Getting Close to Retirement? Start Considering Your Medicare Benefit Choices Now

If you are approaching retirement age, currently age 65 according to the Federal government, you should know about your Medicare options and the many accompanying rules and exceptions.

Who Gets Medicare Part A and Part B Benefits

If are already getting Social Security benefits, you will automatically receive Medicare Part A and Part B benefits starting the first day you turn 65. (If you’re under 65 and have a disability, you will automatically get Part A and Part B after you receive benefits for 24 months.)

When you are automatically enrolled you will receive a red, white and blue Medicare card in the mail 3 months before your coverage begins.

If you are approaching age 65 and do not yet receive Social Security benefits, you will need to sign up for Medicare by contacting them three months before you turn 65.

What is Medicare Part A and Part B?

Part A … Read More

New EZ Paycheck Protection Program (PPP) Loan Forgiveness Form

The Small Business Administration recently issued the EZ Paycheck Protection Program (PPP) Loan Forgiveness Form, which allows some qualified borrowers to fill out a smaller (a two-page rather than a four-page) form.

The EZ form still requires borrowers to do calculations and provide documentation, but not as much as the full form. (Note that borrowers still need to save documentation for proof of certifications.)

Who can use the EZ PPP Forgiveness form?

The EZ form can be used on any size loan if the borrower can affirm one of the following:

  1. The borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP Loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower Application Form (SBA Form 2483).
  2. The borrower did not reduce annual salary or hourly wages of any employee by more
Read More

What you need to know about your W-4 form (even if you aren’t starting a new job)

The W-4 form you fill out when you start a new job lets your employer know how much tax they should withhold from your paycheck. It is important to note that you should also fill out a new W-4 form any time you have changes in your financial or personal circumstances.

Filling out the form correctly is important because if you don’t withhold enough tax, you could end up owing a large sum to the IRS at the end of the year. On the other hand, if you overpay withholding you are temporarily giving money to the government that you could use for things like paying bills or investing.

The IRS issued a new W-4 for 2020. (Note: You do not need to fill out a new W-4 if your employer already has your old form on file.) The new form eliminated the ability to claim personal allowances (with the old … Read More