info@loismiesbach.com Mon - Fri : 9:00 AM to 5:00 PM
9283694176

Contact Us

Month: July 2024

Loismies Bach

Medicare 2024 IRMAA Brackets: Amounts and

 July 13, 2024 July 13, 2024
      No Comments No Comments
      Kimberly Macon Kimberly Macon

With the announcement of the August CPI-U, the 2024 Brackets are official and they will increase by over 5.00% to start at $103,000 for an individual.

Now please keep in mind that at any point between now and the beginning of the 2024 Congress or the current Presidential Administration can alter these Medicare IRMAA Brackets, but if they do not then there will be at least a little bit of good news for seniors.

Official IRMAA 2024 Brackets

 

Single Couple MAGI Part B Part D
< $103,000 < $206,000 $174.70 Premium (varies)
$103,000 to $129,000 $206,000 to $258,000 $244.60 $12.90
$129,000 to $161,000 $258,000 to $322,000 $349.40 $33.30
$161,000 to $193,000 $322,000 to $386,000 $454.20 $53.80
$193,000 to $500,000 $386,000 to $750,000 $559.00 $74.20
> $500,000 > $750,000 $594.00 $81.00

 

 

 

How the IRMAA Brackets adjust:

 

When Congress created Medicare IRMAA back in 2003 through the passing of the Medicare Moderniztion Act, they ruled that the IRMAA Brackets would adjust by

 

“The percentage (if any) by which the average of the Consumer Price Index for all urban consumers (United States city average) for the 12-month period ending with August of the preceding calendar year exceeds such average for the 12-month period.”

 

So, if the CPI-U at the end of August of the current year is greater than the previous August then the IRMAA Brackets will increase. Note the inflation rate does not determine IRMAA costs.

 

By the way there is no language that would stop the IRMAA Brackets from going down if the CPI-U would actually deflate from year to year.

 

In terms of the all the Thresholds within the IRMAA Brackets, due to the passing of the Bi-Partisan Budget Act of 2018 the 5th Threshold in the IRMAA Brackets will not adjust for inflation until 2028.

 

 

 

What is IRMAA:

IRMAA is short for Medicare’s Income Related Monthly Adjustment Amount which is according to the Code of Federal Regulations:

 

“An amount that you will pay for your Medicare Part B and D coverage when your modified adjusted gross income is above the certain thresholds.”

IRMAA is a tax on your income through Medicare Part B and Part D coverage if you have too much income while in retirement.

 

IRMAA - Medicare Logo

Will you actually enter IRMAA:

According to the 2022 Medicare Board of Trustees Report, currently, there are over 6.8 million people in IRMAA. These people in IRMAA make up 16.63% of all eligible Medicare beneficiaries.

By 2031, according to recent reports the number of people in IRMAA will double to 13.8 million eligible people in IRMAA.

IRMAA is a revenue generator for both the Medicare and Social Security programs.

For the Medicare program, IRMAA is an added cost that the person in it must pay. This added cost provides more money each year for the program.

As for Social Security, according to Congress, all IRMAA costs are automatically deducted from any Social Security benefit a person is receiving. Thus, for those who enter IRMAA, Social Security has to pay out less to them which reduces that program’s obligation to pay benefits.

With both Medicare and Social Security projected by the government to be insolvent (unable to pay) in less than 8 years the easiest way to save these programs is to make sure more people are in IRMAA.

 

How do you reach an IRMAA bracket:

IRMAA is all about your Modified Adjusted Gross Income (MAGI).

The more of it you have the higher the chances that you have to reaching IRMAA while having less of an MAGI reduces the chance of you reaching IRMAA.

 

What counts towards your MAGI:

According to Social Security your MAGI is the total of your adjusted gross income (AGI) and any tax-exempt interest you may have.

Both of these can be found on lines 2a and 11 of your 2022 IRS tax form 1040.

