Social Security and Taxes: What You Pay and What You Get
Learn how Social Security taxes work in 2026, including payroll and self-employment taxes, retirement benefits, and when benefits may be taxable.
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Your Social Security Check Will Be A Little Bigger In 2021
According to the Social Security Administration, approximately 70 million Americans will see a 1.3% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2021. The maximum Social Security retirement benefit for those retiring at full retirement age will be $3,148/month, while the average check will be $1,543/month for individuals and $2,596/month…
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Preparing & Managing For A Sandwich Generation Household
Kelly acknowledges the statistics of life expectancy rapidly increasing, which seemingly results in more sandwich generation households. Sandwich generations are when a parent generation with children, also find themselves caring for elderly. Ultimately, these situations can lead to many challenges, including financial and emotional concerns, and everything else that comes with juggling two generations. This…
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Here’s How To Take Advantage Of Your Retirement Accounts During COVID
On March 27, 2020, President Trump signed the CARES Act into law. Most of us know that the CARES Act offered economic relief through stimulus checks and the Paycheck Protection Program (PPP). But there’s more relief available, including options that allow workers to tap into retirement accounts without a penalty, and take out loans. Here’s what you…
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IRS Reminds Taxpayers About August RMD Deadline
Did you take out a required minimum distribution (RMD) this year and want to put it back? As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), RMDs are waived for 2020, including for inherited IRAs. The CARES waiver includes RMDs for individuals who turned age 70 ½ in 2019 and took…
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Taxes From A To Z 2020: R Is For Required Minimum Distributions
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. R is for Required Minimum Distributions. Generally, the goal of a retirement account is to defer tax – and…
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IRS Reminds Taxpayers That RMDs From Retirement Accounts Are Not Required In 2020
The Internal Revenue Service (2020) has issued a reminder to taxpayers that they are not required to take money out of their individual retirement accounts (IRAs) and retirement plans this year. Here’s the scoop. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was passed in response to the COVID-19 pandemic, offers several opportunities to…
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What You Need To Know About Social Security Retirement, SSDI and SSI Benefits
When the stimulus check details were announced, I noticed a sharp uptick in questions about Social Security retirement, Social Security Disability (SSDI) and Supplemental Security Income (SSI) benefits. Mainly, folks wondered, “What’s the difference?” Here’s a quick breakdown. What are Social Security retirement benefits? Wages and self-employment income are subject to Social Security and Medicare…
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Treasury Concedes Social Security Recipients Don’t Need File A Tax Return To Get A Stimulus Check
Winston Churchill was alleged to have said, “You can depend upon the Americans to do the right thing. But only after they have exhausted every other possibility.” Today, Americans did the right thing. On March 27, 2020, President Trump signed the CARES Act into law. Among other things, the CARES Act provided economic relief in the form…
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Congress Made It Easy For Seniors To Get Stimulus Checks Without Filing A Tax Return: Why Isn’t That Happening?
(Update: Treasury and IRS have changed course and seniors who do not usually file a tax return do not need to file to get a check.) “Please help me.” That was the message that I received over and over yesterday from seniors. Yesterday, I posted this story about a notice from the Internal Revenue Service (IRS) purporting to explain the…
