Medicare Tax – The Burns Firm – Advisors of Complex Financial Matters

Are You Liable for Two Additional Taxes on Your Income?

September 19th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Income Tax, Medicare Tax, Net Investment Income Tax, NIIT, Tax, tax accountant, tax accountant near me, Tax Advisor, Taxable Income, Texas CPA, The Burns Firm|Tags: Additional Medicare Tax, Are You Liable for Two Additional Taxes on Your Income, CPA, cpa near me, Dallas CPA, NIIT, tax, tax advisor, Texas CPA, The Burns Firm|

Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. [...]

When Can Seniors Deduct Medicare Premiums on Their Tax Returns?

July 11th, 2023|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Deductions, Elderly, Expenses, Medical Expenses, Medicare Premiums, Medicare Tax, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Return Filing, The Burns Firm|Tags: Are Medicare premiums a medical expense, Can I deduct my Medicare premiums on my tax return, CPA Dallas, cpa near me, Deducting Medicare payments, Deducting Medicare Premiums on Tax Return, Medicare, medicare premiums, tax, tax advisor, tax advisor near me, The Burns Firm|

If you’re 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be [...]

Is Your Income High Enough To Owe Two Extra Taxes?

September 27th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near 75248, CPA near 75252, CPA near me, CPA neasr 75248, CPA75248, CPADallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Medicare Tax, Net Investment Income Tax, NIIT, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, The Burns Firm|Tags: 3.8 percent net investment income tax, 3.8% NIIT, accountant near me, additonal 0.9% medicare tax, CPA Dallas, cpa near me, Dallas CPA, do i need to pay more medicare tax, high-income tax payers, how much medicare tax do i owe, medicare tax, net investment income tax, North Texas CPA, tax, tax accountant near me, Texas CPA, The Burns Firm, will i be paying NIIT, will i pay more in medicare tax based on my income|

High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of [...]