Prevent Manipedi Is It Time To Take A BreatherAlthough there's a new higher standard deduction for U.S. taxpayers this year, tax professionals are cautioning taxpayers against automatically taking it. The 2017 tax legislation retains the deduction for medical expenses. This year, taxpayers can deduct medical expenses exceeding 7.5% of their Adjusted Gross Income, but that threshold will rise to 10% of the AGI in 2019, so taxpayers won't be able to deduct as much. It would be a good idea to crunch the numbers now, to learn if itemizing and the medical expense deduction would reduce your taxes..Social Security coverage to persons who have not worked long enough under the system to draw benefits on their own account is of major significance in the debate to allow individuals to invest a portion of their Social Security taxes into private retirement accounts. As proposed, private Social Security retirement accounts would unlikely be able to provide the extent of coverage the current program now offers..If adopted, H.R. 2787 would mandate the monthly formulation and publication of a consumer price index specifically for senior citizens for the purpose of establishing an accurate Social Security COLA for beneficiaries. … Continued
Dont Go Numb On Your Next Bike RideWhat financial actions have you been forced to take over the past 12 months? Please take TSCL's new Retirement Survey and let us know!."Thanks to the Affordable Care Act, health care professionals will reportedly spend less time filling out paperwork and more time focusing on delivering the best care for patients," said Health and Human Services Secretary Kathleen Sebelius..This week, following a two-day markup, the House Budget Committee advanced a fiscal 2019 budget resolution that would dramatically impact Social Security, Medicare, and Medicaid if adopted. The "Budget for a Brighter American Future" includes trillion in spending cuts, and it would balance the budget in nine years. … Continued