401k, 403b, IRA, Roth IRA which is best?

 

Which insurance can you drop to save for retirement?

Insurance salespeople don’t always explain the probability of using their products. For instance, the reason term insurance is cheap enough for your employer to provide it is that few die early. The same applies to life cover for children. Insurance sold as an investment is a waste of money. Insuring your travel is risky—check the exclusions for ways they don’t pay. If you have collision on your old car, you will be surprised when you end up paying the bill not the insurer. It is the same with home warranties—look for events no covered. You have coverage on misuse of your credit card too. Most dental insurance does not cover the big expenses. You don’t need coverage on a rental car if your regular cover is comprehensive. Plus most credit cards provide cover. Insuring your pet is usually limited—check this guide. Finally, shop for the car coverage you need—not the policy your agent sells. Most contain duplicate coverage you already have.

Save $3,000 a year: https://www.amazon.com/Industry-Insiders-Guides-Buying-Insurance/dp/1466435712

 

401k, 403b, IRA, Roth IRA which is best?

Savings for retirement are turbo-charged by avoiding taxes and by compounding your earnings. The earlier you start your account, the more you will have later. First find out whether your employer will match your contributions to a plan at work. This is free money so you need to take it. If there is no match, you can start monthly contributions to an account that will grow tax-FREE for the rest of your life. The Roth 401k or 403b at work or Roth IRA at a low-cost mutual fund provider like Vanguard will avoid taxes on the earnings in your account and never be taxed in retirement. By investing $250 a month in a stock index, you could have over $1,000,000 tax-FREE to provide retirement income. You invest $250 a month for 33 years or $99,000 for $1 million. If you keep HALF in a stock fund, you can spend $70-80,000 a year without income taxes of 12-22%. You may be able to avoid taxes on your Social Security benefits too.  

Buffett recommendations: https://www.amazon.com/Warren-Buffett-can-make-millionaire/dp/1530555981

 

Can you afford to be sued?

If you are sued, an umbrella liability policy can pay your lawyer and legal costs. This policy protects you and your family from huge court judgments if you are the unlucky victim of an accident. If you are involved in any accident—car crash or trip and fall on your property—the lawyers will go after the person or company with the deepest pockets. So if you own any property or assets, you may become the target. You may recall how doctors now refuse to help anyone injured on the street or in a building. In the past, victims went after the Good Samaritan because they had assets and their help was faulted. The most common events are your guest ‘falls’ in your home, your dog ‘bites’ a passerby, a serious car crash, a neighbor’s kid falls while playing in your yard. Any event on your rental property or any suit from something you did or said to someone else. For instance, President Clinton used an ‘umbrella’ to cover his legal defense expenses. If you have normal car insurance, it has limits for paying others’ medical expenses. This policy will cover the rest. These policies are usually written by your car insurer. For the average homeowner, the cost is less than $300 a year for $1,000,000 cover.

Lawyers are expensive: https://www.amazon.com/Lawsuit-Insurance-need-right-policy/dp/1480061123

 

Where is that refund?

The Internal Revenue Service today reminds taxpayers that the most convenient way to check on a tax refund is by using the “Where’s My Refund?” tool at IRS.gov or through the IRS2Go Mobile App.

Where is the stimulus 1 or 2? If you did not receive stimulus 1 or 2, start filing here: https://www.irs.gov/newsroom/recovery-rebate-credit.

Estimated tax payments are still due April 15. If you are self-employed or do not have enough withheld from a paycheck, pension or Social Security, you may have to send quarterly payments to the IRS. Tax returns for 2020 are due May 17 not April 15 but the estimated tax payments are still on schedule.

IRS will redo your taxes and send refund if you paid tax on Unemployment 2020.

 

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. If you already filed and paid tax on your unemployment income, IRS says it will send you a refund of the tax automatically. DO NOT FILE an amended return to obtain a refund on this tax. Taxes due MAY 17 not April 15. 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. You can deduct as medical expense all Covid prevention supplies. 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

 

What to do if you can’t pay by May 17?

Avoid the penalty for not paying estimated tax. Ask for an automatic extension to file till October. If that does not work for you, you can apply for a payment plan. An individual can setup an IRS installment plan if you owe $50,000 or less and can pay back the amount owed in 3 years. If you are a business owner, you can setup an installment plan if you owe $25,000 or less. The IRS will charge a one-time fee of $105.

