Those who are self-employed, partners in a partnership or LLC and 2% or more shareholders in an S corporation can likely add a tax deductible long-term care insurance policies to their health insurance benefits program. For more information on the IRS’ requirements for the policy to be qualified for favorable tax treatment, read this C.P.A. Insight.
Let’s create a visual here. Picture an editorial cartoon of a Prius driving down the road. In that Prius are two graduates hanging out the windows drinking from what looks like vodka bottles, but instead of vodka, the bottle says “Power.” There is also a sign under the window of these graduates that says…
The "Money Talks" hosts address a listener’s question about financial concerns for being a stay-at-home mom.
If you are approaching retirement, before you plan your party, you need to consider how you will pay for health care coverage once you are no longer employed. Many retirees significantly underestimate how much they need to pay for medical expenses. For a close look at the questions you need to find answers to and items to discuss with your financial planner about health care in retirement, read this Insurance Know-How.
Taxes play a very important role in shaping a divorce settlement. Some items, like alimony or cash settlements, are taxable to the spouse who receives it, while child support payments are not. For more information on important divorce tax issues, read this C.P.A. Insight.
A guardian is someone who the parents choose to care for their minor children in the event they cannot. While this may prove to be a tough decision to make, once agreed upon, the guardian can be simply named in the parents’ Wills. For more information, such as the things to consider when choosing a guardian, read this Financial Strategy.
You filed your tax return, but you found an income statement you forgot to include. Your situation need not be a nightmare. You simply need to file a 1040x, Amended U.S. Individual Income Tax Return. This form will allow you to amend your both your income and deductions. For more information on when to file an amended return, read this C.P.A. Insight.