TAKING care of the pennies so the pounds took care of themselves was a discipline I’m sure most mothers knocked slowly into each of our heads. My mother was no different. On a regular basis, I run the cost of my life insurance through a comparison to ensure I’m paying the least for my cover that I should be, or that I am maximising the cover for the premium I’m paying. Most households have their mortgage and cost of living insured against, but disturbingly, 8.5 million breadwinners in the UK have no life insurance at all leaving the UK under insured by £263bn. I can’t imagine the desperation of a family having lost a loved one and breadwinner who can’t afford to pay off their mortgage and are then faced with repossession and eviction. Life insurance dates back as far as 100BC when Roman soldiers put money into a pot to pool risk to protect surviving families in the event of death. It took a few wrong turns with the unscrupulous insuring someone they … [Read more...] about Tax free life insurance or 55% tax?
Tax free allowance
Tim Orem NerdWallet Published 12:04 AM EST Dec 17, 2018 Saving for retirement is a good idea, of course, but if you time things right and do your homework, some of your nest egg could also do double duty as a tax shield. Here are two simple savings maneuvers that tax pros say could also lower your tax bill — if you make them in time. Maneuver 1: Dump money into a 401(k) If your employer offers a 401(k) plan and you’re not enrolled or not contributing much, you could be paying more than you have to in taxes. Why? The IRS doesn’t make you pay income tax now on earnings that go directly from your paycheck to a traditional 401(k) plan (typically you pay the taxes when you withdraw the money). In 2018, the contribution limit for a traditional 401(k) is $18,500 ($24,500 if you’re 50 or older), meaning you could potentially shield that much of your pay from income taxes this year. If your employer matches your contributions, you might also get … [Read more...] about Make these 2 tax moves in time to cut your tax bill
Fiona Kelliher Detroit Free Press Published 2:38 PM EST Nov 21, 2018 Thanks to a newly approved ordinance, it may be easier for low-income Detroit residents to apply for poverty tax exemption — and avoid foreclosure — starting next year. But before that kicks in, take note: There's still time to apply for an exemption on 2018 taxes before the Dec. 10 deadline. In July, the American Civil Liberties Union and Detroit settled a lawsuit that claimed the city's poverty exemption program was tough to apply for and wasn't well-publicized. Detroit will have to "streamline" its application process and provide more notice to low-income residents. The new ordinance solidifies those requirements into law and expands upon them. Here's what you need to know about applying before Dec. 10 and beyond: What is a poverty tax exemption? Homeowners pay property taxes. But some low-income homeowners may struggle to pay their property taxes, leading to foreclosure. … [Read more...] about Low-income in Detroit? How to pay lower property taxes
Associated Press Published 5:57 p.m. UTC Jun 2, 2018 Detroit – A judge won’t stop the state of Michigan from enforcing summer restrictions on gasoline sold at the Ambassador Bridge in Detroit. Ammex operates a shop at the border, allowing Canada-bound travelers to buy a variety of products that are tax-free. But it’s having trouble getting a seasonal gas that is required in the Detroit area for better air quality. Ammex sought an injunction, claiming Michigan’s summer gas law is an illegal strike against international commerce. But federal Judge Laurie Michelson rejected the request Friday in a 43-page decision. She says Ammex in previous years had complied by finding a qualified supplier of fuel. In a court filing, Detroit International Bridge president Dan Stamper warned that Ammex could lose “substantial profits” this summer without an injunction. It typically sells 400,000 gallons of gas per month. … [Read more...] about Tax-free shop at Detroit bridge loses fight over gas
This time around, the rejigged opposition’s election manifesto for the upcoming 14th General Election (GE14) did not trumpet lower car prices if it came into power so loudly, unlike in the previous GE, when “Turunkan Harga Kereta” was part of a turun everything campaign. However, dig in and you’ll find that Pakatan Harapan intends to cut excise duties on imported cars below 1.6 litres for first-time buyers. PAS, now divorced from PKR and DAP, has made a somewhat similar pledge. The Islamic party has unveiled a manifesto for its Gagasan Sejahtera platform, which includes Parti Ikatan Bangsa Malaysia (Ikatan) and Barisan Jemaah Islamiah Se-Malaysia (Berjasa). The manifesto includes the expected promise of abolishing the Goods and Services Tax (GST), but it also threw in something car related – exempting excise tax for first-time car buyers. The proposal by PAS is to exempt excise tax for first-time car buyers, applicable to vehicles with engine capacities … [Read more...] about PAS GE14 manifesto touts zero excise tax for first car buyers, interest-free loans