Libman Tax - December 2018

STOP DONATINGTO SCAMMERS How to Spot Fraud This Holiday Season

Inside every office building, there is an employee who arrives before all their co-workers in the morning and is the last to leave at night. They diligently work throughout all the hours of the day, get all their projects done long before their deadlines, and seem to be at least five steps ahead of everyone else at any given time. While this work ethic doesn’t necessarily fit with each individual’s approach to their jobs, I think that most people would admit to being impressed by these seemingly superhuman workers. One individual whose studiousness never fails to inspire me is Ed Barlow. Ed is a real estate genius. He has this uncanny sense of when to invest in a property and when to sell it. I’ve taken to referring to his talent as his sixth sense because, beyond his industriousness, he just seems to truly have phenomenal instincts and understands the market better than anyone else I’ve met. In the 30 years that my dad and I have been able to work with him on managing his finances, I’ve noticed that his exceptional architectural taste and impeccable attention to detail is what has helped him ensure that every single deal he does is successful. During the season of giving, charities receive a much-needed rush of donations as people open their hearts to others. Unfortunately, criminals are all too willing to abuse this goodwill. According to a report from the Justice Department, Americans over the age of 60 lose over $3 billion a year to scams and fraudsters. As charity scams reach their peak, here’s what you need to do to ensure your donations aren’t lining the pockets of criminals. NEVER GIVE BY PHONE OR EMAIL. Charities regularly reach out to past and potential donors through traditional mail, email, phone calls, or text messages. This means fraudsters will mimic their approach with less noble intentions. Because it’s impossible to determine who is on the other end of a call or email, you should never hand over your credit card information to strangers. If you really are speaking to a representative from a legitimate charity, they will direct you to a secure avenue where you can give without worry. FEELING PRESSURED? WALK AWAY. A lot of charities set goals they want to reach before the new year, but even groups that are hoping to raise a certain amount of money

know better than to pressure donors into giving. Donations should always come from the heart, and it’s a bad sign if someone insists there’s a deadline for giving. As the Better Business Bureau says, “Responsible organizations will welcome your gift tomorrow as much as they do today.” ONLY GIVE TO REPUTABLE CHARITIES. Do some research before donating to charities. Look up any prospective charity on Charity Navigator at CharityNavigator. org. This service flags “high concern” organizations suspected of fraud and ranks how reliable established charities are. Even legitimate organizations can be misleading about how they spend their donations. A good rule of thumb is to avoid organizations that spend more than 25 percent of donations on salaries or administrative costs. There are many amazing charities and organizations that do good work. Stay vigilant to make sure you are bringing joy to the world and not falling for a criminal looking to make a quick buck.

Meet Ed Barlow, One of the Best Salesmen I Know Client Spotlight

he thoroughly examines it. For a guy who isn’t a tax strategist or CPA, Ed somehow manages to ask all the right questions — and I love this about him. I also like that he is a diligent planner. In fact, before he starts working on selling a property, he inquires about the tax ramifications and prepays his taxes. To me, Ed is a dream client, and I like to joke that if I could get 10 more Eds, I’d thank God every day!

In addition to Ed’s overall success, his husband, Patrick, also excels in his role as an executive in the health care and insurance industry. In fact, for as good as Ed does in the real estate business, Patrick matches him in his own pursuits. Together, they make up one of the most efficient and hardworking couples I know.

Ed’s attention to detail extends far beyond buying and selling property, though. When I give him back his tax return each year,

2 • www.AdamLibman.com • Pay Less Taxes by Implementing Tax Reduction Strategies

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