If you own less than $25,000 and can pay the amount owed within six years, ask the IRS for a streamlined payment agreement. The IRS will charge a one-time fee of $102.

Request an Offer in Compromise if you cannot pay the total amount owed. This allows you to settle your tax debt for less than the total amount owed if you will be unable to pay back the total amount owed within 10 years. The IRS will charge a one-time fee of $150. Given the pandemic economic hardship, apply for the extension to file now: https://www.irs.gov/pub/irs-pdf/f4868.pdf

Special circumstances help: call the IRS Taxpayer Advocate Service 1-877-777-4778 for free assistance.

 

IRS has $1.3 billion refunds for 2017 tax returns

Unclaimed income tax refunds worth more than $1.3 billion await an estimated 1.3 million taxpayers who did not file a 2017 return, according to the IRS. “Time is quickly running out for these taxpayers. There’s only a three-year window to claim these refunds, and the window closes on May 17.” If they do not file a tax return within three years, the money becomes the property of the U.S. Treasury. Filing instructions are available on the IRS.gov Forms and Publications page or 800-829-3676.

You have 45 days to collect your cash!

 

 

**********ACCOUNTABILITY**************

 

 

Like 1776, this period is a test of democracy—We rejected an "American fascist"

 

 

Americans killing Americans: New gun sales at record level

 

Supreme Court justices are primarily political officials rather than jurists.

 

Doctor: Floyd killed by Chauvin’s weight on neck

 

Our ‘Truth and Reconciliation Commission’? 

 

 

How Govt wastes our money:

55 major companies paid NO tax in 2020: average American paid 33% of income

Treasury Secretary Janet Yellen called for a global minimum corporate tax rate

 

Most companies have 10 lobbyist for each Representative: Most of us have none.

Biden spends $3,750 a week per child in TX camps: someone getting really rich!

SCAMS/SPINS:

Trump’s Roger Stone coordinates Oath Keepers’ ‘Whip’ attempted coup Jan 6 Coup

 

Trump holds court of Trumpists near FL palace: plan for future overthrow of democracy

 

Qanon hidden in plain sight: Ron is son of Jim, owner of imageboard website A Big con!

 

Atlanta loses MLB All-Star game: GOP bars Dems from voting rout win by suppression

Corporations fund our anti-democracy vote suppression Representatives: say but not do!

 

GOP AR sets up separate health care laws for one group: GOP decides care; not doctors

GOP using auto deductions from donors without permission: Trump taking money: Con

 

George Blankenbaker IN stole $11 million fraud money laundering Ponzi scheme

Yorba Capital Management caught coercing clients: exaggerating consequences of wait.

Zachary Horwitz CA caught running Ponzi scheme fake movie sales: 35% returns

Gaetz asked Trump for pardon for affair with underage girl: guilty seeks pardon

 

$20-$60 for fake Covid vaccine card: real shot card is FREE

Hospital charges $3,358 for Covid test: usually $135: ask ‘total costs’: Medicare for all!

Wireless ‘unlimited’ and other cons for your attorney to read: ‘one-time’ fee every year

Did your Facebook data in the hands of hackers? 533 million Facebook accounts leaked 

 

BEWARE: it is easy to mislead & change the facts to fit ideology: get confirmation

 

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

Business owners can deduct 100% of biz meals for 2021-2022 if restaurant hasn’t closed

No chip; no truck: US grinds to halt since US can’t make compute chips anymore?

 

Who owns your account now?

Half million Americans have taken Biden’s special health insurance offer

3 of 700,000 vaccinated OR folks die: must wear masks, 6 ft rest of life

Biden looks to restore Utah monuments slashed by Trump

 

Miracles:

SpaceX rocket debris falls in WA farm: cows OK but scared

‘Double mutant’ COVID-19 strain emerges in California: evolution makes 2 mutants

Only 222 died Sunday: airlines to pack ‘em in as before: wear mask for 5 hours?

