High medical bills? Consider these 3 tips to save…

With increasingly high costs of medications, doctor visits and hospital stays, remaining healthy has become an expensive proposition. In addition, it seems as though health insurers are passing along more and more costs in the form of higher deductibles, increased premiums and larger co-payments. Out-of-pocket costs for even one hospital stay could break a household budget.
Fortunately, you can control some health care costs by following a few simple strategies:

• Negotiate, negotiate, negotiate. You haggle when buying a car.Why not use a similar tactic when discussing items on your hospital bill? In fact, out-of-pocket costs for a surgery may even exceed the cost of the vehicle sitting in your driveway. Luckily, health care providers may be open to reducing invoiced amounts,and some may offer discounts for upfront payment. You might also research the cost of similar services in your area and use those figures as a starting point for negotiation.

• Scrutinize the bill. When you receive the itemized bill, review it —line by line. Look for charges that don’t make sense, like high charges for hospital supplies that are available for a dollar at the local department store, or charges for services you didn’t receive (physical therapy that never happened). And multiple charges for the same item.

Also examine the rates for the items. Your insurer may have negotiated lower rates, but you may have been charged more expensive uninsured rates. And make sure all eligible out-of-pocket expenses are credited toward your deductible.

• Comparison shop before you buy. Unless you’re being treated for an emergency, you may have time to find more cost-effective health care alternatives. For example, using a standalone MRI imaging center may cost significantly less than the same test if offered by a hospital. A walk-in clinic or urgent care facility is generally cheaper than a visit to the local emergency room. And switching to generic drugs, when available, may save you money.

If in doubt, call your insurer’s hotline to ask for help. Remember: insurance companies have a vested interest in your good health.

Want to learn other money savings tips? Contact our team of financial experts for help with identifying money savings options: http://www.bas-pc.com/schedule.

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2 must-dos when hiring your first employee | Accounting Services New Jersey

Maybe you started a new business —solo or with a business partner. Now the business is growing and there’s just too much to do. You find yourself working long hours and still not keeping up. It may be time to make your first hire. Think of the hiring process in two stages:

1. Define your employee needs

Long before you start interviewing, think carefully about why you need an employee and how you’re going to work with the new hire. Do you need someone to bring new skills that the business is lacking? Or are you looking for someone to share your workload and free up your time?

If you’re looking for specific skills, consider whether or not you’d like to use a consultant, a temp agency or another outside source. Remember that hiring an employee will bring up plenty of new issues to take up your time —payroll, employment regulations, tax reporting, benefits, etc. Make sure there’s no way to get the help you need without these complications.

Then there are other questions to ask: Will your new employee be part-time or full-time? Will he or she work under your direct supervision, or will you delegate responsibility to your new hire? Think hard about these issues until you have a very clear idea of what you want from your new employee. Then write it down. Know the skills you need and the role you expect the new person to play.

2. Find the right employee

Once you’ve defined your needs, how do you find the right person? Not everyone can function well in the fast-changing world of a small, growing business. You and your employee may be working together closely, so good personal chemistry is essential.

There’s no magic formula for choosing the right person. Think about possible candidates whose work you know, perhaps employees of your suppliers or other businesses you deal with. Interview thoroughly, check references, and above all, trust your intuition.

Making your first hiring decision is seldom easy. Contact our office if we can be of any assistance with updating your business tax plan as you add to your team: http://www.bas-pc.com/schedule

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Claiming an education credit? Don’t forget the timing rules

The American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) include timing rules for expense payments that you need to know if you plan on claiming either on your 2018 tax return.

Know what year to pay school expenses

You can claim the AOTC or LLC in the taxable year in with which the qualified school expenses are paid.

For example, if you paid tuition expenses in 2018 with loan money, you can claim the credit on your 2018 federal income tax return. Keep in mind that this rule specifically states the education credit is claimed in the year the loan money is disbursed, not when the loan is repaid.

If the loan money is sent directly to your school, the expenses are treated as paid on the date the school credits it to your account. If you’re not sure of the date the loan money was credited to your account, the rules say you treat the expenses as paid on the last day for payment prescribed by the school.

Tax tip: Ask the school to provide a student financial account statement to help you claim the credit in the correct year.

Speak to our team for more information about education credits and other tax breaks for education. Schedule a complimentary call today: http://www.bas-pc.com/schedule

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Your 2019 Social Security benefits recap | Accounting Services New Jersey

The Social Security Administration (SSA) made a 2.8 percent increase to monthly Social Security and Supplemental Security Income (SSI) benefits for 2019. Take a look at some of the most significant changes as you create and update your financial plan for 2019:

2019 Social Security benefit highlights

• Up to $132,900 in wages will be subject to Social Security taxes (up $4,500 from 2018). This amounts to $8,239.80 in maximum annual employee Social Security payments.

• Retirees under full retirement age can earn up to $17,640 before Social Security benefits are reduced, and up to $46,920 the year they reach full retirement age.

• The estimated average monthly benefit will be $1,461 per month in 2019 for all retired workers receiving Social Security retirement benefits. This is an average increase of $39 per month.

• The Social Security and Medicare tax rates do not change from 2018 to 2019 (7.65 percent for employees and 15.30 percent for self-employed).

Supplemental Security Income

SSI is a benefit for people who have disabilities, who are blind or who are 65 and older, and have limited income and resources. The benefit is $2,000 for single people and $3,000 married people. Children who are blind or have disabilities may also get SSI.

A full-time student who is blind or has a disability can still receive SSI benefits as long as earned income does not exceed the monthly and annual student exclusion amounts ($1,870/monthly and $7,550/yearly).

If you have questions about how your Social Security benefits affect your 2019tax plan, don’t hesitate to contact our team of experts. Schedule time today: http://www.bas-pc.com/schedule

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