2019 Planning – Do It Now!
Now is the time to sit down with your significant other and map out your financial plan for the year.
It’s already December?
As hard as it is to believe that December is here and 2018 is nearly over, it’s the truth. For a lot of families, the news on the new tax laws bodes well, but the “experts” on television have made such a fuss that getting the truth out of the buzz words can be extremely…
Take Money Out of Your IRA at Any Age Penalty-Free
You probably think you can’t take money out of your IRAs before age 59 1/2 unless you meet a narrow exception to the unpleasant 10 percent penalty on early distributions. But that’s not true. We have a variety of planning opportunities here. For example, you don’t pay taxes or the 10 percent penalty on amounts…
2019 Tax Updates – Video
Will your taxes increase under the new tax code? Learn just some of the sweeping changes to the tax code will impact your 2018 tax bill! Call Carlos at 909-570=1103
Did you take a picture of your odometer?
It is January 1st: If you deduct your mileage, take a picture of your odometer today. The IRS requires contemporaneous proof and a photo of starting mileage for the year is excellent proof for those purposes. Pass it on to your clients.
Guest Speaker for County of San Bernardino – Coverage California & Tax Issues
This morning I spent a few hours doing some tax training for County of San Bernardino to discuss Affordable Care Act, Covered California, and IRS. I got to share some of my knowledge with County officials, Certified Enrollment Counselors, and Community Partners.
If I got premium tax credits, do I have to file a tax return?
Yes, if you got premium tax credits for 2014, you have to file a federal tax return. Even if you have never filed before, starting in 2014 if you got tax credits you have to file a tax return. Your premium tax credits are based on the income you report to the IRS. When you applied for health insurance through…
How do I know if I already got premium tax credits?
Lots of people may not realize they got premium tax credits. If you applied when you enrolled, you don’t actually “get” the tax credit every month. The IRS pays your premium tax credit directly to your health insurance plan. Your monthly premium costs are lower as a result. The only way to get premium tax credits is to buy from Covered…
Covered California plans pair well with Health Savings Accounts
HSAs can be used to lower your MAGI and qualify for better cost assistance on the Health Insurance Marketplace, this makes high deductible Silver plans very attractive. We highly recommend using a Health Savings Account (HSA) if your plan has an annual deductible of more than $1,300 for self-only coverage or $2,600 for family coverage. Health Savings…