Tax-refund Millionaires

 

Tax-refund Millionaire-- https://www.irs.gov/refunds

Most people spend their tax refund—your refund could be a retirement nest egg.

Michele had trouble saving. She seemed to always be waiting for her next paycheck. She never had enough to save for a rainy day like her Mom did. She used to make about $55,000 as a shop manager but with federal, social security, Medicare and state taxes, unemployment, disability, and health insurance, she was not able to put anything away for retirement. Years ago, her local tax preparer suggested she use her tax refund (average $3,000) to create a retirement fund. Usually Michele would use her refund to pay bills or buy something special. The tax preparer said that if she agreed to start an IRA with $3,000 of her refund, she would be able to increase her refund—Uncle Sam would help her save. The amount she invested would reduce her income and make her refund larger. The $3,000 could grow over time, if she left it in stock mutual funds in her IRA account. Over time, it has grown large enough that she will have enough for retirement.

I will help you start one in 1 hour: https://www.amazon.com/Tax-Refund-Millionaires-Let-Uncle-Help/dp/149595644X

 

Right now your $3,000 tax refund is worth DOUBLE

If we invest our tax refund in a stock fund—the shares are down 14% so far this year—the shares will easily double in value when the stock market recovers by next year. The alternative is to put $3,000 in a savings account earning .8% so you have $3,054 in a couple of years. $6,000 vs $3,054 in a couple of years. Stock prices are down—a sale. You are able to double your money in less time. Where can you do that? Not in a hedge fund. Warren Buffett proved that. Using a tax-FREE investment account, you may never have to pay tax on that portfolio increase. You can use the only legal tax shelter for working people. If you keep adding your tax refund to your tax-FREE account, you may have $250,000 in 20 years—and you will be able to spend it all—an extra 20-25% since there are NO income taxes on this special §408A account.

Go Tax-FREE: https://www.amazon.com/New-American-Retirement-System-ReserveTM/dp/1461030072

 

Is this annuity right for you?

This annuity provides you with a guaranteed income for life. And the amount adjusts for inflation so that in 20 years it pays you an amount that has kept pace with the rising cost of living. Most annuity payouts are fixed, so that the amount you receive buys only about HALF of what it used to buy. This annuity grows over the course of time instead of requiring a huge chunk of your nest egg when you stop working. In fact this annuity can begin when you really need it—after you have accomplished all the things on your “bucket list” and you have spent most of your nest egg. This annuity can never fail to pay your monthly income because it is not dependent on the financial soundness of an insurance company. The monthly amount comes directly from the United States Treasury to your checking account. And the Treasury has never missed a payment even when the rest of the government has stopped paying its bills. Talk about peace of mind. And you can receive over a $1 million during your lifetime. Take this annuity.

Maximize benefits: https://www.amazon.com/Maximize-Social-Security-Benefits-Retirement/dp/1495439224

 

Commoditization of the financial advice industry

Advisors can no longer afford to help families with less than $1 million of investible assets. Advisors cannot be sustained without the need to trade a lot of securities or sell a product like an annuity to keep the “fat cats” wealthy and their offices plush. Most large advisory firms have had to put clients into robo advisor mode. Wealthfront and Edge are examples. You are sent to the service center model, where the financial advisor does not play a critical role. Portfolios are standardized so you get one of 5-10 models. However, tax management or estate planning need more than an algorithm. So you are better off finding an expert on a fixed-fee basis at the time you need special services. For instance, many readers hired a planner (CFP) for a set fee to provide a comprehensive year by year estimate of income and expenses for 30 years. A tax accountant (CPA) can provide expert advice on handling tax matters. For complicated estate plans, you can secure a competent estate planner to guarantee your legacy. Remember, your IRA and regular mutual fund have beneficiary provisions which pass your money outside your will.

https://www.amazon.com/Lies-Financial-Advisors-Told-alternatives/dp/1478281545

 

