Tag Archives: social security benefits

Are Your Social Security Payments Taxable?

They may be. The IRS’s rules for taxing Social Security benefits could require some studying on your part. If you’ve received Social Security benefits for more than a year, you probably already know the answer to this question. But if … Continue reading

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IRS Gives Worker Classification Criteria

Since independent contractor payments are not subject to payroll taxes, there is a temptation to classify some employees as independent contractors when they should not be. The IRS uses certain criteria to help determine who should be classified as an … Continue reading

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Are you able to benefit from an ABLE account?

The “tax extenders” legislation that became law in December included the “Achieving a Better Life Experience Act” (also called the ABLE Act). This law provides for tax-exempt accounts that can help you or a family member with disabilities pay for … Continue reading

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Your social security benefits may be taxable

Did you sign up for social security benefits last year? If so, you may have questions about how those payments are taxed on your federal income tax return. The good news is the formula is the same as prior years. … Continue reading

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Age Has Its Privileges: Income Tax Issues for Seniors

The majority of tax laws apply regardless of age, but some are different if you’re 65 or older. By the time you turn 65, you’ve probably already started enjoying some benefits reserved for senior citizens. Restaurants, exclusive living communities, entertainment … Continue reading

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Notify the IRS about name changes

If you or a dependent had a name change last year, notify the Social Security Administration before you file your 2013 tax return with the IRS. Why? If the name on your tax return does not match SSA records, the … Continue reading

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