When to File Taxes in 2021: Key Dates and Insights

Intro

Filing taxes can feel like navigating a maze, especially when faced with deadlines and a flurry of regulations that seem to change by the hour. Understanding when and how to file your taxes in 2021 is crucial for both complying with the law and optimizing your financial obligations. This guide is crafted to ensure that you approach your tax responsibilities with clarity, allowing you to make informed choices in an otherwise complex landscape.

Key Terms and Definitions

When discussing taxes, it’s paramount to be familiar with certain key terms. Here are a few definitions that will come in handy:

Filing Status: Your filing status affects your tax rate and the deductions you're eligible for. Common statuses include Single, Married Filing Jointly, Head of Household, and Married Filing Separately.
Deductions: Tax deductions reduce the amount of income that is subject to tax. Common deductions include mortgage interest, state taxes paid, and charitable contributions.
Credits: Unlike deductions, tax credits reduce the tax owed, dollar-for-dollar. Common tax credits include the Earned Income Tax Credit and the Child Tax Credit.
Deadline: The date by which you must file your tax return. For 2021, this was typically April 15, unless you filed for an extension.

Understanding these terms is essential as they directly influence the outcome of your tax filings. With the right knowledge, you can approach tax season confidently, avoiding mistakes that could cost you financially.

Important Deadlines

Tax season can be linear, yet the implications of misunderstanding deadlines can spiral out of control. The primary deadlines to keep in mind for the 2021 tax year were:

April 15, 2021: By this date, individual tax returns were originally due.
October 15, 2021: If you filed an extension, this was the final deadline for your tax return.

Filing on time is essential. Late filings can result in penalties, which compound the longer you wait. Even if you cannot pay your taxes, filing on time helps reduce potential penalties.

Eligibility Criteria

Each taxpayer’s situation is unique, and eligibility for certain deductions or credits can depend on your personal circumstances. Here are some key considerations:

Income Level: Your total income can affect which tax brackets you fall into.
Filing Status: As mentioned earlier, your status can also influence deductions and credits.
Age and Dependents: Some credits are available only if you have dependents or if you are a certain age.

It’s crucial to assess your own situation to understand what you are eligible for, as forgetting about a deduction or credit could mean leaving money on the table.

Exemptions

Though the personal exemption was eliminated in 2017, understanding other forms of relief can still play a significant role in your tax obligation. Familiarize yourself with:

Standard Deduction: This amount lowers your taxable income. For 2021, the standard deduction was $12,550 for single filers and $25,100 for married couples filing jointly.
Itemized Deductions: If your deductible expenses exceed the standard deduction, you can itemize instead. This could include deductible medical expenses, property taxes, and mortgage interest.

Implications of Late filings

Filing late can create more than just a headache. The penalties can include:

A late-filing penalty that grows based on the amount of tax owed.
Interest accrual on unpaid taxes can pile up quickly.

The IRS is not keen on late filings, and it's best to avoid this scenario if possible. Filing on time—even if you cannot pay the full amount—is often better than delaying your taxes.

Remember, knowledge is your best ally during tax season. The clearer you are on your obligations and deadlines, the better you can manage your finances.

Navigating tax season may not be the most exciting activity, but it’s a necessary part of financial health and compliance. Stay informed, keep good records, and remember: a well-prepared return can lead to a smoother filing experience.

Understanding Tax Filing Basics

Tax filing serves as the heartbeat of the financial year for many individuals and businesses alike. Understanding the intricacies involved in this process is paramount. Knowledge of tax filing basics equips taxpayers with the tools to navigate their obligations effectively. It’s not merely a bureaucratic chore; it’s a gateway to ensuring financial health, compliance, and, ultimately, peace of mind.

What Are Taxes?

Taxes are essentially the lifeblood of governmental operations, a means for funding public services, infrastructure, and various social programs that benefit society at large. They come in various forms, such as income taxes, sales taxes, property taxes, and many more. The federal government levies different taxes based on income levels, while state and local governments can impose their own taxes.

In simpler terms, taxes are mandatory contributions imposed by a governing body. When you earn money, the government claims a slice—sometimes a hefty slice—of that loot. For many, this might stir feelings of discontent, but taxes play a vital role in maintaining civil society, from fixing potholes to funding schools and hospitals.

