Non-qualified immediate annuities are purchased with monies which have not enjoyed any tax-sheltered status and for which taxes have already been paid. A part of each monthly payment is considered a return of previously taxed principal and therefore excluded from taxation. The amount excluded from...
–100% of the rent payment goes to the landlord. A sizable portion of a mortgage payment does to equity, which can be directly subtracted from the price of a more expensive house down the road, or if it’s all paid off, is essentially a payment towards lower housing expenses (since all...
Can be used to pay for individual health insurance with pretax dollars Reimburses employees after they've paid for certain medical expenses and insurance premiums Cons Can't be used for costs that aren't deemed necessary, such as teeth whitening, funeral services, or non-prescription medication ...
Part II of Schedule 3 includes space for reporting taxes you might have paid in addition to withholding and estimated tax payments. Part I: Nonrefundable Credits The previous version of Form 1040 had a handful of lines for reporting various tax credits. Now, only a few tax credits have their...
In 2018 the tax on split income (TOSI) rules came into being and the government made this more difficult. A family member needs to own shares of the corporation and work at least 20 hours per week on average before dividends could be paid out. If you’re going to go this route, make...
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There are choices to make surrounding your remaining $1,800 in monthly salary. Ideally, the first step is to establish an emergency fund or perhaps a tax-advantagedhealth savings account (HSA). To be eligible for a health savings account, your health insurance must be ahigh-deductible health...
When you don’t pay HOA dues, the association can charge you penalty fees and interest on the amount you have not paid. The HOA could also sue and take you to court for timely payment. Once a judgment is issued in favor of the HOA, the judge could rule to garnish your wages or tak...
wills and estate planning. Once the process starts and there is conflict in the family then a lawyer is appointed from a list to isolate, overmedicate and liquidate all the assets and money. All of the fees are paid out from the AIP– the Alleged Incapacitated Person. Fees per hour are ...
paid by the recipient. There are a minimum of 4 sailings a month. This is an efficient, professional service with over 20 years’ experience. Tip: don’t ship what youthinkyour friends or family need, ask first. They know best. For instance, a generator is typically less useful than an...