Found this helpful article "Ease the financial burden on your loved one after your death." Written by Leslie Milk for the
1. Gather financial papers. Store deeds, passports, insurance policies, estate documents and the latest statements from financial accounts in a fireproof box at home, where survivors can easily find them
2. Make a "must call" list. Compile contact information for your accountant, lawyer and other financial professionals who need to be contacted when a spouse dies.
3. Share passwords. Keep a master list of all usernames and passwords so your spouse can still have access after your death.
4. Update beneficiaries. Make sure beneficiary designations for your pension, 401(k), IRA, brokerage accounts and life insurance proceeds still reflect your wishes.
5. Check credit cards. Make sure your name is on the credit card account. In most states, when your spouse dies, you won't be responsible for any debt on a card that's not in your name. But you also won't be able to use it, and will have to reapply for credit in your own name.
6. Set up advance directives. You both will need health care powers of attorney to designate the person you want to make medical decisions on your behalf if you are incapacitated. You'll also need to living will that spells out what measure you want the doctor to take to prolong your life.
7. Designate a money person. Each of you will need a financial power of attorney so you can name a trusted person to take money decisions for you if you're unable to do so.
8. Review wills and trusts. Do this every few years or when there's a significant change in your life, such as a sizable increase or decrease in your finances. If you don't have a will, get one.
9. Discuss funeral plans. This can save thousands of dollars by letting the surviving spouse—who may need the money—know it's OK not to choose the most expensive funeral.
10. Learn how bills are paid. Keep a list of how bills are paid so the survivor doesn't miss a payment or overdraw an account.
The new Tax Cuts and Jobs Act (TCJA) is causing many taxpayers to ask themselves “Am I withholding enough taxes? Should I change my withholding?”
Think this might be important? The amount of federal and state taxes you withhold from each paycheck determines whether you’ll get a refund, break even, or owe taxes when you file your return. Want to eliminate surprises at tax time? You should probably review your withholdings and possibly change your Form W-4, Employee's Withholding Allowance Certificate.
The Internal Revenue Service (IRS) has created a IRS withholding calculator that every tax payer should check out. The process will take a few minutes to complete but will give you peace of mind, knowing if you are withholding enough from each paycheck. If analysis shows you are under withholding, you still have time to adjust the amount withheld by filling out Form W-4. The IRS Withholding Calculator and Instructions is here
If this seem too difficult, John S Turner & Associates can help. Send us an email and we can start the process making sure you are not surprised next January.
The IRS has extended the filing deadline to July 15th, 2020. So it's not to late to file your taxes. An added benefit is 2019 income tax filers get the stimulus payments quickly as their bank account information is available to the IRS. It's easy to get an appointment. Just contact our office and we'll setup an appointment for you..
What do I need?
New clients should bring a copy of last year's tax returns (federal, state and local).
The all of the basic information:
W-2s, 1099-B. 1099-INT,1009-DIV, 1099-MISC, 1099-SA and cash payments made for work you did.Did you pay quarterly estimated payments? Will need list of date, amount and to whom. These are just a few of the items needed. When you contact us, we can send a detailed list to help remind you.
Contacting Our Office
John S Turner & Associates have begun their income tax filing season. We have worked in Monroe County Michigan for over 20 years. We specialize in personal and small business taxes. If you are looking for someone to help you file your income taxes, John S Turner & Associates can help.