 

HALF new Covid: Spring Break?: New York, Michigan, Florida, Pennsylvania, New Jersey

Miracle: world’s first self-chilling beverage can? still requires fridge

Basic laws of mass-energy particles/fields E=mc² don’t act as expected: stones are alive!

 

 

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

Montclair, NJ   07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

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

 

 

Is “bundling” home and auto insurance right for you?

 

Give your child a leg up

The secret to giving your child a solid financial foundation is to put their savings/investing plan on automatic. It is time and compounding that creates wealth. It takes 35 years for your savings of just $250 a month to become $1,000,000. $250 a month for 35 years totals $105,000. The Miracle of Compounding makes it worth $1,000,000 or more. This is not a get rich quick scheme. This is the strategy used by Warren Buffett to accumulate more in 10 years than 5 Wall Street hedge funds combined. This is the low-cost one-decision strategy that has worked for millions of investors who don’t need to brag publicly about their successful investments. This strategy is so simple you don’t need to give up over 50% of your earnings to an advisor to make trades. Over time this strategy earns 11% per year—doubling your money every 7-8 years.

Start now: https://www.amazon.com/Give-your-child-leg-manage/dp/1096505355

 

Have tax forms; will file … for FREE

W-2, unemployment, SS benefits, IRAs, pensions, RMD, brokerage, etc. If you have all your forms, file for FREE online. 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

 

Is “bundling” home and auto insurance right for you?

All insurance companies would love to have all of your insurance dollars. But does that make sense for you? First, one company does not offer the best coverage for every situation. My first auto company declined a simple claim that took weeks to resolve. Plus, I have had home insurance with one firm for 30 years and so have a longevity discount. I have shopped other carriers without success. Second, insurers change their profit strategies frequently. I keep testing car insurance rates every couple of years and save $ hundreds each time I shop. Recently, the insurer raised my car rates without any reason. I asked the CEO’s office for some explanation. They said “general” price rise was the reason. I asked if there was a discount I did not have and they confirmed that I was driving less now. Wow—they gave me another discount. Third, insurers go through marketing stages: today they all claim to save us $ hundreds by bundling or “buying only what you need.” Without shopping you won’t know what’s possible. Shopping carriers has saved me about $10,000 over the years. These are vendors not your spouse.

Shop: https://www.amazon.com/Save-3000-every-year/dp/1500681571

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

 

Wealthy line up to avoid taxes in future

After reaping the huge tax breaks of the Trump-GOP Senate, those who have made more are lining up at tax accountants to keep more. Even the pandemic did not slow down the riches flowing due to the Federal Reserve shoring up the bond/stock market. Some say tax increases are inevitable since the tax cuts for the rich have ballooned the deficit 29%. The wealthy uses several strategies to keep what they got from the Trump deficits. Real estate depreciation and business start-up expenses can shelter income. Converting IRA money to Roth IRA tax-FREE money works. Offsetting capital gains with losses and buying tax-FREE municipal bonds are used. Writing off PPP loans and using the opportunity zone investments strategically are more ways to pay less. Gifting highly appreciated assets saves taxes too. Most of us can take the less expensive route to avoid future taxes. Set up a legal Tax Shelter in 1 hour.

Use your IRS-approved account: https://www.amazon.com/Trump-Tax-Shelter-Avoid-taxes/dp/1985448300

 

Is a “no-closing costs” refi right for you?

Yes there is a way to refinance your mortgage without closing costs at contract. No, it is not FREE. Someone must pay the appraisal, local fees, processors, etc etc—and that would be you. The costs are added to the principal. The simplest no-closing-cost refinance takes the amount that you would have paid during closing and tacks it onto your new mortgage amount. Your lender adds the closing costs to your principal, or the unpaid balance of your loan. This may increase your monthly payments but doesn’t affect your interest rate. You might also be offered a higher rate to cover the closing costs. If you still have a lower rate than now, you still are better off with a refi since rates have fallen. If you need cash, interest rates on mortgages are usually lower than home equity loans, which means that even if you take a slightly higher rate, you may end up paying less compared with another type of loan. Choosing a no-closing-cost refinance may make sense if you don’t plan on staying in your home for very long. But if you plan on living in your home for a long time, you may end up paying thousands more in interest by taking a no-closing-cost loan. Save by finding the facts BEFORE you sign. Research starts here.