Importance of Filing Taxes

Filing taxes is not just about compliance; it’s a necessary part of responsible citizenship. When you file your taxes:

Contribute to Public Services: Taxes fund essential services like police and fire departments, schools, and public parks.
Avoid Penalties: Failing to file taxes on time can lead to significant penalties. It’s like forgetting to pay your rent; it leads to bigger problems down the road.
Claim Refunds and Credits: Many people overlook potential refunds or tax credits they might qualify for. By filing, you ensure you receive any money you’re owed.
Improve Creditworthiness: Maintaining a clean tax record can enhance your credibility with financial institutions. After all, lenders prefer those who play by the rules.

Understanding these basics lays the groundwork for ensuring that you not only meet your obligations but also harness the benefits that come from responsible tax filing. It's about being proactive, not reactive.

"Tax filing may seem tedious, but it's an opportunity to ensure you are in control of your financial destiny."

Beyond just crunching numbers, knowing when and how to file taxes opens doors to financial literacy and fortifies your position in the broader economic landscape.

Key Dates for Tax Filing in

Understanding the key dates for tax filing in 2021 is crucial for anyone who earns income or is involved in financial transactions. Missing these dates can lead to penalties, interest, and unnecessary stress. This section outlines the timeline for the tax season, identifies critical deadlines, and provides insights into making the most of your tax filing experience.

Tax Season Overview

The tax season for 2021 kicked off on February 12, when the IRS began accepting e-filed returns. It is important for taxpayers to grasp the scope of this time frame. Typically, the tax season lasts until April 15, which is when the majority of taxpayers aim to have their returns filed. This season, however, offered unique circumstances due to external factors, such as the ongoing pandemic, prompting special considerations for individuals who faced challenges in gathering necessary paperwork. Knowing where you stand in this timeline can save you time and frustration.

Important Tax Deadlines

January Deadlines

January is often the calm before the storm. While not much happens in terms of actual filing, there are important preparatory deadlines that should not be overlooked. One pivotal aspect during this month is ensuring that all W-2s and 1099s are delivered to you. Employers need to provide these forms to their employees by January 31. This deadline is crucial because it allows individuals to start collecting necessary documents right from the start of the year.

With correct and timely documents, individuals can better prepare their tax returns, reducing the likelihood of errors later. Filing comes much easier when you have everything readily on hand. However, if you find discrepancies in the documents, it’s essential to address them swiftly. Ignoring issues may complicate your filing later on.

February Overview

When February rolls in, things become more serious. Following the IRS's announcement of the e-filing start date, individuals have a chance to file as soon as they receive their forms. The first official week of February often sees a rush as many taxpayers, eager to complete their obligations, attempt to file. It becomes a bustling period, and for good reason. The sooner you file, the sooner you may receive your refund if you are eligible for one.

Nonetheless, there are caveats to consider. Some may flash-filing returns prematurely may lead to mistakes if all documents are not accounted for. It's a balancing act between eagerness and diligence, and it’s essential to take your time to ensure everything checks out.

Final Filing Dates

March and April are when the proverbial rubber meets the road. The absolute final filing date for 2021 taxes typically falls on April 15. In 2021, that date was extended due to various factors, granting taxpayers additional time. Knowing this deadline not only serves as an endpoint but also establishes a mental timeline for organizing documents, especially if you plan on itemizing deductions or claiming credits.

There’s a certain urgency that accompanies these final weeks. People often scramble at the last minute, rushing to meet the deadline. Some opt for extensions due to personal circumstances or to ensure more accuracy in their submissions. Yet it's worth reiterating that filing late can incur penalties.

Remember that the key characteristic of final filing dates is that they serve as a firm reminder to sum up everything and get it in before it’s too late. Waiting until the last minute can inadvertently lead to pitfalls, so staying aware of these dates is paramount to navigate through the tax filing labyrinth successfully.

Who Needs to File Taxes?

Understanding who needs to file taxes is a vital part of preparing for the tax season. It is not a one-size-fits-all situation; the criteria can vary significantly based on different factors. Filing taxes is not just a matter of governmental obligation; it is about meeting essential legal requirements while also safeguarding one’s financial health. Knowing whether one needs to file can save individuals from potential fees and penalties.

