The following is a list of papers that will be necessary:. Copies of all insurance policies. Marriage Certificate if the deceased's spouse will be requesting benefits. You may obtain copies at the Office of the County Clerk where the marriage license was issued. Certified copies of the death certificate a minimum of These can be bought from the funeral director or from the Health Department in your county. Birth Certificates of dependent children. These may be obtained at either the County or State Public Health offices where the child was born.
Social Security numbers of the spouse, deceased and any dependent children. Military discharge, if the deceased was a veteran. Write to The Department of Defense if you are unable to find copies. A complete list of all property, including stocks, savings accounts, real estate, and personal property of the deceased. Will, which will more than likely be with the lawyer of the deceased. As soon as you know you are going to be getting a divorce, immediately cancel all joint accounts.
Regardless of who accumulated the bill, creditors can legally try to collect payment from either party on the joint credit card or other credit account.
You will be responsible for payment as long as your name appears on the joint accounts. The agreement that is reached during the divorce may state who must pay the bills. From the creditor's point of view, both your spouse and you are responsible as long as the joint account stays open. The creditor will attempt to receive payment from who they think are most likely to pay while reporting late payments to the credit bureaus in both names. Due to the irresponsibility of the co-signer, your credit history could be harmed. You may be required to pay the remaining balance in full upon closure of the account.
If this is the case, ask the creditor to distribute the outstanding balance to separate accounts. A plan for the termination of the financial partnership of the marriage is crucial if you are thinking of divorce. All financial assets and liabilities that have been acquired during the years of marriage will need to be divided. If children play a role, the support that will be paid to the custodial parent in the future should be taken into account.
The time put into organizing this will be worth it in the long run. The following are a few steps to consider:. It will aid in determining how debts accumulated during the marriage will be paid off. It is best to try and get all the joint debt credit card debt paid off before the divorce.
To come to an agreement as to the method for paying them off, it is smart to make a list of the debts. It will give you an introductory look at the information needed to divide the property. Your residence s. The value of any brokerage accounts. Your valuable antiques, jewelry, luxury items, collections, and furnishings.
The current balance in all bank accounts. Your autos. The value of investments, including any IRAs. Keep in mind that you are not just looking for a car. You also have to select a dealer with whom you will continue a long-term relationship with, as you usually have to service your car at the dealership. If you aren't comfortable with the dealership, go somewhere else.
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A good time to try for a good bargain on a car is the last Saturday of September, October, or December. Before you start looking for a car, learn about the financing options. You can be prepared when the dealer starts to discuss financing if you are aware of what the banks are charging. Some points you will want to highlight during the negotiations are:.
Lastly, go to other dealerships even if you think you have a great price. Learn what the total initial costs will be when determining if you want to lease or buy. You will use this total amount to compare to the cost of buying. Initial costs are the amount you will need to come up with for the down payment when you lease a car. The security deposit, the first and last lease payments, the "capitalized cost reductions," the sales taxes, title fees, license fees, and insurance are included. Usually the initial costs amount to less than the down payment that is necessary to purchase a car.
During the bargaining with the dealer, all initial costs are open for negotiation. The Lessor must disclose all up-front, continuing, and ending costs in a standard, understandable format according to the Federal Consumer Leasing Act. In the case of death, life insurance will provide a form of income for your dependents, children or whoever is your beneficiary. Because of this, married couples usually require more life insurance than singles. Having someone dependent on your income will determine if you need to have life insurance. If someone such as a child, parent, spouse or other individual is dependent on your income, you should have life insurance.
The following are situations where life insurance is necessary:. First of all, beware that many insurance salespeople work on a commission basis, and may want to persuade you to purchase the policy that brings them the largest commission, rather than getting you the policy that makes the most sense for you. Most of all, be sure that the company you are buying from will be in existence when you need them.
Make sure that you check the insurer's rating before you consider doing business with them. Always review the costs of any recommended policy. The commissions will be stated, and you can see exactly where the money that you contribute will go. Ask the insurance agent to explain the different policies and why the one you agree on is the best for you considering your circumstances. Fuente: Thomson Reuters. Lease arrangements come in two different types: open-end or "finance" and closed-end or "walk-away.
Open-End: The Risk of Depreciated Value Falls on You At the end of the lease, the customer accepts the risk that the car will have a particular value or "estimate residual value" at the end of the lease. Due to this, the monthly payment is lower. At the end of the lease and your return of the car, it will be appraised.
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If the appraised value of the car is equal to at least the estimated residual value stated in the agreement, it will not be necessary to pay anything. With certain contracts, it is possible to receive a refund if the appraised value is lower than the residual value, although, you might have to pay part or all of the difference. Closed-End: The Risk of Depreciated Value Falls onto the Dealer At the end of the closed-end lease, the car is returned to the dealership and you simply walk away.
