July 16, 2016
1. Figure out whether you need life insurance. Not everyone does. You may not need it if you do not have a spouse or young children or if you have saved enough to provide for your loved ones. But if you have people who depend on you financially and who would struggle without your income, life insurance can be a good solution.
2. Understand how long your disability insurance will pay out. Some employers only offer short-term disability insurance, which replaces part of your income for three to six months following a disability. Unless you also have long-term disability insurance or other resources to see you through several years of being unable to work, consider purchasing a long-term disability insurance policy that kicks in after the payouts from the short-term policy stop.
3. Do you know how to beef up your liability coverage? The more you own and earn, the more you have at risk from a lawsuit if someone is injured on your property or while you are driving. Primary insurance policies, such as homeowners, auto, and boat, generally limit liability coverage to $100,000, $300,000, or $500,000.
4. You can expand your coverage and help protect your assets in a major lawsuit with personal umbrella insurance—a type of policy that provides additional liability coverage beyond the limits of your primary insurance policies. Standard homeowners insurance does not cover damage from flooding. For this type of coverage, you will generally need a separate flood insurance policy.
This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community:
According to Forbes.com, Super Bowl viewers traditionally load up on millions of pounds of less-than-healthy foods during the big game—including ribs, pulled pork, tortilla chips, nuts, popcorn and bacon—all washed down with beer (the Super Bowl beverage of choice). If you are trying to stick to your New Year’s resolution to eat better, consider a few healthy substitutes for the traditional Super Bowl eats:
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.