Payment Amount – Flight 93 http://flight93.org/ Wed, 12 Jan 2022 02:59:21 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://flight93.org/wp-content/uploads/2021/07/icon-5-150x150.png Payment Amount – Flight 93 http://flight93.org/ 32 32 crypto: budget to decide if crypto investing is business income https://flight93.org/crypto-budget-to-decide-if-crypto-investing-is-business-income/ Wed, 12 Jan 2022 00:44:00 +0000 https://flight93.org/crypto-budget-to-decide-if-crypto-investing-is-business-income/ Mumbai: The government has sought advice from senior tax advisers on whether income from trading or investing in cryptocurrencies could be treated as business income versus capital gains at from this year, said two people involved in the talks. This move could significantly increase the tax burden on crypto investors. The government is looking to […]]]>
Mumbai: The government has sought advice from senior tax advisers on whether income from trading or investing in cryptocurrencies could be treated as business income versus capital gains at from this year, said two people involved in the talks.

This move could significantly increase the tax burden on crypto investors.

The government is looking to refine the definition of income and earnings specifically for crypto assets in the upcoming budget.



This would mean that the income tax on returns for investors or traders could reach 35% to 42% in the future.

The government has contacted senior tax advisers regarding the changes that will only impact crypto assets and no other asset class such as stocks.

“If the definition of income is changed in the tax framework, it could give the tax department leeway to levy an income tax on earnings generated from investing and trading in cryptocurrencies. Some clarity regarding taxation is required regarding cryptocurrencies, even though we don’t have a framework in place defining the asset class, ”said Dinesh Kanabar, CEO of Dhruva Advisors, a consultancy firm. tax.

The government is also seeking to explain how returns are calculated for crypto investors.

In other words, Indians who have seen their cryptocurrencies appreciate during the year and exchanged them for other crypto assets without converting them back to fiat or INR will also be taxed.

“Even if the payment for an asset, say a painting or other crypto asset, is made in cryptocurrency, it is still income in the hands of the recipient. As the cryptocurrency has value underlying in Indian rupee, it should be taxed as income, ”said Sudhir Kapadia, national tax officer, EY India.

Investors would be forced to calculate the actual returns on their crypto assets, every time they sell them, and pay taxes on that.

They can continue to buy another crypto asset from that money – or a crypto currency afterwards, a person familiar with the development said.

Apart from this, the government could also introduce the Goods and Services Tax (GST).

The government could apply 18% GST on crypto trading, and the amount could be borne by an individual who buys it if the exchanges decide to pass it on to them.

“The government is considering a tax proposal that will allow it to tax all crypto holdings. So the GST will be levied at 18%, for individual holders it will be taxed at the highest bracket. If companies generate income, they can show crypto investments in the other income bracket, ”said one person familiar with the developments.

The government is considering defining cryptocurrencies as a commodity in the new bill which also proposes to compartmentalize virtual currencies based on their use cases.

“There is no preparation for the bill; the government is waiting for US policies to take shape, which are expected within the next 2-3 months. After the United States publishes its crypto policies, India should decide the way forward, “said one of the people familiar with the development.

Currently, there is no clarity on direct or indirect taxes when it comes to cryptocurrencies. This is primarily because it is not defined as a currency, asset, commodity, or service.

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In bad faith claims, the Florida Court of Appeals scores one for the insurer, one against https://flight93.org/in-bad-faith-claims-the-florida-court-of-appeals-scores-one-for-the-insurer-one-against/ Mon, 10 Jan 2022 06:12:11 +0000 https://flight93.org/in-bad-faith-claims-the-florida-court-of-appeals-scores-one-for-the-insurer-one-against/ Remember the George Costanza thing in ‘Seinfeld’, the ’90s TV sitcom? When he couldn’t (or didn’t want to) pay rent or other expenses, he conveniently “forgot” to sign the check, saving him a little more time. In a South Florida benefit assignment case that turned into a bad faith claim, a catering company argued that […]]]>

Remember the George Costanza thing in ‘Seinfeld’, the ’90s TV sitcom? When he couldn’t (or didn’t want to) pay rent or other expenses, he conveniently “forgot” to sign the check, saving him a little more time.

