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Monday 9am - 6pm Tuesday 9am - 6pm Wednesday 9am - 6pm Thursday 9am - 6pm Friday 9am - 6pm Saturday 10am - 1pm

http://www.farmersagent.com/llockett

Lyuba Lockett Agency, 915 Main Street, Boonton, NJ (2026)

08/06/2024

With Theo Devaney Acting Studio – I just got recognized as one of their top fans! 🎉

08/02/2024

Hello, everyone! I'm Lyuba Lockett, your friendly neighborhood insurance agent!
As someone passionate about
helping people protect what matters most, I'm thrilled to be part of your community and to assist you with all your insurance needs. Whether you're a first-time homebuyer, a new parent, l'm here to provide personalized guidance and support every step of the way. My goal is not just to sell policies but to build lasting relationships built on trust and
transparency. Feel free to reach out with any questions or concerns you may have.
No question is too big or too small! I'm here to simplify the complexities of insurance and ensure you have the coverage that fits your unique circumstances. Let's navigate the world of insurance together! Drop me a message and let's get started on protecting what matters most to you.
Looking forward to connecting with you soon! Best of wishes! Lyuba Lockett, 915 Main Street, Boonton NJ.

06/17/2023

Sharing this post from insurance page I am affiliated with…

I hope that you find the below information useful and I hope that it helps explain what is happening in the insurance world today. It won’t matter what carrier you are with, this is an industry issue.

The Insurance market place is tightening up and it's happening fast. It’s happening especially fast for auto and home insurance companies. Carriers are pulling a full hard stop on issuing any new policies across the country. Carriers are leaving the market or they are selling to other carriers/merging. They simply can't operate profitably in this inflationary market. It's getting downright ugly out there. This market is disrupted and it WILL affect you.

The cost of claims has risen exponentially in the past 2 years. Thus resulting in the carriers having to raise premiums and pull out of some markets. If you have an auto or home insurance policy, your rates have gone up. This isn't personal, it’s not based on a claim you may or may have not had, it’s simply the cost of doing business.

➡️ The cost to rebuild your home is up dramatically due to the rising cost of materials and labor. Supply chain for materials continues to be an issue. We can all agree that everything has gone up in price. Carriers simply can’t survive paying these higher prices without charging more themselves.
➡️ The cost to repair your car is up dramatically due to the rising cost of auto parts and labor to fix your car. In addition, parts in vehicles now include some technology feature. Replacing a side mirror used to be $500 - now it’s more than triple that.
➡️ The cost of medical care continues to skyrocket. Bodily injury on auto accidents is off the charts.
➡️ Litigation is expensive and settlements are rising at an unprecedented rate.
➡️ Both the frequency and severity of auto accidents are WAY up post COVID along with the rising frequency of auto fatalities.
➡️ ReInsurance (the insurance your insurance carrier buys to help cushion catastrophic loss) is at or approaching capacity in many markets, and rising rates are unsustainable.

This is a significant issue affecting the property & casualty industry (home and auto), and pricing correction is anticipated at least through 2024. This is a nice way to say - you will see rate increases more frequently.

There are some things you can do to help get through this current insurance market:

✅️ Consider Higher Deductibles. This will help save some money on your policy.
✅️ Safe Driving Telematic Programs. Telematics can reward you by giving you a discount for good driving.
✅️ Discount Reviews - make sure you're getting everything you're entitled to. Every carrier has different discount opportunities. Make sure you go over those with your agent.
✅️ Bundle your Auto and Home for more discounts and more stable pricing. Bundled/Packaged policies most always include better coverage and benefits and the cost savings is usually 20% on each policy.
✅️ Consider tenure - jumping companies too often will hurt you in the long run. In addition, some carriers won’t take you as a new client if you have less than two years with a carrier. And more importantly, carriers are getting off of some risks if a claim happens in the new business term or for the number of claims in a 3-5 year window. Tenure matters with a carrier.
✅️ Follow the laws so you don’t get any tickets. Those tickets really add rate to your policy and stay on your record 3-5 years, depending on the carrier.
✅️ Absorb small claims when you're able. Talk with your agent and let them claims counsel you should a loss happen. Stop using your towing or road side assistance as a maintenance policy. Frequency of claims matters it REALLY matters.
✅️ Buy your insurance from an experienced Independent Insurance Broker that has options and can help you navigate this crazy market WITHOUT SACRIFICING COVERAGE. Lowering coverages could ultimately cost you more money in a loss. WA State minimum of 25k won’t cover half the cars on the roads these days. Once your limits run out, you are responsible for anything above that.

And, please remember that we are agents for the carriers. My teams are agents for the carriers. We don’t make the rules, we don’t have control over the rates and we don’t make the decision if your policy is cancelled by the carriers. We are here to help educate, make sure you have the best insurance for your situation at the best rate available, manage your account with the carrier, and claims counsel when needed.

As always, happy to help and I hope this message explains a little bit of what is going on in the insurance market place. And, please be nice to your insurance agent - she or he are taking the same increases, navigating carrier changes and doing their best to help you through this. ❤️

**big thanks to Jennifer Todd Klages who started this post and allowed me to put my spin on it and then post**

12/27/2021

Deferred Social Security Tax Payment Deadline - Did You Know?