Filing Requirements by Income

Income is often the primary consideration when determining tax filing requirements. While the Internal Revenue Service (IRS) outlines basic thresholds, it is also important to account for age, filing status, and the type of income earned. In 2021, individuals under 65 generally needed to file if they earned at least $12,400. For those who are 65 or older, the threshold rose to $14,050. Here are some nuances to consider:

Single Filers: If you earn above the stated threshold, you must file. However, if your income is below, it is still advisable to file to possibly access various credits.
Married Filing Jointly: For couples filing jointly where both are under 65, the threshold is $24,800, while it is $26,100 if one spouse is over 65.
Head of Household: This status provides different thresholds, which, in 2021, required filing if income reached $18,650.

It’s important to keep in mind that even if you don’t reach the minimum income, certain circumstances—like receiving advance premium tax credits or being eligible for refundable credits—might still require you to file.

Therefore, those earning self-employment income or special payments like unemployment benefits need to file, irrespective of their income level. Every dollar counts in the eyes of the IRS.

Deductions and Exemptions

Another layer to the complexity of who needs to file taxes involves deductions and exemptions. Understanding these elements can have a substantial impact on tax liability. A deduction reduces the amount of taxable income, while an exemption removes specific amounts from taxes owed. In 2021, individual tax exemptions have been eliminated, but various deductions still exists:

Standard Deduction: For 2021, it increased to $12,550 for single filers and $25,100 for married couples filing jointly. Choosing the standard deduction can simplify the process immensely.
Itemized Deductions: Individuals with significant deductible expenses—like a mortgage interest deduction or medical expenses—may find that itemizing yields a larger tax benefit.

Though not strictly part of the filing requirements, awareness of deductions and exemptions could influence a decision to file. For many, the chance of obtaining a refund might outweigh the consideration of whether to file altogether.

Tax Filing Strategies

Understanding how to file your taxes effectively can make a significant difference in your overall financial health. While many people might categorize tax season as a chore, having a strategy in place can save you not only time but also money. This section emphasizes the importance of employing a thoughtful approach to tax filing, exploring various methods and professional support tools available at your disposal, as well as their unique features and drawbacks. Knowing how to leverage different filing strategies can help you navigate the complexities of tax obligations with greater ease and precision.

Choosing the Right Filing Method

Choosing the appropriate filing method is crucial for ensuring a smooth tax-filing experience. Ideally, you'll pick a method that aligns well not just with your income and financial situation, but also with your comfort level in managing financial tasks. There are two primary methods to consider: paper filing and electronic filing.

Paper Filing vs. Electronic Filing

When it comes to paper filing, you might find it comforting to have a tangible document in hand. Some individuals prefer the traditional route, feeling more at ease with a printed form they can physically mail to the IRS. However, the delay in processing can be a thorn in your side. Paper returns take significantly longer to process compared to their electronic counterparts. Moreover, you are at risk of common mistakes, such as missing signatures or incorrect mailing addresses.

Conversely, electronic filing has gained popularity for good reason. The convenience of sitting in front of your computer or using your phone to complete your taxes cannot be overstated. Electronic filing not only minimizes the likelihood of human error but also typically results in a faster refund turnaround. Most tax software programs have built-in checks and validation to help you avoid simple mistakes.

It’s worth mentioning that some folks still inch towards the traditional method, convinced it’s more secure. While both methods have their merits, e-filing wins in terms of efficiency. Many find that opting for electronic filing is a beneficial choice, especially in our fast-paced world.

Utilizing Tax Software

Tax software has become a game-changer in the filing process. Programs like TurboTax, H&R Block, and TaxAct simplify the paperwork and make filings relatively painless. A significant advantage is that they guide you through the process, asking questions that lead you to claim all applicable deductions and credits. For many, this user-friendly interface helps demystify the often-intimidating tax landscape.

These platforms also update regularly, meaning you are always aligned with current tax laws and regulations. Additionally, many offer e-filing as a standard option, streamlining the filing process further.

However, it’s vital to remain mindful of potential costs associated with premium versions of tax software. For simple returns, free versions may indeed suffice, but if your financial situation is more complex, you might end up shelling out more for advanced features.

In essence, utilizing tax software can be incredibly beneficial if you are looking for a balance between convenience and thoroughness. Just ensure that you assess your individual needs and choose a plan that suits your strategy best.