In a South Florida benefit assignment case that turned into a bad faith claim, a catering company argued that the insurer used a similar tactic when it wrote the check to both the construction company and the policyholder.

In Expert Inspections vs. United Property and Casualty, the dissenting opinion of a Florida’s 4 judgee The District Court of Appeal pointed out that the insurer also sent the check to the wrong address.

Judge Forst

“While neither party disputes that the insurer ultimately sent a check in the amount of $ 1,995.00, the insurer sent this payment to the wrong party,” Judge Alan Forst wrote in his dissent in the January 5 decision. “Under Florida law, the assignee could not endorse the check sent by the insurer without the signature of the assignee and the insured. “

Nonetheless, the majority of the court’s three-judge panel sided with United, affirming the trial court’s ruling that the insurer followed the wording of the policy and did not owe the lawyer’s fees. plaintiff in the case.

“it was not unreasonable for the insurance company to make the check payable to both the insured and the assignee, especially since the AOB agreement did not assign all of the insured’s interests in the insurance policy to the assignee “, Judge Edward Artau wrote for the majority.

Some insurance attorneys have said that this type of case illustrates the overly contentious Florida environment, in which some catering companies and their attorneys are too quick to bring bad faith claims, for small amounts and even when a claim is made. claim has been paid. For many claims, insurers have less than two weeks to respond or inspect the property, which often isn’t enough to make a clear decision. Yet plaintiffs’ attorneys often use this as a trigger for bad faith claims – simply to get fees, insurance companies have complained.

Nevins

“The law as it stands now benefits lawyers at the expense of consumers in Florida,” said Julie Nevins, who handles bad faith cases for Miami law firm Strook.

The United Property dispute stems from water damage from Hurricane Irma in 2017. The owner awarded benefits to Expert, a mold remediation company. The company, also known as MoldExpert.com, performed the repairs and submitted an invoice to United, along with a copy of the AOB agreement.

United apparently did not pay the bill immediately. But three months later, after a second email from the restaurant company, the insurer wrote the check for $ 1,995, the court said. A year later, Expert Inspection sued United for breach of contract, arguing that the AOB agreement ordered the insurer to pay the assignee, not the insured and not both parties.

United then asked the Broward County Court clerk to deposit the check and told the catering company they would reissue the check to Expert if the company dropped its lawsuit. United also argued that Expert was not entitled to attorney fees because the firm had never been forced to take legal action and never informed the insurer of any disagreements. before bringing an action for breach of contract.

The circuit court issued a summary judgment in favor of United, noting that the check had been mailed long before the complaint was filed. The majority of the appeal court panel agreed.

“The assignee alleges a breach of the insurance contract because the insurer did not follow the instructions listed in the AOB agreement,” noted the majority. “However, the insurer cannot violate an unrelated agreement.”

An AOB agreement may give the assignee the right to apply an insurance policy, but it does not give the contractor the right to enforce terms of the agreement that are extraneous to the policy, the court said. The majority also concluded that the Uniform Commercial Code, which generally provides that debtors cannot meet their obligations by paying the assignor, does not apply to insurance claims.

In addition, the AOB agreement was a limited assignment, keeping the insured up to date with the benefits. He also granted a limited power of attorney to the catering company, so that Expert Inspections could have cashed the check simply by asking the owner to approve it, the court said. The agreement also required the insured to cooperate to ensure that payment was received from the insurance company.

In another bad faith decision issued the same day, the 4e The District Court of Appeal ruled against USAA Casualty Insurance.

In Wendy Firtell and Brian Firtell v. USAA, the court overturned the Broward County Circuit Court, finding that the trial court should not have rendered judgment for the insurer.

After the Firtell’s Pembroke Pines home was damaged by Hurricane Irma, they filed a claim. USAA inspected but did not pay the full amount requested by the owners. Following an assessment process, the Firtells filed a bad faith complaint. The trial court dismissed this claim and granted summary judgment to the insurer.

The family appealed and the 4e DCA agreed with them, noting that summary judgment is only appropriate if there is no question of material fact.

“The entry of a summary judgment is … erroneous if different inferences can be reasonably drawn from these facts”, the per curiam opinion said, citing previous court rulings. The court returned the case, noting that the bad faith issue should be resolved by a jury.

