Most Americans will eventually receive Social Security and Medicare benefits. Each year, the Trustees of the Social Security and Medicare Trust Funds release lengthy reports to Congress that assess the health of these important programs. The most recent report, released on April 22, 2020, discuss the current financial condition and ongoing financial challenges that both […]
Yes, Unemployment Benefits Are Taxable
Two emergency relief bills passed in 2020 in response to the COVID-19 pandemic will make this an unusual tax season for many taxpayers. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed in March, and a second relief package was attached to the Consolidated Appropriations Act, 2021, in December. The federal government relied […]
Student Loan Relief Extended Through September 30, 2021
The Coronavirus Aid, Relief, and Economic Security (CARES) Act suspended federal student loan payments and involuntary collections such as garnishments in 2020. In addition, interest rates on federal student loans were reduced to 0%. These provisions expired on December 31, 2020. On January 21, 2021, President Biden, extended these provisions through September 30, 2021. Borrowers […]
Federal Tax Filing Season Starts Soon
The IRS has announced that the federal income tax filing season for tax year 2020 returns begins on Friday, February 12, 2021. Although tax seasons frequently begin in late January, the additional time will allow the IRS to update its programming and test its system to take into account any changes made by the Consolidated […]
$86…and change
What would the average medical doctor have to do to earn $86? Well, according to Medicare, that’s the amount the doctor will be paid if he or she spends up to thirty minutes talking with a patient about their wishes for end-of-life care. The Centers for Medicare and Medicaid Services (CMS) approved this billing code […]
‘Tis the season…
The end of another year is almost upon us, and that means that we have some celebrating to do. Regardless of how you do it or what you call it, almost every culture around the world has some type of revelry they engage in to help get them through the chill and darkness of the […]
Ch-ch-ch-ch-changes
Changes are afoot on the Social Security and Medicare fronts for 2016. Both programs are implementing measures that will have an impact on anyone who is currently retired or those making retirement plans over the next few years. Let’s look at Medicare first. Medicare Part B, which covers services like outpatient doctor visits and preventative […]
Take (care with) Your Medicine
Prepare yourself for the paper deluge! If you are a Medicare enrollee, you will probably notice an uptick in the amount of mail you receive during the next couple of months. That’s because we are about to enter that special time of year designated to be the open enrollment period for Medicare plans. Various Medicare […]
File Under…
My mother was a neat and organized woman. Once a year she took the time to sort through “important papers”, keeping those that were still relevant and tossing those that were outdated. She would also write out an inventory of her valued possessions and their current location. These inventive hiding spots included a coffee pot, […]
Time Passages
Time is a slippery concept to talk about because it seems to distort a little more with each year you add to your lifespan. We all remember the days as kids when the eight or so weeks of summer vacation seemed to stretch out for an eternity, and each individual day seemed to hold infinite […]