Fong Law Group: Medical Expenses
Posted by Fong Law Group on 08/30/2021 at 07:01 AM in Medicaid, Medical Expenses | Permalink | Comments (0)
To apply for bankruptcy relief, you do not need to have a certain amount of debt. Whereas the amount of the debt is essential, there are much more crucial aspects to consider when deciding whether or not bankruptcy is already in your best interests.
Factors Which Will Assist You In Deciding Whether Or Not To File For Bankruptcy
One of the most crucial decisions you'll have to undertake in your financial future is whether or not to file for bankruptcy. Note that, aside from either the sorts of debt you have accumulated, when you will apply for bankruptcy is mostly determined by the circumstances.
The following are some of the things to think about while filing for bankruptcy:
Unsecured debts: If your debts are primarily unsecured, you can petition for bankruptcy. The level of debt doesn't matter when filing bankruptcy since there is no minimum debt. Credit card debt, medical costs, cash advance (payday) loans are instances of unsecured debts.
Secured debts: Whether you are overdue on a mortgage or auto payment, bankruptcy might be the best option for you. You'll be able to keep your home and have 3-5 years to make up the missed payments, sometimes at a much lower interest rate.
Employment situation: If you are unemployed as well as having difficulties making the payments, you may be able to file for bankruptcy and have some of the unsecured debts discharged. You could either stay current on the secured debts or use a Chapter 13 bankruptcy to catch up on such payments. Similarly, when you are employed but still unable to meet the debt obligations, required to file for Chapter 7 or Chapter 13 bankruptcy can allow you to keep the assets (house as well as car) while also freeing up cash to pay them off by preventing or minimizing payments on medical bills, credit cards, and other unsecured debts.
Paying bankruptcy legal expenses: To receive a debt discharge, you must pay court costs like the attorney fees, filing fee, as well as education classes. Note that filing bankruptcy will not wipe out any of these expenses. Nevertheless, these expenses are insignificant when compared to the money saved on prospective debt payments, which continue to rise due to interest plus late fees.
When Should You File For Bankruptcy Under Chapter 7 and Chapter 13?
Requirements for filing history: The length of time you must serve is determined by the kind of bankruptcy you choose and the conditions of the earlier dismissal.
Minimum monthly income: To be eligible for Chapter 7 bankruptcy, you must satisfy the Chapter 7 Means Test, which compares your income to other families of similar size in the state.
Other debt criteria that be acceptable: Payday loans, as well as credit card bills, are examples of unsecured obligations that can be dismissed in bankruptcy. Whenever you are "underwater," you could also discharge debts from such a car or residence that you no longer want.
In order to file bankruptcy, debtors don't need to have a certain amount of debt. Whether to declare bankruptcy and whether it is the best option for you largely is based on the unique situation.
Call Fong Law Group at (626) 289-8299 for a free consolidation, and talk to an attorney today. We are here to help you get through this difficult time in your life, and help you with a Fresh Start.
Posted by Fong Law Group on 08/25/2021 at 07:18 AM in Bankruptcy, Debt, Financial, Medical Expenses, Mortage | Permalink | Comments (0)
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Mid-Year Tax Planning: What Retirees Should Do Right Now 年中稅務籌劃：退休人員現在應該做些什麼 (中英對照)
“Halfway through the tax year is always a good time to assess where you stand with Uncle Sam. You can see how the year’s tax bill is taking shape, while you still have plenty of time to make tax-saving moves.”
年中稅務籌劃：退休人員現在應該做些什麼
“納稅年度的中途總是評估你與山姆叔叔的立場的好時機。您可以看到年度稅收法案如何形成，而您仍有充足的時間進行減稅措施。”
今年對於進行年中稅務審查尤為重要，因為新的稅法可能會改變您的稅務狀況。如果你不向前看，那麼根據Kiplinger的文章“Midyear Moves for Retirees to Rein In Their Tax Tabs,” (中年移民退休人員加入稅收選項卡) 你可能會錯過一些關鍵的機會。
一些納稅人會發現他們今年欠的稅較少，而有些人則欠更多稅。您可能決定從逐項切換到採用提高的標準扣除。你今年有可能不用支付AMT（最低稅來替代）。
加速你的窩蛋。你還在工作嗎？然後，最大限度地提供退休基金的捐款，以幫助降低您的應稅收入。如果你今年年齡在50歲以上，你可以在401（k）和6, 500美元的IRA中獲得高達24, 500美元的稅務豁免。
建立健康儲蓄賬戶。如果您有HSA，要聰明並儘可能地收起。擁有HSA資格的健康保險的工人在2018年可以捐贈6,900美元，而那些只有自我保險的人可以多花3,450美元。如果你是55歲以上，你可以額外得到1,000美元。HSA是一個很好的節稅工具：這筆錢用於稅前，增加免稅，當用於支付合格的醫療費用時，可以免稅。
考慮您的扣除策略。在2018年單身人士的標準扣除額增加到12,000美元和已婚人士共同申請增至到24,000美元，所以今年要弄清楚是否可以逐項列出。稅制改革也限制了逐項扣減。國家和地方收入，銷售和財產稅的註銷現在上限為10,000美元。老年人（65歲以上）仍然可以為聯合申報者額外扣除1,300美元的標準扣除額，單身人士則需要1,600美元。對於已婚夫婦，逐項扣除額必須超過26,600美元。如果這對夫婦使用全額10,000美元的州和地方收入，銷售稅和財產稅，他們必須拿出超過16,600美元的扣除額才能通過逐項列出來節省。
醫療費。醫療費用扣除仍然還在。由於門檻降至調整後總收入的7.5％，因此在2018年更好。但明年，該門檻上升至10％。如果可能的話，您應該考慮將醫療費用匯總到2018年，這樣您就可以利用這個較低的門檻。
羅斯IRA。今年投入資金在羅斯是不會減少2018年的稅收。但是，如果你期望稅率上升，現在是時候把錢投入羅斯並立即納稅，而不是以後。從2018年開始，稅制改革取消了扭轉羅斯轉換的能力，所以請等到納稅年度結束時，您可以更清楚地了解您的數字，以進行任何轉換。
參考: Kiplinger (June 29, 2018) “Midyear Moves for Retirees to Rein In Their Tax Tabs”
Posted by Fong Law Group on 07/26/2018 at 08:18 AM in Deductions, Estate Planning, Medical Expenses, Midyear Review, Roth IRAs | Permalink | Comments (0)