SOCIAL SECURITY AND TAXES What You Need to Know
Many parents whose children have left home now find themselves with one or a few empty bedrooms. Some parents leave the rooms as-is in case anyone visits, but if you want to utilize the space, make your dog’s dreams come true by converting it into a doggy den! These rooms can help your dog feel safe and even give them a sense of security when alone. They also provide your four-legged family member with a space to retreat to when they feel overwhelmed, like when grandkids visit or a stranger comes to repair your appliances. If you’re interested in turning an empty room into your pup’s playhouse, here’s what you need to know. CLOSE THE SPACE. Dogs love enclosed spaces, especially when they’re seeking time to themselves. This is why when converting an old bedroom to a doggy room, install a gate with a doggy door. It will allow your pup to go in and out while barring strangers walking around or toddlers trotting after them, which helps make your dog feel comfortable. MAKE IT SAFE! The most important part of converting your child’s bedroom into a dog room is to dog-proof it beforehand. Dogs are crafty, and when left to their own devices, they can get into things that may be poisonous for them. To make a room dog-proof, do the following: • Move any cleaning supplies or food (even if wrapped!) into another room. • Cover electrical cords with heavy-duty tape or rubber cord protectors. • Take out any trash cans or ensure they have a secured lid. • Remove any shoes, clothing, toys, or valuable items the dog should not chew. CONSIDER A SURVEILLANCE SYSTEM. If your pup is going to be left alone in this room, especially when you’re not home, it might be a good idea to install a camera to watch them. This way, if your dog does get into anything it’s not supposed to, you can immediately be made aware and take action. GET YOUR PUP SOME GAMES! Providing lick toys, such as Kongs or treat-dispensing balls, and puzzle toys to your dog gives them something to do when they’re in their new pad. You can even take some of their favorite treats and hide them around the room for them to find! These can occupy your dog’s time and keep them calm, even if your house gets rowdy. WHEN THE KIDS ARE AWAY, THE DOGS … MOVE IN?
As we help our clients navigate the world of Medicare, there is one thing we always get questions on — Social Security and taxes. In honor of tax season, here are four things you need to know about Social Security and taxes. IT’S ALL ABOUT INCOME — NOT YOUR AGE. A misconception people have about Social Security is that you will stop paying taxes on your Social Security once you reach a certain age. But that’s not true. The amount you pay in taxes on your benefits is determined by how much income you bring in. The IRS will add your adjusted gross income (AGI), tax-exempt interest income, and half of your Social Security benefits for the year to determine how much you owe. YOU CAN PRE-PAY A PORTION OF YOUR TAXES. You can opt-into withholding if you have to pay taxes on some of your Social Security benefits. When your taxes are withheld from your monthly Social Security payments, you can pre-pay part of the amount you owe in advance. When you sign up for Social Security, you can opt- in for withholding. Or you can sign up later by filling out IRS Form W-4V. THIS TAXATION RULE IS FOR ALL SS BENEFITS. If you have other Social Security benefits like retirement benefits, survivor benefits, and Social Security Disability Insurance (SSDI), the tax rule applies to these as well. However, the amount you owe (if any) depends on your overall income. The one benefit that isn’t taxed is Supplemental Security Income (SSI). THESE TAXES HELP PAY FOR OTHER BENEFITS. Paying taxes on your Social Security benefits will go into the government’s Social Security and Medicare trust funds to pay for future benefits. So, while paying federal income taxes on a portion of your benefits may be annoying and confusing, you’re contributing to other benefits that come along in the future. Your friends at The Medicare Authority are here to help you understand your benefits and the best avenue to take to ensure you get the coverage you need. However, if you have any specific tax-related questions, please contact your tax advisor, or ask them about your Social Security benefits during your tax filing appointment.
2 THEMEDICAREAUTHORITY.COM
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