Best Robo-Advisor: Ultimate Automatic Wealth Management

Morningstar, the securities analyst found that COST is the best predictor of financial success over time. Fidelity found that their client accounts that were most successful were those put on automatic—left alone—forgotten. Warren Buffett: “The stock market is a device for transferring money from the impatient to the patient.” Buffett claims that his holding period is forever. He advocates compounding (allow earnings on earnings to grow exponentially): "My wealth has come from a combination of living in America, some lucky genes, and compound interest." Robo-advisors work because money does NOT trade, rebalance, market time, buy high-sell low or sector rotate. It compounds. Yes, it is counter intuitive and it violates every 'rule' of Wall Street. Leaving your money alone to grow by compounding the earnings is easy – but HARD. Human beings do not control their emotions -- fear and greed win out every time. In fact, the average investor earns only 3.79% annually (vs market returns of 11.06%) according to DALBAR’s QAIB for 10, 20, 30 years. Use the Ultimate Automatic Wealth Management firm for success.

https://www.amazon.com/Best-Robo-Advisor-Ultimate-Automatic-Management/dp/1537111957

 

We will need to pay extra taxes on our inheritance

The new federal regulations would require many people who inherit money through traditional individual retirement accounts (IRAs) as well as 401(k)s, 403(b)s and eligible 457(b)s to withdraw funds from the accounts every year over a 10-year period, The Wall Street Journal reports. Non-spouse heirs are required to take minimum taxable withdrawals every year for 10 years from their inheritance in situations where the original account owner died on or after April 1 of the year of his or her 72nd birthday. These withdrawals, technically known as required minimum distributions (RMDs), must empty the account within the 10-year period. Heirs would pay a penalty of 50% on any RMD amounts that they failed to withdraw according to the schedule defined by the new IRS rules. This change, from “at the end of 10 years” to every year makes the tax-FREE Roth IRA more attractive to those making a legacy.

Consider a conversion to Roth: https://www.amazon.com/What-your-RMD-much-spend/dp/1718946716

 

Another way we pay taxes for the wealthy

Our Representatives continue to provide rich people with another way to avoid paying taxes. This one is fairly simple to eliminate but it continues to blow up the amount we all have to pay in the national debt. This three-decades-old loophole that cuts private equity billionaires’ tax rate almost in half is called carried interest. It is really the profits taken from investors by investment managerial firms. Investment managers pay a lower tax rate “than teachers and firefighters” because money manager are taxed at the lower capital gains rate not the income rate we all pay. Private equity and investment firms spent about $3.6 million on DC lobbyists; over the next four years they spent a combined $75 million. Small amount compared with the $180 Billion they take over 10 years. Obama tried to revoke this special deal but he never “leaned” on senators to include carried interest in a tax reform push. Senators get election money from money managers and lobbyists so they continue to run up our tax bill by not paying their fair share.

Stop paying their tax: https://www.amazon.com/Trump-Tax-Shelter-Avoid-taxes/dp/1985448300

 

Best graduation gift you can give

Make sure you teach your kids how to create wealth the easy way. My parents were not investors. At my first job, I had no clue which investment option to use for my 401k contribution and company match. The HR person told me to put it into the 'safe' stable value fund. That was the worst choice at my age I learned later when I got my securities licenses. If I had followed their advice I would have ended up with $150,000 instead of a Wealth Reserve of $877,233 about 33 years later. We have used this 'Wealth Reserve' as I call it to have funds to use low-cost high-deductible insurance, to buy two homes and 5 cars with higher down payments or cash, and now to receive $2,500 a monthly in retirement supplement.

Start their ‘Wealth Reserve’: https://www.amazon.com/Give-your-child-leg-manage/dp/1096505355

 

 

 

?**********ACCOUNTABILITY**************?

 

 

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

 

 

The Path to Dictatorship: 2010-2030

 

Jan 21 2010 Corpor­a­tions’ election-spending unlim­ited

 

Nov 2020 Wealthy discredit election process

 

Nov 21 2020 Trump’s Plans for a Coup: criminal

 

Jan 6 2021 Direct assault failed: guns & bombs ready

 

Trumpist’s Supremes end personal rights

 

Nov 8 2022 Trump’s “national revolution”

 

 

Trump: drop missiles on Mexico drug makers

 

Trump: “shoot the protesters”

 

 

How Govt wastes our money:

GOP plan to ban IUD etc: charge murder for end pregnancy by any means

GOP Supremes: no right to private decision like abortion, gender, marriage in Constitution

TX low-income Latinas face major obstacles when it comes to ending unwanted pregnancies

 

Alito relies on 1671 understanding of marriage to think women rights NOT Constitutional.