It must be returned with only normal wear and tear, and with less than the mileage limit that is stated in the lease. The monthly payment is higher than an open-end lease because the dealer bears the risk that the car's value will decrease by the end of the lease. Like a loan, the monthly lease payment is reliant on the term of the lease, the implied interest rate and the initial "purchase price" of the car. The "lease-end" or "residual" value varies from a loan, but is still important.
This is the value that is expected at the end of the lease term. You are paying the difference between the initial purchase price and the residual value in a lease. The lowest purchase price should be negotiated, which will lower the cost of leasing. If you don't intend to buy the car at the end of the lease term and it is closed-end, you might want to negotiate a higher residual value.
Make sure that your expected mileage during the lease aligns with the allowed mileage in the agreement. If it doesn't, you may pay significant penalties when you turn the vehicle back in to the dealer. Here are a few questions that should be answered before you sign a car lease:. All organizations that you had correspondence with while using your unmarried name should be notified. You can begin with the following list:. Here are some important steps to take for couples that are unmarried:.
It is the legal process of allocating the estate to the lawful heirs as well as paying the debts of the deceased. The process typically includes:. A petition must be filed by the spouse or the selected personal representative with the court following the death. A fee for the process of probate will be charged. Probation of a will might require legal assistance, depending on the size and complexity of the assets to probate.
If the deceased and someone else jointly owned assets, they are not subject to probate. The proceeds of a life insurance policy or Individual Retirement Account IRA will be paid to the beneficiary and are not subject to probate. The law will pass on the jointly held assets with right of survivorship on to the joint holder.
The designated beneficiary of the insurance policies and retirement accounts will be awarded to said individuals. The assets owned only by the decedent will be dealt with according to state law, known as intestacy. Generally, the preference is given to the spouse or children, but the laws differ from state to state.
You should first approach the seller of the item. Then, get in touch with the relevant consumer agency. If neither of the previous provides adequate results, a lawsuit can be filed or you may use arbitration. Approach the Seller. Get in touch with an agency. If your desired goal has yet to be reached, you will want to look in the phone book or online for a consumer complaint agency, such as the county, city or state consumer protection office or the Better Business Bureau. Another option is to go with the trade association method.
There are industry trade associations that will offer to aid in mediating issues with regards to their members. You may want to get in touch with the appropriate state-banking regulator if your issue deals with a bank. If an insurer is involved, you will want to get in touch with the state insurance regulator, for a securities problem contact the securities regulator or for utilities problems contact the public utilities commission.
Call the state-licensing department if you the issue deals with a state-licensed trade, such as a plumber. Research the lemon laws of your state, unless you reside in Arkansas or South Dakota, by getting in touch with your state consumer protections agency in the event that you purchased a bad used car. Get in contact with your area postal inspector, whose information can be located in the U. Look into finding a local television news program hotline for resolving consumer complaints.
Filing a lawsuit. More than likely speaking with an attorney and having them draft a letter to the merchant or service provider giving the details about the lawsuit will resolve the issue. You probably won't need to hire a lawyer if a small claims case is involved. If the case is bigger than small claims, you will want to hire a lawyer. Make sure that you are insured against whatever natural disasters are common in your area, because insurance against these differs. If you don't specifically ask, you may not be covered.
The price of rebuilding your home could differ greatly from the amount that your home is valued at today. Worker's compensation will only cover you for injuries that occur on the job site. The compensation varies from state to state, but most states will pay throughout the lifetime of the worker, in the case of a permanent disability. You can get all of the information that you need regarding individual state's worker's compensation benefits by contacting your state's Department of Labor.
With long-term care insurance LTCI , you are guaranteed to be paid a certain amount of money towards care for a specified length of time. As the age of the covered individual increases, so does the premium, so in order to get a better rate, this is something that you may want to purchase earlier in life while the premiums are still low.
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Indemnity-type insurance actually distributes the money to the caregivers, and pays the daily benefit directly to the insured party; this type can be easier because there is much less paperwork and more flexibility about how the money can be spent. It is a good idea to check the insurance rates that are given to certain cars before you buy them. Usually as the cost of the car rises, so does the insurance premium. The insurance rates on used cars are generally substantially lower than those of new cars.
In most states there will be a set of rules laid down by a group of insurance regulators. Agents may be required to calculate two different types of indexes to aid in price shopping. The net payment index calculates the cost of carrying the policy for ten to twenty years. This can be judged easily by remembering that the lower this number is, the more inexpensive the policy is. This is most helpful if you are more concerned with the death payout than the investment. On the other hand, the surrender cost index is more useful to those who are concerned with the cash value of the investment.
