We pay Congress to help the wealthy use hobbies to avoid taxes

 

Child Tax Credit account info

In January, the IRS plans to send us a statement (6419) of the amounts we received in 2021 for this monthly advanced CTC payment. We must reconcile the amount we received to the amount we were due to receive based on our income. Some have received $1,800--$300 a month for 6 months in 2021 via direct deposit. Most tax prep software will do the calculation for us based on the amount we enter. IRS warns that if we enter $0 (don’t remember exactly how much we received), our refund will be delayed for months. The advance was calculated on previous year adjusted gross income—AGI—from our 2020 or 2019 tax return. As a result of any family and life changes, you may receive a total amount of advance Child Tax Credit payments that exceeds the amount of Child Tax Credit that you properly are allowed on your 2021 tax return. You may owe the IRS the excess payments. This will cause a refund to be reduced or conversely, a tax due.

AARP is again providing FREE tax prep locally starting in February: https://www.aarp.org/money/taxes/info-2018/aarp-tax-help-fd.html

 

We pay Congress to help the wealthy use hobbies to avoid taxes

The hobbies and side businesses of the ultra wealthy create huge write-offs that can let them get away with paying little or no income tax for as much as a decade at a time. America tax system lets the rich deduct the money they lose by indulging in expensive hobbies. Six of the 20 thoroughbreds running in the Derby were owned by Americans whose horse-racing operations have produced $600 million in losses that they use to offset their income, according to ProPublica’s analysis of IRS data. The wealthy use their hobbies to reduce their taxes. The wealthy pursue happiness with their toys; they do it with a subsidy from our taxes. Their hobby is subsidized by us taxpayers. Some of the wealthiest amass deductions to such an extent that they can avoid income taxes for years on end. Many of these tax avoiders are titans in commercial real estate or oil and gas, industries on which the tax laws bestow unusually lucrative advantages. Ty Warner, creator of the Beanie Baby toy, lost so much money on his side business — luxury hotels and resorts — that he went 12 years without paying a dollar in federal income taxes. Dr. Patrick Soon-Shiong, who built his $7.1 billion fortune by selling two drug companies, oversees an array of businesses that have produced tax losses, including the Los Angeles Times, which he bought in 2018. He hasn’t paid federal income tax in five consecutive recent years. Does your Congressperson let you avoid taxes with your hobbies?

American Socialism: https://www.amazon.com/Americas-Socialism-Rich-little-people-pay/dp/1535218584/

 

Best securities mix for retirement income

Retirement income needs can last 30 years. The former generation formulas were not designed to last that long. With inflation increasing and health care costs jumping up at two times the rate of inflation, you need to maintain accumulation as well as taking income from your nest egg. If your pension and annuity have fixed benefits, your monthly income will be cut down in a few years. Stocks are the only security that can outpace inflation. Stock market returns are not guaranteed year to year but over time are better bets than a fixed rate return. Over the last 3, 5, 10-year period, the market has returned over 15%. Your money quadrupled during that time. See how much you can spend each year with financial planning software: https://retirementplans.vanguard.com /VGApp/pe/pubeducation/calculators/RetirementNestEggCalc.jsf. One of the greatest investors of all time, Warren Buffett, has recommended putting most of your retirement dollars in the completely diversified low-cost 500 Index from Vanguard and moving your excess market returns (11% is the average) into a money market fund each year. Don’t give away 2% a year to a manager. Some of my readers use the low-cost Vanguard Wellesley Income Fund which has provided returns of over 9% a year since 1970. This week our gov stops giving our taxes to private biz to slow the market: Time to act.

https://www.amazon.com/Warren-Buffetts-Vanguard-Funds-Retirement/dp/1496148592

 

Great gift idea: tax-free ‘Wealth Reserve’

Help you child or grandchild get off to a great start in life: open a tax-FREE account for a secure future. You can open an account with them for $1000 and as they make contributions from earnings and holiday gifts, you can show them how their money compounds at over 11% a year. There are no broker fees, charges, or commissions so every $1 works for their future benefit. They never have to pay Uncle Sam either. This is a legal IRS tax shelter. It is the ultimate wealth management system for their whole life. A ‘Wealth Reserve’ is the New American Retirement System: all earnings are tax FREE.

Get them started right: https://www.amazon.com/Give-your-child-leg-manage/dp/1096505355

 

Congress creates Zero Tax zone in Puerto Rico

In Puerto Rico, they pay nothing. Many with crypto wealth are taking a page out of hedge funds’ books and seeking residence on the island to reap huge tax savings. “Crypto Mondays” gatherings at hotels and restaurants across San Juan is a common occurrence. Facebook’s Frances Haugen told the NY Times she's living in Puerto Rico in part to be with her “crypto friends.” New York City’s mayor-elect, Eric Adams, even flew there in November with crypto-billionaire Brock Pierce for dinner with Puerto Rico’s Governor Pedro Pierluisi. A 2012 law to spur development exempts new residents from paying taxes on capital gains. Since old residents do not benefit, some feel the tax exemption may just exacerbate the bankruptcy situation of the island. Applications for residency are up as Dems look for ways to capture tax revenue lost in new tax avoidance schemes.

