Double Down

"Double down on what is working best." – James Clear, author of Atomic Habits.

Every week, I (and thousands of others) receive an email from James Clear called the 3-2-1 Thursday. It includes quotes and ideas from him and others he has found interesting or helpful. The above quote was a part of the email recently, and I paused to think about it.

In my practice, I often work with clients, especially new business owners who do everything they can to be successful. So much so that they don’t always know what is working and what is not. They land in my office to set up the financial end of their business and usually have questions ranging from taxes to marketing to payroll and are generally worried about what they have missed.

They report every mistake they have made or thought they have and will tell me how little they know about running their business. This is a direct result of doing too much.

There are too many small details in the life of a new business owner to attempt to manage them all. My advice to them, although simple, follows the idea James Clear presented in his quote. I tell them to capitalize on their strengths first, note what works, and push out.

Focusing on what is going well instantly boosts their confidence and gives them the extra juice they need to keep going. They also tend to remember why they started their business and that they indeed have what it takes to run it.

Access your IRS account 24/7!

Did you know you can securely access your IRS account at any time?

The IRS continues to create services to help taxpayers better manage their accounts. One of those includes an online tool to access your account. By logging on to IRS.gov/account, you can view your account balance, payment history, transcripts, and other important information. You can also pay your bill and set up payment agreements. If you are a first-time user, there is a secure access process where you must authenticate your identity. You will input your username and password if you are a returning user.

The uses for this service are many. When you apply for a mortgage, student loans, and government benefits, accessing your tax transcripts will save you time. Knowing your tax account balance will help you stay on top of your payments and avoid fees; seeing past payments enables you to monitor your progress.

Gone are the days of waiting on the phone to speak to an IRS representative for some of these tasks. Learn more about this and other new IRS programs at https://www.irs.gov/newsroom/irs-online-account-makes-it-easy-for-taxpayers-to-view-their-tax-info-anytime.

Medicaid Redetermination

In early 2020 when the Pandemic began, the federal government enacted the Families First Coronavirus Response Act (FFCRA) to help families deal with the ongoing crisis. Part of that act required states to keep people continuously enrolled in Medicaid programs until the public health emergency ended. Medicaid is a joint effort between states and the federal government. In the case of the FFCRA, the federal government provided enhanced matching Medicaid funds to the states that complied.

However, as the public health crisis winds down, so will the enhanced funding. Knowing this, the states have been waiting for a date when continuous Medicaid enrollment ends, and they will have to begin the redetermination process. From healthinsurance.org, “Medicaid redetermination is the process that states use to ensure that Medicaid enrollees continue to be eligible for Medicaid coverage.” This process usually occurs each year, but it has been on hold because of the public health crisis. The new date to begin this process is now April 1, 2023.

This new date comes with concerns about the loss of Medicaid coverage eligibility for people who remained eligible during the public health crisis, how the states will be able to handle the workload over the next year, and more.

Read more about this developing issue from fiercehealthcare.com and kff.com (Kaiser Family Foundation).