The IRS allowed employers and self-employed people to choose to defer the employer's portion of their social security tax payments in 2020.

For those that chose to defer payment, half of that deferral will be coming due on January 3rd, 2022 and the second half will be due on January 3rd, 2023.

Payment can be made through the Electronic Federal Tax Payment system by employers and individuals. Individuals may also use Direct Pay.

EFTPS: https://www.eftps.gov/eftps/
Direct Pay: https://www.irs.gov/payments/direct-pay

12/20/2021

'Tis the Season for Important Tax Paperwork

Keeping your records organized will help make sure you don't miss out on valuable deductions when it is time to file.

Here are some documents to be on the lookout for:

- Wage and income statements (W-2 or 1099-MISC)
- Health Insurance statements (Form 1095)
- Proof of qualifying educational expenses (Form 1098-T)
- 2021 Total Advance Child Tax Payments (Letter 6419)
- Your 2021 Economic Impact Payment (Letter 6475)
- Mortgage interest statements
- Retirement distribution statements
- Investment account statements
- Charity donation receipts

12/14/2021

Preparing for a Smooth Tax Season (2/2)

The IRS recently posted a number of reminders about steps taxpayers can take in December to make sure they are ready for the upcoming tax season. Here are some key highlights:

USE UP YOUR FSA FUNDS:

If you have a workplace flexible spending arrangement (FSA) for medical or other qualified expenses, remember that FSAs have an annual use-it-or-lose-it rule. You will typically forfeit any funds left in the account on January 1. However, your employer may offer a special carryover or grace period option for health FSAs this year due to the pandemic. Check with your workplace benefits department to learn how the use-it-or-lose-it policy may affect your account. If you are at risk of losing funds, schedule qualifying expenses like dental work or eye checkups now.

SET UP A BANK ACCOUNT WITH DIRECT DEPOSIT:

If you provide direct deposit banking information to the IRS, you can get your tax refund up to three weeks faster than with a mailed check. If you do not know whether your accounts can receive direct deposits, check with a customer service agent at your bank.

DONATE TO CHARITIES:

The holiday season is an ideal time to contribute to charitable organizations, and there is an extra incentive to be generous this year. Ordinarily, taxpayers can only deduct charitable contributions if they itemize deductions. However, the American Rescue Plan Act created a special tax provision that enables taxpayers to claim a deduction of up to $300 (up to $600 for joint filers) for monetary contributions to qualifying charities in 2021. You can use the IRS tax-exempt organization search tool (link below) to verify that your charity of choice accepts tax-deductible donations.

A tax professional can help you plan your FSA use and charitable giving strategies, and suggest other steps to ensure a smooth filing season without unpleasant surprises.

IRS Charity Search Tool: https://www.irs.gov/charities-non-profits/tax-exempt-organization-search

12/07/2021

Preparing for a Smooth Tax Season (1/2)

The IRS recently posted a number of reminders about things taxpayers can do in December to make sure they are ready for the upcoming tax season. Here are some key highlights:

ORGANIZE YOUR RECORDS:

Many tax deductions and credits require written documentation. Make sure your receipts for deductible expenses are safely stored with your tax records, or for digital documents, backed up in multiple locations. To claim a tuition credit like the Lifelong Learning or American Opportunity Tax Credit, you will need a copy of Form 1098-T from the school where you paid qualifying tuition and fees.

CHECK THE STATUS OF YOUR ITIN:

If you use an individual taxpayer ID number (ITIN) to file tax returns, make sure that the number has not expired. In general, if you have not used your ITIN to file a federal return at least once in the last three years (2018, 2019 or 2020), it will expire on December 31, 2021. All ITINs with middle digits in the 70-88 range have also expired, as well as some with middle digits from 90 through 99. An expired ITIN can lead to processing delays or the IRS rejecting your return.

CONTRIBUTE TO YOUR QUALIFIED RETIREMENT PLAN:

If you have not reached the annual contribution limit for your retirement plan, such as an IRA or 401(k), you may wish to put more money into the plan before the year ends. Contributions to traditional IRAs and other plans may be tax deductible, reducing your 2021 taxable income. Depending on your adjusted gross income (AGI), your retirement contributions may also qualify you for the Saver's Credit, which can reduce your tax on a dollar-for-dollar basis.

A tax professional can help you find the best year-end tax strategy for your retirement accounts, and suggest other steps to ensure a worry-free filing season without unpleasant surprises.

11/30/2021

Giving Tuesday and Charitable Donations - Did You Know?

Giving Tuesday is an annual event that highlights charitable giving after Thanksgiving.

If you are considering charitable donations, you may be able to donate to a Donor-Advised Fund (DAF) every two or three years instead of every year. This may qualify you to receive tax benefits now, allow the amount to grow tax-free, and the decision on which qualified charity to fund can be made later.

If you are 70.5 years or older, you may also be able to make a qualified charitable distribution (QCD) directly from your IRA this year. QCDs may allow the donation to be deducted from your income. A tax advisor can help you structure your charitable giving.