Seeking Professional Help

Sometimes DIY just doesn't cut it, and that's where seeking professional help comes in. Whether you're dealing with complicated investments, self-employment, or other financial intricacies, hiring a tax professional can provide a safety net. They not only understand the tax code in-depth but can also help you strategize for future tax years. The expertise brought in by these professionals can make the costly decision of mishandling your taxes less likely.

In summary, refining your tax-filing strategy is vital to navigate the complexities of the tax-filing season successfully. Whether you opt for paper, electronic filing, or choose to enlist professional help, making informed decisions can lead to significant savings and peace of mind. The key takeaway here is to choose a method that resonates with your financial situation and personal comfort level.

Common Mistakes to Avoid

When it comes to filing taxes, the journey can be a bit of a minefield. Navigating this complex landscape requires caution and diligence. Avoiding common mistakes can save you a world of hassle and possibly even a few dollars, making it crucial to approach tax season with a keen eye.

Overlooking Deductions

One of the most overlooked aspects of tax filing is the deductions available to taxpayers. Many individuals might not be aware of all the deductions that could apply to them, which could translate into missed opportunities for savings. Deductions, where you can subtract specific expenses from your taxable income, can significantly reduce the amount you owe to the government.

For instance, if you’re a self-employed individual, business-related expenses, from home office costs to mileage, can be deducted. Homeowners also benefit from deductions like mortgage interest and property taxes, so it's vital to keep detailed records throughout the year. Educational expenses, charitable contributions, and medical costs may also be eligible for deduction, provided they meet certain criteria.

To avoid overlooking these deductions:

Stay informed: Regularly review what deductions apply to your situation.
Maintain records: Keep meticulous receipts and documentation in order.
Consult professionals: When in doubt, don’t hesitate to check with a tax advisor to ensure you’re capitalizing on available deductions.

Incorrect Information

Providing incorrect information on your tax return can lead to severe consequences, including delays in processing and potential fines. Whether it’s mismatched names and Social Security numbers, incorrect amounts reported, or misspelled forms, these errors cause headaches that are easily avoidable with careful attention.

A common pitfall is failing to double-check entries before submitting. It might be tempting to rush through this process, especially as deadlines loom, but a little bit of extra time can help to catch mistakes that would otherwise go unnoticed. Something as simple as an incorrect numerical entry can flag your return for review, causing delays and possible penalties.

To avoid this trap:

Review your personal information: Ensure that all names, addresses, and Social Security numbers are accurate.
Cross-check financial data: Verify all income forms, such as W-2s or 1099s, to ensure accuracy.
Use technology wisely: If you’re filing electronically, take advantage of software that checks for errors automatically.

"An ounce of prevention is worth a pound of cure." Paying attention to these details now can aid in a smoother experience later.

By addressing these common mistakes proactively, taxpayers can enhance their filing experience and avoid unnecessary complications. Understanding the importance of deductions and the value of accurate information is crucial in the tax landscape. Safeguarding against these errors will also ensure compliance with tax laws, setting you up for success year after year.

Implications of Late Filing

Filing taxes punctually is crucial not just for compliance but for maintaining your financial health. The implications of late filing can ripple through various aspects of an individual's financial life, impacting future plans and even personal credit ratings. Understanding these repercussions is essential for anyone navigating the tax landscape, particularly in 2021, where many feel additional pressures due to ongoing economic shifts.

Penalties for Late Filing

The penalties for late filing are not to be taken lightly. Failing to file your tax return by the designated deadline can lead to steep financial consequences. The IRS has established specific penalties that can accumulate quickly, adding stress to your financial aside.

Failure-to-file penalty: This typically amounts to 5% of the unpaid taxes for each month the return is late, up to a maximum of 25%. For instance, if you owe $1,000 in taxes and you file your return three months late, you could face a penalty of $150 (3 months x 5%).
Failure-to-pay penalty: If you have not paid your taxes by the deadline, this penalty can also kick in at a rate of 0.5% of the unpaid amount for each month it remains unpaid. Persistent late payments alongside a late filing can compound problems significantly.

The risks associated with being late can feel like a ball and chain, weighing down future endeavors and financial goals. In summary, while it may be tempting to procrastinate or overlook your tax duties, the penalties can add insult to injury.

Interest on Unpaid Taxes

Alongside penalties, interest on unpaid taxes compounds the issue further. The IRS doesn’t just stop at penalties; they also charge interest on any taxes owed.

