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Is Their Primary Focus on Estate Planning? This question may or may not be important to you from the standpoint that if all you need is a simple will, power of attorney and health care documents, then a seasoned and sophisticated attorney may not be right for you. An attorney whose practice is broad but includes simple estate planning and probate matters will work just fine in this situation. On the other hand, if you have a complicated family or financial situation or a taxable estate, then you’ll need to work with someone whose primary focus is on estate planning and estate tax reduction....

“If your child shows an interest in investing, seize the moment to share what you do and why you invest the way you do,” said Rob Phelan, a high school personal finance teacher and the founder of The Simple Startup, which helps beginner entrepreneurs find their footing In this article, we’ll cover the basics of what investing principles to teach your child, types of investment accounts to consider, and how to open an investment account that best fits your child’s needs....

Limited Liability Companies (LLCs) can make an election with the IRS to be taxed as partnerships, and they would file Form 1065 in this case as well. What Is IRS Form 1065? IRS Form 1065 is an information return. It reports a partnership’s income to the IRS, citing gains, losses, credits, and deductions. Form 1065 isn’t used to calculate and remit taxes because partnerships pass their income, gains, losses, credits, and deductions through to their partners, who then claim their shares and pay tax on them on their own personal returns....

How the income and expenses are reported depends on whether the Internal Revenue Service (IRS) considers your activity to be a business. Rules Regarding Income Income from renting your car is referred to as “rents from personal property” in IRS terms. It is ordinary income subject to federal and state income tax, and possibly to self-employment tax. This income can be categorized as either business income or as nonbusiness income....

We’ve started the process of interviewing nannies, and we found one we really like. But we are unsure of the best way to pay her. Can we pay her in cash—under the table? Or do we need to fill out tax forms like she’s an employee? Do we need to form a company to do this? We aren’t going through an agency which would normally handle payment. We would like to do this in the easiest way possible which would also maximize the money our nanny gets to take home....

Massage therapy is considered a part of complementary and alternative medicines (CAM). CAM can be used to complement standard medical treatment by doctors when addressing certain medical conditions and situations. According to the Centers for Disease Control and Prevention (CDC), 23.5% of American adults spent money on complementary health measures at least once in 2012. Learn about massage therapy insurance coverage and how to find out whether your provider covers it....

The swift reopening of the U.S. economy, fueled by COVID-19 vaccine rollouts earlier this year, has triggered a burst of inflation. Consumer prices increased 5.4% in the 12 months through June, the largest gain since 2008, the Bureau of Labor Statistics reported Tuesday, showing surging demand is overwhelming supply amid shortages and bottlenecks. “The incidence of price hikes on Main Street is clearly on the rise as owners pass on rising labor and operating costs to their customers,” the NFIB said in its release....

10 Largest Third-Party Administrators The revenues cited in the following list use 2020 data compiled by Business Insurance. Many large TPAs offer administrative services for several types of claims. For instance, Gallagher Bassett can support 10 different industries, including transportation, healthcare, and construction. Gallagher Bassett is a subsidiary of Arthur J. Gallagher, a large insurance broker. Other TPAs may only provide administrative services for employee benefit claims. Many TPAs provide a variety of services besides claims administration....

There are a number of different types of insurance available, and it’s unlikely you’d need (or even want) them all. But if you have loved ones or assets worth protecting, you probably need at least a few different types of coverage. Learn about common types of insurance, which you might need, and how much to have. Health insurance to cover medical costs for you, as well as your spouse or children if you have them Life insurance to provide for your family or cover your debts after your death Homeowner’s or renter’s insurance to cover your home and valuable property Auto insurance to protect your car...

But with so many life insurance companies on the market, choosing the right provider for your needs is easier said than done. When comparing life insurance companies, it’s best to take a methodical approach, considering the most important features, like financial stability, customer satisfaction, policy types, coverage limits, cost, and riders. To help you choose the best life insurance provider and the best policy for your family, we researched 91 life insurance providers in-depth....

