Will Your Social Security Benefits Be Taxable?
Last year, the new tax deduction for taxpayers 65 and older was sometimes referred to as “no tax on Social Security.” In actuality, this up-to-$6,000-per-individual deduction, also known as [...]
How the Social Security Wage Base Will Affect Your Payroll Taxes in 2026
The 2026 Social Security wage base has been released. What’s the tax impact on employees and the self-employed? Let’s take a look. FICA tax 101 The Federal Insurance Contributions [...]
New Trustees’ Report: Social Security Benefits Update and the Tax Angles
The Social Security Board of Trustees recently released "The 2025 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust [...]
Looking Ahead to 2025 Tax Limits as You Prepare to File Your 2024 Return
Chances are, you’re more concerned about your 2024 tax return right now than you are about your 2025 tax situation. That’s understandable because your 2024 individual tax return is [...]
Federal Tax News 2025
Gambling winnings are taxable It's fun to win money, but don't forget, it is also taxable. But a recent report by the Treasury Inspector General for Tax Administration (TIGTA) [...]
The Social Security “Earnings Test” Will Increase in 2025
Many retirees collecting Social Security benefits go back to work part time. If they haven't reached full retirement age and they earn over a certain amount, they'll have a [...]
Social Security Tax Update: How High Can It Go?
Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand the Social Security tax [...]
Beware of a Stealth Tax on Social Security Benefits
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?
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
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
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?
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?
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
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
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 [...]