Personal Financial Strategy for NRIs in the USA!
S corporations are corporations that elect to pass corporate income, losses, deductions, and credits directly through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double […]
With the world in lockdown due to COVID-19, you and your partners may be doing a lot of work from home or even working from home primarily. Is your home-office deduction into your financial mix? If you operate your business as a partnership, you have two ways to correctly deduct your home-office expenses.If you have a […]
Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities. LLC owners are called members. Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can receive treatment as a single-member LLC for federal income tax purposes. LLCs with two or more […]
Indexed Universal Life (IUL) product works for both protection and build a cash value in the policy. A portion of the policyholder’s premium payments are directed toward annual renewable term insurance with the remainder added to the cash value of the policy after fees are deducted. On a monthly/annual basis, the cash value is credited with interest based on increases in an equity index. These policies leverage call options to gain upside exposure to equity indexes without the risk of losses.
Although term life insurance is already less expensive than permanent life insurance policies, Term life has it own place in financial planning. Whether term life or permanent life is better depends on your situation. Here’s when a term policy might work for you, when : You are looking for protection only for certain number of […]
What is a will? A will is a legally bound document that details your wishes for how you want all of your physical, intellectual, and digital assets to be handled after you die. This also holds information on guardianship of any of your children under the age of 18. A last will and testament is […]
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The IRS used to use the Consumer Price Index (CPI) to calculate the past year’s inflation. However, with the Tax Cuts and Jobs Act of 2017, the IRS will now use the Chained Consumer Price Index (C-CPI) to adjust income thresholds, deduction amounts, and credit values accordingly. 2020 Federal Income Tax Brackets and Rates In 2020, […]
Term life insurance can help you bridge that gap for decades at a relatively low cost. If you die while the policy is in force, you’ll leave behind a lump sum of cash for whomever you choose.