Is the new $1,400 stimulus right for you?
The cut-taxes for rich and cut-benefits-for poor Trumpists have
limited the stimulus recipients and cut fed unemployment from $400 to $300. Manchin D-WV did
not want to give his folks an extra $100. However, Dems got to eliminate some
income from taxation: $10,200
unemployment NOT taxable. Some states, including
Stimulus law: The American Rescue Plan Act which is now going through the legislative process includes a provision to forgive any Advanced Premium Tax Credit repayments for 2020. This is the ObamaCare subsidy you may receive to help pay for health insurance. Biden promises bank credits by April 1. Checks take longer. If IRS does not have your bank account, you may have to open an IRS account.
Our form of socialism: https://www.amazon.com/Americas-Socialism-Rich-little-people/dp/1535218584
How the media distorts the laws of investing
Headline: Elon
Musk lost $27 billion last week
This fake news leads
many savers to give up trying to save for retirement. Many working people don’t
invest in the stock market because they read this headline and fear equity
investing. Instead, they buy only bank CDs or other fixed income tools. They
earn 1-2% and so their retirement money never grows to provide a reasonable
retirement income. If compounding was taught in high school, more working
people would invest in stocks. If students and adults saw this
graph or read
this chart, they would know how to build a comfortable retirement. Mr Musk
did NOT lose $27 billion last week. He
did not lose a cent because he did not sell his stock. It is TIME
not fast trading that builds wealth. Example: one of my family members pays
his advisor 1.5% a year to ‘invest’ his life savings for him. He adds: “I don’t
want to lose money.” So his advisor buys fixed income products paying 1-2%.
Then he complains to me that his funds never grow very much. The advisor tried
to explain that even bonds can lose money. Response: I don’t want to lose
money. This is all I have.” Media distorts: Today
Mr Musk ‘made’ $25 billion. No he didn’t. The price of stocks fluctuates
but over time total value doubles every 7-8 yrs.
Make Warren Buffett
your advisor: https://www.amazon.com/Warren-Buffett-Your-Investment-Advisor/dp/1518690963
Two
40% of upper-income adults said their financial situation improved in the past year, compared to one-third of lower income counterparts who said their finances worsened. Pew Research shows the rich added to their assets since they couldn’t spend as much and they use Compound Interest. Employment losses concentrated in lower-paying, lower-skilled jobs that were non-essential and couldn’t be done from home, such as in some food services jobs and hospitality. Women have also been more likely to suffer job loss and financial hardship during the pandemic; women, adults aged 18-29 and lower-income workers were more likely than other groups to have taken unpaid time off in the last year. Of course those who need to build savings and retirement income funds have had to stop, pitching them deeper into the financial hole. Climb out with a tax-FREE account.
https://www.amazon.com/Tax-FREE-Retirement-code-lifetime-income/dp/1475206976
Is taking control your own pension right for you?
Some
Retirees Get Only 30% of the Pensions They Earned Despite Federal Guarantee.
Shocking: Small employers typically cannot afford a separate pension plan so
they band together to administer a group plan. However, smaller firms are more
likely to underfund and/or go bankrupt so there are fewer funds left to pay
employees who have earned their pension. Most pensions
are guaranteed by the Feds but at much less than the original expected value.
The COVID-19 Relief Bill May Fix That. Today, more than 10 million workers
participate in multi-employer plans, with about 1.3 million in plans that are
fast running out of cash. Only those plans that are in critical condition will
receive cash infusions, giving managers an expected 30 years to put the plans
back on solid financial footings. The Labor Department defines critical plans
as those that are expected to run out of money in 20 years or less. This
strategy requires the employers to reimburse the RBGC for their employees’
pensions. Some firms may decline. Workers may have to go back to work since
their pensions may be less than $11,000. SS benefits are also due to be cut by
Congress by 2034.
Use an IRS Tax-Free account: https://www.amazon.com/Forget-Social-Security-Medicare-Lifestyle/dp/1466394285
Is avoiding the 2020 401k withdrawal tax and penalty right for you?
The CARES Act waived that penalty for up to $100,000 in withdrawals. Plus,
the income tax on this money could be spread over a three-year period. You
could put the money back (rollover) that money over a three-year period
without any tax penalty. The IRS provides clear answers to questions related to
this in its CARES Act FAQ. Since this could get complicated (along with
other tax changes) you might want to pay the $300-$500 for someone to do it
right. Be careful. Not all the kicks have been ironed yet. The IRS has not
finalized the forms for these new strategies yet. You may want to take the
extension and pay what you think you owe before April 15, just in case. You
might need the extension but the IRS wants their money now. If they owe you,
you are just losing interest for 6 months. Don’t consider the ‘file and amend’
strategy. The
IRS still hasn’t opened the mail from 2019 returns.
Future income can be tax FREE: https://www.amazon.com/Tax-FREE-Retirement-code-lifetime-income/dp/1475206976/
Have tax forms; will file … for FREE but WAIT . . .
