#you can have the attic and or the basement/ whichever is better depending on the season | Explore Tumblr Posts and Blogs

delightfullygiddy · 2 months

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I can fix them vibes, and by them I specifically mean abandoned / stigmatized properties that have fallen into complete disrepair. Let me in, I can deal with djinn better than people please you have to let me try im begging- BEGGING YOU-

#also djinn are just basically anither word for demons #specifically smokeless fire demons #cause naturally they do take up residence in places/homes that been abandoned #when I say some serious cleaning has to be done before moving in- im talking the spiritual and the physical baby #though a part of me does feel bad because im like...oh-im taking a aspace away from an otherwordly creature #part of me legit is liek-yall we can bunk- just dont do wile shit k?#you can have the attic and or the basement/ whichever is better depending on the season

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nash31349536 · 6 years

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How to File a Flood Insurance Claim

Floods are one of the risks of home ownership, and the damage they do can be costly. In the wake of Hurricane Harvey last year, Texas residents filed over 80,000 claims, resulting in 670k in insurance payouts. A working knowledge of how to file a claim should this tragedy strike you is valuable, and can be helpful in an already trying time.

What Flood Insurance Does

Flood insurance covers the cost to rebuild or the actual value of your home, whichever is less, in the event of a flood. Dependent on the extent of coverage you purchase, the policy will include:

Your home and its foundation

Electrical and plumbing systems

HVAC equipment such as air conditioning, furnaces, and water heaters

Kitchen appliances

Permanently installed carpet over unfinished floor

Permanently installed wallboard, paneling, bookcases, and cabinets

Window blinds

Detached garages

Debris Removal

Water Heaters

Living expenses while relocated

Flood insurance can also cover personal property such as:

Clothing, furniture, and electronic equipment

Curtains

Window AC equipment

Portable microwaves and dishwashers

Carpeting not covered by your building policy

Washers/Dryers

Freezer and frozen food

Why Flood Insurance is Important

One of the key reasons flood insurance is vital is because homeowners and renters insurance do not cover it. To assume that flood coverage is part of a homeowners policy has caused heartbreak for many a person.

Of all natural disasters that occur within the United States, floods are the most frequent. Statistically, homeowners are likely to deal with flood damage at some point in their lives. Low and medium risk areas account for 25 percent of flood-related damage claims. If you live in a high-risk flood area, the risks are even greater. During the life of a 30-year mortgage, there’s a 25 percent chance of experiencing a flood.

Before Filing a Claim

Deciding whether to make a claim is an important step in the process. Insurance rates usually go up when you file a claim, as much as 20 percent after the first claim. On average, homeowners only file a claim once every ten years. Don’t make the claim until you’re sure the damage is worth it.

If the damage is minor or cosmetic, consider paying out of pocket. If this is your first claim and the damage is severe, make the claim. Just be aware of the increase in premium.

Should you need to make an insurance claim, you may find a considerable to do list awaiting you. If you approach it methodically, however, it can take a lot of stress off the process.

The first piece of advice is to act quickly. If you need to file a flood insurance claim, it is likely your neighbors for a wide area around you are as well. They’re going through the same process you are. The longer you wait to file, the farther down the line your claim will be.

Contact your flood insurance provider. They will be able to go over your coverage with you, what kind of time limit you have to make a claim, and how long it will take to process the claim. If living expenses while you’re dislocated are part of your policy, your agent will be able to explain what your coverage includes for it.

Take extensive photos of the damage, if possible. If you can take them with a smart phone, you should do so. The photos will probably include a time stamp and geo location data that the insurance agency will find helpful and useful. You’ll want to take these pictures ASAP, as the damage can look less serious as time goes on. After water has receded, it can be hard for an adjuster to gauge how bad the damage really is.

It’s risky to make repairs before an adjuster can inspect, but at times temporary repairs need to occur to avoid more damage. Make sure to talk with your agent right away for the best course of action.

Throughout the process, make sure to keep detailed paperwork. Making an inventory list, especially of your damaged items, is important. Include item details, value, dates of purchase, and any other relevant info. Keep all receipts linked to your claim as well. Keep hard copy of all communications with your agent. You should hold onto all repair documents as well. The more complete your records are, the better your claim.