Interest rates: These rates are generally built on the federal short-term rate plus 3%, and they are compounded daily. This means that even if you file late but eventually pay your taxes, the interest can accumulate, transforming a moderate tax bill into a hefty sum.
Consequences of accrued interest: Let’s say you owe $1,000 in taxes and don't pay those taxes for a year. With an interest rate of, for example, 4% compounded daily, you could find that amount swelling to about $1,040 by the end of the year. The longer you wait, the higher those numbers can jump, edging you closer to a more significant financial burden that might affect your budget and investments.

In short, the implications of filing late extend beyond immediate penalties to include growing interest on debts that can trap you in a cycle of financial hassle.

Important Note: Staying proactive and filing your taxes on time not only shields you from penalties and interest but also allows you to focus on optimizing your finances going forward.

For those seeking to navigate through this complex situation, the IRS provides helpful guidance at www.irs.gov. Reviewing state-specific guidelines can also be beneficial to avoid additional pitfalls during the process.

State-Specific Tax Considerations

Understanding the intricacies of state-specific tax considerations is paramount when filing your taxes. Each state has its own unique tax laws, which can greatly influence your overall tax liability. By familiarizing yourself with these rules, you can avoid unexpected surprises and ensure compliance with local regulations. Moreover, acknowledging these distinctions can lead to strategic financial planning, potentially saving you a hefty sum.

Understanding State Obligations

Every state has its own set of tax obligations, which can include state income tax, property tax, sales tax, and, in some cases, additional local taxes. It’s crucial to differentiate between federal and state obligations, as what applies on a national level might not hold true at the state level. For instance, some states don’t impose an income tax at all, such as Florida and Texas, thus alleviating some burden for residents in those states. Conversely, states like California have a progressive tax system that can take a considerable chunk out of higher incomes.

Being aware of your state obligations allows you to:

Understand your tax structure: Knowing whether you are subject to income or other applicable taxes helps in planning your finances effectively.
Anticipate additional fees: Some states add on fees for late filings or for underpayment, so keeping your filing in line with state requirements is essential.
Leverage state-specific deductions: Certain states offer tax credits or deductions that can significantly reduce your taxable income.

Differences Between States

Taxation doesn’t stop at just understanding obligations—knowing how states differ can influence your decision on where to live, work, and even invest. For example:

Tax Rates: States have varying tax rates, with some imposing a flat rate while others utilize a progressive scale. This difference means that two individuals earning the same income may end up with different tax bills depending on their residential state.
Deductions and Credits: Not all states offer the same deductions. For instance, while New York provides a credit for rent, Arizona might not have any equivalent. Understanding these differences can lead to more effective tax planning.
Local Taxes: Some states allow cities to impose their own taxes, resulting in a patchwork of rates. For instance, New York City residents pay additional local taxes on top of state taxes, which isn't the case in many other states.

In essence, being informed about these variations can help you make smarter financial choices:

Choosing a residence: If you have flexibility on where to live, you might consider states with more favorable tax laws.
Adjusting investment strategies: Some states tax investment income differently, affecting returns based on your portfolio decisions.

"State tax laws can be a minefield—understanding your responsibilities can make a world of difference in your financial outcomes."

Being aware and proactive about state-specific tax issues will not only keep you compliant but could also open the door to potential savings and a more profitable tax experience.

For further reading, check out resources at irs.gov or your respective state's tax authority website.

Post-Filing Considerations

After you have successfully filed your taxes, the process isn’t over just yet. Understanding post-filing considerations is crucial for ensuring a smooth experience as you await your return and manage any potential issues that might arise. This section lays out essential elements like the processing time for returns and what to expect regarding refunds. Whether you're an individual investor or someone who keeps a close eye on your financials, grasping these aspects can have real implications for your financial planning.

Processing Time for Returns

The processing time for tax returns can feel like an eternity, especially if you’re anticipating a refund. Typically, the IRS processes electronic filings faster than paper returns, often within 21 days for e-filed returns. However, if you're one of those folks who prefers a good old-fashioned paper submission, you may find yourself twiddling your thumbs for six to eight weeks before seeing any movement.

