More American ‘Socialism’—Our taxes go to make rich, richer
Amazon’s Bezos, the man with more
wealth than half the nations of the world, takes
government money to locate in VA. (America
If Bezos needed another place to work, he could have built anywhere and
people would work for him and pay taxes. It
will take years for government to earn back this Socialist handout. Many
taxpayers across the country are putting their hard-earned money in the pockets
of the already wealthy
business owners. Governments give money to the elites: Russia China
Avoid paying corporate subsidies: https://www.amazon.com/Pay-No-Taxes-Retirement-legally/dp/1507527977
Do you need a lawyer to start a small business?
In some states, you do not need the state’s permission to start a
business. Some states require you to get a specific name approved for a new
legal entity like a Limited Liability Company (LLC). You may be able to do this
yourself. For instance, in New
Jersey you complete and file a Public Records Filing for a New Business
Entity. You pay $125 to New Jersey Division of Revenue in the Department of
Treasury. The filing takes 2-3 weeks. The document becomes the original
Certificate of Formation, which states that your LLC has been formed. After
that, you need to obtain an employer identification number (EIN) from the IRS,
open a business banking account, and finalize an operating agreement. However,
since you are starting out,
you are better off just using your name as your business. Don’t waste your money on a lawyer
or an official entity. Just follow the tax requirements: https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center.
Don’t
cheat. My experience led me to Dummies
book and Nolo.com.
Prove your sales work. Many libraries have these books.
Don’t waste Start Up money: https://www.amazon.com/Save-3000-every-year-Only/dp/1500681571
Be prepared: we will all
live longer
25% of men and women will live into their 90’s. The life insurers keep
track of this for profit’s sake. That
is 30 years! To get ready, we must either save more, save smart or work
longer. Depending on your situation, saving more and working longer may NOT be
viable options. Many of us should be saving smarter. Some may find a less
stressful job. As an AARP tax-Aide volunteer, I see every combination of these
folks. Most in their 90’s can’t work. They are scraping by on SS benefits of
less than $20,000 a year. Some are lucky to have an old-style pension but it
does NOT increase each year. Some have annuities but they don’t increase
either: $1,000 a month was good 25 years ago but no longer. One couple in their
early 70’s have two great state pensions after working 25 years. Most teachers
are famous for saving money. Some retirees have great dividends and interest. Very
few have Medicare supplemental health plans. Very few used a Roth IRA for
tax-FREE income. Very few retirees I see have a smart portfolio of stock and
bond mutual funds. Some have brokerage
accounts with trades they never understood. They have some gains but the
fees almost wipe them out: $720 gains but $588 fees. I cannot advise them to
use smart savings funds: stock/bond funds at low cost in retirement. But I know
they will need them for 30 or MORE years.
They need growth and
income: https://www.amazon.com/Your-Plan-Live-Age-100/dp/1548180793
Are you ruining your kids and your own retirement?
Nearly 80% of parents give some financial support to their adult
children—to the tune of $500 billion a year. That’s
twice what parents put into retirement accounts. Almost three-quarters of
respondents acknowledged putting their children’s interests ahead of their own
retirement needs. Half of Americans approaching retirement have nothing
saved in a 401(k) or other individual account. But where does that leave
us? Will they be able to take care of themselves once the money is gone? And
what about us? We end up living on meager SS benefits and they can’t manage
their own income shortfall. We might feel we must share our wealth because the
longest bull market has kept us safe. But our good luck may not rub off on our
kids. They will choose the easy way instead of working their way up from the
bottom. College is not the only answer—certainly NOT for everyone. They may be
a better technician than a manager under extreme pressure. Student
debt is strangling us. Perhaps a better way is to offer them a business
proposition—instead of living with you and all the comforts of home—write them
a business loan to get them on their feet. Like immigrants to this country,
they can find their own way of making a living. You have helped them but you haven’t
crippled them for life and your own future!
Make sure you have enough: https://www.amazon.com/Your-Retirement-Spending-Plan-enough/dp/1461084016
Where is FREE tax preparation?
The free AARP
tax-aide sites are filling up quickly: aarp.org/money/taxes/aarp_taxaide/.
Before spending $200-400 for a paid preparer, try filling in the screens using
the IRS partners at irs.gov https://apps.irs.gov/app/freeFile/.