 

Some examples of where your MAGI will come from are:

 

Taxable Social Security benefits Traditional 401(k) Withdrawals
Wages Traditional IRA Withdrawals
Pension & Rental Income Traditional 403(b) Withdrawals
Capital Gains Qualified Annuities
Dividends Interest

 

If you want to avoid IRMAA all together then the goal is to generate an income from financial instruments that do not count towards your MAGI and they are:

 

Roth Account Withdrawals
Life Insurance Loans
Non-Qualified Annuities*
Health Saving Account Withdrawals
401(h) Plans
Home Loans or Reverse Mortgages

*Non-Qualified Annuities – depending on certain factors a certain portion of all income you will receive from them can be completely tax free. Please see an IRMAA Certified Professional for more information on which Annuity is best for you.

 

For a complete list of what does and does not count towards IRMAA please click here.

 

How to File an Appeal

If you feel you shouldn’t be subject to IRMAA, you can fil

Read More

Elevate Your Nottingham Business with Mark Woodcock: Premier SEO Consultant – Unlocking Digital Success

 July 8, 2024 July 8, 2024
      No Comments No Comments
      Kenneth Lux Kenneth Lux

In the vibrant city of Nottingham, standing out online is more crucial than ever. Mark Woodcock SEO Services offers expert SEO consulting tailored specifically for Nottingham businesses looking to enhance their digital presence and achieve remarkable growth. As a leading SEO professional in the area, Mark Woodcock combines local insights with cutting-edge SEO strategies to deliver exceptional results and tangible business benefits.

Mark Woodcock isn't just an SEO consultant; he's an expert SEO consultant in Nottingham who understands the unique challenges and opportunities of the local market. His deep knowledge of Nottingham's business landscape allows him to craft SEO strategies that resonate with local audiences while also attracting broader attention. This specialized approach offers numerous advantages:

  1. Targeted Local Visibility: Dominate Nottingham-specific searches, ensuring local customers find you first.
  2. Increased Organic Traffic: Improve your search engine rankings to attract more potential customers naturally.
  3. Enhanced Brand Credibility: High search rankings are often associated with trustworthy and authoritative businesses.
  4. Cost-Effective Marketing: SEO provides long-term results and continues to work for your business 24/7.
  5. Competitive Edge: Outrank your local competitors and capture a larger share of the Nottingham market.
  6. Improved User Experience: SEO best practices enhance your website's usability, benefiting both visitors and search engines.

As a seasoned SEO professional, Mark Woodcock offers comprehensive Nottingham SEO services designed to boost your website's visibility in search engine results. From local keyword optimization to geo-targeted content creation, he employs a wide range of techniques to ensure your business appears prominently when potential customers in Nottingham search for your products or services. This multi-faceted approach provides businesses with:

  • Higher Conversion Rates: SEO-optimized websites are more likely to convert visitors into customers.
  • Valuable Insights: SEO tools and analytics provide crucial data about your customers and market trends.
  • Mobile Optimization: Ensure your business is visible across all devices, capturing the growing mobile market.
  • Long-Term Results: Unlike paid advertising, SEO offers sustainable, long-lasting benefits.

What sets Mark Woodcock apart in the realm of Nottingham SEO services is his holistic approach. He doesn't just focus on rankings; he aims to improve your overall online presence. This includes enhancing user experience, optimizing for mobile devices, and ensuring your website loads quickly – all factors that contribute to better search engine performance and increased customer satisfaction.

Don't let your Nottingham business get lost in the crowded online marketplace. Partner with Mark Woodcock, the premier SEO professional in Nottingham, and watch your digital presence soar. Contact Mark Woodcock SEO Services today and take the first step towards dominating the local search results, driving sustainable growth, and establishing your business as a digital leader in Nottingham's thriving business community.

Read More

Are your Fire Doors fit for protecting your building?

 July 5, 2024 July 5, 2024
      No Comments No Comments
      Sandra Smith Sandra Smith

All property owners and business owners have a legal commitment to make sure their premises, and the people that use them, are suitably protected against fire. From regular maintenance to fire risk assessments, it is vital to make certain fire safety measures are taken seriously. Get in touch with us here 

[dcl=1007]

Fire doors have a crucial function in the fire protection of a premises. They are made to prevent the spread of smoke, fire and toxic gases in the event of a fire. Fire resistant doors are different to ordinary doors, in that they are specifically made and tested to give fire resistant qualities. Need

[dcl=1007]

  ?

Usually, fire doors are made of timber or metal.

Exactly Why are Fire Doors vital?

