Tax Resources and Information
How much of my social security is taxable?
If you earn income in addition to your social security, a portion of your social security may be taxable. Pensions, wages, interest, dividends and capital gains are included in the calculation.
Individual return: your combined income is
Between $25,000 and $34,000, you may have to pay income tax on up to 50% of your benefits.
More than $34,000, up to 85% of your benefits may be taxable.
File a joint return, and you and your spouse have a combined income* that is
Between $32,000 and $44,000, you may have to pay income tax on up to 50% of your benefits.
More than $44,000, up to 85% of your benefits may be taxable.
Can I deduct health care expenses?
Medical expenses are an itemized deduction and may be deductible if your net Itemized Deductions are higher than the Standard Deduction.
Medical expenses are any costs incurred in the prevention or treatment of injury or disease. Medical expenses include health and dental insurance premiums, doctor and hospital visits, co-pays, prescription and over-the-counter drugs, glasses and contacts, crutches, and wheelchairs, to name a few. Medical expenses that are not reimbursed are deductible within certain limits.
Medical expenses over 7.5% of your adjusted gross income will be included in the itemized deductions calculation. For example, if your AGI is $100K - medical expense over $7.5k may be deducted.
https://www.investopedia.com/terms/m/medical-expenses.
What expenses may I deduct from my business?
Expenses directly incurred in order to run the business may be deductible - with limits. If you work out of your home, a portion of the homes expenses such as mortgage interest, utilities and internet may be deductible as well.
Please click on this link for a good explanation of the eligible expense:
Am I required to take a Required Minimum Distribution ?
RMDs are required for all tax-deferred retirement accounts, including: Traditional IRAs, SEP-IRAs, and SIMPLE IRAs.
Roth IRA owners: Roth IRAs do not require RMDs
Inherited IRAs: Beneficiaries of an inherited Roth IRA, other than a surviving spouse, must take RMDs
Designated Roth accounts: Designated Roth accounts in a 401(k) or 403(b) plan are subject to RMD rules for 2022 and 2023, but not for 2024 and later years
If you're age 73 or older you must take RMDs from your retirement accounts before the end of the year. Otherwise, you may have to pay a 25% penalty on the amount not distributed.
If you turned 73 this year, you have until April 1 of next year to take your first RMD. However, if you wait until next year to start your RMDs, you'll have two distributions in the same year.
https://www.schwab.com/learn/story/6-questions-to-consider-when-prepping-tax-season