How To Guides

The Easiest Way to Make Estimated Tax Payments

For self-employed individuals, retirees with investment income, or anyone whose tax withholdings are not sufficient throughout the year, making quarterly estimated tax payments is essential to avoid penalties and interest. Fortunately, the IRS provides a convenient and secure method to schedule, view, and adjust these payments through its online portal at IRS.gov. Step-by-Step: Setting Up a Full Year of Estimated Payments on IRS.gov Step 1: Create or Log in to Your IRS Online AccountVisit www.irs.gov.Click “Sign in to Your Account” at the top right of the page.If you already have an account, log in using ID.me or your IRS credentials.If…
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How To Access Your Full Social Security Earnings Record

https://youtu.be/xlwurILhXNYFirst, Log Into Your mySSA AccountBefore you can access your earnings statement, you’ll need to log in to your mySSA account.How to Log In:Go to www.ssa.govClick Sign In in the top-right corner.Choose one of the three sign-in methods available.Enter your credentials and complete the security verification process.After signing in, you will be redirected to the mySSA home page.Once logged in, you can now proceed with one of the three methods to download your earnings record.Note: To get your full earnings record, DO NOT USE the PDF option under the "Your Social Security Statement" section.Option 1: Download Your Earnings as an XML…
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Guide to the IRMAA Exemption Form (SS-44)

Medicare beneficiaries with higher incomes are subject to an additional charge on their Part B and Part D premiums, known as the Income-Related Monthly Adjustment Amount (IRMAA). This surcharge is based on modified adjusted gross income (MAGI) from past tax returns. Read more about IRMAA here: Understanding IRMAA: What It Is and Its Impact on Medicare Premiums – Gilbert WealthHowever, if you've experienced a significant life-changing event, such as retirement or a reduction in income, you may qualify for a reduction in your IRMAA. Form SSA-44 allows you to report such events and request an adjustment to lower your Medicare…
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How to Access Student Loan Information

Managing student loans can feel overwhelming, especially when trying to track your progress toward forgiveness programs like Public Service Loan Forgiveness (PSLF) or Income-Driven Repayment (IDR) forgiveness. This guide provides basic instructions and detailed steps to understand your loans, determine your status toward forgiveness, and maximize your repayment options.Basic Instructions for Managing Student LoansIdentify Your Loan TypesLog in to studentaid.gov using your FSA ID and password.Navigate to the “View My Aid” section to see:Loan types (e.g., Direct Subsidized, Direct Unsubsidized, PLUS, Perkins, FFEL).Loan balances and interest rates.Servicer information.Why This Matters: Loan types determine your eligibility for PSLF, IDR, and other…
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How to Use Funds in a 529 for Education

You've been diligently saving to a 529 for years and now the big day has arrived. Your child is ready to use that 529 money for college! Or.. some other qualified education expense. How do you actually do that?There are several methods that you can implement to use 529 funds. Each method of accessing the funds offers unique advantages and challenges, making it essential to align your approach with IRS guidelines. This article explores various ways to use 529 funds, provides best practices, and offers tips for staying compliant.See 10 Ways a 529 Can Be Used – Gilbert Wealth for a summary…
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How to Pay Estimated Taxes

Paying estimated taxes is a crucial responsibility for self-employed individuals, freelancers, and those with income not subject to withholding taxes. Estimated taxes are typically paid quarterly to the IRS (Internal Revenue Service) and, in some cases, to state tax authorities to cover income tax and self-employment tax liabilities. Here's a guide on how to pay estimated taxes:  Who Must Pay Quarterly Taxes In most cases, you must pay estimated tax if both of the following apply. 1. You expect to owe at least $1,000 in tax (for 2024), after subtracting your withholding and refundable credits. 2. You expect your withholding and refundable…
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How to Monitor Your Credit Score

Understanding your credit score is crucial for financial well-being. It plays a pivotal role in determining your ability to secure loans, credit cards, and favorable interest rates. Fortunately, checking your credit score has become easier than ever, and you can do it for free. In this guide, we will walk you through the process, providing information on contacting credit agencies, using reliable websites, and exploring alternative monitoring methods. The Three Credit Agencies There are three major credit reporting agencies in the United States: Equifax, Experian, and TransUnion. These agencies play a crucial role in the financial system by collecting and…
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How to Properly Prepare for a Meeting with an Attorney

Estate planning is a powerful way to ensure your wishes are respected and your loved ones are taken care of when you're no longer around. When the time comes to create your estate plan or consult on other legal matters, meeting with an attorney is a crucial step to ensure your documents are legally sound and comprehensive. To make the most of this important meeting, here's a guide on how to prepare effectively to maximize your time together. Steps to Prepare for a Meeting with an Attorney 1) Define Your Goals An attorney is a wonderful resource to help you…
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How to Calculate Adjusted Cost Basis for a Rental Property

Investing in a real estate property can be a great source of income and capital appreciation while also providing an owner with a tangible asset to take pride in. As any new owner will soon find out, real estate investing has a number of unique tax benefits and considerations. A key element of this tax planning is determining the Adjusted Cost Basis for a property which impacts the overall taxable gain an owner might have when selling the property.For more on the broader tax implications of selling a real estate property, see Tax Implications of Selling a Rental Property – Gilbert…
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How to Buy TreasuryDirect Series I Savings Bonds

The following are basic instructions for how to purchase TreasuryDirect Series I Savings Bonds.  Updated as of February 27, 2023. If these steps have changed, please let me know. 1 Log Into TreasuryDirect Link to Login: Log In — TreasuryDirect The Log In process is a 3 step process: 1) Enter your account number 2) Enter the one-time password sent to your email address 3) Manually type password (and by manually, I mean you have to use your mouse to type the password into a digital keyboard. You are not able to copy and paste, use your keyboard, or use a…
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