Traylor & Associates Insurance

Traylor & Associates Insurance Life, Health, Property, and Casualty Insurance

12/14/2023

Thirty-nine years ago, my wife and I married in a small church in Oxford, Ohio. I am excited today as 39 years ago. Being married to my love for 66% of my life is a joy. I remember being married for 50% of my life but 66% is much. Thank you, Rhonda. Thank everyone who prayed and supported us for 39 years. Happy Anniversary.

12/14/2022

Issue Number: IR-2022-217
Inside This Issue
IRS reminds those over age 72 to start withdrawals from IRAs and retirement plans to avoid penalties

WASHINGTON — The Internal Revenue Service today reminded those who were born in 1950 or earlier that funds in their retirement plans and individual retirement arrangements face important upcoming deadlines for required minimum distributions to avoid penalties.

Required minimum distributions, or RMDs, are minimum amounts that many retirement plan and IRA account owners must generally withdraw annually after they reach age 72. Account owners can delay taking their first RMD until April 1 following the later of the calendar year they reach age 72 or, in a workplace retirement plan, retire. RMDs are taxable income and may be subject to penalities if not timely taken.

12/03/2022

Issue Number: Tax Tip 2022-181
___________________________________________________________

Taxpayers shouldn’t let gift card scammers ruin the holidays

During the holiday season, taxpayers should be aware of gift card scams thieves commonly use this time of year. Con artists will target taxpayers by asking them to pay a fake tax bill with gift cards. They may also use a compromised email account to send emails requesting gift card purchases for friends, family or co-workers.

This scam is easy to avoid if taxpayers remember that the IRS never asks for or accepts gift cards as payment for a tax bill.

12/02/2022

When can I join, switch, or drop a plan?
You can join, switch, or drop a Medicare Health Plan or a Medicare Advantage Plan (Part C) with or without drug coverage during these times:

Initial Enrollment Period. When you first become eligible for Medicare, you can join a plan.
Open Enrollment Period. From October 15 – December 7 each year, you can join, switch, or drop a plan. Your coverage will begin on January 1 (as long as the plan gets your request by December 7).
Medicare Advantage Open Enrollment Period. From January 1 – March 31 each year, if you’re enrolled in a Medicare Advantage Plan, you can switch to a different Medicare Advantage Plan or switch to Original Medicare (and join a separate Medicare drug plan) once during this time. Note: You can only switch plans once during this period.

11/16/2022

Issue Number: IR-2022-189
Inside This Issue
Reminder: Service providers, others may receive 1099-Ks for sales over $600 in early 2023

IR-2022-189, Oct. 24, 2022

WASHINGTON — The Internal Revenue Service reminds taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600 for the year.

There is no change to the taxability of income; the only change is to the reporting rules for Form 1099-K. As before, income, including from part-time work, side jobs or the sale of goods, is still taxable. Taxpayers must report all income on their tax return unless it is excluded by law, whether they receive a Form 1099-NEC, Nonemployee Compensation; Form 1099-K; or any other information return.

11/13/2022

Issue Number: IR-2022-188
Inside This Issue
401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500

WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023 in Notice 2022-55, posted today on IRS.gov.

11/09/2022

Issue Number: IR-2022-183
Inside This Issue
Employers warned to beware of third parties promoting improper Employee Retention Credit claims

WASHINGTON -- The Internal Revenue Service today warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the credit.

These third parties often charge large upfront fees or a fee that is contingent on the amount of the refund and may not inform taxpayers that wage deductions claimed on the business’ federal income tax return must be reduced by the amount of the credit.

11/05/2022

Issue Number: IR-2022-180
Inside This Issue
IRS joins effort to fight charity fraud during international recognition week
IR-2022-180, Oct. 17, 2022

WASHINGTON — The Internal Revenue Service announced its continued support by joining international efforts to fight fraud during Charity Fraud Awareness Week, Oct. 17-21.

The IRS partners in this effort as part of its ongoing commitment to fight fraud against charities, businesses and individuals. It’s estimated that charitable organizations will lose 5% of their revenue each year to fraud, according to the Fraud Advisory Panel, a UK-based organization leading the effort by organizing this week of awareness. Experts say cybercrime is on the rise, including attacks on charities, their supporters and beneficiaries.

Charities, regulators, agencies, law enforcement and other not-for-profit stakeholders around the world are working together to raise awareness about fraud and cybercrime that affects charities. These efforts resulted in seven days when supporters actively discuss fraud, share best practices and offer helpful resources

11/01/2022

Beginning today, consumers are able to sign up for high quality, affordable health insurance on HealthCare.gov. Marketplace Open Enrollment runs from November 1, 2022, to January 15, 2023. Anyone who enrolls by midnight December 15, 2022, can get full-year coverage that starts January 1, 2023.

10/29/2022

Medicare
Initial Enrollment Period. When you first become eligible for Medicare, you can join a plan.

Open Enrollment Period. From October 15 – December 7 each year, you can join, switch, or drop a plan. Your coverage will begin on January 1 (as long as the plan gets your request by December 7).

Medicare Advantage Open Enrollment Period. From January 1 – March 31 each year, if you’re enrolled in a Medicare Advantage Plan, you can switch to a different Medicare Advantage Plan or switch to Original Medicare (and join a separate Medicare drug plan) once during this time. Note: You can only switch plans once during this period.

Address

Huber Heights, OH
45424

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm

Website

Alerts

Be the first to know and let us send you an email when Traylor & Associates Insurance posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Traylor & Associates Insurance:

Shortcuts

Share

Category