How to Create an Effective Charitable Giving Plan

Charitable giving comprises a key aspect of wealth management for many individuals. With more than a million charitable organizations to choose from, donors should conduct careful research and take an active, focused approach to ensure their money has the greatest impact.

The first step in creating a charitable giving plan involves a clear articulation of giving objectives. Donors should begin by brainstorming their inspiration for charitable giving. Does a particular current event or situation inspire their giving? Did their parents instill in them a commitment to philanthropy? Beginning with “why” can make charitable giving a more meaningful experience for the donor.

Next, the donor might create a purpose statement that distills their motivation for giving into one or two sentences. By clarifying their values and principles, donors can create a guiding light that can keep them focused on their giving. Over their professional life, they might reevaluate this giving statement periodically. For example, donating to public radio might be important to someone in their 20s, while childhood literacy could emerge as a priority once they become parents themselves.

After determining which causes they wish to support, donors should perform due diligence to ensure the work of these charities is reputable and impactful. Resources such as Charity Navigator and GuideStar evaluate nonprofits based on accountability, impact, transparency, and other criteria, providing vital information about where donations can have the greatest effect.

Donors can support just one organization, or opt to give to a community foundation that supports multiple community needs. Then, they should create a giving strategy that considers exactly how much and how often they can give. Even people without the resources to donate financially can create an impact with their time, choosing to volunteer or organize a fundraising event. Just an hour or two of specialized work can sometimes help charitable organizations even more than money.

Donors who make cash donations should do so carefully, choosing the option that gives the best tax advantage to donor and recipient. Donor advised funds (DAFs), for example, can disburse funds over the course of several years, while the donor can receive a tax deduction for the entire amount at the time of the donation. Alternately, qualified charitable distributions (QCDs) allow donors to give up to $100,000 tax-exempt from their IRA.

Charitable giving can continue as part of a person’s estate plan. An individual may donate a piece of property or real estate, creating a charitable legacy that endures for generations. Alternately, they might create a family endowment or private foundation. Donors can place assets into a charitable trust, which involves placing assets and property into one legal entity.

Not only does a charitable trust ensure the ongoing support of favored organizations, but it holds significant tax advantages for donors. Donations are not subject to capital gains tax on appreciation. This means that if a donor places a real estate asset into a charitable trust and the organization sells it for cash or to make investments, the full amount of the sale goes into the trust.

Additionally, charitable trusts reduce estate tax. When assets or property become part of a trust, they are no longer a part of one’s estate and therefore not subject to estate taxes.

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The Importance of Estate Planning

Estate planning involves the management of a person’s assets in the event of their incapacitation or demise. Such planning is beneficial for everyone, regardless of their income level or assets. A well-thought-out plan makes the administration of the estate smooth and tax efficient and ensures that assets are distributed as desired.

Despite the advantages of estate planning, many people have not yet embraced it. This often leads to estates being managed according to state laws, which can make the process lengthy and sometimes heavily taxed. A lack of planning can also result in high legal fees in cases of a dispute, as well as the possibility of unintended people benefiting from the estate.

To avoid such unpleasant outcomes, planning one’s estate with the assistance of an estate attorney is advisable. They will advise on various strategies, the first of which is writing a will. A will is a recognized legal document that stipulates a person’s wishes related to how the assets they own are distributed after their death. It also includes how the welfare of any minors will be handled and whether a trust will be established in the person’s lifetime or after. The legality of a will is determined through a probate court process.

Another estate planning strategy is establishing a trust. A trust is an arrangement that gives authority to third-party agents or trustees to hold assets on behalf of beneficiaries. Unlike a will, a trust becomes effective after it is signed and provides for the management and distribution of assets while a person is still alive and after their demise.

Annual gifting is another tax-efficient element of estate planning that involves providing gifts to beneficiaries. This has the twin benefit of passing wealth to one’s next of kin while lowering a person’s tax obligation and the size of their estate. The IRS has an annual gift exclusion that allows a certain amount of property to be given away without any gift tax or related reporting.