Trump gave troubled lab $628 million contract to make the COVID-19 vaccines: later destroyed

Rand Paul dissents helping Ukraine with aid: $40 Billion “doom US economy” but tax breaks OK

 

SCAMS/SPINS:

GOP good old days: no aviane, so rhythm, no abortion, so coat hanger, no gays so closet

A Trump world vs a DeSantis world: radical southern strategy overwhelms staid Joe.

DeSantis redistricting map that would have eliminated a Black district in FL

 

FL rejected 41% of books: 24 of them scored high on official reviewers but reject too

Guns Now Kill More Children and Young Adults Than Car Crashes: Books don’t kill!

 

Putting Putin’s partisan on trial for war crimes: 21 yr old murdered unarmed 62 yr old

Putin scores “victory’ kills 60 women/children hiding in school: killing Ukraine ‘nazis’

GOP souring on Ukraine support: 57 House vote no on aid for survivors

 

Greene said can’t remember Jan 6 coup and so did judge: more crazy Greene GOP stunts

Trump fails to provide subpoena documents because he “lost his phones” Judge tricked!

 

 

Medicare Advantage declines 18% claims experts say OK: insurers hate paying claims

Jeffrey N. Crossland CA caught stealing $3.5 millions church loan scam 4 years prison

Trumps caught taking $ millions: promote fake vitamin/health products

 

Supremes base abortion ban on 1736 Englishman’s hate of women as witch, property

GOP encouraged to ban contraception as well as other personal choice rights.

 

Never use TurboTax: caught misleading us about costs; pay fine no jail

Banks caught ATM surcharges not reimbursed: claim refunds

Forever Living caught promises HUGE earnings but distributors earn absolutely nothing

 

RAM Payment/Account Management Systems caught overcharging debt relief clients 

SugarHouse Sportsbook caught fraud: “get up to a $250 match bonus on first deposit.”

TD Bank caught misleading “$300 Gift” TD can take back the $300 it “gave” us.

Recall 130,000 Tesla overheating cause the touchscreen to malfunction: burns your chips

 

Hackers are going after our data files with insurers: check your mobile password.

100 pairs of “extra destroyed” sneakers available to buy for $1,850: what you thinking?

work-at-home schemes provide income for criminals not us

 

Easy to mislead each other: fun for some costly for others: we’re conspiracy lovers

DeSantis holiday: mandate for students: learn “atrocities” by communist regimes no slave owners

GOP to block student access to online library databases: books, articles they don’t like

 

Jobs

Wage levels fell: inflation elevated at 8.3%: 6% wage rise less 8% price rise: we lost 2%

 

 

Who owns your account now?

Phoenix: fastest growing home prices: risen 216% since 2000!  Institutional investors 

Low-cost internet access for most Americans: some computer deals

NSM Insurance Group to Carlyle Group Inc

 

Allstate expects to raise premiums more: costlier litigation and used-car prices

Investors glad they did NOT put Bitcoin in their 401k as Fidelity recommended

 

Miracles:

Water shortage level likely trigger larger water cuts for Arizona, Nevada and California 

Women among Ukraine’s foreign fighters: Putin didn’t bargain for these heroes

Warming: giant groundwater system under the ice sheet in Antarctica: raise ocean levels?

 

Congress hearings on UFOs next week: 144 events, 1 explained: watch C-span

Scientist says move NYC before it is too late; too expensive: who is this guy?

Floating Solar Power Farm on lake with battery replaces Putin oil

 

Plane passenger lands plane after pilot incapacitated: DIY flying using picture of controls

States that offer free college courses to residents: Harvard’s free online courses

Your investments in the stock market have doubled over the last 5 years: 200-400 IVV

 

 

@@@@@@

Everything in the universe from galaxy to stones is made of subatomic ‘vibrations’

Light is both a particle and a wave depending on how we look at the light.

A subatomic ‘particle’ is the smallest possible vibration (quantum) of a quantum field.

Mass–energy equivalence: E=mc^2.  At the smallest level; Everything is moving!

Inside protons, neutrons, it is the fields of the virtual particles that creates its mass.

