Sunday, December 3, 2017

How to Give Family And Friends Financial Aid In Their Time of Need

December 03, 2017

If friends and family are among the millions of Americans who are unemployed or part-time employees then you might want to help them out financially.

I bet you didn't realize that IRS will regulate your generosity?  Cause we all know IRS don't give a F*ck about anyone but the rich.  This good natured gift giving is considered a lifetime gift unless it’s for someone whom you are legally obligated to support, such as a child. 

The simplest way to help others is to use the annual exclusion which allows you to give $14,000  for individuals and $28,000 for couples tax free.  For example, a married couple with a child who is also married and has two children could make a joint cash gift of $28,000 to the adult child, the child’s spouse and each grandchild – four people – providing the family with $112,000 a year.

Another way to help someone in the upcoming year is to help them with their medical or tuition payment.  Like millions of parents do every year for their children when they head off to college.  But sometimes you might have an adult child who is currently unemployed or under employed and you might want to help them with their insurance.  Mind you, you'll have to pay the insurance or tuition payment directly to the providers of these services. 

If friends or family member isn't in school or need medical assistance, try providing them with 'employment services,' whether a friend or family provide child care, landscaping or household chores or other services.  Compensating them would go along way, but there are a few pit falls you'll need to watch for.  One would be paying them a higher wage that you would a stranger working for you.  The potential for exposure for gift tax on the extra cash given but you or your company won't be able to deduct the full salary as a business expense.

Thursday, November 30, 2017

How To Completely Change Someone's Life This Holiday Season

November 30, 2017
Despite my expansive success and best efforts  I still have a long way to go to reach our goal of $75,000.   Half the money I need by years end goes towards my student loan I accumulated through college and the other half goes towards paying off my car and credit card bills I also accumulated during my college days. 
 
As we look towards our many tomorrows, we are humbled and ever grateful for everyone who made a generous donation yesterday, today and tomorrow.   We all know every dollar donated will go such a long way towards my financial freedom.   My thoughts and prays will be with anyone and everyone who land on our website regardless if you donate to us or not