Social Security – The Burns Firm – Advisors of Complex Financial Matters

Beware of a Stealth Tax on Social Security Benefits

March 19th, 2024|Categories: are social security benefits taxable, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Social Security, Social Security Benefits, Tax, Tax Advisor, The Burns Firm|Tags: are social security benefits taxable, are social security benefits taxed, CPA Advisor, cpa near me, Dallas CPA, social security benefits, tax, tax advisor, tax on social security benefits, The Burns Firm|

Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In fact, depending on how much overall income [...]

Are Your Social Security Benefits Taxable?

June 1st, 2023|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Social Security, Social Security Benefits, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Planning, Tax Return, The Burns Firm|Tags: are social security benefits taxable, CPA neaer me, Dallas CPA, social security benefits, Social Security Benefits for 2023, SSA, SSA benefit increase for 2023, SSA benefits, tax, tax advisor, tax and social security benefits, The Burns Firm|

Many retirees have seen their Social Security benefits increase in 2023 due to a cost-of-living adjustment that was higher than in past years. Further increases are expected for 2024. While [...]

Social Security Wage Base and Earnings Test Amounts Increase in 2023

November 8th, 2022|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, Social Security, Tax, Tax Advisor, Tax Planning, The Burns Firm|Tags: CPA, social security, Social Security increases for 2023, tax, The Burns Firm|

The Social Security Administration (SSA) recently announced that the "wage base" for computing Social Security tax will increase for 2023 to $160,200. This is up from $147,000 for 2022. Federal [...]

Social Security Recipients Will Receive a Large Increase in 2023

October 13th, 2022|Categories: Accountant, Accounting, are social security benefits taxable, CPA Dallas, Services, Social Security, Tax, Tax Advisor, The Burns Firm|Tags: social security, tax, tax advisor, The Burns Firm|

Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 70 million Americans will increase 8.7% in 2023, the federal government just announced. On average, the Social Security Administration [...]

Social Security benefits: Do you have to pay tax on them?

July 5th, 2022|Categories: Accountant, Accounting, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Social Security, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Planning, The Burns Firm|Tags: are social security benefits taxed, CPA Dallasm, cpa near me, Dallas CPA, do I pay tax on my social security benefits, is social security taxes, social security, tax, tax on social security, tax preparer near me, The Burns Firm, will my social security benefits be taxed|

Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on the amounts they receive. If you’re wondering whether you’ll be [...]

How Does Divorce Affect Social Security?

March 22nd, 2022|Categories: Accountant, Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Social Security, Tax, Tax Deductions, Tax Preparation, Tax Return, The Burns Firm|Tags: can i collect social security benefits if ex-spouse died, divorce, divorce and social security, how does divorce effect my social security benefits, social security benefits, tax, tax on social security|

If you're divorced, it's possible to claim Social Security spousal and survivor benefits from your ex-spouse, and to keep the entire matter private. The Social Security Administration (SSA) will not inform [...]

Smooth Sailing: Tips to Speed Processing and Avoid Hassles This Tax Season

February 22nd, 2022|Categories: Accounting, Burns Firm, Child Tax Credit, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Delinquent Tax, Dependent Care credits, Donations, Estimated Tax, Estimated Tax Payments, Expenses, Gift Tax, Healthcare & Retirement, Lifetime Learning Credit, Nanny Tax, Retirement, Scholarships, Services, Social Security, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), TCJA, The Burns Firm|Tags: 1099, 2021 tax year tips, CPA Dallas, Dallas CPA, form 1040 tax preparer, North Texas accountant, North Texas accounting firm, North Texas CPA, North Texas CPA firm, tax preparer near me, tax return preparation, tax tips, tax tips to avoid hassles this tax season, Texas CPA, The Burns Firm, W2|

The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid [...]

Help Safeguard Your Personal Information By Filing Your 2021 Tax Return Early

January 18th, 2022|Categories: Accounting, Alternative Minimum Tax, American Opportunity Tax Credit, Burns Firm, Charitable Donations, Child Tax Credit, COVID-Related Tax Relief Act (COVIDTRA), CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, Donations, Employee Retention Tax Credit, Exemptions, Expenses, Gift Tax, Hobby, how do I know if my parent qualifies as my dependent, how do I report bitcoin transactions, how do i report virtual currency transactions, if I support my parents financially can I claim them on tax return, IRS, Medicare Premiums, Nanny Tax, Retirement, Scholarships, Services, Social Security, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Return, Tax Withholding, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), TCJA, The Burns Firm, Virtual Currency, Withholding|Tags: Allison Shike, CPA Dallas, Dallas CPA, Denis Burns, file 2021 tax return early, tax credits, tax deductions, tax preparation near me, tax preparer near me, tax preparer North Dallas, tax preparer North Texas, tax withholding, Texas CPA, The Burns Firm, when can I file my 2021 tax return|

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until [...]

Maximize Social Security Benefits When You Retire

July 15th, 2021|Categories: Dallas CPA, IRS, Social Security, Tax, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: CPA, CPA Dallas, Dallas, do I qualify for social security benefits, how can I max my social security benefits for retirement, maximize social security benefits, Retirement, retirement and social security benefits, tax, The Burns Firm|

Get the most from Social Security. Younger retirees face a harsh penalty for working part-time. For every $2 earned over $18,960 in 2021 (up from $18,240 in 2020), you lose $1 [...]