Text 408-8541883 and agent near you to show you income and disability benefits from life insurance products like Index Universal Life Insurance and Fixed Indexed Annuities.
In the United States we have what is known as a progressive tax system. This means that we pay a higher percentage in taxes as our income goes up. What people may not necessarily realize is that we actually pay taxes at each one of these tax brackets along the way.
There are 12 states with zero or less income taxes such as Nevada.
Capital Gains
Long-term capital gains are taxed using different brackets and rates than ordinary income.
For Unmarried Individuals
For Married Individuals Filing Joint Returns
For Heads of Households
Taxable Income Over
0%
$0
$0
$0
15%
$40,000
$80,000
$53,600
20%
$441,450
$496,600
$469,050
Additional Net Investment Income Tax
3.8%
MAGI above $200,000
MAGI above $250,000
MAGI above $200,000
Source: “2020 Tax Brackets,” Tax Foundation and IRS Topic Number 559
Qualified Business Income Deduction (Sec. 199A)
The Tax Cuts and Jobs Act includes a 20 percent deduction for pass-through businesses against up to $163,300 of qualified business income for single taxpayers and $326,600 for married taxpayers filing jointly (Table 7).
Filing Status
Threshold
Single Individuals
$163,300
Married Filing Jointly
$326,600
Source: Internal Revenue Service
Annual Exclusion for Gifts
In 2020, the first $15,000 of gifts to any person is excluded from tax. The exclusion is increased to $157,000 for gifts to spouses who are not citizens of the United States.
Published by connie dello buono
Connie Dello Buono is based in Sunnyvale California. Her first ebook is about women's health, Birthing Ways Healing Ways and her recent one is about cancer prevention, Curated Healing Ways. She had helped women have holistic childbirth as childbirth educator, founded Motherhealth, to serve seniors in the bay area with holistic caregivers and blogs at www.clubalthea.com with more than 10,000 health and finance related posts.
Connie trains her own caregivers, which are the favorites of most bay area seniors who are home bound and alone.
She is active in the rehab and nursing facilities, volunteering on music and movement for seniors.
She is a member of Lion's club and offered scholarships to students in the Philippines.
She is active at churchinsunnyvale.us and has Fridays Bible home study in Sunnyvale using the recovery version of the Bible , free at biblesforamerica.us
She loves dancing and teaching and her courses can be found at
https://teachclub.com/@thriveafter60
She is California Life Insurance licensed providing life insurance for older adults with health issues and helping women retire safely with income for life.
at menloassetca.com , she helps with 401k rollover.
3 Benefit plans
- Mortgage protection using term life insurance to pay for mortgage balance in event of death
- Final Expense plan using Single Issue Whole Life Insurance, with cash back, disability benefit and guaranteed in the presence of health issues
- Fixed Index Annuity retirement plan for safe, accessibility, less fees, less taxes, avoids probate as it goes directly to beneficiaries, rate of return with no downside market participation.
She brings compassion and understanding to the needs of her clients, bringing holistic approach in health and life insurance. Her goal is to free families from worries especially during covid with caregivers and life insurance in the presence of health issues, especially for women.
She can be reached at 408-854-1883 , motherhealth@gmail.com
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