There are a couple of primary advantages of fire safety doors:

Enhanced Safety: Fire doors allow for speedy departure of individuals and their valuables, and to enable the fire service to combat a fire.

Lowered Damage: Fire doors reduce the rate of fire damages to a building.

The smallest period fire doors can endure fire is 20 minutes.

A lot more than simply the door

A top quality fire rated door is only as effective as its installation. When opting for a fire door company, you need to ensure the installer has the specifications needed and an experienced specialist will help to guide you in making a solid purchasing decision.

Are your Fire Doors fit for their function?

Fire doors are only efficient if they are maintained to the highest possible standards and are fit to complete their intended function in the event of a fire break out. To make certain the safety of a building's occupants, you must frequently check all fire doors.
While your fire doors really need to be examined routinely by a fire safety expert, your business also has a duty to check for any faults and damage on a more routine basis.

Did you know 53% of people do not know precisely how to identify a bogus fire door? Find Out more from 

[dcl=1007]

Read More

Is Medicare Part B Deductible? A Guide to Premiums

 July 4, 2024 July 4, 2024
      No Comments No Comments
      Edward Pink Edward Pink

Imagine standing at the foot of a towering mountain named “is Medicare Part B tax deductible”, wondering how to start your climb. It’s not Everest, but it can be daunting nonetheless.

You’ve heard whispers about medical expenses and deductions, about monthly premiums affecting adjusted gross income. But you’re left grappling with questions: How does it all work? Where do I even begin?

Let’s go into some unfamiliar areas. We’ll decode the eligibility criteria for Medicare Part B and decipher income-related monthly adjustments. Plus, we’ll explore how itemized deductions impact your taxes.

Is Medicare Part B really tax-deductible?

Understanding Medicare Part B and Tax Deductibility

When it comes to health care costs, every bit of help counts. That’s why understanding the ins and outs of Medicare Part B can make a big difference. Let’s begin by exploring the details of this program.

Medicare Part B, also known as medical insurance, covers certain doctors’ services, outpatient care, medical supplies, and preventive services. You might be wondering – how much does it cost? The answer depends on your income; however, typically beneficiaries cover around 15% of their overall Medicare costs with monthly premiums.

The Link Between Taxes and Medical Expenses

Taxes are rarely fun to deal with but they’re an integral part of our financial lives. When dealing with medical expenses like those from Medicare Part B premiums paid out-of-pocket or long-term care costs related to specific conditions you may ask if these are tax deductible?

The simple answer is yes – in some cases. For many folks filing federal income tax returns who itemize deductions instead of taking the standard deduction amounts could include these payments under eligible health insurance expenses. But there’s a catch: Only that portion exceeding 7.5% of your adjusted gross income (AGI) will count towards the deduction for any given tax year.

Navigating Income-Related Monthly Adjustment Amounts (IRMAA)

If you have high-income based on modified adjusted gross numbers reported two years ago then get ready for IRMAA – Income-related monthly adjustment amounts – which means paying more for your Medicare coverage including part b premium amount than lower-income beneficiaries would pay premiums due to higher incomes within defined brackets set by Social Security Administration guidelines annually updated. The IRMAA determination is based on income from two years prior to your current enrollment period.

As the days to your enrollment period approach, it’s vital to understand the costs you will face, including the Part B deductible. Each period of coverage by Medicare Part B begins after you’ve met this deductible.

Self-employed individuals have something to be cheerful about with regards to IRMAA – they can deduct all Medicare premiums from their federal taxes, thus decreasing the total amount of money paid for medical care. They can deduct all Medicare premiums from their federal taxes, effectively lowering the total out-of-pocket medical expenses.

Can All Medical Expenses Be Deducted?

Eye exams might qualify, other expenses may not. It’s crucial to understand the guidelines before claiming deductions on your tax return.

Read More

Houston Patent Lawyers: Patent Filing Process Made Easy with Professional Assistance

 July 4, 2024 July 4, 2024
      No Comments No Comments
      George Dennis George Dennis

Engaging the services of a seasoned patent specialist can facilitate an efficient experience for inventors throughout the filing procedure, minimizing the time and effort required to navigate complex procedures and documentation. By means of skilled patent experts, creators can explore the convoluted aspects of selective documentation as well as submit their records easily. By entrusting these experts with the responsibility of preparing and submitting patent applications, inventors can rest assured that all requirements are meticulously fulfilled within strict deadlines, resulting in a smoother process overall. Employing a seasoned patent professional such as

[dcl=3248]

can relieve the anxiety of managing your invention's application process, enabling you to concentrate on refining and perfecting its potential.