The lower this number is, the better. The cash surrender value is what you will receive in return if you were to surrender the policy, which is different than the cash accumulation value. If you are checking the prices of universal life policies, if the policies have different premiums and death benefits, the policy with the higher cash surrender value would be the better investment.
Source:Thomson Reuters. Clearly you should always perform a good amount of due diligence when searching for any policy. Be sure to compare the differences in services offered and prices quoted. There are many discounts available for different things, don't forget to ask if you qualify for any of them.
Remember that the deductible will largely affect the price of the premium. It is a good idea to keep the deductible as high as you feel comfortable with to keep the premium down. You can generally get a better deal when you purchase your auto and house policies from the same company and you can also get a better rate by not insuring the land.
It is important to look at the stability of the company that you are looking into, because they need to be there when you are in your time of need. Companies who sell long-term insurance may not be as closely regulated as other insurance companies. There is a big difference in the premiums that people pay in the suburbs where there is much less traffic congestion as opposed to people that live in big cities with many accidents per capita.
Usually this is judged by the zip code of which you register as your home. To ensure that you receive the best rate possible it is useful to understand how these premiums are calculated by insurers. Firstly insurers will place people into four main categories:. Someone who has a semi-serious illness such as diabetes or heart disease can be insured but will pay a higher premium. People with a chronic illness will be placed in the substandard category. Someone with a terminal illness will be rendered uninsurable.
People with high risk jobs or hobbies will be considered substandard as well. The premiums that you are charged will correlate with the category that you are placed in. Since the categorizing is not an exact science, one company may place you in a different category than another, thus drastically changing the prices of your premiums. Once you are approved for coverage from a company, they cannot deny you coverage for any reason unless you cease payment. Make a list of your possessions in your household. The better documented this is the more likely you will be to be able to replace them.
Make sure that you inform your agents of any changes that you make to the home so that if anything happens to the structure, the recent changes will be reflected in the payout. Check to see if there are any specific limits to what is insured by your company. Sometimes a person may think they are covered for certain things, but the limits negate that. In order to figure out how much insurance you need, you will need to explore your current household expenses, debts, assets, and streams of income.
If you need assistance in this, consult either your accountant or financial advisor. The amount of money that you want to leave behind for your dependents should allow them to use some of the money to maintain their current standard of living, then reinvest another lump sum to ensure that they will be well off in the future. When attempting to calculate the amount of money that you need to leave behind, be extremely meticulous. If you err low, your family may not receive the help that they need from the insurance company, and if you err the other way, you will be spending more than necessary in insurance premiums.
The main reason that people purchase life insurance is to know that in the event of their passing, their children and loved ones will be taken care of. Life insurance can also help with the distribution of your estate. Your payout could go to family, charity, or wherever you choose to distribute it.
The main reasons to buy life insurance would be because you have dependents that would be put in a tough position without you providing for them. For example, if you have a spouse, a child, or a parent who is dependent on your income, you should have life insurance. If you have a spouse and young children, you will need more insurance than someone with older children, because they will be dependents for a longer amount of time than older children.
If you are in a position where you and your spouse both earn for the family, then you should both be insured in proportion to the incomes that you garner. If you have a spouse and older children or no children, you will still want to have life insurance, but you won't need the same level of insurance as in the first example, just enough to ensure that your spouse will be provided for, to cover your burial expenses, and to settle the debts that you have accumulated. If you don't have children or a spouse, you will only need enough insurance to make sure that your burial expenses are covered, unless you would like to have an insurance policy in order to help in the distribution of your estate.
With more and more United States citizens earning money from foreign sources, the IRS reminds people that they must report all such income on their tax return, unless it is exempt under federal law. This applies whether a person lives inside or outside the United States. The foreign income rule also applies regardless of whether or not the person receives a Form W-2, Wage and Tax Statement, or a Form information return. Foreign source income includes earned income, such as wages and tips, and unearned income, such as interest, dividends, capital gains, pensions, rents and royalties.
An important point to remember is that citizens living outside the U. However, the exclusion does not apply to payments made by the U. Please contact us if you feel you may have earned foreign income to learn more! Are you expecting a tax refund from the Internal Revenue Service this year? If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date IRS receives your return.
If you file your return electronically, your refund should be issued in about half the time it would take if you filed a paper return — even faster when you choose direct deposit.
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Series I Savings Bonds with your refund, or you may be able to have your refund electronically deposited directly into your bank account either in one account, or in multiple accounts. Direct deposit into a bank account is more secure because there is no check to get lost. And it takes the U. Treasury less time than issuing a paper check.
