Reflection Papoer

If you die without having a will created the estate assets become frozen and the court manages it. No thought is put into the deceased family. A living will is a document that talks about if a person become extremely ill they do not have to be kept alive by medical machines if they don’t want to be. Everyone should obtain life insurance so when they die there living family members will be provided enough money for a standard life. Between your living estate and insurance you must have enough money to cover all debt, future obligations, and supporting your

I excited that teaching in the DPP is about to become reality. Daniel and I have enjoyed meeting everyone over the past 3 months. I know Ms. Yates preferred Monday or Tuesday evening. I am going to contact Morgan Kirkland today about April’s Class zero or setting up another meeting time. I will send any updates I get from Ms. Kirkland.

The subject of insurance and how heavily the government can mandate it or not mandate it is a constant struggle in politics. There is always the question of “what kind of relationship should the government have with its people and what role should it play with businesses?” Currently, a popular subject is the Affordable Care Act (Obamacare) and it is challenging the boundaries by requiring people to have health insurance and requiring businesses to offer health insurance to everyone and anyone. Mandating insurance is a hot button subject in other areas too that we will discuss like auto insurance, workers’ compensation insurance, and professional malpractice insurance.

 Arranging your affairs to keep your tax liability as low as possible under the tax law

Stanton Delaplane once joked about the IRS, saying he heard it had suggested a simplified tax form with only one question: How much money did you make last year? The IRS response was, "Mail it in"." Thank goodness, our taxes haven 't gotten quite that bad. It is true though, that the majority of Americans, most of us included, have to bite the

"Insurance is a legal contract that protects people from the financial costs that result from loss of life, loss of health, lawsuits or property damage."(Nielson.) This protection is given to the customer in exchange for a monthly payment to the company. This is a legal contract which is known as a policy, binds the customer to the insurance company for the duration of the policy. Insurance, whether it be life, health or auto, helps customers feel safe from everyday risks that can happen in life. Most insurance is optional, although some states enforce a law that automobile insurance must be purchased in order to register a car. Automobile insurance is very important. It helps the policy holder to protect their car

"One question many have is, "what is probate?". This legal process begins when a loved one passes and is designed to show a will is valid, In addition, the process involves the identification

Furthermore, to minimize your federal tax liability, it is important to be prepared if the IRS decides to re-compute your personal income or the income at a

“Congress has elected to offer a number of tax credits, generally enacted to encourage certain outcomes or to accomplish specified societal goals. Some of these goals include assisting families with children, ensuring additional tax relief for low-income taxpayers, encouraging taxpayers to enhance their education, encouraging adoptions, and providing incentives for taxpayers to work” (Cruz, Deschamps, Niswander, Prendergast, Schisler, & Trone, 2011,pg 9-1), The credit section of the 1040 allows taxpayers to get these credits that is subtracted from the calculated tax in previous section, this lowers the tax is due at the end of the year.

I understand the taxes part of it, but I also have medical bills and I thought that was there to be used incase I needed the funds for medical expenses.

4. Adjust Withholdings. Wen you fill out your W4 with your employer, you state the number of exemptions you are claiming. The greater the number of exemptions, the lower the amount of tax is taken from your check. If you can carefully predict your tax liability for the year, you can adjust your exemptions so that you are not having excess money taken out of your

In this worksheet, I went through estate-planning checklist and figured out the location of every important legal document. It is imperative to figure out someone an individual trusts, whether it is a family member or close friend who knows the answers to the difficult questions when someone dies. Some of the items on the checklist I have organized safely at my house and my father knows where my will, tax returns, personal information, and other significant legal documents are located. I hope that no one will have to use any of these legal documents for me in the future, because I have a lot of estate-planning left to do. I trust my dad if the event were to happen and I know things would be taken care of appropriately.

The purpose of this report is to determine if the government is acting fairly in its taxation of the American population, and to point out the waste in government spending. In an article published November 1995, an unknown author explained the need for government "revenue" by defending what the revenue supplies for the people. In America we live within a free enterprise society. A free enterprise system is based on the idea of competition is good and that only the most efficient businesses will survive. The free enterprise system works with the idea that the consumer is somewhat knowledgeable about the products they buy. However, in today's modern world the consumer cannot be always be expected to make an informed decision about something. This is where federal laws are put in place to protect the interest of the public. Examples of such laws are regulations covering quality and safety of home

A living will also allows a person to state with particularity the forms of treatment are wanted and not wanted. For example, if a one does not want artificial life support, then sign the living will stating that desire. It is also important to discuss your beliefs and wishes with you family, spouse and other people whose opinions you respect, such as clergy,

The individual income tax is complicated, and it violates transparency standards through created loopholes (or tax preferences) which allow some to pay less than their fair share of taxes (Mikesell, 2011). In 2005, more than 70 percent of individuals filing taxes had tax preparers complete their returns because of confusing rules and regulations that could penalize taxpayers for qualifying for certain legal tax preferences (Mikesell, 2011). This transparency problem exists because citizens are really unaware of how to determine their tax liability except at the end of the year. Income taxes are collected annually through the Internal Revenue Service (IRS), and there are constant complaints about the IRS not willing to assist taxpayers