Medicare Part B premiums are automatically deducted from Social Security, Railroad Retirement Board, and Office of Personnel Management payments. The standard Medicare Part B premium is adjusted based on a taxpayer’s Modified Adjusted Gross Income (MAGI). MAGI for Medicare purposes is the taxpayer’s AGI plus any tax-exempt interest. Medicare uses a taxpayer’s MAGI from two
Each year, the Social Security Administration announces the annual cost-of-living adjustment (COLA). The Social Security Administration has announced that Social Security and Supplemental Security Income (SSI) benefits will increase for 2024.
Understanding Required Minimum Distributions (RMD) is imperative for effective retirement planning. RMD rules can be complicated and difficult to understand, so we’ve outlined common questions and explanations to help you.
As cherished members of our families, pets provide us with unwavering companionship, comfort, and love. When creating an estate plan, it’s important to consider the well-being of your loved ones, including your furry friends. Estate planning for pets ensures that they will continue to receive the care and attention they deserve even after you’re no
A Qualified Charitable Distribution (QCD) is a helpful tax-planning tool for those who are charitably inclined. It is a charitable donation from an Individual Retirement Account (IRA).
Charitable gifting can occur throughout the year; however, many individuals and families focus on their charitable giving in the fourth quarter as it coincides with annual tax planning. Charitable donations are tax deductible for individuals who itemize their deductions when they file their tax return. The annual deduction limit for gifts to public charities is