The instructions are easy to follow especially if you have last year’s return
to compare what forms you need. I have found https://www.freetaxusa.com very easy to
negotiate and respond to email questions. This one charges only $15 for your state
return: Fed is free. It is still $15 when as complicated like mine. Basically,
you must pay tax on all your taxable income—wages, pensions, etc. This year you
have less to deduct because the standard deduction was doubled. Beware some
software glitches. However, you lost the personal exemption of $4,050
for yourself, your spouse and each of your dependents. For each child under
age 17 you receive $2,000. In high property tax states—NY, NJ, CA, CT, etc you
will probably owe this year. The deduction cap is now $10,000 and the average
homeowners in these states pay about $20,000 property tax. The law was written
by a Rep from a Red state.
Try software at irs.gov https://apps.irs.gov/app/freeFile/
before you go to paid preparers.
**************
Truth isn’t truth, his
lawyer says
Two Americas
***********************
How Govt wastes our money: Congress spends $1.3 Trillion we don’t have!
ICE
keeps young workers in jail for 6 weeks despite real job. Not indigent;
paying taxes!
Pentagon
starts building The Don’s Wall despite Congress: Don’s Dictatorship
begins.
Climate change
ruins drinking water wells in heartland. 280,000 WI wells poisoned.
GOP
Rep Lee says solve climate change with more babies. Rep from Utah
Trump budget cuts
$800 billion from Medicare. Poor’s health covered by each state alone
SCAMS/SPINS:
WH’s Sanders claims
Mueller, a GOP and Dems tried
to “overthrow” the government. Really
GOP stays in power
by changing
NC voting districts to 11 GOP vs 2 Dems. ‘I decide’
Boeing lobbyists
took over FAA safety responsibilities: Congress complied 2018!
Robo
call scammers avoid paying fines and going to jail: Trump & Congress do
nothing!
‘Roundup’
causes lymphoma but Bayer keeps selling
it at stores. Reserves high for suits.
Emergency
room staffed by non-hospital staff so out of network: Medical bankruptcy?
Trump
to end ObamaCare protection for 20 million patients with pre-existing
conditions
Trump: ObamaCare
“too expensive” (Trump & Congress use it) We get cheap coverage!
Trump just made it
easier for employers
to dump retirees’ pensions: Senior Scam
Trump in his glory: President
comfortable with ‘explicatives’ at ‘lock them up’ rally.
Trump’s
FDA hides medical device failures: Surgery staplers allowed to injure US!
BEWARE: Social
Security numbers don’t get suspended as claimed in scam.
Duke U caught
faking lung function research data to get grant: fine no jail
Brendan Ross, Direct
Lending Investments, CA caught
$11 million fee over-charges
Fidelity sued by
401k employees for extra fee as kickback
to plan record keeper.
Richard Diver caught
stealing $6 million overcharging
clients to inflate his pay.
Successful
fund managers last only 3 years: stars shine then fade fast—index win 10 yr
College entry
scandal leader Singer
paid almost 800 bribes to coaches.
Mob
Boss gives in to N. Korea: lifts sanctions for NOT scrapping missiles: “I like Un”
“Individual 1” could be a Russian “asset”: Why FBI
opened a file on The Mob Boss.
1. “Russia Russia Russia
The Mob Boss can never go to jail: Trump
has Kava as Supreme so no indictment.
‘No man is above the
law’ … well up till now. Dictators
nullify courts first, then votes.
Supremes
protect Don’s ‘Orders’? – GOP: ‘Sure, pres
can change
Constitution anytime.’
----------------------------------
Jobs:
Supremes
Kava & Gorsuch take summer overseas jobs since $255,000 is not enough!
Wall
Street going through layoffs again in 2019. Cycle allows paying less for
new grads.
Who owns your account now?
750
parents are involved in buying kids a spot in college: Money trumps merit
again!
Investors
lost 9.42% in 2018 compared with a 4.38% by the S&P 500: Double
loss!
Inherited
IRA: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-beneficiary
Sears'
90,000 retirees lost their company-paid life insurance: pensions next?
Miracle:
Notre Dame giving $1
million: why
male priests abuse kids & nuns. Everyone knows!!
IAN
41 Watchung Plaza,
B242
973.746.2014
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