A few factors can impact how long it takes to receive your refund:

Type of Filing: E-filing is generally quicker. A return submitted electronically can be processed in a flash, whereas mail filings take longer.
How Accurate Your Return Is: Mistakes can slow the process down. If the IRS finds an error, they will likely need more time to sort it out. Check your information—it can save you a load of waiting time.
Additional Reviews: Certain factors may trigger further investigation, like inconsistencies or claims for tax credits. If that happens, your return might just get delayed, causing frustration.

“It never hurts to keep a close watch on your status. Tools like the IRS’s ‘Where’s My Refund?’ can provide updates on where things stand.”

Arming yourself with this knowledge can significantly reduce the stress that often comes after filing. Set a calendar reminder for the typical processing times applicable to your situation, so you can keep track of when you should follow up, if necessary.

Understanding Refunds

When it comes to refunds, having a comprehensive grasp means knowing not just why you might receive one, but also its effect on your bigger financial picture. A tax refund comes typically when you’ve overpaid your taxes throughout the year. This might occur through withholding from your paycheck or estimated tax payments. But understand that a refund is essentially an interest-free loan to the government, as you’re getting back your own money.

Here are some key points to consider:

How to Use Your Refund: While it can be tempting to splurge, think strategically. Allocating your refund toward debts or savings can enhance your financial stability. Perhaps consider contributing to an IRA or even paying down high-interest credit card debt.
Refund Options: The IRS gives you several options when it comes to your refund. You can choose to have it directly deposited into your bank account, which is generally the fastest method. Alternatively, you can opt for a check, which tends to take longer.
Tracking Your Refund: Stay on top of your refund status online. The best port of call is the IRS refund tracking tool. Having a clear idea of when you can expect the money helps in planning for any upcoming expenses.

Navigating post-filing concerns can make all the difference between a tax season fraught with anxiety and one that concludes smoothly. By understanding processing times and how to manage your refunds, you empower yourself to handle this time of year with confidence and clarity.

The End and Final Thoughts

As the curtain falls on another tax season, it’s crucial to take a moment and reflect on the importance of timely tax filing. Understanding the complexities of taxes can be overwhelming, yet every individual has a responsibility to stay informed and manage their personal finances wisely. Timely filing sets the stage for a smoother financial year ahead. By adhering to deadlines and being aware of specifics regarding deductions or credits, one not only avoids penalties but also opens the door to potential refunds or tax benefits.

Filing late, or overlooking even minute details, could result in unexpected setbacks—whether it's fines, missed deductions, or delays in receiving refunds that could have been put to better use. Clear and organized documentation should be a priority. Keeping receipts, and using reliable software can help mitigate headaches down the line. The repercussions of being careless can far outweigh the effort of filing accurately and promptly.

Importance of Timely Filing

Filing taxes on time is not just a matter of compliance; it's a proactive step toward financial stability. The consequences of leaving it until the last minute can be detrimental. Here are key considerations supporting timely filing:

Penalties and Interest: If you do miss the filing deadline, the IRS will impose penalties, and these can add up quickly. Interest on unpaid taxes accumulates daily, which is another reason to stay ahead of deadlines.
Maximizing Refund Opportunities: Filing early can expedite refund processing. If taxpayers are eligible for credits such as the Earned Income Tax Credit or Child Tax Credit, getting those forms in earlier can make a difference in cash flow.
Peace of Mind: Knowing that your taxes are filed means less stress and fewer worries. The weight lifted from your shoulders can allow you to focus on other important financial planning.

"The road to financial freedom is paved with timely and accurate tax filings."

Staying Informed for Future Tax Seasons

The landscape of tax requirements is ever-evolving. New laws, various deductions, and potential changes in state laws make it essential to keep your finger on the pulse. Here are several ways to stay informed for future seasons:

Follow Trusted Tax Resources: Websites like IRS.gov and other trusted financial websites provide updates on tax laws and compliance changes. Moreover, tax professionals are often a wealth of information when it comes to your unique situation and potential state-specific changes that may not be broadcasted widely.
Participate in Workshops or Seminars: Local libraries or community centers sometimes hold workshops on tax preparation and understanding tax obligations, providing a chance to ask questions directly.
Stay Connected: Engage in discussions in online forums or communities such as Reddit or Facebook groups where financial enthusiasts gather. Sharing experiences and strategies can open new avenues for understanding complex tax topics.

More Amazing Articles:

Conceptual representation of Indexed Universal Life Insurance