In the USAA case, it was Justice Artau who expressed his dissent.

“The undisputed evidence shows that the insurer complied with the terms of the policy, reasonably investigated the claim, promptly participated in the appraisal process, and timely paid the appraisal fee which was less than the amount claimed by his insured, “he wrote. “In these circumstances – with no real questions of fact in dispute – the trial court correctly concluded that no reasonable jury could find that the insurer engaged in bad faith.”

Subjects
Complaints from carriers in Florida


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Winchester faces utility woes left by February 2021 polar vortex price spike – WLDS https://flight93.org/winchester-faces-utility-woes-left-by-february-2021-polar-vortex-price-spike-wlds/ Sat, 08 Jan 2022 12:40:07 +0000 https://flight93.org/winchester-faces-utility-woes-left-by-february-2021-polar-vortex-price-spike-wlds/ The city of Winchester continues to grapple with the plummet of soaring natural gas prices last year. Mayor Rex McIntire explained to Winchester City Council on Wednesday night that some people who pay a particular amount each month (called Level Pay) for natural gas use struggled with the extra 3% cost of the February peak […]]]>

The city of Winchester continues to grapple with the plummet of soaring natural gas prices last year.

Mayor Rex McIntire explained to Winchester City Council on Wednesday night that some people who pay a particular amount each month (called Level Pay) for natural gas use struggled with the extra 3% cost of the February peak 2021. The city approved a plan in March last year that allowed residents and businesses to pay off their February 2021 bill in 33 interest-free installments to pay off the unpaid bill.

McIntire says some on the flat pay option are struggling to cope with the extra 3% cost: “I just want people to know if they don’t understand what we had to do [in March 2021 with the installments ordinance], come to the town hall. We have people who will talk to you and explain what the situation is. We also have a problem with some people, and it could be someone on Level Pay… I’m not going after anyone in particular… but they don’t make their monthly Level Pay payment and then they wonder why their bill is blowing up . I mean we can explain this to you and how it works too. I know Level Pay works well for a lot of people, but for some people, for me, it doesn’t work; and I know this created a problem with the 3% payout to try and catch up. “

Alderman Lawrence Coultas noted that only 4 citizens have fulfilled the additional 3% obligation on their pay level bill each month. Last year, McIntire said more than 200 Winchester customers chose to pay the biggest bill in February 2021 in full.

The city’s billing system had a miscalculation problem. Coultas says he came to town hall and called the company to try to fix the problem: “We had a major problem a month and a half ago. Everyone on Level Pay, their balance was messed up, so we got our hands on Locust and explained to them that we had a problem. We also explained to them that when we looked at multiple invoices, the amount that got messed up was their September invoice amount in all cases. These customers had to be billed twice or something. Either way, Locust finally got things right and we all approved them, but everyone who was on pay tier was screwed up.

Coultas says no one should be at the level of pay right now in town except for the 4 people who made their 3% obligation under the rules of the level pay option: “The reason is that the order says, and I realize February was a unique case, but the order that was drafted for the tier salary for Winchester said that once you were in default on an amount on a past invoice, you were no longer on the salary level. Well, last February’s bill threw everyone off balance, so everyone is late. If you look at the order, whoever paid the full amount could have stayed on the level pay and I don’t think there were many who did.

Coultas went on to say that the Level Pay system itself needs to be completely reworked and reconfigured for new usage numbers for city customers. No council member could recall the last time the average usage reconfiguration was done on Wednesday night. Coultas says the reconfiguration must be done, per the city ordinance, at the end of each fiscal year.

Coultas also believes the city should change the way it notifies customers of overdue payments. He currently says the city has no way of distinguishing between someone who is often late and someone who misses a utility payment for the first time, and everyone gets a notice stuck on his front door if he’s delinquent: “If you’re a delinquent for the first time in who knows how many years and you’ve paid your bill religiously and never been a problem and all of a sudden a month , you miss a payment… you know, maybe the first time in three years, we’re gonna put a notice on your door anyway. I understand why someone would be unhappy with this, but how do you distinguish between this and someone who has been delinquent on several occasions? For me there is a difference. If you’re a first time offender in maybe three or four years or forever, I would rather they get a phone call the first time instead of putting an offender notice on their door. Coultas says the notice is often embarrassing and he understands that this often prompts people to charge their bills, but he thinks it would be more courteous for a city employee to call or verify the person first. before sticking a notice on his door.

