What is IRMAA? It is the Income Related Monthly Adjustment Amount (IRMAA) to Medicare B and Medicare Drug coverage amounts that are paid monthly, either by a deduction from a person’s Social Security check or paid directly to Medicare. These are not premiums paid for separate supplemental health and drug coverage plans or Medicare Advantage… Read More »
Inflation has skyrocketed during the previous 18 months, reaching 40-year highs this summer. It is currently above 8% on an annual basis. Inflation is essentially caused by too much money in the hands of buyers and not enough goods to purchase in the marketplace. Government-mandated Covid shutdowns decreased the supply of goods worldwide. In addition,… Read More »
As many of you have heard in the news, the Biden-Harris administration has been working on a one-time student debt relief plan. The plan allows for a maximum of $10,000 in debt relief to non-Pell Grant recipients and a maximum of $20,000 in debt relief for Pell Grant Receipt. The following are a couple of… Read More »
Since the Affordable Care Act (ACA) was passed in 2010, reduced-cost health insurance premiums are offered through the online marketplace. However, through 2020 you did not qualify for those reduced premiums if your household income exceeded 400% of the federal poverty level based on the number of people in your household. This was a hard… Read More »
Employee Retention Credit or ERC. Many of you have heard about this recently. There are numerous radio ads, mailers, flyers, and spam emails concerning ERC, how you qualify for it, and how the company posting the ads can get you back tens if not hundreds of thousands of dollars in refunds. The ERC is real.… Read More »
IRS Delays Continue As many of you are aware, the IRS is extremely behind in virtually all aspects since the pandemic started in 2020. Per the IRS website, here is a summary of how significant the backlog currently is. As of June 10, 2022 More than 11 million individual tax returns have not been processed… Read More »
2021 had several temporary tax changes that are now no longer available. Here are some highlights of a few rule changes that are in effect for 2022. Child Tax Credit: There will be NO advance of child tax credit in 2022. The child tax credit for qualifying children drops back down to a maximum amount… Read More »
In March of 2022, Governor Mark Gordon signed into law the State of Wyoming Property Tax Refund Program that allows qualifying homeowners to claim a refund on a portion of their property taxes paid in 2021. The applications for this program are due Monday, June 6,2022. To qualify for this program, you must meet certain… Read More »
The trading of cryptocurrency is becoming more and more of a common practice in today’s world. Cryptocurrencies like Bitcoin, Ethereum, XRP, and many more are becoming household names. The IRS is aware of the increased popularity and in the past several years has brought it to the forefront of their attention to ensure taxpayers are… Read More »
Historically, businesses were able to deduct 50% of the cost of business meals and beverages so long as the business owner and/or an employee were present at the meal. Meals and beverages are deductible in the case of business travel (i.e.: an owner/employee are out of town away from home overnight for business purposes) or… Read More »