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Fact or Fiction? Your Stimulus Check Will Be Taxed and Reduce Your Refund Come 2021

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There’s lots of confusion—and unnecessary fear—surrounding the COVID-19 stimulus checks. Understandably so, since these “Recovery Rebates” have been made a part of the always confusing U.S. Tax Code. 

The stimulus checks, which are one-time payments from the government to help consumers weather the economic storm caused by the coronavirus pandemic, are expected to hit bank accounts as early as next week. But the implications of these checks, and how they could affect 2020 taxes, are generating many questions on Twitter. 

“Why are people calling it an advance refund? Does this mean we have to pay it back next year?” 

“Will it lower my tax return?”

“What if I don’t qualify now?”

Don’t panic. Here’s a quick explainer on how the stimulus payment works, and how it relates to your 2020 taxes.

Ash Exantus aka Ash Cash is one of the nation’s top personal finance experts. Dubbed as the Hip-Hop Financial Motivator, he uses a culturally responsive approach in teaching financial literacy. He is also a speaker, and bestselling author of six books. Ash has established himself as a thought leader and trusted voice with Corporate America, Colleges, Churches, and Community based organizations. Ash is best known for helping people maximize their full potentials by giving them the inspiration, tools, and resources needed to live their best lives. For more info on Ash please visit www.IamAshCash.com

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Business

Teaching Your Children The Importance Of  Wealth

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You’ve worked hard to build your estate, and maintain it over time. Eventually, it will be time to leave your estate to your children. How will you make sure that they are prepared?

Just as you have a responsibility to manage your wealth, you have a responsibility to educate your children about how to manage it. Children also have a responsibility to learn. It’s your job to show them the way.

The dialogue about family wealth changes over time. Children might have a certain frame of reference as teenagers, but that dynamic changes once they marry and spouses are introduced into the family. The conversation about transfer of wealth happens over and over again, at different milestones in life. As the point of departure nears where there will be some significant asset transfer, all of the cumulative talks where you have been educating and steering the child over time will have to be used in their OWN lives.

Monday ( Sept 21) on the “Ash Cash Show” Ash Cash shared praise and admiration to his daughter, her growth and respect for money is inspiring, as she is active in the family  business. At the tender age of twelve, seeing her using her earned income to purchase her own items, was a delight for him to see.  Like most parents should, Ash Cash used the best time to start talking to his child about money and the family’s assets as early as he felt comfortable. The process ultimately has two parts that should be handled separately: teaching money skills, and revealing family wealth.

Think of it as a process of apprenticeship, where your children will learn from you how your family’s estate should be handled. Incremental learning and incremental responsibility will be the cornerstones of a successful education process.

When you feel like your children are mature enough to handle wealth management, and you respect the people they are becoming, it’s time to go to the next step and educate them about the family’s wealth and their inheritance. YES! THEIR INHERITANCE. Advisors say, that making them aware of your family’s wealth, and their responsibilities pertaining to it, early on will set them up for the best chance of success.

Allow your children  to sit in on business  conversations  and learn to communicate as a business owner. You need to allow the next generation to make their voices heard when it comes to philanthropic endeavors. Don’t just sit around a table and make decisions about which organizations to give family money to, encourage your heirs to participate in the work these organizations do, and experience the difference that money makes.

It’s important to teach children the story and context that’s behind the accumulation of family wealth. It involves other members of the family who built something that is being passed down. In that story, there are highs and lows, setbacks, victories, and all of this is important in setting the context for stewardship. Share with them how complex it was to achieve the wealth and what it takes to keep it.

The education is KEY. If you have a portfolio and you look at its value over time, your heirs need to understand how different withdrawal rates will affect that value. It’s frequently an eye-opener for children and families when they realize that they have to be very deliberate about this process in order to preserve the wealth through generations.

Remember: This sense of accountability will permeate their lives and help them behave in matters of generational wealth.

 

Peace.

 

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The Real Deal: Wealth Tax + Pros and Cons

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More and more you read about income and wealth inequality in the United States your learn it is on the rise. This fact has been highlighted by several 2020 presidential candidates, who believe that wealth is too highly concentrated at the top. One proposal to redistribute wealth from the top earners is a wealth tax (there are currently several versions of this tax being suggested). While most taxes hit a flow of money (like when you earn money via an income tax or when you buy a product via a sales tax), a wealth tax hits stagnant money, such as business assets, personal belongings, etc.