By partnering with an experienced intellectual property specialist, inventors may benefit from their comprehensive understanding of legal safeguards and strategies for protecting innovations successfully. These experts have an extensive understanding of patent laws, allowing them to craft personalized solutions to safeguard your creation's legal protection. Joining forces with an authority on patents mitigates the likelihood of legal entanglements and claims of infraction thanks to their rigorous examinations that confirm your innovation adheres to all requirements for patentability. Our expertise enables inventors to bolster their patent applications with a stronger legal foundation, thereby increasing the likelihood of successful protection in a crowded marketplace.

Simplifying the Complexities of Patent Documentation

The complexities of patented documentation often pose a significant challenge for inventors and innovative thinkers. Accurately filling out the necessary forms, ensuring compliance with legal requirements, and successfully presenting your invention are all crucial elements to consider when seeking protection for your intellectual creations. The intricate process of patent documentation demands a meticulous approach, from outlining the conception of one's innovation to formulating distinctive claim language that accurately reflects its protectable elements. Collaborating with skilled professionals specializing in intellectual property law can considerably streamline the intricate process of secururing patent protection for inventors. This strategic partnership enables you to concentrate on innovation rather than becoming mired in complicated regulations and procedures which experts have mastered over many years of experience. By leveraging their expertise and resources, you can dramatically improve your chances of obtaining favorable patent status for your hard work and creativity.

Skilled patent experts can support inventors throughout the intricate process of documenting their ideas, providing seasoned counsel and know-how to expedite the patent filing procedure. These professionals possessed extensive expertise in drafting and submitting patent applications, verifying that all required documents are accurately forwarded to the USPTO. With the experience of

[dcl=3243]

, inventors are able to streamline their intellectual Property protection process, ensuring that all necessary steps are taken for successful outcomes.

Read More

Understanding a hybrid job role

 July 2, 2024 July 2, 2024
      No Comments No Comments
      Stephanie Shields Stephanie Shields

The landscape of the modern workplace has evolved significantly over recent years, driven by advances in technology and changing employee expectations. Understanding the concept of a hybrid job role is essential for both employees and employers.

Defining a Hybrid Job Role

A hybrid job role refers to a position that combines responsibilities from both remote and in-office work. Workers in

[dcl=3073]

split their time between working remotely and being on-site in the office. This model provides a mix of autonomy and in-person collaboration.

Benefits of Hybrid Job Roles

Hybrid job roles bring several benefits to both employees and companies.

Versatility and Skill Development: 
Hybrid job roles allow workers to develop a wide range of skills by combining various responsibilities and tasks. This versatility can result in increased employability and career growth.

Enhanced Job Satisfaction and Engagement: 
By offering a mix of remote and in-office work, hybrid job roles can boost job satisfaction and engagement. Employees can enjoy the benefits of both work environments.

Better Alignment with Organizational Needs: 
Hybrid job roles allow organizations to respond to changing business needs by leveraging the flexibility and skills of their employees.

Obstacles in Hybrid Job Roles

While hybrid job roles provide numerous benefits, they also present some challenges that need to be addressed.

Balancing Workload and Expectations: 
One of the primary challenges of hybrid job roles is managing workload and expectations. Workers must juggle various responsibilities, which can be challenging.

Handling Diverse Responsibilities: 
Hybrid job roles often demand workers to transition between different types of tasks and work environments. This demands strong time management and adaptability.

Professional Development and Training: 
Organizations must provide ongoing training and development to ensure that workers in hybrid roles have the necessary skills and resources to succeed.

Instances of Hybrid Job Roles

Hybrid job roles can be found in various industries and sectors. Here are a few common examples.

Project Managers: 
Project managers often need to coordinate teams both remotely and in-person, making their role inherently hybrid. They facilitate communication, collaboration, and project execution across different work environments.

Sales Roles: 
Sales representatives may divide their time between meeting clients in person and conducting remote sales activities. This allows them to leverage both digital tools and personal interactions.