Get 3 estimates: https://www.bankrate.com/mortgages/refinance-rates

 

 

 

**********ACCOUNTABILITY**************

 

Like 1776, this period is a test of democracy—We rejected an "American fascist" 

 

 

President of the United States tried to overthrow our government

 

Dictator: “you’ll never take back our country with weakness”

 

House impeaches Trump 2^nd time: "incitement of insurrection"

 

Dictator gives sacred cemetery to mine-waste dam co

 

QAnon: “we all got played”

 

 

Our ‘Truth and Reconciliation Commission’? 

 

 

 

How Govt wastes our money:

Lucky 143 to give enough to dictator to get pardon or get out of jail? Drug dealers too.

Should the Capitol riot instigators pay the damages? Dictator has $billions; pays $0 taxes

Dictator trial will determine if runs 2024: Cruz & 147 GOP try coup again? GOP to stop voters

Domestic terrorists hiding in Congress: who gave the tours, opened doors, gave desk locations?

 

Dictator with $ Billions fears attacks: We pay $ millions for SS guards for his family & friends!

 

 

SCAMS/SPINS:

Terrorists plan: "to capture and assassinate elected officials," Justice Department lawyers say.

Trump support and belief in election fraud still strong: GOP still drinking Kool Aid

Trump terrorists dress like inauguration guards: many dictators use imposters to kill opposition

Terrorists attack Portland Dem HQ: no unity; reject Dem admin. prez; want revenge

 

12 army guards with ties to right-wing terrorists removed from inauguration mission

“More firearms were sold last year than in any previous year” 2^nd Civil War preparation?

 

Terrorist: “I’m a country boy: didn’t mean to bring gun, ammunition to D.C.” 500 rounds of ammunition

MyPillow owner wants martial law to keep dictator in power: stores ban Lindell products

Terrorists w/ illegal machine guns in Richmond: armed in camo garb: Only blacks get arrested

 

Ron Reagan: “Tear down this wall”: will Senate take Ron’s advice? Ron’s Stop the steal!

White Supremacy from FBI insider report: KKK was never this well organized

Pentagon to rid our ranks of racists and extremists: Black Sec Defense; 12 Guard out

 

Trump retirement party: military show: fighter jets/21 guns: distract from armed coup/bombing?

US looks like 3^rd world country: thousands of soldiers called out for terrorists across nation.

 

Ivanka Jared escape negative press: buying FL island home: not GOP defense witness

Trump vaccine reserve gone before Biden release: HHS: “not authorized to discuss the matter”

Biden can’t give 100 million in 100 days: no 100 million reserve left? Trump sent to Putin?

 

Owner Samaritan’s Purse ($622,252 salary) calls House members Judas (took 30 silver coins)

 

'Divinely Inspired' ‘trading’ by 2 convicts; $10 million Ponzi con; ‘20% riskless’ return; no jail

Kevin Brill MA caught stealing $600,000 from 3 family trusts; fake tax returns: prison

1st Alliance Lending caught misleading, using unlicensed sales, cheating, lying: only fine 

 

 

 LendUp Loans caught violating Military Lending Act  overcharging, misleading: no jail

COVID-19 Vaccine Scams a 'Growing Problem' Amid Slow, Chaotic Rollout

Ford Mazda recall millions for Takata air bag inflators defect

 

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

 

Is it a scam?  Check AARP scamline 877.908.3360.

 

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

Check Social Security: https://blog.ssa.gov/

Safeguard data: ConsumerReports help: https://securityplanner.consumerreports.org/

 

Jobs

Amazon gives vaccine to 800,000 employees: facilitate shipping vaccines

Biden looking for tech specialists to fix processes in government

Check your credit scores BEFORE you apply: employers do credit check before hire

Sales jobs are virtual and abundant: sell yourself first—everything else is easy

 

Who owns your account now?

Rent assistance: apply for programs from your state: local help varies

Debt forgiveness: Cancel your PPP loan if less than $150,000. Form 3508S

 

Miracles:

We need a miracle. 3,000 die every day. 420,000 so far: 1918 pandemic killed 675,000

We need a miracle: 16 million people now claiming unemployment benefits.  

 

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

Montclair, NJ   07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

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