Tyler: In « Rich by Choice » you talk about how much insurance a person needs and which ones are essential. Would you give us a summary of your opinions on insurance?
Health insurance premiums Any health insurance premiums you pay, including some long-term-care premiums based on your age, are potentially deductible. You have to add these, however, to your medical expense pile. Medical expenses must exceed 7.5% of your adjusted gross income (AGI) before they bring you any tax break.
Erlend: If you own a car in California and other states, you must have auto insurance. If you own a home, get homeowners insurance. Your home is a huge asset and it deserves protection. If you have financial dependents, parents, kids, others, you need life insurance to protect their income stream.
CTEC courses So, we go down and pay for our new investment: A whooping $1650.00. Now, we’ve got to get her in the trailer and take her home. The trainers trailer is small. One of those older two-horse straight loads with a little escape hatch on each side. OK for Arabians but a bit on the tiny side for Thoroughbreds. It was like loading this huge horse into a totally covered and enclosed starting gate. It was, to say the least, a project. Success was found in about 20 minutes and we were on our way down the road. I give most of the credit to the intellect of the horse.
CTEC classes The tax foreclosures market in the U.S. is in free fall! In the majority of the states, the owners cannot obtain on their homes now even the money they have paid to buy them. The most affected by the mortgage crisis are Los Angeles, Sacramento, California, and Las Vegas. Here over 20% of those who have brought homes for sale have them less than 12 months ago and more than half of the transactions in quarter II were closed at prices lower than those of acquisition.
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CTEC approved provider 7) As soon as possible, replace your income from wages with income from your own business and unearned income from investments. Of course, this is easier said than done, but the benefits are huge. If your income comes from a business that you own, it’s much easier to pay for expenses with pre-tax dollars. Obviously, you have to have a real business (not just a hobby) and the expenses must be legitimate business expenses, but this allows you to have a lot more flexibility in your tax planning. Realize that you can (I would say must) still start a business even if you have a full-time job. If you want to create great wealth (and minimize your tax expense), don’t let fear, unbelief, or lack of knowledge prevent you from starting your own business. You must take action to overcome those obstacles.
What exactly is a reverse mortgage? It is a way for someone 62 years of age or older to borrow against the equity of their home to get tax-free cash. There are no loan payments until you die, online state filing sell your home or move from your home. A reverse mortgage is a way of getting money from your home without having to make monthly payments.