Whether or not you will owe tax on Social Security benefits will vary based on your situation. Generally speaking, if your Social Security benefits were your ONLY source of income, you MAY NOT be subject to Federal income tax and MAY NOT have to file a tax return. Taxpayers whom receive Social Security benefits in 2014 should receive a Form… Continue reading Social Security – Will I Owe Tax On My Benefits?
Tax issues and Bankruptcy
Did you know almost everything you own and use for personal pleasure or investment purposes is considered a capital asset?
You, like many other Social Security recipients may be wondering whether your 2011 benefits are taxable. All Social Security recipients should receive a Form SSA-1099 from the Social Security Administration which shows the total amount of their benefits. You can use this information in addition to the following to determine if your benefits are taxable:… Continue reading Social Security Benefits – Are They Subject to Tax?
After the “fallout” from 2008, we all probably know someone who has filed Bankruptcy – Many of whom wiped out a majority of their debt, including some or all of their IRS tax liability. Unfortunately, you may have a hard time keeping up with “the Joneses” down the street who are still bragging about kicking… Continue reading Discharging Tax Debt through Bankruptcy
Many taxpayers lose out on advantageous tax breaks because they are unaware that many things they own qualify for lower capital gain tax rates. Almost everything you own and use for personal or investment purposes is considered a “capital asset.” Some examples of things you may own that are capital assets are: 1. stocks and… Continue reading Capital Gain Rates in 2011
If you missed the April 18th deadline to file your 2010 Tax Return, it’s not too late. While you consider whether it’s worth the hassle to file your late return, here’s some things to keep in mind: PENALTIES AND INTEREST. For every day your tax return is late, filing penalties, payment penalties, and interest will… Continue reading Missed the 2010 Tax Return Filing Deadline?