Are you Self Employed? Are you 50 years old or older? Here are Tax Tips

1/9/2020

rIf you are self-employed, you have much to think about as you enter your senior years, and that includes retirement savings and Medicare. Here a few tips that will help and questions you should think about.

Making Retirement Account Contributions. Are you Paying too much into retirement or not enough?

Claim a Self-Employed Health Insurance Deduction for Medicare and Long-Term Care Insurance Premiums. If you are self-employed as a sole proprietor, an LLC member treated as a sole proprietor for tax purposes, a partner, an LLC member treated as a partner for tax purposes, or an S corporation shareholder-employee, there are some general rules for claiming these premiums.

Medicare Part A Premiums/ Medicare Part B Premiums/Medicare Part D Premiums. Medicare What are these? What do they cover? Will I need them upon Retirement?

There are many more factors to consider. Spencer Accounting Group, consults with you to understand your goals and puts a plan in place.

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Important Disclosures

Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

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Author

Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.

Keana founded this website and decided and created this blog page to offer a space for those seeking knowledge to understand, however not to be confused with advice or planning strategies.

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