Report: Beware these toys that pose safety hazards for kids

Published: Wednesday, November 22, 2017 @ 1:04 PM

Parents shopping at stores and sifting through the aisles for toys this holiday season may have their children’s lives in their hands more than they know. Toys that are toxic or can choke a child continue to be stocked on store shelves, according to U.S. Public Interest Research Group (PIRG) Education Fund’s 32nd annual Trouble in Toyland report.

The report, released this week, shows that while toy manufacturers have made small advances to reduce the hazards associated with many products, more work needs to be done.

Report: Many products on toy store shelves pose safety hazards for children

Devices that may look harmless, such as fidget spinners, may be full of lead, the report says. There’s also the threat of balloons that could get lodged in a child’s throat and choke him or her. Additionally, many toys also raise privacy concerns because of their data-collecting capabilities.

“We should be able to trust that the toys we buy are safe. However, until that’s the case, toy buyers need to watch out for common hazards when shopping for children’s presents,” said Dev Gowda, Toxics Advocate with U.S. PIRG Education Fund.

Here are some toys that raise concerns in safety advocates

Many toys also have smart technology that allows them to talk and share location data, which could be hacked, the report says. The doll called My Friend Cayla, which was found at Wal-Mart and Kohl’s, has been banned in Germany for privacy violations and is the subject of a complaint by several consumer groups to the U.S. Federal Trade Commission because it may violate the Children’s Online Privacy Protection Act, the report says.

Watchdog groups in Europe have also raised alarms about a series of smartwatches marketed toward kids. The devices could easily be hacked, allowing criminals to know the whereabouts of a child and even eavesdrop on their conversations.

Fidget spinners

Fidget spinners, particularly two models of the Fidget Wild Premium Spinner Brass distributed by Bulls I Toy LLC, were found to have 33,000 ppm (parts per million) of lead, which the report says is “which is more than 300 times the legal limit for lead in children’s products.” This brand of fidget spinner was found on the shelves at Target, according to the report.

Target initially balked, but on November 10, the company said that it would remove the fidget spinners, the report says.

RELATED: Amazon’s top holiday toys for 2017

“Even small amounts of lead in toys can be ingested when transferred from fingers to mouth or from fingers to food,” said national lead expert Helen Binns, MD, pediatrician at Ann & Robert H. Lurie Children’s Hospital of Chicago and Professor of Pediatrics at Northwestern University Feinberg School of Medicine.  “Lead harms the developing brain and is easily ingested through normal hand to mouth behaviors. Beware of these 2 fidget spinners, as they have dangerous amounts of lead.”

Balloons

While balloons are fun to play with, recent research shows that they can be easily inhaled by children trying to blow them up. Balloons are the responsible for more children’s choking deaths than any other product, the report says.

Researchers found five balloon sets sold at Dollar Tree, Party City and Dollar City Plus, that were of particular concern :

  • Found at Dollar Tree: H2O Blasters – Water Balloons and Disney Princess Punchball Balloons
  • Found at Party City: Mega Value Pack 12 Water Bomb Packs and Mega Value Pack 14 Latex Punch Balloons)
  • Found at Dollar City Plus: Party Balloons – 10

The report says that the balloons had misleading labels which made them look safe for children ages 3 to 8.

Small parts

Many toys require assembly or have small parts that children could put in their mouths. “We found several toys that contain small parts, but do not have any warning label at all. These included a peg game, golf, and football travel games that we found at Dollar Tree,” the report says.

Hoverboards

While not as popular as they were a few years ago, hoverboards continue to be sold in the United States despite repeated incidents of them catching fire.

The U.S. Consumer Product Safety Commission says that before you purchase a hoverboard, make sure it contains a UL2272-certification sticker from the product-testing group Underwriters Laboratories.

“However, even UL2272 compliance cannot guarantee that a hoverboard will not overheat or catch fire,” the report says.

This holiday, adults will need to be more vigilant than ever in protecting their children. Remember also to report any unsafe toys you come across or toy-related injuries to the CPSC at SaferProducts.gov.

