We are paying Don's tax bills

We are paying the taxes that Don is avoiding

“I have friends that are very rich and never get audited. I’m audited every year. Maybe that’s because of politics, who knows.” He is audited every year because he has questionable deductions. The last taxes we saw, in 1984, showed he was a sole proprietor Sch C,  ‘consultant’ with NO income and $619,227 in expenses. ?? That’s very unusual. Just as he had no taxes paid in 1978 on $406,379 income and no taxes in 1979 on $3,443,560 income. His charitable deductions are suspect too. Every American would be audited under those circumstances. It is not political. Don might have needed to make his taxes look “normal” after he decided to run for Pres and Chief of the IRS. Real estate moguls often use the huge depreciation allowance of real estate accounting to defer taxes on the gain of their investments. Some rental RE owners show only deductions during the useful life of their properties.

You can join Don in paying ZERO taxes legally: https://www.amazon.com/New-American-Retirement-System-Tax-FREE/dp/1461030072

What if your brokerage firm says ‘goodbye’?

Brokerage firms want more money, even though their operating margins are over 45%. They're telling their salespeople to bring in more multi-millionaires. No more small accounts. The ‘personal’ touch you used to get for $250,000 wasn’t much so now you will need to give them all your assets to get attention. $750,000 is the minimum now so the firm can take at least $15,000 a year. Actually, this is a good thing for you. You were on your way to giving up 63% of your total potential nest egg because fees compound. Brokers need more income because the smart money is moving to low-fee providers like Vanguard. Your brokerage firm’s CEO just can’t make it on 2% of $250,000 customers. Brokers are no longer paid for your business anyway.

Use Wall Street’s Secret Sauce:  https://www.amazon.com/Wall-Streets-Secret-Sauce-Big-Long/dp/1536845248

Why is your employer cutting your 401k match?
Cost! First they cut company-paid pensions. Then they cut pensions. Now they cut matching for your 401k contributions. After years of trying to get employees to put in more toward retirement, your employer may be cutting back. You may even lose matching contributions. They don’t want to help you with retirement. We are on our own. If they don’t match, you can make your own pension and make it FREE of income taxes forever. Instead of paying tax when you retire, you can spend all your earnings. This may add 30% to your nest egg since you avoid federal and state income tax as well as tax on your Social Security benefits.  

You may be ahead by using your own tax shelter: https://www.amazon.com/Tax-Shelter-Americans/dp/1500426520

And why your employer is cutting your health insurance

Cost! The percentage of employers with fewer than 100 workers that offer healthcare benefits to their employees has declined an average of 24%, reaching as high as 36% for companies with fewer than 10 employees. Meanwhile, health insurance offer rates among larger employers have been holding steady. Even though the ACA exempts employers with fewer than 50 employees from providing healthcare benefits, it created health exchanges for those employers to help their employees obtain healthcare. But exchanges, says EBRI study author Paul Fronstin, simply “haven’t taken off. Just because you create something doesn’t mean [employees] will use it.”

Some policies are $100 a month: https://www.amazon.com/Health-Insurance-ONLY-right-policy/dp/1480125083

This is why you never got your check to fix Sandy damage

New York authorities charged a Long Island engineering firm and one of its former executives with forging damage reports for homes swamped by Hurricane Sandy, altering the documents in such a way that owners’ flood insurance claims were denied.

Matthew Pappalardo and his former employer GEB HiRise Engineering PC were named in a 50-count indictment accusing Pappalardo of directing his staff to remove descriptions of flood damage from least 25 reports that had been prepared by subcontractors who visited the properties. Lawyers say it was a widespread practice intended to benefit the Federal Emergency Management Agency’s flood insurance program and the private insurers that administered its policies following a storm that caused more than $75 billion in damage. FEMA, $24 billion in debt after 2005’s Hurricane Katrina and other storms, pressured insurers to hold the line on Sandy payments.

Wealthy political donors support America’s Socialism for the Rich

$44 billionaire warns fellow billionaires that we will likely degenerate into socialism or corporatism, as two-tiered societies typically do,” Charles Koch told attendees. Koch’s oil and gas firm worries he will loose the lucrative government subsidies he receives if Dems win elections. Other attendees wish to receive corporate welfare but do not wish to pay their fair share in taxes. Koch, headquartered in KS, has recently had the state eliminate the income tax for all businesses even though it expands operations in other states. Most large corporations obtain subsidies or tax breaks that are never discussed by their Washington ‘reps’. Many like Boeing receive huge state benefits also. Koch told his rich buddies that society must “look” like it is NOT rigged; people will get desperate.

https://www.amazon.com/Americas-Socialism-Rich-little-people/dp/1535218584

If you need immediate income for life

There are two common ways to receive monthly income for life: mutual fund vs annuity. Annuity is guaranteed for life or life plus certain number of years. A male gets $603 per month for life in return for $100,000 at age 65. If you are in good health, you could have $238,680 by age 95 but you break even if you die in 12 years. You can take $500 and heirs can get something if you pass in under 20 years. Of course, $603 will be worth $300 in 20 years. Mutual Fund is tricky. You can take $600 a month from the principal and receive increases for inflation. You have a 54% probability that your money will carry you for 20 years. The annuity wins because ½ the people die before they get to use all of their deposit which is invested in bonds 50%, stocks 40%, cash 10%.

https://www.amazon.com/Best-Annuity-Strategy-Income-Growth/dp/1497532019

GOP’s no-tax experiment in KS was just defeated

Voters in KS have removed 11 very conservative reps who helped gov Brownback pass a law eliminating the income tax on Koch bros and other wealthy people. The voting occurred against the backdrop not only of the state's fiscal woes but ongoing legal and political disputes over funding for public schools. The state Supreme Court could rule by the end of the year on whether the Legislature is shorting schools on their state aid by hundreds of millions of dollars a year. Kansas has struggled to balance its budget since the GOP-dominated Legislature slashed personal income taxes in 2012 and 2013 at Brownback's urging to stimulate the economy. Koch and other businesses have NOT increased jobs and have taken their tax refunds OUT of the state. They buy business in other states and countries. No one wants to run a business where the schools fail.

