ALL ABOUT FINANCE

Photo by  Daria Shevtsova  on  Unsplash Author: Andrew Lee About 3 minutes read. DISCLAIMER : The information here is provided as general purpose and does not guarantee future success or same results, nor it construe any financial or legal advice. Every individual situation varies and your milage will vary. Always consult with a qualified tax and financial professionals for your individual conditions. TL;DR - Yes. It is pretty straight forward to purchase a life insurance with an income rider. However, there are some complex tax situation you need to understand, and other individual situation such as being collected by creditors when debts are involved or assignments between parties that you are not aware of from your beneficiary’s act. An income rider is an addition provision to the death benefits on your life insurance policy with a pre-defined time frame (e.g. 20 years, 30 years, etc.), and it usually requires the insured (e.g. you) deceased within the rider’s def...

Photo by Sharon McCutcheon on Unsplash Author: Andrew Lee About 5 minutes reading. Since the Affordable Care Act (ACA) pass, do you know California is the first state to elect to implement its own marketplace/exchange ( Covered California ) and rolled out in Oct 2013 for health plan issuers to provide health insurance to individuals and families, including small business? Yes, it also covers small business as well under Covered California Small Business (CCSB), and ACA also established a federal level marketplace called Small Business Health Options Program (aka SHOP) if the state has not offered its own exchange to provide coverage to small businesses. Note: In California, small business definition is 1 - 100 employees ( 14837(d)(1)(A) ) which is larger then the federal definition 50, and if you are doing business and domiciled in California, you are considered small business even with 50+ employees but fewer than 100 for CCSB. For individuals and families, when you apply for cove...

Photo by Olga DeLawrence on Unsplash Author: Andrew Lee About 2 minutes read. DISCLAIMER: Author is not a tax advisor nor tax professional. All materials and references below are interpreted as-is and is only used for general information purposes and not for tax advise. Please consult with a qualified tax professional before following any information here. In case you are still wondering whether you need to pay tax on the stimulus check. The answer is no, and it also "will not affect your income purposes of determining eligibility for federal government assistance or benefit program". According to IRS, the stimulus check you receive will not impact your gross income and you do not need to include in your tax filing.  "No, the Payment is not includible in your gross income. Therefore, you will not include the Payment in your taxable income on your Federal income tax return or pay income tax on your Payment. It will not reduce your refund or increase the amount you owe ...