4 Reasons Why Accident Insurance Could Be the Smartest Decision of Your Life

We plan for most happy things in our lives. We plan for marriages, we save for a new house, we keep money in hand for car expenses and we save for ages for something we want desperately yet we never want to face the ugly unexpected truths in life.

Why Consider an Accident Insurance At All?

None of the victims of accidents ever wanted to suffer from it or asked for it, yet it happened all the same.  It’s understandable that it is not a pleasant topic to discuss and of course, there’s a high chance you might not ever have an accident in your life and will continue to live happily and grow old without meeting any catastrophe, but there is also a chance that you might. Unfortunately, the only thing that makes an accident even more appalling and dreadful is not being able to pay for the medical costs.
Why Accident Insurance
Accident Insurance is your way out of this bad dream. This insurance helps you pay for medical bills and other out-of-the-pocket expenses that occur after an accidental injury. Let’s discover how accident insurance can save you from loads of trouble later:

#1 Full Repayment:

Most people shy away from insurance in Australia as they think it is a waste of money. However, very few people know that insurance payments are paid in full when the accident has led to complete disablement of the person. At moments like this, accident insurance is a huge help to the victim.

#2 Temporary Immobilization:

When the injury is recoverable yet severe enough to render the victim completely incapable at the time, then they will be able to receive weekly payments until they can get back on track, saving the accident victim from major financial crisis.

#3 Useful For Employer-Employee Relationship:

An employer who provides accident insurance to their employee and the employee, who receives them, will both benefit from this policy in addition to having better peace of mind. An employer can serve their moral duty by fulfilling the gaps which are otherwise found in health and disability plans and provide for the workers in their most troubled times. Employees too, will feel protected and safe when they know that their injuries, medical treatments hospitalization and other heavy expenses will be covered by the employer’s accident insurance. Apart from safeguarding the employees, this will also allow a good relationship to prosper between employees and employers. If you are an employer looking for reliable insurance coverage, online resources are available such as this website to source further information.

#4 It Becomes Easier To Focus On Recovery:

Physical and financial disability makes an awfully bad pair even if they are temporary. When you have just suffered from an accident and you are financially strained, you can hardly focus on your recovery with all the worry. With insurance, you can have peace of mind and divert your full attention towards dealing with the injury and recovering rapidly.
Accident Insurance asks you to be more realistic with life and deal with even the ugly things head-on so that if it happens, you are prepared.

Can You Cancel An EIN? If So, What Is The Process?

Most of us apply for an employer identification number easily but when it comes or changing or cancelling it, you might feel baffled on how to do it.  You can apply for an employer ID number (EIN) online if your principal business is based in US or its territories.
Can You Cancel An EIN
Let us learn about how you can change or cancel the employer identification number. But before we proceed, it is important to know what EIN is.

  1. Employer ID number (EIN)

An EINis a unique 9-digit number assigned by Internal Revenue Service (IRS) for the purpose of identification to business entities operating in the US. It is also known as federal employer identification number (FEIN).
You need an EIN if the answer for these following questions is yes:

  • Do you have employees (including your spouse/ children)?
  • Do you operate as a corporation or partnership?
  • Do you file an employment, alcohol, or other taxes?

There are other less common reasons as well to apply for an EIN.

  1. How do I make changes in the EIN?

In general, you get an employer identification number and it is yours for the entire span of the business.  But there arises some reasons to change your EIN. Firstly, it is important to know if you have to change it or not.
You need to have your EIN, if:

  • You change the structure of business like sole-proprietorship becomes a corporation etc.
  • You inherit or acquire a business
  • Sole-proprietorship declares bankruptcy
  • Your corporation gets a new charter from the state secretary
  • You became a subsidiary to any corporation

You made a mistake with your EIN, now what?
It’s okay to make a mistake happens with all. If you made a mistake while applying for an EIN, don’t panic & apply for a new one. Instead, you can mend you mistake in few simple steps as recommended by IRS. Let’s see how:

  • You need to submit a letter (on company letterhead, if you have one), with the following things mentioned of the current principal officer, owner, general partner or the grantor:
  • The name
  • Taxpayer Identification Number
  • The business entity’s complete name,
  • EIN, and
  • Mailing address
  • Make sure you send the above details correctly so that IRS can identify your account.
  • The final step is to send the letter to one of the below mentioned IRS locations based on where you entity operates.