Filing Your Claim

Once you have completed the above steps, it’s time to file the claim. Once you file your claim, your agent will likely send out an adjuster to assess the extent of the damage. Have thorough documents ready for them.

Survey your house before the adjuster arrives. Study the foundation, attic, and basement. You’ll be able to point out potentially damaged areas the adjuster might miss otherwise.

After the inspection, your insurer will more than likely need a proof of loss document. Insurers normally need this within 60 days of the event so again, time is of the essence. Sometimes they will permit an extension, but you must get permission in writing.

After review of your claim, your insurer will either deny your claim or make a payout offer. Make sure to get a copy of the adjuster’s report at the time of the inspection. You’ll need this if you disagree with your insurer’s decision.

Should you disagree with your insurer’s offer, consider hiring your own adjuster. A lot of times, a public adjuster will inspect your damages for free to see if your claim is valid. If the claim has merit, they charge a percentage fee of your claim total, usually around 10 percent. It might seem like a lot, but it’s far better than getting little or nothing from an insurer.

You also get the benefit of them being able to handle communication with you agency on your behalf. This allows you to focus on rebuilding and repairing your home. You can find a certified adjuster through the National Association of Public Insurance Adjusters.

After the Claim Process

After completion of the claims process, it’s time to repair and rebuild. Your insurer will probably give you a list of contractors, but you are not required to use it. Always make sure to use a licensed contractor that specializes in flood damage. After any natural disaster, there can be predatory scammers that take advantage of it. Using a certified, ethical contractor of good repute is a great way to avoid falling victim to this risk.

The post How to File a Flood Insurance Claim appeared first on TSC Restoration.

from Blogger https://ift.tt/2IU47t4 https://ift.tt/2IFFGPV March 27, 2018 at 01:53AM

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christophergill8 · 7 years

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Time to Set Year-End Tax Planning Appointments

The holidays are quickly approaching – which for the tax industry means year-end tax planning should be on your radar. Have you reached out to clients yet? It’s important that both individual and business clients consult with you to make tax moves that could positively affect their tax bill come tax season.

Here are some important year-end reminders and strategies.

New Tax Laws in 2017

For higher income taxpayers ($418,400 taxable income for singles, $470,700 for married filing joint, $444,550 for heads of households and $235,351 for married filing separate), the 2017 tax year brought increased income thresholds.

Starting January 1st, The Protecting Americans from Tax Hikes (PATH) Act kicked in. This law requires the IRS to wait until February 15th to send out credits and refunds when the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) is claimed on a return. This could affect your cash flow.

On the healthcare front, limits for Medical Savings Accounts increased by $50 this year. The maximum deductibles for out-of-pocket expenses are $4,500 for self-only coverage and $6,750 for family coverage. The minimum deductible amount for annual family coverage is $4,500. The limit on out-of-pocket medical expenses under family coverage ($8,250) increases by $100.

For those who waited to get healthcare coverage hoping that Obamacare would be overturned, they will have to pay a penalty. One of the aspects of the ACA that IRS was tasked with enforcing is the individual mandate. The fee is calculated 2 different ways – as a percentage of your household income, and per person. You’ll pay whichever is higher.

Percentage of income

2.5% of household income

Maximum: Total yearly premium for the national average price of a Bronze plan sold through the Marketplace

Per person

$695 per adult

$347.50 per child under 18

Maximum: $2,085

For Seniors looking to claim a deduction on their medical expenses when itemizing, this year is a bit different. Qualified medical expenses must be greater than 10% of your adjusted gross income (AGI). This is up from 7.5% in 2016.

Year-End Tax Strategies

Here are some traditional, end of year tax strategies to remind your clients about.

Income Deferral

Income deferral strategies shift income to the following tax year. If you expect to be in the same or a lower tax bracket in 2018, it may be advantageous to defer some of your income or accelerate deductions into the current year.

Self-employed, cash basis taxpayers can delay billing clients until late in the year so that they will not receive the payments until 2018.

