule. If an "opportunity" just falls in your lap (or inbox) and appears too good to be true, there's probably a catch.
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Don't share banking information. Do not reply to emails asking for personal banking or credit card information.
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Be wary of individuals claiming to be overseas. In many different types of scams, con artists claim to be living abroad to avoid in person contact. Consider this a red flag.
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Be suspicious of transactions that involve additional fees. Scammers will often tempt victims with a great offer (lottery winnings, job offer) and request additional fees to further the transaction.
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Hit delete. Don't reply, click any links or download attachments in suspicious emails.
Check out the FBI's information on common fraud schemes at https://www.fbi.gov/scams-safety/fraud to learn more about this type of scam and how to spot it. To find out more about other scams, check out BBB Scam Stopper (bbb.org/scam). To report a scam, go to BBB Scam Tracker (bbb.org/scamtracker). [Source: BBB Scam Alert | October 30, 2015 ++]
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Holiday High Pay Job Scam ► How it Works
The holiday season will soon be in full swing, and stores are staffing up with temporary employees. Seasonal work can be a great way to make extra money during the holidays, but watch out for fake job scams.
How the Scam Works:
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You receive an email that appears to be from the human resources department of a major retailer or a recruitment firm. The email says the company is hiring employees for the holiday season and claims to pay a high hourly wage. And applying is easy. You don't need to go into the store. All you have to do is click the link at the bottom of the message and fill out an online application.
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Don't let the message fool you! This email traces back to China, not a corporate office in the United States or Canada. If you click, you may download malware to your device. Or, if you complete the "application," you will be sharing your personal information with scammers and opening yourself up to identity theft.
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As the holiday season ramps up, watch out for scams. Busy schedules mean that people may be less vigilant in November and December and can easily fall prey to cons.
How to Spot a Job Scam:
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Don't fall for an overpayment scam. No legitimate job would ever overpay an employee and ask him/her wire the money elsewhere. This is a common trick used by scammers.
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Some positions are more likely to be scams. Always be wary of work-from-home offers, secret shopper positions, or any job with a generic title, such as caregiver or customer service representative. These positions often don't require special training or licensing, so they appeal to a wide range of applicants. Scammers know this and use these otherwise legitimate titles in their fake ads.
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If a job looks suspicious, search for it online. If the result comes up in other cities with the exact same job post, it is likely a scam. Also, check the real company's job page to make sure the position is posted there.
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Watch out for on-the-spot job offers. You may be an excellent candidate for the job, but beware of offers made without an interview. A real company will want to talk to a candidate before hiring him or her.
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Look for pay or perks well above similar positions. If similar jobs offer to pay $10/hour and this position pays $20/hour, chances are that there's a catch.
To find out more about other scams, check out BBB Scam Stopper (www.bbb.org/scam). To report a scam, go to BBB Scam Tracker (www.bbb.org/scamtracker). [Source: BBB Scam Alert | November 6, 2015 ++]
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Gift Exchange Scam ► How it Works
It may only be November, but scammers are already taking advantage of holiday goodwill. The latest seasonal scam is a gift exchange that's actually a pyramid scheme. Look out for this con on Facebook, Instagram and other social sites.
How the Scam Works:
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You spot a friend's post on your Facebook or Instagram feed. It's inviting you to join a gift exchange, and it sounds like a great deal. If you buy one $10 gift for a stranger, you will receive as many as 36 gifts back. Some people are even posting photos of all the gifts they have received in the mail.
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This "gift exchange" is the latest version of a hoax that's been around for years. It's the same premise as a pyramid scheme and or the pre-Internet chain letters. The idea is that you send money (or a gift) to the person at the top of the list, cross them off, add your name to the bottom and send the list to more friends. Eventually, you hope, your name will be at the top, and you will receive all the money/gifts. However the scheme relies on constantly recruiting new participants, making it mathematically impossibly to sustain. This may seem like a harmless hoax, but these schemes are a form of gambling and illegal in the U.S. and Canada.
Protect Yourself From Social Media Scams: - Take the following steps to protect yourself and others from scam links shared through Facebook, Twitter and other social media:
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Don't take the bait. If it sounds too good or outlandish to be true, it's probably a scam. Stay away from promotions of anything "exclusive," "shocking," or "sensational."
