* The TAX SCHOOL BLOG of the University of Illinois discusses Medicare’s IRMAA rules in “How MAGI Impacts Your Clients’ Costs” –
“Medicare premiums for 2025 will be based on 2023 MAGI. MAGI for Medicare IRMAA determination is calculated as adjusted gross income (AGI) plus tax-exempt interest. If MAGI exceeds $212,000 for married couples filing jointly or exceeds $106,000 for individual taxpayers, Medicare Part B and D premiums will include a surcharge ranging from $74.00 to $443.90 per month on top of the standard Part B premium of $185.”
It is important to take the IRMAA into consideration when deciding whether to file separate returns.
* Editor Dan Hood explains in his editorial in the latest issue of ACCOUNTING TODAY – “ . . . my guess is this has to be the best time in all the history of the income tax and the Internal Revenue Service to cheat on your taxes.”
He quickly follows that statement with “Not that anyone should cheat, of course.”
This is indeed a great time to cheat, thanks to the deplorable and despicable Trump Administration and its equally deplorable and despicable so-called Department of Government Efficiency.
Dan goes on to explain that the IRS “has been hobbled so comprehensively that if you were actually planning to create an environment for tax evasion, you could hardly do better.”
* Kay Bell, the yellow rose of taxes, gives us “A 6-point tax checklist for newlyweds” at DON’T MESS WITH TAXES.
#1 on the list is very important –
“If either new spouse opts to legally change their name, they need to report it to the Social Security Administration (SSA) by filing Form SS-5, Application for a Social Security Card.
The Internal Revenue Service matches what's on your Form 1040 with the SSA data every filing season. If your new name on your return doesn't match the official SSA info, it could delay any refund from your first post-wedding tax filing.”
* The IRS informs us “Long sworn in as the 51st IRS Commissioner”.
As with any Trump appointee I am concerned about his competence, qualifications, and integrity. The one and only requirement for any Trump appointee is that he or she pledges fealty to and kisses the ring and arse of Trump.
* For those of you who are interested – check out what “I Believe” at BOBSERVATIONS.
TTFN
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