Insurance is another way to protect a person’s wealth in case of unexpected misfortune. An insurance policy not only benefits the policy holder, but also their family members.

There are other valuable strategies available, such as intra-family loans, transitioning to retirement, and family limited partnerships. Regardless of the strategy chosen, estate planning comes with several benefits. One of these benefits is family wealth continuity, which can ensure the wealth of a family is successfully maintained by family members over multiple generations. The knowledge that dependents are taken care of offers significant peace of mind.

Timely estate planning also helps to minimize taxes. Federal taxes imposed on assets after death can be as high as 40 percent, while different states have additional taxes that further increase the tax bill. Advanced planning can minimize or eliminate these taxes.

Estate planning also often provides for the management of assets in case one becomes incapacitated. Instructions that a person has given beforehand will be followed, such as appointing a trustee to oversee assets and ensure continued income generation.

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Elements of Estate Planning

Estate planning is a process whereby a person decides who will handle their affairs in the event of death or incapacitation. This is usually done with an attorney who drafts several legal and financial documents to ensure their wishes are carried out in case they cannot carry them out personally. In addition, estate planning allows people to transfer various assets, such as their homes, automobiles, investments, and life insurance.

Estate planning involves numerous tasks, such as writing a will, minimizing estate taxes, making funeral arrangements, appointing an executor, and naming beneficiaries. Most individuals use an estate plan to coordinate the transfer of assets to heirs while alleviating the tax burden. This tax burden is sometimes connected with transferring assets in the absence of an estate plan. Furthermore, individuals can also use an estate plan to fund their dependents’ education, provide a source of income for spouses and children, or safeguard their family’s fortune.

It is important to remember that individuals cannot immediately transfer assets to minor beneficiaries. Instead, there are appointed guardians who monitor their affairs until they reach the age of 18.

One of the critical elements of an estate plan is writing a will. A will is a legal document containing instructions on how assets, such as money and real estate, should be distributed after their passing. They can also use it to name a new legal guardian for any young children they may have. Furthermore, a will allows them to appoint or name an individual known as a trustee or executor to carry out their expressed objectives.

Before a will is implemented, a probate court must validate it through a legal procedure known as probate. The attorney who typically serves as the custodian must do this within 30 days of the testator’s death. The custodian can give the will over to the appointed executor within that time. Once the probate court has validated the will, the executor will be granted legal authority to act on behalf of the dead.

Estate plans also include trusts that hold money and property and are either revocable or irrevocable. Revocable trusts are the most commonly used because they reduce estate taxes while avoiding probate and providing for minor children. Furthermore, revocable trusts are adaptable because they can be easily changed, canceled, or revised. They also allow individuals to serve as trustees during their lifetime, allowing them to use the trust’s assets with little or no complications.

Whereas revocable trusts can be changed, irrevocable trusts cannot. Unlike revocable trusts, individuals cannot act as a trustee. As a result, they are typically used for a second death insurance scheme or other health-related benefits such as elderly care.

Estate planning is a critical process that should begin when individuals acquire substantial assets and should be updated regularly to account for new assets and other major life changes. As a result, loved ones will have peace of mind at the point of their death or incapacity, free from the complications typically happening when a person dies without a will.

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A Look at Some Unique Cooking Techniques

People have been cooking for thousands of years, and some consider it one of the earliest art forms. Over time, as human civilization became more diverse and advanced, so did its cooking techniques.

One such cooking technique is the use of banana leaves while steaming food. This is a key aspect of the cooking of tamales, a street food popular in Mexico and Guatemala. The process involves wrapping corn paste mixed with meat or vegetables in banana leaves, which are subsequently steamed. In doing so, the banana leaves infuse a rich flavor into the dish while also serving as a ready-to-go and eco-friendly package.