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Be careful of shortened links. Scammers use link-shortening services to disguise malicious links. Don't fall for it. If you don't recognize the link destination, don't click.
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Don't trust your friends' taste online. It might not actually be them "liking" or sharing scam links to photos. Their account may have been hacked or compromised by malware.
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Report the scam to Facebook. On Facebook report scam posts and other suspicious activity by following these instructions.
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Report the scam on Instagram. On Instagram report scam posts and other suspicious activity by following these instructions.
For More Information: See examples of the social media posts in Buzzfeed's coverage of the scam and learn more about US Postal Inspectors' stance on chain letters. To find out more about other scams, check out BBB Scam Stopper (www.bbb.org/scam). To report a scam, go to BBB Scam Tracker (www.bbb.org/scamtracker). [Source: BBB Scam Alert | November 6, 2015 ++]
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Tax Burden for Arkansas Retired Vets ► As of Dec 2015
Many people planning to retire use the presence or absence of a state income tax as a litmus test for a retirement destination. This is a serious miscalculation since higher sales and property taxes can more than offset the lack of a state income tax. The lack of a state income tax doesn’t necessarily ensure a low total tax burden. States raise revenue in many ways including sales taxes, excise taxes, license taxes, income taxes, intangible taxes, property taxes, estate taxes and inheritance taxes. Depending on where you live, you may end up paying all of them or just a few. Following are the taxes you can expect to pay if you retire in Arkansas.
Sales Taxes
State Sales Taxes: 6.50% (prescription drugs exempt). Food taxed at 2%, city and county sales taxes could add another 5.5%. To view local rates, click here.
Gasoline Tax: 40.20 cents/gallon (Includes all taxes)
Diesel Fuel Tax 47.2 cents/gallon (Includes all taxes)
Cigarette Tax: $1.15 cents/pack of 20
Personal Income Taxes
Tax Rate Range: Low – 1.0%; High – 7.0% *
Income Brackets: Six. Lowest – $4,199; Highest – $34,600
Tax Credits: Single – $26; Married – $46; Dependents – $26
Additional deduction if 65 years of age or older – $26
Standard Deduction: Single – $2,000; Married filing jointly – $4,000
Medical/Dental Deduction: Same as Federal taxes
Federal Income Tax Deduction: None
Retirement Income Taxes: Social Security is exempt, as are VA benefits, Workers’ Compensation, Tier 1 and Tier 2 Railroad Retirement benefits, and unemployment compensation. Up to $6,000 in military, civil service, state/local government, and private pensions are exempt. The exemption refers to income from public or private retirement systems, plans or programs. IRA distributions can be included as part of the $6,000 exemption if the taxpayer is 59½ or older. Out-of-state government pensions also qualify for the exemption. Taxpayers who receive an IRA distribution after reaching age 59-1/2 do not have to pay taxes on the first $6,000 from the account. Other exemptions include active duty military personnel ($9,000), retired military personnel, and life insurance proceeds.
Retired Military Pay: Up to $6,000 of federal retirement pay and/or survivor benefits excluded.
Military Disability Retired Pay: Retirees who entered the military before Sept. 24, 1975, and members receiving disability retirements based on combat injuries or who could receive disability payments from the VA are covered by laws giving disability broad exemption from federal income tax. Most military retired pay based on service-related disabilities also is free from federal income tax, but there is no guarantee of total protection.
VA Disability Dependency and Indemnity Compensation: VA benefits are not taxable because they generally are for disabilities and are not subject to federal or state taxes.
Military SBP/SSBP/RCSBP/RSFPP: Generally subject to state taxes for those states with income tax. Check with state department of revenue office.
Property Taxes
Arkansas property taxes are levied by counties, municipalities, and school districts. All households are eligible for a homestead tax credit of up to $350 regardless of income or age. Political subdivisions collect taxes on real property (house and land) and personal property (motor vehicles, boats and motors, motorcycles and all-terrain vehicles). Assessment is based on 20 percent of the true market value. The taxable assessed value of homesteads will not increase more than 5% above the previous taxable assessed value except when new additions or substantial improvements are made to the property. However, the taxable value of the homestead will continue to increase each year until it equals 20% of market value. The taxable assessed value of homesteads of residents aged 65 or older, or those who are disabled are capped at the previous year value unless improvements are made or the property is sold. For more information about real property taxes, refer to http://www.dfa.arkansas.gov/Pages/default.aspx and http://www.dfa.arkansas.gov/offices/incomeTax/individual/Documents/402-Taxes.pdf
In certain cases, disabled veterans are exempt from all state taxes on real and personal property. This tax exemption also is available to widow or widowers who do not remarry, as well as to dependent minor children of military personnel who were killed in action, died of service-related disabilities or who are missing in action. For additional information, go to http://www.veterans.arkansas.gov.