Marketing Professionals: 
Marketing professionals often work on campaigns that require both in-office brainstorming sessions and remote digital marketing efforts. Their role combines creative collaboration with independent execution.

Summary

Understanding what a hybrid job role means is key for creating a work environment that fulfills the needs of employees and promotes organizational success. By assessing the pros and cons of hybrid job roles and considering the specific needs of your organization, you can establish roles that support productivity and employee satisfaction.

As the workplace continues to evolve, adopting flexible work models and hybrid job roles will be crucial in meeting the changing demands of the workforce and ensuring long-term success.

Read More

Exactly Why Use a Residential Or Commercial Property management company?

 July 2, 2024 July 2, 2024
      No Comments No Comments
      Stephanie Shields Stephanie Shields

The majority of experienced residential or commercial property entrepreneurs use residential or commercial property managers. Why? Because they make you income.Property management isn't simply about collecting rental payments. It's about ensuring your residential or commercial property is always rented, ensuring you have the best possible tenants, and making sure you're getting the biggest possible rental fee. It's about trying to keep the property well maintained, tracking charges and income, and dealing with the legalities of leases and the legal rights of tenants. For more information 

[dcl=1014]

This is what residential or commercial property companies do. It's their core business. For a property owner, the advantages are considerable.
Save On Important Time

The most clear advantage is time saving. You don't have to spend an hour or so each week making phone calls, placing ads, interviewing prospective tenants, speaking to solicitors, speaking to your occupants, collecting rent, arranging tradesmen and so on.

How much could you earn in that time if you were focussing on your work rather than chasing your tail?

Know Your Market

Residential or commercial property investment is a business. To succeed in business, you need to know your market.Residential or commercial property managers make their living out of knowing the rental marketplace. They know how much your residential or commercial property is worth and who'll want it. They know the best ways to reach the market and they have the resources to do it. We at 

[dcl=1014]

are experts.

A property manager with some real marketing nous can earn you thousands every year, just with an intelligent marketing campaign.

Know Your Rights

Rental law is constantly changing. It's important that you know your rights as well as the rights of your occupants. But a lot of people don't even know where to start looking.Residential or commercial property managers work with tenancy legislation every day. They recognize all the ins and outs, as well as the risks and technicalities. They're knowledgable in all aspects of lease negotiation-- from bond to servicing agreements to eviction.
Most notably, they'll protect your rights as a property owner.

Get Good Renters

Most really good tenants will only lease through residential or commercial property managers. The whole process is much more streamlined and convenient. Payments can be made in an electronic format, their queries can be answered quickly, and everything can be done during office hours.

The opposite is true of bad occupants. They focus on privately managed rentals, because that's generally all they can obtain.
Property managers chase down and validate every referral, and they get to know trouble renters. They do everything feasible to supply you with a hassle-free investment simply because they know the removal process is every landlord's main worry. You can't just boot someone out without notice. The whole process can take several months.

But if you're unlucky enough to end up with a troublesome renter, a property manager will manage the whole eviction process-- including all negotiations with occupants, sheriffs, and court officials.Sure, you can handle all of these elements yourself, and you'll save yourself a little management fee ... But what's the cost? Do you want to work for your investment or do you really want it working for you? Get in touch with 

[dcl=1014]

today.

Read More

Navigating the 2023 IRMAA Brackets for Medicare

 July 1, 2024 July 1, 2024
      No Comments No Comments
      Edward Pink Edward Pink

Ever felt like you’re playing a high-stakes game of Monopoly with your Medicare coverage ? Like there’s some invisible hand rolling the dice, deciding whether or not you’ll land on 2023 irmaa brackets? Well, that feeling isn’t far from reality.

You see, those “invisible hands” are actually real – they’re just buried deep in tax returns and income calculations. Figuring out this stuff can be like cracking a code.

I’ve been where you are now; bewildered by these complex numbers and their impact on my Medicare irmaa premiums and costs. But don’t worry—I’m here to help guide you through this maze of financial jargon.

Ready for more? Let’s dive deeper into the IRMAA brackets for 2023. We’ll show you how to confidently make your way through them.

What are the IRMAA Premiums and Brackets?

