The first step toward learning more about taxes is to get a clear understanding of some key terms. That’ why today we bring you nine concepts that will help you navigate with confidence the world of income tax. Adjusted Gross Income (AGI) This is your gross income (see below) minus adjustments such as education expenses,…
If you are a business owner or are planning to become one, then you are definitely interested in a Business Owner Policy, or BOP. This type of insurance offers all the basic protection your business needs in one convenient package. What Is a Business Owner Policy? First things first. Before we delve into specifics, let’s…
1) Check Your Withholding First, make sure that your tax withholding is correct. This can be done easily using the Tax Withholding Estimator from the IRS. Checking your withholding is important because it helps you avoid unexpected tax bills when you file your 2020 tax return. These are some cases when checking your withholding is…
As with other types of insurance, shopping around and raising your deductible can help you lower your Homeowners Insurance premiums. However, there are other steps you can take to get more protection for less money. 1. Purchase Your Home and Auto Policies From the Same Insurer One of the easiest ways to lower your homeowners…
An ITIN is a tax identification number issued by the Internal Revenue Service (IRS). Some ITINs expire in 2020, so it’s important to check if yours is among them and, if so, make sure to renew it to avoid refund delays. What Does ITIN Stand For? The acronym ITIN stands for Individual Taxpayer Identification Number. This…
Over the last several months millions of Americans have received taxable unemployment compensation for the first time due to the impact of the COVID-19 pandemic. That’s why today we’d like to remind you that unemployment compensation is taxable, and it’s advisable to retain those taxes now to avoid owing them when you file your return…
Your tax filing status is a category that determines the rate at which your income is taxed. Generally speaking, your filing status depends on whether you are single or married on December 31. That fact determines your status for the whole year. In some situations, more than one status may apply (you can see all…
In previous posts, we have touched upon many different aspects of Life Insurance, but today we will answer a really basic question: How does Life Insurance work? Life Insurance is basically a contract between you and an insurance company. You agree to pay monthly premiums and the insurance company agrees to pay a benefit to…
Your ability to work is extremely important, so it makes sense to protect it with a dedicated insurance policy. Disability insurance allows you to do just that. This coverage provides income in case you should be unable to work due to an accident or illness. There are two basic types of Disability Insurance: Long-term and…
In a previous post, we covered insurance riders, the add-ons that enhance and personalize your base insurance policy. Today we’ll talk about the most common riders in Life Insurance to help you understand the options at your disposal to customize your coverage. Waiver of Premium Rider This provision allows you to stop paying your Life…