This cooking technique dates back to Aztec and Mayan civilizations and was used by hunters, travelers, and warriors alike as a means of packaging meals for long journeys. Banana wraps are used in other countries in steamed dishes as well, including fish amok in Cambodia and abara in Brazil.

During a luau in Hawaii, it is common to see food barbecued in an earth oven known as an imu. This type of oven is built with wood and stones. The first step to creating the oven is digging a pit in which someone lights a fire. Once lit, the fire is covered with flint-sized stones to heat them, and when they reach the appropriate temperature, some are removed from the pile, and the rest are covered with damp leaves. Then the cooking begins.

An imu is most commonly used for cooking Kalua pork, a central celebration dish for a luau. Interestingly, Kalua translates to “cooked underground,” and has been a Polynesian delicacy for centuries. A kalua pig takes over 20 hours to cook, with up to 10 hours spent on preparation.

Once the preparations are done, they wrap the pig with chicken wire and fill it with hot stones before placing it into the imu, along with other items such as sweet potatoes, chicken, and taro. All are wrapped in ti leaves and covered with an additional layer of damp leaves before being sealed with dirt.

In addition, Thais employ an intriguing technique known as bamboo baking when preparing various cultural dishes. It involves baking fish in hollowed-out bamboo shoots. However, it is most commonly used to make Khao Laam, a sticky rice dish. The baking process involves stuffing hollow bamboo sticks with sticky rice, palm sugar, and coconut milk into a bamboo stick, which is then sealed with a leaf. The ingredients are then infused into the sticks by heating them over hot coals.

Several other unique cooking methods can be found worldwide, such as the raw smoking technique that the Chinese use in preparing several of their local delicacies, particularly the camphor wood-smoked duck. Each of these techniques, undeniably the result of years of experimentation, has become an integral aspect of their respective cultures, especially as the resultant dishes are cultural staples. However, traveling and being open to sampling the local delicacies remain the best technique for experiencing unique cooking styles around the world.

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Covering the Rising Cost of Nursing Home Care

An experienced certified public accountant and financial advisor, Richard Belott has co-owned and operated Belott & Company CPAs since 1992. As part of his responsibilities with this Chatham, New Jersey-based firm, Richard Belott helps clients plan for expected and unexpected nursing home care.

New Jersey may have expensive nursing home care compared to most other states, but across the nation the annual cost of both semi-private and private rooms are incredibly high at $97,747 and $111,657, respectively. By 2030, experts expect these annual costs to skyrocket to $123,823 for a semi-private room and $141,444 for a private room.

Because most people will need long-term care in their senior years, they should develop a financial strategy to pay for it. Skilled financial advisors can help clients allocate specific savings and investments to cover nursing home costs. They can also suggest long-term care insurance coverage, including any relevant federal and state insurance programs. Of course, a well versed financial advisor will help clients take full advantage of all available Medicare, Medicaid, and Veterans Administration benefits that apply to long-term care.

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Wole Soyinka - Africa's Literary Treasure

Wole Soyinka is a Nigerian playwright, poet, and lecturer born on July 13, 1934, to a Yoruba family in Abeokuta, Nigeria. Wole studied at the University College of Ibadan and graduated from the University of Leeds in Britain in 1958. He subsequently accepted a position at the Royal Court Theatre, where he began producing his plays. In both countries, Soyinka wrote plays presented in theaters and broadcast on the radio. On the eve of Nigeria's independence, he returned to the country and founded the 1960 Masks Drama Troupe, later the Orisun Theater, where he staged his pieces and those of other African playwrights. Soyinka's writings use Western literary forms to describe native myths and traditions.

He was a key figure in Nigeria's political history and struggle for independence from British colonial rule. He seized the Western Nigeria Broadcasting Service studio in 1965 and broadcast a call for the Western Nigeria Regional Elections to be canceled. During the Nigerian Civil War in 1967, he was arrested by General Yakubu Gowon's federal authority and held in solitary confinement for two years. Soyinka has been a vocal opponent of successive Nigerian (and other African) regimes, particularly the country's numerous military rulers and political tyrannies such as Zimbabwe's Mugabe regime.

