tanishamillscpa-blog

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During these trying times, there's one thing we should always remember. #community #neighbors #onenation (at San Diego, California) https://www.instagram.com/p/B99WoNmFavv/?igshid=11c69y18mowex

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Thanks for all the love @info.quickbookstechies (at San Diego, California) https://www.instagram.com/p/B7X2MQPlJ6p/?igshid=b2kq9827ootn

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If you’re in your 30’s, this is a follow up to earlier post for individuals in their 20’s. It’s never too late to think about retirement. In your 30s: As you continue make retirement contributions, begin checking on your Social Security wage history. Go to the Social Security Administration (SSA) website to set up and review your account. Eventually, benefits will be based on your work history. Make sure your wages are being reported correctly and correct any errors that occur. As the same time, increase retirement plan contributions. www.tanishamillscpa.com #career #socialsecurity #401K #retirement #retirementplan #CPA #sandiegoCPA #Accounting #FinancialPlanning #Accountant #FinancialPlanner #PlanForTheFuture (at San Diego, California) https://www.instagram.com/p/B5Sw1lwly9e/?igshid=1p3xo7l90cs2h

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If you’re in your 40’s, there’s a lot you can do to prepare for retirement and at this stage in your life, if you haven’t started, it is highly recommended. In your 40s: Typically, this is a time when your earnings increase significantly. Be aware of the key rules relating to Social Security benefits. For example, realize that the SSA uses your average earnings for the 35 highest-earning years to calculate your payments in retirement. So keep track of this and continue to have lower income years be replaced with higher income years. This will result in higher benefit checks when you retire. www.tanishamillscpa.com #career #socialsecurity #401K #retirement #retirementplan #CPA #sandiegoCPA #Accounting #FinancialPlanning #Accountant #FinancialPlanner #PlanForTheFuture (at San Diego, California) https://www.instagram.com/p/B5SuJVYlzeJ/?igshid=1fnqjy01sl67o

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If you’re in your 60’s, there are some things you can do to prepare for your retirement and social security. In your 60s: Decide whether you want to begin taking benefits at age 62 (the earliest age), full retirement age (or age 70), or somewhere in between. The longer you wait, the greater your monthly benefits, but you’re giving up use of the money. Factor in aspects like your health, plan payouts, required minimum distributions and other earnings. Finally, remember that up to 85% of Social Security benefits are taxable, so it's worth planning now! www.tanishamillscpa.com #career #socialsecurity #401K #retirement #retirementplan #CPA #sandiegoCPA #Accounting #FinancialPlanning #Accountant #FinancialPlanner #PlanForTheFuture (at San Diego, California) https://www.instagram.com/p/B5StkKQFfUJ/?igshid=1xkf1rfxttsum

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If Benjamin Franklin were alive today, his famous quote “Nothing is certain, except death and taxes.” might include a third item — paying medical expenses. 

Medical expenses, in one form or another, are unavoidable. Fortunately, a health savings account (HSA) is a great way to cut your spending on medical expenses.

A Major Tax Break

If you have a high deductible health insurance plan (deductible of at least $1,350 for an individual or $2,700 for a family), you can add an HSA to pay for medical expenses with pre-tax income. Contributions to an HSA can be made via payroll deduction or directly to the account and deducted as an adjustment on your tax return. This approach effectively reduces your medical bills by as much as 37 percent!

www.tanishamillscpa.com 

[tanishamillscpa-blog]

If you’re in your 60’s, there are some things you can do to prepare for your retirement and social security.

In your 60s: Decide whether you want to begin taking benefits at age 62 (the earliest age), full retirement age (or age 70), or somewhere in between. The longer you wait, the greater your monthly benefits, but you’re giving up use of the money. Factor in aspects like your health, plan payouts, required minimum distributions and other earnings. Finally, remember that up to 85% of Social Security benefits are taxable, so it's worth planning now!

www.tanishamillscpa.com

[tanishamillscpa-blog]

It’s never too late to investigate your retirement and social security. Let us help you plan. Here’s a rundown of steps you can take if you’re in your 50’s, call us to learn more:

In your 50s: Circle a target date for retirement. While not etched in stone, is allows you to analyze whether you’ll be able to sustain your current lifestyle based on your expected income and expenses. This exercise is more important if you’re considering early retirement. Continue to check income being reported to the SSA and create a forecast for the future. If you wait until your 60s to begin this planning process, it may be too late to save enough to meet your retirement goals.

www.tanishamillscpa.com 

[tanishamillscpa-blog]

If you’re in your 40’s, there’s a lot you can do to prepare for retirement and at this stage in your life, if you haven’t started, it is highly recommended.

