Retirement & Financial Planning

Medicare Card Scam

June 5, 2018 by Frank

Medicare Card Scam

Temporary Medicare Card Scam

Although you may not be enrolled in Medicare, you may have family members, neighbors or employees who are, and this is important information that should be shared with them.

Medicare is administered by the Centers for Medicare & Medicaid Services (CMS), a federal agency within the U.S. Department of Health and Human Services (HHS). Due to concerns about ID theft, CMS is mailing to all Medicare recipients a new Medicare ID card. This has been a year-long project to hopefully deter ID theft of Social Security numbers (SSNs). Despite the headlines of major companies who have had data breaches, many of the ID thefts have originated in the medical industry (e.g., doctors’ offices, hospitals). To help combat ID theft, an important step [Read more…] about Medicare Card Scam

Customer Needs Analysis

May 2, 2018 by Frank

Research, Research & Research – And Adapt

This list of companies is quite impressive: Blockbuster Video, Xerox, Kodak, U.S. Steel, Polaroid, Borders Books, Sears, Pan-Am, Hummer, Blackberry, Abercrombie & Fitch, JC Penny, and many other major brand-name companies. These companies used to be considered some of the brightest and best in their industry. However, their failure to assimilate and adapt led to their ultimate or eventual demise. Tunnel vision is common today. When one has a successful business, the assumption is often made to just keep doing what has always been done and those profits will continue to pour in.

Successful companies (and individuals) need [Read more…] about Customer Needs Analysis

SOCIAL SECURITY AGE CONSIDERATION: DOES WORKING AFFECT BENEFITS?

April 10, 2018 by Frank

SOCIAL SECURITY AGE CONSIDERATIONS

DOES WORKING AFFECT BENEFITS?

Some individuals retire and begin to collect their hard-earned Social Security retirement benefits. What happens if they decide to work in their retirement years?

First, the individual is allowed to receive Social Security retirement benefits and work at the same time. However, if the person is younger than full retirement age and makes more than the yearly earnings limit, the Social Security Administration (SSA) will reduce the recipient’s monthly benefit. Here is how the reduction works. [Read more…] about SOCIAL SECURITY AGE CONSIDERATION: DOES WORKING AFFECT BENEFITS?

DOES IT MAKE SENSE TO PAY DOWN YOUR MORTGAGE?

April 3, 2018 by Frank

DOES IT MAKE SENSE TO PAY DOWN YOUR MORTGAGE?

Effective with the 2018 tax year, the Tax Cut and Jobs Act (ACT) reduced the allowable deductions for individual taxpayers who itemized their deductions on Schedule A. While that is true, one also needs to focus on the increased standard deduction.

The ACT, effective for the 2018 tax year, increases the standard deduction to $12,000 for single taxpayers and $24,000 for married couples filing a joint tax return (MFJ).

For this exercise, let’s focus on MFJ returns. In 2017, the standard deduction was $12,700. If a married couple had itemized deductions that exceeded the standard deduction of $12,700, they would itemize their tax deductions on their 2017 Form 1040.

Looking at the increase in the standard deduction, MFJ returns that have less than $24,000 of itemized deductions in 2018 (taxes capped at $10,000, mortgage interest, & charitable deductions) would claim the standard deduction rather than itemize.

If your itemized tax deductions had included mortgage interest, [Read more…] about DOES IT MAKE SENSE TO PAY DOWN YOUR MORTGAGE?

HAVE YOUR PARENTS’ U.S. TREASURY BONDS MATURED?

March 20, 2018 by Frank

HAVE YOUR PARENTS’ U.S. TREASURY BONDS MATURED?

Many persons complain about the very low interest that money market accounts pay. While that is of concern, how many persons hold U.S. treasury bonds that have matured? Do they realize that these bonds, once they have matured, pay zero interest?

In addition to checking your own portfolio, be sure to check with your parents and other elderly family members who may be on a fixed income to make sure that they are not holding bonds that are not throwing off any income.

The U.S. Treasury has a Savings Bond Calculator on its website that calculates the final maturity date, reflects current interest rate being earned, the next accrual date for payment of interest, and year-to-date interest earned.

To learn more about U.S. Treasury Bond Planning, we suggest [Read more…] about HAVE YOUR PARENTS’ U.S. TREASURY BONDS MATURED?

How to Lose Social Security Benefits

December 26, 2017 by Frank

If you are self-employed and procrastinate filing your personal income tax returns, you not only run the risk of losing a tax refund because your Form 1040 return was filed after the statute of limitations for claiming a refund had expired, but you will also lose social security credits which may impact your social security benefits.

The social security code (42 U.S.C. 405(c)(4)) says you have to report the SE income [Read more…] about How to Lose Social Security Benefits