Pulling The Family Sled

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In my family, I pull the financial sled alone.

As I watch my friends become rich along with their working wife, husband or significant others, I can’t help look at them with a quiet envy as I pull the family sled alone.  I feel alienated, and slowly over years I avoid more fortunate friends as I find myself succumbing to my embarrassing, hidden envy.  They talk about retirement at an age that I will not be able to match, because as they and their companion,  both pull the sled, at my home, it’s just me.  They talk about their great partnership and the enjoyment of life with their significant other as I continue to pull and pull.

 

I pull the sled day and night, working late developing and refining financial family plans, trying to find a better grip as I pull the financial family sled along, alone.  The sled gets heavier each year with my daughter jumping in the back, my son ignoring my pleas because he has his headphones on (even when they are not on his head) and my wife laying on the couch or bed, always watching TV.  My wife has no time to help me, so I pull by working one, two and sometimes three jobs to keep the sled moving..

When I’m sick, I still pull the sled, the sled is heaviest then, but still I struggle on.  Now I’m sick and getting sicker, but I still pull the sled alone.  What happens when my time is up?  Who will pull the sled then?  Maybe I pulled the sled far enough that they will be okay?  Hard to say, have I pulled far enough that the pieces are in place for at least a survivable life for them?

Some days, when I’m alone and I’m isolated and in a dark place, I wonder what would happen if I stopped pulling the sled and just let things go.  Thoughts, so many thoughts but for now I just pull the sled alone.

-Chase

Which types of people and groups are not eligible for life insurance?

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I’ve recently read some interesting information about the types of people and groups that are not eligible for life insurance that I’d like to cover with you!

Are there any Groups of People who can’t get Life Insurance?

You may be wondering if you’re within a section of the population that may struggle to find a life insurance provision. It can be difficult for some people to get a plan, and potentially expensive, but there are provisions in place for some groups who find it difficult to get private life insurance.

It’s often said that you can only buy insurance when you don’t need it but that’s not quite true. Buying a policy can be difficult at times but it’s often possible if you go to the right place.

Life insurance if you have a chronic health problem

If you’re suffering from a serious chronic health problem such as cancer it’s not always easy to find someone willing to insure you. As with any insurance, providers want to limit the potential risks involved in providing a policy. It stands to reason that anyone who may have a significantly shorter life expectancy presents a risk they may not want to take.

That doesn’t mean you are totally excluded from getting life insurance if you are suffering from a serious illness. There are certain insurers who specialize in providing policies to people who struggle to find life insurance elsewhere; although premiums can be high.

It’s also quite common for people to go to work for a certain employer in order to be covered by an employer provided group life insurance.

What about the armed forces?

For obvious reasons it’s not easy to get life insurance if you’re a serving member of the armed forces; it’s a high risk occupation which can also present a high risk to insurance providers if they award a policy.

There is a solution to the problem for those people who want to acquire a plan to provide for their famines should they die. Service members Group Life Insurance is provided specifically for this purpose by the Department of Veterans Affairs. It’s a low cost provision for a group of people who potentially have an increased need for life insurance cover.

If you’re a prisoner what happens?

If you’re going to be incarcerated, or stand a chance of being,you may wonder what happens about life insurance cover. The answer is that there are no regulatory restrictions but insurance providers veer away from providing life insurance plans to those in prison. The main reasons for this are the lack of ability to do any proper health checks and the lack of access that inmates have to their finances.

The situation with regards to those who have a life insurance plan before they are imprisoned is different. They continue to be insured as long as they carry on paying the required premiums. So if you are imprisoned you can keep a policy that you already have but you are not going to be able to get a new policy once you are actually in prison.

Bests,

Chase

Real Estate Search – Marble Restoration Edition

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Lately, I’ve been pretty busy!

So what am I doing that is dominating my time?  2 words… Real Estate!

I’m both looking for a slightly bigger house and/or a decent piece of rental property to purchase.

So why is this called the “Marble Restoration” Edition?  Well basically I found a pretty decent house, but the marble bathrooms (and in particular the showers) in the larger house has some aged but still pretty marble areas.  While the house in general looks amazing, the granite has a somewhat shoddy looks and needs restored or replaced.

I’ll look around to see if I can do it myself via some third party that specialized in that kind of work, or perhaps see what I can do with respect to repairing it, or at least making it look a little better.

