Each year, certain tax figures are adjusted for inflation. While most figures are unchanged versus 2016, there is more than a 7% increase to the maximum earnings subject to social security tax. Take note of these numbers to use in your 2017 planning.
February 28 Payers must file information returns (except certain Forms 1099-MISC with non-employee compensation payments in box 7, which are due before February 1) with the IRS. (Except for certain Forms 1099-MISC outlined earlier, the deadline is March 31 if filing electronically.) Forms 1095-B and 1095-C due to the IRS, if filing on paper. March 1 Farmers and fishermen who did not make 2016 estimated tax payments must file 2016 tax returns and pay taxes in
“Annuity doublers” are being touted as a new alternative to long-term care insurance. But are they a good idea? Long-term care plans have become much more expensive lately, pricing many older people out of the market. As an alternative, some companies are offering annuities that have a “nursing home doubler.” With this option, the amount of monthly annuity income you would normally receive is doubled during any period you’re in a nursing home, which will help
Seniors who are dependent on others due to illness, disability or cognitive impairments may be susceptible to financial abuse and fraud. The culprits may be outside predators, hired caregivers, or in some cases even relatives. If you or a family member is increasingly dependent, there are some simple but important steps you can take to reduce the chance of abuse. The most important step is to have a trusted family member or friend be involved in
An estate planning technique that was very popular some years ago is still present in many people’s wills, especially if they haven’t reviewed their estate plan in a while. But this technique – called a “bypass trust” – might now actually increase taxes rather than decrease them for many people, as a result of changes in the law in the last few years. If you haven’t reviewed your estate plan recently, now is a good time.
Voting is the foundation of any democratic system, but it isn’t easy if you’re in a long-term care facility. Residents of nursing, assisted living and other facilities face a number of challenges in voting, from registering to actually casting a ballot. When you move into a nursing home or assisted living residence, your address changes, which means you’ll probably need to re-register to vote based on your new address. You can register in person, by mail,
When Judy Hanttula came home from the hospital after surgery last November, her doctor’s office called with bad news: Records showed that even though Judy had signed up for Original Medicare, she was nevertheless enrolled in a Medicare Advantage plan. Original Medicare wouldn’t pay for the surgery because she now had an Advantage plan, and the Advantage plan wouldn’t pay for it because her doctor and hospital weren’t in its network. So Judy was on the
In general, you can expect your federal refund to be issued approximately 21 days after your electronically filed tax return has been accepted. However, identity theft is still a major problem, and the IRS continues to implement new strategies to protect taxpayer data. For example, if you claim the Earned Income Tax Credit or Additional Child Tax Credit on your 2016 individual federal income tax return, your refund will be held until February 15.
Have you noticed the price of gas? So has the IRS – and the reimbursement rate for business mileage has gone down as a result. The new rate for 2017 is 53.5¢ per mile, down from the 2016 rate of 54¢ per mile. The rate for medical and moving mileage also decreased. Effective January 1, the standard rate is 17¢ per mile, down from last year’s 19¢. The charitable mileage rate remains 14¢.
Shaping up your finances in 2017 may seem like a big goal, perhaps even too daunting. But if you take one small step at a time, these small steps will add up. Here are suggestions. * Shift out of automatic. Have you established automatic bill pay at your bank or service provider, or automatic charges to your credit card? Small step: Look for payments for goods or services you no longer use, such as recurring monthly
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