Soyinka won the Nobel Prize for Literature in 1986, making him the first African and Black writer to do so. “This Past Must Address Its Present,” his Nobel acceptance speech, was dedicated to South African independence hero Nelson Mandela. Soyinka's speech was a vehement condemnation of apartheid and the South African government's racial segregation policies enforced on the majority.

Soyinka's autobiography, Ake: The Years of Childhood, was released in 1981 and was awarded the Anisfield-Wolf Book Award in 1983. In 1988, he published Mandela's Earth and Other Poems, and in Nigeria, he published Art, Dialogue, and Outrage: Articles on Literature and Culture, a collection of essays. In the same year, Soyinka obtained a position at Cornell University as professor of African studies and theater. Isara: A Voyage Around “Essay,” his third novel, was published in 1990 and was inspired by his father's intellectual community. His radio play A Scourge of Hyacinths was broadcast by the BBC African Service in July 1991, and his play From Zia with Love premiered the following year in Siena, Italy. Both pieces are scathing political parodies based on events in Nigeria during the 1980s.

Soyinka received an honorary doctorate from Harvard University in 1993. Ibadan: The Penkelemes Years (A Memoir: 1946–1965) was published the next year, a continuation of his autobiography. His drama The Beatification of Area Boy was published the following year. He was named UNESCO Goodwill Ambassador for African Culture, Human Rights, Freedom of Expression, Media, and Communication in October 1994.

Following the postponement of Nigeria's democratic elections in 1993 and the country's takeover by a military government, Soyinka went into exile in 1994. Nigeria's leadership charged Soyinka with treason in 1997. The allegations against him were dropped the following year, and he returned to Nigeria in October 1998.

Soyinka has had three marriages and two divorces. From his three marriages, he has five children. In 1958, he married Barbara Dixon, a late British writer whom he met at the University of Leeds in the 1950s. Olaokun, his first son, was born to Barbara. In 1963, he married Olaide Idowu, a Nigerian librarian, with whom he had three daughters - Moremi, Iyetade (deceased), Peyibomi - and a second son, Ilemakin. In 1989, Soyinka married Folake Doherty, and in 2014 he made public his struggle with prostate cancer.

Soyinka taught Comparative Literature at Obafemi Awolowo University, previously known as the University of Ife, in Nigeria from 1975 to 1999. In 1999, when civilian rule was restored in Nigeria, he was promoted to professor emeritus. From 1988 to 1991, he was the Goldwin Smith Professor of African Studies and Theater Arts at Cornell University. In 1996, he was named the Robert W. Woodruff Professor of the Arts at Emory University. Soyinka has taught Creative Writing at the University of Nevada, Las Vegas, and has been a scholar-in-residence at New York University's Institute of African American Affairs and Loyola Marymount University in Los Angeles.

The Basics of Estate Planning

Estate planning refers to the process of setting up a plan that clearly defines what happens to everything an individual owns after their passing. The estate includes everything from a person's house, car, real estate, accounts, investments, and personal possessions. If an individual does not have a plan on how and whom to distribute their estate after their death, the state will determine the beneficiaries and distribute the assets according to the law.

Having an estate plan makes the process of distributing assets much easier. It also allows individuals to decide what will happen to their estate in sudden death or disability. The first step of estate planning is to inventory all physical assets, including owned real estate, vehicles, collection items, art, and other valuable items such as electronic devices or home equipment.

Secondly, it is important to add all non/physical assets to the list, including bank accounts, retirement plans, life insurance, health insurance, and other policies. Some policies or accounts may already have a designated beneficiary. These designations prevail over a will or trust, so it is useful to review them and ensure they are the desired beneficiaries. A list of debts is also necessary. This should include everything from loans and mortgages to credit cards.