Avoid paying the taxes NOT paid by the rich: https://www.amazon.com/Tax-FREE-Millionaire-refunds-built-tax-FREE/dp/1482593289

Poor now allowed to save for emergency

Some states allow new ABLE account, which could help millions of disabled adults who worry about losing food stamps, cash benefits, or life-sustaining health insurance if they accumulate more than a couple thousand dollars. Three of the states let residents of any other state open an account. ABLE accounts are tax-free if they go toward disability-related expenses, a broad category that includes housing, education, health care, and basic needs. If you need Medicaid to live, you can’t keep money you earn and you can’t have income from a spouse. Florida’s program will be restricted to residents, the other three states – Ohio, Tennessee, and Nebraska – are open to people who don't live there. ABLE accounts may be available online. Family can give $14,000 a year so disabled can live more independently and don’t need a trust when parents die.

Which candidate is the better liar? Presidents must lie to keep power.

It is good to know that both parties act as juvenile petty-power cliques.

Big oil donors spending $ millions to keep GOP subsidies coming from Washington.

Can a bully be treated? Mental health is a factor in 2016

People who bully others may also benefit from therapy, though they may be reluctant to acknowledge their bullying behavior openly. In therapy, bullies may begin to understand the impact their hurtful behavior has on others, explore reasons for why they bully, learn new skills for communicating positively with others, and address personal experiences that may have contributed to their bullying behavior. Often bullies have unresolved personal wounds that contribute to their bullying behavior, and addressing these emotional wounds or identity and social issues with a qualified therapist can be an integral step towards stopping bullying behavior. The ultimate solution is to reverse the large-scale abandonment of our youth to the peer culture and, in every way we can, to rebuild children’s lost relationships with parents, teachers and the other adults. Bullies have trouble focusing on anything but their own self-worth. A 70-year-old man-child.

Don does not really want the responsibility of president—he just loves the spotlight.

Don: He "has said nice things about me". This is the standard by which I judge people.

            I get secrets briefing despite one official saying: “He’s been so uninterested in the truth    and so reckless with it when he sees it, I would refuse.” “Trump admires Putin.”             

            “I “knew” Putin 3 years ago but today I don’t “know” him” media ‘misunderstood’

            “She's the devil." "I'm afraid the election is going to be rigged, I have to be honest".

            Gold Star father is a “terrorist sympathizer” who is angry I will bar “Islamic terrorists.”

            VFW says “ridicule a Gold Star Mother is out-of-bounds.” GOP is silent.
            “I always wanted Purple Heart” but never to earn it so I took a real hero’s Heart.

            “So why can’t I use nuclear weapons, exactly?” Scary but ISIS is crazy too!

               “You can get the baby out of here” after telling mom to stay at rally.

            Bloomberg doesn’t know my business dealings are a ‘con’ or does he.

            Trump Taj Mahal Atlantic City, citing labor strife, will close—Apropos!

            Harvard thinks I am a “threat to the survival of the Republic.” Poison to country.

Mike:  Roe v Wade (abortion legal) will be overturned after Donald is elected.

            I lied when I said Obama stimulus wouldn’t help my voters. I took $6.3 million.

Hill:    Campaign theme: Would you rather be ruled by Trump?

             “FBI Director James Comey said I was 'truthful' on my emails” BS Why lie?

             Now Don wants to double what I would spend on infrastructure: GOP says no!

            California County GOP Tweets Picture of Executioner `Ready for Hillary`

Tim:    Speaking Spanish is not going to win voters to Hill. She needs vision statement.

Regulators are the only protection we have since we can’t sue anymore

            “It is nearly impossible for one individual to take on a corporation with vast resources.” (GOP bill requires impossible: every person in class action suffer “same type and scope of injury”)

               Supremes stop us from suing—State courts no longer available to sue corporations!

.auto safety regulators are extending oversight of Fiat Chrysler for an additional year.

.Matthew Pappalardo GEB HiRise Engineering caught altering Sandy damage reports.

.Hank Werner Legend Securities caught stealing $184,000 from elderly blind woman.

.Voter suppression law outlawed as racist by judge in ND. WI done. AL next?

.Ireland sends 3 bankers to prison for recession. Iceland sent 5. US sent 0, UK sent 0.

.FBI did not tell DNC it was target of Russian government-backed cyber attack.

.BasisPeak watch recalled – it burns you but not when you want it to.

.Ford recalls 840,000 – doors open while moving – cheap spring brakes like on GM cars 

We need regulation—GOP wrong—companies/cities wouldn’t fix bad products on own

When everyone has guns; your chance of being killed goes up. Police want gun control. They don’t know who to shoot. Shot a psych worker with his hands up while on ground. 

SCAMS

Wealthy Dem donors have SS # hacked by Russia with Don’s blessing.

Deutsche Bank reviewed Don’s financials when he wanted a loan. He claimed net worth of $3.5 billion. The bank concluded Trump’s net worth was $788 million. Illusionist?

Ten most stolen vehicles http://www.bankrate.com/finance/auto/10-most-stolen-vehicles-1.aspx

U.S. Attorney’s office has ordered sealed the autopsy report of victim Alton Sterling

Zimmerman punched as he was bragging to diners about shooting the 17-year-old.

