Month: January 2023

Federal tax Form 1040, also known as the “U.S. Individual Income Tax Return,” is the standard federal income tax form used by American taxpayers to file their annual income tax returns. It’s the mother of all tax forms as it’s used to report a taxpayer’s tax details to the Internal Revenue Service (IRS).

An itemized deduction is any certain expense (on tax-privileged items) that a taxpayer is allowed to deduct against their Adjusted Gross Income (AGI) during a tax year. It’s essentially a list of expenses you can use to reduce your taxable income.

The standard deduction is a fixed dollar amount The Internal Revenue Service (IRS) allows taxpayers to deduct from their taxable income ( adjusted gross income or just AGI) hence reducing the overall tax bill.

Medicare Special Needs Plans (SNPs) are specially coordinated plans for certain qualified individuals (limited to patients with chronic or disabling conditions and who have limited incomes). It’s a unique Medicare Advantage Plan, where the federal government pays approved private companies (meet MOC requirements) to cover special health care or financial needs.