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Monday, July 31 2017
ITIN RENEWALS ANNOUNCEMENT
ITINs that will be expiring at end of 2017 according to IRS can be renewed as early as June 2017. IRS is now accepting applications for ITIN renewals.
All ITINs issued before 2013 would expire over a four year period beginning on January 1, 2017 and any ITIN that was not used for three consecutive years would also expire.
Who must renew for the Upcoming Filing Season (Filing Season 2018)
At the end of 2017 for the following ITINs will expire and must be renewed if an individual wants to use it on a 2017 federal return:
How to Renew an ITIN
To renew an expiring ITIN an individual must complete a Form W-7 (Application for IRS Individual Taxpayer Identification Number), making sure to check the "Renew an Existing ITIN" checkbox, and submit it to the IRS in one of the following ways:
For renewals, the IRS does not require a tax return to be attached to be submitted for renewal.
Monday, October 24 2016
1) Any person who transacts insurance without a valid license is guilty of a misdemeanor punishable by a fine not exceeding $50,000 or by imprisonment in a county jail for a period not exceeding __year(s), or by both a fine and imprisonment.
Answer: 1(one) year
2) A written instrument in which a contract of insurance is set forth is a(n):
3) Regarding surviving spouse benefits under social security, the time interval between the date survivor benefits end, and the date benefits resume is known as the ____ period.
Saturday, May 21 2016
Sole proprietorship is the simpliest and the most common business structure. There is one owner, the sole proprietor. The business is unincorporated, and there is no legal distinction between the business and the owner.
Sole proprietorship is the easy and inexpensive way to start a business, and an owner can usually create one on his/her own. There are no formal action required to create or start a sole proprietorship. However, business owners still need to obtain any necessary license, permits, and doing business as (DBA) name, if they are operating under a name other than their own. The owner is entitled to all the business's profit and has complete control over the business and makes all decisions, including business strategy, concept, plans, and operations.
Tax filing for sole proprietorship is fairly easy. A sole proprietorship files a Schedule C, along with their Form 1040 that owner already file every year. Self-employment income is subject to self-employment tax.
Sole proprietorship has no legal separation between the proprietor and the business entity. Personal liability for all debts and obligations of the business is the owner's responsibility. The risk extends to any liabilities incurred as a result of the actions of employees. It is often difficult to invest in a sole proprietorship because the business owner can't sell business stock, and financial institutions are sometimes hesitant to lend or give credit because of a perceived lack of credibility if the business fails. On the other hand, having complete control over the business can sometimes be a burden. The proprietor is the one ultimately responsible for the growth and success. But, nevertheless the failure of the business.
Tuesday, May 17 2016
As we are helping some of our small business clients establish and grow, one of the most common topic that may come up is the type of entity that is right for their business. What is right for the business from the start may not be the right business later on, so this is a great topic to revisit from time to time with your client as they expand and grow their business. This article will explore the main business entity options you can discuss with your client when deciding what type of business entity is best for their business.
The most common business entity types are:
Business entity to also consider:
Friday, April 29 2016
What if you could have the benefits of a traditional business career, but without someone else controlling your hours, income, partners and overall job security? Maybe you're comfortable in your job, but would like to increase your income and opportunities without trying to balance the multiple schedules created for you. Technology is continuing to advance and the business world is rapidly changing. You're going to be working anyway, shouldn't you enjoy it? Shouldn't you control it? Welcome to Take5 Challenge. 626-569-5944
Saturday, September 19 2015
Terminal Illness Life Insurance Accelerated Benefit Rider
This accelerated benefit rider allows the owner to accelerate some or all of the Insured Person's base life insurance benefit in the event the Insured is diagnosed with a terminal illness. The Terminal illness ABR provides you with access to the insured's death benefit should you become terminally ill.
Generally, insurance companies will send the insured an IRS Form 1099-LTC if you receive an accelerated death benefit on accounts of a Chronic Illness or a Terminal Illness. Insurance companies will send the insured IRS Form 1099-R if you receive an accelerated death benefit on account of a Critical illness.
The sum that will be included in Box 2 (Accelerated death benefits paid) of IRS Form 1099-LTC or in Box 1 (Gross distribution) of IRS Form 1099-R will be the actual sum that the insured receives by check or otherwise minus any refund of premium and/or loan interest included with the benefit payment plus any unpaid but due policy premium, if applicable, and/or pro rate amount of any loan balance.
The maximum amount of life insurance death benefits that may be accelerated as to an Insured person under all accelerated benefit riders is the lesser of the existing amount of such death benefits of a lifetime maximum of $1,500,000.
Receiving Benefits will be received as a lump sum. There is no waiting period or annual benefit limit, but there is a lifetime limit amount of benefits you can receive across all ABRs.
