Inspire Financial Group

11/02/2022

Most Common Medicare Mistakes

Check out this Whiteboard designed by Kim Burge.

10/29/2022

Are you turning 65 in February? Happy Birthday to our friends born in 1958 with Birthdays in February. November is the start of your Initial Enrollment Period (IEP) for Medicare. Don't waste your birthday wish trying to find the right Medicare Plan. Give us a call at 817-749-3121.

10/29/2022

2023 Social Security Increase
For millions of Americans who receive Social Security benefits, medicare premiums have decreased and Social Security benefits are increasing by 8.7% - the largest annual increase since 1981.⁠
⁠
In December, beneficiaries can expect to be notified by the Social Security Administration with information on their new benefit amount for 2023.⁠ Cost of Living Adjustment: +8.7% Average Benefit Increase: +$140

What does this mean for retired educators?

08/17/2022

TAX BREAKS FOR TEACHERS: Educators can deduct up to $300 of unreimbursed business expenses in 2022. If both spouses are eligible educators and file a joint return, they may deduct up to $600 but not more than $300 each. The educator expense deduction is available even if an educator doesn't itemize their deductions. To take advantage of this deduction, the taxpayer must be a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide for at least 900 hours during a school year in a school that provides elementary or secondary education as determined under state law.

Those who qualify can deduct costs of books, supplies, computer equipment and software, classroom equipment, and supplementary materials used in the classroom, as well as COVID-19 protective items to stop the spread of the disease in the classroom. Expenses for participation in professional development courses are also deductible and athletic supplies qualify if used for courses in health or physical education.

Keep Good Records
Educators should keep receipts for qualifying expenses noting the date, amount, and purpose of each purchase. This will help prevent a missed deduction at tax time. Taxpayers should keep a copy of their tax returns for at least three years. Copies of tax returns may be needed for many reasons. A tax transcript summarizes return information and includes adjusted gross income and is available free of charge from the IRS.

10/26/2021

When you invest you are buying a day you don't have to work....

08/27/2021

FINANCIAL EDUCATION:

There is an exclusive virtual presentation that, personally, I think every parent should watch.

It was created by a company called FUNancial Freedom.

Their entire focus is on teaching children and teens how to be financially smart.

The founder is hosting this presentation at various times -- if you care to tune in I’ve added the link below.

description for your awesome landing page

08/12/2021

Which Educator Expenses Are Tax Deductible?

Teachers and other educators should remember that they can deduct certain unreimbursed expenses such as classroom supplies, training, and travel - even when schools switched to hybrid or remote learning models during the pandemic last spring. Deducting these expenses helps reduce the amount of tax owed when filing a tax return.

To qualify for the deduction, the taxpayer must be a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide. They must also work at least 900 hours a school year in a school that provides elementary or secondary education as determined under state law.

Teachers and other educators can also take advantage of various education tax benefits for ongoing educational pursuits such as the Lifetime Learning Credit or, in some instances, depending on their circumstances, the American Opportunity Tax Credit.

How the Educator Expense Deduction Works
Educators can deduct up to $250 of unreimbursed business expenses. If both spouses are eligible educators and file a joint return, they may deduct up to $500, but not more than $250 each. The educator expense deduction is available even if an educator doesn't itemize their deductions. To take advantage of this deduction, the taxpayer must be a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide for at least 900 hours during a school year in a school that provides elementary or secondary education as determined under state law.

Expenses an educator can deduct include:

Professional development course fees
Books
Supplies
Computer equipment, including related software and services
Other equipment and materials used in the classroom
Athletic supplies for courses in health or physical education.
Keep Good Records
Educators should keep detailed records of qualifying expenses noting the date, amount, and purpose of each purchase. This helps prevent a missed deduction at tax time. Taxpayers should also keep a copy of their tax return for at least three years. Copies of tax returns may be needed for many reasons. A tax transcript summarizes return information and includes adjusted gross income and available free of charge from the IR

03/13/2021

Just in from the IRS

Just in from the IRS

If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up to $10,200. If you are married, each spouse receiving unemployment compensation doesn’t have to pay tax on unemployment compensation of up to $10,200. Amounts over $10,200 for each individual are still taxable. If your modified AGI is $150,000 or more, you can’t exclude any unemployment compensation.

The exclusion should be reported separately from your unemployment compensation. See the updated instructions and the Unemployment Compensation Exclusion Worksheet to figure your exclusion and the amount to enter on Schedule 1, lines 7 and 8.

f your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up to $10,200.

03/08/2021

Did you know this about your FSA?

“The Treasury Department rules on flexible health spending accounts to allow taxpayers to carry $500 over at the end of the year. It's still up to employers to decide whether to allow a carryover, so check with your HR Department.”

02/16/2021

Do you know your retirement age with the Social Security system?

Knowing the answer will help you make a smart decision about your benefits.