119 Old State Rd., Ellisville, MO 63021 THE WEALTH ZONE TAX SEASON IS OFFICIALLY OVER! BUT SCAMMERS ARE STILL FISHING CapitalAdvisoryGrp.com June 2023
Recently, I’ve heard from several of you who told me about IRS scams you’ve experienced. Today, I wanted to share three of the most common scams and how to protect yourself so you can keep more of your wealth. Scam No. 1: ‘Your identity was stolen — you need to purchase gift cards to fix it.’ Recently, scammers have been calling victims, acting like IRS agents. The scammer will inform you that your identity was stolen, and the only way to retrieve it is to purchase several gift cards. The criminal will then ask you to contact them once you bought the gift cards and read off the card’s account number and PIN. But once you do this, you will never hear from them again. Remember, the IRS will never call you or leave an urgent message. Generally, the IRS will send you a letter in the mail if they need something from you. If you’re concerned about your identity, check your
bank accounts and other services to ensure everything is in order. You can contact your bank, the Social Security Administration, or the Federal Trade Commission if you notice any suspicious activity. Scam No. 2: ‘Your tax refund was recalculated, and you must complete a form.’ After filing, the IRS may recalculate some of your items and notify you of some changes. Scammers will use this to their advantage and send you an email with what appears to be an authentic IRS logo and ask you to click the link provided and enter your personal information (Social Security number, birthday, driver’s license number, etc.). If the IRS makes changes to your refund, they will not call, text, or email you regarding these changes — they will send you a letter in the mail. So please, do not click on any links sent to your email address.
If you have any questions about your refund or a suspicious email or call, please call the IRS at 800-829-1040. Scam No. 3: ‘Use this link to view your tax refund.’ Similar to the previous scam, criminals will send fake IRS emails and provide a link for you to view your tax refund. While seeing your refund hit your bank account is always exciting, remember that the IRS will never email you about this information! If you want to track your refund, go to the IRS website and use their refund tracker titled “Where’s My Refund.” If you ever receive a call, text, or email from a scammer claiming to be an IRS agent, please send all inquiries to the Treasury Inspector General for Tax Administration by calling 1-800-366-4484. You can also forward any suspicious emails to the IRS by sending them to IRS.gov/privacy-disclosure/report-phishing . I understand how terrifying it can be to think you’re in trouble with the IRS and they attempt to contact you. But don’t panic! Resources are available to help you decipher what information is accurate and what is a scam. Please contact me if you have any questions or concerns. Together, we can beat these pesky scammers!
Have You Heard Us on the Radio Yet? Tune in to KTR 550 AM radio every Saturday from 3–4 p.m. as Jeff Zufall and Josh Gilbert discuss all things taxes and financial planning. From innovative strategies to optimize your benefits to breaking down proposed and current legislative measures, Jeff and Josh guide you through today’s most pressing topics in the financial world. If you have any financial or tax questions that you would like answered during our radio show, please email your questions to jeff@capitaladvisorygrp.com .
