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What is the difference between whole life insurance and term life insurance?

Whole life insurance provides coverage for the lifetime of the insured, along with a cash value component that grows over time. Term life insurance offers coverage for a specified period, such as 10, 20, or 30 years, without any cash value. Whole life is more expensive but offers lifelong protection and financial investment, while term life is more affordable and suited for temporary coverage needs.

How is income tax calculated?

Income tax is calculated based on your taxable income and the tax rates that apply to your income bracket. Deductions and credits can reduce your taxable income and overall tax liability. Taxable income is your gross income minus allowable deductions, and the resulting figure is applied against the tax rates set by the IRS and state authorities, if applicable.

Are life insurance proceeds taxable?

Generally, life insurance proceeds paid to beneficiaries upon the death of the insured are not subject to income tax. However, any interest received in addition to the policy amount is taxable. Policies that are part of an estate may be subject to estate taxes.

When are income taxes due?

For most individual taxpayers, federal income tax returns and any payments are due on April 15th of each year. If the 15th falls on a weekend or holiday, the deadline is extended to the next business day. State tax deadlines can vary, so it's important to check with your state's tax authority.

How does Medicare/ACA enrollment work?

Medicare enrollment periods vary, with the Initial Enrollment Period starting three months before your 65th birthday and lasting for 7 months. The Affordable Care Act (ACA) has an annual Open Enrollment Period, typically from November 1st to December 15th, for coverage starting the next year. Special Enrollment Periods may apply for life events such as marriage or loss of other coverage.

What tax preparation services do you offer, and how can they benefit me?

We offer comprehensive tax preparation services, including federal and state income tax filing, e-filing for quicker refunds, ITIN applications, and support for 1099 and W2 forms, among others. Our services ensure accuracy, compliance with the latest tax laws, and optimization of your returns or liabilities, saving you time and potentially reducing your tax burden.

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