“Empty space is a boiling, bubbling brew of virtual particles that pop in and out of existence in a time scale so short that you can’t even measure them.” Space expanding.

 

 

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

973.746.2014

www.InsuranceAdvisorsNetwork.com

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

 

Supremes caution employers about high annuity costs

 

How to deal with the stock market fall

In every time period, low-cost funds beat high-cost funds, unbiased analyst Morningstar showed. The unbiased financial scorekeeper, Dalbar, has found that the average advisor-managed returns were 3.79% compared with the S&P 500 index of 11.06%. If inflation runs at 5%, your real returns are under ZERO. Few advisors can beat a low-cost stock index simply because of the costs. Warren Buffett bet $1 million that the Vanguard’s 500 Index fund would beat the returns of a stock picking guru and 5 hedge funds. He won. He also designated Vanguard low-cost index funds in his will for his heirs. Advisor managed funds underperformed indexes nearly 93% of the time. Over time, advisor fees, charges, trading and bad decisions will lower your total accumulations by 63% or more.

Buffett’s advice: https://www.amazon.com/Warren-Buffetts-Vanguard-Funds-Retirement/dp/1496148592

 

How to start investing with $250 or less

If you are paying off student loans and trying to get your career going, you don’t have a lot of money to invest. If you are lucky enough to start a 401k or 403b at work, you can have the money taken out of your check so you don’t even get to spend it first. Some employer plans allow you to invest in a tax-deferred or tax-FREE account. However, if your employer does not offer these perks, you can start investing with just $250. After opening an IRA or Roth IRA at Vanguard, you can use their commission-free brokerage account to buy an ETF share. These are stock market index funds packaged like a stock. So one share of the total stock market index fund (VTI) costs under $250 due to the current sale (market down). Another strategy is to use your tax refund (average $3,000) to buy the low-cost 500 Index Fund so you can automatically invest $200 a month from your checking account. After 35 years, your $1 million is tax-FREE.

https://www.amazon.com/Tax-Refund-Millionaires-Let-Uncle-Help/dp/149595644X

 

Hope you did NOT buy crypto recently

Investors are fleeing riskier assets from tech stocks to cryptocurrencies. If you are investing for your retirement, I hope you did not put your money into ‘Bits’ and lose HALF your money. Tech stocks are the market driver and will be with us for the future. However, it is hard to pick the future winners. What to do? ‘Buy them all,’ John Bogle used to say. A low-cost index will help you get through this period since there will always be corrections and you just have to wait, as Warren Buffett advises. You can put your investing on full-time automatic and not have to decide when to sell or reduce your stock or bond complement. You can use a Target Retirement Fund like the Vanguard Target Retirement 2065 Fund (VLXVX). You can tell the trustee of your Roth IRA account to debit a monthly amount from your bank account. As you grow your investments tax-FREE, your trustee will move more of your money into the bond index inside your Fund. By the time you retire, you will have earned more than an advisor-managed account with less risk and all your earnings will be available tax-FREE.

Use the Best: https://www.amazon.com/Best-Robo-Advisor-Ultimate-Automatic-Management/dp/1537111957

Supremes caution employers about high annuity costs

The court said federal courts should look at more than a 403(b) retirement plan’s flexibility and investment menu size when deciding whether the administrators have met the Employee Retirement Income Security Act standard for the duty of prudence. Plan administrators must be concerned with costs as fiduciaries. They can’t simply offer participants’ preferred options and wave off concerns about the other options. This institution’s employees accused the fiduciaries of acting in an imprudent manner by offering plans with high record-keeping costs; retail mutual fund and variable annuity share classes with high, retail-level fees; and, in the beginning, an investment option menu that was too long and could have led to poor participant investment choices. The employees cited the withdrawal penalties and restrictions built in to a fixed annuity on the menu were too high. Lower courts (siding with the administration) were criticized for overlooking ERISA’s core purpose, which is to protect plan participants from an administrator’s failure to perform its fiduciary duties. TIAA, the annuity provider, claimed the extra costs are justified. The Supremes said institutions must remove “all imprudent investments.” Employees have lower-cost options.

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

 

Do seniors really need life insurance?