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Adulting is all about doing your own laundry, cooking, and grocery shopping. It means making informed decisions about time management, organizational skills, and understanding how to be financially responsible. But how do you teach your teenager financial responsibility? Let’s explore five important lessons your child needs to gain financial independence! Help them find opportunities to earn money. Before your teen can learn to properly manage their finances, they must first make their own money! If they don’t have a job, encourage them to begin the hunt. If your teen is still too young to hold a job, consider paying them for chores around the house or yardwork. Once your teen has a cash flow, you can then teach them how to separate it into spending money and cash to save. CUT THE FINANCIAL UMBILICAL CORD HOW TO RAISE FISCALLY RESPONSIBLE ADULTS
Dressed in protective goggles, blue booties, and a matching vest, this incredible rescue dog became a symbol of hope in Mexico. Frida, a cheerful yellow Labrador retriever, was a devoted member of the Mexican Navy known for her search and rescue skills. Trained to find people trapped under rubble after earthquakes, Frida always worked hard to save lives. Frida became a national hero when a devastating earthquake hit Mexico City in 2017. The 7.1 magnitude earthquake took more than 300 lives and injured many more. While sifting through dangerous debris and aftershocks, Frida saved 12 people after finding them alive while uncovering more than 40 bodies during her lifesaving career. While the nation was devastated by the disaster, this smiley rescue pup brought worldwide attention to the tragedy. Frida’s dedication (and impeccable style) quickly made her an internet celebrity, and soon, murals of the lifesaving canine graced the walls of Mexico City. Even Captain America, aka Chris Evans, gave Frida a shoutout on Twitter, adding, “What did we do to deserve dogs?” The hero dog then traveled the world, helping countries suffering from the aftermath of disastrous earthquakes. Frida saved lives in Haiti and Ecuador before retiring from her position in 2019 at 10 years old to live the rest of her days in comfort and love. Sadly, the Mexican Navy announced Frida’s passing in November 2022 due to old age. She was 13 years old. In her honor, a magnificent bronze statue of Frida, clad in goggles and boots, stands in front of the Mexican Navy office in Mexico City. On the day of her death, the Mexican Navy changed their Twitter banner to an illustration of Frida and spread the hashtag “#HastaSiempreFrida.” Frida will always be remembered for her lifesaving work and the hope she embodied for the entire world. How the World Fell for Frida RESCUE DOG’S LEGACY LIVES ON
Open a bank account. If your child doesn’t have a bank account yet, it’s time to set up a checking and savings account for them. It’s a great way to provide them with financial independence while they still have access to your guidance. While credit cards can be scary to trust your learning teenager with, you
should consider a prepaid credit card they can use to learn the ins and outs of how credit cards work while still having a safety net to protect their credit.
Introduce them to the concept of interest. Interest can be beneficial or a disastrous hindrance, so your teen needs to understand how it works. While it can be beneficial for certain savings accounts, it can wreak havoc on credit card debt. Demonstrate interest with different real-life scenarios to show your teen how they can grow their money or rack up tons of debt. Whether your teen has just started earning their own money or is preparing to handle finances on their own, these simple tips can help you start training a fiscally responsible adult.
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CapitalAdvisoryGrp.com
Money Doesn’t Grow on Trees 2 CASH-SAVING STRATEGIES THAT MAKE ‘CENTS’
Cash Stuffing If you want to save money for various purposes, cash stuffing may be your best option. It allows you to outline how much money to save for monthly expenses, vacations, loans, emergencies, coffee, going out, restaurants, Christmas, and anything you can think of. All you need are envelopes, a pen, and cash! First, label every envelope for each category you want to save for. Then, start placing cash in each of the allotted envelopes. How much money you put into each category and how often you do it is up to you. So, how does this method work in practice? Let’s say one of your envelopes is for eating out. You would use the money in only that envelope to eat at a restaurant or fast-food place. It helps you avoid overspending and gets you to think critically about the purchases you want to make.
The 100-Envelope Challenge This strategy is straightforward — all you need are 100 envelopes. Label them 1–100, and place them inside a container. Then, for 100 days, randomly pick one envelope from the container each day. Whatever number you get is how much money you put in the envelope. For example, if you select the number 10, you will put $10 inside the envelope.
Many of us have a goal to save more money. However, that’s easier said than done! You can try dozens of strategies, but it can be overwhelming to narrow your options. How do you know where to start? What methods are the most effective? Here are two money- saving strategies you can try as you pursue your financial goals.
In just over three months, you will have saved $5,000! Well, $5,050 to be exact.
Your saving strategy depends on your financial goals, how long you want to save, and what you’re saving for. Because everyone’s situation is different, it’s best to connect with a financial advisor to assist you as you reach your goals. Please allow Capital Advisory Group to help you! We have insight into methods that will benefit you and your unique circumstances. Please give us a call today to get started!