The next step is to ensure that the beneficiaries chosen for retirement accounts and life insurance are up-to-date. If that is not the case, it is important to contact the companies and update them. Finally, some accounts, such as bank savings accounts, may allow individuals to transfer on death designation (TOD). This allows the asset transfer to the designated beneficiary without the need for probate.

The probate is a process during which the court reviews and settles the distribution of the estate to the inheritors. The probate can be a long and costly process, so it is useful to avoid it when possible.

Once the inventory is complete and the beneficiaries are chosen, it is time to draft a will or a trust, ideally both. A will is a legal document where individuals can state how they want their assets to be distributed, appoint a guardian for minor children, and even detail how they want their funeral to be held. However, a will goes through the probate process. The assets will not go immediately to the beneficiaries, except those with specified beneficiaries like retirement accounts, life insurance, or accounts with a TOD designation.

One way of avoiding probate is to establish a living trust. This is a legal document that appoints a third party that will handle the trustor's assets on behalf of the beneficiaries. The advantage of a living trust, aside from not being subject to probation, is it can be revocable, meaning that the trustor can change it until their death. Furthermore, the trustor can determine the timing of the distribution of their assets. However, it is not possible to name guardianship of minors in a trust. It is useful to have both a living trust and a will in these cases.

Finally, a few additional documents are helpful if an individual is incapacitated or unable to communicate their wishes. A power of attorney appoints a third party who has the authority to make decisions regarding the property, finances, or medical care of the principal. A living will is a document that outlines the type of medical care an individual wants to receive in a situation where he cannot make decisions. With a healthcare proxy, an individual can choose another person who can make health care decisions on their behalf.

Tax Considerations for Married Couples

The IRS allows married couples to file either joint or separate returns. Each filing status has advantages and disadvantages. Since the benefits of each are based on several factors, the preferred status may change from year to year. Couples should consult a financial professional to determine which status is most beneficial for them. That being said, here are a few things for married couples to consider when filing taxes.

Filing jointly applies only to legally married couples. When a couple files jointly, their combined income is used to calculate deductions and tax rates. Married couples have a much higher threshold in the progressive tax brackets than single filers.

In 2020, joint filers paid 10 percent on their first $20,000 of earned income, which was nearly double the threshold of single filers. Taxpayers filing jointly could also combine their standard deductions. Couples filing together in 2021 could earn $25,100 tax-free.

The IRS limits certain deductions to married couples filing jointly. For example, only joint filers can qualify for the Earned Income Credit or deductions for education-related expenses. Married taxpayers who file jointly can also contribute to Roth IRAs as long as their income is under the stated threshold. In 2021, this was more than $200,000.

For most married couples, the above-mentioned benefits make filing jointly the better option. Filing jointly is especially beneficial when one person has no income or a much smaller income than their spouse. Since deductions and credits are shared equally, the higher-earning individual pays less tax overall than if they filed separately.

There are, however, several situations in which filing separately can be beneficial. If, for instance, both spouses are high- earners, combining their incomes may increase their tax liabilities, even after taking into account the qualifying deductions.

Couples may also choose to file separately to qualify for income-based deductions or lower student loan rates. For example, the IRS allows individuals who itemize their expenses to deduct a percentage of medical expenses. However, this deduction applies only if the medical costs are greater than 7.5 percent of the filer’s adjusted gross income. Filing separately reduces the adjusted gross income, which can help the filer qualify for the medical deduction. Additionally, filing separately allows the other spouse to take the standard deduction, even if their partner chooses to itemize.

Filing separately can also benefit individuals on income-based student loan repayment plans. Federal loan providers use only the adjusted gross income from the spouse’s tax return to calculate the minimum payment.

Americans abroad married to non-US citizens who have no connection to the United States can file separately. Many expatriates choose this option so their spouses do not become liable for taxes in both their country of residence and the United States. Americans married to nonresidents are the only married individuals who can file as head of household.

Finally, many couples choose to file separately to protect their financial interests. If one spouse owes child support or taxes, filing separately can prevent the other spouse’s tax refund or other assets from being seized to pay the debts.

