Schedule C Schedule C is an attachment to the federal Form 1040. You use this form to report profit or loss from a business that is a sole proprietorship or an LLC that is set up as a disregarded entity with the IRS. Additionally, if you receive a 1099-MISC you will need to file [...]
Estate planning is a complex area. This confusion can lead to misconceptions being widely spread as the truth. In this article, we will go over 10 common estate planning misconceptions. This will give you some of the knowledge necessary to properly navigate estate planning. 1. A Will Avoids Probate The most widespread of the [...]
Medicare Versus Medicaid Many people confuse Medicare and Medicaid. Though they both help cover medical expenses, they are two very different government programs. In this article, we will compare Medicare versus Medicaid. We will go over what they cover and how to qualify for one or both. Medicare Medicare is for people over the [...]
5 Ways to Be More Financially Responsible The lack of financial education can lead to a build-up of debt or chronic financial instability. But even just small changes can make a big difference. These small changes add up over time. To help you better your financial situation we will go over 5 ways to [...]
Tax Scams You Should Watch Out For Tax season is in full swing. With this time of year comes many tax scams with people trying to get money or information from you. To help you keep alert, we will go over common tax scams to watch out for and what to do if you [...]
How to Revoke an Irrevocable Trust An irrevocable trust is a complex estate planning document. If you are the grantor, or the person creating and funding the trust, you lose control of any assets placed in the trust. Additionally, you lose the ability to change or revoke the trust. However, there may be some [...]
Why You Need Life Insurance You may wonder why you should buy life insurance. Many individuals think they do not have enough assets to need it, others simply avoid it because they do not like to think about mortality (death). In this article, we will go over 5 reasons why you need life insurance. [...]
Maximize Your 401k 401k’s are powerful retirement savings tools. However, there are ways that you can maximize your 401k portfolio. In this article, we will go over the basic information you need to know to maximize your 401k. This includes the type of funds you can invest in, how to choose them, and [...]
Sources of Taxable Income As you prepare to file your 2017 taxes, you may wonder what types of income you need to include. In this article, we will go over different sources of taxable income, so you can identify the documents that you need to gather for your tax preparer. W-2 Income If you [...]
Irrevocable Trusts Irrevocable trusts are estate planning documents. They are powerful tools that can be very beneficial in certain situations. In this article, we will go over how irrevocable trusts work, some of their benefits, and some of their pitfalls. How Irrevocable Trusts Work An irrevocable trust is a type of trust. After you [...]
