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2017 Social Security Changes
The Social Security Administration has announced its increases to the 2017 maximum amount of earnings subject to the Social Security tax and the monthly benefits to be paid to Social Security...
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Social Security Insurance (SSI) Disability Payments Cause a Tax Nightmare
We came across this article in the September 2016 issue of NATP Taxpro and felt compelled to share it with our readers. A male federal postal worker suffered an injury that required several surgeries....
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6.5 Million Individuals in U.S.A. Are Age 112 or Older. Really?
We think it relevant to remind individuals to periodically check on their Social Security earnings and future benefits. The Social Security Administration (SSA) provides an online service which we...
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How to Avoid a Geriatric Surprise Bill
Erin Arvedlund of Phillynews.com recently wrote an article alerting consumers about health care providers and “bed hold” charges. We believe that many persons are unaware as to what a “bed hold” charge...
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You Need to Update Your Beneficiaries
Unfortunately, it seems that every tax season we learn that a client’s spouse passed away and there was no will. Perhaps the plan was to have this matter done at a later date. Let us assure you that if...
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Planning for College Tuition
If you are a parent with young children, it is never too early to begin to save for the high cost of a college education. Here are two popular tax-favored programs you can consider. Keep in mind that...
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PA Filial Law and Long-Term Care Insurance
With the demographically large baby boomer generation moving into retirement, we may see an increasing number of people without the financial resources to support themselves in their golden years. What...
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The Medicare Coverage Trap
Do not fall into the Medicare coverage trap! Let’s look at a hypothetical situation. You find yourself retiring and your employer has a very good medical plan. Rather than signing up for Medicare (Part...
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The Cost of Borrowing from Your 401(k) Plan
If your employer has a 401(k) plan, the plan likely has a provision that allows you to borrow from the plan. Although the plan will charge you interest on the amount borrowed, the repayment of the...
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Revocable Trust vs. Irrevocable Trust
Financial planning includes periodically meeting with an experienced estate tax attorney to ensure that one’s estate plan is current and meets the objectives of the individual. When meeting with legal...
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How to Lose Social Security Benefits
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...
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HAVE YOUR PARENTS’ U.S. TREASURY BONDS MATURED?
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...
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DOES IT MAKE SENSE TO PAY DOWN YOUR MORTGAGE?
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...
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SOCIAL SECURITY AGE CONSIDERATION: DOES WORKING AFFECT BENEFITS?
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...
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Customer Needs Analysis
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,...
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Medicare Card Scam
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...
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New Medicare Cards
New Medicare Card Mailing Is Complete New Medicare Cards Have Been Issued, These Action Steps Need To Be Taken In our June 5 2018 blog posting, we discussed that Medicare recipients were going to...
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Get IRS Transcripts Now
Avoid the Rush: Request Your IRS Transcripts Online Today It’s a Good Idea to Obtain a Copy of Your IRS Tax Return Transcripts – You Never Know When You Will Need Them Most taxpayers maintain copies...
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Retirement Accounts – Protected in Bankruptcy?
Retirement Accounts – Which Ones Are Protected in Bankruptcy? Knowing the Bankruptcy Rules Can Help Protect Your Assets From Your Creditors When employees who have contributed to their employer’s...
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Retirement Planning – Health Savings Account (HSA)
Kiplinger published on January 5 an article by Kevin Webb, CFP, about using HSA accounts to fund retirement. Déjà vu: Our July 5, 2016 Blog Discussed this Strategy. When financial advisors write about...
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