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6 tax mistakes procrastinators make and how to avoid them

Published: Thursday, April 05, 2018 @ 11:46 PM
Updated: Thursday, April 05, 2018 @ 11:46 PM

What Happens If You Don’t Pay Your Taxes

We get it. Doing your taxes is no fun, especially if you know you’re going to owe money. But as with any project on which you procrastinate, leaving everything to the last minute can lead to errors, both large and small, and some of those errors could cost you serious money.

If you’ve gone and done it, though, and are still looking at that pile of tax forms over there in the corner, we’ve compiled a list of six quick-and-dirty tips that could keep you from making some obvious, and not-so-obvious, mistakes when you finally sit down and tackle the task. They could also help you maximize your tax refund.

1. You Forgot to Sign It

You might wonder how anyone could forget to sign their tax form, but this simple process is one of the most common tax mistakes, according to the IRS. Just like forgetting to sign a check or a contract, it means your return isn’t valid. Usually, there isn’t a penalty or interest associated with this error (since you’ve already included a check or electronic payment if you owed), so the IRS will just send a notice asking for a valid signature, but it will delay the processing of your return. If you’re getting a refund, that too will be delayed.

So check, double-check — heck, triple-check — that you signed or completed the e-signature process before filing your return. Also, check out these last-minute filing tips from the IRS.

2. You Miscarried the 9

Math errors are also a very common mistake made by folks in a hurry. Fortunately for most people, the IRS corrects any miscalculations, so there’s no need for filing an amended return. But these mistakes can mean the difference between you thinking you’re getting a refund and the reality that you actually owe taxes, so be sure to check your calculations carefully.

One way to help you avoid math errors is to file electronically so the calculations are done for you. Bye-bye, No. 2 pencil! So long, calculator!

3. You Didn’t Account for All Your Income

Did you have a side hustle early last year? A freelance design gig for a friend’s business? If so, you’re going to need to account for it, regardless of whether you received a W-2 or 1099 from whomever paid you. That’s because, while there’s an IRS threshold for filing these documents by employers, there’s no similar threshold for claiming the income. Income is income is income. If you made money and don’t report it — and the IRS catches it — it’s going to cost you penalties and interest at best, and open you to a possible audit at worst.

4. You Forgot Deductions or Tax Credit

It’s easy to forget these things when you’re in a hurry, but they can end up saving you some serious money and are well worth the extra time to figure out if you qualify. So if you’re just claiming the standard deductions because you’re under the gun, you might want to take a deep breath and check out TurboTax’s list of 10 commonly overlooked tax deductions that can keep you from overpaying the tax man.

5. You Filed for an Extension but Didn’t Understand the Rules

Filing for an extension is a great idea if you’re down to the wire and don’t really understand your tax situation. But remember that an extension gives you an extra six months to file your paperwork, but not an extra six months to pay any taxes due. So, if you’re confused, tax pros recommend doing a quick calculation of your taxes, filing for your extension and making any required payment of taxes you think you owe. This will help you avoid penalties and interest once you get your final calculations together.

6. You Didn’t Bother to Request an Extension

You gave up. You shoved, slammed and jammed your return through and now it’s full of mistakes that are going to cost you money by way of penalties or because you’ve left money on the table. It’s a much better idea to file the extension, then get the help you need from a tax professional to ensure you’re not overpaying your taxes.

Whatever you do, make sure you file your taxes. Unpaid taxes can have serious consequences on your personal finances, including your credit scores if they go unpaid long enough.

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11 ways to reduce next year’s tax bill

Published: Thursday, April 05, 2018 @ 11:55 PM
Updated: Thursday, April 05, 2018 @ 11:55 PM

SAN FRANCISCO, CA - APRIL 14:  Liberty Tax Service tax preparer Ronn Seely works on tax returns on April 14, 2011 in San Francisco, California. (Photo by Justin Sullivan/Getty Images)
Justin Sullivan/Getty Images
SAN FRANCISCO, CA - APRIL 14: Liberty Tax Service tax preparer Ronn Seely works on tax returns on April 14, 2011 in San Francisco, California. (Photo by Justin Sullivan/Getty Images)(Justin Sullivan/Getty Images)

If you claimed the right number of dependents and standard deductions on your 2017 federal income tax return and you still ended up owing the IRS, you’re probably looking to avoid a repeat performance next year. Luckily, there are several ways to increase your chance for a refund (or at least reduce the amount you’ll owe) and you don’t have to be a tax whiz or accountant to take advantage.

