7_Reverse_Mortgage Spanish V2 NAPKIN Modified – Napkin Finance
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septiembre 18, 2017

7_Reverse_Mortgage Spanish V2 NAPKIN Modified

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Are you or someone you know considered an "Indepen Are you or someone you know considered an "Independent Contractor"? An independent contractor is someone who is self-employed and works for clients as a nonemployee. Independent contractors generally work on a project-by-project basis. They don’t have a guarantee of continued work with their clients or receive employer-sponsored benefits, like health insurance, retirement savings plans, or sick leave. Lots of people can fall into the independent contractor category, including: ✅ Attorneys ✅ Bookkeepers and accountants ✅ Doctors and dentists ✅ Fitness instructors ✅ Musicians, photographers, and designers ✅ Rideshare drivers ✅ Writers, editors, and bloggers Although employers have some leeway in deciding whom to treat as an employee or as a contractor, the law sets out rules and guidelines they’re supposed to follow. Control is key. Typically, the less control you have over your work (and the more control your employer has), the more likely it is that you ought to be classified as an employee. If you’re a contractor, a company can hire you to design a website, but it can’t tell you where you have to work or what hours you have to work. On the other hand, if the company wants you working in its office during specific hours while you design that website, you probably should be classified as an employee. Employers often prefer to classify people as contractors instead of employees because it’s cheaper for them. But if you think you’ve been misclassified, you may be able to seek relief through the IRS. Independent contractors face a very different tax situation than employees. Typically, they: ➡️ Receive 1099s from clients ➡️ Pay higher tax rates because of the self-employment tax (which consists of extra Social Security and Medicare taxes) ➡️ Make quarterly estimated tax payments ➡️ Can deduct many business expenses, such as the costs of using a cell phone or car for work, to reduce what they owe What's your experience as an Independent Contractor? Let us know below! And swipe up in today's stories or click the link in our bio to learn more, including some Pros and Cons and important distinctions of this classification!
Some key points to note? ➡️ The average amou Some key points to note? ➡️ The average amount for these refunds is $1,265 ➡️ Direct Deposit began on July 14th, and refunds set to arrive via paper check began on July 16th. ➡️ The IRS has said that more refunds will continue through the summer as well. According to a recent article by @cnbc, "Due to the $1.9 trillion American Rescue Plan Act, which became law in March, up to $10,200 in 2020 unemployment compensation was excluded from taxable income for individuals and married couples with modified adjusted gross income under $150,000 last year.” “However, many taxpayers had already filed their tax returns before the legislation was approved by Congress and signed into law by President Joe Biden. For taxpayers who overpaid due to the exclusion, the IRS will either refund the overpayment — as it’s doing this week — or apply it to other outstanding taxes or other federal or state debts owed." Have you received a refund from the IRS for overpaying on your unemployment for your 2020 taxes? Do you expect to receive one? Share below, and swipe up in today's stories to read the full article.
Have you heard the phrase "in escrow" and wondered Have you heard the phrase "in escrow" and wondered what it meant? 🧐 Escrow is an arrangement in which a trusted third party temporarily holds onto some kind of asset, keeping it safe. Escrow is typically used to help real estate and other large deals go through successfully.Escrow has two key features that make it particularly useful for high-value deals: ➡️ Neutrality: The third party holding the asset has nothing to gain or lose if the deal falls through and no bias toward one or the other party. ➡️ Security: Neither of the two parties to the deal can run off with the money while it’s in escrow. In high-value deals (like home sales or business mergers), there’s often significant money involved and fears on both sides that the other party won’t live up to its side of the bargain. Escrow is a tool for easing those concerns. When a buyer puts money into escrow, the seller can feel more confident that the buyer actually has enough money to complete the purchase. But putting the money into escrow first (instead of handing it straight over to the seller) also protects the buyer while the final details of the deal are being worked out. You may be familiar with escrow if you’ve ever bought or sold a house. In real estate, it has two main roles: ✅ Earnest money: Once a buyer accepts your offer on their house (but before the sale closes), you put earnest money into an escrow account. That money tells the seller that you’re serious about buying. ✅ Taxes and insurance: After you close, your mortgage lender may collect your property tax and insurance payments—holding them in escrow and then paying those bills on your behalf. When it comes to buying a house, escrow follows a fairly standard process: You make an offer on a house ↓ The buyer accepts your offer ↓ You put earnest money into an escrow account (usually a percentage of the purchase price) ↓ You and the buyer complete the sale ↓ The escrow holder returns the earnest money to you (buyers often put it toward closing costs or other fees) Have you ever been "in escrow"? Share with us below! And swipe up in today's stories or click the link in our bio to learn more.
According to @usatoday, "The $1.9 trillion America According to @usatoday, "The $1.9 trillion American Rescue Plan, passed in March, renewed the federal boost to jobless benefits, giving recipients the extra aid on top of  the assistance received from the state.” “But 26 states have decided to stop the federal benefit before the official cut-off date of Sept. 6." Some states began ending this as early as June 12th, including Alaska, Missouri and Missippi, and the final to end their this month is Louisiana, on August 3rd. Have you been receiving unemployment throughout the pandemic? Do you live in a state that ended the extra assistance, or will be? What are your thoughts on this? Share with us below, and swipe up in today's stories to read more and see the full list.
An emergency fund is like your stash of just-in-ca An emergency fund is like your stash of just-in-case money. Along with your insurance coverage, it’s actually a vital piece of your financial safety net. Your emergency fund is the money you would fall back on if: ➡️ You lost your job ➡️ Your car broke down ➡️ You ended up in the ER Having an emergency fund can help you roll with life’s unpredictable punches and makes it easier to recover from setbacks that could otherwise turn into financial disasters. Experts typically recommend that you keep three to six months of living expenses in your emergency fund (an amount that’s probably less than three to six months of your income). Starting an emergency fund is a pretty painless process. But keeping it going (and protected!) is where willpower comes in. Here’s how: Step 1 Figure out how much you should have in your fund ↓ Step 2 Open a separate savings or other type of account ↓ Step 3 Pick a weekly or monthly savings goal ↓ Step 4 Keep going! Slow and steady wins the race ↓ Step 5 Check in and reevaluate your emergency fund anytime you have a major life change (like a raise or an addition to your family) If you ever need to dip into your emergency fund for a truly unexpected expense, reup your contributions once you’re financially able. Don’t be a one-and-done saver! Do you have an emergency fund? Share with us how you prioritize it below! And swipe up in today's stories to learn more about starting one and when to use it!
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