Individual

Annual NetWorth Financial Review: with tax preparation & property holdings analysis.

Anibal Group LLC RealtyNetWorth.com Income taxes, Individual , , ,

At least annually I recommend taking a close look at your finances and the related effects on your Net Worth. A great place to start is a tax return completed & an annual dossier on your real estate property holdingsproperty-owners-notebook-cover-insert_anibal-group-llc-realtynetworth-thenetworthlife-alloverusa-networthbasics. That’s part of the packet we proved to open up further useful thoughts and discussion.

Let me know if you need an organizer binder’ NOTEBOOK’.  It compliments the YourSpace24/7 client portal, both are handy tools to help you get organized for you visits to your various financial professionals.

To set an Annual Financial Review appointment, or no-cost consultation, use our quick ‘time & day’ online sign in.

Always bring your PROPERTY TAX ASSESSMENT to your REVIEW. You may qualify for a complete abatement, or a reduction in taxes. We can assist you in the process. Here’s a couple tools for the DIYers:

Here’s some tax planning reading for the scholarly:

What now? Well the key word is ‘now’. Tax advice/ Anibal-Group-LLC-All-Over-USA-Real Estate Relocation services Michigan Florida photo of Charleston-SC-6planning is of more value ‘forward looking’ than ‘after the fact’.  Even more so just before, or worse, after deadlines.  There are many strategies available going forward. But they virtually all require pre-planning. This is the difference between basically doing clerical work or utilizing various planning approaches.

Now, more than ever, we are in an era of ‘portfolio real estate’ approach – looking at the larger picture, considering ‘all the pieces’ to the tax/ net-worth puzzle. Update Your VISION. Its part of our ‘client intake’ format. This is where we start in on you’re long term thoughts, dreams, needs, goals, and comfort parameters.

Related Articles:

  • See links above.

Anibal-Group-LLC-RealtyNetWorth-b-w-contemplation

Year-end tip:  Statistically holiday season is by far best time to purchase your vacation, investment (hands off managed ‘passive’ or active), retired parental rental, student rental, & flips of any kind be it ‘wholesaling’ or hands-on. Deductions in these areas now became game changers vs the old – mostly gone – ‘itemized deductions’.

copyright 2023 Anibal Group LLC

Michigan Unemployment during Covid-19 Coronavirus shutdown

Anibal Group LLC RealtyNetWorth.com Income taxes, Individual

a3f18e9e-739e-401a-ac75-5d6c3b7bc984Small business owners. Know all the criteria before making application as the site is running slow & you’ll want to make the best use of your time. Delays may sign you out, then you have to start over.

Here’s the order:

Click to access 160_-_Claiming_UI_Benefit_In_Michigan_-_Jan2014_444213_7.pdf

NEED ASSISTANCE? We work remote with you!

Other helpful links: Calendar / Rates / Get a ‘YourSpace’ Portal

Now, more than ever, we are looking at your larger picture, considering ‘all the pieces’ to the tax/ networth puzzle.

Related Articles:

> Request Appointment < click here. Other questions/coments:

Coronavirus COVID-19 and unemployment benefits for entity owners. Cost vs benefits, eligibility.

Anibal Group LLC RealtyNetWorth.com Income taxes, Individual

a3f18e9e-739e-401a-ac75-5d6c3b7bc984You own the company. You’ve been taking a salary/wage. What will it cost you now that there is an executive order to stay home ?

Here’s the order: https://www.michigan.gov/coronavirus/0,9753,7-406-98158-522595&#8211;,00.html?utm_medium=email&utm_source=govdelivery

How much can you get? https://fileunemployment.org/michigan/mi-calculator/

When must you file? asap to 28 days.

How much will it cost? depends, read this or call me:

How long does it last? extended to 26 from 20 weeks

How to file? Start here or call: https://www.michigan.gov/leo/0,5863,7-336-78421_97241&#8212;,00.html

Outside of the emergency order: https://www.michigan.gov/documents/uia/160_-_Claiming_UI_Benefit_In_Michigan_-_Jan2014_444213_7.pdf

NEED ASSISTANCE? We are working remotely with you!, see:

Other helpful links: Calendar a ‘Virtual’ Appt / Rates / Get a ‘YourSpace’

Now, more than ever, we are looking at your larger picture, considering ‘all the pieces’ to the tax/networth puzzle.

Related Articles:

> To Request an Appointment < click here, other reasons for contacting us:

Virtual Appointments ~ Its easy:

Anibal Group LLC RealtyNetWorth.com Income taxes, Individual

a3f18e9e-739e-401a-ac75-5d6c3b7bc984Get your taxes done ~ office/ phone/ smart phone pdf creation / scanned / office supply store pdf/ or USPS!