Here are 11 ways you can pay less in federal taxes for your income return next year.

1. Contribute to a 401K or IRA

Contributing to a retirement fund is an important way to ensure financial independence in your golden years, but it can also convey short-term tax benefits. In most cases, the contributions you make to your 401K and IRA plans are tax-deductible and are not included in your taxable income at the end of the year. (Note: If you didn’t contribute to an IRA in 2017, you still have time. You have until April 17 to contribute up to the maximum amount and shave off a good chunk of your tax bill. Filed your taxes already? That’s OK. You can file an amended return to reflect the contribution.)

2. Buy a Home

There’s a distinct tax benefit to home ownership. The interest you pay on your mortgage is tax-deductible, and the interest is front-loaded. For the first several years, most of your mortgage payment goes toward interest, which will drastically reduce your adjusted gross income at tax time. Want an extra boost for your taxes next year? Consider paying January 2019’s mortgage payment in December to get a tax benefit before the end of the year.

3. Donate to Charity or Volunteer

You probably know charitable donations can be itemized and deducted from your income, so you’ll want to save receipts anytime you donate cash or items to charity. You can even deduct miles you travel for volunteering or other charity work.

“Miles you travel on behalf of a charity are deductible at 14 cents per mile for 2018,” said Gail Rosen, CPA.

4. Start a Home Business

Starting a home business can provide you with a new source of income and allow you to take deductions off any income the business generates.

These deductions include business costs you incur throughout the year, a portion of your mortgage and utilities if you use a home office and the cost of goods needed to keep your business running. You can even deduct startup costs.

“Any expenses that are incurred before the first sale are ‘start-up costs,’” Rosen said. “These costs cannot be deducted until the first sale. Then they are deducted over 15 years and you can deduct the first $5,000 in the first year.”

5. Search for a New Job

If you hunt for a new job in your field this year, you can write off some qualifying expenses as you search. There are exceptions, but potential write-offs include things like clothes or travel.

“If you looked for a new job in 2018, you should be aware of the income tax deduction that may be available with respect to job-search costs,” Rosen said. “Qualifying expenses are deductible even if they do not result in a new job being offered or accepted.”

6. Open a Flexible Spending Plan

Many employers offer flexible spending plans that let you contribute toward yearly medical expenses pre-tax. These contributions typically don’t count toward your taxable income.

7. Deduct Medical or Dental Expenses

Many medical and dental expenses are tax-deductible. According to Rosen, the cost of getting to and from medical treatment is deductible at 17 cents per mile, plus the cost of tolls and parking, and dependent expenses are also deductible.

“If you cover the medical cost of dependents, these can be deducted. Additionally, if you are covering the costs of an individual who would qualify as your dependent except that they have too much gross income — for example, an elderly parent — you may be able to deduct these costs as well,” said Rosen.

8. Education-Related Expenses

Current and former students have many eligible deductions and credits related to their education expenses. Paid student loan interest and tuition and fees can be claimed as deductions. Eligible current students can also access the American Opportunity Credit, which can cover up to $2,500 annually for four years, and the Lifetime Learning Credit, which can cover up to $2,000 per tax return.

9. Install Solar Energy

Homeowners who install solar energy systems in their home can get back tax credits at up to 30% of the cost of installation. This credit will begin to decrease after 2019 so you may want to act soon if you’re planning on installing solar panels.

As an added bonus, solar energy can significantly reduce your energy bills.

10. Hunt Down Every Available Tax Credit

We’ve named several tax credits above, but there are more, including credits for adopting children, the cost of child care and low-income households. Tax credits are more valuable than deductions, as they reduce your taxable income on a dollar-for-dollar basis, so make sure you’re taking advantage of every option.