Identifying the most suitable filing status can be as simple as running both options through a tax return simulator. Couples with more complicated financial situations should consult a tax preparation professional.

Expenses in Retirement Planning

Planning for retirement often includes creating an estimated budget for housing, living expenses, and other costs like travel or hobbies. However, there are many expenses that people fail to include in their calculations.

In some cases, people may not anticipate cost increases or how leaving the working world changes how some expenses are calculated. Omitting these costs from a retirement plan can put individuals in financially precarious situations. For this reason, financial advisors suggest their clients research the often forgotten expenses and include space for these costs in their planning.

Healthcare is one of the biggest sources of unexpected costs in retirement. While many other expenses in life decrease with age, health care costs tend to go up. While many seniors qualify for low or no-cost care through Medicare, there are some expenses that this government program will not cover.

For example, oral and vision care is not included under basic Medicare. Retirees must supplement their coverage with a private plan through the Part C Medicare Advantage program to access routine eye and dental exams.

Even with this additional insurance, the costs for equipment like hearing aids are not covered in full. In these cases, retirees should also have a cushion set aside for out-of-pocket insurance costs. If individuals can afford the premiums, a Medigap insurance policy can mitigate some uncovered healthcare costs.

Long-term care is another health-related expense that can be costly if not planned for. Seven out of 10 seniors will require long-term care at some point in their retirement. This includes the cost of around-the-clock assistance, and in some cases, outpatient medical care.

If a family member cannot provide this care, hiring a home health aid can cost thousands of dollars per month. Individuals can protect themselves by purchasing long-term care insurance. Since the premiums for these policies are higher for older people, it is best to start a policy before reaching 65 years of age.

Family changes can also cause unexpected changes to an individual’s retirement plan. For example, grandparents may gain custody of their grandchildren due to illness or other circumstances. Further, adult children may encounter a financial crisis and need help from their retired parents.

Experts advise retirees to set aside a pool of savings to pay for gifts and financial support for their children and grandchildren. If this is not possible, families should set strict boundaries on financial expectations.

While most homeowners are aware of the ongoing maintenance costs and plan for this in their retirement budget, many people do not anticipate the cost of retrofitting a home to accommodate aging residents. Retirees may need to pay for structural changes to the house, such as widening doorways or building a bedroom on the lower floor, to remain in their home.

Changes in homebuilding standards can also add unexpected costs. Homeowners should get a thorough inspection of their home a few years before retirement to assess if the property is still up to code. If not, they will need to incorporate the costs of any mandatory updates into their retirement budget.

Four Steps to Creating an Elder Care Plan

Elder care planning refers to a strategy for handling all personal and financial affairs of senior citizens during the last stages of their lives. One major part of elder care is long-term care, a range of services that can help the elderly when they are no longer able to perform everyday activities on their own. Unfortunately, long-term care and other elder care issues are often avoided by families and only discussed when they arise, often after catastrophic events take place.

Planning in advance for elder care can prepare families for unexpected situations. Here are some tips to help you develop your elder care plan:

Take care of the paperwork.

One of the first steps in elder care planning is making sure all legal documents are in order. While health and financial paperwork can be uncomfortable to discuss, it is important to make sure the crucial information is organized and a person is chosen as an advocate.

Some of the most important documents to take care of are wills, trusts, health care power of attorney, durable financial power of attorney, investments, health insurance, and long-term care insurance. Some people may also choose to make burial arrangements and discuss end-of-life wishes with their close family members.

While these discussions can be difficult, planning in advance can make life easier for both the elderly and the family members that will take care of them.

Create a care plan and a personal care agreement.

A care plan can help both family caregivers and long-term care providers meet the needs and preferences of seniors. Having a care plan will make it easier for caregivers to organize daily tasks and duties. The care plan should be reviewed regularly and updated as new needs arise.

