Why Are Social Security Benefits Taxed?
We get asked this question a lot: “Why are Social Security benefits taxed?” It’s perplexing to many people that the government would give them a benefit designed to help them financially, and then, tax that benefit, which is definitely not a help to them financially. It does seem counter-intuitive, doesn’t it? Well, it is a fairly recent development. Social Security… Read more »
Divorce Might Cost You More Under The New Tax Laws
If you think you might be getting divorced in 2019, 2018 might be a better year to do it. Because, divorce might cost you more under the new tax laws. Not because the law demands that you give up deceased Aunt Dorothy’s jewelry collection to your soon-to-be ex, but because the tax deductions for alimony are going away. For people… Read more »
Money Earned And Taxes Paid
Have you ever wondered just what the numbers are regarding the money earned and taxes paid in the U.S.? That is, what number of people earn the highest percentage of the total population’s earnings, now big a slice of the overall pie that is, and what percentage of overall taxes do they pay? Or conversely, how much in taxes get… Read more »
Got Kids? You May Pay Less Taxes Than Before
Got kids? You may pay less taxes than before. Among all the other changes in the recent tax laws, the tax credits for dependent children were sort of ignored. But for certain families, the difference could be considerable. The short version is this: The child tax credit for all eligible taxpayers has doubled – from $1000 to $2000. The parameters… Read more »
The IRS Says These Arguments Don’t Work For Not Filing Taxes
The IRS Says These Arguments Don’t Work For Not Filing Taxes….. Tax return season is over, but that doesn’t necessarily mean that everyone that should have filed taxes did file taxes by the 15th. Some people and some businesses didn’t file for good reasons, and some didn’t file for flimsy reasons. According to the IRS, these reasons are the most… Read more »