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Sales Tax Holiday 2022

Clothing, School Supplies, and Computers

Tennessee’s traditional sales tax holiday on clothing, school supplies and computers begins at 12:01 a.m. on Friday, July 29, 2022, and ends at 11:59 p.m. on Sunday, July 31, 2022.  Click here for more information about what items are tax-exempt during this holiday. 

Source: Sales Tax Holiday. (n.d.). Www.tn.gov. https://www.tn.gov/revenue/taxes/sales-and-use-tax/sales-tax-holiday.html

Food and Food Ingredients

For 2022, Tennessee’s General Assembly has approved a sales tax holiday on food & food ingredients (grocery sales tax suspension) which begins at 12:01 a.m. on Monday, August 1, 2022, and ends at 11:59 p.m. on Wednesday, August 31, 2022.  Click here for more information.     

Source: Sales Tax Holiday. (n.d.). Www.tn.gov. https://www.tn.gov/revenue/taxes/sales-and-use-tax/sales-tax-holiday.html

Gun Safes and Safety Equipment

For 2022-2023, the Tennessee General Assembly has approved a sales tax holiday on gun safes and safety devices that begins at 12:01 a.m. on July 1, 2022 and ends at 11:59 p.m. on June 30, 2023.  Click here for more information.

Source: Sales Tax Holiday. (n.d.). Www.tn.gov. https://www.tn.gov/revenue/taxes/sales-and-use-tax/sales-tax-holiday.html

15 tips and ideas for cutting car insurance costs

Jan 27th 2021

Have you ever opened your auto insurance bill and wondered how you could save a few bucks? Wonder no more. We’ve got you covered. Let’s look at a few options. 

The price of car insurance can be daunting. However, if you’re savvy about using the 15 tips and tricks listed here, you may be able to cut your costs.

First things first

Did you know your car’s make, model, and safety rating all play a role in the cost of your car insurance premium? Before you even buy a car, it’s a good idea to find out which automobiles get the lowest insurance premiums by consulting the Insurance Institute for Highway Safety (IIHS) ratings and asking your insurance agent for insight.

The biggest factor

The biggest factor in your premium is often your driving record. Most states use a “penalty points” system for driving infractions, giving a certain number of points for each motor vehicle offense. Some states will allow you to expunge your older points, while others will eliminate points if you take a driving safety course. You can learn more from your DMV.

Good credit

Insurance companies have done studies showing that people with good credit are less likely to make an insurance claim. If you make a point of paying bills on time and get rid of credit card debt before you purchase car insurance, you could be rewarded with lower premiums.

More than one driver on your policy

Generally, if you insure more than one driver on your policy, such as a family member or co-owner, your car insurance premium can be reduced. The downside is, any teenagers added to your policy will likely increase your premiums.

Teenagers can get insured with parents

Teens typically pay the highest insurance premiums on the road. However, if a parent simply adds a teen to his or her existing car insurance policy, the added cost will be only a fraction of the individual teen rate.

Group insurance plans

Some employers offer group car insurance plans with lower premiums than you would get on your own, so consider asking your workplace human resources department about this. You might also want to check if any organizations you belong to, such as professional associations or service clubs, offer group plans.

Shop and compare

The way companies insure different cars and people can vary by thousands of dollars. Insurance agents suggest you shop around, getting at least three different quotes from three different companies before purchasing.

Bundling

If you already have homeowner’s insurance or another kind of insurance, or if you are considering buying more than one insurance policy, ask your insurance agent if it is possible to “bundle” your insurances. Companies may offer significant discounts if you bundle.

Anti-theft and safety devices

Consider asking your insurer if they will lower your car insurance premium for installing anti-theft or safety devices on your vehicle. Usually, the company will require a specifically approved device in exchange for a discount.

Low mileage discounts

Don’t drive too often? This could mean you are a low risk for your insurer. If you keep your annual mileage under the limit set by some companies, you can reduce your premiums.

Higher deductibles

If you have a solid driving history and a healthy emergency savings fund, taking a higher deductible on your insurance might significantly reduce your monthly premium. It’s important to remember you have to pay that deductible if you have an accident.