Incorrect numbers can cause your refund to be misdirected or delayed. Direct deposit is also available if you electronically file your return. A few words of caution — some financial institutions do not allow a joint refund to be deposited into an individual account.
Check with your bank or other financial institution to make sure your direct deposit will be accepted. You may not receive your refund as quickly as you expected. A refund can be delayed for a variety of reasons. For example, a name and Social Security number listed on the tax return may not match the IRS records. You may have failed to sign the return or to include a necessary attachment, such as Form W-2, Wage and Tax Statement. Or you may have made math errors that require extra time for the IRS to correct. To check the status of an expected refund, use "Check your Federal Refund" an interactive tool available on our Links page.
Simple online instructions guide you through a process that checks the status of your refund after you provide identifying information from your tax return.
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Once the information is processed, results could be one of several responses. There are many factors that are taken into account by the issuing company, such as:. Do not choose your insurer strictly on price, however. Quality and level of service should be a factor in your choice as well, and their ratings should be checked.
Collision coverage ensures the repair of your car whether you were at fault or not, even if your car is damaged by fire, flood, wind or hail. Depending on the value of your car, this coverage may not be cost effective. The first thing to do is bargain shop to make sure that the rates you are getting are reasonable in comparison to other companies. Within the policy that you have, these are a few tips that could save you a few bucks. The IRS reminds taxpayers that specific rules apply for taking a tax deduction for donating cars to charities.
People who want to take a deduction for the donation of their vehicle on their tax return should take quite a few steps, but here is the most obvious:. Check that the Organization is Qualified. Taxpayers must make certain that they contribute their car to an eligible organization; otherwise, their donation will not be tax deductible. Be sure to have the organization's correct name and its headquarters location, if possible. Churches, synagogues, temples, mosques and governments are not required to apply for this exemption in order to be qualified. Please contact us if you're considering a car donation for your tax return!
Confused about whether you can contribute to a Roth IRA? The IRS suggests checking these simple rules:. This exclusion is allowed each time that you sell your main home, but generally no more frequently than once every two years. To be eligible for this exclusion, your home must have been owned by you and used as your main home for a period of at least two out of the five years prior to its sale. You also must not have excluded gain on another home sold during the two years before the current sale. If you and your spouse file a joint return for the year of the sale, you can exclude the gain if either of you qualify for the exclusion.
To exclude gain, a taxpayer must both own and use the home as a principal residence for two of the five years before the sale. The two years may consist of 24 full months or days. Short absences, such as for a summer vacation, count as periods of use. Longer breaks, such as a one-year sabbatical, do not. If you do not meet the ownership and use tests, you may be allowed to exclude a reduced maximum amount of the gain realized on the sale of your home if you sold your home due to health, a change in place of employment, or certain unforeseen circumstances.
Unforeseen circumstances include, for example, divorce or legal separation, natural or man-made disaster resulting in a casualty to your home, or an involuntary conversion of your home. Send us a message for more! A few tips to ensure that you claim correctly and receive your money as quickly as possible:. Taxpayers who refinanced their homes may be eligible to deduct some costs associated with their loans. Points paid to obtain an original home mortgage can be, depending on circumstances, fully deductible in the year paid.
However, points paid solely to refinance a home mortgage usually must be deducted over the life of the loan. For a refinanced mortgage, the interest deduction for points is determined by dividing the points paid by the number of payments to be made over the life of the loan. This information is usually available from lenders.
Taxpayers may deduct points only for those payments made in the tax year. However, if part of the refinanced mortgage money was used to finance improvements to the home and if the taxpayer meets certain other requirements, the points associated with the home improvements may be fully deductible in the year the points were paid. Also, if a homeowner is refinancing a mortgage for a second time, the balance of points paid for the first refinanced mortgage may be fully deductible at pay off. Other closing costs — such as appraisal fees and other non-interest fees — generally are not deductible.
Additionally, the amount of Adjusted Gross Income can affect the amount of deductions that can be taken. Please contact us if you've recently refinanced, and we can be a big help! You will need to have liability coverage, property damage, and bodily injury. This way you will be protected if you are at fault and cause damage to a person or their property. You should have uninsured motorist coverage, which will protect you against financial damages caused by an uninsured motorist or a hit and run, should one occur. It is highly recommended that you prepay as much of your mortgage as possible every month, which will drastically reduce the total amount that you pay.
However, there are times where this could be disadvantageous. If you are in a situation where you don't have funds to cover three to six months of expenses, it is recommended that you save that amount before you pay additional amounts on your mortgage. If you have a large amount of credit card debt, over the long run, you will save more money by knocking down those high interest loans first.
