In the state of Florida, does the person named in power of attorney have to be a Florida resident?
ADDITIONAL INFORMATION: I have no relatives here. My sister lives in VA and she is the person I would like to name. ANSWER BY MARGARET CROSS-BELIVEAU: No, your agent does not have to live in the same state as you. If possible, also try to appoint an alternate to your sister. Follow us on Facebook […]
My elderly disabled father has been taken advantage of financially by his tenant/repair man for about $20k. What can be done?
ADDITIONAL INFORMATION: My father is in his 70’s, in bad health, physically disabled, with somewhat impaired cognition. He recently hired his tenant do repairs on the property. The tenant has not finished most of the repairs, has taken advantage of my father’s memory by charging him multiple times for the same service, and has sent […]
Will That Be Cash or Barter?
How swapping products and services could benefit your business Bartering, the act of trading goods or services with other goods or services instead of money, is more popular than ever. With high unemployment rates and cash flow being stressed, bartering is a good way to create value for your business. The new world of bartering […]
How Stay-at-Home Orders Change Money Habits
The most fruitful periods of growth often happen when they are the least expected. Teachers and parents call them teachable moments. By reflecting on how you handle the situation, you can learn a lot about yourself. The disruption caused by this year’s pandemic is a massive teachable moment for all of us regarding money. Here […]
Small Business Owners Get Good News on PPP Loan Forgiveness
Small business owners, self-employed workers and freelancers received some welcome news when Congress recently passed the Paycheck Protection Flexibility Act. This new law clarifies how businesses can qualify to have all or a portion of its Paycheck Protection Program (PPP) loan forgiven. Here is what you need to know: December 31, 2020 is the new […]
Help! My Stimulus Payment is Wrong or Missing!
Millions of Americans already received their economic impact payment. But what if you’re still waiting or your payment was for an incorrect amount? Here are some common scenarios why you may not have received your payment, or the payment you did receive was for an incorrect amount, and what you can do. Your payment was […]
IMPORTANT! You May Owe a Tax Payment This Month
Find out if you owe the IRS an estimated tax payment You may owe the IRS a tax payment for your 2020 tax return and not know it. Most Americans have income taxes withheld from their paychecks, with their employer sending a tax payment to the IRS on their behalf. This year, however, many more […]
July 2020
This month: July 15 – Individual income tax returns for 2019 are due – C corporation tax returns for 2019 are due – 1st and 2nd quarter 2020 estimated tax payments due Other July 15 Deadlines – Gift tax returns – 2019 IRA contributions – 2019 HSA contributions
Think twice before transferring your home to adult children
Your home might well be your biggest asset. Many times, parents think about giving their home to their adult children outright while the parents are still alive, or adding their names to the deed. While doing so might avoid probate when you die, it’s also likely to lead to significant gift tax consequences. And if […]
Where can you live to lower your estate tax?
In retirement, you might move to a different state for a wide range of reasons, such as being close to your kids and grandkids, or for a warmer climate. Another key thing to consider is the state estate tax. The federal estate tax applies to all U.S. taxpayers, whether they live in the U.S. or […]
