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…
Criminals and cybercriminals always take advantage of confusing situations to lure other people into their schemes. From phishing to fake charities, these are some tax-related scams you should be aware of. 1. Phishing One of the favorite tactics of cybercriminals is sending fake emails or links to websites that request personal information. In this regard,…
Did you request an extension to file your 2019 tax return? If the answer is “Yes”, then there’s an important date to keep in mind. Remember: people who requested an extension have until Thursday, October 15 to file their taxes. The original deadline was July 15, but taxpayers could request an extension as long as…
Today we would like about a type of insurance coverage every company should consider: Key Person Insurance. A key person is an employee who offers a crucial contribution to the success of a company. Think of a very talented salesperson or a CEO with unique expertise. If a key person or employee were to pass…
Popular beliefs are hard to dispel. If you doubt it, look no further than one of the questions insurance experts must answer more often: Does the color of a car determines auto insurance rates? The short answer is no. Contrary to what many people think, insuring a red car does not cost more than insuring,…