11. Get a Pro to Do Your Taxes

No matter how much research you do, a professional may be able to identify tax deductions and credits that hadn’t occurred to you. Paying a reputable professional you trust can help you stay organized and minimize your tax liability. Here’s a handy guide to finding the right tax professional for your needs.

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5 surefire ways to retire earlier than you thought

Published: Monday, October 23, 2017 @ 11:27 AM

The following are five surefire ways to get to retirement quicker Set clear goals for yourself and track your progress Working hard and being disciplined is the most reliable ways to retire early Streamline your spending and scale back on luxuries Cut your housing expenses Put your money to work - wisely

Retirement can seem like a difficult goal to reach, so the thought of achieving it early may seem downright impossible.

But getting to retirement quicker doesn't require genius-level investing knowledge or extreme deprivation. With a plan, hard work and discipline, you may be able to get there sooner rather than later.

RELATED: House hunters, here are 5 secrets to getting the best home loans

The following are five surefire ways to get to retirement quicker:

Set clear goals for yourself

Consumer adviser Clark Howard recently shared advice from Chris Reining, who decided in his late 20s that he wanted to retire early. By the time he turned 37, he was able to reach this goal.

Howard said he thought setting clear goals was one of the most important things that Reining did. He labeled his investment account "Retire early" so he could see the words every day. In addition, Reining tracked his progress by using a spreadsheet you can get on his website. He wanted to save up 25 times his annual expenses before retiring.

(Getty Images/iStockphoto)

Work hard

The Forbes Finance Council recommends working hard and being disciplined as the most reliable ways to retire early.

This can be achieved through a high-paying job combined with saving as much of your income as possible. Another path is starting your own business.

Reduce spending

Forbes quotes a blogger who retired early and says that streamlining your spending is an important step toward achieving this goal. It's not glamorous or complicated, but it works.

He suggests scaling back on luxuries and investing your savings in a low-cost index fund. When you accumulate 25 to 30 times your annual spending in this type of account, you can quit working for the rest of your life.

This Wednesday, Sept. 6, 2017, photo shows a new home for sale in a housing development in Raeford, N.C. On Thursday, Sept. 21, 2017, Freddie Mac reports on the week’s average U.S. mortgage rates.

Cut your housing expenses

If you're like most people, your home is your biggest expense, so it's also your biggest opportunity to save, according to Money.

Housing costs take up about a third of the average budget, so Money recommends not taking out the biggest mortgage you can get. Live in a more modest-sized home when possible, and in some cases, homeowners can purchase a two-family home, living in one side and renting out the other.

Put your money to work - wisely

CNBC talked to Scott Alan Turner, who had more than $70,000 in debt at age 25, yet managed to turn things around and retire by age 44.

He put his money to work and although he made some mistakes in the beginning, he evolved into what he calls a boring investor. His savings are automatically funneled into low-cost index funds, which Warren Buffet calls a surefire way to build wealth.

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Financial experts say you should do these things with your tax refund

Published: Thursday, February 22, 2018 @ 6:13 PM

‘Tis the season for taxpayers to get a nice chunk of change back from the IRS.

It’s tempting to spend it all, but financial experts say there are steps you should take to shore up your financial future. 

Some who usually pay off debt will splurge this year.

“I’m going to Japan in April so I’m actually going to add that to my travel fund, so I’m really excited about it,” said Olivia Morris from Centerville.

Those who used to spend their return? 

“I just plan to save it. We are about to start a family, so I plan on saving it for the baby,” said Toska Ivory of Dayton. 

It’s important to have a plan for tax return funds or any financial windfall, said Lisa Roberts, Graceworks certified housing and credit counselor.

Pay urgent bills first then save. 

“If it’s something that is urgent -- a bill that’s going to be a roof over your head, utilities, pay them,” said Roberts, “after that you definitely want to put it into savings.”

WalletHub has these additional tax refund spending recommendations:

  • Invest in an IRS or 529 savings plan for your child’s education
  • Refinance your home loan if you can get a lower rate
  • Increase your home’s value by doing some home improvement projects. 

As for splurging? 

“If you do have the funds to do that once all of your debts and things are paid- and saving- then by all means you’ve earned it,” said Roberts. 

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