Year end, aka: “Financial Life Annual Review” with tax prep & realty insights:

    1. Submit info: Direct ALL DOCS/ PHOTOS/ PDF packets & communications to YourSpace247 > example. Mask sensitive #’s.
      • Submit items: W2’s, 1099s, property taxes, copy of last yrs file, etc.
      • You can scan/ photograph/ or let the local office store (OfficeMax/Depot, UPS, FedEx) do it for you.
      • If you need a spreadsheet to make notes to us, I have hundreds of ready to fill google docs that we both can access from the cloud. All clients receive a template of spreadsheet pages they may use. Or submit yours, or I’ll create one just for you. example.
      • Need to share something on your PC ? or watch our PC as we complete the process?
    2. We’ll schedule a phone call as needed to go over items submitted, ask a few questions, and answer yours.
    3. We prepare a complete ‘signature ready’ pdf packet.
      • You can either print it out, sign for efile, and return asap.
      • Or, we’ll mail out your hard copy packet.
    4. Pay easily via Paypal or by check.
      • There is no need to ever leave your home/home office!

I’ve provided this service for literally decades for shut-ins, missionaries, snow birds and folks all over the country.

Other helpful links: Calendar a ‘Virtual’ Appt / Rates / Get a ‘YourSpace’

Now, more than ever, we are looking at your larger picture, considering ‘all the pieces’ to the tax/networth puzzle.

Related Articles:

> To Request an Appointment < click here, other reasons for contacting us:

New Tax Law: Planning Now – before end of 2018

Anibal Group LLC RealtyNetWorth.com Income taxes, Individual

The standard deduction for married couples rises to $24,400, for individuals it increases to $12,200, up $400 and $200, respectively.  That’s the big news (that you’ve already heard). Anibal-Group-LLC-NetWorthBasics-20181109_155508

What now? Well the key word is ‘now’. Tax advice/planning is worthless after Jan. 1. There are many strategies available going forward. But they virtually all require pre end of year planning. Later, you’re basically doing clerical work.

Now, more than ever, we are in an era of ‘portfolio real estate’ approach – looking at the larger picture, considering ‘all the pieces’ to the tax/networth puzzle.

Lets sit down. Tell me you’re long term thoughts, dreams, needs, goals, and comfort parameters.

Related Articles:

Anibal-Group-LLC-RealtyNetWorth-b-w-contemplation

Year-end tip:  Statistically holiday season is by far best time to purchase your vacation, investment (hands off managed ‘passive’ or active), retired parental rental, student rental, & flips of any kind be it ‘wholesaling’ or hands-on. Deductions in these areas now became game changers vs the old – mostly gone – ‘itemized deductions’.

1040 Itemizers: Tax laws changed, you’re probably under withheld for 2018

Anibal Group LLC RealtyNetWorth.com Individual

Get answers today.

If you’ve been itemizing, you’re likely in for a surprise. With the new generous near doubling of the ‘standard deduction’, while the tax tables (and your payroll provider) will adjust from a standard deduction perspective, they may miss the fact that you would have ‘extra’ deductions that help out on the 1040.

Its best to estimate now than to get a surprise later.

Get my perspective.

Anibal-Group-LLC-NetWorthBasics-Easy_seagull

 

Form 8965- Health Coverage Exemptions (Obamacare/ACA)

Anibal Group LLC RealtyNetWorth.com Health Plan, Individual

What is Form 8965- Health Coverage Exemptions?

The Affordable Care Act tax provision will affect federal individual income tax returns filed in 2015 for the 2014 tax year. Form 8965 is used to report a coverage exemption that is either granted by the Marketplace (also called the Exchange) or reported on your tax return. The form is also used to report any shared responsibility payments caused by you, or a member of your household, not having health care coverage or an exemption for that month.

 

Who must file this form?

If you are required to file a tax return and wish to claim a coverage exemption for yourself or another member of your tax household, the IRS requires you to file Form 8965.  On the other hand, if you are not required to file a tax return, your tax household is exempt from what the IRS calls the “shared responsibility payment” and you do not need to file a return to claim the exemption from coverage.

Premium Tax Credit – This is a tax credit for certain individuals who enroll, or whose family member enrolls, in a qualified health plan offered through a Marketplace.  This particular credit is designed to provide financial assistance to pay the premiums by reducing the amount of tax you owe, giving you a refund, or increasing your refund amount.