Ignoramus Award: Police shoot man in home: Oops wrong address Shoot first ask later!

How our government wastes our money

Zika now in Miami mosquito bites because Congress would not give funds for control.

F-35 $400 billion program suffers from a series of problems yet Air Force says “ready” 

Who investigates the investigators? FBI veteran giving secrets to China – It’s Hill’s fault!

Who owns your account now?

MetLife insurance and annuities assigned to CSC for servicing

EverBank to TIAA

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alert

Will you inherit $11 million Tax-FREE?

Will you inherit over an $11 million estate Tax-FREE?

Are you one of the lucky families that will inherit over $11 million estate tax-FREE?

Our Congress just voted to give a BIG tax break to the 5,000 wealthiest families. Repeal of the estate tax would mean that the wealthy with over $11 million can create a family dynasty. None of these wealthy people works on a farm or would lose their farm if Obama vetoes the bill. We would lose $300 Billion in taxes and we must make up. The 5,000 would still have $ millions after state inheritance tax in some states.

If you don’t have over $11 million, use your IRS-approved Tax-FREE account: http://www.amazon.com/Working-Millionaire-Tax-FREE-Self-insure-Self-fund/dp/1460945484

You can create a legacy for your family that is NEVER taxed

Your heirs have the option to keep building your legacy for another generation. They can either roll your Roth IRA into their own Roth IRA or cash out the account without penalty regardless of their age. Your beneficiary can transfer your non-taxable Roth IRA into their own account, if they do not need the money for retirement. They can then designate the account for their beneficiary. This can be repeated for each generation. If any heir doesn’t do the transfer, your account needs to be distributed within five years of the death or paid out in equal amounts over their lifetime. 

http://www.amazon.com/Lets-Do-The-Numbers-Retirement/dp/1502775522

Wealthy avoid taxes by NOT working

If you work, you pay taxes before you can buy food, housing or anything else. Not so with the wealthy. Look back to the 2011 Romney tax return shared by the candidate. Romney reported NO earned income. He actually paid more tax than required so that he could claim he was not one of the “47% of Americans who pay no income taxes. He called us “victims” who feel entitled to government handouts.” But we pay 33% on average—more than double his 14% rate.

Congress has reversed the American progressive tax system. The wealthy pay a smaller percentage of their income than we do—14% vs 32%.

Pay your fair share: http://www.amazon.com/Tax-Shelter-Americans/dp/1500426520

Americans   

Is an HSA right for you?

A Health Savings Account is tax-FREE money when it is combined with a high-deductible health plan. The IRS defines HDHP as an annual deductible of at least $1,250 per person or $2,500 family. Your HSA is deductible even if you don't itemize deductions. The HSA is great if you don’t have high health costs but a large deductible can prevent you from getting the care you need. You can write off $3,350 ($6,650 family) in HSA contributions on your federal income tax for 2015, plus a $1,000 catch-up if you're 55 or over. HSA balances roll over year to year so you could earn interest. Unlike an HSA, you must use an FSA by yearend or lose it.

Is Free File tax prep right for you?

The number of taxpayers filing self-prepared returns increased nearly 6 percent by the end of February according to the IRS. It has authorized a number of online software firms to provide FREE tax prep help at http://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free. The cost of commercial tax prep has increased with new ACA forms added this year so you can save up to $500. And there are still organizations that can help seniors and non-computer users. AARP offers in-person FREE file: http://www.aarp.org/applications/VMISLocator/taxAideLocations.action

Will the IRS keep your refund?

You may find a hole in your bank account if you were spending your tax refund before it came. The IRS can take it for several “worthy” causes: Delinquent student loans, ObamaCare penalty and/or subsidy, past-due state income tax, past-due child support, etc. The Treasury's Bureau of Fiscal Service, which actually issues refund checks, will inform you by letter of the dirty details. If they made a mistake, dispute it. Hey, you never know.

You can turn your IRA required distribution into TAX-FREE money

Many people work after age 67—the SS retirement age—and by age 71 are receiving mandatory distributions from their IRAs, 401k, 403b rollovers, and other pensions. These retirement funds were never taxed so Uncle Sam wants to be paid. You can pay it and then never pay tax on the earnings again. If you don’t need the money right now. You can send your RMD, as it is called, to your low-cost mutual fund inside a Roth IRA. When you need the money later, it and its earnings will be TAX-FREE. This will lower the income taxes on your other taxable accounts and Social Security benefits. You pay less tax overall with Tax-FREE income.

http://www.amazon.com/How-Retire-Tax-FREE-Income-increases/dp/1484156951

GOP crazies

America’s future looks grim using the just-passed GOP budget blueprint:

Military spending increase to $612 billion so we can prop up 3 Middle East countries; and Japan, Germany and S. Korea don’t have to pay for their own defense departments.

CUT $431 billion from Medicare. Convert seniors to voucher-like program.

CUT $236 billion from the budgets of non-defense agencies—fewer people services.

CUT $1 trillion from food stamps and welfare and repeal of the Affordable Care Act.

CUT Medicaid $913 billion. Convert to state block grants to shift cost to states.

37 million people would lose health insurance, doubling the ranks of the uninsured.

Obama says “failure to invest in education, infrastructure, research and national defense.”

McCain says “not legitimate budgeting.”

Ken Buck, (R) CO says “It’s all hooey.”

 “I don’t know anyone who believes we’re going to balance the budget in 10 years.”

GOP President-to-be claims he is Hispanic to gain votes or impress Miamians?