What is life insurance for? What do you expect life insurance to do for you? Why is life insurance so expensive? These are the questions I get from retirees or pre-retirees. The answer is really very individual and specific. Life insurance benefits are there to protect others against unexpected loss. But retirees know they are going to die and can prepare for that possible loss to their families. Life insurance typically protects against UNEXPECTED loss—when we are young and raising children and supporting a family. By the time we retire, most of us are not supporting a family with a weekly wage. If we are buying life insurance in retirement it is very expensive. Senior Life is typically issued without any tests. Thus if you are in good health, you are paying for all those who are not in good health. And life insurance is NOT a good investment. These are the typical rates for adults: Male age 71 pays $26.77 for $5,000 death benefit. $321.24 a year for 15 years (your life expectancy) costs $4,818.60. If invested, your $321.24 a month is worth $10,866. So depending on your health, don’t waste money on ‘death’ insurance.

Double benefits: https://www.amazon.com/Your-Plan-Live-Age-100/dp/1548180793

 

Excessive fees—savers giving up 63% of potential nest egg

Saving for any goal—retirement, home, education—is difficult enough but the saving/investing industry depends on overcharging for all its services. The wealthy owners do it because they can: “Many financial institutions obscure the true price of their services by luring customers with enticing offers and then charging excessive junk fees.” Regulators of financial services are run by and paid for by the industry itself. There is little incentive to give honest service at a reasonable price. “Over a 50-year investing lifetime, that little 2 percent fee will erode 63 percent of what you would have had. As John Bogle, founder of Vanguard Group, puts it, ‘the tyranny of compounding costs’ is overwhelming.” Low-cost passive investing funds have become the norm. With a little shopping around, we could pay 0.04% instead of 2.00% a year for quality money management. Instead of having $ 740,961 for retirement after 35 years of investing $250 a month we could have $1,243,368. And using a special IRS account, it could all be tax-FREE. Contribute $105,000; spend $1.2 million.

Avoid the middle person: https://www.amazon.com/New-American-Retirement-System-ReserveTM/dp/1461030072

 

Excessive health care costs: “high-cost, ineffective care”

What’s wrong? Two patients can get the same procedure and pay wildly different prices, according to a new study. “The same patient with the same insurance plan could go to another hospital five miles away and again see a significant change in what they owe.” "Perverse incentives": Why the healthcare market is motivated to provide high-cost, ineffective care. Profits rise when higher dollar claims increased—patient health is not measured. More profit from $4,007 claim for an ICU room vs $3,481 for another plan’s claim. This $526 difference goes straight to the bottom line. The Hospital Price Transparency Rule was supposed to reduce price by competition with transparency. However, this has not happened. Most patents never see the price list for their procedure. Most people just do what the medical “gods” tell them to do. For example, my doctor prescribed Januvia for type 2 diabetes but it cost $500 ($149 plan) for 30 days. I did my research for a low-cost substitute and asked her to prescribe glipizide instead. It cost $56 retail ($12 with my plan). Januvia generated $5.9 billion in sales last year. The low-cost treatment was effective in lowering my A1C. I do better with low cost financial services.

High cost is ‘ineffective care’ of your wallet: https://www.amazon.com/Pay-less-Get-more-investment/dp/1500598321

 

 

?**********ACCOUNTABILITY**************?

 

 

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

 

 

The Path to Dictatorship: 2010-2030

 

 

Another terrorist goes to prison

 

Trump’s plan: Pentagon to seize voting machines

 

3 states: ‘brown shirts’ hunt voter ‘fraud’

 

Republicans in multiple states created forged election materials

 

 

UN-United States; 2 Americas

 

 

How Govt wastes our money:

Texas AG Paxton hiding his part in Jan 6 coup in DC: local DA enforces the law?