There also may be times where that money would be more wisely invested in the market, depending on the expected rate of return versus how much you would save in early payments. One popular tax savings outlet available to taxpayers today is the Individual Retirement Account, more commonly referred to as an IRA. There are several options you have when deciding which type of IRA account to enter into.
You may be able to take a tax deduction for the contributions to a traditional IRA, depending on whether you or your spouse, if filing jointly, are covered by an employer's pension plan and how much total income you have. Conversely, you cannot deduct Roth IRA contributions, but the earnings on a Roth IRA may be tax-free if you meet the conditions for a qualified distribution.
Generally, you can contribute a percentage of your earnings for the current year or a larger, catch-up contribution if you are age 50 or older. You can file your tax return claiming a traditional IRA deduction before the contribution is actually made. However, the contribution must be made by the due date of your return, not including extensions. If you haven't contributed funds to an Individual Retirement Account IRA for last tax year, or if you've put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15 due date for filing your tax return for last year, not including extensions.
Be sure to tell the IRA trustee that the contribution is for last year. Otherwise, the trustee may report the contribution as being for this year, when they get your funds. If you report a contribution to a traditional IRA on your return, but fail to contribute by the deadline, you must file an amended tax return by using Form X, Amended U. Individual Income Tax Return. You must add the amount you deducted to your income on the amended return and pay the additional tax accordingly.
You may be able to take the Credit for the Elderly or the Disabled if you were age 65 or older at the end of last year, or if you are retired on permanent and total disability, according to the IRS. Like any other tax credit, it's a dollar-for-dollar reduction of your tax bill. The maximum amount of this credit is constantly changing. You can take the credit for the elderly or the disabled if:. Generally, you are a qualified individual for this credit if you are a U. If you are under age 65, you can qualify for the credit only if you are retired on permanent and total disability.
This means that:. Even if you do not retire formally, you are considered retired on disability when you have stopped working because of your disability. If you feel you might be eligible for this credit, please contact us for assistance. The credit is available only to the original purchaser of a new qualifying vehicle, and the vehicle must be placed in service in the same year the credit is being claimed on the return.
If the qualifying vehicle is leased the credit is available only to the leasing company. Also, the vehicle must be used primarily in the United States. Additional conditions regarding qualified manufacturers and phase out rules may also apply in determining credit eligibility. Whether you are self-employed or an employee, if you use a portion of your home exclusively and regularly for business purposes, you may be able to take a home office deduction.
You can deduct certain expenses if your home office is the principal place where your trade or business is conducted or where you meet and deal with clients or patients in the course of your business. If you use a separate structure not attached to your home for an exclusive and regular part of your business, you can deduct expenses related to it. Your home office will qualify as your principal place of business if you use it exclusively and regularly for the administrative or management activities associated with your trade or business.
There must be no other fixed place where you conduct substantial administrative or management activities. If you use both your home and other locations regularly in your business, you must determine which location is your principle place of business, based on the relative importance of the activities performed at each location. If the relative importance factor doesn't determine your principle place of business, you can also consider the time spent at each location.
If you are an employee, you have additional requirements to meet. You cannot take the home office deduction unless the business use of your home is for the convenience of your employer. Also, you cannot take deductions for space you are renting to your employer. Generally, the amount you can deduct depends on the percentage of your home used for business.
Your deduction will be limited if your gross income from your business is less than your total business expenses. Please contact us for more! You may even have to pay tax on the gift. The person who received your gift does not have to report the gift to the IRS or pay either gift or income tax on its value. You make a gift when you give property, including money, or the use of or income from property, without expecting to receive something of equal value in return. If you sell something at less than its value or make an interest-free or reduced-interest loan, you may be making a gift.
There are some exceptions to the tax rules on gifts. The following gifts do not count against the annual limit:. If you are married, both you and your spouse can give separate gifts of up to the annual limit to the same person without making a taxable gift. The following main points should be contained in a good loan proposal:. Below are highlights of some of the most significant changes affecting individual and business taxpayers. Except where noted, these changes are effective for tax years beginning after December 31, More to consider. This is just a brief overview of some of the most significant TCJA provisions.
There are additional rules and limits that apply, and the law includes many additional provisions. Base Salary. Social Security Tax Rate. Maximum Social Security Tax. Medicare Base Salary. Medicare Tax Rate. Additional Medicare Tax. Filing status. Compensation over. Married filing jointly. Married filing separate. Head of household with qualifying person. Qualifying widow er with dependent child. American Opportunity Tax Credit Hope. Lifetime Learning Credit. Student Loan Interest Deduction.