Jeb Bush admitted Monday that he made a “mistake” in 2009 when he listed his ethnicity in a Miami-Dade County voter-registration form as “Hispanic.” The likely 2016 Republican presidential contender is, obviously, not Hispanic. How can you make a “mistake” since we answer “race/ethnicity” all the time? He did on March 6, 2009. Does Bush senior know Mrs Bush had a Hispanic son?

Can we see Jeb’s birth certificate? Is this another “oops, I forgot” GOP moment? Did he serve in the “National Guard” like W claims?

NJ Gov gives Exxon a break

Master ‘negotiator’ Chris Christie accepts only $225 M instead of $9 Billion and then uses the money to fill his budget gap and still can’t pay promised pension bill. Is this how the GOP will run the government? He is losing his shouting match in the polls.

74% of us have never calculated our monthly retirement needs

Also, 51 percent of retirees have never tried to determine if their current savings will be enough to last through retirement – though 39 percent assume what they have will not last 20 years – grim statistics indeed.

You can have more income than you think: http://www.amazon.com/Lets-Do-The-Numbers-Retirement/dp/1502775522

Do you know what you pay your broker/advisor?

A significant number of investors are in the dark about the fees they pay brokers, according to a new survey by a state regulator association. While most brokers/advisors charge annual fees to manage accounts, one-third of customers aren’t aware of the expenses, according to the survey by NASAA. The industry makes it hard to find the costs because they take as much as 63% of our retirement money in fees.

Wealth Without Wall Street: http://www.amazon.com/Wealth-Without-Wall-Street-Commissions/dp/1442168137

Long-term care insurance at risk

Genworth is weighing a breakup after steep losses on policies covering long- term medical care. GE is dumping its financial units so policy owners must contend with rising premiums and underwriting standards. Current owners may have some protection from state insurance funds. Future owners may be better off using alternatives.

Consider the alternatives: http://www.amazon.com/Long-term-Care-Insurance-Updated-Edition/dp/148274001X

Students lose coverage while in school

Some universities that provide health insurance to their students are stopping the practice, as they say the Affordable Care Act’s minimal essential health benefits requirements have led to unsustainable cost increases. Those that remain are turning to their brokers to determine the best way to continue offering coverage to their students.

SCAMS           Why are we still paying $700 Billion a year for WWII deployments? That is 27 cents of each dollar in taxes—the largest part of our money—and we aren’t even at war. We could pay off our debts and fix our schools, roads and bridges!

We are paying for 164,253 of our active-duty armed personnel to be in 150 countries around the world. We have about 50,000 in Japan and 50,000 in Germany.

Are we preparing for WWII again? There are 1,208,083^[1] armed personnel in the United States. Our taxes pay for about HALF of the WORLD’s military expenditures every year. We have wasted $398.6 billion so far on the F-35 program—they can’t fly safely.

We just can’t afford to pay for everyone else’s defenses anymore.

Japan, Germany and S. Korea can pay to defend themselves.

The War on Terror requires SEALS’ attacks on top terrorists at their homes. Iraq proved converting a nation to Western-style republic doesn’t work. The troops we trained ran away. We are wasting $4 billion a year on Afgan tribal rivalries; paying ransom to Al Qaeda; supporting corruption with our money.

LPL Accused Of Improper REIT Sales By NH Regulators

LPL settled a similar case with the FIRA paying $950,000 for supervisory lapses in the sale of direct investments. In December 2012, LPL paid $2.6 million to settle a Massachusetts case involving improper sale of nontraded REITs. Last year, LPL’s top executives saw their bonuses drop, due in part to the adverse impact of regulatory charges. No one was fired or jailed. Will they do it again?

Wall St Banks need bailout by US for bets on oil prices

The same ‘players’ insured the oil drillers that prices would not fall. Now they must pay $26 billion. When they claim they nave no money, we will pay because Congress lets banks gamble with our money.

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts 

Advisors stealing $ millions from retirees, soldiers

Advisors stealing $ millions from retirees, especially soldiers

John Turner, an economist, suspected that brokers were encouraging federal workers to ditch their top-flight retirement plan. So he went under cover. The former U.S. Labor Department economist called representatives at companies such as Bank of America Corp., Charles Schwab Corp. and Wells Fargo & Co. He identified himself as a potential client grappling with what to do with his own nest egg. Turner knew the right answer: Leave it alone. He kept his money in the Thrift Savings Plan, considered the gold standard of 401(k)-type programs for its rock-bottom fees. Yet all but one company told him to roll over all his money into funds that charge almost 50 times more than the government plan. The fiduciary rule, meant to fix this, has been tabled by Congress.
“It’s a scandal,” said Turner. “They are trying to sell me investments clearly not in my interest. It’s in their interest. They want to get the fees.”

You can transfer your high-cost 401k into the low-cost leader: http://www.amazon.com/Vanguards-Top-Ten-mutual-funds/dp/150073909X

Obama as Stephen Colbert

Obama appeared Dec. 8 on Comedy Central’s “The Colbert Report,” where he took the place of host Stephen Colbert for a regular segment called “The Word” -- retitled “The Decree” for his appearance -- to pitch enrollment to young viewers.

“Most young people can get covered for less than $100,” Obama said, using lines purportedly meant for Colbert. “How is the president going to get that message out to the kids? He could try to appeal to them directly through a speech or a press conference, but young people don’t watch real news shows. They watch comedy shows. Watch: https://www.youtube.com/watch?v=Te6S-mL1hF4

ObamaCare to cover over 9.1 million Americans at risk

This client had ObamaCare premiums go down 2^nd year

She did not have to change her insurance plan or subsidy. Her cost for the Gold plan with Horizon NJ went down to $147.27 a month. It used to be $445 before ObamaCare. She got help from her relatives. Her employer offers nothing. She still has to pay some out of network docs she has used for years but only when she goes. She voted for Obama. She buys only what she needed to cover her medical necessities: http://www.amazon.com/Health-Insurance-ONLY-right-policy/dp/1480125083

Can you qualify for an exemption from ObamaCare penalty?