Weekend Images Inc. / Getty Images The contents and format of the loan estimate are the same regardless of the lender. It contains estimates of the loan amount, interest rate, monthly payment, closing costs, and other loan charges, and is three pages long. How a Loan Estimate Works Borrowers should approach several lenders and do multiple loan payment calculations when shopping for a mortgage loan. Obtaining loan estimates can help you assess the costs of each loan and compare them with other loans so that you can choose the best one for your finances....

Making money from stocks doesn’t mean trading often, being glued to a computer screen, or spending your days obsessing about stock prices. The real money in investing is generally made not from buying and selling but from three things: Owning and holding securities Receiving interest and dividends Benefiting from stocks’ long-term increase in value How To Make Money in the Stock Market The best way to make money in the stock market isn’t with frequent buying and selling, but with a strategy known as “buying and holding....

Carlina Teteris / Getty Images Missing payments and accumulating credit card debt can negatively impact your credit and get you caught in a debt trap that’s hard to recover from. Below are four ways to manage credit cards so they can help instead of hurt you. Choose Your Credit Cards Carefully Managing credit cards wisely starts with choosing the best credit card for your circumstances. Credit cards come with a variety of terms, fees, and rewards that you’ll want to review before applying....

Risk Management and Day Trading Capital Requirements In order to determine the amount of capital needed, risk management must be addressed. Day traders shouldn’t risk more than 1% of their account on any single trade. If trading a $40,000 account, the maximum loss that a trader should take is $400 on any given trade. Capital is the day trader’s lifeline. It must be preserved during losing streaks, which inevitably occur. By only risking 1%, even a ten-trade losing streak keeps most of the capital intact....

The Consolidated Appropriations Act, passed in December 2020, includes a FAFSA simplification provision that will reduce the number of questions required beginning with the October 2022 FAFSA for the 2023-24 financial award year. That doesn’t help families that are grappling with this year’s version. Here are some money-saving tips that could help minimize your college costs and maximize the amount of college financial aid your child receives. FAFSA Filing Tips Only Use the Official FAFSA Site There are imposters out there that try to lure you in with promises of scholarships or guarantees of financial aid, so be sure you only use the official government site to complete the FAFSA, which is free....

If cash flow is not an issue and you can comfortably handle your monthly payment, the choice might be easy: It may be best to recast or simply pay extra on your mortgage if your goal is to minimize interest charges. Recasting vs. Refinancing What’s the difference between recasting and refinancing your home loan? Let’s compare and contrast. Recasting Recasting happens when you make changes to your existing loan after prepaying a substantial amount of your loan balance....

Job searching is all about being careful. Be careful about what you write, what you say, how you apply, and how you pitch your qualifications to employers. Done right, it will help you get hired. Done wrong, you’ll make your job search much more of a challenge. Review some of the most common mistakes job seekers make so you can avoid making them. Keep your cover letter concise and focused on why you are the right fit for the job and worthy of an interview....

Here’s how to recognize the characteristics of a negative recommendation letter. Plus, get tips on who to ask to write a recommendation letter—and some tip-offs that the letter writer may pen something that’s less than flattering or isn’t a solid endorsement of your abilities. Who to Ask for a Reference If you think someone won’t give you a positive recommendation, look for a different option. Some people you can consider asking instead are other managers you have worked with at your current company, more senior colleagues, and previous managers....

If you have some cash, but not enough to pay your debts outright, you can try negotiating new payment terms or even a payoff for less than you owe. These negotiations can lead to lowered account balances, affordable monthly payments, or even complete resolution of the debt. Although this strategy is generally geared toward settling with private and institutional creditors (such as credit card companies and banks), it may also be applicable to government creditors, such as the IRS....

How To Write a New Job Announcement It’s important to take some care when telling your colleagues that you’re moving on. Here’s how to write a new job announcement email message that conveys the right tone, along with all the information you need to share. When To Send the Message First of all, don’t mention your new job until your job offer is confirmed, you have a start date, and you’ve signed your employment contract....