Taking care of an elderly parent for a long time can become a financial burden for caregivers. To mitigate this issue, family caregivers can create personal care agreements with the help of an elder law attorney to arrange payment for all the services they provide. This document is extremely important if the care recipient needs to file a Medicaid application.

Choose a care team.

Depending on the situation, caregivers may end up needing to dedicate a lot of time to taking care of elderly parents or relatives. Before any assistance is needed, family members should have a conversation and decide together who will be part of the care team. The team can involve relatives, close friends, and even neighbors, though it is usually limited to close family members.

While it may seem unnecessary to have this discussion when no assistance is needed, defining the care team helps ensure your loved one’s needs and preferences will be met. Unexpected events can happen, and family members may suddenly need to take care of their loved ones. Having a plan before it’s needed will make sure you don’t go into caregiving blindly.

Get professional help.

While the first step should always be a discussion between caregivers and care recipients, it can sometimes also be helpful to get professional assistance from elder care professionals and long-term care services.

From elder care attorneys to social workers and in-home care companies, there are many professionals that can help you take care of your loved ones. You can get professional help with financial planning, which is a significant part of elder care. 

Ida Victims in NJ & Other States

The founder and owner of Chatham, New Jersey-based Belott & Company CPAs LLC, Richard Belott has worked as a certified public accountant for nearly three decades. Throughout the course of his career, Richard Belott has provided financial services as well as retirement and tax planning for numerous clients across New Jersey.

Hurricane Ida victims in New York, New Jersey, and Mississippi now have until early January to submit federal individual and corporate tax forms for tax payments. Any location identified by the Federal Emergency Management Agency as qualified for individual or public assistance will be eligible for aid.

Various filing and payment deadlines that were set to begin on September 1st have been postponed as a result of the relief. Individuals and companies that were affected have until January 3 to complete returns and pay taxes that were due during this period. Individuals who have an extension to submit their 2020 tax return that expires on October 15 also have until the 3rd of January to do so.

Quarterly anticipated income tax payments, which are due on Sept. 15, and quarterly payroll and excise tax reports, which are typically due on Nov. 1, are also subject to the Jan. 3 deadline. The extension also applies to calendar-year-operating tax-exempt organizations that had a valid extension that was set to expire on Nov. 15.

Any taxpayer with an IRS address of record in the disaster region receives automatic filing and penalty relief from the IRS. If an impacted taxpayer gets a penalty notice for late filing or payment with a due date that falls within the postponement period, the taxpayer may contact the number on their notice to have the penalty waived.

Scholarship&Grant Opportunities at FDU

With an accounting degree from Fairleigh Dickinson University (FDU), Richard Belott started his accounting company with his wife in 1992 and became a certified public accountant two years later. Through his firm, Richard Belott has hired junior and senior accounting students from FDU as interns. He and his wife also donate regularly to FDU’s scholarship fund.

Founded in 1942, Fairleigh Dickinson University is a private university with its main campuses in New Jersey. It offers over 100 degree programs and provides undergraduate scholarships to students who demonstrate high academic performance.

FDU offers merit-based scholarships that are renewable annually for four years to full-time students who do not fall below a particular GPA. The university automatically considers all students who apply for the merit award.

The Phi Theta Kappa Honor Society Transfer Awards are also among the many scholarship opportunities available at FDU. The society awards transfer students who are its members annually. Transfer students have to verify their PTK membership and maintain a 3.0 GPA to be eligible for this scholarship award. Also, recipients of the award must have earned an associate degree.

The Phi Theta Kappa Scholarship Awards are renewable for two years. Other scholarship and grant mediums at the FDU include the Children of Alumni Grant, Athletic Scholarship, and FDU Family Grant.

The Enhanced CTC Proceeds

The founder and owner of Belott & Company CPAs, LLC in Chatham, New Jersey, Richard Belott is a certified public accountant who graduated with a bachelor's degree in accounting from Fairleigh Dickinson University. At his company, Richard Belott advises clients on retirement and estate planning. His company website, www.belottcpa.com, also provides visitors with trending tax news via newsletters.