If you do not have health insurance this year, you may owe a penalty in your tax return in April. There are ways to avoid it but you must apply now. If you had coverage, just check a box. However, most time-consuming exemptions require mailing a signed paper application to the exchanges: These are processed manually, which can take a couple of weeks. Those exemptions include several hardships, such as foreclosure, the death of a family member, unpaid medical bills and eviction, as well as religious reasons for not using insurance. “Do it now because it’s a cumbersome process,” advised Mark Steber, chief tax officer at Jackson Hewitt Tax Service. Healthcare.gov has lists of where to apply for each.

Selling your home can provide Tax-FREE cash!!

Your home is your castle; but it is also an asset. When you sell an asset for more than you paid, you must pay tax on the gain—but your home sale is FREE. If you bought your home some time ago, it may have gone up by 5% or more a year. Over time, $50,000 you paid 40 years ago becomes $400,000 you receive when you sell. When you sell your home, Uncle Sam says “OK, forget the tax.” If you buy another home or retire on it, you don’t get stuck with a tax bill. In fact, you don’t even have to report it on your return. “You may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). See Excluding the Gain, later. Generally, if you can exclude all the gain, you do not need to report the sale on your tax return.” Pub 523, p 2.

Social Security benefits are NOT our earnings so Congress thinks, “entitlements”

In 2014, if you retire at age 66, the maximum amount you will receive is $2,642 a month.

If you waited to age 70 and retired in 2015, your benefit is $3,501. In order for us to have this level of income—$42,012 per year (for 25 years)—from an investment account, we would need a nest of at least $800,000. Congress does not actually invest our SS contributions from our paychecks, so they treat our benefits as if they were a “gift” they can take away—“entitlement”—when they feel like it. The new Congress is GOP so look for more limits on our benefits.

Make your own security: http://www.amazon.com/Lets-Do-The-Numbers-Retirement/dp/1502775522

Which 2015 cars are safest?

Most are foreign branded but made mostly in US. The design and capability seem to determine which is best in each type of vehicle. See list: http://www.fa-mag.com/news/top-cars-for-safety-announced-20277.html

Why do our freeways have speed limits?

Some people always exceed the speed limit. I hear about it at parties, especially during the holidays. When there is little traffic and we are late, it seems like a good thing our cars can do 85 MPH easily. However, our chance of death increases dramatically.

KS raised the limit to 75 three years ago. Fatalities and injuries are rocketing, according to the Transportation Department. Surprisingly, the overall number of crashes is flat, but highway deaths jumped 54 percent since 2012 on the seven highways where the speed limit was raised. Overall, 48 people were killed in 38 wrecks on those seven highways in the two years before the speed limit was raised in mid-2011. In the two years after the speed limit was raised, 74 people were killed in 59 wrecks. We just can’t avoid it at 85! Watch and cringe: https://www.youtube.com/watch?v=rFdx-_CbmAc

SCAM ALERT: Your tax preparer must be on the new IRS list

The IRS directory will include those professionals who have registered with the IRS and have a valid Preparer Tax Identification Number (PTIN). With the new directory, taxpayers can search and sort for tax preparers by name, city, state and zip. In addition to the usual suspects (CPAs, attorneys, Enrolled Actuaries and Enrolled Agents), the directory will also include those taxpayers with the newest designation, the Annual Filing Season Program (AFSP). The AFSP is a voluntary and temporary program which offers a recognizable record of completion for tax preparers who (similar to those required for the former Registered Tax Return Preparer (RTRP) designation); requirements for the program consist of 18 hours of continuing education, including a six hour federal tax law refresher course with test. If you preparer is not on the list, find another or do it yourself with efile FREE using the software listed at IRS.gov.

Avoid scams http://www.amazon.com/Money-Scams-2014-insurance-financial/dp/1505437962

SCAMS           Why are we still paying $700 Billion a year for WWII deployments?

We are paying for 164,253 of our active-duty armed personnel to be in 150 countries around the world. We have about 50,000 in Japan and 50,000 in Germany.

Are we preparing for WWII again? There are 1,208,083^[1] armed personnel in the United States. Our taxes pay for about HALF of the WORLD’s military expenditures every year. We have wasted $398.6 billion so far on the F-35 program—they can’t fly safely.

We just can’t afford to pay for everyone else’s defenses anymore.

Japan, Germany and S. Korea can pay for their own defenses.

The War on Terror requires SEALS’ attacks on top terrorists at their homes. Iraq proved converting a nation to Western-style republic doesn’t work.

Goldman Sachs was behind the scenes of the largest taxpayer bailout in history

It looks like all the major players in this failure of capitalism were Goldman Sachs shareholders. They stood to benefit from this windfall more than others. Sordid details and lies revealed in trial. American history at its worst.

Swiss banker gets off in tax evasion by Americans

Raoul Weil, 55, the former head of wealth management for UBS Group AG, was acquitted of conspiring to help thousands of U.S. clients use Swiss banking secrecy to evade taxes. A Florida jury let this only offshore banker go. The US has warrants for 55 others outside of the U.S. for tax evasion in 2008.

Who owns your account now?

New York Life's Retirement Plan Services to Manulife’s John Hancock division. 

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts 

Do you need Lawsuit insurance?