Giuliani's communications as a foreign agent considered for prosecution

Wealthy need not fear tax collector: IRS gave up on $1Trillion unpaid taxes: 0.6% audit

 

We have military people in uniform inside Ukraine: “training”: how Vietnam began

Each state competes to give our tax money to companies who ask for socialist gov bump

 

SCAMS/SPINS:

TX judge cancels gov worker vaxx mandate: GOP out to kill as many as possible 900K

VA parent threatens school with guns if require mask to protect all school kids/teachers

“March for Life” ends with March for Death: no choice for abortion; Vaxx gives Life

 

Few employers plan to drop vaccine mandate despite Supreme’s ruling against mandate

RFKjr wife disavows his claim that Covid mandate is worse than Holocaust victim’s death

 

Alex Jones refuses answer re Jan 6 failed coup: refuse on “ground it may incriminate me”

 

How autopilot cars go out of control and kill people: TV advert is not how AI works

Your cruise ship is about to be seized for fuel bill so captain avoids US: how to get home

We are easily mislead by selfish people: Tucker supports Putin’s position: has 4 kids here

 

Bogus cryptocurrency investments social media: send money for promised huge returns

German Nino caught stealing $5.8 million: fake transfers, fake returns, fake statements

Scammers love tax time: IRS sends letter not call; no offers for “pennies-on-the-dollar”

 

Students question our society banning books: preferred by dictators gov banning history  

 

CA town requires you have insurance when you own a gun: like car liability insurance

30 high-power gunshots coming from separate apartment complex kill loved one: 0 arrest

WI GOP to lower concealed-carry age to 18: all students can ‘pack’ at school: easier kill

 

Our future Senators have already been selected with cash from wealthy donors

GOP with help from DINO deny Biden’s Supreme replacement like RBG’s replacement?

Manchin now funded by GOP donors: “follow the money”: Dem in name only

 

Trump threatened GA to change voter count: illegal for president to change our votes

 

Jobs

Immigrant entrepreneurs and foreign genius workers are going where they are welcome

Google is training 100,000 Americans for vital jobs in data privacy and security.

GM retooling for EV in MI: 4,000 jobs build EV and the batteries

 

Who owns your account now?

Simple business pension plans: contribute up to $61,000 tax-deferred

Robo Advisor put out of business by UBS advisors: you pay more

These companies sell your data: you can make sure your credit history is correct

 

Mel Trump did not sell hat for $250,000: start “go fund me” account for new hat?

Average credit card debt: $5,525, down 14% in pandemic: where do you stand?

 

Miracles:

$15 hourly wage for 70,000 Fed employees: can you live on $510 net a week?

73-year-old woman lured her scammer to her home and had him arrested: one less threat

Second year in a row that Greece has experienced a freak snowstorm: new climate zones

 

Still claim your 2021 credit on tax return: Parents of children born in 2021, guardians

Kansas City Chiefs fans donate $178,000 to New York children's hospital after win

Regrow limbs with special chem mix Next “regenerative medicine."

 

Some student loans have been erased: get a letter after years of asking: Biden does it

 

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/

 

Where do you find a great financial advisor?

 

How can you double the value of your investment dollars?

How do working people earning average salaries prepare for retirement by building a $1 million fund? For most of us, there are three simple steps: tax-deductible paycheck automatic savings, employer matching funds, and compounding interest. Compounding happens when you leave your money alone in a low-cost S&P 500 stock fund to make money on itself. You can earn 11% a year. Many employers offer to match your retirement fund contributions. It is free money so take it. Using a 401k, 403b or other tax-deferred plan including an IRA allows your money to grow without current taxation. Thus contributing $250 a month—$125 per pay period—can easily grow your fund to over a million dollars by the time you retire.

Never too late to start: https://www.amazon.com/Miracle-Compounding-Turn-day-into/dp/1470176513

 

Only self-employed can deduct expenses of a home office

That is the federal rule but 7 states allow some deductions for work from home. You may deduct some expenses from a home office if you are a rideshare driver or an online retailer. If this is a new category of work for you—Uber, Lyft, delivery driver—you should rely on an experienced tax preparer for your return this year. If you started any type of non-paycheck job this year after being laid off, you may be able to claim many expenses in pursuit of income. Likewise your online retail store expenses including the space you use to manage your store may be deducted. You may not make a profit this year. Your business loss may offset some of your other income like unemployment compensation and Covid related sick time pay. Many businesses received loans that may not have to be paid back. However, the paperwork is complicated. Unfortunately, you can’t avoid all income taxes like our former president.

https://www.amazon.com/Trump-Tax-Shelter-Avoid-taxes/dp/1985448300

 

Is a credit monitoring service right for you?