 

To be honest; as income and wealth inequality rise, so too does its prominence in political discussions. 

Americans “strongly agree” that the wealthiest individuals should pay higher taxes. According to a Federal Reserve Survey, “families at the top of the income distribution saw larger gains in income between 2013 and 2016 than other families, consistent with widening income inequality.”

This trend has led prominent government officials and various 2020 Presidential Candidates to recommend policies to curb wealth at the top income brackets. Some recommend increasing corporate taxes, others recommend increasing progressivity of existing income taxes, closing loopholes, increasing estate taxes, implementing a wealth tax or some combination of all proposals. The remainder of this article will specifically focus what we call Wealth Tax

Based on research ,

A wealth tax is most similar to a property tax, except instead of taxing property ownership exclusively, a wealth tax would be a tax on all assets. This includes personal belonging (i.e. clothes, jewelry, cars), business assets (i.e. Jeff Bezos’ interest in Amazon), investments (i.e. money that millionaires put into other companies), and may even include foundations (i.e. the Bill and Melinda Gates foundation).


The wealth tax is considered an aggressive plan and has been a topic of hot debate not only between politicians and business leaders, but also amongst economists. Both sides believe that the tax system should be equitable and promote growth.

WHO ARE THE SUPPORTERS?

Supporters of the wealth tax say it will promote a redistribution of wealth to those who need it most. Opponents of the proposal say it will be challenging to implement and will ultimately hurt economic growth and job creation

PROS OF A WEALTH CREDIT

A wealth tax would help reduce wealth inequality, which is at historically high levels. Typical income taxes are not an effective way to tax the ultra-wealthy as they earn most of their money via investments and other means. Another reasons is,Some self-made and inherited billionaires have called for a wealth tax. A group of nineteen billionaires and multi-millionaires signed an open letter supporting the wealth tax as a “moral, ethical, and economic responsibility” to improve the economy, health outcomes, and democratic freedoms.

Lastly on reasons A wealth tax will increase tax revenue to the federal government and allow funds to be redistributed.

WHAT ARE THE CONS ?

A wealth tax punishes success and will hurt the economy by discouraging business investments.

  • Roughly 80% of millionaires in the U.S. earned their wealth instead of inheriting it. A wealth tax unfairly punishes success of individuals who, on average, work more hours than lower-wage earners

 

To add a wealth tax may be deemed unconstitutional and an ineffective means to curb wealthy individual’s influence. However, we look at everything we are concerned with the political influence of wealthy individuals — we should strengthen campaign finance laws, not cap wealth potential.

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Real Talk, I’m an Under-Earner

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Cousin,

Whatchu thinkin’ bout all day. Like Fr. Fr.

What thoughts are consuming your mind? About you? About yo job? About the world? About yo finances? You ever heard the phrase, “As a man [or woman] thinketh in his heart, so is he?”

More about that later.

I recently started reading, Secrets of Six Figure Women, and it has truly shifted my mindset. Truth moment, I’m what Barbara Stanny defines as an under-earner. Listen to her drag me…

“She works hard to succeed, yet barely makes enough to get by, even though she has the ability and ambition to do better. Under earners aren’t all poorly paid, however. You can make decent money and still fall into this category. What distinguishes an under earner is that she could bring in more, and genuinely wants to, but, for whatever reason, she doesn’t.”

Dragged. To pieces.

When I read it, I felt attacked. More so, embarrassed. I’ve allowed myself to consistently take on dynamic opportunities BUT I never asked for what I’m owed. Why? ‘Cause I’m always honored to be invited to the table. Eager to share my gifts with the world, sometimes even at no cost!

Scroll up to the first quote real quick. You back?

If I’m constantly feeding my mind with thoughts about “I can’t have”, “I shouldn’t ask”, That’s too much,” I’m afraid, and my all-time favorite, “ What if they say no”. I will continue to remain in the under earners category.

My mind wasn’t in the right place.

Because my mind ain’t right. My money ain’t right

I recently had a huge mindset shift. I decided. That’s it! I decided I would no longer be in the under earners category. I wrote a number down and I look at that number every day. I know, I know, it’s super self help-y. But it works. I know what I’m working towards. If an opportunity isn’t bringing me closer to the goals I’ve set, I have to let it go.

Cousin. Get your mind right and I promise the money will flow. Cue, Free yo minnndddd, and the rest will follow!

Stay up Fam,

T

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