Give your child a leg up
The secret to giving your child a solid financial foundation is to put their savings/investing plan on automatic. It is time and compounding that creates wealth. It takes 35 years for your savings of just $250 a month to become $1,000,000. $250 a month for 35 years totals $105,000. The Miracle of Compounding makes it worth $1,000,000 or more. This is not a get rich quick scheme. This is the strategy used by Warren Buffett to accumulate more in 10 years than 5 Wall Street hedge funds combined. This is the low-cost one-decision strategy that has worked for millions of investors who don’t need to brag publicly about their successful investments. This strategy is so simple you don’t need to give up over 50% of your earnings to an advisor to make trades. Over time this strategy earns 11% per year—doubling your money every 7-8 years.
Start now: https://www.amazon.com/Give-your-child-leg-manage/dp/1096505355
Have tax forms; will file … for FREE
W-2, unemployment, SS benefits, IRAs, pensions, RMD, brokerage, etc. If you have all your forms, file for FREE online. Usually filing your state return costs as little as $15 unless you buy the Pro helpline. Avoid $300-400 paid preparer fees—new IRS forms mean higher fees. Unemployment insurance is TAXABLE on the Federal income tax return; not on some state returns. Some states do not tax your SS and pension benefits. Retirees did not have to take their RMDs in 2020 so taxes may be less: it was a good time to convert IRA to Roth IRA for tax-FREE future. Unless you were self-employed, you can’t deduct home office expenses of working from home. Some states continue the health insurance mandate and penalty unless you have an exemption. Since the IRA contribution deduction has no age limit now, you may reduce your income/taxes by making a contribution of up to $7,000. The standard deduction went up to $12,400 single; $24,800 joint. Jan 15 last day to make 2020 estimated payments. You have to report your April/May and December/January stimulus payments even though they are not taxable. Some of us receive a bank credit; some a debit card; some a check. Even if you don’t have to file, you should file so scammers can’t use your SS number to mess up your IRS file. Tested E file software ratings. Efile Jan 15; IRS processing Feb 12.
E file avoids covid at your preparers’ office: https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free
Is “bundling” home and auto insurance right for you?
All insurance companies would love to have all of your insurance dollars. But does that make sense for you? First, one company does not offer the best coverage for every situation. My first auto company declined a simple claim that took weeks to resolve. Plus, I have had home insurance with one firm for 30 years and so have a longevity discount. I have shopped other carriers without success. Second, insurers change their profit strategies frequently. I keep testing car insurance rates every couple of years and save $ hundreds each time I shop. Recently, the insurer raised my car rates without any reason. I asked the CEO’s office for some explanation. They said “general” price rise was the reason. I asked if there was a discount I did not have and they confirmed that I was driving less now. Wow—they gave me another discount. Third, insurers go through marketing stages: today they all claim to save us $ hundreds by bundling or “buying only what you need.” Without shopping you won’t know what’s possible. Shopping carriers has saved me about $10,000 over the years. These are vendors not your spouse.
Shop: https://www.amazon.com/Save-3000-every-year/dp/1500681571
https://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634
Wealthy line up to avoid taxes in future
After reaping the huge tax breaks of the Trump-GOP Senate, those who have made more are lining up at tax accountants to keep more. Even the pandemic did not slow down the riches flowing due to the Federal Reserve shoring up the bond/stock market. Some say tax increases are inevitable since the tax cuts for the rich have ballooned the deficit 29%. The wealthy uses several strategies to keep what they got from the Trump deficits. Real estate depreciation and business start-up expenses can shelter income. Converting IRA money to Roth IRA tax-FREE money works. Offsetting capital gains with losses and buying tax-FREE municipal bonds are used. Writing off PPP loans and using the opportunity zone investments strategically are more ways to pay less. Gifting highly appreciated assets saves taxes too. Most of us can take the less expensive route to avoid future taxes. Set up a legal Tax Shelter in 1 hour.
Use your IRS-approved account: https://www.amazon.com/Trump-Tax-Shelter-Avoid-taxes/dp/1985448300
Is a “no-closing costs” refi right for you?
Yes there is a way to refinance your mortgage without
closing costs at contract. No, it is not FREE. Someone must pay the appraisal,
local fees, processors, etc etc—and that would be you. The costs are added to
the principal. The simplest no-closing-cost refinance takes the amount that you
would have paid during closing and tacks it onto your new mortgage amount. Your
lender adds the closing costs to your principal, or the unpaid balance of your
loan. This may increase your monthly payments but doesn’t affect your interest
rate. You might also be offered a higher rate to cover the closing costs. If
you still have a lower rate than now, you still are better off with a refi
since rates have fallen. If you need cash, interest rates on mortgages are
usually lower than home equity loans, which means that even if you take a
slightly higher rate, you may end up paying less compared with another type of
loan. Choosing a no-closing-cost refinance may make sense if you don’t plan on staying in
your home for very long. But if you plan on living in your home for a long
time, you may end up paying thousands more in interest by taking a
no-closing-cost loan. Save by finding the facts BEFORE you sign. Research
starts here.
