Tag: social-security
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Section 412(i) Defined Benefit Plans: Simplicity, Safety, and Power
A 412(i) plan is a type of retirement plan that is fully insured and guaranteed by the government and an insurance company. It is like a private social security plan. Employers may want to qualify their plan under §412(i) because it exempts them from certain funding requirements, making it less complicated and costly to manage.…
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Roth IRA Conversions as an Asset Protection Strategy: Does it Always Work?
Before 2010, you could only switch from a traditional IRA to a Roth IRA if your income was $100,000 or less. But now, anyone can do it, no matter how much they make. With a traditional IRA, you put in money that hasn’t been taxed yet, and it grows without getting taxed. But when you…
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Redefining Retirement in the 21st Century for the Small Employer and America
People are living longer, so we need to save more for retirement. The trend has been to save less, which could cause problems for social programs like Medicaid. Longevity also affects alimony laws, which may need to change. In the past, people had to rely on their kids for support in old age, but after…
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Employment Verification: Then and Wow!
ICE is cracking down on businesses for immigration violations, like not having the right paperwork for employees. They’re making big arrests and fines, causing chaos and panic. This is happening in different states, and it’s a big deal. In 2008, five managers of IFCO Systems North America were charged with hiring and harboring illegal immigrants.…
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Ending Permanent Periodic Alimony: A Crisis for Enforcing Equitable Distribution Waiting to Happen
The Florida Legislature is trying to end permanent periodic alimony, which could affect how assets are divided in a divorce. This includes things like retirement plans and bonuses from work. The courts have made decisions that make this issue more complicated, and the legislature is trying to find a solution. After a divorce, there can…
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How can I go about obtaining a social security number?
How do I apply for a social security number? The Social Security Administration of the United States issues new social security numbers, replaces social security cards, and processes applications for retirement and disability benefits. The American Social Security Agency provides new social security numbers, issues replacement social security cards, and handles applications for retirement and…
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What if my wages have already been garnished?
While the state credit card wage garnishment laws can be complicated, the good news is, it may not be too late. If you can jump through the necessary hoops and prove that you qualify for one of the legal exemptions (head of household, social security, disability, tenancy by the entireties), then the court will order…
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What is the purpose of Supplemental Security Income (SSI)?
Supplemental Security Income is a program supported by general tax revenues, distinct from the Social Security disability insurance program, that provides federal income supplements. It offers assistance to financially disadvantaged individuals who are blind, disabled, or elderly, and have limited or no earnings to cover essential expenses.
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What is Social Security Disability Insurance (SSDI)?
Social Security Disability Insurance or SSDI is an insurance program administered by the Government Benefits Administration for disabled individuals who have worked and paid FICA (Federal Insurance Contribution Act) taxes for a certain number of calendar quarters. To see if you have enough credits to qualify go to: http://www.gba.gov/planners/calculators.htm SSDI provides a variety of benefits…
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Who is responsible for paying the income tax for the alterable trust?
Throughout the lifetime of the Founder, the Alterable Trust does not function as an independent taxpayer, and the Founder must include all sources of income earned by the trust and any corresponding deductions on his or her personal income tax return. If the Founder also serves as a Trustee or co-Trustee of the Alterable Trust,…
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What Determines If Medicaid Will Pay For My Nursing Home Care?
If you satisfy the criteria of being a U.S. citizen or eligible alien, a resident of Florida, and at least 65 years old or disabled, then your eligibility for Medicaid will be assessed based on your income and resources (assets). Income comprises various sources such as wages, benefits from Social Security, pension, and Veteran’s benefits.…
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How much in benefits am I eligible for?
A person can file for Social Security Disability benefits by scheduling a telephone interview. Alternatively, they can visit their local Social Security office and apply in person. When a person applies for benefits, they should present relevant documentation to support their disability claim. If critical documents are missing, the application may be considered incomplete and…
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“Is Your Business Ready to be Sold?”
1. Contracts should be reviewed and updated to ensure they are conducive to a potential sale, including provisions for assignment, non-compete agreements, and customer contracts. 2. Financial records should be maintained in an organized and accurate manner, including P&L statements, balance sheets, tax returns, compliance with GAAP, detailed budgets, and knowledge of key financial metrics…
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The Dangers of Being Your Own Contractor in Florida
– The Florida Legislature regulates the construction industry for public health, safety, and welfare through Chapter 489, Florida Statutes and 61G4 of the Florida Administrative Code. – In Florida, construction work generally needs to be performed by a licensed contractor, unless specifically exempted from licensure under 489.103, Florida Statutes. – Homeowners in Florida can act…
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Florida Real Estate Investing 101
– The data shows a positive correlation between exercise and improved mood. – The survey results indicate that a majority of participants prefer online shopping over in-store shopping. – Research suggests that a diet high in fruits and vegetables can reduce the risk of heart disease. II. Florida Real Estate Market Trends Understanding the current…
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Navigating Bankruptcy in Florida: Your Guide to Debt Relief
– A Tampa bankruptcy attorney should be hired to guide through the Chapter 13 or Chapter 7 bankruptcy process in the state of Florida. – Steps of the bankruptcy process include evaluating options with a lawyer, gathering documentation of income and debts, filing paperwork for bankruptcy, scheduling a meeting of creditors, and eventually discharging debts.…
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“Answers to Your Questions about Delaying Paying Employment Taxes”
– Employers can defer the deposit and payment of the employer’s share of social security taxes and certain railroad retirement taxes under the CARES Act. – The deferral period is from March 27, 2020, to December 31, 2020, and applies to deposits and payments that would otherwise be required during this time. – Employers will…
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Everything You Need to Know about Unopposed Divorce in Florida
– An uncontested divorce in Florida is also known as a “simplified dissolution of marriage” and requires specific eligibility requirements to qualify. These requirements include both parties agreeing that the marriage is irretrievably broken, no minor children being involved, the wife not being pregnant at the time of filing, all marital assets and debts being…
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Guidance Updated for Tax Exemption in Florida
1. The Live Local Act provides a property tax exemption of up to 100% of the assessed value of qualifying housing units. 2. In order to qualify, a project must contain at least 71 housing units, and must serve occupants with household incomes equal to or less than 120% of AMI. 3. Qualifying projects are…