Lawsuit Insurance Do you need a lawsuit liability policy?

If your child ever displays their anger on an Internet site, you may get hit with a lawsuit for $millions. It happened to couple in GA and they must pay $750,000 after the award was reduced. You may be sued in an accident through no fault of your own. Do you have $100,000 for the lawyer to defend you? You can save on the cost of this excess or umbrella liability policy by shopping insurers.

Saved 62%

A New Jersey member found that her car insurer charged $210 for the same $1 million umbrella policy that her home insurer, State Farm, charged $556 for. She saves $346 a year. Your auto carrier usually gives the best price for liability coverage.

Use our Guide to pick the right coverage: http://www.amazon.com/Lawsuit-Insurance-need-right-policy/dp/1480061123/

Romney will lower rates but raise tax payments by cutting our deductions

He pledges to “lower taxes on middle-income families,” without giving high earners another tax cut or adding to the U.S. budget deficit. He can do that, he says, by capping the value of tax breaks available to any individual taxpayer. His tax plan, however, would upend financial planning for millions of middle-class households, denying them thousands of dollars in annual deductions, thus raising their taxes but lowering the "rate."

Recently, Romney said taxpayers might be able to take a total of no more than $17,000 in deductions each year. For middle class families in high tax states, this is the kiss of death. Many in NJ, NY, and CA pay over $17,000 in mortgage interest (average homes cost $500,000) and $12,000 in property and state income taxes. Some give $10,000 to charity.

Romney tax cuts will cost $5 trillion over 10 years. The limit on deductions do not “come close to paying for the $5 trillion,” said Gale, who co-authored a study of Romney's tax plan for the non-partisan Tax Policy Center in Washington.

http://www.businessweek.com/news/2012-10-05/romney-vow-to-lower-middle-class-taxes-at-odds-with-cap

Most reliable used vehicles

Eight out of 10 of the models on our list of most reliable used vehicles from the 2008 and 2009 model years come from Japanese brands. JD Power and Consumer Reports: http://autos.yahoo.com/news/10-most-reliable-used-cars.html

Vehicle Insurance:  Beware: Double Coverage by Dan Keppel

Your education and occupation may raise your premium.

Save $22,000 with the right policy.

Your policy duplicates at least three coverages.
The same 2-car policy can cost $1,400 or $3,600.
Create a Wealth Reserve^TM to self-insure small risks.
Accumulate $100,000 in 15 years to protect your future.

http://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634/

Is a variable annuity right for you?
AM Best, the insurer-rating firm, and its sponsor, AXA Equitable, are encouraging agents to use these complicated and expensive products for younger clients. Even though the SEC, securities regulator, has warned agents and clients about the suitability of VA s

(sec.gov/investor/pubs/varannty.htm), insurers pay high commissions to lock in investable dollars early. Young people have much better investment options without the high costs and lack of liquidity of a VA. Look before you leap:  http://www.amazon.com/Not-Buy-That-Annuity-Guaranteed/dp/1466494573

Congress wealth up 5%, American people’s wealth down 39%

The Washington Post reported the median net worth of the current Congress rose 5% during the recession while it fell 39% for the average American. The wealthiest one-third of lawmakers saw their net worth rise 14%. Some key findings of the report are:

• By 2010, the median estimated wealth for members of the House of Representatives was $746,000; for senators it was $2.6 million.
• There was virtually no difference between the wealth of Republicans and Democrats in 2010. Just six years earlier, the net worth of Republicans was 44% higher than the net worth of Democrats.
• 28% of Congress, or 150 members, reported earning more income from outside jobs and investments than from their Congressional salary of $174,000.
• 27% of Congressional members saw a decline in their net worth between 2004 and 2010.
• 73 lawmakers sponsored or co-sponsored legislation that could benefit businesses or industries that involved those Congressional members or their families.

No wonder they don’t want to raise taxes.

Government of the rich people, by the rich people, for the rich people, shall not perish from the earth. Lincoln was wrong. There are two nations.

Paul saved $4,567 by moving his IRA to low-cost Vanguard

Paul used Vanguard low-cost index and managed funds to gain 25.5% so far this year and saving $4,567 in fees this year. His IRA had about $300,000 in 2011 when he moved it because he was not happy with his advisor’s fund returns. He now pays about 0.3% instead of 1.3%. He has diversified his investments in preparation for retirement by using the 10 Vanguard funds suggested by our members. He has about $375,000 now. He read:http://www.amazon.com/Lies-Financial-Advisors-Told-alternatives/dp/1478281545

GOP Rep claims science is wrong yet votes on Science, Space & Technology issues!?

Georgia Rep. Paul Broun said in videotaped remarks that evolution, embryology and the Big Bang theory are "lies straight from the pit of hell" meant to convince people that they do not need a savior. Broun also said that he believes the Earth is about 9,000 years old and that it was made in six days. Was he just playing to audience or for real?

Problem: He sits on the House Committee on Science, Space and Technology and makes decisions affecting our future.

Congress hears study that finds lower taxes just makes rich richer: NO “trickle” down

The study shows that lower taxes DOES NOT increase growth: Both houses held a joint hearing on what they called the “treatment” of capital gains. It has been a one of the Ten Commandments of the GOP: Lower taxes produce greater growth. But now a study of growth and tax rates since 1950 shows “no statistically significant correlation” between the two. The study included a 5 year lag also. There is no trickle down growth.http://www.bloomberg.com/news/2012-10-04/study-finds-benefit-is-elusive-for-low-capital-gains-rate.html

Is your state pension in trouble?