Get 3 estimates: https://www.bankrate.com/mortgages/refinance-rates
**********ACCOUNTABILITY**************
Like 1776, this
period is a test
of democracy—We
rejected an "American
fascist"
President
of the United States tried to overthrow our government
Dictator: “you’ll
never take back our country with weakness”
House
impeaches Trump 2nd time: "incitement
of insurrection"
Dictator
gives sacred cemetery to mine-waste dam co
QAnon: “we all got
played”
Our ‘Truth
and Reconciliation Commission’?
How Govt wastes our money:
Lucky 143 to give enough to dictator to get pardon or get out of jail? Drug dealers too.
Should the Capitol riot instigators pay the damages? Dictator has $billions; pays $0 taxes
Dictator
trial will determine if runs 2024: Cruz
& 147 GOP try coup again? GOP
to stop voters
Domestic
terrorists hiding in Congress: who gave the tours, opened doors, gave desk
locations?
Dictator
with $ Billions fears attacks: We pay $ millions for SS guards for his
family & friends!
SCAMS/SPINS:
Terrorists
plan: "to
capture and assassinate elected officials," Justice Department lawyers
say.
Trump
support and belief in election fraud still strong: GOP still drinking Kool Aid
Trump
terrorists dress like inauguration guards: many
dictators use imposters to kill opposition
Terrorists
attack Portland Dem HQ: no unity; reject Dem admin. prez; want revenge
12
army guards with ties to right-wing terrorists removed from inauguration
mission
“More
firearms were sold last year than in any previous year” 2nd Civil
War preparation?
Terrorist:
“I’m a country boy: didn’t
mean to bring gun, ammunition to D.C.” 500 rounds of ammunition
MyPillow
owner wants martial law to keep dictator in power: stores
ban Lindell products
Terrorists
w/ illegal machine guns in Richmond: armed in camo garb: Only
blacks get arrested
Ron Reagan: “Tear down this wall”: will Senate take Ron’s advice? Ron’s Stop the steal!
White Supremacy from FBI insider report: KKK was never this well organized
Pentagon to rid our ranks of racists and extremists: Black Sec Defense; 12 Guard out
Trump
retirement party: military
show: fighter jets/21 guns: distract from armed
coup/bombing?
US
looks like 3rd world country: thousands of soldiers called out
for terrorists
across nation.
Ivanka
Jared escape negative press: buying
FL island home: not GOP defense witness
Trump
vaccine reserve gone before Biden release: HHS: “not
authorized to discuss the matter”
Biden
can’t give 100
million in 100 days: no
100 million reserve left? Trump
sent to Putin?
Owner
Samaritan’s Purse ($622,252
salary) calls
House members Judas (took 30 silver coins)
'Divinely
Inspired' ‘trading’ by 2 convicts; $10 million Ponzi con; ‘20% riskless’
return; no jail
Kevin Brill MA caught
stealing $600,000 from 3 family trusts; fake tax returns: prison
1st Alliance Lending
caught
misleading, using unlicensed sales, cheating, lying: only fine
LendUp Loans caught
violating Military Lending Act overcharging, misleading: no jail
COVID-19 Vaccine
Scams a 'Growing Problem' Amid Slow, Chaotic Rollout
Ford
Mazda recall millions for Takata air bag inflators defect
IRS: Easy Steps to Protect Your Computer and Phone and Avoid Phishing Emails.
IRS: Free special ID
protection PIN goes on your return so scammers
can’t take refund
IRS: Previous tax
returns available online: https://www.irs.gov/individuals/get-transcript
Is it a scam? Check AARP scamline 877.908.3360.
Check
IRS: https://www.irs.gov/newsroom/dirty-dozen-part-1-taxpayers-should-be-on-the-lookout-for-these-scams
https://www.irs.gov/newsroom/dirty-dozen-part-2-thieves-work-all-year-to-scam-taxpayers
Check Social
Security: https://blog.ssa.gov/
Safeguard data:
ConsumerReports help: https://securityplanner.consumerreports.org/
Jobs
Amazon
gives vaccine to 800,000 employees: facilitate shipping vaccines
Biden
looking for tech specialists to fix processes in government
Check
your credit scores BEFORE you apply: employers do credit check before hire
Sales
jobs are virtual and abundant: sell yourself first—everything else is easy
Who owns your account now?
Rent assistance: apply for programs from your state: local help varies
Debt forgiveness: Cancel your PPP loan if less than $150,000. Form 3508S
Miracles:
We
need a miracle. 3,000
die every day. 420,000 so far: 1918
pandemic killed 675,000
We need a miracle: 16
million people now claiming unemployment benefits.
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
973.746.2014
www.InsuranceAdvisorsNetwork.com
Alerts available at http://dankeppel.blogspot.com/