Coverdell Education Savings Contribution. Standard Deduction:. Business Equipment Expense Deduction. Prior-year safe harbor for estimated taxes of higher-income. Standard mileage rate for business driving. Standard mileage rate for charitable driving. Child Tax Credit. Capital gains tax rate for unrecaptured Sec. Capital gains tax rate on collectibles and qualified small business stock. Self-employed health insurance deduction.
Estate tax exemption. Annual Exclusion for Gifts. Foreign Earned Income Exclusion. Do you work at a hair salon, barber shop, casino, golf course, hotel or restaurant or drive a taxicab? The tip income you receive as an employee from those services is taxable income, advises the IRS. As taxable income, these tips are subject to federal income, Social Security and Medicare taxes, and may be subject to state income tax as well. You must keep a running daily log of all your tip income and tips paid out. This includes cash that you receive directly from customers, tips from credit card charges from customers that your employer pays you, the value of any non-cash tips such as tickets or passes that you receive, and the amount of tips you paid out to other employees through tip pools or tip splitting and the names of those employees.
Your employer is required to withhold federal income, Social Security and Medicare taxes and to report the correct amount of your earnings to the Social Security Administration which will affect your benefits when you retire or if you become disabled, or your family's benefits if you die. Contact us so your wages are properly reported! A Coverdell Education Savings Account ESA is a savings account created as an incentive to help parents and students save for education expenses.
The beneficiary will not owe tax on the distributions if, for a year, the distributions from an account are not more than a beneficiary's qualified education expenses at an eligible education institution. This benefit applies to higher education expenses as well as to elementary and secondary education expenses. Generally, any individual including the beneficiary can contribute to a Coverdell ESA if the individual's modified adjusted gross MAGI income is less than an annual, constantly changing maximum.
Usually, MAGI for the purpose of determining your maximum contribution limit is the adjusted gross income AGI shown on your tax return increased by the following exclusion from your income: foreign earned income of U. Contributions to a Coverdell ESA may be made until the due date of the contributor's return, without extensions. This tool gives taxpayers access to their tax return and refund status anytime.
All they need is internet access and three pieces of information:. Taxpayers can start checking on the status of their return within 24 hours after the IRS received their e-filed return, or four weeks after they mail a paper return. Generally, the IRS issues most refunds in less than 21 days, but some may take longer. IRS phone and walk-in representatives can research the status of refunds only if it's been 21 days or more since a taxpayer filed electronically, or more than six weeks since they mailed a paper return.
If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U. The December Tax reform legislation affects almost every taxpayer. The IRS is working closely with partners in the tax return preparation and tax software industries to prepare for tax reform affecting tax year As people prepare to file their tax returns this year, they can visit IRS. Here are several of the resources that will help taxpayers find out how this law affects them:. Tax reform provisions that affect individuals.
This is the main tax reform page with information for individual taxpayers. It includes dozens of links to more information on topics from withholding and tax credits to deductions and savings plans. Tax reform basics for individuals and families. This publication provides information to help individual taxpayers understand the Tax Cuts and Jobs Act and how to comply with federal tax return filing requirements.
Tax reform resources. On this page, taxpayers can find helpful products including news releases, tax reform tax tips, revenue procedures, fact sheets, FAQs and drop-in articles. This page has dozens of resources and tools that people can visit now or any time before they file their tax returns. Paycheck Checkup. Taxpayers can perform a Paycheck Checkup at the beginning of to make sure their withholding is correct for the rest of the year.
IRS Withholding Calculator. One way taxpayers can do a Paycheck Checkup is to use the Withholding Calculator. Checking withholding can help taxpayers protect against having too little tax withheld and facing an unexpected tax bill or penalty at tax time. Taxpayer Advocate. Its interactive information can be reviewed by tax topic or line by line using a Form example and is updated to show the new Form references. Tax reform. The main tax reform webpage on IRS. It is also a great resource for anyone who does taxes or accounting for a business or charity.
Today, towards the end of the second full week of the tax filing season, the Internal Revenue Service warned taxpayers to avoid unethical tax return preparers, known as ghost preparers. Paid preparers must sign the return and include their PTIN. Instead, they print the return and tell the taxpayer to sign and mail it to the IRS. Or, for e-filed returns, they prepare but refuse to digitally sign it as the paid preparer. According to the IRS, similar to other tax preparation schemes, dishonest and unscrupulous ghost tax return preparers look to make a fast buck by promising a big refund or charging fees based on a percentage of the refund.
