Human nature being what it is, small loopholes are likely to be exploited until they become big ones, and big ones until they turn into financial disasters.
Medicare’s Open Enrollment Period – which runs from October 15 to December 7 – is your annual opportunity to switch your current Medicare health and prescription drug plans to ones that better suit your needs. 2023 Medicare premiums, deductibles, and other costs have been announced, and surprisingly, some of these costs are lower than they were last year. Read more here.
If you fail to estimate your federal income tax withholding properly, it may cost you in a variety of ways. If you receive an income tax refund, it essentially means that you provided the IRS with an interest-free loan during the year. By comparison, if you owe taxes when you file your return, you may have to scramble for cash at tax time – and possibly owe interest and penalties to the IRS as well. The IRS provides a quick and easy way to check the accuracy of your income tax withholdings with their new new Tax Withholding Estimator tool, available on their website here.
Photo of the Week
Briggs Ward, Brandy’s son, participating in the 46th annual Amsterdam Jubilee mullet contest in Amsterdam, Missouri. Out of fifteen contestants, Briggs placed second!
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