5 Investment Strategies That Can Lower Your Taxable Income If you consistently owe taxes each year, you may want to try using investments to lower your taxable income. These investments allow you to set aside funds in a way that will reduce the total amount of your income that the IRS can tax. In [...]
Taxation of Unemployment Benefits With so many people receiving unemployment benefits during the past two years, many are concerned about the taxation of unemployment benefits. In this article, we will go over the basics regarding the taxation of unemployment benefits. What Is Taxable All the unemployment benefits you receive are includable in your gross [...]
Miller Trust A Miller Trust, or an Income Only Trust, is a type of Irrevocable Trust. You can use this trust to help you qualify for Medicaid. In this article, we will go over the basics of how a Miller Trust works in the State of Arizona. Arizona Long Term Care System (ALTCS) ALTCS [...]
How to Exchange a Variable Annuity If you purchased a variable annuity and found it is no longer the right fit for you, this article will explain how to exchange a variable annuity without becoming subject to surrender taxes or fees. Surrendering an Annuity If you are unhappy with your variable annuity, you may [...]
Inheriting An Investment Account Inheriting an investment account can be a complex process. What exactly you need to do will depend on the type of investment account you are inheriting. In this article, we will go over the basics of what is involved in inheriting an investment account. Joint Investment Account A joint investment [...]
FICA Tax Basics FICA tax is short for Federal Insurance Contributions Act tax. It makes up part of your W-2 employee withholdings on your paystubs. But what is this withholding for? In this article, we will go over the basics of FICA tax. The Use The use of your FICA tax withholdings is twofold. [...]
Spousal Lifetime Asset Trust A spousal lifetime asset trust, or SLAT, is a type of irrevocable trust that is set up to reduce estate taxes. In this article, we will go over how a spousal lifetime asset trust works, the benefits one provides, and information you should consider before you create one. Purpose A [...]
Life Insurance and COVID-19 With the effect of COVID-19 still in our communities and on our economy, you may wonder if it has influenced life insurance as well. In this article, we will go over some aspects you should take into consideration if you are looking to purchase a life insurance policy during [...]
Bull Market-What to Do A bull market is a type of condition that the financial market can be in. Generally, this term refers to a time when market prices are on the rise for an extended period. As opposed to a bear market, where there is a general fall in market prices. In this [...]
2020 Taxes With COVID-19 still widespread in most communities, it has had some effects on 2020 taxes. In this article, we will go over some of these changes. This way you can be ready to file your return. Start Date Due to issues within the IRS, the start date for filing taxes will be [...]