In your 40s: Typically, this is a time when your earnings increase significantly. Be aware of the key rules relating to Social Security benefits. For example, realize that the SSA uses your average earnings for the 35 highest-earning years to calculate your payments in retirement. So keep track of this and continue to have lower income years be replaced with higher income years. This will result in higher benefit checks when you retire.

www.tanishamillscpa.com 

[tanishamillscpa-blog]

If you’re in your 30’s, this is a follow up to yesterday’s post for individuals in their 20’s. It’s never too late to think about retirement.

In your 30s: As you continue make retirement contributions, begin checking on your Social Security wage history. Go to the Social Security Administration (SSA) website to set up and review your account. Eventually, benefits will be based on your work history. Make sure your wages are being reported correctly and correct any errors that occur. As the same time, increase retirement plan contributions.

www.tanishamillscpa.com 

[tanishamillscpa-blog]

Although you won’t become eligible for Social Security until your 60s, there’s a lot you can do to prepare before then. 

In your 20s: If you’re like a lot of people, you’re embarking on a career. At this point, there’s no guarantee that Social Security will be around in its current form when you’re ready to retire. The smart move is to build up retirement savings on your own. For instance, you should be participating in a 401(k) or other qualified plan at work. If done, Social Security benefits will be a pleasant surprise when you retire. 

www.tanishamillscpa.com 

[tanishamillscpa-blog]

It’s never too late to investigate your retirement and social security. Let us help you plan. Here’s a rundown of steps you can take if you’re in your 50’s, call us to learn more: In your 50s: Circle a target date for retirement. While not etched in stone, is allows you to analyze whether you’ll be able to sustain your current lifestyle based on your expected income and expenses. This exercise is more important if you’re considering early retirement. Continue to check income being reported to the SSA and create a forecast for the future. If you wait until your 60s to begin this planning process, it may be too late to save enough to meet your retirement goals. www.tanishamillscpa.com #career #socialsecurity #401K #retirement #retirementplan #CPA #sandiegoCPA #Accounting #FinancialPlanning #Accountant #FinancialPlanner #PlanForTheFuture (at Downtown Los Angeles) https://www.instagram.com/p/B4QEmZul4Yl/?igshid=1hawf91hxa8f0

[tanishamillscpa-blog]

If Benjamin Franklin were alive today, his famous quote “Nothing is certain, except death and taxes.” might include a third item — paying medical expenses. Medical expenses, in one form or another, are unavoidable. Fortunately, a health savings account (HSA) is a great way to cut your spending on medical expenses. A Major Tax Break If you have a high deductible health insurance plan (deductible of at least $1,350 for an individual or $2,700 for a family), you can add an HSA to pay for medical expenses with pre-tax income. Contributions to an HSA can be made via payroll deduction or directly to the account and deducted as an adjustment on your tax return. This approach effectively reduces your medical bills by as much as 37 percent! www.tanishamillscpa.com #BenjaminFranklin #Benjamin #Franklin #death #taxes #medical #medicalexpenses #health #HealthSavings #HSA #PreTax #PreTaxIncome #Deductible #HealthExpense #SanDiegoCPA #SanDiego #Accounting #FinancialPlanning #Accountant #SanDiegoAccountant #CPA (at San Diego Gaslamp) https://www.instagram.com/p/B4QEEMjF0uh/?igshid=1hoz61ci22nhd

[tanishamillscpa-blog]

Although you won’t become eligible for Social Security until your 60s, there’s a lot you can do to prepare before then. In your 20s: If you’re like a lot of people, you’re embarking on a career. At this point, there’s no guarantee that Social Security will be around in its current form when you’re ready to retire. The smart move is to build up retirement savings on your own. For instance, you should be participating in a 401(k) or other qualified plan at work. If done, Social Security benefits will be a pleasant surprise when you retire. www.tanishamillscpa.com #career #socialsecurity #401K #retirement #retirementplan #CPA #sandiegoCPA #Accounting #FinancialPlanning #Accountant #FinancialPlanner #PlanForTheFuture https://www.instagram.com/p/B4QDgmXFnB8/?igshid=1cq7d24ppv923

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Reminder: Keep an Eye Out for your Quarter Estimated Taxes Due. 

Now is the time to make your estimated tax payment. If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES.

Call us today to help you file and make your payments at (619) 213-1303. www.tanishamillscpa.com 

[tanishamillscpa-blog]

A letter in the mailbox with IRS as the return address is sure to raise your blood pressure. 

Here are some tips for handling the situation if this happens to you. Call us today at at (619) 213-1303. 

www.tanishamillscpa.com