Inheritance and Estate Taxes
There is no inheritance tax. In 2003 the estate tax was repealed for those deceased after January 1, 2005.
For further information, visit the Arkansas Department of Finance and Administration site or call 501-682-7751. For general tax information, click here. Go to www.arkansas.gov/dfa/income_tax/documents/moving_2_arkansas.pdf for a booklet on moving to Arkansas,
[Source: http://www.retirementliving.com/taxes-alabama-iowa Dec 2015 ++]
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Tax Burden for Maryland Residents ► As Dec 2015
Personal income tax
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Maryland collects income taxes from its residents utilizing eight tax brackets. For single, married filing separately, dependent taxpayers or fiduciaries:
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2 percent on the first $1,000 of taxable income.
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3 percent on taxable income between $1,001 and $2,000.
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4 percent on taxable income between $2,001 and $3,000.
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4.75 percent on taxable income between $3,001 and $100,000. (for married joint, qualifying widow(er)s and head-of-household filers, the 4.75 percent rate applies to $3,001 to $150,000)
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5 percent on taxable income between $100,001 and $125,000. (for married joint, qualifying widow(er)s and head-of-household filers, the 5 percent rate applies to $150,001 to $175,000)
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5.25 percent on taxable income between $125,001 and $150,000. (for married joint, qualifying widow(er)s and head-of-household filers, the 5.25 percent rate applies to $175,001 to $225,000)
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5.50 percent on taxable income of $150,001 and $250,000. (for married joint, qualifying widow(er)s and head-of-household filers, the 5.50 percent rate applies to $225,001 to $300,000)
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5.75 percent on taxable income of $250,001 and more. (for married joint, qualifying widow(er)s and head-of-household filers, the 5.75 percent rate applies to $300,001 and more)
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Nonresidents are subject to a special nonresident tax rate of 1.25 percent, in addition to the state income tax rate.
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Residents of Maryland must file state tax forms by April 15 or the next business day if that date falls on a weekend or holiday.
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Baltimore and Maryland's 23 counties levy local "piggyback" income taxes at rates between 1.25 percent and 3.20 percent of Maryland taxable income. Local officials set the rates, and the revenue is returned to the local governments quarterly.
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Local income taxes are withheld and collected on the same forms as state income taxes.
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Maryland offers a variety of personal income tax credits and deductions to eligible filers. Refer to http://taxes.marylandtaxes.com/Individual_Taxes/General_Information/Tax_Credits_and_Deductions/Determine_Tax_Credits_and_Deductions.shtml.
Sales taxes
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Maryland's state sales tax is 6 percent.
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There are no general local sales taxes in Maryland.
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Maryland also has a 6 percent use tax, applied to tax-free purchases made out of state and which must be reported and paid by filing the state's use tax return.
Personal and real property taxes
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All real property in Maryland is subject to the property tax.
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Generally, properties that are owned and used by religious, charitable or educational organizations or property owned by the federal, state or local governments are exempt.
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Property tax bills are issued in July or August of each year by the 23 counties, Baltimore and the 155 incorporated municipalities in Maryland. Tax bills are rendered for the upcoming fiscal year and are effective as of July 1.
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Real property is reassessed on a three-year cycle by the Real Property Valuation Division. Every year, one-third of all property in Maryland is reviewed, including an exterior physical inspection of the property.
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The amount of the tax bill is determined by two factors: the assessment and the property tax rate. Assessments are based on the fair market value of the property and are issued by the Department of Assessments and Taxation, an agency of state government. Property tax rates are set by each unit of government: the state, counties and cities.