IRS locations for EIN changes

  • If your business operates at :

Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia or Wisconsin.
Then the location is:
Internal Revenue Service
Stop 343G
Cincinnati, OH 45999-0023

  • If your business operates at :

Alabama, Alaska, Arkansas, Arizona, California, Colorado, Hawaii, Idaho, Iowa, Kansas,Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington, Wyoming, or any place outside of the United States.
Then the location is:
Internal Revenue Service
M/S 6273
Ogden, UT 84201-0023

  1. How to change your EIN if you made the following changes:

You need to change your EIN, when there is any change in your business like name, address etc. But the change varies from case to case based on the type of entity, type of change etc. All you need to do is to file these changes to notify IRS.
Case1: Change in business name
You need to note down the changes in your tax form before you file it. The tax form depends on the type of entity you are. For example:

  • For Corporation: Form 1120/ 1120S which ever you used previously.
  • For Partnership: Form 1065
  • For sole-proprietorship: Just write a letter (duly signed by the owner) stating where you filed your return with the name change to notify IRS.

Case 2: Change in business address
You need to notify IRS by using form 8822-B in case of change of address, location or the identity of the responsible party.
Case 3: Change in business entity type
You need to notify IRS by using form 8832 incase, if you change your entity by adding members in a single-member LLC to multi-member LLC or to other types. This form is used even when you change your tax status.
For all other changes, the process is simple; you need to send a letter or fax stating the changes to notify IRS at the location based on where your business entity operates.

  1. How to cancel an EIN?

As per the IRS, once you are assigned an EIN it is never re-used by other entities. The EIN remains with the same entity which applied for it as an identification number for tax entries. So, in short you cannot really cancel an EIN.
Instead you can cancel your account with IRS if you feel you don’t need the EIN anymore.
To close your IRS account, write a letter to:
Internal Revenue Service
Cincinnati Ohio 45999
The letter should have the reason for the account closure along with the complete name of the entity, EIN and business address. Also, include a copy of the letter received from IRS when you set up your EIN.
Summing up
Hope that now you have an idea of when you need to change your EIN and how to do it for different cases. If you’re planning to close your IRS account then don’t forget to pay the taxes for which you are liable.

Finding Perfect Financial Picture

My good friend Dewitt Jones, who was instrumental in helping me set the course for my book, You Should Only Have to Get Rich Once, just recently spoke at an event in Chicago. If you have not seen Dewitt speak, it is something I highly recommend. As a former photographer for National Geographic for over 30 years, he always has something interesting to say.

In the hundreds of events he has spoken at, one question, one frustrating question keeps coming up over and over again: “How many good pictures do you get out of one roll of film?”

He would quickly respond that they were asking the wrong question (if only life were so simple). Instead, he would ask them, how many rolls of film would you use, how early would you get up, how long would you sit in the rain, what are you willing to commit to get that one picture? The perfect image rarely happens on cue and it is never easy. He was an exceptional photographer because he was not afraid to take thousands of pictures. He was searching for the perfect image and just kept taking pictures until it appeared in the viewfinder. Because, in the end, the only question that matters is “Did you get it”?

Finding Perfect Financial Picture

Financial planning can take a lesson from the pursuit of the perfect photograph. If you wait for the perfect situation and perfect ending, you will fail. Trial and error is a necessary component for success. You cannot script good things to happen. You can only create the right process, right thinking and a willingness to keep trying. Every failure is an opportunity.

It is my belief and one that success often involves failure. Fail often and you will find success. Just make sure that each failure is measurable because if you over commit to one situation and fail, you don’t get to fail again which means you won’t succeed. Life seldom works out as we plan and financial planning is no exception. Markets and investments have ups and downs and successful weathering those ebbs and flows requires the ability to continually learn from failure and be willing to keep trying.

As you set out to create your ideal financial picture, remember that the amount success you achieve is often directly proportional to how much you are willing to put into achieving your goals.The average National Geographic article has about 30 pictures. Dewitt would take 40,000 pictures to find those right answers. After all, a roll of film is cheap relative to the reward.