Are Annuities Right for You?
Annuities are financial products sold by insurance companies that allow you to put aside money, have it increase each year without paying taxes and then trigger a stream of future payments on a timetable you can control. Unlike IRAs, there’s no income limit on how much you can place in an annuity. By being in […]
Is Your Homeowners Insurance Up-to-Date?
Homeowners insurance is meant to protect against disasters ranging from fire to theft to lawsuits, encompassing most injuries and damage that members of your family might cause to other people. Most insurance carriers even count pets as members of your family. How much insurance do you need? What would it take to rebuild your home? […]
By the Numbers: The Key Adjustments for 2021
What will 2021 bring us? After a year of turmoil and surprises, no one has a clear crystal ball. But there are some certainties, and one is that the federal government is changing a variety of number affecting the finances of businesses and individuals. First, any individual or business that received government funds this year […]
The Basics of FATCA and Form 8938
The Foreign Account Tax Compliance Act (FATCA) generally requires that foreign financial institutions and certain other nonfinancial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on relevant payments. Taxpayers must use Form 8938, Statement of Specified Foreign Financial Assets, to report specified foreign financial assets […]
What You Need to Know About FBAR
Do you have foreign assets? Each United States person—citizen, resident, corporation, partnership, limited liability company, trust and estate—must file a Report of Foreign Bank and Financial Accounts (FBAR) to report a financial interest in or signature or other authority over at least one financial account located outside the United States if the aggregate value of […]
SSA Announces COLA and Max Earnings for 2021
The Social Security Administration typically updates key numbers for the upcoming year in the fall. One of the key numbers for retirees is the cost-of-living change: A 1.3% increase will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. Increased payments to more than 8 million SSI beneficiaries will […]