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Property tax rates vary widely. No restrictions or limitations on property taxes are imposed by the state, meaning cities and counties can set tax rates at the level they deem necessary to fund governmental services. These rates can increase, decrease or remain the same from year to year. If the proposed tax rate increases the total property tax revenues, the governing body must advertise that fact and hold a public hearing on the new tax rate. This is called the Constant Yield Tax Rate process.
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The Homestead Property Tax Credit, commonly referred to as the Assessment Cap, limits the taxation of large annual assessment increases on owner-occupied residential property. For state tax purposes, any annual assessment increase for a home that is greater than 10 percent is not taxed. Counties and municipalities may limit assessment increases for local tax purposes to less than 10 percent annually.
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Maryland also offers real property exemptions, credits for property owners and renters and exemptions for historic properties. Details on these programs can be found at Maryland's tax website at http://www.dat.state.md.us/sdatweb/taxcredits.html.
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To find your local property tax official, check the State Department of Assessments and Taxation Web page http://msa.maryland.gov/msa/mdmanual/25ind/html/06asses.html or you can call (410) 767-4433 from the Baltimore area.
Inheritance and estate taxes
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A Maryland estate tax return is due for residents who died after Dec. 31, 2001, if the decedent's federal gross estate, plus adjusted taxable gifts, equaled or exceeded $1 million and the decedent was either a resident of Maryland at the time of death or owned real or tangible personal property in the state.
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Maryland imposes an inheritance tax on the value of property passed from a decedent to some beneficiaries.
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Common questions and answers about Maryland's estate and inheritance taxes can be found at http://taxes.marylandtaxes.com/Individual_Taxes/Individual_Tax_Types/Estate_and_Inheritance_Tax/ on the Comptroller of Maryland's Web page.
Other Maryland Tax Facts
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With i-File Maryland at https://interactive.marylandtaxes.com/Individuals/iFile_ChooseForm/default.asp, the state's taxpayers can e-file personal income tax returns, along with the most commonly associated schedules and forms.
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Under Maryland law, all persons offering individual tax preparation services must be licensed with the State Board of Individual Tax Preparers. More information is available at the Department of Labor, Licensing & Regulation website http://www.dllr.state.md.us/license/taxprep.
[Source: http://www.bankrate.com/finance/taxes/state-taxes-maryland.aspx Dec 2015 ++]
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Thrift Savings Plan 2015 ► Returns as of 30 DEC 2015
There are currently 10 investment funds in the Thrift Savings Plan. Five are individual stock and bond funds, and the other five are target retirement date funds. The table below summarizes the historical performance and risk characteristics of the five primary TSP Investment Funds. Click on any link in the table header to see performance charts and other details for that fund.
TSP Investment Funds
8/31/1990 - 12/30/2015
|
TSP
G Fund
|
TSP
F Fund
|
TSP
C Fund
|
TSP
S Fund
|
TSP
I Fund
|
Last Price (12/30/2015)
|
14.9146
|
16.9249
|
27.8239
|
35.5126
|
24.4184
|
Change (1-Day)
|
0.01%
|
0.06%
|
-0.71%
|
-0.82%
|
-0.23%
|
YTD Return
|
2.04%
|
0.73%
|
2.42%
|
-2.16%
|
0.83%
|
1-Year Return
|
2.05%
|
0.88%
|
1.37%
|
-2.90%
|
-0.06%
|
3-Year Return
|
2.08%
|
1.83%
|
16.22%
|
14.12%
|
5.50%
|
5-Year Return
|
2.03%
|
3.60%
|
12.84%
|
10.72%
|
4.17%
|
10-Year Return
|
2.94%
|
4.72%
|
7.46%
|
8.12%
|
3.33%
|
Annual Return Since 8/31/1990
|
4.8%
|
6.4%
|
9.9%
|
10.7%
|
5.6%
|
Annualized Standard Deviation [2]
|
0.3%
|
3.9%
|
18.1%
|
19.9%
|
17.9%
|
Maximum Drawdown [3]
|
-
|
-6.6%
|
-55.2%
|
-57.4%
|
-60.9%
|
Sharpe Ratio [4]
|
-
|
0.40
|
0.35
|
0.37
|
0.13
|
Value of $1,000 invested on 8/31/1990
|
$3,317
|
$4,805
|
$10,925
|
$13,275
|
$3,941
|
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