Try to convince your employer to consider paying bonuses in January rather than December.

Delay selling stocks with capital gains (unless they can be offset with losses)

Sell stocks that are in a losing position to reduce income this year.

Delay IRA or retirement account distributions. If you are 70 ½ don’t delay the required minimum distribution.

Convert taxable compensation into tax free fringe benefits such as negotiating to receive an incentive stock option in place of some salary. Exercising the ISO does not produce taxable income for regular tax or the surtax, but is taxable for alternative minimum tax purposes.

Deduction Acceleration:

Pay tax deductible expenses before the end of the year. Consider using a credit card which will conserve your cash but allow the deduction in this year.

Maximize 401(k) and IRA contributions. Don’t forget catch-up contributions.

If you are self-employed set up a self-employed retirement plan.

Make qualified charitable donations (QCDs) from your IRA. If you are at least 70 ½ contributions to IRS approved charities made directly from your IRA to the charity can be used to satisfy the minimum required distribution rules but are tax free to you.

Consider asking your employer to increase your state tax withholding now if you expect to owe state taxes when you file your return to accelerate the deduction into 2017.

If you elect to deduct the sales taxes rather than state income taxes on your Schedule A, accelerate large purchases such as automobiles or boats into the current year in order to take advantage of the sales tax deduction

Individual Taxpayers

State and local sales and use tax deduction: Taxpayers were allowed to deduct the larger of sales and use taxes or state or local income taxes paid. This provision has been particularly beneficial to retired individuals who did not have state tax withholdings during the tax year.

Qualified Charitable Distributions: IRA owners or beneficiaries who are 70 ½ or older were permitted to make cash contributions from their IRA accounts of $100,000 or less to IRS recognized charities.

Charitable Contributions: Now is a good time to clean out closets, attics, basements, and storage containers to donate unused items to qualified charitable organizations. Be sure to make a list of the items you donated with brief descriptions and the the fair market value of each item. Taking pictures of your donations is also helpful in substantiating your donations. Donated items must be in good or better condition to be deductible. Remember to get a receipt or written acknowledgment of all donations.

Mortgage Insurance Premiums (PMI) deductions as qualified residence interest will expire.

Standard Deduction vs. Itemized Deductions: Before itemizing deductions, taxpayers should calculate the federal and state tax returns using both the itemized and standard deduction to determine which is more beneficial overall. Itemizing deductions can have a negative impact on the state return, depending on the allowed state standard deduction. For instance, if a large portion of the taxpayer’s itemized deductions are state incomes tax withheld, the state return would be greatly impacted since most states don’t allow the state income tax withheld as an itemized deduction.

Check Withholdings: Taxpayers should take time to check their withholdings to determine if they’ve withheld enough federal and state taxes during the year. If the taxpayer is at risk for having a balance due, he can increase the amount withheld from his wages. He can also make an estimated payment to decrease or completely offset the expected balance due.

Business Taxpayers

Business taxpayers will continue to be allowed to claim the 50% bonus first-year depreciation deductions (for tax years 2015-2017). The maximum deduction limit for Section 179 property purchased and placed in service in is $510,000. The limit is reduced by the amount of the cost of Section 179 property placed in service during 2017 that exceeds $2,030,000.

If you own an S corporation or a partnership consider increasing your basis in order to deduct a loss this year or suspended losses from prior years.

The business standard mileage rate for 2017 is 53.5 cents per business mile. Keep accurate business mileage logs to ensure you are receiving the largest legitimate mileage deduction allowable.

Keeping accurate and up-to-date business records ensures the business will benefit by deducting the maximum legitimate expenses allowed for businesses. Sloppy recordkeeping is very costly to businesses at tax time.

Please Note: If tax reform is enacted by Congress, the changes could be made retroactive to January 1, 2017, which could eliminate a number of deductions and make itemizing unnecessary for many taxpayers. This would require changes in year-end tax planning strategies, your cash flow, and that of your EITC clients.

from Tax News By Christopher https://www.theincometaxschool.com/blog/2017-year-end-tax-planning/