Mayor Rex McIntire noted that some of the late payment issues can be attributed to late deliveries from the post office. One in attendance noted that White Hall had recently faced similar issues with mailed invoices not reaching customers by their due date. McIntire has issued a warning and stern reminder to the public regarding the due date of their utility bill in Winchester: “If you live in Winchester and use our utilities, you are going to be billed or billed as you. received it in the mail. or not… you have an invoice that will be due on the 25th of each month. If you don’t get [your bill] by mail, you better call the town hall to find out what happened because we are sending them.

McIntire also said he recently spoke with Ron Ragan of UGM saying that December bills and possibly January bills will be higher than normal due to cold temperatures, but the city’s gas supplier had covered enough natural gas in the summer and fall to keep prices from hitting last year’s record highs.

The board reached consensus to add a note on next month’s utility bills to remind customers of the 3% overrun billed to them from the February 2021 peak. A review of billing procedures, including the addition of an online electronic option, could be explored at a future meeting.


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Midwestern CUs Pay Members $ 27.7 Million In Special Dividends https://flight93.org/midwestern-cus-pay-members-27-7-million-in-special-dividends/ Thu, 06 Jan 2022 15:00:16 +0000 https://flight93.org/midwestern-cus-pay-members-27-7-million-in-special-dividends/ Source: Shutterstock. The surge in net income allowed three Midwestern credit unions to return $ 27.7 million to their members in December in the form of special dividends despite the challenges of another pandemic year. Together, credit unions earned $ 157 million in the 12 months ending September 30, or 1.11% of their average assets, […]]]>
Source: Shutterstock.

The surge in net income allowed three Midwestern credit unions to return $ 27.7 million to their members in December in the form of special dividends despite the challenges of another pandemic year.

Together, credit unions earned $ 157 million in the 12 months ending September 30, or 1.11% of their average assets, compared to an ROA of 0.82% in the previous 12 months. Dividends were about $ 38 per member and 20 basis points of their recent 12-month ROA.

The largest special dividend came from Citizens Equity First Credit Union of Peoria, Ill. ($ 7.6 billion in assets, 368,516 members), which paid out $ 20 million to its members on December 1. .

President and CEO Matt Mamer said the credit union was able to pay the extraordinary dividend thanks to “another successful year.” CEFCU’s net profit was $ 46.7 million in the 12 months ending September 30, compared to $ 29.9 million in the 12 months ending September 30, 2020.

The $ 20 million payout represents approximately $ 54 per member and 28 basis points of their 0.65% ROA for the 12 months ending September 30. However, the payout is down from the $ 30 million he paid in December 2020, which was roughly $ 85 per member and 46 bps of his 0.46% ROA for the 12 months ended September 30, 2020. .

“Every year is different,” Mamer said in a 2-minute video, “Defining Better Together: The Extraordinary Dividend”.

“We face new challenges every year, so an extraordinary dividend is not guaranteed. We have been fortunate to have been consistent over the past two years, ”said Mamer.

“When we have enough capital to cover both our expenses and the needs we have and plan for in the years to come, we look at that. Our board is convinced that the surplus is our members’ money, so we return it to our members, ”he said.

The dividend is distributed equally according to the savings and the loan. Tim Dunton, the credit union’s delivery manager, said in the video that the interest members pay on loans and earn savings is used to calculate the dividend. “It gives us this fair way of returning excess capital to our members. “

The other two credit unions with special dividends were:

  1. Summit Credit Union from Madison, Wisconsin ($ 4.8 billion, 220,198 members), which paid members $ 2.7 million as of Dec. 10 in the form of a Cash Boomerang payment. The amount represents approximately $ 12 per member and 6 basis points of their ROA of 1.68% for the 12 months ending September 30.
  2. CoVantage Credit Union Antigo, Wis. ($ 2.6 billion in assets, 138,194 members), which paid members $ 5 million in December as a kickback. The amount represents approximately $ 36 per member and 21 basis points of their 1.4% ROA for the 12 months ending September 30.

