Home Independence?

I saw an interesting story on Fox13 today about home sensor technology being tested through USF. Sensors are placed throughout one’s home that detect motion which can be tracked/monitored. Why would someone want this?

credit Fox13
If you lived in Wisconsin where we are from and your parents lived in Florida, having information about home detection could be very helpful. For example, if the refrigerator or microwave doors are not opening on a regular basis, that might tell someone, like a child, that a parent is not eating frequently enough. That might cause you to check in on a parent to make sure that they are doing okay.

While the story was focused on independence for seniors, it occurs to me that this technology might be helpful for a disabled adult who wishes to live independently.

The best part of this technology is that it does not involve the use of cameras. I suppose there are situations where cameras would be useful, but I could not imagine having cameras pointed at me in my own home.

Would you want this for yourself so that a loved one could keep tabs on you? Or would you want this for a loved one so that you can keep tabs on them?

Learn more here.

Saving for school just got better? Maybe

Before the enactment of the Tax Cuts and Jobs Act in December, 529 Plans could only be used for college expenses. One of the nuggets found in the Act is an important change to 529 Plans. If you have read our posts in the past, then  you know that you can save monies in these plans for college expenses. Monies grow income tax free and can be withdrawn for qualified expenses without income tax.

Under the new rules, you can now used funds in 529 plans for K-12 tuition up to $10,000 each year per student (whether funds are withdrawn from one account or multiple accounts).

Unfortunately, while this sounds great on the surface, you need to exercise caution before you make a withdrawal for this purpose. Some states have an income tax deduction for contributions to 529 plans. This is great if you live in one of those states, but some state statutes define the deduction based on contributions to a “college” savings plan. Therefore, if you withdraw funds to pay for K-12 tuition, you might have an income tax hit. State legislatures will need to enact changes to their statutes to match up with the new federal law if they want their constituents to be able to withdraw monies tax free for K-12 tuition.

So, what can you do? Perhaps stay the course and use the funds only for college. That way, you can take advantage of the time value of money. If you want to use plan assets for K-12 tuition, then contact the plan sponsor to additional information/guidance.

It’s that time of year again

If you own or run a business in Florida, don’t forget that you need to file your Annual Report with the State. If you do not file before May 1st, your company may be administratively dissolved by the State, or at a minimum, be required to pay expensive reinstatement and/or late fees.  The late fee is $400, and it will NOT be waived.

Information on filing an annual report can be found at www.sunbiz.org.  To make it easy, you can submit the Annual Report and pay the filing fee on-line. To do this, you will need the document number assigned to the business by the State.  You can locate the number by searching the sunbiz website for your business record.

Feel free to give our office a call if you would like us to walk you through the filing process FREE OF CHARGE.  You can also follow the State’s step-by-step instructions here.

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CAUTION: Each year, several for-profit companies send out emails and letters that look very official about the annual report requirement.  They collect email addresses and physical addresses from the State’s website and are soliciting businesses.  These are THIRD party solicitations not associated with the State – you can file your report on-line without going through any of these companies.  If you get an email or a letter offering to file your Annual Report for a fee, throw away the letter. Each year, we get those letters, too! If you are not sure what to do, just give us a call.