The IRS has released a tool to make it easier to get information about qualified charitable organizations. The Exempt Organizations Select Check tool can be found at: https://www.irs.gov/charities-non-profits/tax-exempt-organization-search.

11/24/2021

Year-End Flexible Spending Arrangements (FSAs)

The IRS reminds taxpayers that FSAs for qualified health expenses are generally subject to a “use it or lose it” rule, meaning that the taxpayer forfeits any funds remaining in the account at the end of the year.

However, in many cases, employers may allow either a grace period to use up FSA funds from the previous year, or a partial carryover of funds to the next year.

If you have money remaining in your 2021 FSA, check with your employer's benefits department about whether you have a carryover or grace period option. If not, you may want to schedule qualified medical purchases or procedures now, to ensure that you use up FSA funds before January 1.

11/15/2021

Year-End 2021 Retirement Plan RMD Planning – Did You Know?

Many taxpayers who hold traditional IRAs or other retirement accounts must make annual withdrawals called Required Minimum Distributions, or RMDs. The CARES Act waived most RMDs for tax year 2020, and also created special tax rules for 2020 RMDs that were reclassified as "coronavirus-related distributions." Those special provisions have now expired, so standard IRS rules apply for 2021 RMDs.

In general, taxpayers with traditional IRAs or certain other retirement plans must take a 2021 RMD if they either (a) reached age 70 1/2 in 2019 or before, or (b) reach age 72 in 2021. As a rule, RMDs are taxable income, usually at the person's ordinary income tax rate.

In addition, someone who inherited an IRA from a person who died before 2020 generally must take a 2021 RMD, regardless of their age. If you inherited a retirement plan from someone who died on or after January 1, 2020, you may either need to take annual RMDs or withdraw all funds from the account within 10 years, depending on your circumstances. These rules apply to both traditional and Roth inherited IRAs, although RMDs from Roth IRAs may not be taxed.

For most people, the deadline to take 2021 RMDs is December 31, 2021. However, those who turn 72 this year generally have until April 1, 2022 to take their first RMD. If this exception applies to you, keep in mind that you will need to take your second RMD by December 31, 2022. Therefore, you may end up owing tax on both your first and second RMDs in 2022. Taking your first RMD in 2021 will prevent this issue.

RMD amounts depend on the recipient's age and other factors. A tax professional can help you determine whether you must take a 2021 RMD or other IRA withdrawal, how to calculate the amount, and how to report the withdrawal to the IRS.

11/08/2021

IRS Adds Income Changes to CTC Update Portal and Announces Signup Deadline

Families who are currently receiving advance payments of the 2021 Child Tax Credit (CTC) may now use the online CTC Update Portal (link below) to report changes in their incomes. Reporting an income change may qualify taxpayers for a higher monthly payment amount, or ensure that they do not need to repay advance CTC payments next spring.

The maximum monthly payment is $300 per child qualified under age 6, and $250 per qualifying child of age 6 through 17. Generally, a small change in income will not affect a household's payment amount. However, if you have not been receiving the maximum amount and had a significant income drop in 2021, you may qualify for a substantially larger December payment.

Similarly, if your income greatly increased in 2021 compared to 2020, you should report this change to avoid potentially facing an advance CTC repayment requirement. You must use the portal to report your income changes by November 29 in order for the IRS to make any necessary adjustments to your December payment. The IRS expects to launch a Spanish version of the portal by that time.

Eligible families who have not been receiving advance CTC payments because the IRS does not have their information may still register for the program. The IRS especially urges lower-income taxpayers who are not required to file tax returns to use the online signup portal (link below) by the November 15 deadline. Those who sign up in November will receive a single advance payment in December, of up to $1,800 per qualifying child under 6, and $1,500 per qualifying child age 6-17.

IRS CTC UPDATE PORTAL: https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

IRS CTC SIGNUP PORTAL: https://www.whitehouse.gov/child-tax-credit/sign-up/

11/01/2021

Business Advertising Expenses – Did You Know?

If you have business income, including earnings from small business ownership or many self-employment activities, you may qualify to deduct advertising expenses on your tax return. In general, the IRS allows taxpayers to deduct “ordinary and necessary” business expenses. Generally, advertising and marketing costs are considered ordinary and necessary if:

- They are common in your trade, field or industry; AND
- They are helpful and appropriate for your trade or business.

Typical deductible expenses include traditional advertising (such as signage, print, and TV and radio ads), along with paid ads on social media or freelancing platforms. You may also be able to deduct costs associated with “goodwill advertising” that enhances the visibility of your product, service or brand. For example, you might run an ad that mentions your business, but primarily promotes an upcoming charity event or educates the public about an important cause.

Deductible marketing costs may also include expenses related to providing food, entertainment or facilities to the public to promote community goodwill. However, IRS rules governing deductions for meal and entertainment expenses have very specific requirements. A business tax professional can help you determine whether you can deduct your goodwill advertising and other marketing costs, and if so, how to document expenses and claim your deduction.

Lyuba Lockett Agency

08/06/2024

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