Most people should sign up for Medicare when they reach 65; if they wait until later, they have to pay a significant penalty when they do sign up. There’s an exception, though, for people who are still employed at age 65 and are covered by a group health plan. These people can delay signing up for Medicare without a penalty. But here’s a common problem: Suppose you’re no longer working when you turn 65, but you’re
Jim Morrison, the lead singer of the popular rock band The Doors, died in 1971 at age 27. Before his death he had signed a simple, one-page will that left everything to his girlfriend, Pamela Courson (or if she died before he did, to his brother and sister). As a result of the will, Pamela inherited his entire estate. Pamela herself died shortly afterward of a heroin overdose. Because Pamela didn’t have a will, most of Morrison’s
Some residents of assisted living facilities who are covered by Medicaid are at risk of being evicted if they leave the facility for a period of time – even if they leave merely for a temporary hospitalization. This is a significant problem that seniors should be aware of when they are planning for long-term care. In general, Medicaid will pay nursing homes to hold a room for a Medicaid recipient who is temporarily absent due to
An 81-year-old woman in Rhode Island was evicted shortly before Christmas from the home she had lived in for more than 40 years – because she failed to pay a $474 sewer bill. A corporation then bought her house at a tax sale for $836.39…and later resold it for $85,000. While this is an extreme case, it’s a symptom of a growing trend. More and more seniors around the country are being forced to pay large,
The American Taxpayer Relief Act of 2012 approved by Congress just after we plunged over the “fiscal cliff” restores and modifies several expired tax breaks, but doesn’t address other issues. Here are the highlights of the new law’s provisions for individual taxpayers. Individual income taxes. Only the wealthiest taxpayers face an income tax increase in 2013. A new individual tax rate of 39.6% will apply to single filers with income above $400,000 and joint filers with
The IRS and the Social Security Administration have published some inflation-adjusted numbers for 2013. Use these numbers as you begin your tax and financial planning for 2013. Social security taxable wage limit for 2013 will be $113,700. Retirees under full retirement age can earn up to $15,120 without losing benefits. The threshold for unearned income a child can earn in 2013 without having the kiddie tax apply is $2,000. The amount that can be given each
Emotions add zest to life. They propel us to our feet when our favorite running back scores a touchdown. They warm us at an inspirational concert or movie. But in the realm of business, emotions sometimes hinder good choices. In fact, business owners and managers often let emotions dominate the decision-making process. This is especially true when choices are based on “sunk costs.” Broadly defined, sunk costs are past expenses that are irrelevant to current decisions.
It’s time to file various tax returns once again. Among the tax deadlines you may be required to meet in the next few months are the following: * January 15 – Due date for the fourth quarterly installment of 2012 estimated taxes for individuals unless you file your tax return and pay any taxes due by January 31. * January 31 – Employers must furnish 2012 W-2 statements to employees. Payers must furnish payees with Form
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