Indexed Universal Life (IUL) Insurance
Indexed Universal Life (IUL) Insurance is a type of permanent life insurance that offers both a death benefit and a cash value component.
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Understanding Revocable Living Trusts: Pros, Cons, and Comparisons
What is Revocable Living Trust? A Revocable Living Trust is a powerful estate planning tool that offers a range of benefits. In this post, we’ll explore the pros and cons of a revocable living trust, how to create one, its comparison with an irrevocable living trust, and its role in asset protection. Pros and Cons of a
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Tax Fraud Alerts From IRS
IRS Wants You to Know About Schemes, Scams and Cons “If it sounds too good to be true, it probably is!” Don’t become a victim to any scheme that offers instant wealth or exemption from your obligation as a United States citizen to file tax returns and/or pay taxes. Some of these schemes can literally
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MAGI (Modified Adjusted Gross Income)
Modified Adjusted Gross Income (MAGI), is a crucial figure in the tax world. It’s used to determine eligibility for certain tax deductions and credits.
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Designated Roth Account in 401(k)
A Designated Roth Account is a special type of account that you can have in a 401(k) or 403(b) plan. Unlike traditional contributions, the contributions you make to a Designated Roth Account are not excluded from gross income and are taxed in the year they are made.
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Basics of The Net Investment Income Tax
Net Investment Income Tax is a tax of 3.8% on certain investment income for individuals, estates, and trusts with income above set thresholds, introduced by the Internal Revenue Code section 1411.
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Save Money with Eco-Friendly Car: Clean Vehicle Tax Credits
The government is giving money back to people who buy eco-friendly cars. Here’s a guide of the clean vehicle tax credits.
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SEP IRA vs Solo 401(K) vs SIMPLE IRA Comparisons
Choosing between SEP IRA, Solo 401(k), and SIMPLE IRA depends on several factors related to your business structure, income, and retirement savings goals. Here’s a comparison to help you decide.
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Work From Home and Tax Benefits: Home Office Tax Deduction
Working from home has become increasingly common, and with it comes the potential to deduct home office expenses on your tax return. Here’s a simple guide.
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SEP IRA (Simplified Employee Pension): A Comprehensive Guide for 2024
SEP IRA: Retirement savings plan that’s simple, flexible, and particularly beneficial for small businesses and self-employed individuals.
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