We Would Love to Hear From YOU!
SEAFOOD PASTA SALAD
Ingredients
If you have questions you would like answered in our upcoming newsletter, please submit all inquiries to Ellen@CapitalAdvisoryGrp.com . We would also love to highlight your experience with Capital Advisory Group. If you have success stories or instances you would like to share, please send those submissions to the email above.
• 4 cups fusilli noodles • 2 cups crab meat or shrimp • 2 cups shredded cheddar cheese • 2 cups ranch dressing • 1 cup frozen peas, thawed
• 1/2 cup chopped green peppers • 1/2 cup chopped red peppers • 1/2 cup diced onions • 1/2 cup shredded carrots • 2 cups halved cherry tomatoes • 1/2 cup of Parmesan cheese (optional)
Directions
1. In a large pot, bring the fusilli noodles to a boil and cook until al dente, then drain. 2. In a large bowl, combine noodles, crab or shrimp, cheddar cheese, ranch dressing, peas, green and red peppers, onions, and carrots, then mix together gently. 3. Refrigerate the pasta salad for 3–4 hours. If salad is dry upon removing from refrigerator, add more ranch dressing. 4. Once you’re ready to eat, top salad with tomatoes and Parmesan cheese if desired.
Thank you for your continued support!
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Inspired by TasteOfHome.com
119 Old State Rd. Ellisville, MO 63021 CapitalAdvisoryGrp.com
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ISSUE INSIDE THIS
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Will the IRS Call, Text, or Email You?
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Top Tips to Teach Financial Responsibility
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A Furry Hero in Mexico
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You Could Save $5,000 in 3 Months!
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Seafood Pasta Salad
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Kindness Makes a Difference!
A Small Gesture Can Have a Massive Impact Spreading kindness can impact others in more ways than one. You never know what people are going through in their everyday lives, and sometimes, showing them love can turn their entire day (or lives) around. Recently, we read an inspiring story we wanted to share. This story proves that a simple act can make a world of difference — especially to those who do not know where to turn. One day, as Danielle MacDuff walked along a street in Ontario, Canada, she came across a homeless man named Brian Bannister, and they started a conversation. As MacDuff learned more about Bannister’s backstory, she learned Bannister is someone with a kind soul who, unfortunately, went through several hard times. His childhood wasn’t the best, his first wife and second wife tragically passed away, but he had recently won his battle against drug addiction.
A HOMELESS MAN’S LIFE WAS CHANGED FOREVER saw a man who needed help getting back on his feet. And she decided to assist him. He told her he worked on a farm about 40 years ago, and it just so happened that MacDuff had a farm of her own. So, she offered the man a job. With tears in his eyes, Bannister told CTV News Toronto, “It floored me. It just came from her heart, and [I’ve] got to thank her every day.” Now, Bannister works with over 200 farm animals and has a chance to save money to get back on his feet. Over time, MacDuff and Bannister’s friendship grew, inspiring MacDuff to create a GoFundMe to help Bannister as he takes steps to improve his life. The GoFundMe raised nearly CAD$10,000 and was able to help Bannister in several ways — like getting a haircut for the first time in almost two years and a new phone! Seeing what a random act of kindness can do for the people around you is incredible. So, in honor of World Giving Day on June 15, please show love and compassion to those around you this month. You’ll be surprised at how a small gesture can have a massive impact on someone’s life.
Bannister told MacDuff he had “given up” because there was nothing he could do. But MacDuff thought otherwise — she
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Securities offered through Kestra Investment Services, LLC, (Kestra IS), member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC, (Kestra AS) an affiliate of Kestra IS. Capital Advisory Group, Inc. is not affiliated with Kestra IS or Kestra AS. Neither Kestra IS or Kestra AS provide legal or tax advice and are not certified public accounting firms. KestraFinancial.com/disclosures
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