The federal government made the first child tax credit payments in July 2021 to more than 35 million households with 60 million children. According to the US Treasury Department and the Internal Revenue Service, almost $15 billion was transferred in the payout. $423 was the average payout.

The funds come from the enhanced child tax credit (CTC) program, which was included in President Joe Biden's American Rescue Plan, signed into law in March. For the 2021 tax year, the act increased the existing child tax credit from $2,000 to $3,000 and added a $600 incentive for children under the age of six. Families will get half of the credit in monthly payments from July through December. Families that will receive full credits will get $300 monthly for kids under the age of 6 and $250 monthly for those aged 6 to 17.

Overview of Belott and Company

A certified public accountant with over three decades of experience, Richard Belott owns and operates Belott & Company CPAs, LLC, which he established in 1992. In this role, Richard Belott provides customers with estate and financial planning services.

Belott and Company CPAs is a group of seasoned public accountants committed to providing expert advice and services to clients, including independent professionals, business owners, and executives. They help clients navigate a wide range of financial matters, from retirement planning and investment to business information, real estate, and tax. The firm's high standards and prompt service distinguish it from other similar services in the sector.

Honest and knowledgeable professionals at Belott and Company CPAs also offer elder care assistance to clients whose parents or other family members are seniors and need help in their day-to-day financial activities like household bill payments and balancing of checkbooks. The professionals help these seniors with their basic finances and business duties and keep the client abreast with every single financial step. This way, the client can rest assured that their family member's needs are met on time.

Advantages of Using Quickbooks Pro

Since founding Belott & Company CPAs LLC nearly thirty years ago, Richard Belott and his wife Linda have been offering accounting services to various businesses. The firm also employs a staff accountant and occasionally hires junior and senior accounting students. Both Richard Bellot and his wife are certified public accountants. Most of their clients use Quickbooks Pro, and their firm is in a position to give guidance in the use of this tool.

Quickbooks Pro is accounting software that is meant to automate the accounting and bookkeeping process in order to save time and effort. Using Quickbooks Pro has several advantages for businesses.

Quickbooks Pro can result in better money management over traditional manual accounting approaches, due of a number of built-in features. Recurring bills can be tracked using the system, with records on past and future payments, including details about these transactions. Bank accounts can be linked to the software and checks can be generated from Quickbooks.

Expense billings are expenses incurred during business operations that need to be charged to clients. These expenses can be transportation or mileage expenses, meals, and other purchases. All of these expenses can be tracked using Quickbooks and linked to the appropriate customer account for easy reconciliation and billing.

Quickbooks can generate invoices with the click of a button, and the invoice directly emailed to clients using the software. Mass billing of clients is also possible.

4 Elements of Cooking by Samin Nosrat

With nearly 40 years of accounting experience, Richard Belott owns Belott & Company CPAs LLC, an accounting firm he founded with his wife, Linda. Richard Belott enjoys reading and cooking in his free time.

Cooking is a popular hobby, but some amateur cooks struggle to improve their skills. Luckily, world-renowned cook Samin Nosrat, author of the bestselling cookbook “Salt, Fat, Acid, Heat” and Netflix adaptation, explains which elements are crucial for cooks of all skill levels.

In her book, Nosrat defends that, to cook well, one must master salt, fat, acid, and heat - four seemingly simple elements, but which can transform a dish. For instance, salt enhances flavor and can be used to provide some texture to the food.

Fat also delivers texture, but it provides more flavor as well. Although it is often considered harmful, fat is essential to our body and can come in several forms. Chef Nosrat recommends adding fat to degrade the flavor and texture - as in cookie dough, for example, where butter should be added while solid to prevent cookies from getting flat.

Adding acid is a way to balance the flavors, make the food mouthwatering, change texture, and make colors more vibrant. Ultimately, the food texture will be determined by heat - while stir fry vegetables need a quick, high heat, roasts only develop flavors in milder heat for more extended periods.