Being properly educated about Medicare is important …However, it is only part of planning to manage your healthcare costs.
The traditional approach is to focus on keeping your Medicare and out of pocket costs to a minimum. This approach, while important, overlooks probably the most important element which is tax planning to try to minimize your monthly Medicare Part B premium costs. This important step is never discussed and is overlooked by senior health agents who don’t have the training to deliver important tax savings.
As you may know, you pay Medicare Part A and Part B premiums (which are typically deducted from your Social Security benefit check). The monthly premium cost can range from approximately $136 to $461 per month based upon your Modified Adjusted Gross Income (MAGI) which is your normal AGI plus any tax-exempt interest and other non-taxable income. At various income levels, the Medicare Part B premium costs are increased. Normally, premium costs will continue to rise since the government will adjust them for inflation. Your income number for tax year 2019 actually determines your Medicare Part B premium cost two years later for calendar year 2021.
Prescott Tax & Wealth Management is offering a $99 tax planning session with Peter Prescott (CPA & Masters in Taxation) to the first 50 people who respond to this ad.
Peter will review your 2018 tax returns and estimate your 2019 income (MAGI) to assist with keeping your income below the annual income threshold levels in an effort to minimize your Medicare premium costs and tax bill.
CALL NOW TO SET UP YOUR TAX PLANNING APPOINTMENT TO SEE IF WE CAN REDUCE YOUR FUTURE MEDICARE PREMIUM AND GENERATE SOME IMPORTANT TAX SAVINGS.
Prescott Tax & Wealth Management (949)248-9815 Ext. 1 (appointments)
Prescott Tax & Wealth Management
30950 Rancho Viejo Rd, Suite 100
San Juan Capistrano, CA 92675