CoVantage’s board chair, Susan Gitzlaff, told year-end board meetings that directors assess how much income is needed on reserves to protect the credit union and to fund the regular dividends and operating expenses.

CoVantage CU held $ 2 billion in loans as of September 30, up 21.4% from the previous year. Auto loans increased 42% to $ 572.4 million, and first mortgages increased 24.5% to $ 860.9 million. Stocks and deposits rose 18% to $ 2.3 billion, and memberships rose 9.9%. Net income increased 77% to $ 14.8 million for the 12 months ending September 30.

“Because we have experienced phenomenal growth in loans, deposits and new members, we were excited to determine that we were able to provide over $ 5 million – our biggest patronage payment ever – to our members,” said Gitzlaff.

Last year, CoVantage CU’s special dividend was $ 4.2 million, including almost $ 4 million in interest payments.

So far this season, 18 credit unions ($ 75.5 billion, 4.3 million members) have announced $ 167.3 million in special dividends. The amount represents about $ 39 per member and 24 basis points of their 12-month ROA of 1.32%, compared to 1.02% of ROA for the previous 12 months.

Credit unions interested in sharing their special dividend announcements can email them to [email protected].


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Wall-mounted racism trial settlement includes $ 1 million payout: report https://flight93.org/wall-mounted-racism-trial-settlement-includes-1-million-payout-report/ Tue, 04 Jan 2022 17:10:57 +0000 https://flight93.org/wall-mounted-racism-trial-settlement-includes-1-million-payout-report/ WALL, NJ – Wall Township has settled a lawsuit brought by a former police dispatcher alleging repeated harassment within the police department. Nicholas Curcio’s estate will be paid $ 1,000,000 in settlement, according to Asbury Park Press. Of this amount, $ 500,000 will be paid by the township and the remainder will be paid by […]]]>

WALL, NJ – Wall Township has settled a lawsuit brought by a former police dispatcher alleging repeated harassment within the police department.

Nicholas Curcio’s estate will be paid $ 1,000,000 in settlement, according to Asbury Park Press.

Of this amount, $ 500,000 will be paid by the township and the remainder will be paid by the insurance company, the publication also wrote.

The complaint was filed in 2018 on behalf of Nicholas Curcio, who allegedly suffered at the hands of members of the police department from the time he was hired in 1994 as a police dispatcher. Curcio had been suspended without pay from his position as Communications Supervisor since August 2016.

The former dispatcher died in May this year after a battle with heart and liver disease and diabetes, according to NJ.com.

This is the third workplace harassment lawsuit that Wall has settled in the past three years.

Since 2018, settlements alleging discrimination in the workplace have cost the township nearly $ 3 million, according to Asbury Park Press.

Curcio said the harassment he was subjected to went beyond words. Among the incidents detailed in the chase is one where a fake photo was produced with captions implying that Curcio was an ape and saying he had had sex with chimpanzees and gorillas.

A mockup letter on official Wall Township Police Department letterhead dated December 1996 was also submitted with the lawsuit, stating that Curcio was due for questioning in order to explain his “whereabouts” on a date. to which “30 angry baboons killed a man for revenge”. in Uganda, a mock photo caption accusing Curcio of having sex with chimpanzees, gorillas and monkeys and a drawing on a police department recovery card of a gorilla in a cage and with a tag saying that it was Curcio.

Curcio was of Italian-American descent and has olive-colored skin, according to the lawsuit. However, his diabetes had caused discoloration in his legs, making the skin black.

He said he was asked if he was “half black” and harassed because of his medical condition.

“The plaintiff called himself ‘Monkey’ or a derivation of it, daily to ridicule the fact that he had artificial parts in his heart,” the lawsuit alleges.

Additional reporting by Karen Wall.

Do you have a tip, correction or comment? Send an email to catarina.moura@patch.com


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Universal Credit applicants can receive a bonus of £ 812 in 2022 – are you eligible? | Personal Finances | Finance https://flight93.org/universal-credit-applicants-can-receive-a-bonus-of-812-in-2022-are-you-eligible-personal-finances-finance/ Sun, 02 Jan 2022 17:24:22 +0000 https://flight93.org/universal-credit-applicants-can-receive-a-bonus-of-812-in-2022-are-you-eligible-personal-finances-finance/ Universal Credit offers support to those who have low incomes or are totally unemployed. Those facing unforeseen emergency costs may also receive budgetary advances. Budgetary advances can help applicants cover the costs of emergency household expenses such as replacing a broken stove, getting a job or keeping work, or funeral expenses. These advances will have […]]]>

Universal Credit offers support to those who have low incomes or are totally unemployed. Those facing unforeseen emergency costs may also receive budgetary advances.