Most of us are not victims of ID theft because we know not to give out info to thieves who send us fake emails, calls, and texts tricking us to give them our personal data. The most popular currently is the fake IRS message asking to confirm our information. It takes months to clear up the results of a stolen ID: fake purchases, fake bank debits, etc. So a profitable industry has worked on our fears to take our money in the form of promises of protection. Some even claim they provide a $1 million in protection—for a price. However no paid service can stop an ID theft—we only know AFTER the event. There are free monitoring services: CNBC Select ranked the top credit monitoring services and top identity theft protection services. CreditWise® from Capital One ranked as the best overall free service for credit monitoring because it offers dark web scanning and social security number tracking, plus a credit score simulator tool. Identityforce.com ranked as the best overall identity theft services for offering the most extensive security features that monitor your information on the dark web, court records and social media. While freezing your credit can protect you, the simplest way to learn about fraudulent activity in your name is to sign up for a credit monitoring service. It immediately alerts you of any potential danger. Then you can take action before the ID thieves can hurt you. You can get help at https://identitytheft.gov/. 

 

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

 

Where are the great financial advisors?

No where and every where. It depends on what we expect from them. Some of us pay a lot of money for advice—over 63% our potential lifetime earnings in costs, according to John Bogle, founder of Vanguard. Others feel that they would have lost all their savings if it were not for their advisor. Others went to a financial planner and paid a one time fee (like buying a will). They have a complete plan for their future financial needs. Most advisors are not brilliant product analysts so they rely on their firms’ ‘select securities and products.’ That is what marketing is for—products are “sold not bought.” Most advisors are sales people by necessity. Firms need profits and advisors DRIVE our money into their firms. If advisors bring in a lot of money, they stay. Maybe you don’t need an advisor who takes your earnings every quarter. You may need an unbiased advisor that works for a fee, not commission. Like a good car mechanic, they don’t try to sell you on a transmission flush when all you need is an oil change. Car makers don’t recommend flushes. As a former sales manager, I paid a financial planner for a check up for a single fee. I have a plan for the next 50 years with all the contingencies. All advisors rely on standard software so your portfolio and plan follow universal guidelines. There is no need to give up over HALF your money anymore. The best advisors don’t need clients.

Get value for your money: https://www.amazon.com/Best-Robo-Advisor-Ultimate-Automatic-Management/dp/1537111957

 

Know the SS benefit rules for the greatest benefits

Before you sign up for Social Security benefits either online or at a local office, know the ABCs of your account. Set up an account so you can make sure SS has the correct information about your work history. Your benefit is based on your 35 highest-earning years. Your benefits may be taxed up to 85%. You can start benefits at age 62. However, if you do start early, that reduces your amount by about 25% for the rest of your life. Your full benefits are paid by age 67. Every year you wait—till age 70—increases your benefits by 8% a year for the rest of your life. If your spouse or ‘ex’ earned more than you did in SS records, it may be better to claim spousal benefits. Spouses without their own long work history can claim benefits in this way. Survivor’s benefits let a widow or widower collect up to 100% of the late spouse’s Social Security benefit amount.

https://www.amazon.com/Your-Retirement-Income-Checklist/dp/1544703260

 

What can we do with a big auto loan and no job?

According to Edmunds.com nearly 70% of new car loans in the first quarter of 2020 were longer than 60 months with many either 72 or 84 months. The trend over the last decade is longer and longer loans. We all know someone with this problem: Bob bought a big luxury car used but he still owes over $25,000—payments at $840 a month. Bob lost his job. Bob has no 2^nd car and is single. The car is worth less than $15,000 now. Bob could try to trade down but there would still be a large balance. Bob can’t roll the balance into a new loan since he has no job. Bob can try selling this car and paying off part of a loan with smaller monthly payments. If Bob can get a ride to shopping or work if he finds a new one, this would be best. Bob does not like that alternative so he begins to work as an Uber driver. There are expenses that are deductible including use of his car. Bob decides this is his best option for now. He decides he will never buy another used luxury car with a loan. Bob has to buy new coverage so he shops around to save.

Shop and save on insurance: https://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634

 

How do you know when to get out?

