TAX SEASON: Planning and Preparation for Doctors

Posted on April 15, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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DEFINITION: Tax season is the period of time, generally between January 1st and April 15th of each year, when individual taxpayers prepare to report their taxable income to the federal government and, in most cases, to the government of the state in which they live.

CITE: https://www.r2library.com/Resource

Some Year-End Preparation for the Upcoming Tax Filing Season

The filing season for 2023 tax returns us now upon us. A little advance preparation can prevent stressful tax time surprises for doctors and all medical professionals. Here are some important steps you can take now to set yourself up for worry-free tax filing:

  • Do one last withholding checkup. Time is running out to adjust your paycheck withholding to make sure you have paid enough tax throughout 2023. You can use the online IRS Withholding Estimator tool to make sure your numbers are on track.
  • If your name changed in 2023, report the change to the Social Security Administration as soon as possible, preferably before the end of the year.
  • Locate your bank account information, including both your account number and the bank routing number, so you can receive your tax refund by direct deposit.
  • Watch for year-end income statements, especially in late January and early February. These statements may include W-2 forms, along with 1099-NEC, 1099-MISC, 1099-INT, 1099-G and other 1099 forms. Note that some of these forms may come by mail, while others may be sent to you electronically. Keep all of the forms together and organized.
  • Organize records for tax deductions and credits. These records may include Form 1095-A (Health Insurance Marketplace Statement), tuition statements (Form 1098-T), medical bills, mortgage interest statements, and home energy improvement or clean vehicle receipts or invoices.

Waiting until the last minute to try to assemble these documents can lead to missing the filing deadline, so start early.

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DAILY UPDATE: “No July SSI Checks for You”

Posted on July 16, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

Supplemental Security Income

By Staff Reporters

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Stocks popped 2% this week, as investors expect the Fed to soon pause or dial back interest rates after the release of the June inflation report. Central bankers have raised rates from zero to over 5% since March of last year, a move that led the S&P 500 to shed 20% in 2022.

And yet, No SSI for you!

DEFINITION: Supplemental Security Income (SSI) is a means-tested program that provides cash payments to disabled children, disabled adults, and individuals aged 65 or older who are citizens or nationals of the USA. SSI was created by the Social Security Amendments of 1972 and is incorporated in Title 16 of the Social Security Act The program is administered by the Social Security Administration (SSA) and began operations in 1974.

Individuals or their helpers may start the application for SSI benefits by completing a short form on SSA’s website. SSA staff will schedule an appointment for the individual or helper within 1–2 weeks and complete the process.

SSI was created to replace federal-state adult assistance programs that served the same purpose, but were administered by the state agencies and received criticism for lacking consistent eligibility criteria. The restructuring of these programs was intended to standardize the eligibility requirements and level of benefits. Although administered by SSA, SSI is funded from the U.S. Treasury general funds, not the SS Trust Fund. As of July 2022, the program provides benefits to approximately five million Americans.

CITE: https://www.r2library.com/Resource

The Social Security Administration gives, and the Social Security Administration takes away — at least when it comes to beneficiaries who qualify for Supplemental Security Income (SSI) payments.

July is one of the months when the agency doesn’t issue an SSI check. Because of a quirk in the payment schedule, SSI beneficiaries get two payments in March, June, September and December, while no payments are deposited in January, April, July and October.

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ORDER: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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STO LOT Spring Greetings = Life to 100 Hundred Years?

Posted on April 17, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

About Centenarians

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By Dr. David Edward Marcinko MBA CMP™

SPONSOR: http://www.CertifiedMedicalPlanner.org

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DEFINITION: A centenarian is a person who has reached the age of 100 years. Because life expectancy worldwide are below 100 years, the term is invariably associated with longevity. In 2012, the United Nations estimated that there were 316,600 living centenarians worldwide.

CITE: https://www.r2library.com/Resource/Title/082610254

Sto Lat (One Hundred Years) is a traditional Polish song that is sung to express good wishes, good health and long life to a person. It is also a common way of wishing someone a happy birthday in Polish. Sto lat is used in the Spring, many birthdays and on international days of language.

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What Percentage of the Population Lives to 100?

According to the Social Security Administration, the overall chances of living to 100 aren’t actually that great. And, according to the World Economic Forum, there are over 500,000 centenarians among the 7.9 billion people worldwide. That means that only a 0.006% of the population is 100 or more.

Here are a few additional facts from the most recently available information from the Society of Actuaries and the Social Security Administration:

  • One out of three males and one out of two females who are in their mid-50s today will live to be 90.
  • For a couple who is 65 today, there is a 50% chance that one person will be alive at 92.
  • If you have lived to be 65, you will likely live another 20 years, on average.
  • If you live to be 75, the average life expectancy is 88.
  • If you live to be 85, the average life expectancy is 92.
  • And, if you live to be 95, the average life expectancy is 98.

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