Budgetary advances can help applicants cover the costs of emergency household expenses such as replacing a broken stove, getting a job or keeping work, or funeral expenses.

These advances will have to be repaid by regular installments from Crédit Universel, which will be less until the debt is repaid.

If an applicant stops obtaining universal credit, they will have to repay the money through other means.

What a person can get from a budget advance will depend on how much they need and they will agree on that amount with their work coach.

READ MORE: 22 Things People On Universal Credit Can Get For Free In 2022

To request a budget advance, applicants can update their journal in their Universal Credit account, contact their nearest employment office, or call the Universal Credit helpline on 0800 328 5644.

To be eligible for Universal Credit initially, an applicant must live in the UK and be 18 years of age at retirement age.

They should also have less than £ 16,000 in savings.

Applicants may work and be eligible for Universal Credit and it is also available for self-employed and part-time workers.

Single applicants aged 25 or over will receive £ 324.84.

Couples, both of whom are under 25, will receive £ 403.93 (for both).

When at least one of the couples is 25 years of age or older, £ 509.91 will be issued.

It should be noted that universal credit income and other benefit payments will increase 3.1% from April.


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Latest round of stimulus checks valued at $ 10,000 or more sent to help with child care https://flight93.org/latest-round-of-stimulus-checks-valued-at-10000-or-more-sent-to-help-with-child-care/ Thu, 30 Dec 2021 07:46:00 +0000 https://flight93.org/latest-round-of-stimulus-checks-valued-at-10000-or-more-sent-to-help-with-child-care/ Cash-strapped Americans in Maryland will receive stimulus grants of at least $ 10,000 next year to help with child care. But, bosses from the Maryland State Department of Education warn that applications must be submitted by Jan.23. 1 More than $ 125 million in funding made available to help child care programs in MarylandCredit: Getty […]]]>

Cash-strapped Americans in Maryland will receive stimulus grants of at least $ 10,000 next year to help with child care.

But, bosses from the Maryland State Department of Education warn that applications must be submitted by Jan.23.

1

More than $ 125 million in funding made available to help child care programs in MarylandCredit: Getty

Applications for the second and final round of the Child Care Stabilization Grants will open on January 3.

More than $ 125 million in funding will be available to help with child care programs.

Suppliers will receive a base grant of $ 10,000, according to the MSDE.

Eligible child care providers may receive additional funding.

It follows the first round of grants that were sent to residents in October.

Providers who obtained grants in the first round are encouraged to apply again.

State Superintendent of Schools Mohammed Choudhury said: “The MSDE recognizes the critical role our community of child care providers plays in early childhood care and education, as well as the challenges and the challenges they faced during the pandemic.

“Our providers need these emergency grant resources now.

Read our live blog on Stimulus Controls for the latest updates on relief from Covid-19 …

“We want our suppliers to know that when we say we’re there for them, we really mean it; we intend this funding round to match action with words.

Ruby Daniels, of the Maryland State Family Child Care Association, said the grant money will help recovery from the pandemic.

It is expected that all payments will have been processed by the MSDE by March 4.

Maryland isn’t the only state giving Americans a helping hand.

Thousands of Californians will receive payments of up to $ 1,100 in the coming weeks as part of Governor Gavin Newsom’s Golden State Stimulus II initiative.

Residents who live in an area with a zip code ending in 928-999 will receive their stimulus check in the mail until January 11.

Americans should receive their check no later than February 1.

Paper checks can take up to three weeks to arrive after mailing.

At least nine million people are expected to receive a stimulus check from the state before the end of the year.

Americans in Maine began receiving stimulus payments on November 15.

The one-time payment of $ 285 is expected to go to over half a million people.

And Indiana taxpayers will receive a boost of $ 125 when tax returns are filed next year.