Individuals may be eligible if they:

  • Are not eligible for other qualifying coverage, such as government-sponsored or certain employer-sponsored coverage
  • Are within certain income limits
  • Do not file a Married Filing Separately tax return
  • Cannot be claimed as a dependent by another person

Individual Share Responsibility Provision

  • Most people already have health care coverage and will indicate this by checking a box on the return.
  • If you, or any of your dependents, do not have minimum essential coverage or do not have an exemption, you may need to make an Individual Shared Responsibility Payment when you file.
  • If you must make an Individual Shared Responsibility Payment, you will owe 1/12the of the annual payment for each month you or your dependents are without coverage.
  • For 2014, the annual payment amount is the greater of:
  • 1% of your household income that is above the tax return filing threshold* for your filing status, OR
  • Your family’s flat dollar amount ($95 per adult, $47.50 per child, Maximum amount of $285)

Coverage Exemptions

  • Individuals who do not have coverage or experience a gap in coverage may qualify for an exemption if
  • They do not have access to affordable coverage
  • They have a gap of less than three consecutive months without coverage
  • They qualify for one of several other exemptions:
  • Household income below filing threshold*
  • Certain noncitizens
  • Members of health care sharing ministry
  • Members of Federally-recognized Indian Tribes
  • Incarceration
  • Members of certain religious sects
  • Hardships
  • Gross income below filing threshold*
  • Two or more family member’s aggregate cost of self-only employee-sponsored coverage exceeds 8% of household income
  • Purchased insurance through Marketplace but experience a coverage gap
  • American Indian, Alaska Native or a spouse or descendant eligible for services through an Indian health care provider
  • Experienced homelessness, eviction, foreclosure, domestic violence, death of a close family member, unpaid medical bills that prevented you from obtaining coverage.
  • Do not have access to affordable coverage based on projected income.
  • Ineligible for Medicaid solely because the State does not participate in the Medicaid expansion under the Affordable Care Act.
  • Your have been notified that your health coverage will not be renewed and you consider other plans unaffordable.
  • Exemptions can be obtained in several ways. Some are from the Marketplace in the area where you live, others only from the IRS when you file your return, and others can be obtained from either the Marketplace or the IRS.

 

 

Filing Thresholds for Most People: And your age is:   Then you must file a return if your gross income is more than:
Single               Under 65 $10,150
   65 or older $11,700
Married filing Joint                            Under 65 (both spouses) $20,300
   65 or older (one spouse) $21,500
   65 or older (both spouses) $22,700
Married filing Separate  Any age $3,950
Head of Household  Under 65 $13,050
   65 or older $14,600
Qualifying Widow(er)  Under 65 $16,350
   65 or older $17,550

 

 

If you, or a member of your household, was granted a Marketplace exemption, complete Part I of Form 8965.

If you are claiming a coverage exemption on your tax return, complete Part II or III. You may need to complete more than one part of Form 8965.

 

‘Affordable’ Health Care information basics

Anibal Group LLC RealtyNetWorth.com Health Plan, Individual

Exemptions apply but you’ll need and Exemption Number from the exchange.Impossible_Seat[1]

Bring info to your tax appointment such as: 1095, history of months covered, etc.

EXPIRING TAX PROVISIONS – Many changes

Anibal Group LLC RealtyNetWorth.com Individual

 

Although the American Taxpayer Relief Act (ATRA) reduced uncertainty by permanently extending many of the tax cuts first enacted in 2001 and 2003 (Bush era tax cuts) there are dozens of provisions originally due to expire at the end of 2011 or 2012 that were temporarily extended until the end of 2013. Those which will expire on December 31, 2013 include the following:

    • State and Local Sales tax – Taxpayers can elect to deduct state and local sales taxes in lieu of state and local income taxes.
    • Mortgage insurance premiums – Allowed to be taken as qualifying residence interest payments
    • IRA Distributions to Charity – Tax free distributions, up to a maximum of $100,000 per taxpayer from IRA’s to US public charities by taxpayers aged 70 plus 6 months or older, have been allowed as an alternative to take an itemised deduction.
    • First year expensing of qualifying assets – The $500,000 limit for the immediate expensing of qualifying assets (non-real property-tangible assets purchased during the year) costing no more than $2,000,000 will reduce to $25,000 with phase out starting at $200,000.
    • Deduction for tuition and fees – expires as of December 31, 2013.
See the exhaustive outline of changes here:

Many Early Tax Filers Still Waiting for Refunds

Anibal Group LLC RealtyNetWorth.com Individual

Taxpayers claiming education credits on Form 8863 encountered their first delay when the IRS said it wouldn’t be able to start processing the forms until mid-February because it needed to update its systems. Then, on March 12, the IRS said several tax software providers erroneously filed more than 600,000 returns containing the 8863 form –resulting in delays of up to six weeks from the date they were filed.

That meant most of these filers were expecting refunds by the end of March or beginning of April at the latest.

But since then, hundreds of angry comments have been posted on Facebook and other online tax forums from filers who claim they still haven’t received their refunds.

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