These scammers hurt honest taxpayers who are simply trying to do the right thing and file a legitimate tax return. Ghost tax return preparers may also:. The IRS urges taxpayers to review their tax return carefully before signing and ask questions if something is not clear. And for any direct deposit refund, taxpayers should make sure both the routing and bank account number on the completed tax return are correct. The IRS offers tips to help taxpayers choose a tax return preparer wisely.
Taxpayers can report abusive tax preparers to the IRS. Here are several resources on the IRS website that address tax reform. Tax reform provisions that affect businesses. This is the main page for businesses. Users can link from this page out to more resources with additional information, which is organized in sections by topic. These sections include a plain language description and links to news releases, notices and other technical guidance. Here are a few of the main tax topics on this page and the subtopics highlighted in each section:.
This page also includes information for specific industries, such as farming, insurance companies, and aircraft management services. Tax Reform Small Business Initiative. This one-stop shop highlights important tax reform topics for small businesses. From this page, users can link to several additional resources. From this page, people can link to helpful products including news releases, tax reform tax tips, revenue procedures, fact sheets, FAQs and drop-in articles. Organizations can share these materials including the drop-in articles with employees, customers and volunteers to help them better understand tax reform.
Tax Cuts and Jobs Act: A comparison for businesses. This side-by-side comparison can help businesses understand the changes the new law made to previous law. It will help businesses then make decisions and plan accordingly. This electronic publication covers many of the TCJA provisions that are important for small and medium-sized businesses, their owners, and tax professionals to understand.
The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. If neither the taxpayer nor their spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.
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Here are the phase-out ranges for Section of the Internal Revenue Code Code provides for dollar limitations on benefits and contributions under qualified retirement plans. Section d requires that the Secretary of the Treasury annually adjust these limits for cost of living increases. Other limitations applicable to deferred compensation plans are also affected by these adjustments under Section Under Section d , the adjustments are to be made following adjustment procedures similar to those used to adjust benefit amounts under Section i 2 A of the Social Security Act.
Effective Jan. For a participant who separated from service before Jan. The Code provides that various other dollar amounts are to be adjusted at the same time and in the same manner as the dollar limitation of Section b 1 A. After taking into account the applicable rounding rules, the amounts for are as follows:. The compensation amount under Section 1. The dollar limitation on premiums paid with respect to a qualifying longevity annuity contract under Section 1. The Code also provides that several retirement-related amounts are to be adjusted using the cost-of-living adjustment under Section 1 f 3.
After taking the applicable rounding rules into account, the amounts for are as follows:. Constitution or federal law that prohibits multiple states from collecting tax on the same income. Although many states provide tax credits to prevent double taxation, those credits are sometimes unavailable. If you maintain residences in more than one state, here are some points to keep in mind. Domicile vs. Residence, on the other hand, is based on the amount of time you spend in a state. Potential solution. Suppose you live in State A and work in State B. Given the length of your commute, you keep an apartment in State B near your office and return to your home in State A only on weekends.
State A taxes you as a domiciliary, while State B taxes you as a resident. Neither state offers a credit for taxes paid to another state, so your income is taxed twice. One possible solution to such double taxation is to avoid maintaining a permanent place of abode in State B. Minimize unnecessary taxes. This example illustrates just one way double taxation can arise when you divide your time between two or more states. Our firm can research applicable state law and identify ways to minimize exposure to unnecessary taxes. Sidebar: How to establish domicile. But, when two states each claim you as a domiciliary, neither believes that taxes are properly due to the other.
There are various ways to do so. You could also open bank accounts in the new state and use your new address for important financially related documents such as insurance policies, tax returns, passports and wills. Other effective measures may include registering to vote in the new jurisdiction, subscribing to local newspapers and seeing local health care providers.
Bear in mind, of course, that laws regarding domicile vary from state to state. The IRS has reopened following the end of the government shutdown, and IRS employees are working hard to resume normal operations and help taxpayers as much as possible. As the IRS resumes operations, there are some important pieces of information for taxpayers and tax professionals to keep in mind in several areas:. This section includes information related to liens, levies, notices of deficiency, penalties, passports and private debt collection.
Tax Filing for individuals. The IRS successfully opened the filing season for taxpayers on Jan. The IRS will be doing everything it can to have a smooth tax season and minimize the impact on taxpayers. Tax Court. Taxpayer Advocate Service. All TAS offices are now open. All cases matter greatly to us and we need to make sure we are addressing the most serious cases first. Due to the prolonged government shutdown, we will need some time to sort through all of our cases, calls and faxes so that we can address the most critical emergencies first.
Please be aware that if you call our offices your call may go to voicemail. We encourage you to leave your name, phone number, case number if applicable and detailed information about your case. Your case is important to us and we will get back to you as soon as we are able to do so. While our response times will be longer than usual, we thank you for your patience.