States don’t like to pay for their promises and usually don’t have to. NY is the exception. Is your future pension just a broken promise? Are unions able to help or is this like Social Security? You paid in advance but, too bad, things change? See the 10 worst cases.

http://online.wsj.com/article/AP644ef2750d8248e393bfa995b8787524.html

Are your 401k fees too high?

The new disclosures—some 8 or more pages—seem to be obscuring the facts. There are fees for everything and mutual fund companies must list them all; which might be the problem. There are so many different kinds and it is hard to know how to reduce the ones you can control. Typically, your employer is not paying for any of them so they don’t have an incentive to reduce or eliminate them. They signed you up to pay for bookkeeping, telephone response, mailing statements, etc. You can reduce the management fees, 12 b1 fees and other expenses of the management company. Compare your plan fees to other company plans usinghttp://www.brightscope.com/. To understand what the fee names mean, seehttp://www.sec.gov/answers/mffees.htm. Most people are better off, making more money, by using low-cost funds. Paying more does not guarantee you earn more. In fact, the opposite is true according to many studies. Over time, paying high fees can take 40% of your accumulations. Many have found our Guide helpful: http://www.amazon.com/Wealth-Without-Wall-Street-Commissions/dp/1442168137.

NJ tries to give uninsured purchasing power despite Christie

New Jersey Senate approved legislation to create a health-coverage purchasing pool for the uninsured, after Republican Governor Chris Christie vetoed a similar measure in May. States that miss a Nov. 16 deadline to submit plans will have their exchanges designed by the federal government. New Jersey has 8.8 million residents, with about 1.3 million uninsured from 2009 to 2011, according to U.S. Census data.

Canada government certified meds less than HALF cost

Buying meds on the Internet from Canada can be safe using a CIPA.com approved pharmacies. EG: Abilify  15mg Tablets   30 tabs $227 at http://www.polarmeds.com/ but $592 at CVS. Both require script by real Dr. 

Is a “living trust” right for you?

Seniors are the target for this $2,000 sales pitch to “avoid the high cost of probate.” The Prepaid legal sales person then hands the paperwork to the deferred annuity person who clears another $2,000 or more by locking up savings in a 14 year contract. Most people will never need to probate their will since most assets are not governed by it. An IRA and life insurance as well as POD and joint accounts, and homes are usually paid directly to a beneficiary or joint owner. Most people also forget to change the title of their assets to the living trust so it is not used. Taxes can’t be avoided with this trust. Contact an estate lawyer for your specific situation, like property in multiple states.http://www.nytimes.com/2005/11/20/realestate/20home.html

States may tax your own money in a joint account

PA, NJ, NE, MD, IA, KY and IN will impose tax on your money if a joint owner of the account dies. The states consider the money split equally among the owners. A Financial Power of Attorney can be used in place of putting your grown child’s name on the account for convenience. This avoids the tax and allows any person you designate to obtain money when you are not able to make the withdrawal for emergencies. NOT LEGAL ADVICE

http://money.howstuffworks.com/personal-finance/personal-income-taxes/inheritance-tax.htm You can make a POA yourself at http://www.nolo.com/legal-encyclopedia/durable-financial-power-of-attorney-29936.html’

SCAMS           “Only the little people pay taxes.” Leona Helmsley

Amex fined for misleading customers 4 ways—Refunds to ¼ million customers

New Fed regulator, CFPB, fined American Express $14.1 million for promising $300 on signup cards then reneging. http://www.consumerfinance.gov/pressreleases/cfpb-orders-american-express-to-pay-85-million-refund-to-consumers-harmed-by-illegal-credit-card-practices/

Romney’s debate promise—pre-existing condition coverage—is already law

Health-policy specialists say Romney’s plan is the same protection already in a 1996 U.S. law and doesn’t show how it would help at least 36 million sick people at risk of being denied coverage.

Why don’t we all have the same health coverage as Congress and the President?

They pay for private plans like any large employer. The plans provide great care as you can wonder. We taxpayers pay for about 75% of the costs of about 300 choices according tohttp://www.factcheck.org/2009/08/health-care-for-members-of-congress/. There is no reason why all the uninsureds could not be offered the same deal as the our ‘representatives.’ After all, don’t they work for us?

http://www.opm.gov/INSURE/HEALTH/INDEX.ASP

Foreclosure rescue fraud charges against 530 in NY alone

More than 73,000 homeowners were victims of various frauds for which charges were filed during a year-long crackdown, including “foreclosure rescue schemes” that take advantage of those who have fallen behind on payments, the Justice Department said. The U.S. brought charges against 530 people over schemes that cost homeowners more than $1 billion, NY AG Holder says. 

MN curbs misrepresentations by Embassy of Heaven

State insurance regulators have ordered the Oregon- based Embassy of Heaven Church and its leader Paul Revere to stop making misrepresentations related to insurance in Minnesota, saying a type of auto insurance it promotes through Mutual Assurance is bogus.

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Is timing our Social Security benefits important?

Is timing our Social Security benefits important?

When planning retirement benefits, know the rules:

1. Starting benefits at age 62, cuts benefits for life. Women live longer and are more likely to end up with SS benefits alone. Women who wait to age 70 receive ¼ more than at age 62 or 65, so waiting may be best for her.

2. Coordinating benefits and working may help both of you. This recession’s structural unemployment affects men more than woman. Men can take benefits at age 62 if they cannot find meaningful work. Women can continue working to age 70 to maximize their benefits and take ½ the man’s benefits if they have attained their full retirement age. http://www.ssa.gov/retire2/retirechart.htm The total benefits may equal what the man would have received if he started later. This preserves the woman’s increase in benefits for the rest of her life. She loses nothing of her own work credits by taking his too.

