Category Archives: Finance

Bitcoin IRA: A Retirement Investment

When it comes to the setting up of IRA, you have probably not been thinking of bitcoins. That is because you may have failed to realize that Bitcoin has become one of the most skyrocketing cryptocurrencies and it is likely going to bring an effect like that of email to post office.

CRYPTOCURRENCY

What is Bitcoin IRA?

Bitcoin allows individuals to transfer funds independent of regulatory bodies. One of the most popular methods of investing in bitcoins is through IRA. This is where you are allowed to add bitcoins to your retirement account through a Bitcoin IRA. Investments made through the traditional IRAs are only dealt with by the financial institutions that set them up. In case of self-directed IRA, investors are allowed to buy an asset as long as the law allows it. It has the ability to hold conventional assets such as stocks, or other alternatives, including bitcoins.

How it works

Bitcoins are not issued by any clearing house or bank. They are made in a peer-peer network via a complicated mathematical system referred to as ‘mining’. The mining process is what gives bitcoins solid fraud protection. Mining prevents regulatory bodies such as, the central bank, from adding any quantity of this currency into an existing network. As opposed to other currencies, bitcoins have an inbuilt mechanism to prevent debasement.

COINS

Bitcoins can also be acquired by buying through IRA or various exchanges. Installing a Bitcoin wallet on your phone or PC is all you need to become a Bitcoin user. This app works like any other app just that it has superior functionality. Bitcoin IRA is one of the most secure ways of investing in bitcoins. Unlike the normal Bitcoin wallet, Bitcoin IRA offers you triple encryption and storage of your crypto in an offline wallet making it, hacker proof. It is also insured against theft, and it is protected in case of natural disaster. You need a reputable company to help you with the transfer process.

Merits

Since bitcoins printed like physical currency, there is zero probability of the central bank printing more and thus devaluing the worth of the currency. On a good note, In the event of a financial breakdown, there is no risk of a currency authority taking away your Bitcoin money. bitcoins are increasing their usage at a large rate. This makes them an ideal investment.

VIRTUAL COINS

On a final note, put in mind that Bitcoin is neither permitted nor prohibited as an IRA asset. This puts it in a gray area. However, since some brokers are offering specific Bitcoin IRAs, there is a lot of precedence for the approach. Nonetheless, once you are ready, get a reputable company to help you set up a Bitcoin IRA.

Top tax relief fraud practices to know

You may have heard different commercials or seen ads such as “solve your tax debt free of charge.” “We are the top tax relief company in the country,” the claim. The truth is that a lot of companies even if they are publicly traded are not exactly trustworthy. In fact, most of such companies have been sued by consumers for theft and fraud. With some research, you will realize that these companies

tax fraud 6taIt is unfortunate that tax relief industry has been invaded by vultures who are looking for an opportunity to prey on individuals who have been threatened by IRS. Although you cannot stop such unscrupulous characters, you can gather tools that can help you defend yourself. It is necessary to start by gaining knowledge about common tax relief scams. The following tips can help to protect you:

Non-refundable upfront payments

This is a common scam that is executed by some tax relief companies. They will charge you some money upfront and promise you great results which they are aware are unpredictable or even impossible to achieve. For instance, the company will ask you to offer them a lot of money before they start investigations. The truth is that some companies are bad apples in this particular industry.

Misrepresenting potential outcomes

This is carried out by aggressive salespeople who reel in the clients. They offer compromise settlements. The truth is that very few taxpayers can qualify for Offer in Compromise. Unfortunately, scam companies which are out there cannot tell you. They can cheat you that the process is undergoing well when everything has backfired.

Marking firms posing as service providers

tax fraud 5r6tNowadays, there are different companies promote tax relief services. However, they do nothing other than selling the customer’s information to tax relief companies. Unfortunately, a consumer may be made to believe that he or she is working directly with the company. However, they are likely to sell the customer’s information to other companies.

Outright fraudsters

Some companies are out there to cheat and steal from their customers. In fact, these are the companies the government is trying to shut down. Some unscrupulous companies enroll several clients into the program and collect the money without offering adequate services. When there are many upset customers and complaints, these companies change their names and start stealing from customers all over again.