Individual MAGI Couple MAGI Part B Premium Part D Premium
< $97,000 < $194,000 $164.90 Premium (varies)
$97,000 to $123,000 $194,000 to $246,000 $230.80 $12.20
$123,000 to $153,000 $246,000 to $306,000 $329.70 $31.50
$153,000 to $183,000 $306,000 to $366,000 $428.60 $50.70
$183,000 to $500,000 $366,000 to $750,000 $527.50 $70.00
< $500,000 > $750,000 $560.50 $76.40

Understanding IRMAA Brackets

If you’re enrolled in Medicare, understanding the Income Related Monthly Adjustment Amounts (IRMAA) is crucial. Don’t worry, we’ll guide you through the 2023 IRMAA brackets and how they may impact your Medicare premiums – the standard Part B monthly premium for 2024 is $174.70. We’ll break down what the 2023 IRMAA brackets are and how they can affect your Medicare coverage.

The standard Part B monthly premium for 2024 is $174.70. Those with higher incomes, though, could be on the hook for more due to the IRMAA surcharge. In fact, Medicare recipients with incomes exceeding certain thresholds will shell out a premium between $244.60 and $594.00 for Part B in 2024.

Essentially, an ‘initial determination’ about your modified adjusted gross income (MAGI) determines whether or not you’ll be hit with this extra charge on top of your regular Medicare plans premium.

An Overview of The IRMAA Bracket System

Much like tax brackets that decide how much income tax you owe based on earnings levels; similarly, there are several different “brackets” when it comes to paying for Parts B and D coverage under Medicare via these additional fees known as ‘IRMAAs’.

In general terms: if your MAGI crosses over into one of these upper-income tiers then congratulations – but brace yourself. You’re now considered part of the club referred to as “higher-income beneficiaries”. And this means increased costs.

Your Modified Adjusted Gross Income / Taxable Income Matters

To figure out where exactly within these brackets someone falls under would require delving deep into their financial details – specifically looking at their modified adjusted gross income (MAGI).

Why does MAGI matter? Because it’s a sum of your adjusted gross income plus any tax-exempt interest, essentially reflecting the true wealth you’ve amassed over time. The higher this figure, the more likely you’ll find yourself in one of those dreaded higher IRMAA brackets.

Examples of Income used to calculate your MAGE:

Read More

Expert Garage Door Installation and Repair in Sheffield and South Yorkshire

 July 1, 2024 July 1, 2024
      No Comments No Comments
      Michaela Johnson Michaela Johnson

When it comes to garage door installation and repair in Sheffield and South Yorkshire, Abacus Garage Doors is the name you can trust. With years of experience and a reputation for excellence, we provide top-notch services to homeowners and businesses alike.

Our expertise in garage door installation is second to none. We understand that a garage door is not just a functional necessity but also an important aspect of your property's aesthetics and security. That's why we offer a wide range of high-quality garage doors to suit every style and budget. Our skilled technicians ensure a perfect fit and smooth operation, giving you peace of mind and enhancing your property's value.

But our services don't stop at installation. Abacus Garage Doors is also your go-to expert for garage door repair in Sheffield and the surrounding areas. We know that a malfunctioning garage door can be more than just an inconvenience – it can compromise your security and disrupt your daily routine. Our team of experienced professionals is equipped to handle all types of repairs, from minor adjustments to major overhauls.

What sets Abacus Garage Doors apart is our commitment to customer satisfaction. We pride ourselves on our prompt response times, transparent pricing, and attention to detail. Whether you need a new garage door installed or require urgent repairs, we're here to provide efficient, reliable service.

Our expertise extends across all types of garage doors, including up-and-over, sectional, roller, and side-hinged designs. We work with leading manufacturers to offer you the best products on the market, ensuring durability, security, and style.

For homeowners and businesses in Sheffield and South Yorkshire looking for garage door installation or repair services, Abacus Garage Doors is your trusted partner. We combine technical expertise with a customer-centric approach to deliver results that exceed your expectations.

Don't settle for less when it comes to your garage door needs. Choose Abacus Garage Doors for professional installation, reliable repairs, and unmatched customer service. Contact us today to schedule a consultation or to learn more about our comprehensive garage door solutions.

Read More