Use your Zero Tax Account: https://www.amazon.com/Your-ZERO-Tax-Account-Wealthy/dp/1482772795

  

?**********ACCOUNTABILITY**************?

 

 

Like 1776, this period is a test of democracy—We rejected an "American fascist" once

 

 

The Path to Dictatorship: 2010-2030

 

 

More Trump advisors ignore Congress law

 

National Guard! backing up Trump terrorists

 

Trump declines to stop coup terrorists attack

 

Corporate America funds the next attempted coup

 

Bannon: 'We Reign for 100 Years'

 

 

How Govt wastes our money:

Manchin’s coal empire driving Congress block help for families: saved his subsidies$

Trump’s coup planned to use emergency powers: armed National Guard takes over gov

Tax avoidance is a long American tradition: for the wealthy only: we pay their subsidy

 

Vets steal Army weapons sell into underground where mass-killing weapons allowed.

Manchin cancels Child Tax Credit: needs the money for his coal companies subsidies

 

SCAMS/SPINS:

Judge: Citizen enforcement of TX abortion law unconstitutional: vigilante justice

Supremes: ban on interstate commerce by TX upheld: telemedicine blocked

 

Air Force discharges 27: refusal to get COVID vaccine: vaccine critical to health of AF

GOP Senator says you can kill Covid with mouthwash: but you can’t  805,000+ dead

GOP Christie Trump shared Covid together: touching each other no masks no vac

 

MO state threatens health department if it helps citizens fight Covid

805,000 virus deaths, 1 of every 100 older Americans has perished plague never end

How many anti-vaccinators will be left by 2022? More variants may kill millions

Over 100 Marines discharged for refusing military order: COVID vaccine

 

Fake news is so easy to make: everyone needs to verify what read on internet

Facebook: “It’s Not Our Fault People Want COVID Misinformation”

 

Fake postage stamps for sale!

Fake: “We found a refund payment of $681.25 is due to you on your Insurance Policy”

Fake claim: Tesla’s “Full Self-Driving Capability” Musk staged video for sales

you can only go 37 mph: Mercedes beats Tesla self-driving on highway

 

Medicare premium increase mostly to Biogen; not nurses, doctors, hospitals: buy stock

 

RECALL: Coke Sprite cans sold in East: come with surprise inside

RECALL: cooked ham pepperoni possible listeria contamination

 

BEWARE: Hertz told police she'd stolen the rented truck: her insurer rented it for her.

Creditors “buy now, pay later” audited for compliance with regs

 

GOP contributors pay off Trump’s personal debts: one more step to dictatorship

Keith Todd Ashley TX misappropriated customer funds then murdered customer

Paul Ricky Mata caught $12 million real estate investment fraud: 14 yrs prison

Mel Trump selling NFT pics of her eyes for $186: some profits for charity

 

Sex abuser’s supervisors go free: 300 gymnasts abused by Nassar; not one boss jailed

Sex abusers/supervisors go free: hundreds boy scouts abused; not one scout master jailed

Doctors with sexual misconduct history get to do it again: licenses back: not one jailed

 

Jobs

Americans' average hourly earnings $31 up 4.8%: 6.8% inflation real wages minus2%.

Lindsey wants to be Don’s boy for ’24. How far down does he have to bend?

Earn extra cash: Treasury pays for tips on where foreign leaders hide money in US.

Bruce Springsteen sold his music to Sony for $500 million:

 

Who owns your account now?

Frenchmen use fake Covid vac passport

Open source Apache logging library Log4j gives hackers entry in most applications

Social Security benefits: know your options before you make a claim

 

Ed Slot on IRA for 2021: expert tips

Middle-class housing scooped by investors: big profits: no more American dream

Gov stops giving our taxes to biz to prop up market: Bull market is over.

 

CA bans gas stoves: new construction in some towns to save climate

 

Miracles:

Shirley Raines brings beauty hope to men and women living on Los Angeles' Skid Row

Lost lover’s bracelet found in Czech WWII prisoner of war camp: reunited with US vet

Woman trades a bobby pin for 28 items: finally a house?

 

Parents separated from their kids by Trump may see kids again: Christian nation’s sin

 

Houston Ship Channel is a flood disaster of chemicals, fuel, toxic water to kill

Hawaii snow blizzard hits flooded paradise: warm oceans Heat moves to NYC

December tornadoes are part of ‘new normal’ caused by climate change

Joshua trees will rise again in fire-scorched desert: rain snow put out CA fires

 

 

We can apply for Medicare online: https://blog.ssa.gov/apply-for-medicare-online

We can apply for Social Security online: https://www.ssa.gov/benefits/retirement/

We can apply for health care online: https://www.healthcare.gov/

 

IAN

41 Watchung Plaza, B242

Montclair, NJ   07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts available at http://dankeppel.blogspot.com/