Gamestop stock went up and then went back down to $40 where it was January 19. At 347 per share, did you sell on time? How did you know when to sell? Did your broker or advisor tell you so? If you bought at 200 expecting it to rise further, did you get caught in the fall on February 2? I hope you did not see your account show a negative balance of $730,000 like the young man who couldn’t get through on the phone to verify. Playing stocks can kill your savings or worse. Yes, direct online trading is possible but is it worth it? Like playing lottery someone could win but the chances are sometime 300 million to one. Don’t we have an obligation to show our young how to invest like Warren Buffett, a real wise investor?

https://www.amazon.com/Warren-Buffett-Your-Investment-Advisor/dp/1518690963

 

 

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

 

 

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

 

 

Trump cult members beware:

Trump didn’t stop cult who wanted to “hang Pence” for disloyalty

 

Dictator can incite overthrow of our government again

 

Most GOP want Dictator back: “Trump party” in all but name

 

What if it had been Obama and BLM Jan 6?

 

So much for justice in America!

 

Our ‘Truth and Reconciliation Commission’? 

 

 

 

How Govt wastes our money:

Opioid pushers get tax refunds for settling claims for 450,000 deaths: profit from killing!

Stockpile masks while nurses receive only 1:  Biden’s people waiting Senate GOP OK

Wasted on 57 Trump fake vote-count lawsuits in each state: we pay for state courts!

 

US making $100 billion missile 20 times Hiroshima: not just kill, annihilate whole cities!

Taxes to make robots that kill automatically: hackers will love our cyborgs: kill us?

 

IRS fails to update: you pay tax yet collection letters on auto: Seize your account HELP!

IRS still hadn’t processed 6.7 million returns for the 2019 tax year: Amended takes years!

$ Billions to send rover to Mars: we did this already in 1997: internet for rural US yet?

 

SCAMS/SPINS:

Republicans "worried that if they vote to convict … people would come after them."

Trumpists have defeated the GOP: Most Americans know GOP is not viable anymore.

Dictator did nothing even after hearing followers vow to HANG his VP Pence.

McConnell avoids responsibility: up to prosecutors to charge Dictator with crimes.

 

House sues Trump/Giuliani/terrorists using 1871 law for Capitol attack: Mitch testify?

 

When a coup fails, media calls it a ‘riot’: winners always re-write the history we read.

FBI recognized many Capitol terrorists from their Terrorist Watch List on videos.

Ivanka not going for Rubio Senate seat: only interested in top job: another Trump WH?

 

Child abusers in Boy Scouts go free $ billions insurance money to lawyers, mostly

the-most-common-lies-people-tell-about-money-60324.html

Global warming means more ‘too hot and too cold’ on new climate maps: FL floods.

 

Mercedes recalls 1.29 million 2016-2021: software may fail correct crash location.

Texas tells residents to fend for themselves: car in garage kills family

Fake tax preparers: Check: they must have a valid Preparer Tax Identification Number. 

Stefan Qin caught stealing $90 million Ponzi using fake algorithm for cryptocurrency

 

Virus spreaders: No-Maskers fake US marshal pass: 1/3 military decline vaccine

No-Maskers push death toll past 500,000: 

 

ExGov Perry: OK to freeze in TX cold so that oil/gas firms receive socialist tax subsidies

The Texas way is like living on Mars: Every person is a lone star to themselves.

 

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

Another job search tool: https://www.glassdoor.com/blog/guide/how-to-use-glassdoor/

Visa Ban lifted?: Unemployed workers weren’t interested in jobs held by foreign hires

Another Trump tower falls: thousands laid off in 6 bankrupt biz

 

Who owns your account now?

Verizon’s proposed acquisition of Tracfone: no more ‘pay as you go’?

Looking for service: $15 mo keep own number and phone https://www.mintmobile.com/

 

 

 

Miracles:

A nursing home that tried to protect its own: after a year of lockdown, vaccines

HealthCare.gov reopens to provide much needed coverage for laid off workers.

Hundreds volunteering to escort elderly Asian Americans to stop beatings by terrorists

 

Holy War: cast GUILTY vote: now can’t go home: Family turns: “disappointment to God”

CA gives extra $600 for virus relief: waiting for Congress means hunger or eviction

Flooded giraffe habitat takes special rescue: soon Miami will need a rescue from floods

 

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/