If you have unemployment income, ObamaCare coverage you should wait to file since the IRS has not yet implemented tax-FREE provisions of the new Covid law. Input the W-2, unemployment, SS benefits, IRAs, pensions, RMD, brokerage, etc. forms you have. You can file for FREE online. If you didn’t receive a correct form, file a Form 4852. 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
**********ACCOUNTABILITY**************
Like 1776, this
period is a test
of democracy—We
rejected an "American
fascist"
White
Supremacist admitted killing
FBI:
2 Terrorists ID on Finnish website
Our ‘Truth
and Reconciliation Commission’?
How Govt wastes our money:
8 Dems think we can live on $7.25/hr: Taxpayers must subsidize folks at $7.25/hr to live
Supremes
still giving Trumpists chance to overthrow our government: wasted taxes
$1.7 TRILLION for broken jets: not a dime more for job seekers: GOP votes down folks
All agree: kids should be in school: how safe are rooms built w/o ventilation in ‘30-40s?
SCAMS/SPINS:
Terrorist
leading Jan 6 coup attempt claims our justice system is “not fair.”
The hunt for all the terrorists
in the attempted coup: which killed Capital police?
Trump
sued for Jan 6 “injury destruction”: drain wallet to stop further
incitements
More choice: Biden
Republicans: Not Trumpists not Dems: RINOs?
GOP/Trumpists
trying to exclude Dem voters so they can win: GOP hates fair elections
State
GOP make laws reduce voting access just
like China new vote law for Hong Kong
GOP
makes it a crime to distribute food and water to voters waiting in line:
Deperate!
Trump
has already requested a mail ballot: GOP make rule: Dems can’t do the same.
Trump
demands Trumpists remember Trump created the Covid vaccines for Trumpists!
Trump cancels
Republicans from his GOP: “You’re fired from GOP, you RINO”
Trump
wants fees for name use: GOP
can’t use name for donations; he wants the money
Old
GOP party can’t make it without Trump: Trumpists will pay his debts not GOP
Trump
is trumped by one of his trumped-up tax tricks: same law that got Al Capone
Mistakes
in credit reports: denial of credit, housing or employment” Bureau ignores
fix
LOOK OUT: Advisors/brokers
get to use “testimonials” May 4: McAfee
is example
John McAfee caught
fraud, money laundering; promote cryptocurrencies w/o disclosure
Charity
Fraud Telefunding closed: fake charity calls: one down; hundreds to go
Fake
news is easy to make and share: check sources: remember pizzagate
murder attempt
Get
rich quick schemes prays on out of work: Mary K takes your money before you
sell
Oportun a small-dollar lender caught
suing borrowers w/o proper disclosures
What
is a living wage? $7.25 requires our survival help: SNAP, CTC, EIC
BEWARE: Visit no
Covid regs states at your own risk: Map
of states to avoid
Biden disses
Neanderthals: insult
our ancestors in comment on TX MS
Is racism learned or are we
born with it? Dr Seuss book teaches kids who is scary
Kyle
admits killing but says not white supremacist: Supremacist
lawyer sues Biden
TX MS no masks
policy leads to more deaths: 570,000 by April 1?
TX
power system can’t upgrade for cold weather: biggest cooperative bankrupt;
owes $$
Car insurers caught
withholding refunds for less driving: GEICO raised my rate instead.
Which
insurers give you the best rate: get 3 estimates since average is NOT your
need.
Restaurants saved: Insurers
fear business interruption claims must be paid: Covid closure
Finally, colonoscopy
really FREE even if they remove polyp: no surprise $ 200 charge
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
IRS tips to avoid
scams: https://www.irs.gov/newsroom/tax-scams-consumer-alerts
Is it a scam? Check AARP scamline 877.908.3360. BBB
Scam tracker
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
Find tax preparer: https://www.irs.gov/tax-professionals/choosing-a-tax-professional
Check Social
Security: https://blog.ssa.gov/
Safeguard data: ConsumerReports
help: https://securityplanner.consumerreports.org/
Jobs
Graham
just wants to win with or without Trumpism: say whatever you want to hear
More GOP/Trumpists
quit: 20
GOP seats are up in 2022; 5 of them will be open ones.
Can
Trumpists pay off The Leader’s debts: $1
Billion before back taxes: His
buildings
H1B Lottery today,
doling out immigration
visas for foreign workers for 2022
Get
vaccine in CA by volunteering: Stop waiting for your turn.
Computer
artist sells collage for $69,346,250: cut paste digital NFT based artwork.
Who owns your account now?
Don’t make your family go through all this: Aretha left no will, no 2 wills, big tax bill
Toyota Land Cruiser is engineered to last at least 25 years: more 200K mile bargains
Homeowners insurance claim satisfaction ratings: MetLife down to Homesite
JPMorganChase will discontinue its Chase Pay digital wallet 3/31
Miracles:
Kane
Tanaka age 118 plans to open Olympics in Japan: who said you’re too old?
20%
of asymptomatic people who test positive for COVID-19 won't get ill
Alzheimer’s
pill could stop disease in its tracks, human trials to start
63% of those who
prefer crunchy
peanut butter describe themselves as optimists
Too much money; too
few brains: $14,000
for Britney’s bubble gum. Really!
Afghan woman minister
leads the reforming of police: overcoming male rules
Extension of mortgage
Forbearance and Foreclosure Protections
Most
parents will get checks July-Dec for $250 to $350 per child. Your tax
credit
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/
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