State law requires officials to give taxpayers a refund if reserves, excluding education, total more than 12.5% ​​of the general funding pot.

The state had about $ 4 billion in reserves, or 23% of its general fund.

Indiana Gov. Eric Holcomb said, “Despite a pandemic, Indiana exceeded all expectations and closed the state’s fiscal year with an unprecedented amount of reserves.

“We have an obligation to put this money back in the hands of taxpayers instead of living it in the hands of (the) government.”

And, the state will work with about 910,000 low-income Americans who pay taxes but file income tax returns.

The last stimulus checks of the year valued at $ 1,400 arrive THIS WEEK


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How do I get a life insurance loan? https://flight93.org/how-do-i-get-a-life-insurance-loan/ Tue, 28 Dec 2021 14:00:30 +0000 https://flight93.org/how-do-i-get-a-life-insurance-loan/ Can you borrow against life insurance? Yes. Should are you borrowing from life insurance? The answer depends on the cost of borrowing against life insurance. In short, a policyholder who takes out a loan on a life insurance policy and repays it quickly enough to avoid interest charges may be acceptable. But an insured who […]]]>

Can you borrow against life insurance? Yes. Should are you borrowing from life insurance? The answer depends on the cost of borrowing against life insurance.

In short, a policyholder who takes out a loan on a life insurance policy and repays it quickly enough to avoid interest charges may be acceptable. But an insured who takes money out of a life insurance policy without a plan may soon learn that life insurance loans can ultimately be more expensive than expected.

Life insurance loans can be tricky – terms vary widely depending on the company and the type of policy. When borrowing against life insurance, it is important to consider the downsides. For example, here are three of the financial consequences of borrowing a life insurance policy:

1. Aggravated debt

How interest works can be a bit tricky with a life insurance loan. Suppose an insured takes out a loan of $ 25,000 at an interest rate of 8%. Interest for the first year is $ 2,000. The policyholder can either pay the $ 2,000 out of pocket (with a principal payment if he wishes) or pay the $ 2,000 from the cash value remaining in his policy. If they choose to withdraw the cash value funds, that amount is added to their total debt, so they now owe $ 27,000. The following year they owe interest on $ 27,000, which adds another $ 2,160 to the debt, and so on.

There is a bit of “babysitting” that must go on after an insured borrows against life insurance, especially if it allows interest to accumulate. At some point, they can withdraw more money than they have in their policy, and the policy will expire. If the policy expires and is canceled, they lose everything they paid, no longer have the death benefit to bequeath to the heirs, and are likely to owe taxes on the money withdrawn.

2. Tax implications

As long as a policy is active, the accumulated funds are not taxable. However, it is considered a taxable gain when the cash value of the policy exceeds the premiums paid.

Here’s a simplified example: Suppose someone pays on a policy for 20 years. They pay a total of $ 20,000 in premiums and the cash value increases to $ 23,000. They borrow 85% of the cash value, or $ 19,550. They are in a difficult situation and stop paying the premiums. First, the insurance company accesses the remaining $ 3,450 in cash value to cover the premiums. Once those funds are gone, they cancel the policy. The IRS then says that the policyholder owes taxes on the difference between the cash value that was in the account ($ 23,000) and the total that he has paid over the years in premiums ($ 20,000 ), and sends him an invoice for $ 3,000.

3. Changes in death benefits

Any unpaid portion of a life insurance loan on the death of the policyholder is deducted from the death benefit. For example, if someone dies because of $ 60,000 on a life insurance policy valued at $ 500,000, beneficiaries receive $ 440,000.

An interesting note about permanent life insurance and death benefits is that insurance companies “absorb” any accumulated cash value. Let’s say a person has a $ 500,000 policy that has accumulated a cash value of $ 50,000. When they die, their beneficiaries receive $ 500,000, but the insurance company pockets the $ 50,000. The only workaround is if the insured has purchased a special rider that gives cash value to the estate.