The IRS has resumed processing these applications for retirement plans. The IRS has resumed processing applications for tax-exempt status. For through , the TCJA suspends personal exemptions. This will substantially increase taxable income for large families. However, enhancements to the standard deduction and child credit, combined with lower tax rates, might mitigate this increase. Taxpayers can choose to itemize certain deductions on Schedule A or take the standard deduction based on their filing status instead.
Itemizing deductions when the total will be larger than the standard deduction saves tax, but it makes filing more complicated. These amounts will be adjusted for inflation for through For some taxpayers, the increased standard deduction could compensate for the elimination of the exemptions, and perhaps even provide some additional tax savings.
But for those with many dependents or who itemize deductions, these changes might result in a higher tax bill — depending in part on the extent to which they can benefit from enhancements to the child credit. Credits can be more powerful than exemptions and deductions because they reduce taxes dollar-for-dollar, rather than just reducing the amount of income subject to tax.
The new law also makes the child credit available to more families than in the past. Many factors will influence the impact of the TCJA on your tax liability for and beyond. For help assessing the impact on your situation, contact us. Working from home has become commonplace for people in many jobs. Beginning with the tax year, fewer taxpayers will qualify for the home office deduction. Changes under the TCJA. For employees, home office expenses used to be a miscellaneous itemized deduction.
Other eligibility requirements. Deduction options. If eligible, you have two options for claiming the home office deduction. First, you can deduct a portion of your mortgage interest, property taxes, insurance, utilities and certain other expenses, as well as the depreciation allocable to the office space. This requires calculating, allocating and substantiating actual expenses.
A second approach is to use the simplified option. More rules and limits. One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to ask the IRS Appeals Office to review your case. During their contact with taxpayers, IRS employees are required to explain and protect these taxpayer rights, including the right to appeal.
The IRS appeals system is for people who do not agree with the results of an examination of their tax returns or other adjustments to their tax liability. In addition to examinations, you can appeal many other things, including:. Appeals conference are informal meetings.
The local Appeals Office, which s independent of the IRS office that proposed the disputed action, can sometimes resolve an appeal by telephone or through correspondence. The IRS also offers an option called Fast Track Mediation, during which an appeals or settlement officer attempts to help you and the IRS reach a mutually satisfactory solution. Most cases not docketed in court qualify for Fast Track Mediation. You may request Fast Track Mediation at the conclusion of an audit or collection determination, but prior to your request for a normal appeals hearing. Fast Track Mediation is meant to promote the early resolution of a dispute.
It doesn't eliminate or replace existing dispute resolution options, including your opportunity to request a conference with a manager or a hearing before Appeals. You may withdraw from the mediation process at any time. When attending an informal meeting or pursuing mediation, you may represent yourself or you can be represented by an attorney, certified public accountant or individual enrolled to practice before the IRS.
If you and the IRS appeals officer cannot reach agreement, or if you prefer not to appeal within the IRS, in most cases you may take your disagreement to federal court. But taxpayers can settle most differences without expensive and time-consuming court trials. For more information on the appeals process, please contact us!
The Internal Revenue Service today issued the optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. The business mileage rate increased 3. The charitable rate is set by statute and remains unchanged. It is important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses.
Taxpayers also cannot claim a deduction for moving expenses, except members of the Armed Forces on active duty moving under orders to a permanent change of station. The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System MACRS or after claiming a Section deduction for that vehicle.
Harv Eker. Money Master The Game. Tony Robbins. Mostrando de 31 opiniones. Ha surgido un problema al filtrar las opiniones justo en este momento. Vuelva a intentarlo en otro momento. Formato: Libro de bolsillo Compra verificada. Creemos que invertimos en activos, mientras lo que hacemos todo el rato es invertir en deudas. Para poder entenderlo, te invito a leer el libro. Sencillo, sentido comun y te hace pensar de otra forma, como un inversor. Hay pocos libros capaces de inspirar tanto como para cambiarle a uno la vida.
Es muy reconfortante encontrar en palabras las intuiciones propias. It is clear, it goes straight to the point and it is easy to understand too. Formato: Tapa blanda Compra verificada. I would recommend everybody to read this book. It is really inspiring and eye opening. It not only shows how money works but also it teaches you a lot about yourself and why you are stuck in the same situation all the time.
Thank you very much Robert T. Kiyosaki for sharing what you know with the world. Es muy interesante el libro y me ha llevado a plantear el modelo de educacion que recibimos y el que le damos a nuestros hijos.
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Vale la pena leerlo. Ver las 31 opiniones. Ir a Amazon. Volver arriba. Gana dinero con nosotros. Todos los derechos reservados.