3. Medicare can be engaged at age 65 but may not be needed if the woman’s coverage is better or cheaper through her employer. Medicare does not cover all expenses. Medicare supplements and Part B are usually necessary. http://www.medicare.gov/sign-up-change-plans/decide-how-to-get-medicare/original-medicare/how-original-medicare-works.html

It may be helpful to meet with a SS official when one of you reaches age 62 to find out what works for you. Call your local office for an appointment and free analysis.

 

CAUTION: Advisors giving poor advice to clients on SS, survey says

The newly released findings from the Wharton School's Pension Research Council concluded that “many advisers still approach Social Security claiming as an individual decision rather than a household decision (even though) clients would be better served if a household- approach was utilized.”

 

Financial Power in the 21st Century: $1,000,000 Tax-FREE

Accumulate $200,000, $500,000, $1,000,000 with NO taxes …  EVER.

Financial power in the 21st century is tax-FREE income

• Use a special tax haven to protect all your dividends, interest and capital gains
• Contribute $9 a day to your tax-free account
• Earn 9% a year on your wealth with no income taxes
• Spend 9% of your wealth with no income taxes

Isn't it time you started using the tax laws to your benefit like the people in the top 1% ! How does Warren Buffett pay only 17% total tax?  http://www.youtube.com/watch?v=Cu5B-2LoC4s

How does Mitt Romney pay less than 13.9%? You may not receive $21 million a year like Romney does but you can use a tax haven he can't use to compound $9 a day into $1,000,000. Compounding high investment earnings is “the most powerful force in the universe.” Compounding is money earning money on its earnings over time. Simple but powerful and ... no tax … ever.

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Two Americas—states providing health insurance to uninsureds

California, Connecticut, Hawaii, Iowa, Maryland, Nevada, New York, and Vermont have received new grants to help support the establishment of Affordable Insurance Exchanges. GOP states have said no to Exchanges for us.

 

TX voters will NOT need special ID to vote—GOP lost voter supression tactic

A federal appeals court in Washington Thursday struck down the Texas voter ID law requiring photos for voters at the polls, calling it racially discriminatory.

The decision is a major victory for the Obama administration and its Democratic allies, which had challenged the law.

 

Is critical illness insurance right for you?
This insurance is being pushed as a group plan in small companies. However, it only covers the unusual illness-- such as cancer, heart attack or stroke. If you have to go the hospital for other reasons, you may be faced with a large bill you can’t pay. This kind of policy is popular in Canada because everyone is covered already by national health and it is the only product insurers can sell. If you cannot afford a comprehensive policy which covers all the expenses of these illnesses, compare a high-deductible comprehensive plan. You will have a limit on your expenses but large bills will be covered. You do not need critical ill policy if you have the more comprehensive one. http://www.amazon.com/Industry-Insiders-Guides-Buying-Insurance/dp/1466435712/

 

 

SCAMS           “Only the little people pay taxes.” Leona Helmsley

 

Romney/Ryan claim to cut taxes AND not increase the deficit—except for workers!

Romney is still committed to making his tax cuts "revenue neutral"--in other words, not leading to an increase in the deficit.

When asked how this was possible, given the magnitude of the cuts (20% across the board on personal income taxes, along with a 10-point cut to corporate income taxes), Hubbard, his spokesman, explained that the cuts would be offset by:

• Stronger economic growth, and
• "Broadening the base" of taxpayers (in other words, having poor and lower-middle-income Americans pay income tax)

In the past, Romney has also promised to increase revenue by eliminating some loopholes and deductions. Romney has never been specific about which loopholes he would eliminate, and Hubbard did not provide any specifics.

Earlier this year, the Tax Policy Center concluded that it would be impossible for Romney to cut income taxes across the board and make the cuts "revenue neutral" without also effectively increasing taxes on the lowest-income Americans (and that was when the Romney plan called for merely maintaining current tax rates, not cutting them). The Romney campaign dismissed this conclusion as factually wrong and "partisan."

But stronger growth means LESS revenue for government when rates are cut and taxing low-income working people means LESS demand for products in US.

 

We saw this movie before. The job ‘creators’ moved their Bush tax cuts to Bermuda and left us with the debt. http://finance.yahoo.com/news/u-firms-move-abroad-024200566.html. Reagan and Bush started the deficit climb; Bush II added to it. See chart at http://www.ritholtz.com/blog/2010/05/national-debt-by-president/

 

 

 

Why my IRA has not grown to $10l.6 million like Romney’s has.

Mitt Romney made use of arcane techniques in several of its Cayman Islands-based funds to avoid U.S. taxes, according to a trove of Bain Capital's private audit and finance records made public on the website Gawker today.

The audited financial statements of one of the Cayman Islands funds make note of the use of "blocker" entities, which are used to help retirement accounts and nonprofit entities avoid some taxes. Financial statements for another fund note that it "intends to conduct its operations so it will … not be subject to United States federal income or withholding tax ..."

http://www.newyorker.com/online/blogs/johncassidy/2012/08/the-gawker-romney-files-seven-takeaways.html

 

Congress allows hedge funds to rip off the gullible

New rules allow any manager to sell “private placements” to those who wish to become “instant millionaires.” One commentator wrote: ‘The “JOBS Act” has authorized virtually any company to offer securities to the public without review or registration. This event is as catastrophic as the repeal of the Glass Steagall Act. Within the year, there will be horrendous stories of fraud by companies using this act and of the powerlessness of securities agencies to take any action because of the act.’

 

Who owns your account now?

TD Insurance, a subsidiary of TD Bank to USI Insurance Services

 

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts available at http://dankeppel.blogspot.com/