Foregoing certain insurance

Many drivers carry collision insurance, which covers damage to your car in a collision, and comprehensive insurance, which covers theft and damage from natural disasters. However, if you have an older vehicle that is only worth $1,000, the added cost of these insurances might not be a good exchange for you.

Skipping the extra frills

Even if you cut collision and comprehensive insurance, there can still be other “extra frills” embedded into your standard liability policy, such as roadside assistance or rental car coverage, that cost you money. It’s a good idea to examine your policy word-for-word to make sure that you do not pay for frills coverage you don’t really need.

Avoiding monthly payments

Frequently it is cheaper to pay your annual insurance costs in one lump sum or in two six-month installments. Monthly payment plans can have additional charges for processing.

Other discounts

Happily, insurers provide all sorts of special discounts for long-time customers, good students, military veterans, and other groups. Your insurance company can tell you whether you fall into any of these cost-saving categories.

Source: Learn how to save money on your car insurance policy. (n.d.). TruStage Insurance. Retrieved June 23, 2022, from https://www.trustage.com/learn/managing-money/cut-auto-insurance-costs

 

Does home insurance cover working from home?

Mar 16th 2022

The answer is – it depends. Are you working from home or operating a home-based business? Learn how to figure out which type of insurance coverage you need to fit your working lifestyle. 

Figuring out the basics

The COVID-19 pandemic moved many people from highly organized office settings to whatever working space they could find in their homes, from kitchen tables to living room couches. This quick change may have blurred the boundaries between work and home activities for many. However, it’s important to understand that as far as your home insurance policy is concerned, your coverage is typically only for personal belongings and personal activities in your home and surrounding property. Your work-related activities, no matter where they take place, should be covered by your employer’s business insurance.

This could become confusing if you suddenly have to shift to working from home and must use your personal laptop rather than your workplace computer to do your job. Who will cover the loss if your laptop is damaged during work hours because your child spills water on it? Home insurance often includes a protection for business property like computers or printers that are broken or lost on your home premises. However, the protection is usually $2,500 or less, and you have to pay a deductible first.

For this reason, as soon as you are able, you should call the human resources department of your employer to find out how the company’s insurance plan will protect you working from home. If you learn that your employer’s insurance plan might not cover personal property that you are using for work, ask if they can provide a laptop or other equipment for you. If your employer is unable to provide you equipment, consider requesting or purchasing an endorsement. An endorsement or rider is a change to your official home insurance policy, sometimes requiring a one-time fee. You can use an endorsement to increase the level of your business property coverage.

Thinking it through

Once you understand how your employer’s insurance will cover you working from home, determine whether any of your work activities could impact your home insurance premiums and coverage limits. In most cases, your policy should be unaffected. However, if you have to store some of your employer’s inventory or products in your home, both your home insurance coverage limits and your premiums could go up. The same holds true if you frequently have business guests visit your home. Review the personal liability coverage of your home insurance policy to make sure these issues will not affect you.

Also consider whether you will have to use your personal vehicle for work activities. If so, consider asking your employer to cover you with commercial auto insurance.

When you’re the boss

If you work a “side hustle” from home, the business property protection of your home insurance policy typically should cover your risks. However, if you work full-time as an independent contractor, you may be considered a full-fledged business by law. In this case, you might want to consider standard business liability and business property insurance to protect yourself. Depending on your work, you might also consider malpractice insurance and commercial auto coverage.

But what if you’re the owner of a small company with employees and you just transitioned all your employees to working from home? In that event, you’ll likely want to review your business insurance and workers’ compensation policies to make sure they cover the risks of working at home. Meet with your employees to set clear expectations for how you expect them to conduct themselves as telecommuters. Consider having employees comply with safety and security checklists for their at-home workspaces. You might also confirm that your employees are carrying up-to-date home insurance policies for extra protection.

Conclusion

As you can see, when working from home, the good news is your home insurance plan should be largely unchanged. However, there is a chance that in response to the COVID-19 pandemic, insurance companies might change the way they cover working from home in the future. It never hurts to have a discussion with your insurance agent so that you can be better prepared for tomorrow’s trends. 

SOURCE: Does home insurance cover working from home or a home business? (n.d.). TruStage Insurance. Retrieved June 23, 2022, from https://www.trustage.com/learn/life-happenings/work-home-insurance

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