Social Security (SS) income is not taxable until a taxpayer’s AGI (without Social Security income) plus 50% of their Social Security income plus tax-exempt interest income, and plus certain other infrequently encountered additions exceeds a specific threshold. The threshold is $32,000 for married taxpayers filing jointly, zero for married taxpayers filing separately and $25,000 … [Read more...] about Manage the Tax on Your Social Security Benefits!
Personal Tax
Tips to Help You Determine if Your Gift Is Taxable
If you give someone money or property, you may be subject to the federal gift tax. Most gifts are not subject to the gift tax, but here are some tips to help you determine whether your gift is taxable or if you are required to file a gift tax return. 1. Most gifts are not subject to the gift tax. For example, there is usually no tax if you make a gift to your spouse or to a … [Read more...] about Tips to Help You Determine if Your Gift Is Taxable
Is the IRS Withholding Some or All of Your Refund?
If the IRS kept all or a portion of your federal refund, it may be because you owe money for certain delinquent debts. If that is true, the IRS or the Department of Treasury's Financial Management Service (FMS), which issues IRS tax refunds, can offset or reduce your federal tax refund or withhold the entire amount to satisfy the debt. Here are some important facts you should … [Read more...] about Is the IRS Withholding Some or All of Your Refund?
Limited Window of Opportunity
Last December, Congress extended a number of the Bush-era tax breaks, but only for a limited length of time. It is probably a safe bet that most won’t get extended further, considering the size of the national debt. Although numerous tax breaks were extended, only a few provide you with an opportunity to take actions that can reduce your tax bite. But if you want to take … [Read more...] about Limited Window of Opportunity
Individual Due Dates – July 2011
July 1 - Time for a Mid-Year Tax Check Up Time to review your 2011 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during June, you are required to report them to your employer on IRS … [Read more...] about Individual Due Dates – July 2011