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My wife and I have been thinking about preplanning our funerals now so our kids will not have to later, but we would like to find out if it is a good idea to prepay. What can you tell us? Planning funerals in advance is a smart move. Not only does it give you and your wife time to make a thoughtful decision on the type of service you want, it also allows you to shop around to find a good funeral provider. Additionally, it will spare your family members from making these decisions at an emotional time. Preplanning a funeral does not mean you are required to prepay. In fact, the Funeral Consumer Alliance, a national nonprofit funeral consumer protection organization, does not recommend it unless you need to spend down your financial resources to qualify for Medicaid. Preneed Arrangements Most funeral homes today offer what is known as "preneed life insurance plans," which allow you...
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In IR–2021–97, the Internal Revenue Service reminded gig economy workers that they will need to file tax returns by May 17, 2021. The gig economy has grown rapidly in recent years. Millions of Americans drive cars for booked rides, deliver packages, rent real property, sell goods online, rent out equipment and provide creative or professional services. These individuals often are sought out by customers through a digital platform or website. The IRS has created a new Gig Economy Tax Center on IRS.gov to assist individuals in making appropriate payments for gig economy taxes. IRS Commissioner Chuck Rettig stated, "The IRS developed this online center to help taxpayers in this emerging segment of the economy. Whether renting out a spare bedroom or providing car rides, we want people to understand the rules so they can stay compliant with their taxes and avoid surprises down...
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Bill: "Every year I pay income tax. And when I pass away my estate will owe tax. But I was absolutely stunned today to...
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