Archive for the ‘Miser Tip’ Category:

medicare plan F vs. plan G

Written on August 21st, 2017 by Jamesno shouts

Came across these two videos that compare Medicare supplement plans F and G.  Most folks naturally gravitate toward Plan F since it covers the deductible, but that may not be the best choice.  Especially once you consider the higher premiums and higher annual increases associated with Plan F.

https://www.youtube.com/watch?v=sHj3-Y_gwUs

https://www.youtube.com/watch?v=bmU0KdQuxbU

 

Filed under Insurance, Miser Tip Tags:

Find unclaimed money in your name

Written on August 18th, 2017 by Jamesno shouts

Good article about a new website on Clark Howards site:  http://clark.com/personal-finance-credit/this-website-will-notify-you-if-theres-unclaimed-money-in-your-name/

Filed under Miser Tip Tags:

Redefining Retirement age……

Written on July 17th, 2017 by Jamesno shouts

Two legendary rock musicians performed in Atlanta last night.  Peter Frampton is 67 and Steve Miller is 73.  Quite an impressive show.  These guys show that age is only a number and should never be used to slow you down.

help a rural hospital, save on state income tax

Written on June 6th, 2017 by Jamesno shouts

There is a rural health crisis in Georgia and many rural hospitals are facing severe demographic, industry, and financial challenges. Now, you can pay your 2017 Georgia income taxes with a contribution to a qualified rural hospital, improving access to health care for their fellow Georgians.

A summary of the key features of SB 180 include:

·         90% of each contribution qualifies for an offsetting tax credit

·         A maximum credit of $5,000 for individuals and $10,000 for married couples

·         For AMT taxpayers, contributing may save them money

·         The tax credit pre-approval submission process takes less than two minutes

Learn more at http://www.georgiaheart.org/.

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What’s wrong with a rule that advisors have to act in their clients best interest?

Written on February 3rd, 2017 by Jamesno shouts

I’m not a fan of the government over regulation, but asking financial advisors to act in their clients best interest seems like a no brainer.  Why are the big guys asking Trump to repeal this rule?

Last minute tax deductions for 2016

Written on December 15th, 2016 by Jamesno shouts

You’ve got 2 weeks remaining in 2016, here is a quick checklist of ways to reduce your taxes:

  • max out your 401k ($18,000 + $6000 if over age 50)
  • max our your HSA if you have a High Deductible Health Plan ($6750 for families / $3350 for singles)
  • do you have any investment losses in a taxable account?  Sell now and deduct up to $3000

And don’t forget about Itemized Deductions on your Schedule A form, plan ahead and get more deductions:

  • Medical/Dental Expenses:  keep track of your out of pocket expenses.  If over 10% of Adj Gross Income you can deduct.
    • Long Term Care premiums can be included in this
  • State Tax or Sales Tax (you choose which one to deduct)
  • Personal Property Tax
  • Real Estate Tax
  • Mortgage Interest
  • Mortgage Insurance (PMI – deductible for some income levels)
  • Mortgage Points/Loan Orig fees (basically prepaid mortgage interest can be deductible)
  • CHARITABLE – big one you can do in the next two weeks
    • Cash donations to qualified charities are deductible (keep records and written verification from charity)
    • Non Cash Donations (donating household items to your favorite charity thrift store or qualified charitable institution)
      • < $250 just need to record name of organization and description/value of property
      • $250 to $500 need above + receipt from organization
      • $500 to $5000 have to list more details with tax return including form 8283, still very easy
      • >$5000 you will need to have an appraisal of the property.
  • Misc Itemized Deductions (may or may not be subject to 2% AGI threshold) :
    • Investment expenses and fees + some legal expenses
    • unreimbursed employee expenses
    • Job search expenses
    • Job related education
    • work uniforms (some restrictions here)

appealing medicare premium surcharge

Written on December 6th, 2016 by Jamesno shouts

To follow up on the previous video post: If you would like to appeal the “income surcharge” attached to your medicare part b premium, here is the form https://www.ssa.gov/forms/ssa-44.pdf

How to see everything Google knows about you

Written on November 8th, 2016 by Jamesno shouts

An interesting post from Clark Howard’s website on Google’s My Activity page:  http://www.clark.com/google-my-activity-data-dashboard-delete?utm_campaign=trueAnthem:+Trending+Content&utm_content=5821747304d3014e53b2b514&utm_medium=trueAnthem&utm_source=twitter

Filed under Miser Tip, Personal Finance Tags:

Medicare open enrollment time

Written on October 19th, 2016 by Jamesno shouts

Did you know the State of Georgia has a free service that can help answer your medicare questions?  It’s called Georgia Cares and help can be found here:  http://www.mygeorgiacares.org/

Filed under Miser Tip Tags:

increased tax savings on 529 contributions

Written on September 7th, 2016 by Jamesno shouts

I’m not sure how this news got by me, but the State of Georgia has increased the state tax deduction on 529 contributions:

New Georgia law doubles tax deduction for Path2College 529 Plan

May 05, 2016

ATLANTA — Governor Nathan Deal signed legislation that will double the state tax deduction for families filing a join tax return for contributions made to the Path2College 529Plan. Beginning with returns filed in 2017, joint filers are eligible to deduct up to $4,000 per beneficiary, per year, giving families even more advantages to saving for education-related expenses. Contributions up to $2,000 per year, per beneficiary remain deductible for those who file single or head of household. (Limitations apply. Read the Disclosure Booklet carefully for details.) Contributions to the plan made before the tax deadline each year are eligible for a state income tax deduction regardless of annual income.

House Bill 802, which was sponsored by Representatives Sam Teasley (R-Marietta), was signed into law on May 3rd by Governor Nathan Deal.

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