I have a buddy that always tries to do finishing work in his house, but everybody can tell that it’s just not quite right…  Sometimes finishing work is best left to those folks that are more qualified to do such work.  If the project were something that I feel comfortable in doing myself, such as washing machine repair or some similar DIY project where I can have multiple tries at fixing it, and without worry of damaging the product, then I say go for it!  But with granite, it’s an one attempt only product and I’d rather let those with the proper experience and skills tackle.

While I may not buy the house that I’m talking about (it’s a bit expensive), the marble restoration described above will be something I keep in my notes, just in case I do decided to buy a house with beautiful granite that needs fixed.

Thanks

Chase

IRS Audit and Audit Representation – How to Handle an Audit

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With changes to federal regulations in tax law every few years, it can become difficult to keep track of the details of your taxes. Perhaps you made a mistake when you filled out your W2 form, or maybe the details of your life have changed and you forgot to file the necessary changes with the IRS. Whatever the reason behind your audit, it can be a stressful and worrisome experience if you aren’t familiar with tax law. Fortunately this guide is available to help you through the difficult experience of facing an IRS audit, and audit representation is easier to come across than you might have thought. So here are some tips, tools, and guidelines to help you through your audit.

BusyOfficeMan

Background Information on the IRS

To begin, let’s explore the background of the IRS and its authority as a regulatory entity presiding over taxation in the US. The IRS is acronym for the Internal Revenue Service, and it is a branch of the federal government’s Department of the Treasury. From its headquarters in Washington DC, the IRS consists of almost 90,000 employees who collect taxes from US citizens and transfer those funds to the Treasury Department to keep the government and its municipal functions running efficiently in service of those tax paying citizens. While this system sounds fairly straightforward on a superficial level, the actual operations of the government agency are much more complex and constantly changing to reflect the shifting economic landscape of the country. As most working professionals are busy enough with their daily jobs, taking the time to familiarize themselves with every change in tax law can be exhausting. As such, the initial piece of advice for handling an IRS audit is to avoid getting the audit in the first place. While young people in the fledgling stage of their careers might think of outside tax accounting services as a superfluous expense, those further along in their careers are familiar with the necessity to delegate tax compliance to an outside agent.

1040Tax

Type of Audit

There are three distinct ways in which the IRS can notify an individual or business of its audit. The type of audit to which one might be subjected roughly corresponds with the severity of the audit. These three types of audits include a correspondence audit, an office audit, as well as an in-home audit.

  • Correspondence Audit: As the least severe type of audit that could arise, the correspondence audit is likely indicative of a missing file, form or report from one’s annual tax filing. Because these sorts of clerical errors happen frequently, there is usually no cause for concern. You audit may be resolved with as simple a solution as sending in the missing file so that the IRS agent can ensure everything is in order for your taxes.
  • Office Audit: While not quite as simple as the correspondence audit, an office audit is not necessarily something to be worried about. The IRS issues randomly selected inquiries into business and individuals in an effort to ensure the best possible compliance with tax regulations. You could potentially just be one of those randomly selected individuals chosen for an audit, in which case there is no need to worry. However, because an office audit is more thorough and involved than a correspondence audit, you should take greater care in handling the situation, perhaps seeking outside assistance and legal representation from a company like 800Tax.com.
  • Home Audit: Generally the most severe of the three types of audits, the home audit should be taken seriously as an inquiry into one’s personal financial and taxation history looking for instances of tax fraud such as under-reported income or excessive and illegitimate business write-offs. The IRS is likely to request a large volume of records ranging in anything from bank account records to tax filings from previous years.

 

Tools for Audit Recourse

When you are facing an audit, it’s understandable to be concerned about the penalties to which you might be subjected. However, there are certain tools available to everyone that you can use as recourse to an IRS audit and audit representation can make a huge difference. The two that you will likely find the most useful in such a situation are audit reconsideration and the audit appeals court.

  • Audit Reconsideration: One of the most powerful tools available to an individual facing an audit of any kind is an audit reconsideration. The IRS will reconsider an audit if it arises that the audit was filed after the statute of limitations has run out for the individuals past tax mistake. If the audit determined that an individual needed to pay more than he or she was legally obligated to pay, the audit may be reconsidered as well.
  • Audit Appeals Court: If the IRS proves unwilling to reconsider your audit, you may still be able to avoid paying penalties. If you are undergoing an IRS audit and audit representation you’ve hired finds that you have been incorrectly taxed, you are eligible to appeal your case and have it reexamined with the proper information presented.

Hopefully, you’ll never have to go through an IRS Audit, but if you do, now you know steps to take,

Bests,

Chase