Options if you need it, and you qualify, you can elect to either of the following:
Wednesday, September 09 2015
When worse comes to worst, wouldn't it be great if you don't have to worry about anything? Having yourself insured can give your family the peace of mind during time of difficulties.
Life Insurance is a temporary or permanent insurance policy provided by a life insurance company in California and other states providing family a temporary or permanent financial replacement and protection to help the family when death occurs. It can also be a temporary or permanent replacement for savings and income replacement in the long run.
Temporary Life Insurance or Terrm Life Insurance, provides life protection only for a limited period of time. Temporary life protection provides temporary protection.
With a temporary life protection, you can:
Types of Life Insurance
Saturday, August 29 2015
Medicare Supplement Insurance. A complete coverage for individuals ages 65 and over from World Wealth Insurance Services. We help cover health care cost that traditional Medicare does not. Allow our licensed health insurance agents find the right coverage for your.
Medigap Plan Choice
While it's understandable the cost may be a major factor to you, it's just as important to consider what your current health care needs and expenses to date, as well as what they may be in the future. A Medigap policy can pay all or part of the expenses.
The Benefits of Owning a Medicare Supplement Insurance Policy
Medicare Supplement Insurance Costs
First and foremost, it is prudent to note that the best time to enrol in a Medicare Supplement insurance plan is during your open enrollment period (see Scheduled Eligibility page for more details). Your open enrollment period begins when you are 65 or over and enrolled in Medicare Part B. For the six months after time when those two criteria are both initially met, companies cannot use any medical underwriting to deny you a coverage increase your premium.
If you happen to miss the open enrollment period, then there are a number of factors that can contribute to your supplement insurance price: plan choice, pricing structure, and state.
Medicare Supplement Insurance 101
Thursday, August 27 2015
Most of us may have to face several financial risks before and during retirement? Earlier in life there are 3 major risks that an individual and families may face, but each risk tends to get smaller over time.
3 Potential risks are:
As we get older and these risks decline, a few other risks emerge, and they tend to become more daunting over time:
The three pre-retirement risks can usually be alleviated with a term insurance. Unfortunately, the three post-retirement risks that occur in life often cannot be adequately mitigated with term insurance. Permanent insurance, such as universal life, may be a good fit to protect assets from the above mentioned risks.
Solution for all three risks. No matter whether you are in pre-retirement, transition into retirement, or solidly in your retirement years, one of the three things could happen to you. You'll either:
In recognition of these three occurrences, we have a solution to address living too long or becoming sick which covers Chronic, Critical and Terminal illness or conditions. This combination of riders on this life insurance policy helps to provide the financial safety net to help get through all three scenarios. Our goal is to bring each and everyone peace of mind during these time and to ensure that living too long is the best way to go, without the financial worries.
How can you protect yourself against risk in the pre and post retirement?
At the core of your asset protection, you have life insurance. The life insurance policy that provides protection for: (1) income replacement if you die prior to retirement, (2) paying off any outstanding mortgage balance, (3) providing college funding for your children, and (4) During retirement, the death benefit can provide funding to replace reduced Social Security income due to the death of one spouse.
Protection against a multitude of financial risks including:
Finally, even with the best plans, sometimes the unexpected can happen -- such as a serious illness or condition. The costs associated with treatment, as well as possible income lost if you are unable to work, can threaten your day-to-day living. We have products designed to let you use your life insurance benefits when you need the most. Life insurance that you don't have to die in order to use. Riders that can help pay for the costs of treatment for qualifying illness and conditions -- or any other expenses. It does this by including, no additional premium, a valuable rider that allows you to access you base life insurance benefit while you are alive if you have a qualifying illness or condition. Life insurance that provides all three coverage in one unparalleled package of protection against broad array of financial risks that are so prevalent during retirement. Imagine, you now have the capability of having a protection from all the risks in one financial product...Life Insurance. Call us today, don't wait! Life is Wealth...
Monday, July 20 2015
Commercial General Liability Insurance, also called commercial general insurance or general business insurance, is a commercial insurance form that protects business during liability issues. When your business is legally held responsible, general business form covers medical expenses, attorney fees, and damages such as property damage, or personal or advertising injury liability, regardless of who is responsible for the damage. Commercial and general insurance is one of the most popular commercial insurance forms sought after by business owners.
Commercial general liability covers three forms of liability exposures:
The following 15 liability exposures are specifically excluded from coverage by Part A of the CGL:
Business Inventory Insurance
If your business owns properly, you need to obtain business inventory insurance form. However, the cost of your inventory insurance will also be affected by the total of the property you insured in the inventory insurance: More inventory coverage will result in higher premiums. However, you may be able to save money on inventory insurance by taking certain safety and security precautions, such as installing fire alarms and sprinklers, which reduce the risk of damage and loss.
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