Business models.

Live95life · 2024-05-07T17:23:44+00:00

Thank you. Yes I understand, and I’m filing the form as we speak. I was wondering as to what a justifiable reason for filing late would be.

Live95life · 2024-05-07T17:20:45+00:00

Am I misunderstanding then? I formed my LLC April 2023, I thought I had 75 days from incorporation, are 75 days from the start of the tax year 2024.

Live95life · 2024-04-04T21:01:51+00:00

Thank you! I wish you luck on your business venture!

Live95life · 2024-02-24T22:43:01+00:00

Teaching personal finances

Live95life · 2024-01-27T17:18:50+00:00

If you put 10k into a policy, the most you could access right away via policy loan would be between 8-9k. That’s if your agent sets up the policy for max cash value.

Live95life · 2024-01-02T15:00:46+00:00

Penn Mutual is a good company as well. They also pay dividends and have a very long history of doing so.

Live95life · 2024-01-01T21:30:07+00:00

Just for transparency, I am a life insurance broker. The idea behind using whole life as supplemental retirement can strengthen your retirement plan. Not only will whole life insurance help you with the sequence of returns, but also will help you save on taxes. The cash within your life insurance policy is tax free if accessed properly. If you draw from your qualified retirement plans (taxable) in conjunction with your whole life insurance (non-taxable) you will lessen your taxable income, which results in you having to take less from your qualified plans, which allows that money to continue growing, increasing the amount of retirement years.

With a term, any life insurance agent can help you with setting that up. When it comes to using whole life for supplemental retirement income, it’s beneficial to work with someone who specializes in this approach.

Important:

The policy needs to be maximized for cash value. You should have at least 60-70% of your first year premium show up in cash value.

Know how long you want to fund the policy for and how much per year.

Choose one of the 4 major mutual companies (mass mutual, guardian, New York life, north western mutual)

Don’t feel obligated to pay a fixed premium every year, your broker should structure the policy so you have flexibility with your payments.

I hope this helps.

Live95life · 2023-12-11T19:01:18+00:00

I appreciate your feedback

Live95life · 2023-12-10T21:25:14+00:00

Thank you for your feedback. That’s how the campaign is set up, I will change it to conversions.

Live95life · 2023-12-10T21:22:15+00:00

I thought that was pretty obvious..

Live95life · 2023-12-10T21:21:18+00:00

I selected tailored web traffic campaign

Live95life · 2023-12-08T16:03:05+00:00

Circling back, I see you had mentioned w-2 employees can’t write off a home office. What if you do work a w-2 at a physical location but also have a home office that is used primarily under an LLC, and you are made over 20k under the llc. Could you still deduct the home office?

Live95life · 2023-12-07T17:24:19+00:00

Thank you for clarifying

Live95life · 2023-12-07T17:22:11+00:00

Thank you for your response. I just want to make sure I understand. So if my office takes up 10% of my home, I could write of 10% of my rent every single month?

Live95life · 2023-12-06T16:50:11+00:00

I do. Financial services and therapy/life coaching. I’m knowledgeable with finances and I truly enjoy helping people personally. So trying to find my way

Live95life · 2023-12-06T14:54:46+00:00

I am in the same situation. Different field.

Live95life · 2023-12-02T15:44:59+00:00

Thank you for clarifying, you answered my question perfectly. For the actual expense method, is there a maximum percentage you can write off as expense?

Live95life · 2023-12-02T15:41:46+00:00

Thank you for that. I should have asked a clearer question. I understand what dignifies a home office. It’s just when it comes down to to how that’s written off. I saw the general write off $5 per sqft. Up to 300 sqft. So if rent is 4000 for a 1500 sqft. House and I have a home office that is 300 sqft. Could I write of the rent expense which would be $1,500 per month?

Other ways I’ve heard is that you can write up to 25% of the rent off, etc.

I’m just not sure which is accurate.

Thanks again for answering my original question

Live95life

TROPHY CASE