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Haryana Offers Incentives For Digital Payment Of Electricity Bills https://flight93.org/haryana-offers-incentives-for-digital-payment-of-electricity-bills/ Fri, 24 Dec 2021 20:25:21 +0000 https://flight93.org/haryana-offers-incentives-for-digital-payment-of-electricity-bills/ The first digital payment by rural consumers will seek them out ??20 as incentive and digital bill payment up to ??2,000 incentives of 0.5% of the amount will be given Switch to the digital mode of paying electricity bills and get a monetary incentive of ??20. This is the program that Uttar Haryana Bijli Vitran […]]]>

The first digital payment by rural consumers will seek them out ??20 as incentive and digital bill payment up to ??2,000 incentives of 0.5% of the amount will be given

Switch to the digital mode of paying electricity bills and get a monetary incentive of ??20. This is the program that Uttar Haryana Bijli Vitran Nigam (UHBVN) has launched for rural consumers on lines in urban areas, an official spokesperson said.

The main objective of this program is to encourage rural consumers to make digital payments under the “Mhara Gaon Jagmag Gaon Yojana” under which more than 75% of the villages in the state are supplied with electricity 24 hours a day. 24.

The first digital payment by rural consumers will seek them out ??20 as an incentive and make the digital payment of the electricity bill up to ??2,000 an incentive amount of 0.5 percent of the invoice amount (up to a maximum of ??10) will be given.

Apart from that, an incentive amount of ??50 will be given for the digital payment of 6 consecutive invoices by the consumer. Panchayats in villages with more than 90 percent electricity bill payment and more than 90 percent of them via digital media will be honored by society by donating an amount of ??2 lakh, which can be spent on village development work.

In each sub-division, five consumers would be selected to make digital payments on a quarterly basis and each consumer would be assigned an amount of ??2 100. Consumers will be selected by drawing lots in the presence of the sub-prefect at the village school / chaupal / panchayat ghar or any other public place.

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16% of Americans would go into debt to buy Christmas gifts for children https://flight93.org/16-of-americans-would-go-into-debt-to-buy-christmas-gifts-for-children/ Wed, 22 Dec 2021 14:30:01 +0000 https://flight93.org/16-of-americans-would-go-into-debt-to-buy-christmas-gifts-for-children/ Some parents will go out of their way to get the best holiday gifts for their children, even if it means going into debt. More than one in 10 Americans searched by CouponFollow coupon code search engine said they would spend beyond their means to get the “best gift” for the child in their life, […]]]>

Some parents will go out of their way to get the best holiday gifts for their children, even if it means going into debt.

More than one in 10 Americans searched by CouponFollow coupon code search engine said they would spend beyond their means to get the “best gift” for the child in their life, with 16% saying they would be willing to take on debt. Another 5% of those surveyed said they would physically fight another shopper to leave a store with a toy.

CouponFollow surveyed 1,085 people in the United States who self-reported, including 22% aged 18-29, 28% aged 30-44, 30% aged 45-60, and 20% aged 60 or more.

Overall, respondents said they were prepared to spend a maximum of $ 173 for a single gift for a child. Fathers were more likely to spend more on a single gift than mothers, with an average response of $ 197 compared to the average response of mothers of $ 154.

Here is the maximum amount respondents said they would spend on a single gift, broken down by their average household income:

  • $ 0 to $ 24,999: $ 131 on a single gift
  • $ 25,000 to $ 49,999: $ 178 on a single gift
  • $ 50,000 to $ 74,999: $ 146 on a single gift
  • $ 75,000 to $ 99,999: $ 184 on a single gift
  • $ 100,000 and more: $ 231 on a single gift

With the most popular giveaways, respondents said they would be willing to spend an average of 22% above retail price to put a premium gift under the tree. They also said they will do whatever they can to get their hands on Apple products, followed by video game systems and LEGO building blocks.

But no matter how popular a toy is, it’s usually not a good idea to go into debt to buy it. Having a balance on your credit card is expensive and missing a payment can seriously hurt your credit score.

“Even one late payment can do a lot of damage to your credit,” LendingTree credit card expert Matt Schulz previously told CNBC Make It.

Consider setting up automatic payments to help you manage your debt, whether you are diligent about always paying off your entire balance or prefer to pay the minimum. Even the most diligent of people can forget to pay their bills, and repairing the damage that a missed payment can cause can take months.

??[If you don’t pay your full balance], maybe set it up to pay $ 200, just so you know a payment will be made if you forget or something happens, ”Schulz says.

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