Home » Archives for The Admiral Staff » Page 121
June 26, 2024
By
The Admiral Staff
The article explores the implications of electing S Corp tax status for LLCs, specifically concerning the Disabled Adult Child (DAC) benefit from Social Security. While S Corp status can reduce FICA taxes by allowing owners to take distributions instead of a salary, this reduction can negatively impact a child’s future DAC benefits, which are based on the parent’s Primary Insurance Amount (PIA). The DAC benefit can provide significantly more financial support than SSI and offers advantages like fewer asset restrictions and potential access to Medicare.
June 26, 2024
By
The Admiral Staff
Goodwill now offers online shopping through two platforms: ShopGoodwill, an auction site, and GoodwillFinds, a website launched in 2022 where you can browse and purchase roughly 100,000 secondhand items. Items are inspected before being listed, and purchases support Goodwill’s community-based social service programs. Shipping costs vary, and the website accepts major credit cards, PayPal, and Apple Pay.
June 25, 2024
By
The Admiral Staff
Floods are a common and costly natural disaster in the U.S., with even a small amount of water causing over $25,000 in damage. Flood insurance, primarily backed by the federal government, is crucial but averages around $888 annually. Coverage is required for homes with government-backed mortgages in high-risk areas and offered through the National Flood Insurance Program (NFIP) and private companies. Factors like location, home construction, coverage amounts, and deductible choices impact
June 24, 2024
By
The Admiral Staff
A reader living with his financially secure girlfriend is facing complaints about not contributing enough to the household, despite covering rent, bills, and most of the cooking. The advice suggests focusing on the feelings and history surrounding money rather than strict fairness, encouraging open communication about the origins of their initial financial agreements and any changes in perspective. Formalizing agreements in writing, like with a lease, is recommended to prevent future disputes and allow for periodic review.
June 24, 2024
By
The Admiral Staff
Finding appropriate senior living can be challenging and expensive, with costs varying widely depending on the type of facility and level of care needed. While health insurance typically doesn’t cover long-term care, several options exist to help offset costs, including Medicare (which may cover some medically necessary healthcare costs), Medicaid (which can offer vouchers), Veterans benefits, long-term care insurance, and tribal assistance programs. Other financial avenues to explore include life insurance policies, home equity loans, and caregiver tax credits. Consulting
